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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. 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.
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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.
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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
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More recently, He has been studying rapidly developing
Chinese financial markets and cryptocurrency. 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
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In 2008, He received the Lehman
Brothers Fellowship for Research Excellence in Finance and in 2014, he received a
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163:: he won the Brattle Group First Prize in 2012 for his paper “Rollover Risk and Credit Risk,” co-authored with
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is a
Chinese financial economist serving as the James Irvin Miller Professor of Finance at the
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263:"Professor Zhiguo He Appointed Inaugural Director of the Becker Friedman Institute in China"
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since 2024. He is also a faculty research associate at the
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University of
Chicago Booth School of Business faculty
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284:"Review of Asset Pricing Studies Editorial Board"
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122:. He was previously a professor of finance at
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159:. He has won both top paper prizes from the
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456:"Decentralized Mining in Centralized Pools"
304:He, Zhiguo; Krishnamurthy, Arvind (2013).
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175:. He was also named a Rising Star at
110:National Bureau of Economic Research
106:Stanford Graduate School of Business
580:Kellogg School of Management alumni
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179:’s 2018 Rising Stars Conference.
124:Chicago Booth School of Business
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126:. He earned his Ph.D. from the
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548:"2018 Rising Stars Conference"
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306:"Intermediary Asset Pricing"
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389:"何治国：中本聪不是救世主，去中心化或是乌托邦"
347:"蒙格斯智库：四万亿或是影子银行野蛮生长的肥料"
313:American Economic Review
24:. This article uses
16:The native form of this
610:Educators from Shaoxing
132:Northwestern University
90:Northwestern University
605:Sloan Research Fellows
411:"直击首届"金融界之夜"暨中美投资人研讨会"
112:, executive editor of
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391:. 13 September 2018
120:Tsinghua University
86:Tsinghua University
76:Stanford University
62:financial economics
177:Fordham University
161:Journal of Finance
26:Western name order
507:on March 14, 2018
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242:"Zhiguo He"
226:February 2,
218:"Zhiguo He"
202:February 2,
197:"Zhiguo He"
72:Institution
41:Nationality
569:Categories
553:October 9,
511:October 9,
485:October 9,
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440:October 4,
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395:October 4,
373:October 4,
352:October 4,
247:October 4,
183:References
165:Wei Xiong
102:Zhiguo He
35:Zhiguo He
22:He Zhiguo
532:March 2,
527:"Prizes"
289:March 2,
268:June 18,
138:Research
333:2686976
44:Chinese
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151:Awards
459:(PDF)
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329:S2CID
309:(PDF)
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58:Field
555:2019
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