Zhiguo He

Professor, Finance

Zhiguo He

James Irvin Miller Professor of Finance

Academic Area:

Research Interests

  • Financial institutions
  • Financial Markets
  • Macroeconomics
  • Theory
  • Chinese Economy

Bio

Professor 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.

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 joining the Chicago Booth faculty in 2008, 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 Autumn 2015 Professor He was the Dean’s distinguished visiting scholar at Stanford University, Graduate School of Business, and in winter 2020 he is 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.”

Academic Degrees

  • PhD in Finance, Northwestern University, Kellogg School of Management, 2007
  • MS in Finance, Tsinghua University, School of Economics and Management, 2001
  • BS in Economics, Tsinghua University, School of Economics and Management, 1999

Academic Appointments

  • 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

  • Jeuck Faculty Fellow, Chicago Booth School of Business, 2020–22
  • Brattle Group First Prize, Journal of Finance, 2021
  • Nominee of Masahiko Aoki Award for Economics Paper, 2021
  • Distinguished Scholars, Rising Stars Conference at Fordham University, 2021
  • European Finance Association Best Conference Paper Prize, 2021
  • Chicago Booth Class of 2021 Phoenix Award, 2021
  • Review of Economics Studies Excellence in Refereeing Award, 2020
  • PwC 3535 Finance Forum Best Paper Award, 2020
  • Arthur Warga Award for Best Paper in Fixed Income, SFS Cavalcade North America, 2019
  • Rising Star, Rising Stars Conference at Fordham University, 2018
  • Best Paper Award, Utah Winter Finance Conference, 2018
  • XiYue Best Paper Award, Chinese International Conference in Finance, 2017
  • Best Paper Award, China Financial Research Conference, 2017
  • First Prize in China Finance Annual Meeting, 2017
  • American Economic Review Excellence in Refereeing Award 2013, 2017
  • Robert King Steel Faculty Fellow, UChicago Booth School of Business, 2014–15
  • Brattle Group First Prize, Journal of Finance, 2014
  • Alfred P. Sloan Research Fellowship, 2014
  • Chookaszian Endowed Risk Management Prize, 2013
  • Best Paper Award, Utah Winter Finance Conference, 2013
  • Robert King Steel Faculty Fellow, UChicago Booth School of Business, 2012–13
  • Amundi Smith-Breeden First Prize, Journal of Finance, 2012
  • Outstanding Paper Award, Swiss Finance Institute, 2012
  • Best Paper Award, Chinese Financial Association, 2012
  • Lehman Brothers Fellowship for Research Excellence in Finance, 2007

Publications

Journal Articles

Peter M. DeMarzo, Zhiguo He, Fabrice Tourre October 2023 Vol. 131 Issue 10
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, Maggie Rong Hu, Zhenping Wang, Vincent Yao
American Economic Review (conditionally accepted)
2023
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, Péter 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
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

Working Papers

Zhiguo He, Arvind Krishnamurthy, Konstantin Milbradt January 28, 2016

Teaching

Conferences, Talks & Speaking Engagements

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

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

Insights by Stanford Business

August 03, 2016
When investors believe an asset is safe, their “flight to quality” helps make it so.