Details about Zhiguo He

Access statistics for papers by Zhiguo He.

Last updated 2025-04-28. Update your information in the RePEc Author Service.

Short-id: phe657

Working Papers

2024

1. Information Span in Credit Market Competition
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
2. Information-Based Pricing in Specialized Lending
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
   Also in Research Papers, Stanford University, Graduate School of Business (2023)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2024)
   See also Journal Article Information-based pricing in specialized lending, Journal of Financial Economics, Elsevier (2025) (2025)
3. Tech-Driven Intermediation in the Originate-to-Distribute Model
   NBER Working Papers, National Bureau of Economic Research, Inc
   Also in Research Papers, Stanford University, Graduate School of Business (2024)
4. The drivers and implications of retail margin trading
   LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (2)

2023

5. An Economic Model of Consensus on Distributed Ledgers
   Research Papers, Stanford University, Graduate School of Business
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2021) View citations (7)
6. Investing in Lending Technology: IT Spending in Banking
   Research Papers, Stanford University, Graduate School of Business View citations (1)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2022) View citations (8)
7. The Stock Connect to China
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
   See also Journal Article The Stock Connect to China, AEA Papers and Proceedings, American Economic Association (2023) View citations (4) (2023)
8. What Gets Measured Gets Managed: Investment and the Cost of Capital
   Research Papers, Stanford University, Graduate School of Business
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2022) View citations (2)

2022

9. Agency MBS as Safe Assets
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
10. China's Financial System and Economy: A Review
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    See also Journal Article China's Financial System and Economy: A Review, Annual Review of Economics, Annual Reviews (2023) View citations (6) (2023)
11. Intermediation via Credit Chains
    NBER Working Papers, National Bureau of Economic Research, Inc
12. Open Banking: Credit Market Competition When Borrowers Own the Data
    Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University View citations (1)
    Also in Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University (2020) View citations (15)
    NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (15)
    Working Papers, Becker Friedman Institute for Research In Economics (2020) View citations (15)
    See also Journal Article Open banking: Credit market competition when borrowers own the data, Journal of Financial Economics, Elsevier (2023) View citations (37) (2023)
13. Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
14. Zoning for Profits: How Public Finance Shapes Land Supply in China
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)

2021

15. Margin trading and leverage management
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (9)
16. Sovereign Debt Ratchets and Welfare Destruction
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article Sovereign Debt Ratchets and Welfare Destruction, Journal of Political Economy, University of Chicago Press (2023) View citations (2) (2023)

2020

17. Treasury Inconvenience Yields during the COVID-19 Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (38)
    Also in Working Papers, Becker Friedman Institute for Research In Economics (2020) View citations (37)
    See also Journal Article Treasury inconvenience yields during the COVID-19 crisis, Journal of Financial Economics, Elsevier (2022) View citations (79) (2022)
18. Valuation of Long-Term Property Rights under Political Uncertainty
    Working Papers, Becker Friedman Institute for Research In Economics View citations (1)
19. Valuing Long-Term Property Rights with Anticipated Political Regime Shifts
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article Valuing Long-Term Property Rights with Anticipated Political Regime Shifts, American Economic Review, American Economic Association (2024) View citations (1) (2024)

2019

20. Chinese Bond Market and Interbank Market
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (32)
21. Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    See also Journal Article Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress, The Review of Financial Studies, Society for Financial Studies (2022) View citations (15) (2022)
22. Decentralized Mining in Centralized Pools
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (21)
    See also Journal Article Decentralized Mining in Centralized Pools, The Review of Financial Studies, Society for Financial Studies (2021) View citations (57) (2021)
23. Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (18)

2018

24. Blockchain Disruption and Smart Contracts
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (44)
    See also Journal Article Blockchain Disruption and Smart Contracts, The Review of Financial Studies, Society for Financial Studies (2019) View citations (224) (2019)
25. Intermediary Asset Pricing and the Financial Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (49)
    See also Journal Article Intermediary Asset Pricing and the Financial Crisis, Annual Review of Financial Economics, Annual Reviews (2018) View citations (49) (2018)
26. Leverage-Induced Fire Sales and Stock Market Crashes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (33)
27. The Financing of Local Government in the People’s Republic of China: Stimulus Loan Wanes and Shadow Banking Waxes
    ADBI Working Papers, Asian Development Bank Institute View citations (7)

