Why should this be? One plausible explanation is that recessions affect the way peopletake decisions. Management styles are surely in part the result of the kinds of problems aperson has had to grapple with. Even a risk-lover may end up taking more conservativefinancial decisions in a weak economy. If these decisions serve him well in lean times, thenhe may conclude that fiscal prudence is a stance worth sticking with in years of plenty.
这是为什么呢?一个合理的解释是经济衰退影响人们的决策方式。企业家的管理风格在一定程度上取决于他们过去所应对的各种难题。即使一个风险爱好者也可能在经济不景气的时候最终选择保守的融资决策。如果那些决策在拮据时期给他带来了好处,那么他可能得出这样的结论,即使在经济繁荣的时候,审慎的投融资仍是值得我们持续坚持的立场。
Downturns also funnel people into different jobs from those they might otherwise haveentered. A 2008 study by Paul Oyer of Stanford University found that Stanford MBAsdisproportionately shunned Wall Street during a bear market. This may seem unsurprisingwho wants a job in finance when the market is tanking? But there are reasons to believethat these choices make a difference well into the future. Those who begin their careers in abust are less footloose than their boom-time equivalents. Ms Schoar and Mr Zuo find thatthe average recession-scarred chief executive is more likely to have risen through the ranksof a firm than the norm, and is less likely to have switched employers or jumped from oneindustry to another.
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