Repetita Iuvant : Mutual Fund Performance During the COVID Pandemic
研究了基金经理在2009年H1N1流感疫情中的经历是否影响其在2020年新冠疫情中的基金表现，发现有过H1N1经历的经理管理的基金收益更高，可能因为他们减少了依赖人际互动的信息获取方式。
ABSTRACT Do fund managers learn about salient risks? To address this issue, we explore whether managers' exposure to prior disease outbreaks 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 international supply chains after H1N1. Overall, our findings support the view that managers' professional experience may affect investment style and explain superior performance for funds with managers exposed to similar exogenous experiences throughout their careers.