【Background Information】Xiaoyun Yu is an associate professor of Finance and Arthur M. Weimer Faculty Fellow at the Kelley School of Business, Indiana University. She obtained her Ph.D. in Finance from the Carlson School of Management, University of Minnesota. Her research interests are in the areas of theoretical and empirical corporate finance. Her current research focuses on information economics, security design, initial public offering, financial institutions and systems, and political economy of finance.