The author thanks Ashish Arora, Pierre Azoulay, Wes Cohen, Alberto Galasso, Shane Greenstein, Deepak Hegde, Jeff Kuhn, Hong Luo, Fabian Waldinger, Martin Watzinger, numerous seminar and conference audiences, three very thoughtful referees, the associate editor, and Editor Toby Stuart for helpful comments. The author is grateful to Alessandro Iaria, Carlo Schwarz, and Fabian Waldinger for sharing code and to Jeff Kuhn for discussing the mechanics of semantic analysis. The author also thanks Hayley Pallan, Greg Saldutte, and Senan Hogan-Hennessy for outstanding research assistance.