The authors thank Andrew Acito, Shannon Anderson, Ramji Balakrishnan, Jasmijn Bol, Clara Chen, Willie Choi, David Erkens, Harry Evans, Rachel Geoffroy, Satish Joshi, Lisa LaViers, Gans Narayanamoorthy, Hari Ramasubramaniam, Claire Senot, Jeffery Woolridge, and workshop participants at the Performance Management Research Symposium, the Midwest Accounting Research Conference, Georgetown University, Iowa State University, Michigan State University, Tulane University, and University of Michigan for helpful comments.