Zhiguo He

University of Chicago - Finance

Professor

5807 S. Woodlawn Avenue

Chicago, IL 60637

United States

http://www.zhiguohe.com

SCHOLARLY PAPERS

49

DOWNLOADS
Rank 1,889

SSRN RANKINGS

Top 1,889

in Total Papers Downloads

24,171

SSRN CITATIONS
Rank 321

SSRN RANKINGS

Top 321

in Total Papers Citations

1,814

CROSSREF CITATIONS

855

Scholarly Papers (49)

1.
Downloads 8,330 ( 1,033)
Citation 98

Blockchain Disruption and Smart Contracts

Number of pages: 48 Posted: 14 Jun 2017 Last Revised: 10 Apr 2020
Lin William Cong and Zhiguo He
Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Chicago - Finance
Downloads 7,953 (1,116)
Citation 58

Abstract:

Loading...

Anti-trust, Cryptocurrency, Competition, Decentralization, Distributed Ledger, FinTech, Incomplete Contracts, Collusion, Information, Repeated Games.

Blockchain Disruption and Smart Contracts

NBER Working Paper No. w24399
Number of pages: 52 Posted: 12 Mar 2018 Last Revised: 02 Sep 2022
Lin William Cong and Zhiguo He
Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Chicago - Finance
Downloads 377 (112,141)
Citation 36

Abstract:

Loading...

2.
Downloads 1,857 ( 12,934)
Citation 43

Decentralized Mining in Centralized Pools

George Mason University School of Business Research Paper No. 18-9
Number of pages: 54 Posted: 22 Mar 2018 Last Revised: 10 Dec 2019
Lin William Cong, Zhiguo He and Jiasun Li
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Chicago - Finance and George Mason University - Department of Finance
Downloads 1,640 (15,463)
Citation 17

Abstract:

Loading...

Arms Race, Bitcoin, Blockchain, Energy Consumption, Industrial Organization, Mining Pools, PoW, Risk-Sharing

Decentralized Mining in Centralized Pools

NBER Working Paper No. w25592
Number of pages: 55 Posted: 26 Feb 2019 Last Revised: 21 Jan 2022
Lin William Cong, Zhiguo He and Jiasun Li
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Chicago - Finance and George Mason University - Department of Finance
Downloads 217 (198,689)
Citation 25

Abstract:

Loading...

A Theory of Debt Maturity: The Long and Short of Debt Overhang

AFA 2011 Denver Meetings Paper, Chicago Booth Research Paper No. 12-31, Fama-Miller Working Paper
Number of pages: 48 Posted: 22 Jan 2010 Last Revised: 22 Aug 2012
Douglas W. Diamond and Zhiguo He
University of Chicago - Booth School of Business and University of Chicago - Finance
Downloads 1,261 (22,954)
Citation 41

Abstract:

Loading...

Wealth transfer, short-term debt crisis, underinvestment, endogenous default

A Theory of Debt Maturity: The Long and Short of Debt Overhang

NBER Working Paper No. w18160
Number of pages: 48 Posted: 16 Jun 2012 Last Revised: 15 Aug 2022
Douglas W. Diamond and Zhiguo He
University of Chicago - Booth School of Business and University of Chicago - Finance
Downloads 68 (466,272)
Citation 2

Abstract:

Loading...

4.
Downloads 1,282 ( 22,806)
Citation 57

A Macroeconomic Framework for Quantifying Systemic Risk

Fama-Miller Working Paper, Swiss Finance Institute Research Paper No. 13-42, Chicago Booth Research Paper No. 12-37
Number of pages: 52 Posted: 21 Aug 2012 Last Revised: 17 Apr 2015
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Finance and Northwestern University - Kellogg School of Management
Downloads 1,245 (23,425)
Citation 14

Abstract:

Loading...

Liquidity, Delegation, Financial Intermediation, Crises, Financial Friction, Constraints

A Macroeconomic Framework for Quantifying Systemic Risk

NBER Working Paper No. w19885
Number of pages: 47 Posted: 11 Feb 2014 Last Revised: 02 May 2022
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Finance and Northwestern University - Kellogg School of Management
Downloads 37 (611,021)
Citation 25

Abstract:

Loading...

A Macroeconomic Framework for Quantifying Systemic Risk

National Bank of Belgium Working Paper No. 233
Posted: 13 Oct 2012
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Finance and Northwestern University - Kellogg School of Management

Abstract:

Loading...

Liquidity, Delegation, Financial Intermediation, Crises, Financial Friction, Constraints

The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 78 Posted: 22 Feb 2017 Last Revised: 27 Aug 2019
Zhuo Chen, Zhiguo He, Chun Liu and Chun Liu
Tsinghua University - PBC School of Finance, University of Chicago - Finance and University of TorontoTsinghua University - School of Economics and Management
Downloads 654 (57,258)
Citation 17

Abstract:

Loading...

