Zhiguo He

University of Chicago
Booth School of Business
5807 S. Woodlawn Avenue
Chicago, IL 60637
Tel: 773/834-3769

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
NBER Program Affiliations: CF
NBER Affiliation: Research Associate

NBER Working Papers and Publications

July 2017The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes
with Zhuo Chen, Chun Liu: w23598
November 2016Leverage Dynamics without Commitment
with Peter DeMarzo: w22799
May 2016A Model of Safe Asset Determination
with Arvind Krishnamurthy, Konstantin Milbradt: w22271
February 2016What 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 2016Dynamic 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 2014Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle
with Hui Chen, Rui Cui, Konstantin Milbradt: w20638
February 2014A Macroeconomic Framework for Quantifying Systemic Risk
with Arvind Krishnamurthy: w19885
November 2012Information Acquisition in Rumor Based Bank Runs
with Asaf Manela: w18513

Published: Journal of Finance, Volume 71, Issue 3 June 2016 Pages 1113–1158

September 2012Endogenous Liquidity and Defaultable Bonds
with Konstantin Milbradt: w18408
July 2012Inefficient 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 2012A 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 2012Debt 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 2010Balance 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 2010Rollover 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 2009Dynamic Debt Runs
with Wei Xiong: w15482

Published: Dynamic Debt Runs, with Wei Xiong, 2012, Review of Financial Studies 25, pp. 1799-1843.

December 2008Delegated 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 2008A 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.

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