The author is grateful for the thoughtful guidance of Lamar Pierce, the anonymous associate editor, and three reviewers. The author also thanks Roberto Fernandez, Ezra Zuckerman and Lisa Sivan, Ray Reagans, Erin Kelly, Susan Silbey, Emilio Castilla, Adina Sterling, Matt Marx, Jared Curhan, Jenna Myers, Jonathan Caulkins, Carolyn Fu, Heather Yang, Chris Yenkey, as well as Ben Rissing, Daniela Scur, and the Macro OB/Strategy group at Cornell for their helpful feedback. Darrin McGraw provided editorial assistance. The author also thanks participants at the University of Toronto Rotman School of Management Strategic Management Seminar, Washington University in St. Louis Olin Business School Strategy Seminar, 2018 People and Organizations Conference at Wharton and the 2019 INFORMS/Organization Science Dissertation Proposal Competition, at which the author presented this paper alongside two other dissertation papers on overrecognition and status recognition mismatch.