Brain Gain through Return Migration:
An Analysis of China’s Returning Financial Professionals
Professor Allan A. Zebedee is an associate professor of finance at Clarkson University. With a robust academic background and a deep understanding of financial markets, Dr. Zebedee has distinguished himself through both his teaching and research. His expertise spans various areas, including market microstructure, corporate finance, and financial econometrics. He has published in leading finance journals, including the Journal of Banking and Finance, Financial Management, Journal of Financial Markets, and Journal of Corporate Finance. Professor Zebedee has contributed to understanding how financial markets respond to various economic events and policy changes, providing insights into the mechanisms driving asset prices and investor behavior. His research frequently employs advanced econometric techniques to analyze financial data, offering robust empirical evidence to support theoretical models. Committed to advancing financial education, Dr. Zebedee combines rigorous scholarship with practical insights, equipping his students with the knowledge and skills necessary for success in the dynamic world of finance. In addition, Professor Zebedee currently serves as the co-editor of the Eastern Economic Journal and is a former visiting scholar at the US Securities and Exchange Commission.
ABSTRACT
This study examines the impact of fund managers' human capital obtained overseas on Chinese mutual fund managers' performance. Analyzing 792 open-ended equity funds, the study finds that fund managers with overseas experience significantly outperform their domestic counterparts in both raw and risk-adjusted returns, with an annual outperformance ranging from 1.75 to 3.09 percent. This effect is smaller, ranging from 1.03 to 1.71 percent per annum, but remains robust after accounting for differentiating fund and manager characteristics. Furthermore, the study shows that fund managers with overseas experience excel in security selection, while there are no discernible differences in market timing compared to their domestic counterparts.
主持人
李志成
湖南大学经济管理研究中心副教授
美国纽约州立大学石溪分校经济学博士
时间
2024年6月14日（周五）
下午4:15-5:30
地点
湖南大学财院校区-水上教学楼211