Local Government Financing Vehicles, Municipal Corporate Bonds, Shadow Banking in China, Railroad Finance, Trust Companies

The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2019-29, PBCSF-NIFR Research Paper
Number of pages: 78 Posted: 04 Mar 2019 Last Revised: 14 Jan 2021
Zhuo Chen, Zhiguo He, Chun Liu and Chun Liu
Tsinghua University - PBC School of Finance, University of Chicago - Finance and University of TorontoTsinghua University - School of Economics and Management
Downloads 210 (204,876)
Citation 28

Abstract:

Loading...

Keywords: Local Government Financing Vehicles, Municipal Corporate Bonds, Political Cycle, Shadow Banking in China, Railroad Finance, Trust Companies

The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes

NBER Working Paper No. w23598
Number of pages: 66 Posted: 25 Jul 2017 Last Revised: 25 Jun 2022
Zhuo Chen, Zhiguo He, Chun Liu and Chun Liu
Tsinghua University - PBC School of Finance, University of Chicago - Finance and University of TorontoTsinghua University - School of Economics and Management
Downloads 39 (599,310)
Citation 8

Abstract:

Loading...

6.

A Model of Dynamic Compensation and Capital Structure

AFA 2009 San Francisco Meetings Paper, Journal of Financial Economics (JFE), Forthcoming
Number of pages: 40 Posted: 18 Mar 2008 Last Revised: 15 Jul 2010
Zhiguo He
University of Chicago - Finance
Downloads 851 (40,911)
Citation 16

Abstract:

Loading...

Continuous-time Contracting, Capital Structure, CARA (Exponential) Preference, Firm Growth, Size-Heterogeneity, Pay-Performance Sensitivity.

7.
Downloads 750 ( 48,468)
Citation 3

Leverage-Induced Fire Sales and Stock Market Crashes

Number of pages: 67 Posted: 04 Oct 2017
Jiangze Bian, Zhiguo He, Kelly Shue and Hao Zhou
University of International Business and Economics (UIBE), University of Chicago - Finance, Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 628 (60,403)
Citation 2

Abstract:

Loading...

Fire Sales, Leverage, Financial Crisis, Margin Trading, Shadow Financing

Leverage-Induced Fire Sales and Stock Market Crashes

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2019-28, Yale ICF Working Paper No. 2019-07
Number of pages: 72 Posted: 04 Mar 2019
Jiangze Bian, Zhiguo He, Kelly Shue and Hao Zhou
University of International Business and Economics (UIBE), University of Chicago - Finance, Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 82 (419,495)
Citation 2

Abstract:

Loading...

Leverage-Induced Fire Sales and Stock Market Crashes

NBER Working Paper No. w25040
Number of pages: 72 Posted: 17 Sep 2018 Last Revised: 03 Jun 2022
Jiangze Bian, Zhiguo He, Kelly Shue and Hao Zhou
University of International Business and Economics (UIBE), University of Chicago - Finance, Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 40 (593,628)
Citation 1

Abstract:

Loading...

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2018-82, PBCSF-NIFR Research Paper, Journal of Finance, Forthcoming
Number of pages: 85 Posted: 04 Dec 2018 Last Revised: 13 Jun 2022
Massachusetts Institute of Technology, Tsinghua University - PBC School of Finance, University of Chicago - Finance, University of International Business and Economics (UIBE) - School of Banking and Finance and CITIC Securities
Downloads 634 (59,888)
Citation 7

Abstract:

Loading...

Pledgeability, haircut, repo, interbank and exchange markets, enterprise bonds, shadow cost of capital

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets

NBER Working Paper No. w26520
Number of pages: 86 Posted: 03 Dec 2019 Last Revised: 27 Jun 2022
Massachusetts Institute of Technology, Tsinghua University - PBC School of Finance, University of Chicago - Finance, University of International Business and Economics (UIBE) - School of Banking and Finance and CITIC Securities
Downloads 17 (763,593)
Citation 1

Abstract:

Loading...

Uncertainty, Risk, and Incentives: Theory and Evidence

Sixth Singapore International Conference on Finance 2012 Paper
Number of pages: 38 Posted: 07 Nov 2010 Last Revised: 24 Feb 2013
Zhiguo He, Si Li, Bin Wei and Jianfeng Yu
University of Chicago - Finance, Wilfrid Laurier University - School of Business & Economics, Federal Reserve Bank of Atlanta and Tsinghua University - PBC School of Finance
Downloads 346 (123,500)

Abstract:

Loading...

executive compensation, optimal contracting, learning, uncertainty, risk-incentive trade-off

Uncertainty, Risk, and Incentives: Theory and Evidence

Number of pages: 38 Posted: 17 Mar 2012 Last Revised: 24 Feb 2013
Zhiguo He, Si Li, Bin Wei and Jianfeng Yu
University of Chicago - Finance, Wilfrid Laurier University - School of Business & Economics, Federal Reserve Bank of Atlanta and Tsinghua University - PBC School of Finance
Downloads 118 (330,050)

Abstract:

Loading...

executive compensation, optimal contracting, learning, uncertainty, risk-incentive trade-off

Uncertainty, Risk, and Incentives: Theory and Evidence

FEDS Working Paper No. 2013-18
Number of pages: 39 Posted: 09 Apr 2013
Zhiguo He, Si Li, Bin Wei and Jianfeng Yu
University of Chicago - Finance, Wilfrid Laurier University - School of Business & Economics, Federal Reserve Bank of Atlanta and Tsinghua University - PBC School of Finance
Downloads 88 (401,886)
Citation 3

Abstract:

Loading...

