We are honored to have such a well-respected economist as William G. Shepherd comment on our work and are grateful to have the opportunity to respond to his concerns. Shepherd has three main points. First, he argues that citations are a more reliable index of research performance than are page counts. Second, he claims that our sample of journals is inappropriate because it includes extraneous journals and excludes important industrial organization journals. Third, Shepherd contends that our study inappropriately pools mainstream industrial organization research with "new IO theory." The following sections address these criticisms.