zhaozhao he

Zhaozhao He

Phone: (603) 862-3355
Office: Accounting & Finance, Paul College Rm 360H, Durham, NH 03824

Zhaozhao He is an Associate Professor of Finance at the University of New Hampshire Paul College of Business and Economics. Her research areas include corporate innovation strategies and incentives, corporate financial policy, labor mobility and product market interactions.

Zhaozhao has presented her research at prestigious conferences such as the Western Finance Association (WFA) annual meetings, where she received a Ph.D. Candidate Award for Outstanding Research. She was also invited for presentation at the Federal Reserve Bank of St. Louis discussing current developments and issues in community banking.

Her work on innovation has been published in academic journals across finance, economics and real estate fields including Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Real Estate Finance and Economics and Review of Industrial Organization. Her research has received numerous awards in the profession such as the McGraw-Hill/Irwin Distinguished Paper Award at the Southwestern Finance Association, Best Paper Award in Empirical Finance at the Southern Finance Association, Best Doctoral Student Paper Awards at Southwestern Finance Association and Southern Finance Association, and best paper by a young scholar in the annual issues of Review of Industrial Organization. She is the recipient of the 2020 Outstanding Researcher of the Year Award at Paul College of UNH.

Courses Taught

  • ACFI 705: Financial Institutions
  • ACFI/FIN 805/705: Financial Institutions
  • ADMN 570: Intro to Financial Management
  • ADMN 835: Financial Institutions
  • FIN 705: Financial Institutions


  • 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

Research Interests

  • Finance

Selected Publications

  • He, Z., Miletkov, M. K., & Staneva, V. (2023). New kids on the block: The effect of Generation X directors on corporate performance. Journal of Empirical Finance, 71, 66-87. doi:10.1016/j.jempfin.2023.02.001

  • Beracha, E., He, Z., Wintoki, M. B., & Xi, Y. (2022). On the Relation between Innovation and Housing Prices – A Metro Level Analysis of the US Market. The Journal of Real Estate Finance and Economics, 65(4), 622-648. doi:10.1007/s11146-021-09852-2

  • He, Z., & Hirshleifer, D. (2022). The Exploratory Mindset and Corporate Innovation. Journal of Financial and Quantitative Analysis, 57(1), 127-169. doi:10.1017/s0022109020000800

  • 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

  • Most Cited Publications