Zhiguo He

Stanford University - Knight Management Center

655 Knight Way

Stanford, CA 94305-7298

United States

SCHOLARLY PAPERS

54

DOWNLOADS
Rank 1,816

SSRN RANKINGS

Top 1,816

in Total Papers Downloads

33,070

TOTAL CITATIONS
Rank 185

SSRN RANKINGS

Top 185

in Total Papers Citations

2,185

Scholarly Papers (54)

1.
Downloads 9,486 ( 1,270)
Citation 199

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 Stanford University - Knight Management Center
Downloads 9,080 (1,350)
Citation 101

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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: 03 Mar 2023
Lin William Cong and Zhiguo He
Cornell University - Samuel Curtis Johnson Graduate School of Management and Stanford University - Knight Management Center
Downloads 406 (146,854)
Citation 98

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2.
Downloads 2,311 (13,259)
Citation 127

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, Stanford University - Knight Management Center and George Mason University - Department of Finance
Downloads 2,085 (15,333)
Citation 17

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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: 05 Jun 2023
Lin William Cong, Zhiguo He and Jiasun Li
Cornell University - Samuel Curtis Johnson Graduate School of Management, Stanford University - Knight Management Center and George Mason University - Department of Finance
Downloads 226 (272,584)
Citation 110

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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 Stanford University - Knight Management Center
Downloads 1,348 (30,016)
Citation 41

Abstract:

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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: 13 Feb 2023
Douglas W. Diamond and Zhiguo He
University of Chicago - Booth School of Business and Stanford University - Knight Management Center
Downloads 97 (554,846)
Citation 12

Abstract:

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4.
Downloads 1,423 (28,132)
Citation 39

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
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management
Downloads 1,370 (29,309)
Citation 14

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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: 03 May 2023
Zhiguo He and Arvind Krishnamurthy
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management
Downloads 53 (775,574)
Citation 25

Abstract:

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A Macroeconomic Framework for Quantifying Systemic Risk

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

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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, Stanford University - Knight Management Center and University of TorontoTsinghua University - School of Economics and Management
Downloads 721 (71,944)
Citation 13

Abstract:

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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, Stanford University - Knight Management Center and University of TorontoTsinghua University - School of Economics and Management
Downloads 292 (210,616)
Citation 28

Abstract:

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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 2023
Zhuo Chen, Zhiguo He, Chun Liu and Chun Liu
Tsinghua University - PBC School of Finance, Stanford University - Knight Management Center and University of TorontoTsinghua University - School of Economics and Management
Downloads 77 (640,443)
Citation 48

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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: 24 Jun 2023
Massachusetts Institute of Technology, Tsinghua University - PBC School of Finance, Stanford University - Knight Management Center, University of International Business and Economics (UIBE) - School of Banking and Finance and CITIC Securities
Downloads 971 (48,194)
Citation 13

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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, Stanford University - Knight Management Center, University of International Business and Economics (UIBE) - School of Banking and Finance and CITIC Securities
Downloads 52 (782,368)
Citation 25

Abstract:

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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
Stanford University - Knight Management Center, University of Florida - Department of Finance, Insurance and Real Estate, University of Florida - Warrington College of Business Administration and University College London
Downloads 662 (80,364)
Citation 6

Abstract:

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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, Stanford University - Knight Management Center, University College London and University of Florida - Warrington College of Business Administration
Downloads 286 (215,186)

Abstract:

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

8.

