(a) The evolution in baryon conversion efficiency given a constant mass-to-light ratio (M/L) needed to match our observations of massive galaxies (Section 5.3.1). (b) The factor change in the mass-to-light ratio required to match the number densities of ﹩{\mathrm{log}}_{10}({M}_{\star }/{M}_{\odot })\gt 10﹩ expected, assuming a constant efficiency of ϵ = 0.14. We find that the observed cumulative number densities in CEERS follow that expected from a constant baryon conversion efficiency of ∼0.14 up to a redshift of z ∼ 4, before which we find an excess of ﹩{\mathrm{log}}_{10}({M}_{\star }/{M}_{\odot })\gt 10﹩ galaxies, potentially indicating that the global baryon conversion efficiency is higher or that the mass-to-light ratio is lower in the early Universe than at lower redshift.