The authors thank Maria Guadalupe (the editor), the associate editor, three anonymous reviewers, Andrea Fosfuri, Ricard Gil, Eduardo Melero, Neus Palomeras, Desirée Pacheco, Giovanni Valentini, and seminar participants at KU Leuven, Frankfurt School of Finance and Management, Imperial College Business School, IE Business School, ETH Zurich, the University of the Balearic Islands, the Autonomous University of Barcelona, and CUNEF, as well as participants at the DRUID and SMS Conferences for their valuable comments and suggestions.