Zhiguo He

University of Chicago - Booth School of Business, and NBER

Professor

5807 S. Woodlawn Avenue

Chicago, IL 60637

United States

http://faculty.chicagobooth.edu/zhiguo.he/pubs.html

SCHOLARLY PAPERS

30

DOWNLOADS
Rank 4,096

SSRN RANKINGS

Top 4,096

in Total Papers Downloads

8,136

CITATIONS
Rank 1,441

SSRN RANKINGS

Top 1,441

in Total Papers Citations

387

Scholarly Papers (30)

1.
Downloads 1,157 ( 13,903)
Citation 7

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 - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management
Downloads 1,140 (13,946)
Citation 7

Abstract:

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

A Macroeconomic Framework for Quantifying Systemic Risk

NBER Working Paper No. w19885
Number of pages: 51 Posted: 11 Feb 2014
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management
Downloads 17 (481,814)
Citation 7

Abstract:

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 - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management

Abstract:

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

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 - Booth School of Business, and NBER
Downloads 1,105 (14,615)
Citation 16

Abstract:

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
Douglas W. Diamond and Zhiguo He
University of Chicago - Booth School of Business and University of Chicago - Booth School of Business, and NBER
Downloads 29 (415,129)
Citation 16

Abstract:

3.

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 - Booth School of Business, and NBER
Downloads 752 (25,054)
Citation 49

Abstract:

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

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 - Booth School of Business, and NBER, Wilfrid Laurier University - School of Business & Economics, Federal Reserve Bank of Atlanta and Tsinghua University - PBC School of Finance
Downloads 314 (78,896)
Citation 2

Abstract:

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 - Booth School of Business, and NBER, Wilfrid Laurier University - School of Business & Economics, Federal Reserve Bank of Atlanta and Tsinghua University - PBC School of Finance
Downloads 100 (225,737)
Citation 2

Abstract:

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 - Booth School of Business, and NBER, Wilfrid Laurier University - School of Business & Economics, Federal Reserve Board - Capital Markets Section and Tsinghua University - PBC School of Finance
Downloads 66 (292,256)
Citation 2

Abstract:

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

5.
Downloads 411 ( 58,019)
Citation 36

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 - Booth School of Business, and NBER and Princeton University - Department of Economics
Downloads 360 (67,307)
Citation 36

Abstract:

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
Zhiguo He and Wei Xiong
University of Chicago - Booth School of Business, and NBER and Princeton University - Department of Economics
Downloads 51 (333,118)
Citation 36

Abstract:

6.
Downloads 333 ( 74,380)
Citation 49

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 - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management
Downloads 269 (93,893)
Citation 49

Abstract:

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
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management
Downloads 64 (297,106)
Citation 49

Abstract:

7.
Downloads 297 ( 84,562)
Citation 26

Balance Sheet Adjustments in the 2008 Crisis

Number of pages: 46 Posted: 05 Mar 2010 Last Revised: 10 Apr 2010
Downloads 252 (100,615)
Citation 26

Abstract:

Balance Sheet Adjustments in the 2008 Crisis

NBER Working Paper No. w15919
Number of pages: 46 Posted: 27 Apr 2010
Downloads 45 (352,154)
Citation 26

Abstract:

8.
Downloads 292 ( 86,201)
Citation 30

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 - Booth School of Business, and NBER and Princeton University - Department of Economics
Downloads 262 (96,532)
Citation 30

Abstract:

Rollover Risk, Debt Crisis, Dynamic Coordination

Dynamic Debt Runs

NBER Working Paper No. w15482
Number of pages: 54 Posted: 09 Nov 2009
Zhiguo He and Wei Xiong
University of Chicago - Booth School of Business, and NBER and Princeton University - Department of Economics
Downloads 30 (410,350)
Citation 30

Abstract:

9.
Downloads 285 ( 88,633)
Citation 1

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 - Booth School of Business, and NBER, Federal Reserve Bank of Atlanta, Tsinghua University - PBC School of Finance and Tsinghua University
Downloads 241 (105,388)
Citation 1