Executive compensation, optimal contracting, learning, uncertainty, risk-incentive trade-off

10.
Downloads 503 ( 80,746)
Citation 73

Rollover Risk and Credit Risk

Journal of Finance, Forthcoming
Number of pages: 48 Posted: 17 Sep 2009 Last Revised: 09 Jun 2011
Zhiguo He and Wei Xiong
University of Chicago - Finance and Princeton University - Department of Economics
Downloads 432 (95,842)
Citation 75

Abstract:

Loading...

Short-term Debt Crisis, Endogenous Default, Flight to Quality, Liquidity Spillover, Debt Maturity Structure

Rollover Risk and Credit Risk

NBER Working Paper No. w15653
Number of pages: 50 Posted: 18 Jan 2010 Last Revised: 10 Apr 2022
Zhiguo He and Wei Xiong
University of Chicago - Finance and Princeton University - Department of Economics
Downloads 71 (455,594)
Citation 19

Abstract:

Loading...

An Economic Model of Consensus on Distributed Ledgers

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2021-137
Number of pages: 52 Posted: 24 Nov 2021
Hanna Halaburda, Zhiguo He and Jiasun Li
New York University (NYU) - Leonard N. Stern School of Business, University of Chicago - Finance and George Mason University - Department of Finance
Downloads 244 (177,298)

Abstract:

Loading...

Ambiguity aversion, Blockchain, Byzantine fault tolerance, Distributed consensus

An Economic Model of Consensus on Distributed Ledgers

Number of pages: 51 Posted: 18 Nov 2021 Last Revised: 22 Nov 2021
Hanna Halaburda, Zhiguo He and Jiasun Li
New York University (NYU) - Leonard N. Stern School of Business, University of Chicago - Finance and George Mason University - Department of Finance
Downloads 185 (229,668)

Abstract:

Loading...

Ambiguity aversion, Blockchain, Byzantine fault tolerance, Distributed consensus

An Economic Model of Consensus on Distributed Ledgers

NBER Working Paper No. w29515
Number of pages: 52 Posted: 29 Nov 2021 Last Revised: 25 Aug 2022
Hanna Halaburda, Zhiguo He and Jiasun Li
New York University (NYU) - Leonard N. Stern School of Business, University of Chicago - Finance and George Mason University - Department of Finance
Downloads 6 (879,974)
  • Add to Cart

Abstract:

Loading...

12.
Downloads 405 (104,115)
Citation 112

A Model of Capital and Crises

AFA 2011 Denver Meetings Paper
Number of pages: 49 Posted: 15 Mar 2009 Last Revised: 19 Sep 2010
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Finance and Northwestern University - Kellogg School of Management
Downloads 311 (138,483)
Citation 119

Abstract:

Loading...

Liquidity, Hedge Funds, Delegation, Financial Institutions

A Model of Capital and Crises

NBER Working Paper No. w14366
Number of pages: 52 Posted: 02 Oct 2008 Last Revised: 20 Aug 2021
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Finance and Northwestern University - Kellogg School of Management
Downloads 94 (385,362)
Citation 8

Abstract:

Loading...

Investing in Lending Technology: IT Spending in Banking

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2021-116
Number of pages: 68 Posted: 06 Oct 2021 Last Revised: 22 Aug 2022
Zhiguo He, Sheila Jiang, Douglas Xu and Xiao Yin
University of Chicago - Finance, University of Florida - Department of Finance, Insurance and Real Estate, University of Florida - Warrington College of Business Administration and University of California, Berkeley - Haas School of Business
Downloads 291 (148,547)

Abstract:

Loading...

Information Technology, Small Business Lending, Mortgage Refinance, Communication Equipment, Software, Hard and Soft Information

Investing in Lending Technology: IT Spending in Banking

Number of pages: 68 Posted: 05 Oct 2021 Last Revised: 22 Aug 2022
Sheila Jiang, Zhiguo He, Xiao Yin and Douglas Xu
University of Florida - Department of Finance, Insurance and Real Estate, University of Chicago - Finance, University of California, Berkeley - Haas School of Business and University of Florida - Warrington College of Business Administration
Downloads 75 (441,961)

Abstract:

Loading...