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
Stanford University - Knight Management Center
Downloads 914 (53,145)
Citation 16

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

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), Stanford University - Knight Management Center, Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 665 (79,892)
Citation 2

Abstract:

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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), Stanford University - Knight Management Center, Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 131 (441,781)
Citation 1

Abstract:

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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 2023
Jiangze Bian, Zhiguo He, Kelly Shue and Hao Zhou
University of International Business and Economics (UIBE), Stanford University - Knight Management Center, Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 109 (510,049)
Citation 2

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Downloads 797 (64,155)
Citation 6

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, Stanford University - Knight Management Center, HKUST Business School, Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 704 (74,233)
Citation 6

Abstract:

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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, Stanford University - Knight Management Center, HKUST Business School, Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 93 (570,254)

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margin trading, leverage management, liquidation policy, contagion

11.
Downloads 692 (76,994)
Citation 11

China's Financial System and Economy: A Review

Annual Review of Economics, Vol. 15, pp. 451-483, 2023
Posted: 20 Sep 2023
Zhiguo He and Wei Wei
Stanford University - Knight Management Center and Becker Friedman Institute

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China's Financial System and Economy: A Review

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 105, 2022
Number of pages: 52 Posted: 04 Aug 2022 Last Revised: 28 Mar 2023
Zhiguo He and Wei Wei
Stanford University - Knight Management Center and Becker Friedman Institute
Downloads 513 (110,934)

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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
Stanford University - Knight Management Center and Becker Friedman Institute
Downloads 161 (372,553)
Citation 10

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China's Financial System and Economy: A Review

NBER Working Paper No. w30324
Number of pages: 49 Posted: 08 Aug 2022 Last Revised: 29 May 2023
Zhiguo He and Wei Wei
Stanford University - Knight Management Center and Becker Friedman Institute
Downloads 18 (1,104,643)
Citation 1

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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
Stanford University - Knight Management Center, Wilfrid Laurier University - School of Business & Economics, Federal Reserve Bank of Atlanta and Tsinghua University - PBC School of Finance
Downloads 384 (156,230)

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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
Stanford University - Knight Management Center, Wilfrid Laurier University - School of Business & Economics, Federal Reserve Bank of Atlanta and Tsinghua University - PBC School of Finance
Downloads 150 (395,869)

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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
Stanford University - Knight Management Center, Wilfrid Laurier University - School of Business & Economics, Federal Reserve Bank of Atlanta and Tsinghua University - PBC School of Finance
Downloads 122 (467,547)
Citation 5

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

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, Stanford University - Knight Management Center and George Mason University - Department of Finance
Downloads 330 (184,739)

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Ambiguity aversion, Blockchain, Byzantine fault tolerance, Distributed consensus

An Economic Model of Consensus on Distributed Ledgers

Number of pages: 54 Posted: 18 Nov 2021 Last Revised: 10 Dec 2024
Hanna Halaburda, Zhiguo He and Jiasun Li
New York University (NYU) - Leonard N. Stern School of Business, Stanford University - Knight Management Center and George Mason University - Department of Finance
Downloads 293 (209,894)

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Ambiguity aversion, Blockchain, Byzantine fault tolerance, Distributed consensus, Game theory, Higher-order beliefs

An Economic Model of Consensus on Distributed Ledgers

NBER Working Paper No. w29515
Number of pages: 52 Posted: 29 Nov 2021 Last Revised: 16 Apr 2023
Hanna Halaburda, Zhiguo He and Jiasun Li
New York University (NYU) - Leonard N. Stern School of Business, Stanford University - Knight Management Center and George Mason University - Department of Finance
Downloads 18 (1,104,643)
Citation 2

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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
Stanford University - Knight Management Center, Texas A&M University and Yale School of Management
Downloads 342 (177,768)
Citation 1

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

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
Stanford University - Knight Management Center, University of Chicago and Yale School of Management
Downloads 215 (286,067)

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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: 30 Jan 2023
Zhiguo He, Jing Huang and Jidong Zhou
Stanford University - Knight Management Center, University of Chicago and Yale School of Management
Downloads 52 (782,368)
Citation 15

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15.
Downloads 574 (97,706)
Citation 184

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
Stanford University - Knight Management Center and Princeton University - Department of Economics
Downloads 474 (122,055)
Citation 75

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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
Stanford University - Knight Management Center and Princeton University - Department of Economics
Downloads 100 (543,415)
Citation 109