Abstract:

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 - Booth School of Business, and NBER, Federal Reserve Bank of Atlanta, Tsinghua University - PBC School of Finance and Tsinghua University
Downloads 44 (355,524)
Citation 1

Abstract:

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

Optimal Executive Compensation when Firm Size Follows Geometric Brownian Motion

Number of pages: 35 Posted: 08 Apr 2005
Zhiguo He
University of Chicago - Booth School of Business, and NBER
Downloads 242 (104,941)
Citation 19

Abstract:

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 - Booth School of Business, and NBER

Abstract:

G32, D82, E2

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

Fama-Miller Working Paper, Chicago Booth Research Paper No. 12-34, AFA 2013 San Diego Meetings Paper
Number of pages: 45 Posted: 17 Mar 2012 Last Revised: 13 Feb 2014
Zhiguo He and Gregor Matvos
University of Chicago - Booth School of Business, and NBER and University of Chicago - Booth School of Business
Downloads 220 (115,564)
Citation 1

Abstract:

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

NBER Working Paper No. w17920
Number of pages: 49 Posted: 17 Mar 2012
Zhiguo He and Gregor Matvos
University of Chicago - Booth School of Business, and NBER and University of Chicago - Booth School of Business
Downloads 9 (527,652)
Citation 1

Abstract:

12.
Downloads 225 (113,530)

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 and Peter Kondor
University of Chicago - Booth School of Business, and NBER and London School of Economics & Political Science (LSE)
Downloads 216 (117,802)

Abstract:

Pecuniary externality, overinvestment and underinvestment, market intervention

Inefficient Investment Waves

NBER Working Paper No. w18217
Number of pages: 74 Posted: 15 Jul 2012
Zhiguo He and Peter Kondor
University of Chicago - Booth School of Business, and NBER and London School of Economics & Political Science (LSE)
Downloads 9 (527,652)

Abstract:

13.
Downloads 225 (113,530)
Citation 1

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 - Booth School of Business, and NBER
Downloads 225 (113,070)
Citation 1

Abstract:

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 - Booth School of Business, and NBER

Abstract:

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

Number of pages: 60 Posted: 22 Feb 2017 Last Revised: 04 Sep 2017
Zhuo Chen, Zhiguo He and Chun Liu
Tsinghua University - PBC School of Finance, University of Chicago - Booth School of Business, and NBER and Tsinghua University - School of Economics and Management
Downloads 209 (121,726)

Abstract:

Local Government Financing Vehicles, Municipal Corporate Bonds, Shadow Banking in China

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

NBER Working Paper No. w23598
Number of pages: 57 Posted: 25 Jul 2017
Zhuo Chen, Zhiguo He and Chun Liu
Tsinghua University - PBC School of Finance, University of Chicago - Booth School of Business, and NBER and Tsinghua University - School of Economics and Management
Downloads 8 (533,171)
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Abstract:

15.
Downloads 169 (148,534)
Citation 54

Intermediary Asset Pricing

American Economic Review, Forthcoming
Number of pages: 53 Posted: 12 May 2012
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management
Downloads 98 (228,928)
Citation 52

Abstract:

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: 04 Sep 2010
Zhiguo He and Arvind Krishnamurthy
University of Chicago - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management
Downloads 71 (280,415)
Citation 54

Abstract:

16.

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 - Booth School of Business, and NBER and Columbia Business School - Finance and Economics
Downloads 167 (138,302)
Citation 39

Abstract:

17.
Downloads 165 (151,653)
Citation 9

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: 10 Apr 2013
Zhiguo He and Konstantin Milbradt
University of Chicago - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 162 (154,170)
Citation 9

Abstract:

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
Zhiguo He and Konstantin Milbradt
University of Chicago - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 3 (559,539)
Citation 9

Abstract:

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 - Booth School of Business, and NBER and Princeton University - Department of Economics
Downloads 134 (180,931)
Citation 5

Abstract:

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
Zhiguo He and Wei Xiong
University of Chicago - Booth School of Business, and NBER and Princeton University - Department of Economics
Downloads 24 (441,263)
Citation 7

Abstract:

19.