Information Technology, Small Business Lending, Mortgage Refinance, Communication Equipment, Software, Hard and Soft Information

14.
Downloads 362 (118,350)
Citation 20

Optimal Long-Term Contracting with Learning

Chicago Booth Research Paper No. 12-36, Fama-Miller Working Paper
Number of pages: 58 Posted: 25 Jan 2012 Last Revised: 09 Oct 2016
Zhiguo He, Bin Wei, Jianfeng Yu and Feng Gao
University of Chicago - Finance, Federal Reserve Bank of Atlanta, Tsinghua University - PBC School of Finance and Tsinghua University
Downloads 296 (145,878)
Citation 7

Abstract:

Loading...

Executive Compensation, Moral Hazard, Bayesian Learning, Hidden Information, Belief Manipulation, Private Savings, Continuous Time, Stock Options

Optimal Long-Term Contracting with Learning

FRB Atlanta Working Paper No. 2016-10
Number of pages: 58 Posted: 10 Nov 2016 Last Revised: 30 Aug 2017
Zhiguo He, Bin Wei, Jianfeng Yu and Feng Gao
University of Chicago - Finance, Federal Reserve Bank of Atlanta, Tsinghua University - PBC School of Finance and Tsinghua University
Downloads 66 (473,745)
Citation 10

Abstract:

Loading...

executive compensation, moral hazard, Bayesian learning, hidden information, belief manipulation, private savings, continuous time, stock options

15.
Downloads 348 (123,526)
Citation 3

Margin Trading and Leverage Management

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2021-29
Number of pages: 74 Posted: 11 Mar 2021
University of International Business and Economics (UIBE), University of Notre Dame - Mendoza College of Business, University of Chicago - Finance, London School of Economics & Political Science (LSE), Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 299 (144,353)
Citation 4

Abstract:

Loading...

margin trading, leverage management, liquidation policy, contagion

Margin Trading and Leverage Management

Number of pages: 74 Posted: 22 Mar 2021
University of International Business and Economics (UIBE), University of Notre Dame - Mendoza College of Business, University of Chicago - Finance, London School of Economics & Political Science (LSE), Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 49 (546,451)

Abstract:

Loading...

margin trading, leverage management, liquidation policy, contagion

16.
Downloads 338 (127,547)
Citation 64

Dynamic Debt Runs

AFA 2010 Atlanta Meetings Paper
Number of pages: 46 Posted: 13 Mar 2009 Last Revised: 11 Nov 2010
Zhiguo He and Wei Xiong
University of Chicago - Finance and Princeton University - Department of Economics
Downloads 297 (145,333)
Citation 67

Abstract:

Loading...

Rollover Risk, Debt Crisis, Dynamic Coordination

Dynamic Debt Runs

NBER Working Paper No. w15482
Number of pages: 54 Posted: 09 Nov 2009 Last Revised: 22 Apr 2022
Zhiguo He and Wei Xiong
University of Chicago - Finance and Princeton University - Department of Economics
Downloads 41 (588,098)

Abstract:

Loading...

17.
Downloads 311 (139,238)
Citation 25
Downloads 261 (165,979)
Citation 24

Abstract:

Loading...

Balance Sheet Adjustments in the 2008 Crisis

NBER Working Paper No. w15919
Number of pages: 46 Posted: 27 Apr 2010 Last Revised: 03 Jul 2022
Downloads 50 (541,718)

Abstract:

Loading...

Optimal Executive Compensation when Firm Size Follows Geometric Brownian Motion

Number of pages: 35 Posted: 08 Apr 2005
Zhiguo He
University of Chicago - Finance
Downloads 297 (145,333)
Citation 23

Abstract:

Loading...

Executive Compensation, Continuous-time Contracting, Performance-Based Stock Grants

Optimal Executive Compensation When Firm Size Follows Geometric Brownian Motion

The Review of Financial Studies, Vol. 22, Issue 2, pp. 859-892, 2009
Posted: 25 Jan 2009
Zhiguo He
University of Chicago - Finance

Abstract:

Loading...

G32, D82, E2

19.
Downloads 280 (155,174)
Citation 261

Intermediary Asset Pricing

American Economic Review, Forthcoming
Number of pages: 53 Posted: 12 May 2012
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Finance and Northwestern University - Kellogg School of Management
Downloads 181 (234,135)
Citation 75

Abstract:

Loading...

Liquidity, LTCM Crisis, Subprime Crisis, Delegated Portfolio Management, Financial Institutions, Asset Pricing, Collateral, Credit

Intermediary Asset Pricing

NBER Working Paper No. w14517
Number of pages: 55 Posted: 08 Dec 2008 Last Revised: 02 Sep 2022
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Finance and Northwestern University - Kellogg School of Management
Downloads 99 (372,886)
Citation 38

Abstract:

Loading...

Treasury Inconvenience Yields During the Covid-19 Crisis

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-79
Number of pages: 62 Posted: 23 Jun 2020
Zhiguo He, Stefan Nagel and Zhaogang Song
University of Chicago - Finance, University of Chicago - Booth School of Business and Johns Hopkins University - Carey Business School
Downloads 214 (201,244)

Abstract:

Loading...

