* We thank Qiangyuan Chen, Jincheng Fang, Di Gong, Ting Jiang, Andrew Karolyi, Yuanning Liang, Kai Li, Tong Li, Ruiming Liu, Xianling Long, Angdi Lu, Fangyuan Ma, Linlin Ma, Xiaoran Ni, Yuchao Peng, Shusen Qi, Zongxin Qian, José Scheinkman, Ang Sun, Kedi Wang, Shouyang Wang, Haotian Xiang, Haosheng Yan, Xiang Yin, Ruishen Zhang, Qiong Zhang, and conference and seminar participants at Annual Conference of Chinese Financial Studies, China Banking and Corporate Finance Conference (CBCF), Young Finance Scholars Annual Conference of China Financial Research Network (CFRN), Youth Fund Project Exchange Meeting for Economic Science Discipline of National Natural Science Foundation of China (NSFC), Beijing Normal University, Jiangxi University of Finance and Economics, Nanchang University, Nanjing University of Aeronautics and Astronautics, Peking University, Renmin University of China, ShanghaiTech University, Southwestern University of Finance and Economics, Xi'an Jiaotong University, Zhejiang Gongshang University, Zhejiang University of Finance & Economics for comments and suggestions.
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