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 - Booth School of Business, and NBER
Downloads 158 (145,389)

Abstract:

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

20.
Downloads 109 (211,132)
Citation 1

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 - Booth School of Business, and NBER and Washington University in St. Louis - John M. Olin Business School
Downloads 106 (216,537)
Citation 1

Abstract:

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
Zhiguo He and Asaf Manela
University of Chicago - Booth School of Business, and NBER and Washington University in St. Louis - John M. Olin Business School
Downloads 3 (559,539)
Citation 1

Abstract:

21.

Dynamic Compensation Contracts with Private Savings

Number of pages: 55 Posted: 03 Dec 2008 Last Revised: 24 Jan 2011
Zhiguo He
University of Chicago - Booth School of Business, and NBER
Downloads 83 (247,612)
Citation 13

Abstract:

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

22.
Downloads 80 (258,954)

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
University of Chicago - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 71 (280,415)

Abstract:

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
Zhiguo He and Konstantin Milbradt
University of Chicago - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 9 (527,652)
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Abstract:

23.

Balance Sheet Adjustments During the 2008 Crisis

IMF Economic Review, Vol. 58, Issue 1, pp. 118-156, 2010
Number of pages: 39 Posted: 18 Oct 2010
Downloads 31 (395,977)
Citation 24
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Abstract:

24.

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
Massachusetts Institute of Technology, University of Chicago - Finance, University of Chicago - Booth School of Business, and NBER and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 16 (469,711)
Citation 1
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Abstract:

25.

Debt Financing in Asset Markets

NBER Working Paper No. w17935
Number of pages: 47 Posted: 31 Mar 2012
Zhiguo He and Wei Xiong
University of Chicago - Booth School of Business, and NBER and Princeton University - Department of Economics
Downloads 16 (454,199)
Citation 1

Abstract:

26.

Intermediary Asset Pricing: New Evidence from Many Asset Classes

NBER Working Paper No. w21920
Number of pages: 69 Posted: 25 Jan 2016
Zhiguo He, Bryan T. Kelly and Asaf Manela
University of Chicago - Booth School of Business, and NBER, University of Chicago - Finance and Washington University in St. Louis - John M. Olin Business School
Downloads 12 (490,616)
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Abstract:

27.

Blockchain Disruption and Smart Contracts

Number of pages: 43 Posted: 14 Jun 2017 Last Revised: 18 Aug 2017
Lin William Cong and Zhiguo He
University of Chicago - Finance and University of Chicago - Booth School of Business, and NBER
Downloads 0 (36,111)

Abstract:

Competition, Distributed Ledger, FinTech, Anti-trust, Incomplete Contracts, Collusion, Information, Security Design, Enforcement

28.

Leverage Dynamics Without Commitment

NBER Working Paper No. w22799
Number of pages: 57 Posted: 14 Nov 2016
Peter M. DeMarzo and Zhiguo He
Stanford Graduate School of Business and University of Chicago - Booth School of Business, and NBER
Downloads 0 (505,605)
Citation 1
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Abstract:

29.

A Model of Safe Asset Determination

NBER Working Paper No. w22271
Number of pages: 71 Posted: 24 May 2016
University of Chicago - Booth School of Business, and NBER, Stanford Graduate School of Business and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 0 (528,778)
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Abstract:

30.

What Makes Us Government Bonds Safe Assets?

NBER Working Paper No. w22017
Number of pages: 9 Posted: 01 Mar 2016 Last Revised: 11 Mar 2016
University of Chicago - Booth School of Business, and NBER, Stanford Graduate School of Business and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 0 (495,728)
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Abstract: