Zhiguo He

James Irvin Miller Professor of Finance
Academic Area:
Zhiguo He

Bio

Professor Zhiguo He is the James Irvin Miller Professor of Finance at the Graduate School of Business, Stanford University. He is a financial economist whose expertise covers financial markets, financial institutions, and macroeconomics broadly. He is also conducting academic research on Chinese financial markets, and writing academic articles on new progress in the area of cryptocurrency and blockchains. Before joining Stanford GSB, he was on the faculty of Chicago Booth from 2008 to 2023, where he received tenure in 2015 and led Becker Friedman Institute China from 2020 to 2023.

His research has been published in leading academic journals in finance and economics. After serving as associate editors for several leading academic journals, He served as the guest editor of the Review of Finance ”Special Issue on China” and currently serves as the editor of the Review of Asset Pricing Studies.

Professor He received his bachelor and master degrees from the School of Economics and Management at Tsinghua University before receiving his PhD from the Kellogg School of Management at Northwestern University in 2008. He has been named a 2014 Alfred P. Sloan Research Fellow, and has won numerous awards for his outstanding scholastic record, including the Lehman Brothers Fellowship for Research Excellence in Finance, the Swiss Finance Institute Outstanding Paper Award, the Smith-Breeden First Prize, and the Brattle Group First Prize. Before his academic career at Chicago Booth, he worked as a stock analyst at the China International Capital Corporation in Beijing in 2001 and visited the Bendheim Center for Finance at Princeton University as a post-doctoral fellow in 2008.

In Autumn 2015 Professor He was the Dean’s distinguished visiting scholar at Stanford University, Graduate School of Business, and in winter 2020 he was a visiting professor of finance at Yale University, School of Management. In January 2020, he testified at U.S.-China Economic and Security Review Commission (USCC) Hearing on “China’s Quest for Capital: Motivations, Methods, and Implications.”

 

Research Interests

  • Financial Institutions
  • Financial Markets
  • Macroeconomics
  • Theory
  • Chinese Economy

Academic Degrees

  • PhD in Finance, Northwestern University, Kellogg School of Management, 2008
  • MS in Finance, Tsinghua University, School of Economics and Management, 2001
  • BS in Economics, Tsinghua University, School of Economics and Management, 1999

Academic Appointments

  • James Irvin Miller Professor of Finance; Stanford University, Graduate School of Business; 2024–present
  • Fuji Bank and Heller Professor of Finance; University of Chicago, Booth School of Business; 2019–23
  • Professor of Finance; University of Chicago, Booth School of Business; 2015–19
  • Associate Professor of Finance; University of Chicago, Booth School of Business; 2012–15
  • Assistant Professor of Finance; University of Chicago, Booth School of Business; 2008–12

Awards and Honors

  • Brattle Group First Prize, Journal of Finance, 2021
  • Chicago Booth Class of 2021 Phoenix Award, 2021
  • Brattle Group First Prize, Journal of Finance, 2014
  • Alfred P. Sloan Research Fellowship, 2014
  • Amundi Smith-Breeden First Prize, Journal of Finance, 2012
  • Lehman Brothers Fellowship for Research Excellence in Finance, 2007

Service to the Profession

Review of Asset Pricing Studies

    • Executive Editor 2022–present
    • Co-Editor 2021–present

    Review of Finance

      • Guest Editor, Special Issue on China 2020–22

      Journal of Finance

        • Associate Editor 2016–22

        Review of Financial Studies

          • Associate Editor 2015–18

          Management Science

            • Associate Editor 2014–16
            • Associate Editor, Special Issue on Blockchain and Crypto Economics Research 2021–22

