The authors thank Ajay Agrawal, Ashwini Agrawal (discussant), Tania Babina, Emek Basker, Andrew Ellul, Bart Hamilton (discussant), Shane Johnson (discussant), Sari Kerr, Filippo Mezzanotti, Ramana Nanda, Paige Ouimet, Roberto Pinto (discussant), Antoinette Schoar, Elena Simintzi (discussant), Scott Stern, Peter Thompson, Liu Yang, Miao (Ben) Zhang (discussant), conference participants at the 2019 NBER Summer Institute, 2019 Labor and Finance Conference, 2019 SFS Cavalcade, 2019 European Finance Association Conference, 2019 American Finance Association Conference, 2019 Midwest Finance Association Conference, 2018 Colorado Finance Summit, 2018 UT Dallas Finance Conference, and 2018 Workshop on Workforce Development Initiatives, and seminar participants at Deakin University, Georgia Tech, Melbourne Business School and the University of New South Wales for comments that helped to improve the paper. The contents of this publication are solely the responsibility of the authors.