We study the impact of directors with foreign experience on firm performance in emerging markets. Using a unique data set from China, we exploit the introduction of policies to attract talented emigrants and increase the supply of individuals with foreign experience in different provinces at different times. We document that performance increases after firms hire directors with foreign experience and identify the channels through which the emigration of talent may lead to a brain gain. Our findings provide evidence on how directors transmit knowledge about management practices and corporate governance to firms in emerging markets.THE BOARD OF DIRECTORS is expected to monitor and provide advice to management (Fama and Jensen (1983)). The extent to which boards fulfill these duties is widely debated and may depend largely on the characteristics and skills of the directors (Adams, Hermalin, and Weisbach (2010)). Board composition may be particularly important in emerging markets, where firm performance * Mariassunta Giannetti is from the Stockholm School of Economics; the Centre for Economic and Policy Research; and the European Corporate Governance Institute. Guanmin Liao is from the Central University of Finance and Economics School of Accountancy, and Xiaoyun Yu is from the Indiana University Kelley School of Business and the China Academy for Financial Research. We thank Michael Roberts (the Editor), two anonymous referees, Ken Ahern, Laurent Bach, Walid Busaba, Chun Chang, Jess Cornaggia, Yaniv Grinstein, Juanna Joensen, Daniel Metzger, Zacharias Sautner, Wei-Ling Song, Frank Yu, and seminar participants at the Western Finance Association annual meeting (Las Vegas), the European Finance Association annual meeting (Copenhagen), the CFEA Conference at the University of Southern California, Marshall School of Business, the Asian Finance Association annual meeting (Nanchang), the Financial Intermediation Research Society Conference (Dubrovnik), EDHEC, ESSEC, Fudan University, Indiana University, Louisiana State University, the Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University, the Vienna Graduate School of Finance, the Stockholm School of Economics (SITE), the University of St. Gallen, the University of Nottingham, and the University of Western Ontario for helpful comments. M. Giannetti acknowledges financial support from the Jan Wallander and Tom Hedelius Foundation and the Bank of Sweden Tercentenary Foundation. G. Liao acknowledges financial support from the National Natural Science Foundation of China, Grant Nos. 70902001 and 71272233. This paper was started when G. Liao was visiting Indiana University, which we thank for the generous hospitality. X. Yu acknowledges financial support from CIBER at Indiana University; the Arthur M. Weimer Faculty Fellowship; and the National Natural Science Foundation of China, Grant No. 71202045. DOI: 10.1111/jofi.12198 1630The Journal of Finance R is known to be hampered by weak corporate governance and poor management practices (Syverson (2...
WSe2—a layered semiconductor that can be exfoliated into atomically thin two-dimensional sheets—offers promising characteristics for application in solar energy conversion. However, the lack of controllable, cost-effective methods to scalably fabricate homogeneous thin films currently limits practical application. Here we present a technique to prepare controlled thin films of 2D WSe2 from dispersions of solvent-exfoliated few-layer flakes. Flake self-assembly at a liquid/liquid interface (formed exceptionally from two non-solvents for WSe2) followed by substrate transfer affords large-area thin films with superior 2D flake alignment compared with traditional (liquid/air) self-assembly techniques. We further demonstrate, for the first time, solar-to-hydrogen conversion from solution-processed WSe2 thin films. Bare photoelectrodes with a thickness of ca. 25 nm exhibit sustained p-type photocurrent under simulated solar illumination, and up to 1.0 mA cm–2 at 0 V versus reversible hydrogen electrode with an added water reduction catalyst (Pt). The importance of the self-assembled morphology is established by photoelectrochemical and conductivity measurements.
The reduced graphene oxide (RGO)-hierarchical ZnO hollow sphere composites are prepared through a simple ultrasonic treatment of the solution containing graphene oxide (GO), Zn(CH 3 COO) 2 , DMSO, and H 2 O. The GO is reduced to RGO effectively, and the ZnO hollow spheres consisting of nanoparticles are uniformly dispersed on the surface of RGO sheets during the ultrasonic process. The optimum synergetic effect of RGO-ZnO composites is found at a RGO mass ratio of 3.56%, and the photocurrent and photodegradation efficiency on methylene blue of RGO-ZnO composites are improved by five times and 67%, respectively, compared with those of pure ZnO hollow spheres. The enhancements of photocurrent and photocatalytic activity can be attributed to the suppression of charge carriers recombination resulting from the interaction between ZnO and RGO.
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