The authors thank Andrei Gonçalves, Claire Hurong Yong, Jun Pan, Andrea Tamoni, Mikhail Velikov, Christian Wagner, and seminar participants at Alliance Manchester Business School, City University of Hong Kong, CUNEF, ESSEC Business School, Lubrafin 2023, Robeco, Queen’s University Belfast, Shanghai Advanced Institute of Finance, Tilburg University, Universidade do Porto, University of Bristol Business School, and Vienna Graduate School of Finance for comments.