We have nothing to disclose. We thank Jill Fisch, Jonathan Kalodimos, Weiling Liu, and participants at the Clemson ESG and Policy Research Conference, University of Texas Law School Workshop in Business Law & Economics, UT “Smokey” Mountain Finance Conference, and 6th Greater Boston Corporate Governance Workshop for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Related