Details about Zhiguo He
Access statistics for papers by Zhiguo He.
Last updated 2024-12-06. Update your information in the RePEc Author Service.
Short-id: phe657
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Working Papers
2024
- Information Span and Credit Market Competition
NBER Working Papers, National Bureau of Economic Research, Inc 
- Information-Based Pricing in Specialized Lending
NBER Working Papers, National Bureau of Economic Research, Inc
Also in Research Papers, Stanford University, Graduate School of Business (2023)
CEPR Discussion Papers, C.E.P.R. Discussion Papers (2024)
- Tech-Driven Intermediation in the Originate-to-Distribute Model
Research Papers, Stanford University, Graduate School of Business
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2024)
- The drivers and implications of retail margin trading
LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library
2023
- 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 (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 (3)
- The Stock Connect to China
NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
See also Journal Article The Stock Connect to China, AEA Papers and Proceedings, American Economic Association (2023) View citations (1) (2023)
- 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
- Agency MBS as Safe Assets
NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
- China's Financial System and Economy: A Review
NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
See also Journal Article China's Financial System and Economy: A Review, Annual Review of Economics, Annual Reviews (2023) (2023)
- Intermediation via Credit Chains
NBER Working Papers, National Bureau of Economic Research, Inc
- 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 NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (14)
Working Papers, Becker Friedman Institute for Research In Economics (2020) View citations (14)
Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University (2020) View citations (14)
See also Journal Article Open banking: Credit market competition when borrowers own the data, Journal of Financial Economics, Elsevier (2023) View citations (16) (2023)
- Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?
NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
- Zoning for Profits: How Public Finance Shapes Land Supply in China
NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
2021
- Margin trading and leverage management
LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (7)
- 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 (1) (2023)
2020
- Treasury Inconvenience Yields during the COVID-19 Crisis
Working Papers, Becker Friedman Institute for Research In Economics View citations (36)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (37)
See also Journal Article Treasury inconvenience yields during the COVID-19 crisis, Journal of Financial Economics, Elsevier (2022) View citations (52) (2022)
- Valuation of Long-Term Property Rights under Political Uncertainty
Working Papers, Becker Friedman Institute for Research In Economics View citations (1)
- 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) (2024)
2019
- Chinese Bond Market and Interbank Market
NBER Working Papers, National Bureau of Economic Research, Inc View citations (25)
- Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
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 (11) (2022)
- 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 (44) (2021)
- Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets
NBER Working Papers, National Bureau of Economic Research, Inc View citations (18)
2018
- Blockchain Disruption and Smart Contracts
NBER Working Papers, National Bureau of Economic Research, Inc View citations (43)
See also Journal Article Blockchain Disruption and Smart Contracts, The Review of Financial Studies, Society for Financial Studies (2019) View citations (181) (2019)
- Intermediary Asset Pricing and the Financial Crisis
NBER Working Papers, National Bureau of Economic Research, Inc View citations (45)
See also Journal Article Intermediary Asset Pricing and the Financial Crisis, Annual Review of Financial Economics, Annual Reviews (2018) View citations (45) (2018)
- Leverage-Induced Fire Sales and Stock Market Crashes
NBER Working Papers, National Bureau of Economic Research, Inc View citations (30)
- 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
- 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 (139) (2020)
2016
- 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 (56) (2019)
- Dynamic Debt Maturity
NBER Working Papers, National Bureau of Economic Research, Inc View citations (32)
See also Journal Article Dynamic Debt Maturity, The Review of Financial Studies, Society for Financial Studies (2016) View citations (32) (2016)
- Inefficient investment waves
LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (28)
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 (26) (2016)
- Intermediary Asset Pricing: New Evidence from Many Asset Classes
NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
See also Journal Article Intermediary asset pricing: New evidence from many asset classes, Journal of Financial Economics, Elsevier (2017) View citations (250) (2017)
- 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 (24) (2021)
- 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 (23) (2017)
- What Makes US Government Bonds Safe Assets?
