学　术

　　讲座题目：Returnee CEOs: Blessing or Curse?

　　主讲人：英国爱丁堡大学　侯文轩教授

　　时　间：2015年12月29日（周二）上午10:15

　　地　点：清水河校区经管楼C101（EMBA教室）

　　主讲人简介：

　　侯文轩，曼彻斯特大学金融学博士，任英国爱丁堡大学金融学准教授（Reader in Finance)，金融管理硕士项目主任，中国发展研究中心主任。曾经在杜伦大学担任助理教授，副教授。致力于公司金融和资本市场的研究，担任European Journal Finance副主编，曾担任Journal of Business Ethics, International Small Business Journal, Abacus等期刊的中国专刊主编。在国际主流学术期刊如The European Journal of Finance,  Journal of Business Ethics,International Review of Financial Analysis等上发表20余篇学术论文，由麦克米伦出版社出版4本专著。

　　讲座简介：This paper studies the impact of appointing returnees as CEOs on the performance of Chinese listed firms. We show that the appointment of returnee CEOs is associated with inferior performance, lower market reactions and more frequent regulatory enforcement actions after controlling for selection bias. We argue that CEOs’ international expertise is acquired at the opportunity cost of local social capital such as political connections and network ties, which are critical in transition economies with weak institutions. As we predict, the negative effect disappears when social capital is in place, regional institutions are strong or their international expertise is in demand.

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