The authors thank Ezra Zuckerman, Matthew Kraatz, and William Ocasio for insightful comments and suggestions; Clint Carter, Shital Sharma, Sari Kerr, and the disclosure officers at the U.S. Census Bureau; and the department editor, associate editor, and anonymous reviewers for constructive guidance. Earlier versions of this paper were presented at the 2024 Empirical Management Conference and the 2024 Academy of Management Annual Meeting; the authors thank the conference organizers and participants for helpful feedback. Any remaining errors are our own.