Zhaozhao He

Phone: (603) 862-3355
Office: Accounting & Finance, Paul College Rm 339, Durham, NH 03824
zhaozhao he

Zhaozhao He is an Assistant Professor of Finance at the University of New Hampshire Paul College of Business. Her current research areas are in empirical corporate finance with specializations in corporate cash policy, innovation, 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 by the Federal Reserve Bank of St. Louis on current developments and issues in community banking. Her work has been published in leading academic journals including the Journal of Financial and Quantitative Analysis, Journal of Corporate Finance and Review of Industrial Organization.

Zhaozhao has received numerous research awards at national and regional scholarly conferences such as the McGraw-Hill/Irwin Distinguished Paper Award and the Outstanding Doctoral Student Paper Award at the 2014 Southwestern Finance Association, and the Best Doctoral Student Paper Award at the 2015 Southern Finance Association. Her research on mobile banking adoption was awarded as the best paper by a young scholar in the 2015 issues of Review of Industrial Organization. She is the recipient of the 2020 Outstanding Researcher of the Year Award at the Paul College.


  • 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
  • ACFI/FIN 805/705: Financial Institutions
  • ADMN 835: Financial Institutions
  • FIN 705: Financial Institutions

Selected Publications

He, Z., & Hirshleifer, D. A. (2020). The Exploratory Mindset and Corporate Innovation. Journal of Financial and Quantitative Analysis, forthcoming. Retrieved from https://ssrn.com/abstract=3378057

He, Z., & Wintoki, M. B. (2020). Who Benefits from Removing Mobility Restrictions?. Retrieved from https://ssrn.com/abstract=3209480

He, Z., & Ciccone, S. (2020). Too much liquidity? Seemingly excess cash for innovative firms. Financial Review, 55(1), 121-144. doi:10.1111/fire.12210

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., Han, Y., & Lijing, D. (n.d.). Cohabitation before marriage: do prior alliances enhance post-merger performance?. Review of Quantitative Finance and Accounting. doi:10.1007/s11156-019-00826-3

Most Cited Publications