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Recession managers and mutual fund performance

Chen, Jie; Lasfer, Meziane; Song, Wei; Zhou, Si

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Authors

Jie Chen

Meziane Lasfer

Si Zhou



Abstract

We find that fund managers who began their careers during recessions produce superior returns. This superior performance is not unconditional, as they exhibit better market timing than their non-recession counterparts in recessions, but do not demonstrate better stock picking in booms. Exploring managers' portfolio choices across years, we find that recession managers tilt their investments towards defensive, rather than cyclical, industries during and before recession periods. Overall, our findings support the argument that the economic conditions under which an individual initially entered the labour market exert a long-term impact on her career outcomes and decision-making.

Citation

Chen, J., Lasfer, M., Song, W., & Zhou, S. (2021). Recession managers and mutual fund performance. Journal of Corporate Finance, 69, Article 102010. https://doi.org/10.1016/j.jcorpfin.2021.102010

Journal Article Type Article
Acceptance Date Jun 8, 2021
Online Publication Date Jun 16, 2021
Publication Date Aug 1, 2021
Deposit Date Aug 4, 2021
Publicly Available Date Dec 17, 2022
Journal Journal of Corporate Finance
Print ISSN 0929-1199
Electronic ISSN 0929-1199
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 69
Article Number 102010
DOI https://doi.org/10.1016/j.jcorpfin.2021.102010
Public URL https://nottingham-repository.worktribe.com/output/5954839
Publisher URL https://www.sciencedirect.com/science/article/abs/pii/S0929119921001310?via%3Dihub

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