NBER Working Papers, National Bureau of Economic Research, Inc View citations (22)
Also in Research Papers, Stanford University, Graduate School of Business (2016) View citations (22)
See also Journal Article What Makes US Government Bonds Safe Assets?, American Economic Review, American Economic Association (2016) View citations (22) (2016)
2015
- A Macroeconomic Framework for Quantifying Systemic Risk
Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (4)
Also in 2013 Meeting Papers, Society for Economic Dynamics (2013) View citations (7)
Working Paper Research, National Bank of Belgium (2012) View citations (45)
NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (62)
Research Papers, Stanford University, Graduate School of Business (2015) View citations (6)
See also Journal Article A Macroeconomic Framework for Quantifying Systemic Risk, American Economic Journal: Macroeconomics, American Economic Association (2019) View citations (68) (2019)
- A Model of the Reserve Asset
Research Papers, Stanford University, Graduate School of Business View citations (11)
2014
- 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 (44) (2018)
2013
- 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 (13) (2014)
2012
- 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 (131) (2014)
- Debt Financing in Asset Markets
NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
See also Journal Article Debt Financing in Asset Markets, American Economic Review, American Economic Association (2012) View citations (7) (2012)
- 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)
- 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 (105) (2014)
- 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 (26) (2016)
2011
- 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 (23)
See also Journal Article Dynamic Debt Runs, The Review of Financial Studies, Society for Financial Studies (2012) View citations (126) (2012)
2010
- Balance Sheet Adjustments in the 2008 Crisis
NBER Working Papers, National Bureau of Economic Research, Inc View citations (88)
- Financing Speculative Booms
Levine's Working Paper Archive, David K. Levine View citations (2)
- Intermediary Asset Pricing
2010 Meeting Papers, Society for Economic Dynamics View citations (24)
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 (529) (2013)
- Rollover Risk and Credit Risk
2010 Meeting Papers, Society for Economic Dynamics View citations (5)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (4)
See also Journal Article Rollover Risk and Credit Risk, Journal of Finance, American Finance Association (2012) View citations (225) (2012)
2009
- A Model of Capital and Crises
2009 Meeting Papers, Society for Economic Dynamics View citations (11)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (35)
2008
- 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 (17) (2013)
- Dynamic agency and the q theory of investment
2008 Meeting Papers, Society for Economic Dynamics View citations (31)
See also Journal Article Dynamic Agency and the q Theory of Investment, Journal of Finance, American Finance Association (2012) View citations (136) (2012)
Journal Articles
2024
- Valuing Long-Term Property Rights with Anticipated Political Regime Shifts
American Economic Review, 2024, 114, (9), 2701-47
See also Working Paper Valuing Long-Term Property Rights with Anticipated Political Regime Shifts, NBER Working Papers (2020) (2020)
2023
- Banks and financial crises: contributions of Ben Bernanke, Douglas Diamond, and Philip Dybvig
Scandinavian Journal of Economics, 2023, 125, (3), 553-583
- China's Financial System and Economy: A Review
Annual Review of Economics, 2023, 15, (1), 451-483
See also Working Paper China's Financial System and Economy: A Review, NBER Working Papers (2022) View citations (3) (2022)
- Limits of Arbitrage and Primary Risk-Taking in Derivative Securities
The Review of Asset Pricing Studies, 2023, 13, (3), 405-439 View citations (1)
- Never a Dull Moment: Entropy Risk in Commodity Markets
The Review of Asset Pricing Studies, 2023, 13, (4), 734-783
- Open banking: Credit market competition when borrowers own the data
Journal of Financial Economics, 2023, 147, (2), 449-474 View citations (16)
See also Working Paper Open Banking: Credit Market Competition When Borrowers Own the Data, Cowles Foundation Discussion Papers (2022) View citations (1) (2022)
- Sovereign Debt Ratchets and Welfare Destruction
Journal of Political Economy, 2023, 131, (10), 2825 - 2892 View citations (1)
See also Working Paper Sovereign Debt Ratchets and Welfare Destruction, NBER Working Papers (2021) View citations (3) (2021)
- The Stock Connect to China
AEA Papers and Proceedings, 2023, 113, 125-30 View citations (1)
See also Working Paper The Stock Connect to China, NBER Working Papers (2023) View citations (1) (2023)
- Which Factors for Corporate Bond Returns?
The Review of Asset Pricing Studies, 2023, 13, (4), 615-652
2022
- Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress
The Review of Financial Studies, 2022, 35, (10), 4630-4673 View citations (11)
See also Working Paper Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress, NBER Working Papers (2019) View citations (6) (2019)
- Introduction: Special Issue on China I
Review of Finance, 2022, 26, (3), 445-447 View citations (1)
- Treasury inconvenience yields during the COVID-19 crisis
Journal of Financial Economics, 2022, 143, (1), 57-79 View citations (52)
See also Working Paper Treasury Inconvenience Yields during the COVID-19 Crisis, Working Papers (2020) View citations (36) (2020)
2021
- 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 (44)
See also Working Paper Decentralized Mining in Centralized Pools, NBER Working Papers (2019) View citations (21) (2019)
- Leverage Dynamics without Commitment
Journal of Finance, 2021, 76, (3), 1195-1250 View citations (24)
See also Working Paper Leverage Dynamics without Commitment, NBER Working Papers (2016) View citations (16) (2016)
2020
