Zhaozhao He

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

Zhaozhao He is an Associate 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 innovation strategies and incentives, corporate cash 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 by the Federal Reserve Bank of St. Louis on 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 academia such as 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 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 UNH 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

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

Selected Publications

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

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

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