2017

28. The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (43)
    See also Journal Article The financing of local government in China: Stimulus loan wanes and shadow banking waxes, Journal of Financial Economics, Elsevier (2020) View citations (191) (2020)

2016

29. A Model of Safe Asset Determination
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
    See also Journal Article A Model of Safe Asset Determination, American Economic Review, American Economic Association (2019) View citations (64) (2019)
30. Dynamic Debt Maturity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (36)
    See also Journal Article Dynamic Debt Maturity, The Review of Financial Studies, Society for Financial Studies (2016) View citations (36) (2016)
31. Inefficient investment waves
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (32)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2012) View citations (7)
    See also Journal Article Inefficient Investment Waves, Econometrica, Econometric Society (2016) View citations (30) (2016)
32. Intermediary Asset Pricing: New Evidence from Many Asset Classes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (24)
    See also Journal Article Intermediary asset pricing: New evidence from many asset classes, Journal of Financial Economics, Elsevier (2017) View citations (285) (2017)
33. Leverage Dynamics without Commitment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
    See also Journal Article Leverage Dynamics without Commitment, Journal of Finance, American Finance Association (2021) View citations (35) (2021)
34. Optimal Long-Term Contracting with Learning
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (4)
    Also in 2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (7)
    See also Journal Article Optimal Long-Term Contracting with Learning, The Review of Financial Studies, Society for Financial Studies (2017) View citations (28) (2017)
35. What Makes US Government Bonds Safe Assets?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (25)
    Also in Research Papers, Stanford University, Graduate School of Business (2016) View citations (26)
    See also Journal Article What Makes US Government Bonds Safe Assets?, American Economic Review, American Economic Association (2016) View citations (25) (2016)

2015

36. A Macroeconomic Framework for Quantifying Systemic Risk
    Research Papers, Stanford University, Graduate School of Business View citations (6)
    Also in 2013 Meeting Papers, Society for Economic Dynamics (2013) View citations (7)
    NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (63)
    Working Paper Research, National Bank of Belgium (2012) View citations (45)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2015) View citations (4)
    See also Journal Article A Macroeconomic Framework for Quantifying Systemic Risk, American Economic Journal: Macroeconomics, American Economic Association (2019) View citations (76) (2019)
37. A Model of the Reserve Asset
    Research Papers, Stanford University, Graduate School of Business View citations (11)

2014

38. Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    See also Journal Article Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle, The Review of Financial Studies, Society for Financial Studies (2018) View citations (48) (2018)

2013

39. Uncertainty, risk, and incentives: theory and evidence
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (2)
    See also Journal Article Uncertainty, Risk, and Incentives: Theory and Evidence, Management Science, INFORMS (2014) View citations (14) (2014)

2012

40. A Theory of Debt Maturity: The Long and Short of Debt Overhang
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
    See also Journal Article A Theory of Debt Maturity: The Long and Short of Debt Overhang, Journal of Finance, American Finance Association (2014) View citations (145) (2014)
41. Debt Financing in Asset Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    See also Journal Article Debt Financing in Asset Markets, American Economic Review, American Economic Association (2012) View citations (8) (2012)
42. Debt and Creative Destruction: Why Could Subsidizing Corporate Debt be Optimal?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article Debt and Creative Destruction: Why Could Subsidizing Corporate Debt Be Optimal?, Management Science, INFORMS (2016) View citations (5) (2016)
43. Endogenous Liquidity and Defaultable Bonds
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    Also in 2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (7)
    See also Journal Article Endogenous Liquidity and Defaultable Bonds, Econometrica, Econometric Society (2014) View citations (109) (2014)
44. Information Acquisition in Rumor Based Bank Runs
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    Also in 2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (7)
    See also Journal Article Information Acquisition in Rumor‐Based Bank Runs, Journal of Finance, American Finance Association (2016) View citations (33) (2016)

