The authors thank Martin Ganco, Megan Lawrence, Lindy Greer, Marlon Seror, Justin Frake, Anthony Gibbs, Miguel Garza Casado, Pablo Fernández, Jorge Sabat; participants in seminars at Duke, EMLyon, Harvard Business School, École des Hautes Études Commerciales Montreal, Institut Européen d’Administration des Affaires, INSPER, Pontificia Universidad Católica de Chile, Universidad Diego Portales, Universidad de Chile, Universidad de los Andes (Chile), Universidad del Desarrollo, University of Georgia, University of Utah, Collegio Carlo Alberto, and Ohio State University; and participants in the Strategy Research Forum, the Smith Entrepreneurship Research Conference, the Richmond Fed Impact of Immigration on Firms, Human Capital and Productivity Conference, the Strategy Science Conference, the Strategic Management Society Annual Conference, Bank of Canada Migration Conference, Wharton Migration Conference, and the Academy of Management Annual Meeting for constructive comments. The authors thank Jan Fischer, James Reade, and Maurizio Valenti for generously offering their expertise and connections to help them learn about foreign player transfer rules in several European football leagues. The authors contributed equally and are listed in reverse seniority order. All errors are the authors’ own.