How to run a Raspiban in QEMU

How do you run a standard Raspbian image in QEMU?

I'm following the instructions in this wiki, but the first step is failing.

I downloaded the kernal kernel-qemu-4.1.13-jessie and the Raspbian Jessie Lite image, but when I run:

qemu-system-arm -kernel kernel-qemu-4.1.13-jessie \
    -cpu arm1176 \
    -m 256 \
    -M versatilepb \
    -no-reboot \
    -serial stdio \
    -append "root=/dev/sda2 panic=1 rootfstype=ext4 rw init=/bin/bash" \
    -hda 2016-03-18-raspbian-jessie-lite.img

A QEMU window pops up and seems to show it booting correctly, but then it says "rebooting in 1 second" and closes. My local terminal only outputs:

pulseaudio: set_sink_input_volume() failed
pulseaudio: Reason: Invalid argument
pulseaudio: set_sink_input_mute() failed
pulseaudio: Reason: Invalid argument
Uncompressing Linux... done, booting the kernel.

Why is it rebooting even though I'm using the -no-reboot option? What am I doing wrong?