Recession managers and mutual fund performance

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

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

9 Citations (Scopus)


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.

Original languageEnglish
Article number102010
JournalJournal of Corporate Finance
Publication statusPublished - Aug 2021
Externally publishedYes


  • Economic conditions
  • Market timing
  • Mutual fund managers
  • Performance
  • Recession


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