D8, G2

Treasury Inconvenience Yields During the Covid-19 Crisis

NBER Working Paper No. w27416
Number of pages: 59 Posted: 22 Jun 2020 Last Revised: 30 May 2022
Zhiguo He, Stefan Nagel and Zhaogang Song
University of Chicago - Finance, University of Chicago - Booth School of Business and Johns Hopkins University - Carey Business School
Downloads 64 (481,389)
Citation 2

Abstract:

Loading...

Debt and Creative Destruction: Why Could Subsidizing Corporate Debt Be Optimal?

Fama-Miller Working Paper, AFA 2013 San Diego Meetings Paper, Chicago Booth Research Paper No. 12-34
Number of pages: 45 Posted: 17 Mar 2012 Last Revised: 13 Feb 2014
Zhiguo He and Gregor Matvos
University of Chicago - Finance and University of Texas at Austin - Department of Finance
Downloads 245 (176,584)
Citation 5

Abstract:

Loading...

Debt and Creative Destruction: Why Could Subsidizing Corporate Debt Be Optimal?

NBER Working Paper No. w17920
Number of pages: 49 Posted: 17 Mar 2012 Last Revised: 20 Jun 2021
Zhiguo He and Gregor Matvos
University of Chicago - Finance and University of Texas at Austin - Department of Finance
Downloads 15 (782,711)

Abstract:

Loading...

22.
Downloads 257 (169,220)
Citation 11

Inefficient Investment Waves

Fama-Miller Working Paper, Chicago Booth Research Paper No. 12-33
Number of pages: 46 Posted: 15 Mar 2012 Last Revised: 17 Apr 2015
Zhiguo He, Peter Kondor and Peter Kondor
University of Chicago - Finance and London School of Economics & Political Science (LSE)Central European University (CEU)
Downloads 240 (180,260)

Abstract:

Loading...

Pecuniary externality, overinvestment and underinvestment, market intervention

Inefficient Investment Waves

NBER Working Paper No. w18217
Number of pages: 74 Posted: 15 Jul 2012 Last Revised: 11 Apr 2022
Zhiguo He, Peter Kondor and Peter Kondor
University of Chicago - Finance and London School of Economics & Political Science (LSE)Central European University (CEU)
Downloads 17 (763,593)
Citation 13

Abstract:

Loading...

The Sale of Multiple Assets With Private Information

AFA 2006 Boston Meetings, Review of Financial Studies, Forthcoming
Number of pages: 37 Posted: 25 Mar 2005 Last Revised: 15 Jul 2008
Zhiguo He
University of Chicago - Finance
Downloads 245 (176,584)
Citation 3

Abstract:

Loading...

Cross-signalling, Multi-dimensional Pricing System, Risk Management, Bank Loan Sales.

The Sale of Multiple Assets with Private Information

The Review of Financial Studies, Vol. 22, Issue 11, pp. 4787-4820, 2009
Posted: 08 Dec 2009
Zhiguo He
University of Chicago - Finance

Abstract:

Loading...

24.

Dynamic Agency and the Q Theory of Investment

Journal of Finance, Forthcoming
Number of pages: 70 Posted: 30 Apr 2012
Stanford Graduate School of Business, Kellogg School of Management - Department of Finance, University of Chicago - Finance and Columbia University - Columbia Business School, Finance
Downloads 229 (189,007)
Citation 26

Abstract:

Loading...

Open Banking: Credit Market Competition When Borrowers Own the Data

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-168
Number of pages: 59 Posted: 23 Nov 2020 Last Revised: 26 Jan 2021
Zhiguo He, Jing Huang and Jidong Zhou
University of Chicago - Finance, University of Chicago and Yale School of Management
Downloads 128 (310,876)

Abstract:

Loading...

Open banking, Data sharing, Banking competition, Digital economy, Winner’s curse, Privacy, Precision marketing

Open Banking: Credit Market Competition When Borrowers Own the Data

Number of pages: 58 Posted: 23 Jan 2021
Zhiguo He, Jing Huang and Jidong Zhou
University of Chicago - Finance, University of Chicago Booth School of Business and Yale School of Management
Downloads 90 (396,201)

Abstract:

Loading...

Open Banking, Data Sharing, Banking Competition, Digital Economy, Winner’s Curse, Privacy, Precision Marketing

Open Banking: Credit Market Competition When Borrowers Own the Data

NBER Working Paper No. w28118
Number of pages: 59 Posted: 23 Nov 2020 Last Revised: 20 Jun 2022
Zhiguo He, Jing Huang and Jidong Zhou
University of Chicago - Finance, University of Chicago and Yale School of Management
Downloads 10 (834,458)

Abstract:

Loading...

