研究成果：Repetita Iuvant: Mutual Fund Performance During the COVID Pandemic

作者：Taufiq Choudhry；Marta Degl'Innocenti；周思[T]；Yue Zhou

发表期刊：International Journal of Finance & Economics

期刊级别：ABS3

发表时间：202601

摘要：Do fund managers learn about salient risks? To address this issue, we explore whether managers' exposure to prior disease out-breaks might affect their fund performance during COVID-19. Using data on US equity fund managers, we find that H1N1 funds with managers exposed to the influenza A disease in 2009 (H1N1) generate superior returns during the 2020 COVID-19 crisis compared to other funds. A possible explanation is that H1N1 funds use less human-interaction-based information after H1N1 exposure so that their performance is less affected by the lockdowns that prevented social interaction during the COVID-19 pandemic. Conversely, we do not find that they have changed their exposure through the domestic holdings of firms with inter-national supply chains after H1N1. Overall, our findings support the view that managers' professional experience may affect in-vestment style and explain superior performance for funds with managers exposed to similar exogenous experiences throughout their careers.