2011

45. Dynamic Debt Runs
    2011 Meeting Papers, Society for Economic Dynamics View citations (17)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (22)
    See also Journal Article Dynamic Debt Runs, The Review of Financial Studies, Society for Financial Studies (2012) View citations (130) (2012)

2010

46. Balance Sheet Adjustments in the 2008 Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (88)
47. Financing Speculative Booms
    Levine's Working Paper Archive, David K. Levine View citations (2)
48. Intermediary Asset Pricing
    2010 Meeting Papers, Society for Economic Dynamics View citations (23)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (21)
    See also Journal Article Intermediary Asset Pricing, American Economic Review, American Economic Association (2013) View citations (567) (2013)
49. Rollover Risk and Credit Risk
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in 2010 Meeting Papers, Society for Economic Dynamics (2010) View citations (5)
    See also Journal Article Rollover Risk and Credit Risk, Journal of Finance, American Finance Association (2012) View citations (242) (2012)

2009

50. A Model of Capital and Crises
    2009 Meeting Papers, Society for Economic Dynamics View citations (10)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (35)

2008

51. Delegated Asset Management, Investment Mandates, and Capital Immobility
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article Delegated asset management, investment mandates, and capital immobility, Journal of Financial Economics, Elsevier (2013) View citations (18) (2013)
52. Dynamic agency and the q theory of investment
    2008 Meeting Papers, Society for Economic Dynamics View citations (30)
    See also Journal Article Dynamic Agency and the q Theory of Investment, Journal of Finance, American Finance Association (2012) View citations (147) (2012)

Journal Articles

2025

1. Information-based pricing in specialized lending
   Journal of Financial Economics, 2025, 172, (C)
   See also Working Paper Information-Based Pricing in Specialized Lending, NBER Working Papers (2024) View citations (1) (2024)

2024

2. Valuing Long-Term Property Rights with Anticipated Political Regime Shifts
   American Economic Review, 2024, 114, (9), 2701-47 View citations (1)
   See also Working Paper Valuing Long-Term Property Rights with Anticipated Political Regime Shifts, NBER Working Papers (2020) (2020)

2023

3. Banks and financial crises: contributions of Ben Bernanke, Douglas Diamond, and Philip Dybvig
   Scandinavian Journal of Economics, 2023, 125, (3), 553-583
4. China's Financial System and Economy: A Review
   Annual Review of Economics, 2023, 15, (1), 451-483 View citations (6)
   See also Working Paper China's Financial System and Economy: A Review, NBER Working Papers (2022) View citations (5) (2022)
5. Limits of Arbitrage and Primary Risk-Taking in Derivative Securities
   The Review of Asset Pricing Studies, 2023, 13, (3), 405-439 View citations (3)
6. Never a Dull Moment: Entropy Risk in Commodity Markets
   The Review of Asset Pricing Studies, 2023, 13, (4), 734-783
7. Open banking: Credit market competition when borrowers own the data
   Journal of Financial Economics, 2023, 147, (2), 449-474 View citations (37)
   See also Working Paper Open Banking: Credit Market Competition When Borrowers Own the Data, Cowles Foundation Discussion Papers (2022) View citations (1) (2022)
8. Sovereign Debt Ratchets and Welfare Destruction
   Journal of Political Economy, 2023, 131, (10), 2825 - 2892 View citations (2)
   See also Working Paper Sovereign Debt Ratchets and Welfare Destruction, NBER Working Papers (2021) View citations (3) (2021)
9. The Stock Connect to China
   AEA Papers and Proceedings, 2023, 113, 125-30 View citations (4)
   See also Working Paper The Stock Connect to China, NBER Working Papers (2023) View citations (4) (2023)
10. Which Factors for Corporate Bond Returns?
    The Review of Asset Pricing Studies, 2023, 13, (4), 615-652 View citations (2)

