Event

Recession Managers and Mutual Fund Performance

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

  • Wed 30 Oct 19

    14:00 - 15:00

  • Colchester Campus

    EBS.2.45

  • Event speaker

    Dr Wei Song, Associate Professor in Finance, Southampton Business School

  • Event type

    Lectures, talks and seminars
    EFiC Research Seminar Series

  • Event organiser

    Essex Business School

  • Contact details

    Nikolaos Vlastakis

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.

Seminar abstract

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. 

Booking

This is a free event, no need to book. Please feel free to bring your friends, colleauges and classmates along.

Speaker bio

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;

  • empirical corporate finance and corporate governance
  • including banks
  • mergers and acquisitions
  • executive compensation 
  • board composition 
  • corporate payout policy 
  • corporate social responsibility

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;

  • Journal of Corporate Finance
  • Journal of Banking and Finance
  • Journal of Empirical Finance
  • Harvard Business Review

just to name a few.

 

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