Zhiguo He

Zhiguo He is a Chinese financial economist serving as the Fuji Bank and Heller Professor of Finance at the University of Chicago Booth School of Business, where he has taught since 2008. He is also a research associate at the National Bureau of Economic Research, faculty director of BFI-China at the Becker Friedman Institute for Research in Economics, faculty co-director of the Fama-Miller Center, member of the academy committee at the Luohan Academy, and special-term Alibaba Foundation Professor of Finance at Tsinghua University. He earned his Ph.D. from the Kellogg School of Management at Northwestern University.[1][2]

The native form of this personal name is He Zhiguo. This article uses Western name order when mentioning individuals.
Zhiguo He
NationalityChinese
InstitutionUniversity of Chicago
Fieldfinancial economics, macroeconomics
Alma materTsinghua University
Northwestern University
Chinese name
Simplified Chinese何治国
Hanyu PinyinHé Zhìguó

Research

He’s research focuses on the implications of agency frictions and debt maturities in financial markets and macroeconomics, especially related to contract theory and banking. His most-cited paper “Intermediary Asset Pricing,” co-authored with Arvind Krishnamurthy, presents a model explaining financial crises in markets with complex securities such as mortgage-backed securities and corporate bonds. Complicating the traditional asset pricing literature, which considers financial intermediaries to be veils for household investors, this paper understands intermediaries to be marginal investors and offers a framework for understanding and evaluating government policies during such a financial crisis.[3]

More recently, He has been studying rapidly developing Chinese financial markets and cryptocurrency.[4][5][6][7] For example, “The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes,” co-authored with Zhuo Chen and Chun Liu, attributes the rise of shadow banking around 2013 in China to a stimulus loan hangover effect that results from the four-trillion-yuan stimulus package in 2009 and draws parallels to a similar phenomenon in the US national banking era.[8] His paper on cryptocurrency, “Decentralized Mining in Centralized Pools,” co-authored with L. William Cong and Jiasun Li, highlights that while risk sharing leads to the consolidation of mining pools, over-consolidation of mining pools is not a concern as long as miners can freely allocate their hash rates.[9]

Awards

In 2008, He received the Lehman Brothers Fellowship for Research Excellence in Finance and in 2014, he received a Sloan Research Fellowship.[10][11] He has won both top paper prizes from the Journal of Finance, winning the 2012 Brattle Group First Prize for his paper “Rollover Risk and Credit Risk,” co-authored with Wei Xiong, and the 2014 Amundi Smith-Breeden First Prize for his paper “A Theory of Debt Maturity: The Long and Short of Debt Overhang,” co-authored with Douglas Diamond.[12] He was also named a Rising Star at Fordham University’s 2018 Rising Stars Conference.[13]

References
  1. "Zhiguo He". Retrieved October 4, 2019.
  2. "Professor Zhiguo He Appointed Inaugural Director of the Becker Friedman Institute in China". Retrieved June 18, 2020.
  3. He, Zhiguo; Krishnamurthy, Arvind (2013). "Intermediary Asset Pricing". American Economic Review. 103 (2): 732–70. doi:10.1257/aer.103.2.732.
  4. "蒙格斯智库：四万亿或是影子银行野蛮生长的肥料". Retrieved October 4, 2019.
  5. "股灾后应反思改进跌停板制度". Retrieved October 4, 2019.
  6. "何治国：中本聪不是救世主，去中心化或是乌托邦". Retrieved October 4, 2019.
  7. "直击首届"金融界之夜"暨中美投资人研讨会". Retrieved October 4, 2019.
  8. "The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes" (PDF). Retrieved October 4, 2019.
  9. "Decentralized Mining in Centralized Pools" (PDF). Retrieved October 4, 2019.
  10. "Kellogg doctoral student wins $25,000 Lehman prize in finance". Retrieved October 9, 2019.
  11. "Past Fellows". Retrieved October 9, 2019.
  12. "Prizes". Retrieved October 9, 2019.
  13. "2018 Rising Stars Conference". Retrieved October 9, 2019.
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