26.
Downloads 204 (210,682)
Citation 58

Endogenous Liquidity and Defaultable Bonds

Chicago Booth Research Paper No. 12-32, Fama-Miller Working Paper
Number of pages: 62 Posted: 21 Aug 2012 Last Revised: 22 Mar 2018
Zhiguo He and Konstantin Milbradt
Downloads 196 (218,276)
Citation 2

Abstract:

Loading...

Positive Feedback, Fundamental and Liquidity, Over-The-Counter Market, Secondary Bond Market, Structural Models for Credit Risk, Transaction Cost for Corporate Bonds, Bid-Ask Spread

Endogenous Liquidity and Defaultable Bonds

NBER Working Paper No. w18408
Number of pages: 60 Posted: 22 Sep 2012 Last Revised: 20 Apr 2022
Zhiguo He and Konstantin Milbradt
Downloads 8 (856,716)
Citation 24

Abstract:

Loading...

China's Financial System and Economy: A Review

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 105, 2022
Number of pages: 49 Posted: 04 Aug 2022 Last Revised: 30 Aug 2022
Zhiguo He and Wei Wei
University of Chicago - Finance and Becker Friedman Institute
Downloads 115 (338,349)

Abstract:

Loading...

Economic reform, Development, Financial markets, Implicit guarantee, Fintech

China's Financial System and Economy: A Review

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 105, 2022
Number of pages: 49 Posted: 11 Aug 2022 Last Revised: 06 Sep 2022
Zhiguo He and Wei Wei
University of Chicago - Finance and Becker Friedman Institute
Downloads 78 (432,182)

Abstract:

Loading...

China's Financial System and Economy: A Review

NBER Working Paper No. w30324
Number of pages: 49 Posted: 08 Aug 2022 Last Revised: 13 Aug 2022
Zhiguo He and Wei Wei
University of Chicago - Finance and Becker Friedman Institute
Downloads 5 (892,035)
  • Add to Cart

Abstract:

Loading...

28.

Guiding Blind Funds to Banks in Need: The Role of Nontransaction Deposits During Liquidity Crises

Number of pages: 44 Posted: 13 Mar 2006
Zhiguo He
University of Chicago - Finance
Downloads 195 (219,372)

Abstract:

Loading...

Nontransaction Deposits, Liquidity Crisis, Funding Imbalance, Liability Management, Loan Commitments

Delegated Asset Management, Investment Mandates, and Capital Immobility

Journal of Financial Economics (JFE), Forthcoming, Economic Theory Center Working Paper No. 39-2012
Number of pages: 45 Posted: 15 Mar 2009 Last Revised: 31 May 2012
Zhiguo He and Wei Xiong
University of Chicago - Finance and Princeton University - Department of Economics
Downloads 157 (264,454)
Citation 9

Abstract:

Loading...

Institutional Frictions, Negatively Skewed Risk, Tracking Error Constraints, Market Segmentation

Delegated Asset Management, Investment Mandates, and Capital Immobility

NBER Working Paper No. w14574
Number of pages: 45 Posted: 29 Dec 2008 Last Revised: 29 Apr 2022
Zhiguo He and Wei Xiong
University of Chicago - Finance and Princeton University - Department of Economics
Downloads 36 (617,079)
Citation 5

Abstract:

Loading...

What Gets Measured Gets Managed: Investment and the Cost of Capital

Number of pages: 77 Posted: 01 Mar 2022 Last Revised: 26 Jul 2022
Zhiguo He, Guanmin Liao and Baolian Wang
University of Chicago - Finance, Renmin University of China - School of Business and University of Florida - Department of Finance, Insurance and Real Estate
Downloads 158 (263,045)

Abstract:

Loading...

CEO compensation, Capital budgeting, Cost of Capital, Corporate governance, Economic reform, Transition economy

What Gets Measured Gets Managed: Investment and the Cost of Capital

NBER Working Paper No. w29775
Number of pages: 76 Posted: 21 Feb 2022 Last Revised: 11 May 2022
Zhiguo He, Guanmin Liao and Baolian Wang
University of Chicago - Finance, Renmin University of China - School of Business and University of Florida - Department of Finance, Insurance and Real Estate
Downloads 4 (904,978)
  • Add to Cart

Abstract:

Loading...

31.
Downloads 141 (287,483)
Citation 23

Information Acquisition in Rumor-Based Bank Runs

Journal of Finance, Forthcoming
Number of pages: 55 Posted: 02 Sep 2011 Last Revised: 21 Jan 2014
Zhiguo He and Asaf Manela
University of Chicago - Finance and Washington University in St. Louis - John M. Olin Business School
Downloads 137 (295,106)
Citation 1

Abstract:

Loading...

Bank runs, learning, information acquisition, belief heterogeneity, asynchronous awareness, temporal coordination, stress tests

Information Acquisition in Rumor Based Bank Runs

NBER Working Paper No. w18513
Number of pages: 55 Posted: 03 Nov 2012 Last Revised: 03 Aug 2022
Zhiguo He and Asaf Manela
University of Chicago - Finance and Washington University in St. Louis - John M. Olin Business School
Downloads 4 (904,978)
Citation 10

Abstract:

Loading...

