Sector Performance Across Business Cycles
Nov 2, 2009
We examine the co-movement of sector returns with business cycles in a global context, using long run historical data between 1976 and 2009. We develop an approach that allows us to classify sectors as defensive or cyclical, based on the strength of this co-movement. We then use this framework to examine the relative performance of cyclical and defensive sectors in different regions over the last 33 years.