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This essay starts from a concern that many empirical researchers undermine their rigorous empirical work by coupling it to unclear and inconsistent theory. I suggest this is because we underestimate the difficulty of achieving theoretical clarity and consistency. I illustrate the problem in detail by cataloging common ways we violate clarity and consistency in the articulation of theoretical constructs and relationships and illustrating these violations with examples from unpublished manuscripts. In addition, I draw on the management literature on theory writing as well as on the dual-process theory of cognition and the philosophy of science to identify and unpack three challenges to clear and consistent theory: the taxing cognitive effort required to turn ambiguous, associative intuition into logical arguments; the impossibility of achieving perfect clarity; and the existence of trade-offs between clarity and other valued qualities of theory, particularly generalizability. The implication is that researchers need to invest not just in empirical rigor but also, in theoretical rigor. Funding: The author's research is supported in part by the Social Sciences and Humanities Research Council of Canada.

Although existing literature assumes that the human capital intensity of professional services leads to small and flimsy firms, several professional services feature large, long-lived firms. To develop insights about firm size and industry structure in human capital intensive industries, I analyze the structure and evolution of the advertising industry. Drawing on a range of quantitative and qualitative evidence, I develop two hypotheses regarding the industry's structure and consolidation: (1) size differentiation, in which firm size and industry structure are connected to the size distribution of clients' projects, and (2) financial intermediation, in which the industry's consolidation is ascribed to organizational innovations that mitigate transaction costs between external investors and ad agency owners. I then discuss the applicability of these two hypotheses to other professional services. The analysis suggests several new insights about the value of capital, the nature of demand, and the nature of assets in human capital intensive industries.