Valuation of Long-Term Property Rights under Political Uncertainty

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-105
Number of pages: 68 Posted: 11 Aug 2020 Last Revised: 18 Aug 2020
University of Chicago - Finance, The Chinese University of Hong Kong, State of Wisconsin Investment Board and Georgia State University - J. Mack Robinson College of Business
Downloads 132 (303,755)
Citation 2

Abstract:

Loading...

Political uncertainty, Housing, Land lease, Asset pricing, Reneging risk

Valuation of Long-Term Property Rights Under Political Uncertainty

NBER Working Paper No. w27665
Number of pages: 75 Posted: 10 Aug 2020 Last Revised: 05 Aug 2022
University of Chicago - Finance, The Chinese University of Hong Kong, State of Wisconsin Investment Board and Georgia State University - J. Mack Robinson College of Business
Downloads 8 (856,716)

Abstract:

Loading...

Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2022-06, 2022
Number of pages: 62 Posted: 13 Jan 2022
Zhiguo He, Bibo Liu and Feifei Zhu
University of Chicago - Finance, Tsinghua University - PBC School of Finance and Central University of Finance and Economics
Downloads 132 (303,755)

Abstract:

Loading...

Share pledging, Loans, Entrepreneurship, Listed firms, Economic growth

Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?

NBER Working Paper No. w29731
Number of pages: 61 Posted: 07 Feb 2022 Last Revised: 12 Feb 2022
Zhiguo He, Bibo Liu and Feifei Zhu
University of Chicago - Finance, Tsinghua University - PBC School of Finance and Central University of Finance and Economics
Downloads 0
  • Add to Cart

Abstract:

Loading...

34.

Industrial Land Discount in China: A Public Finance Perspective

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2022-24
Number of pages: 80 Posted: 10 Feb 2022 Last Revised: 09 Sep 2022
University of Chicago - Finance, University of Chicago - Booth School of Business, University of Chicago Booth School of Business, University of Chicago - Booth School of Business and Tsinghua University - PBC School of Finance
Downloads 130 (306,098)

Abstract:

Loading...

Land allocation, Municipal corporate bonds, Housing market, Discount rate

35.
Downloads 120 (324,556)
Citation 21

Dynamic Debt Maturity

Chicago Booth Research Paper No. 15-34, Fama-Miller Working Paper
Number of pages: 62 Posted: 14 Aug 2015
Zhiguo He and Konstantin Milbradt
Downloads 100 (370,466)
Citation 12

Abstract:

Loading...

Maturity Structure, Dynamic Structural Models, Endogenous Default, No Commitment, Debt Rollover

Dynamic Debt Maturity

NBER Working Paper No. w21919
Number of pages: 68 Posted: 25 Jan 2016 Last Revised: 23 May 2022
Zhiguo He and Konstantin Milbradt
Downloads 20 (736,591)
Citation 5

Abstract:

Loading...

36.

Intermediary Asset Pricing: New Evidence from Many Asset Classes

NBER Working Paper No. w21920
Number of pages: 69 Posted: 25 Jan 2016 Last Revised: 25 May 2022
Zhiguo He, Bryan T. Kelly and Asaf Manela
University of Chicago - Finance, Yale SOM and Washington University in St. Louis - John M. Olin Business School
Downloads 115 (334,493)
Citation 146

Abstract:

Loading...

37.

Dynamic Compensation Contracts with Private Savings

Number of pages: 55 Posted: 03 Dec 2008 Last Revised: 24 Jan 2011
Zhiguo He
University of Chicago - Finance
Downloads 106 (353,738)
Citation 22

Abstract:

Loading...

Continuous-time Contracting, Poisson Process, Wealth Effect, Cost of High-Powered Incentives

38.

Quantifying Liquidity and Default Risks of Corporate Bonds Over the Business Cycle

NBER Working Paper No. w20638
Number of pages: 61 Posted: 03 Nov 2014 Last Revised: 23 May 2022
Massachusetts Institute of Technology, University of Chicago - Finance, University of Chicago - Finance and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 97 (374,770)
Citation 25

Abstract:

Loading...

Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2019-136
Number of pages: 82 Posted: 26 Nov 2019
University of Chicago - Finance, Imperial College Business School and Johns Hopkins University - Carey Business School
Downloads 71 (455,594)
Citation 1

Abstract:

Loading...

Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress

NBER Working Paper No. w26494
Number of pages: 81 Posted: 27 Nov 2019 Last Revised: 23 May 2022
University of Chicago - Finance, Imperial College Business School and Johns Hopkins University - Carey Business School
Downloads 12 (813,285)

Abstract:

Loading...

40.

