 Next we have Heather Sway from the Research School of Finance, Actual Studies and Applied Statistics in the Anew College of Business and Economics and the title of Heather's three-minute thesis tonight is The Glass Cliff. This is a photo of my husband and me when we were kids. No Photoshop. We grew up together, went to the same schools all the way and even had the same outfit. I think he had a bigger chance of being a CEO in the future. If you thought it was my husband, you are correct. In 2020, only 5.8% of big company CEOs in the US are female. Those women have broken through the glass ceiling but now seem to be standing on the edge of glass cliff. The glass cliff is a great idea that when the company is in trouble, a female leader is more likely to put in charge. For example, Marisa Mayer became Yahoo's CEO. She inherited the underperforming company and the first amount of pressure to turn it around. We hear stories like this all the time but this research asks, is glass cliff only a special case or statistically a pattern in CEO's appointments? Using a sample of over 5,000 CEO's appointments of US listed firm over 20 years, my research approved that glass cliff is real, that underperforming companies are more likely to appoint female CEOs. Then we must ask, why is it happening? We've obsessed with two reasons. It might be gender discrimination leaves women with less opportunities and that consider the only women stay alive. Sometimes that's the only opportunity they have to grab on in order to rise. Alternatively, could it be that women are perceived as a savior? Authorized companies running, crying for money when panic? When times tough, suddenly the women is to write them for the job. I've tested two hypothesis using statistic and econometric analysis and find that our business supported discrimination hypothesis. I also find that women are not necessarily a savior. Those underperforming companies that appoint female CEOs do not experience performance improvement. To sum up, when the situation is really bad, people call in women but it doesn't always help. My research makes us question the common practice of hiring women only to put them on the edge of glass cliff. Boys and girls were similar, like my husband and me, should it have the same opportunities to shine?