The authors especially thank senior editor Ray Reagans and two anonymous reviewers for their help and guidance during the review process. The authors also thank David Deephouse, Damon Phillips, and Hongwei Xu for their insightful comments on the early versions of this paper; and Forrest Briscoe, Michael Lounsbury, and Christopher Marquis for their advice on the revision. This paper has also benefited from the first author’s conversations with Ezra Zuckerman.