Decades before beer brewing transformed into a truly global industry toward the end of the nineteenth century, Central Europe - primarily the Habsburg monarchy and the German states - emerged as a sort of laboratory in which networks were forged, new inventions tested, new beer sorts copied, and...

Using a novel Hungarian dataset on firms and their Chief Executive Officers (CEOs), we estimate the impact of hiring expatriate CEOs. By examining foreign acquisitions where the new owner replaces the incumbent CEO with an expatriate or a local CEO, we address the selection into both acquisition...