How Do Firms Appropriate Value from Employees with Transferable Skills? A Study of the Appropriation Puzzle in Actively Managed Mutual Funds

The authors would like to thank Gary Dushnitsky, Isabel Fernandez-Mateo, Martin Ganco, Panos Mavrokonstantis, Madan Pillutla, Henri Servaes, two anonymous reviewers, and seminar participants at London Business School, the University of Minnesota, and Washington University in St. Louis for their constructive feedback on earlier drafts of this paper. They would also like to thank Marcin Kacperczyk and Clemens Sialm for help with constructing the measures, Russ Wermers for providing the benchmark data, and the industry experts who shared their time and deep knowledge of the context in interviews.