Staff profile

Xian is a Professor of Finance and a Co-Director of the Centre for Banking, Institutions, and Development (CBID) at Durham University Business School.

Before joining Durham University Business School, she was an Associate/Assistant Professor in Finance at Central University of Finance and Economics in Beijing, Visiting Lecturer at Wharton School of University of Pennsylvania. Prior to these, she was a post-doctoral research fellow at the Wharton School of University of Pennsylvania. She was also a visiting researcher at Hong Kong Monetary Authority and Bank of Finland. 

Xian’s research interests are financial intermediation, corporate finance, FinTech, law and finance. She has published academic papers in Journal of Financial Economics, Journal of International Economics, and Annual Review of Financial Economics, among others. 

She currently serves as an Associate Editor in Journal of Financial Stability.

Personal website

• Corporate Finance
• FinTech
• Financial Intermediation
• Law and Finance

Chapter in book

• Allen, F., Carletti, E., & Gu, X. (2019). The Roles of Banks in Financial Systems. In A. N. Berger, P. Molyneux, & J. O. Wilson (Eds.), The Oxford Handbook of Banking: Third Edition. Oxford University Press. https://doi.org/10.1093/oxfordhb/9780198824633.001.0001
• Allen, F., Gu, X., & Qian, J. “. (2018). The People’s Bank of China: From 1948 to 2016. In R. Edvinsson, T. Jacobson, & D. Waldenström (Eds.), Sveriges Riksbank and the History of Central Banking. Cambridge University Press. https://doi.org/10.1017/9781108140430.013
• Allen, F., Gu, X., & Kowalewski, O. (2018). Financial Structure and Economic Development. In T. Beck, & R. Levine (Eds.), Handbook of Finance and Development. Edward Elgar Publishing
• Allen, F., Carletti, E., & Gu, X. (2014). The Roles of Banks in Financial Systems. In A. N. Berger, P. Molyneux, & J. O. Wilson (Eds.), The Oxford Handbook of Banking, Second Edition (2 ed.). Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199688500.013.0002

Journal Article

• Allen, F., Gu, X., Li, C. W., Qian, J. "., & Qian, Y. (2023). Implicit guarantees and the rise of shadow banking: The case of trust products. Journal of Financial Economics, 149(2), 115-141. https://doi.org/10.1016/j.jfineco.2023.04.012
• Gu, X., Hasan, I., & Lu, H. (2023). Institutions and Corporate Reputation: Evidence from Public Debt Markets. Journal of Business Ethics, 183, 165–189. https://doi.org/10.1007/s10551-021-05020-x
• Ambrocio, G., Gu, X., & Hasan, I. (2022). Political ties and raising capital in global markets: Evidence from Yankee bonds. Journal of Corporate Finance, 74, Article 102223. https://doi.org/10.1016/j.jcorpfin.2022.102223
• Allen, F., Gu, X., & Jagtiani, J. (2022). Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China. Journal of International Money and Finance, 124, Article 102625. https://doi.org/10.1016/j.jimonfin.2022.102625
• Allen, F., & Gu, X. (2021). Shadow banking in China compared to other countries. Manchester School, 89(5), 407-419. https://doi.org/10.1111/manc.12331
• Allen, F., Gu, X., & Jagtiani, J. (2021). A Survey of Fintech Research and Policy Discussion. Review of corporate finance, 1(3-4), 259-339. https://doi.org/10.1561/114.00000007
• Gu, X., Hasan, I., & Zhu, Y. (2019). Political influence and financial flexibility: Evidence from China. Journal of Banking and Finance, 99, 142-156. https://doi.org/10.1016/j.jbankfin.2018.12.002
• Gu, X., Kadiyala, P., & Mahaney-Walter, X. W. (2018). How creditor rights affect the issuance of public debt: The role of credit ratings. Journal of Financial Stability, 39, 133-143. https://doi.org/10.1016/j.jfs.2018.11.001
• Allen, F., Bartiloro, L., Gu, X., & Kowalewski, O. (2018). Does economic structure determine financial structure?. Journal of International Economics, 114, 389-409. https://doi.org/10.1016/j.jinteco.2018.08.004
• Allen, F., & Gu, X. (2018). The Interplay between Regulations and Financial Stability. Journal of Financial Services Research, 53(2-3), 233-248. https://doi.org/10.1007/s10693-018-0296-7
• Allen, F., Qian, J. “., & Gu, X. (2017). An Overview of China's Financial System. Annual Review of Financial Economics, 9, 191-231. https://doi.org/10.1146/annurev-financial-112116-025652
• Gu, X., & Kowalewski, O. (2016). Creditor rights and the corporate bond market. Journal of International Money and Finance, 67, 215-238. https://doi.org/10.1016/j.jimonfin.2016.05.002
• Qian, J. “., Gu, X., & Allen, F. (2015). China’s Financial System: Growth and Risk. Foundations and Trends in Finance, 9(3-4), 197-319. https://doi.org/10.1561/0500000029
• Allen, F., Gu, X., & Kowalewski, O. (2012). Financial crisis, structure and reform. Journal of Banking and Finance, 36(11), 2960-2973. https://doi.org/10.1016/j.jbankfin.2012.06.002