Financial markets and large shareholders have important value implications such as effects on corporate governance, financial decisions, and accounting policies, among others. In theory, the financial markets can generate information that enhances managerial incentives and large shareholders' monitoring activities (e.g., Diamond and Verrecchia (1982), Holmström and Tirole (1993), Maug, (1998), and Faure-Grimaud and Gromb (2004)). Empirically, there is evidence supporting the real effects of financial markets on various corporate decisions and governance mechanisms (e.g., Edmans (2009), Fang, Noe, and Tice (2009), Edmans, Fang, and Zur (2013), etc.).