The Essex Finance Centre warmly invites you to join Dr Wei Song from Southampton Business School as he explores the topic of recession managers and mutual fund performance
14:00 - 15:00
Dr Wei Song, Associate Professor in Finance, Southampton Business School
Lectures, talks and seminars
EFiC Research Seminar Series
Essex Business School
Nikolaos Vlastakis firstname.lastname@example.org
This research seminar hosted by the the Essex Finance Centre (EFiC) with guest speaker Dr Wei Song, Associate Professor in Finance at Southampton Business School, will explore the topic of the performance of recession managers and how this compares to their non-recession counterparts.
We find that fund managers who began their careers during recessions (i.e. recession managers) produce superior returns. However, the excess performance is time varying, as while they exhibit better market timing in recessions than their non-recession counterpart, they do not show better stock picking in booms.
We explore in detail how managers time the market and find that recession managers hold more cash and tilt their investments towards defensive, rather than cyclical, industries in recession periods.
We also find that finds managed by recession managers increase portfolio holdings of defensive stocks before the economic downturn starts.
Overall, the findings support the argument that the economic conditions under which an individual initially entered the labour market have a long term impact on the career outcomes and decision making.
This is a free event, no need to book. Please feel free to bring your friends, colleauges and classmates along.
Dr Wei Song is an Associate Professor in Finance at Southampton Business School.
He has previous worked as a Lecturer in finance at Swansea University and a Teaching Fellow at Durham University. Dr Song was also a Strategic Investment Manager at SinoChem in China.
His main research interests include;
Dr Wei Song also has interests in mutual fund management and stock market price behaviour in emerging markets.
His work has been published and featured in the following journals;
just to name a few.