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16.
Downloads 479 (121,936)
Citation 185

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
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management
Downloads 353 (171,730)
Citation 141

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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: 03 Oct 2022
Zhiguo He and Arvind Krishnamurthy
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management
Downloads 126 (455,699)
Citation 44

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17.
Downloads 446 (132,784)
Citation 31

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
Stanford University - Knight Management Center, Federal Reserve Bank of Atlanta, Tsinghua University - PBC School of Finance and Tsinghua University
Downloads 339 (179,525)
Citation 7

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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
Stanford University - Knight Management Center, Federal Reserve Bank of Atlanta, Tsinghua University - PBC School of Finance and Tsinghua University
Downloads 107 (517,057)
Citation 24

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

Valuing Long-Term Property Rights with Anticipated Political Regime Shifts

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-105
Number of pages: 54 Posted: 11 Aug 2020 Last Revised: 07 Dec 2023
Stanford University - Knight Management Center, Zicklin School of Business, Baruch College - The City University of New York, State of Wisconsin Investment Board and Georgia State University - J. Mack Robinson College of Business
Downloads 376 (160,060)
Citation 1

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

Valuing Long-Term Property Rights with Anticipated Political Regime Shifts

NBER Working Paper No. w27665
Number of pages: 70 Posted: 10 Aug 2020 Last Revised: 03 Feb 2023
Stanford University - Knight Management Center, Zicklin School of Business, Baruch College - The City University of New York, State of Wisconsin Investment Board and Georgia State University - J. Mack Robinson College of Business
Downloads 45 (833,407)
Citation 1

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19.

Homemade Foreign Trading

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2022-170
Number of pages: 62 Posted: 05 Jan 2023 Last Revised: 01 Feb 2023
Zhiguo He, Yuehan Wang and Xiaoquan Zhu
Stanford University - Knight Management Center, Central University of Finance and Economics (CUFE) - School of Finance and University of International Business and Economics - School of Banking and Finance
Downloads 418 (143,280)

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Cross-border Flows, Insider Trading, Northbound-Southbound, See-through Surveillance, Regulatory Arbitrage

20.
Downloads 410 (146,538)
Citation 24

Balance Sheet Adjustments in the 2008 Crisis

Number of pages: 46 Posted: 05 Mar 2010 Last Revised: 10 Apr 2010
Downloads 301 (204,015)
Citation 24

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Balance Sheet Adjustments in the 2008 Crisis

NBER Working Paper No. w15919
Number of pages: 46 Posted: 27 Apr 2010 Last Revised: 02 Jul 2023
Downloads 109 (510,049)

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21.
Downloads 410 (146,538)
Citation 67

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
Stanford University - Knight Management Center and Princeton University - Department of Economics
Downloads 339 (179,525)
Citation 67

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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 2023
Zhiguo He and Wei Xiong
Stanford University - Knight Management Center and Princeton University - Department of Economics
Downloads 71 (669,790)

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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
Stanford University - Knight Management Center, University of Chicago - Booth School of Business and Johns Hopkins University - Carey Business School
Downloads 284 (216,786)
Citation 30

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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: 31 May 2023
Zhiguo He, Stefan Nagel and Zhaogang Song
Stanford University - Knight Management Center, University of Chicago - Booth School of Business and Johns Hopkins University - Carey Business School
Downloads 94 (566,512)
Citation 2

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

Number of pages: 81 Posted: 01 Mar 2022 Last Revised: 28 Aug 2023
Zhiguo He, Guanmin Liao and Baolian Wang
Stanford University - Knight Management Center, Renmin University of China - School of Business and University of Florida - Department of Finance, Insurance and Real Estate
Downloads 347 (174,966)
Citation 2

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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 2023
Zhiguo He, Guanmin Liao and Baolian Wang
Stanford University - Knight Management Center, Renmin University of China - School of Business and University of Florida - Department of Finance, Insurance and Real Estate
Downloads 17 (1,116,903)