2022

11. Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress
    The Review of Financial Studies, 2022, 35, (10), 4630-4673 View citations (15)
    See also Working Paper Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress, NBER Working Papers (2019) View citations (7) (2019)
12. Introduction: Special Issue on China I
    Review of Finance, 2022, 26, (3), 445-447 View citations (2)
13. Treasury inconvenience yields during the COVID-19 crisis
    Journal of Financial Economics, 2022, 143, (1), 57-79 View citations (79)
    See also Working Paper Treasury Inconvenience Yields during the COVID-19 Crisis, NBER Working Papers (2020) View citations (38) (2020)

2021

14. Decentralized Mining in Centralized Pools
    (Concentrating on the fall of the labor share)
    The Review of Financial Studies, 2021, 34, (3), 1191-1235 View citations (57)
    See also Working Paper Decentralized Mining in Centralized Pools, NBER Working Papers (2019) View citations (21) (2019)
15. Leverage Dynamics without Commitment
    Journal of Finance, 2021, 76, (3), 1195-1250 View citations (35)
    See also Working Paper Leverage Dynamics without Commitment, NBER Working Papers (2016) View citations (16) (2016)

2020

16. The financing of local government in China: Stimulus loan wanes and shadow banking waxes
    Journal of Financial Economics, 2020, 137, (1), 42-71 View citations (191)
    See also Working Paper The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes, NBER Working Papers (2017) View citations (43) (2017)

2019

17. A Macroeconomic Framework for Quantifying Systemic Risk
    American Economic Journal: Macroeconomics, 2019, 11, (4), 1-37 View citations (76)
    See also Working Paper A Macroeconomic Framework for Quantifying Systemic Risk, Research Papers (2015) View citations (6) (2015)
18. A Model of Safe Asset Determination
    American Economic Review, 2019, 109, (4), 1230-62 View citations (64)
    See also Working Paper A Model of Safe Asset Determination, NBER Working Papers (2016) View citations (17) (2016)
19. Blockchain Disruption and Smart Contracts
    The Review of Financial Studies, 2019, 32, (5), 1754-1797 View citations (224)
    See also Working Paper Blockchain Disruption and Smart Contracts, NBER Working Papers (2018) View citations (44) (2018)

2018

20. Intermediary Asset Pricing and the Financial Crisis
    Annual Review of Financial Economics, 2018, 10, (1), 173-197 View citations (49)
    See also Working Paper Intermediary Asset Pricing and the Financial Crisis, NBER Working Papers (2018) View citations (49) (2018)
21. Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle
    The Review of Financial Studies, 2018, 31, (3), 852-897 View citations (48)
    See also Working Paper Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle, NBER Working Papers (2014) View citations (8) (2014)

2017

22. Intermediary asset pricing: New evidence from many asset classes
    Journal of Financial Economics, 2017, 126, (1), 1-35 View citations (285)
    See also Working Paper Intermediary Asset Pricing: New Evidence from Many Asset Classes, NBER Working Papers (2016) View citations (24) (2016)
23. Optimal Long-Term Contracting with Learning
    The Review of Financial Studies, 2017, 30, (6), 2006-2065 View citations (28)
    See also Working Paper Optimal Long-Term Contracting with Learning, FRB Atlanta Working Paper (2016) View citations (4) (2016)

2016

24. Debt and Creative Destruction: Why Could Subsidizing Corporate Debt Be Optimal?
    Management Science, 2016, 62, (2), 303-325 View citations (5)
    See also Working Paper Debt and Creative Destruction: Why Could Subsidizing Corporate Debt be Optimal?, NBER Working Papers (2012) View citations (3) (2012)
25. Dynamic Debt Maturity
    The Review of Financial Studies, 2016, 29, (10), 2677-2736 View citations (36)
    See also Working Paper Dynamic Debt Maturity, NBER Working Papers (2016) View citations (36) (2016)
26. Inefficient Investment Waves
    Econometrica, 2016, 84, 735-780 View citations (30)
    See also Working Paper Inefficient investment waves, LSE Research Online Documents on Economics (2016) View citations (32) (2016)
27. Information Acquisition in Rumor‐Based Bank Runs
    Journal of Finance, 2016, 71, (3), 1113-1158 View citations (33)
    See also Working Paper Information Acquisition in Rumor Based Bank Runs, NBER Working Papers (2012) View citations (7) (2012)
28. What Makes US Government Bonds Safe Assets?
    American Economic Review, 2016, 106, (5), 519-23 View citations (25)
    See also Working Paper What Makes US Government Bonds Safe Assets?, NBER Working Papers (2016) View citations (25) (2016)