            Journal Articles

            Zhiguo He, Zhaogang Song
            forthcoming, Review of Financial Studies
            October 21, 2024
            Zhiguo He, Maggie Rong Hu, Zhenping Wang, Vincent Yao
            American Economic Review
            September 26, 2024 Vol. 114 Issue 9 Pages 2701–2747
            Zhiguo He, Jiangze Bian, Dong Lou, Kelly Shue, Zhi Da, Hao Zhou
            Journal of Finance
            August 10, 2024
            Zhiguo He, Jiangze Bian, Zhi Da, Dong Lou, Kelly Shue, Hao Zhou
            Journal of Finance
            August 10, 2024 Vol. forthcoming
            Peter M. DeMarzo, Zhiguo He, Fabrice Tourre
            Journal of Political Economy
            October 2023 Vol. 131 Issue 10 Pages 2825-2892
            Hui Chen, Zhuo Chen, Zhiguo He, Jinyu Liu, Rengming Xie
            The Journal of Finance
            July 2023 Vol. 78 Issue 5 Pages 2563–2620
            Zhiguo He, Yuehan Wang, Xiaoquan Zhu
            AEA Papers & Proceedings
            May 2023 Vol. 113 Pages 125–130
            Zhiguo He, Jing Huang, Jidong Zhou
            Journal of Financial Economics
            February 2023 Vol. 147 Issue 2 Pages 449–474
            Zhiguo He, Paymon Khorrami, Zhaogang Song
            The Review of Financial Studies
            October 2022 Vol. 35 Issue 10 Pages 4630–4673
            Zhiguo He, Stefan Nagel, Zhaogang Song
            Journal of Financial Economics
            January 2022 Vol. 143 Issue 1 Pages 57–79
            Peter M. DeMarzo, Zhiguo He
            The Journal of Finance
            June 2021 Vol. 76 Issue 3 Pages 1195–1250
            Lin William Cong, Zhiguo He, Jiasun Li
            The Review of Financial Studies
            March 2021 Vol. 34 Issue 3 Pages 1191–1235
            Zhuo Chen, Zhiguo He, Chun Liu
            Journal of Financial Economics
            July 2020 Vol. 137 Issue 1 Pages 42–71
            Zhiguo He, Arvind Krishnamurthy
            American Economic Journal: Macroeconomics
            October 2019 Vol. 11 Issue 4 Pages 1–37
            Lin William Cong, Zhiguo He
            The Review of Financial Studies
            May 2019 Vol. 32 Issue 5
            Zhiguo He, Arvind Krishnamurthy, Konstantin Milbradt
            American Economic Review
            April 2019 Vol. 109 Issue 4 Pages 1230–1262
            Zhiguo He, Arvind Krishnamurthy
            Annual Review of Financial Economics
            November 2018 Vol. 10 Pages 173–197
            Hui Chen, Rui Cui, Zhiguo He, Konstantin Milbradt
            The Review of Financial Studies
            March 2018 Vol. 31 Issue 3 Pages 852–897
            Zhiguo He, Bryan Kelly, Asaf Manela
            Journal of Financial Economics
            October 2017 Vol. 126 Issue 1 Pages 1–35
            Zhiguo He, Bin Wei, Jianfeng Yu, Feng Gao
            The Review of Financial Studies
            June 2017 Vol. 30 Issue 6 Pages 2006–2065
            Zhiguo He, Konstantin Milbradt
            The Review of Financial Studies
            October 2016 Vol. 29 Issue 10 Pages 2677–2736
            Zhiguo He, Asaf Manela
            The Journal of Finance
            June 2016 Vol. 71 Issue 3 Pages 1113–1158
            Zhiguo He, Arvind Krishnamurthy, Konstantin Milbradt
            American Economic Review
            May 2016 Vol. 106 Issue 5 Pages 519–523
            Zhiguo He, PĂ©ter Kondor
            Econometrica
            March 2016 Vol. 84 Issue 2 Pages 735–780
            Zhiguo He, Gregor Matvos
            Management Science
            February 2016 Vol. 62 Issue 2 Pages 303–630
            Zhiguo He, Konstantin Milbradt
            Econometrica
            July 2014 Vol. 82 Issue 4 Pages 1443–1508
            Douglas W. Diamond, Zhiguo He
            The Journal of Finance
            April 2014 Vol. 69 Issue 2 Pages 719–762
            Zhiguo He, Si Li, Bin Wei, Jianfeng Yu
            Management Science
            January 2014 Vol. 60 Issue 1 Pages 1–264
            Zhiguo He, Arvind Krishnamurthy
            American Economic Review
            April 2013 Vol. 103 Issue 2 Pages 732–770
            Zhiguo He, Wei Xiong
            Journal of Financial Economics
            February 2013 Vol. 107 Issue 2 Pages 239–258
            Peter M. DeMarzo, Michael J. Fishman, Zhiguo He, Neng Wang
            The Journal of Finance
            December 2012 Vol. 67 Issue 6 Pages 2295–2340
            Zhiguo He, Wei Xiong
            The Review of Financial Studies
            June 2012 Vol. 25 Issue 6 Pages 1799–1843
            Zhiguo He, Wei Xiong
            American Economic Review
            May 2012 Vol. 102 Issue 3 Pages 88–94
            Zhiguo He
            The Review of Financial Studies
            May 2012 Vol. 25 Issue 5 Pages 1494–1549
            Zhiguo He, Arvind Krishnamurthy
            Review of Economic Studies
            April 2012 Vol. 79 Issue 2 Pages 735–777
            Zhiguo He, Wei Xiong
            The Journal of Finance
            April 2012 Vol. 67 Issue 2 Pages 391–430
            Zhiguo He
            Journal of Financial Economics
            May 2011 Vol. 100 Issue 2 Pages 351–366
            Zhiguo He, In Gu Khang, Arvind Krishnamurthy
            IMF Economic Review
            2010 Vol. 58 Issue 1 Pages 118–156
            Zhiguo He
            The Review of Financial Studies
            November 2009 Vol. 22 Issue 11 Pages 4787–482
            Zhiguo He
            The Review of Financial Studies
            February 2009 Vol. 22 Issue 2 Pages 859–892

