1. School of Management, Xiamen University, Xiamen, Fujian 361005, China;
2. Center for Accounting Studies, Xiamen University, Xiamen, Fujian 361005, China;
3. School of Management, Fudan University, Shanghai 200433, China;
4. School of Management and Economics, The Chinese University of Hong Kong, Shenzhen, Shenzhen, Guangdong 518172, China;
5. Shenzhen Finance Institute, Shenzhen, Guangdong 518000, China;
6. Olin Business School, Washington University in St. Louis, St. Louis, Missouri 63130