2014

29. A Theory of Debt Maturity: The Long and Short of Debt Overhang
    Journal of Finance, 2014, 69, (2), 719-762 View citations (145)
    See also Working Paper A Theory of Debt Maturity: The Long and Short of Debt Overhang, NBER Working Papers (2012) View citations (12) (2012)
30. Endogenous Liquidity and Defaultable Bonds
    Econometrica, 2014, 82, (4), 1443-1508 View citations (109)
    See also Working Paper Endogenous Liquidity and Defaultable Bonds, NBER Working Papers (2012) View citations (7) (2012)
31. Uncertainty, Risk, and Incentives: Theory and Evidence
    Management Science, 2014, 60, (1), 206-226 View citations (14)
    See also Working Paper Uncertainty, risk, and incentives: theory and evidence, Finance and Economics Discussion Series (2013) View citations (2) (2013)

2013

32. Delegated asset management, investment mandates, and capital immobility
    Journal of Financial Economics, 2013, 107, (2), 239-258 View citations (18)
    See also Working Paper Delegated Asset Management, Investment Mandates, and Capital Immobility, NBER Working Papers (2008) View citations (1) (2008)
33. Intermediary Asset Pricing
    American Economic Review, 2013, 103, (2), 732-70 View citations (567)
    See also Working Paper Intermediary Asset Pricing, 2010 Meeting Papers (2010) View citations (23) (2010)

2012

34. Debt Financing in Asset Markets
    American Economic Review, 2012, 102, (3), 88-94 View citations (8)
    See also Working Paper Debt Financing in Asset Markets, NBER Working Papers (2012) View citations (8) (2012)
35. Dynamic Agency and the q Theory of Investment
    Journal of Finance, 2012, 67, (6), 2295-2340 View citations (147)
    See also Working Paper Dynamic agency and the q theory of investment, 2008 Meeting Papers (2008) View citations (30) (2008)
36. Dynamic Compensation Contracts with Private Savings
    The Review of Financial Studies, 2012, 25, (5), 1494-1549 View citations (34)
37. Dynamic Debt Runs
    The Review of Financial Studies, 2012, 25, (6), 1799-1843 View citations (130)
    See also Working Paper Dynamic Debt Runs, 2011 Meeting Papers (2011) View citations (17) (2011)
38. Rollover Risk and Credit Risk
    Journal of Finance, 2012, 67, (2), 391-430 View citations (242)
    See also Working Paper Rollover Risk and Credit Risk, NBER Working Papers (2010) View citations (4) (2010)

2011

39. A model of dynamic compensation and capital structure
    Journal of Financial Economics, 2011, 100, (2), 351-366 View citations (52)

2010

40. Balance Sheet Adjustments during the 2008 Crisis
    IMF Economic Review, 2010, 58, (1), 118-156 View citations (102)

2009

41. Optimal Executive Compensation when Firm Size Follows Geometric Brownian Motion
    The Review of Financial Studies, 2009, 22, (2), 859-892 View citations (56)
42. The Sale of Multiple Assets with Private Information
    The Review of Financial Studies, 2009, 22, (11), 4787-4820 View citations (10)

Edited books

2021

1. Impact of COVID-19 on Asian Economies and Policy Responses
   World Scientific Books, World Scientific Publishing Co. Pte. Ltd.

Chapters

2021

1. Dealing With a Liquidity Crisis: Economic and Financial Policies in China During the Coronavirus Outbreak
   Chapter 9 in Impact of COVID-19 on Asian Economies and Policy Responses, 2021, pp 55-63
2. Economic Effects of Lockdown in China
   Chapter 1 in Impact of COVID-19 on Asian Economies and Policy Responses, 2021, pp 3-10 View citations (4)

Editor

1. The Review of Asset Pricing Studies
   Society for Financial Studies