            Working Papers

            Zhiguo He, Sheila Jiang, Douglas Xu January 2024
            Zhiguo He, Jing Huang, Cecilia Parlatore, Kristian Blickle December 2023
            Zhiguo He, Sheila Jiang, Douglas Xu, Xiao Yin October 2023
            Zhiguo He, Guanmin Liao, Baolian Wang August 2023
            Hanna Halaburda, Zhiguo He, Jiasun Li May 2023
            Zhiguo He, Scott Nelson, Yang Su, Anthony Lee Zhang, Fudong Zhang May 2023
            Zhiguo He, Yuehan Wang, Xiaoquan Zhu January 2023
            Zhiguo He, Jian Li January 2022
            Jiangze Bian, Zhi Da, Zhiguo He, Dong Lou, Kelly Shue, Hao Zhou March 2021

            Other Publications

            Zhiguo He, Wei Wei
            Annual Review of Economics
            September 2023 Vol. 15 Pages 451–483
            Zhiguo He, Jiasun Li, Zhengxun Wu
            WWW ’23 Companion: Companion Proceedings of the ACM Web Conference 2023
            April 2023 Pages 1078–1084
            Zhiguo He, Yunzhi Hu
            The Scandinavian Journal of Economics
            2023 Vol. 125 Issue 3 Pages 553–583
            Zhiguo He, Arvind Krishnamurthy
            NBER Reporter
            October 2020 Issue 3 Pages 20–24

