We thank Caroline Flammer, Shanjun Li, Johannes Strobel, Sourabh Velaga, Yian Yin, Eric Zou, and conference and seminar participants at the AEA 2026 Annual Meeting, University of Cambridge, Cornell University, LU-JNU Joint Conference for Sustainable Finance and Development in the Digital Era, McGill University and NBS-PRI-ECGI Public Lecture Series at the Nanyang Technological University for their comments and suggestions. This study is supported by funding from the National Natural Science Foundation of China (NSFC) (grant nos. 72322015 and 72273146) The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
Karolyi has served as an ad hoc consultant to Avantis Investors during the years when this paper was written.