- 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 (139)
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
- A Macroeconomic Framework for Quantifying Systemic Risk
American Economic Journal: Macroeconomics, 2019, 11, (4), 1-37 View citations (68)
See also Working Paper A Macroeconomic Framework for Quantifying Systemic Risk, Swiss Finance Institute Research Paper Series (2015) View citations (4) (2015)
- A Model of Safe Asset Determination
American Economic Review, 2019, 109, (4), 1230-62 View citations (56)
See also Working Paper A Model of Safe Asset Determination, NBER Working Papers (2016) View citations (17) (2016)
- Blockchain Disruption and Smart Contracts
The Review of Financial Studies, 2019, 32, (5), 1754-1797 View citations (181)
See also Working Paper Blockchain Disruption and Smart Contracts, NBER Working Papers (2018) View citations (43) (2018)
2018
- Intermediary Asset Pricing and the Financial Crisis
Annual Review of Financial Economics, 2018, 10, (1), 173-197 View citations (45)
See also Working Paper Intermediary Asset Pricing and the Financial Crisis, NBER Working Papers (2018) View citations (45) (2018)
- Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle
The Review of Financial Studies, 2018, 31, (3), 852-897 View citations (44)
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
- Intermediary asset pricing: New evidence from many asset classes
Journal of Financial Economics, 2017, 126, (1), 1-35 View citations (250)
See also Working Paper Intermediary Asset Pricing: New Evidence from Many Asset Classes, NBER Working Papers (2016) View citations (23) (2016)
- Optimal Long-Term Contracting with Learning
The Review of Financial Studies, 2017, 30, (6), 2006-2065 View citations (23)
See also Working Paper Optimal Long-Term Contracting with Learning, FRB Atlanta Working Paper (2016) View citations (4) (2016)
2016
- 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)
- Dynamic Debt Maturity
The Review of Financial Studies, 2016, 29, (10), 2677-2736 View citations (32)
See also Working Paper Dynamic Debt Maturity, NBER Working Papers (2016) View citations (32) (2016)
- Inefficient Investment Waves
Econometrica, 2016, 84, 735-780 View citations (26)
See also Working Paper Inefficient investment waves, LSE Research Online Documents on Economics (2016) View citations (28) (2016)
- Information Acquisition in Rumor‐Based Bank Runs
Journal of Finance, 2016, 71, (3), 1113-1158 View citations (26)
See also Working Paper Information Acquisition in Rumor Based Bank Runs, NBER Working Papers (2012) View citations (7) (2012)
- What Makes US Government Bonds Safe Assets?
American Economic Review, 2016, 106, (5), 519-23 View citations (22)
See also Working Paper What Makes US Government Bonds Safe Assets?, NBER Working Papers (2016) View citations (22) (2016)
2014
- A Theory of Debt Maturity: The Long and Short of Debt Overhang
Journal of Finance, 2014, 69, (2), 719-762 View citations (131)
See also Working Paper A Theory of Debt Maturity: The Long and Short of Debt Overhang, NBER Working Papers (2012) View citations (12) (2012)
- Endogenous Liquidity and Defaultable Bonds
Econometrica, 2014, 82, (4), 1443-1508 View citations (105)
See also Working Paper Endogenous Liquidity and Defaultable Bonds, NBER Working Papers (2012) View citations (7) (2012)
- Uncertainty, Risk, and Incentives: Theory and Evidence
Management Science, 2014, 60, (1), 206-226 View citations (13)
See also Working Paper Uncertainty, risk, and incentives: theory and evidence, Finance and Economics Discussion Series (2013) View citations (2) (2013)
2013
- Delegated asset management, investment mandates, and capital immobility
Journal of Financial Economics, 2013, 107, (2), 239-258 View citations (17)
See also Working Paper Delegated Asset Management, Investment Mandates, and Capital Immobility, NBER Working Papers (2008) View citations (1) (2008)
- Intermediary Asset Pricing
American Economic Review, 2013, 103, (2), 732-70 View citations (529)
See also Working Paper Intermediary Asset Pricing, 2010 Meeting Papers (2010) View citations (24) (2010)
2012
- Debt Financing in Asset Markets
American Economic Review, 2012, 102, (3), 88-94 View citations (7)
See also Working Paper Debt Financing in Asset Markets, NBER Working Papers (2012) View citations (7) (2012)
- Dynamic Agency and the q Theory of Investment
Journal of Finance, 2012, 67, (6), 2295-2340 View citations (136)
See also Working Paper Dynamic agency and the q theory of investment, 2008 Meeting Papers (2008) View citations (31) (2008)
- Dynamic Compensation Contracts with Private Savings
The Review of Financial Studies, 2012, 25, (5), 1494-1549 View citations (34)
- Dynamic Debt Runs
The Review of Financial Studies, 2012, 25, (6), 1799-1843 View citations (126)
See also Working Paper Dynamic Debt Runs, 2011 Meeting Papers (2011) View citations (17) (2011)
- Rollover Risk and Credit Risk
Journal of Finance, 2012, 67, (2), 391-430 View citations (225)
See also Working Paper Rollover Risk and Credit Risk, 2010 Meeting Papers (2010) View citations (5) (2010)
2011
- A model of dynamic compensation and capital structure
Journal of Financial Economics, 2011, 100, (2), 351-366 View citations (47)
2010
- Balance Sheet Adjustments during the 2008 Crisis
IMF Economic Review, 2010, 58, (1), 118-156 View citations (100)
2009
- Optimal Executive Compensation when Firm Size Follows Geometric Brownian Motion
The Review of Financial Studies, 2009, 22, (2), 859-892 View citations (55)
- The Sale of Multiple Assets with Private Information
The Review of Financial Studies, 2009, 22, (11), 4787-4820 View citations (9)
Edited books
2021
- Impact of COVID-19 on Asian Economies and Policy Responses
World Scientific Books, World Scientific Publishing Co. Pte. Ltd.
Chapters
2021
- 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
- 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 (3)
Editor
- The Review of Asset Pricing Studies
Society for Financial Studies
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