The authors benefited from comments at the INFORMS annual meeting, seminars at INSEAD, National University of Singapore, and Vienna University of Economics and Business as well as more specifically from Julian Wright, Gunhaeng Lee, Juuso Välimäki, Pauli Murto, and Steve Dimmock. Finally, they thank the editors and three anonymous reviewers whose thoughtful comments helped to improve and clarify this manuscript. All errors are the authors’.