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Optimal Executive Compensation when Firm Size Follows Geometric Brownian Motion

Number of pages: 35 Posted: 08 Apr 2005
Zhiguo He
Stanford University - Knight Management Center
Downloads 360 (168,066)
Citation 34

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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
Stanford University - Knight Management Center

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G32, D82, E2

25.
Downloads 359 (169,966)
Citation 98

Intermediary Asset Pricing

American Economic Review, Forthcoming
Number of pages: 53 Posted: 12 May 2012
Zhiguo He and Arvind Krishnamurthy
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management
Downloads 236 (261,365)
Citation 60

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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
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management
Downloads 123 (464,491)
Citation 38

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Zoning for Profits: How Public Finance Shapes Land Supply in China

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2022-24
Number of pages: 69 Posted: 10 Feb 2022 Last Revised: 24 Feb 2024
Stanford University - Knight Management Center, University of Chicago - Booth School of Business, CUHK Business School, University of Chicago - Booth School of Business and Tsinghua University - PBC School of Finance
Downloads 295 (208,453)

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Municipal Finance, Land Zoning, Municipal Corporate Bonds, Tax Sharing, Housing Markets

Zoning for Profits: How Public Finance Shapes Land Supply in China

NBER Working Paper No. w30504
Number of pages: 73 Posted: 26 Sep 2022 Last Revised: 17 May 2023
Stanford University - Knight Management Center, University of Chicago - Booth School of Business, CUHK Business School, University of Chicago - Booth School of Business and Tsinghua University - PBC School of Finance
Downloads 31 (956,524)
Citation 2

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Downloads 318 (193,641)
Citation 35

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
Stanford University - Knight Management Center and Washington University in St. Louis - John M. Olin Business School
Downloads 232 (265,827)
Citation 1

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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: 01 Feb 2023
Zhiguo He and Asaf Manela
Stanford University - Knight Management Center and Washington University in St. Louis - John M. Olin Business School
Downloads 86 (599,585)
Citation 34

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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, Stanford University - Knight Management Center and Columbia University - Columbia Business School, Finance
Downloads 316 (194,936)
Citation 26

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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
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management
Downloads 275 (224,139)
Citation 5

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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: 19 Jun 2023
Zhiguo He and Gregor Matvos
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management
Downloads 36 (908,509)

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Downloads 306 (201,834)
Citation 21

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
Stanford University - Knight Management Center and London School of Economics & Political Science (LSE)Central European University (CEU)
Downloads 275 (224,139)

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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: 12 Apr 2023
Zhiguo He, Peter Kondor and Peter Kondor
Stanford University - Knight Management Center and London School of Economics & Political Science (LSE)Central European University (CEU)
Downloads 31 (956,524)
Citation 21

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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 2023
Zhiguo He, Bryan T. Kelly and Asaf Manela
Stanford University - Knight Management Center, Yale SOM and Washington University in St. Louis - John M. Olin Business School
Downloads 290 (213,557)
Citation 465

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32.
Downloads 284 (218,255)
Citation 8

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
Stanford University - Knight Management Center
Downloads 284 (216,786)
Citation 8

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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
Stanford University - Knight Management Center

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33.

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
Stanford University - Knight Management Center
Downloads 274 (227,174)

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

34.
Downloads 268 (231,475)
Citation 33

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
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 235 (262,471)
Citation 2

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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 2023
Zhiguo He and Konstantin Milbradt
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 33 (937,133)
Citation 31

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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
Stanford University - Knight Management Center and Princeton University - Department of Economics
Downloads 196 (312,188)
Citation 9

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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 Oct 2022
Zhiguo He and Wei Xiong
Stanford University - Knight Management Center and Princeton University - Department of Economics
Downloads 60 (730,933)
Citation 5

