NBER Working Papers and Publications
|March 2018||Intermediary Asset Pricing and the Financial Crisis|
with Arvind Krishnamurthy: w24415
|Blockchain Disruption and Smart Contracts|
with Lin William Cong: w24399
|July 2017||The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes|
with Zhuo Chen, Chun Liu: w23598
|November 2016||Leverage Dynamics without Commitment|
with Peter DeMarzo: w22799
|May 2016||A Model of Safe Asset Determination|
with Arvind Krishnamurthy, Konstantin Milbradt: w22271
|February 2016||What Makes US Government Bonds Safe Assets?|
with Arvind Krishnamurthy, Konstantin Milbradt: w22017
Published: Zhiguo He & Arvind Krishnamurthy & Konstantin Milbradt, 2016. "What Makes US Government Bonds Safe Assets?," American Economic Review, vol 106(5), pages 519-523.
|January 2016||Dynamic Debt Maturity|
with Konstantin Milbradt: w21919
Published: Zhiguo He & Konstantin Milbradt, 2016. "Dynamic Debt Maturity," Review of Financial Studies, vol 29(10), pages 2677-2736.
|Intermediary Asset Pricing: New Evidence from Many Asset Classes|
with Bryan Kelly, Asaf Manela: w21920
Published: Zhiguo He & Arvind Krishnamurthy, 2013. "Intermediary Asset Pricing," American Economic Review, vol 103(2), pages 732-770.
|October 2014||Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle|
with Hui Chen, Rui Cui, Konstantin Milbradt: w20638
Published: Hui Chen & Rui Cui & Zhiguo He & Konstantin Milbradt, 2018. "Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle," The Review of Financial Studies, vol 31(3), pages 852-897.
|February 2014||A Macroeconomic Framework for Quantifying Systemic Risk|
with Arvind Krishnamurthy: w19885
|November 2012||Information Acquisition in Rumor Based Bank Runs|
with Asaf Manela: w18513
Published: Journal of Finance, Volume 71, Issue 3 June 2016 Pages 1113–1158
|September 2012||Endogenous Liquidity and Defaultable Bonds|
with Konstantin Milbradt: w18408
|July 2012||Inefficient Investment Waves|
with Péter Kondor: w18217
Published: Zhiguo He & Péter Kondor, 2016. "Inefficient Investment Waves," Econometrica, Econometric Society, vol. 84, pages 735-780, 03. citation courtesy of
|June 2012||A Theory of Debt Maturity: The Long and Short of Debt Overhang|
with Douglas W. Diamond: w18160
Published: Douglas W. Diamond & Zhiguo He, 2014. "A Theory of Debt Maturity: The Long and Short of Debt Overhang," Journal of Finance, American Finance Association, vol. 69(2), pages 719-762, 04. citation courtesy of
|March 2012||Debt Financing in Asset Markets|
with Wei Xiong: w17935
Published: Zhiguo He & Wei Xiong, 2012. "Debt Financing in Asset Markets," American Economic Review, American Economic Association, vol. 102(3), pages 88-94, May. citation courtesy of
|Debt and Creative Destruction: Why Could Subsidizing Corporate Debt be Optimal?|
with Gregor Matvos: w17920
Published: Zhiguo He & Gregor Matvos, 2016. "Debt and Creative Destruction: Why Could Subsidizing Corporate Debt Be Optimal?," Management Science, vol 62(2), pages 303-325.
|April 2010||Balance Sheet Adjustments in the 2008 Crisis|
with In Gu Khang, Arvind Krishnamurthy: w15919
Published: Balance Sheet Adjustment in the 2008 Crisis, 2010, with In Gu Khang and Arvind Krishnamurthy, IMF Economic Review 1 , pp. 118 - 156.
|January 2010||Rollover Risk and Credit Risk|
with Wei Xiong: w15653
Published: Zhiguo He & Wei Xiong, 2012. "Rollover Risk and Credit Risk," Journal of Finance, American Finance Association, vol. 67(2), pages 391-430, 04. citation courtesy of
|November 2009||Dynamic Debt Runs|
with Wei Xiong: w15482
Published: Dynamic Debt Runs, with Wei Xiong, 2012, Review of Financial Studies 25, pp. 1799-1843.
|December 2008||Delegated Asset Management, Investment Mandates, and Capital Immobility|
with Wei Xiong: w14574
Published: Journal of Financial Economics Volume 107, Issue 2, February 2013, Pages 239–258 Cover image Delegated asset management, investment mandates, and capital immobility ☆ Zhiguo Hea, b, E-mail the corresponding author, Wei Xiongc, b, Corresponding author contact information, E-mail the corresponding author
|Intermediary Asset Pricing|
with Arvind Krishnamurthy: w14517
Published: He, Zhiguo, and Arvind Krishnamurthy. 2013. "Intermediary Asset Pricing." American Economic Review, 103(2): 732-70. DOI: 10.1257/aer.103.2.732
|September 2008||A Model of Capital and Crises|
with Arvind Krishnamurthy: w14366
Published: A Model of Capital and Crises, 2012, with Arvind Krishnamurthy, Review of Economic Studies 79(2): pp. 735-777. Presentation Slides.