- Fuji Bank and Heller Professor of Finance, University of Chicago, Booth School of Business
- Finance PhD program area advisor, University of Chicago, Booth School of Business
- Faculty co-director of the Fama-Miller Center, University of Chicago, Booth School of Business
- Research associate at NBER
- Special-term Alibaba Foundation Professor, Tsinghua University, School of Economics and Management
- Member of the academy committee, Luohan Academy
Professor He is interested in the implications of agency frictions and debt maturities in financial markets and macroeconomics with a special focus on contract theory and banking. His recent research focuses on the role of financial institutions in the 2007/08 global financial crisis. He is also actively conducting academic research on Chinese financial markets that have been undergoing rapid development, including the stock market, local government debt, shadow banking, and interbank markets together with recent regulation changes; in relation to this research, he teaches a newly created elective MBA course, “Chinese Economy and Financial Markets.” Besides research in Chinese financial markets, he has also been writing academic articles on new progress in the area of cryptocurrency and blockchains. His research has been published in leading academic journals including the American Economic Review, Econometrica, the Review of Economic Studies, the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics. He has been an associate editor for the Review of Financial Studies and Management Science and currently serves as an associate editor for the Journal of Finance.
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 in 2007, the Swiss Finance Institute Outstanding Paper Award in 2012, the Smith-Breeden First Prize in 2012, and the Brattle Group First Prize in 2014. In autumn 2015 he was the dean’s distinguished visiting scholar at Stanford University, Graduate School of Business and in winter 2020 he will be a visiting professor of finance at Yale University, School of Management. 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.
2019 - 2020 Course Schedule
||Corporate Finance I
||Chinese Economy and Financial Markets
Squash, badminton, the game of Go.
Corporate finance; contract theory; frictions in financial markets.
“Intermediary Asset Pricing,” 2013, with Arvind Krishnamurthy, American Economic Review 103(2),
“A Theory of Debt Maturity: the Long and Short of Debt Overhang, 2014,” with Douglas Diamond, Journal
of Finance 69, pp. 719–762.
Brattle Group First Prize, Journal of Finance 2014.
“Endogenous Liquidity and Defaultable Bonds,” 2014, with Konstantin Milbradt, Econometrica
82(4), pp. 1443–1508.
Best Paper Award, Utah Winter Finance Conference 2013
“Optimal Long-term Contracting with Learning,” 2017, with Bin Wei, Jianfeng Yu, and Feng Gao, Review
of Financial Studies 30, pp. 2006–2065.
“A Model of Safe Asset Determination,” 2019, with Arvind Krishnamurthy and Konstantin Milbradt,
American Economic Review 109, pp. 1230–1262.
Best Paper Award, Utah Winter Finance Conference 2018
“The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes,” 2019, with
Zhuo Chen and Chun Liu, forthcoming in the Journal of Financial Economics.
Best Paper Award, CFRC 2017
For a listing of research publications, please visit the university library listing