The authors thank the department editor Yan Chen, the anonymous associate editor, and the reviewers for their constructive feedback. In addition, the authors thank Iwan Barankay, Anne Boring, Paul Bose, Suzanne Bijkerk, Philipp Denter, Robert Dur, Florian Englmaier, Chaim Fershtman, Sacha Kapoor, Arjan Non, and Simeon Schudy. They also thank Reuben Bauer, Amber Been, Michael van Dijk, David Feitzinger, Bart Francke, Jeroen Frijters, Aniket Godbole, Colin Huliselan, Eline Korndewal, Jeannine van Reeken, Tessa Verloop, Zazie Weiffenbach, and Yudan Ying for excellent research assistance. Most of all, the authors are indebted to Susanne Neckermann, who was heavily involved in the early phases of this project. The authors thank as well participants of workshops in Amsterdam, Exeter, Kreuzlingen, and Munich; seminar participants at Karlsruhe (KIT), Universitat de les Illes Balears, U Warwick, U Köln, Amsterdam (UvA), U Fribourg, U Rotterdam, HU/TU Berlin, U Barcelona, and U Innsbruck; and conference participants at ASSA 2023 New Orleans, SIOE 2023 Frankfurt, U Lüneburg, the CBESS conference in East Anglia, the 2025 Conference in Memory of John Morgan, and the 2025 European ESA Meeting in Brno for their helpful comments. During the revision of this paper for Management Science, the authors’ coauthor and friend John Morgan suddenly passed away. The authors sorely miss him.