Wu, Youchang; Wermers, Russ; Zechner, Josef - 2012
generating high surplus, as proxied by fund premium, capture rents on their skills by expansions of assets under management and … increases in management fees; however, managers with a high discount are not penalized accordingly. Managers with poor NAV … assets under management. Finally, in support of the notion that adjustments of assets under management and management fees in …