Zhaozhao He

Virginia Paul Dee Professorship of Finance
Phone: (603) 862-3355
Office: Accounting & Finance, Paul College Rm 339, Durham, NH 03824
ZhaoZhao He

Zhaozhao He is an Assistant Professor of Finance in the Peter T. Paul College of Business and Economics at the University of New Hampshire. Her current research interests are in empirical corporate finance focusing on corporate cash policy, innovation, labor and product market interactions.

Zhaozhao has presented her research at prestigious conferences such as the Western Finance Association annual meetings, where she received a Ph.D. Candidate Award for Outstanding Research. She was also invited for presentation by the Federal Reserve Bank of St. Louis at the community banking research and policy conference. Her work has been published in the Journal of Corporate Finance and Review of Industrial Organization. Her research has received numerous awards including the McGraw-Hill/Irwin Distinguished Paper Award and the Outstanding Doctoral Student Paper Award at the 2014 Southwestern Finance Association, the Best Doctoral Student Paper Award at the 2015 Southern Finance Association annual meetings, and the 2015 best paper by a young scholar in the Review of Industrial Organization.


  • Ph.D., Finance, University of Kansas
  • M.B.A., Business Admin.&Managemt, University of Central Arkansas
  • B.S., Finance&Financial Mgmt Serv's, Shanghai University of International Business and Economics

Courses Taught

  • ACFI 705: Financial Institutions

Selected Publications

He, Z., & Hirshleifer, D. A. (2019). The Exploratory Mindset and Corporate Innovation. SSRN. Retrieved from https://ssrn.com/abstract=3378057

He, Z. (2018). Money held for moving stars: Talent competition and corporate cash holdings. Journal of Corporate Finance, 51, 210-234. doi:10.1016/j.jcorpfin.2018.06.002

He, Z., & Wintoki, M. B. (2016). The cost of innovation: R&D and high cash holdings in U.S. firms. Journal of Corporate Finance, 41, 280-303. doi:10.1016/j.jcorpfin.2016.10.006

He, Z. (2015). Rivalry, Market Structure and Innovation: The Case of Mobile Banking. Review of Industrial Organization, 47(2), 219-242. doi:10.1007/s11151-015-9466-z

He, Z., & Ciccone, S. (n.d.). Too much liquidity? Seemingly excess cash for innovative firms. Financial Review. doi:10.1111/fire.12210

Most Cited Publications