We thank comments from Sumit Agarwal, Ron Kaniel, Roni Michaely, Lyndon Moore, Antoinette Schoar, and seminar/conference participants at the Chinese University of Hong Kong, Columbia Business School, Deakin University, Macquarie University, Peking University (HSBC and Guanghua), Shanghai Lixin University of Accounting and Finance, Tsinghua University, University of Sydney, University of Technology Sydney, 2023 Australasian Finance and Banking Conference, 2023 Finance Down Under, and 2023 Five Star Workshop in Finance for their helpful comments. We thank Lei Chen, Jingru Pan, Yiyun Yan, Zitong Zeng, and Tianyue Zheng for their excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.