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Columns are described as alternative regression specifications. Later tables state that they repeat earlier specifications with a modified sample or variable.",183 "units_stated_in_notes": true,184 "standard_errors_description": "unclear"185 },186 "figures": {187 "uncertainty_shown": "unclear"188 },189 "conclusion": {190 "bounded_claims": true,191 "policy_implications": false,192 "open_questions": true,193 "restates_contribution": true194 },195 "hedging": {196 "level": "moderate",197 "typical_devices": [198 "'at least' / lower-bound framing",199 "'consistent with' the hypothesis",200 "explicit acknowledgment that behavioral explanations cannot be ruled out",201 "limiting generalization to the mutual fund industry"202 ]203 },204 "claim_evidence": [205 {206 "claim": "Firm reallocation of capital to managers raises manager value added by at least about $474K per month",207 "evidence_type": "table",208 "evidence_ref": "Table II, Table III"209 },210 {211 "claim": "The firm accounts for at least 30% of total manager value added under conservative counterfactuals",212 "evidence_type": "figure",213 "evidence_ref": "Figure 4, Figure 5"214 },215 {216 "claim": "Investors reward firms after reallocation decisions with additional capital",217 "evidence_type": "table",218 "evidence_ref": "Table IV, Table V"219 },220 {221 "claim": "External hires with AUM changes do not produce detectable value-added changes",222 "evidence_type": "table",223 "evidence_ref": "Table VI"224 },225 {226 "claim": "Public information such as past performance has weak power to predict firm reallocation decisions",227 "evidence_type": "table",228 "evidence_ref": "Table VII, Table VIII"229 },230 {231 "claim": "Under decreasing returns to scale, value added rather than gross alpha measures skill",232 "evidence_type": "figure",233 "evidence_ref": "Figure 1; Section II model"234 },235 {236 "claim": "Firm-driven AUM changes would take investors years to replicate through flows",237 "evidence_type": "figure",238 "evidence_ref": "Figure 6"239 }240 ],241 "structural_summary": "The paper opens with an assertive contribution statement and the headline magnitude. It then sketches an information-asymmetry mechanism with a numbered list of supporting findings, adds a paragraph acknowledging a behavioral alternative it cannot rule out, and closes the introduction with a roadmap. A short theory section frames a Coasian benchmark against asymmetric information. Data definitions argue for value added over gross alpha. The main results test a null of no value added and bound the firm's contribution from below under counterfactuals. Follow-up sections show investor responses and the information source of firm skill, and a section reports gross alpha results at referees' request. The conclusion ties the findings to the theory of the firm and limits generalization to other industries.",242 "writing_profile_keywords": [243 "theory of the firm",244 "lower bound",245 "value added",246 "information asymmetry",247 "mutual fund firms",248 "counterfactuals",249 "assertive opening"250 ],251 "confidence": 0.8,252 "notes": "No statistical significance conventions or standard error descriptions are visible in the excerpts. Section VIII (gross alpha) is treated as robustness. 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