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

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2022-06, 2022, Proceedings of the EUROFIDAI-ESSEC Paris December Finance Meeting 2022
Number of pages: 62 Posted: 13 Jan 2022 Last Revised: 27 Oct 2022
Zhiguo He, Bibo Liu and Feifei Zhu
Stanford University - Knight Management Center, Tsinghua University - PBC School of Finance and Central University of Finance and Economics
Downloads 222 (277,403)

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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: 16 Apr 2023
Zhiguo He, Bibo Liu and Feifei Zhu
Stanford University - Knight Management Center, Tsinghua University - PBC School of Finance and Central University of Finance and Economics
Downloads 28 (986,841)

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Downloads 187 (326,719)
Citation 3

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
Stanford University - Knight Management Center and Columbia University - Columbia Business School, Finance
Downloads 97 (554,846)
Citation 2

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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: 19 Jun 2023
Zhiguo He and Jian Li
Stanford University - Knight Management Center and Columbia University - Columbia Business School, Finance
Downloads 90 (582,671)
Citation 1

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38.
Downloads 177 (343,306)

Agency MBS as Safe Assets

Number of pages: 72 Posted: 06 Sep 2022 Last Revised: 28 Aug 2024
Zhiguo He and Zhaogang Song
Stanford University - Knight Management Center and Johns Hopkins University - Carey Business School
Downloads 165 (364,826)

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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
Stanford University - Knight Management Center and Johns Hopkins University - Carey Business School
Downloads 12 (1,183,158)

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39.

Don't Trust, Verify: The Case of Slashing from an Ethereum Explorer

George Mason University School of Business Research Paper Forthcoming, Abridged version to appear in Proceedings of ACM Web Conference (WWW 2023)
Number of pages: 34 Posted: 09 Feb 2023 Last Revised: 17 Apr 2023
Zhiguo He, Jiasun Li and Zhengxun Wu
Stanford University - Knight Management Center, George Mason University - Department of Finance and Independent
Downloads 172 (352,113)

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Blockchain, Byzantine Fault Tolerance, Consensus, Ethereum, Explorer, Proof-Of-Stake

40.
Downloads 172 (352,113)
Citation 17

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
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 127 (452,874)
Citation 12

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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: 24 May 2023
Zhiguo He and Konstantin Milbradt
Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 45 (833,407)
Citation 5

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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 Stanford University - Knight Management Center
Downloads 162 (370,689)
Citation 2

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Information-based Pricing in Specialized Lending

Number of pages: 59 Posted: 21 Sep 2023 Last Revised: 12 Feb 2024
Federal Reserve Banks - Federal Reserve Bank of New York, Stanford University - Knight Management Center, Texas A&M University and New York University (NYU) - Leonard N. Stern School of Business
Downloads 148 (400,292)

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Credit market competition, Common value auction with asymmetric bidders, Winner’s curse, Specialization, Information acquisition

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
Stanford University - Knight Management Center, Duke University - Fuqua School of Business and Johns Hopkins University - Carey Business School
Downloads 119 (476,786)
Citation 25

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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: 24 May 2023
Stanford University - Knight Management Center, Duke University - Fuqua School of Business and Johns Hopkins University - Carey Business School
Downloads 37 (899,332)

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44.

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: 24 May 2023
Massachusetts Institute of Technology, University of Chicago - Finance, Stanford University - Knight Management Center and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 153 (389,007)
Citation 56

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45.

