This draft has benefited from comments by Daniel Carvalho, Alex Chinco, James Choi, Matthew Denes (discussant), Isaac Hacamo, Gerard Hoberg, Xing Huang (discussant), Steven Kaplan, Tim Loughran (discussant), Christos Makridis (discussant), Ernst Maug, Lin Peng (discussant), Jeff Prince, Angie Raymond, Scott Shackelford, Andrew Speer, Sumudu Watugala, and Ben Zhang, as well as presentations at the University of Massachusetts Boston, UCSD, Iowa, Washington University, Columbia Law School, Michigan State University, Indiana University, SAFE 8th Household Finance Workshop, Purdue Fintech Conference, University of Maryland, University of Southern California, Wharton, University of Mannheim, University of Bonn, RBFC, University of Amsterdam, Baruch College, Georgia State University, Drexel University, UT Austin, Ostrom Workshop Colloquium, AI Frontiers in Finance webinar, UBC Winter Finance Conference, Young Scholars Finance Consortium, Labor and Finance Group Spring Conference, University of Georgia, Bocconi University, Vienna Graduate School of Finance, TUM’s 2nd Workshop on NLP and Generative AI, NBER Corporate Finance Spring Meeting, and the ASSA Annual Meeting. We thank Caroline Chen, Pranav Garg, Yuetong Meng, Aaron Smith, and Shuman Zhang for providing invaluable research assistance. We gratefully acknowledge funding from the Jacobs Levy Equity Management Center for Quantitative Financial Research, the Wharton Finance Department Research Fund, the Wharton AI & Analytics Initiative, and the Israeli Science Foundation. This study was approved by the Institutional Review Board at Yale University under protocol number 2000036766. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.