We thank Tobias Adrian, Kerry Back, Snehal Banerjee, Hui Chen, Jean-Edouard Colliard, Will Cong, Antoine Didisheim, Itamar Drechsler, Maryam Farboodi, Slava Fos, Paolo Fulghieri, Joao Gomes, Mark Grinblatt, Ming Guo, Wei Jiang, Chris Jones, Scott Joslin, Joe Harrington, Larry Harris, Zhiguo He, Harrison Hong, Mariana Khapko, Leonid Kogan, Pete Kyle, Tse-Chun Lin, Deborah Lucas, Ye Luo, Semyon Malamud, Andrey Malenko, George Malikov, Albert Menkveld, Jonathan Parker, Lasse Pedersen, Paul Romer, Nick Roussanov, Tom Sargent, Antoinette Schoar, Hyun-Song Shin, Rob Stambaugh, Eric Talley, Anton Tsoy, Stijn Van Nieuwerburgh, Dimitri Vayanos, Laura Veldkamp, Jiang Wang, Neng Wang, Xian Wu, Liyan Yang, Jacob Yunger, David Zhang, and seminar and conference participants at AsianFA, ASU Sonoran Winter Finance Conference, BIS, BIS Meeting of Heads of Financial Stability, BI-SHoF Conference, Boston College, CFTRC, CFEA, CICF, CMU, Columbia, Cubist Systematic Strategies (Point72), CUFE, Duke/UNC Asset Pricing Conference, EFA, Fed Board, FINRA, FIRS, Florida International University, FMA Asia/Pacific Conference, Frankfurt School of Finance and Management, Fudan, George Mason, Harvard University, HKU, HKUST, HK Conference for Fintech and AI, IESE Barcelona Workshop on AI in Finance, IMF-WIFPR Conference, Imperial College, Jackson Hole Finance Conference, Johns Hopkins Carey Finance Conference, LSE, Melbourne Asset Pricing Meeting, MIT, MFA, NBER Summer Institute (Asset Pricing), Nordic Fintech Symposium, NTU Conference on AI for Finance, NYU/Penn Law and Finance Conference, OECD, Olin Finance Conference at WashU, OSU, Oxford, PKU, PKU/PHBS Sargent Institute Macro-Finance Workshop, QES Global Quant and Macro Investing Conference, QRFE Workshop on Market Microstructure, Fintech and AI, Renmin University, Rice University, Shanghai Jiao Tong University (SAIF & Antai), SFS Cavalcade North America, SHUFE, Toronto Macro/Finance Conference, Tsinghua (PBCSF & SEM), UCLA, UIC Finance Conference, UIUC, UT Austin, University of Houston, University of Macau, University of Mannheim, University of Miami, University of Minnesota, University of Toronto, University of Zurich, USC, WashU, Western University, WFA, and Wharton for their comments. Dou is grateful for the financial supports from the Golub Faculty Scholar Award at Wharton. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