Dynamic Compensation Contracts with Private Savings

Number of pages: 55 Posted: 03 Dec 2008 Last Revised: 24 Jan 2011
Zhiguo He
Stanford University - Knight Management Center
Downloads 135 (429,992)
Citation 22

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

46.
Downloads 131 (440,241)
Citation 45

Intermediary Asset Pricing and the Financial Crisis

NBER Working Paper No. w24415
Number of pages: 39 Posted: 20 Mar 2018 Last Revised: 19 Mar 2023
Zhiguo He and Arvind Krishnamurthy
Stanford University - Knight Management Center and Stanford Graduate School of Business
Downloads 131 (441,781)
Citation 45

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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
Stanford University - Knight Management Center and National Bureau of Economic Research (NBER)

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47.
Downloads 122 (465,270)
Citation 5

The Stock Connect to China

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2023-09
Number of pages: 6 Posted: 20 Jan 2023 Last Revised: 14 Apr 2023
Zhiguo He, Yuehan Wang and Xiaoquan Zhu
Stanford University - Knight Management Center, Central University of Finance and Economics (CUFE) - School of Finance and University of International Business and Economics - School of Banking and Finance
Downloads 105 (524,560)

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The Stock Connect to China

NBER Working Paper No. w30893
Number of pages: 11 Posted: 30 Jan 2023 Last Revised: 31 May 2023
Zhiguo He, Yuehan Wang and Xiaoquan Zhu
Stanford University - Knight Management Center, Central University of Finance and Economics and University of International Business and Economics - School of Banking and Finance
Downloads 17 (1,117,471)
Citation 5

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48.

Leverage Dynamics Without Commitment

NBER Working Paper No. w22799
Number of pages: 57 Posted: 14 Nov 2016 Last Revised: 19 Apr 2023
Peter M. DeMarzo and Zhiguo He
Stanford Graduate School of Business and Stanford University - Knight Management Center
Downloads 109 (506,235)
Citation 10

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49.

Debt Financing in Asset Markets

NBER Working Paper No. w17935
Number of pages: 47 Posted: 31 Mar 2012 Last Revised: 05 Jul 2023
Zhiguo He and Wei Xiong
Stanford University - Knight Management Center and Princeton University - Department of Economics
Downloads 107 (513,010)
Citation 2

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50.
Downloads 105 (520,199)
Citation 1

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, Stanford University - Knight Management Center and Copenhagen Business School
Downloads 76 (645,165)
Citation 1

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Sovereign Debt Ratchets and Welfare Destruction

NBER Working Paper No. w28599
Number of pages: 102 Posted: 22 Mar 2021 Last Revised: 22 Feb 2023
Stanford Graduate School of Business, Stanford University - Knight Management Center and Copenhagen Business School
Downloads 29 (976,464)

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51.

A Model of Safe Asset Determination

NBER Working Paper No. w22271
Number of pages: 71 Posted: 24 May 2016 Last Revised: 10 May 2023
Stanford University - Knight Management Center, Stanford Graduate School of Business and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 101 (534,541)
Citation 94

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52.

Tech-Driven Intermediation in the Originate-to-Distribute Model

Number of pages: 86 Posted: 26 Jan 2024
Zhiguo He, Sheila Jiang and Douglas Xu
Stanford University - Knight Management Center, University of Florida - Department of Finance, Insurance and Real Estate and University of Florida - Warrington College of Business Administration
Downloads 81 (613,307)

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Information Technology, Intermediation, Directed Search, Adverse Selection, Originate to Distribute, Monitoring the Monitor

53.

What Makes Us Government Bonds Safe Assets?

NBER Working Paper No. w22017
Number of pages: 9 Posted: 01 Mar 2016 Last Revised: 27 Feb 2023
Stanford University - Knight Management Center, Stanford Graduate School of Business and Northwestern University - Kellogg School of Management - Department of Finance
Downloads 62 (705,380)
Citation 21

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54.

Investing in Lending Technology: It Spending in Banking

NBER Working Paper No. w30403
Number of pages: 132 Posted: 29 Aug 2022 Last Revised: 14 Apr 2023
Zhiguo He, Sheila Jiang, Douglas Xu and Xiao Yin
Stanford University - Knight Management Center, University of Florida - Department of Finance, Insurance and Real Estate, University of Florida - Warrington College of Business Administration and University College London
Downloads 32 (920,181)
Citation 2

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