The authors thank editor Alfonso Gambardella, the associate editor, and two anonymous reviewers for their feedback and guidance. The author also thank Heather Berry, Tony He, Jiao Luo, Myles Shaver, Deepak Somaya, and Joel Waldfogel, along with seminar participants at Seoul National University, Singapore Management University, Sungkyunkwan University and the University of Minnesota, as well as participants at the Academy of Management, ARCS, CRS, SBE conferences and the Wharton Nonmarket Workshop for their comments and input.