            Book Chapters

            R. Aggarwal, D. Boneh, J. Cohen, L. Diamond, Darrell Duffie, E. Economy, Y.J. Fanusie, N. Ferguson, Hon. J.C. Giancarlo, L. Gloudeman, Zhiguo He, S. Hoffman, M.D. Johnson, S. Levey, S. Mandelker, D. Mazières, H.R. McMaster, E.S. Medeiros, N. Narula, M. Piazzesi, M. Pottinger, E. Prasad, R. Rajan, N. Schadlow, R. Sokolow, J.B. Taylor, G. Tiffert, R.M. Townsend, M. Turpin, K. Warsh, C. Xu
            Hoover Institution Publication (Editors: Darrell Duffie and Elizabeth Economy)
            2022
            Zhiguo He, Bibo Liu
            Impact Of Covid-19 On Asian Economies And Policy Responses (Eds. S. Agarwal, Z. He, B. Yeung)
            December 2020 Pages 55–64
            Marlene Amstad, Zhiguo He
            The Handbook of China's Financial System (Eds. Marlene Amstad, Guofeng Sun, and Wei Xiong)
            2019

            Insights by Stanford Business

            August 03, 2016
            When investors believe an asset is safe, their “flight to quality” helps make it so.
            • Warwick Business School Gillmore Centre Conference on Digital Currencies and DeFi, Keynote Speaker 2023
            • China Finance Review International & China International Risk Forum Joint Conference, Keynote Speaker 2023
            • 6th CEIBS Finance and Accounting Symposium, Keynote Speaker 2023
            • 2023 Luohan Academy Annual Digital Economy Conference, Keynote Speaker
            • CBDCs: Current Developments and Future Implications, CICC Global Institute (CGI) Forum, Panel Speaker 2023
            • 2023 Asia Meeting of the Econometric Society-China, Keynote Speaker
            • Academic Conference on Digital Economy Development and Governance, Keynote Speaker 2023
            • Opportunities and Challenges of Economic Sustainability in the Emerging Markets, Keynote Speaker 2022
            • The Seventh International Conference on Smart Finance, The University of Hong Kong, Keynote Speaker 2022
            • The Sixth China Financial Research Conference, Tsinghua University, Keynote Speaker 2022
            • The Fourth PHBS Macro Finance Workshop, Peking University, Keynote Speaker 2022
            • Brown China Summit, Brown University, Panel Speaker 2022
            • Fourteenth Annual Risk Management Conference, National University of Singapore, Plenary Speaker 2021
            • Closing Ceremony of 45th Anniversary of Universitas Sebelas Maret, Indonesia, Keynote Speaker 2021
            • China Fintech Research Conference, Keynote Speaker 2021
            • Mundell-Huangda Seminar, Renmin University of China, School of Finance, Speaker 2021
            • Harper Lecture “China’s Economy at a Crossroads: State and Market” at University of Chicago Alumni Association, Lecturer 2020
            • Testified at U.S.-China Economic and Security Review Commission Hearing on “China’s Quest for Capital: Motivations, Methods, and Implications,” Expert Witness 2020
            • China International Conference in Economics, Keynote Speaker 2019
            • Institute for Capacity Development (ICD), International Monetary Fund, Internal Economics Training (IET) Seminar Speaker 2019
            • Greater Bay Area Summer Finance Conference, Keynote Speaker 2019
            • Summer Research Boot Camp on Financial Intermediation and Markets, PBC School of Finance, Tsinghua University, Keynote Speaker 2019
            • Guanghua School of Management, Peking University, Keynote Speaker, Fintech Symposium 2019
            • Hanqing Advanced Institute of Economics and Finance, Renmin University, Keynote Speaker, Summer Finance Workshop 2019
            • Global Blockchain Summit in Shanghai, Keynote Speaker 2018, 2022
            • Summer Institute of Finance Conference, Shanghai, Keynote Speaker 2018
            • China Meeting of the Econometric Society, Shanghai, Keynote Speaker 2018
            • Conference on Globalization, Development, and Economic and Financial Stability, Tokyo, Keynote Speaker 2017
            • China Finance Annual Meeting, Keynote Speaker 2017
            • Study Center Gerzensee and Swiss Finance Institute, One-Week Lecture of Advanced Courses in Economics for Doctoral Students and Faculty Members 2017
            • Copenhagen Business School, Panel Member, External Evaluation for FRIC Center 2016
            • School of Finance Annual Conference, Nankai University, Keynote Speaker 2016