A subscriber asked about potential relationships between percentages of MBA graduates hired by an industry/sector and the future returns for corresponding sectors. To investigate, we look at lead-lag relationships between annual percentages of University of Pennsylvania Wharton School MBA graduates entering four sectors (consumer, finance, health care and technology) and annual total returns for corresponding Select Sector SPDR Funds (XLY, XLF, XLV and XLK). Using annual data as specified during 1999 through 2021, we find that:
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