Leverage Dynamics Without Commitment

NBER Working Paper No. w22799
Number of pages: 57 Posted: 14 Nov 2016 Last Revised: 18 Apr 2022
Peter M. DeMarzo and Zhiguo He
Stanford Graduate School of Business and University of Chicago - Finance
Downloads 83 (412,342)
Citation 10

Abstract:

Loading...

41.

Chinese Bond Market and Interbank Market

NBER Working Paper No. w25549
Number of pages: 67 Posted: 19 Feb 2019 Last Revised: 24 Apr 2022
Harvard Kennedy SchoolThe Chinese University of Hong Kong, Shenzhen and University of Chicago - Finance
Downloads 82 (415,298)
Citation 2

Abstract:

Loading...

42.

A Model of Safe Asset Determination

NBER Working Paper No. w22271
Number of pages: 71 Posted: 24 May 2016 Last Revised: 09 May 2022
University of Chicago - Finance, Stanford Graduate School of Business and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 75 (436,933)
Citation 20

Abstract:

Loading...

43.
Downloads 67 (463,941)

Intermediation via Credit Chains

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2021-133, November 10, 2021
Number of pages: 60 Posted: 16 Nov 2021 Last Revised: 29 Dec 2021
Zhiguo He and Jian Li
University of Chicago - Finance and Columbia University
Downloads 59 (501,590)

Abstract:

Loading...

Financial intermediation, Debt runs, Shadow banking, Dynamic model, Money

Intermediation Via Credit Chains

NBER Working Paper No. w29632
Number of pages: 61 Posted: 11 Jan 2022 Last Revised: 15 Jan 2022
Zhiguo He and Jian Li
University of Chicago - Finance and Columbia University
Downloads 8 (856,716)
  • Add to Cart

Abstract:

Loading...

44.
Downloads 63 (478,688)
Citation 45

Intermediary Asset Pricing and the Financial Crisis

NBER Working Paper No. w24415
Number of pages: 39 Posted: 20 Mar 2018 Last Revised: 18 Sep 2022
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Finance and Stanford Graduate School of Business
Downloads 63 (485,429)
Citation 45

Abstract:

Loading...

Intermediary Asset Pricing and the Financial Crisis

Annual Review of Financial Economics, Vol. 10, pp. 173-197, 2018
Posted: 08 Nov 2018
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Finance and National Bureau of Economic Research (NBER)

Abstract:

Loading...

45.

Debt Financing in Asset Markets

NBER Working Paper No. w17935
Number of pages: 47 Posted: 31 Mar 2012 Last Revised: 04 Jul 2022
Zhiguo He and Wei Xiong
University of Chicago - Finance and Princeton University - Department of Economics
Downloads 43 (565,528)
Citation 2

Abstract:

Loading...

46.

What Makes Us Government Bonds Safe Assets?

NBER Working Paper No. w22017
Number of pages: 9 Posted: 01 Mar 2016 Last Revised: 29 Aug 2022
University of Chicago - Finance, Stanford Graduate School of Business and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 40 (581,041)
Citation 8

Abstract:

Loading...

47.
Downloads 34 (614,577)
Citation 2

Sovereign Debt Ratchets and Welfare Destruction

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2021-32
Number of pages: 103 Posted: 24 Mar 2021
Stanford Graduate School of Business, University of Chicago - Finance and Copenhagen Business School
Downloads 33 (635,997)
Citation 1

Abstract:

Loading...

Sovereign Debt Ratchets and Welfare Destruction

NBER Working Paper No. w28599
Number of pages: 102 Posted: 22 Mar 2021 Last Revised: 24 Aug 2022
Stanford Graduate School of Business, University of Chicago - Finance and Copenhagen Business School
Downloads 1 (951,259)
  • Add to Cart

Abstract:

Loading...

48.
Downloads 18 (729,776)

Agency MBS as Safe Assets

Number of pages: 56 Posted: 06 Sep 2022
Zhiguo He and Zhaogang Song
University of Chicago - Finance and Johns Hopkins University - Carey Business School
Downloads 15 (782,711)

Abstract:

Loading...

Convenience yield, Liquidity, Seasoned and Newly Issued MBS, Prepayment, Monetary Policy

Agency MBS as Safe Assets

NBER Working Paper No. w29899
Number of pages: 57 Posted: 04 Apr 2022 Last Revised: 25 Jul 2022
Zhiguo He and Zhaogang Song
University of Chicago - Finance and Johns Hopkins University - Carey Business School
Downloads 3 (918,985)
  • Add to Cart

Abstract:

Loading...

49.

Investing in Bank Lending Technology: It Spending in Banking

NBER Working Paper No. w30403
Number of pages: 69 Posted: 29 Aug 2022 Last Revised: 03 Sep 2022
Zhiguo He, Sheila Jiang, Douglas Xu and Xiao Yin
University of Chicago - Finance, University of Florida - Department of Finance, Insurance and Real Estate, University of Florida - Warrington College of Business Administration and University of California, Berkeley - Haas School of Business
Downloads 3 (881,964)
  • Add to Cart

Abstract:

Loading...