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__________________________________________________ China Postgraduate Network www.bacsuk.org.uk/cpn<http://bacsuk.org.uk/?page_id=234> __________________________________________________ This mailing list provides details of China-related events, funding organisations and job opportunities __________________________________________________ POST CATEGORY: Seminar FROM: The University of Nottingham TOPIC: The Curse of Returnee CEOs Dr Wenxuan Hou 17th March 2015, 4pm A18, Si Yuan Building, Jubilee Campus The soaring number of overseas students from developing countries becomes a phenomenon. This paper studies the impact of appointing returnees as CEOs on the performance of listed firms. Although there seems a consensus on the benefits of international experience in the literature, we show that its impact is more controversial than believed to be. On the one hand, returnee CEOs possess international expertise and good degrees; on the other hand, they lack local social resources such as political connection and local network. By examining returnee CEOs from China, the leading country of origin for international students, we find that the appointment is associated with inferior performance and less positive market reaction. Such negative effect becomes no longer pronounced when local resources are in place. The findings imply that the "brain gain" is acquired at the cost of "resource loss" and that external resources are more important than expertise in emerging markets, where legal and governance institutions are weak. Wenxuan is a Reader in Finance at the University of Edinburgh, having previously worked at Durham University. He received his PhD from the University of Manchester. His research is in the areas of corporate governance, financial markets and business ethics. He published more than 20 articles in 3*/FT45 journals and edited 4 books with Palgrave. He has acted as an associate editor of European Journal of Finance, and a guest co-editor of the special issues of Business History, Journal of Business Ethics (2013), and International Small Business Journal (2012). LINK: http://www.nottingham.ac.uk/chinese/news-events/events/china-seminar--2015-17-03.aspx _________________________________________________________________ To send your message to China Postgraduate Network mailing list, forward it to: [log in to unmask] To subscribe, make amendments to subscription or view previous posts visit: www.jiscmail.ac.uk/lists/cpn <https://www.jiscmail.ac.uk/cgi-bin/webadmin?A0=cpn> For further information, comments or enquiries regarding the CPN, email us at: [log in to unmask]