Staff profile

Xian joined Durham University Business School in June 2020 as an Associate Professor in Finance. Prior to this, she was an Associate/Assistant Professor in Finance at School of Finance of Central University of Finance and Economics (CUFE) in Beijing, Visiting Lecturer at Wharton School of University of Pennsylvania. Before these, she was a post-doctoral research fellow at the Wharton School of University of Pennsylvania.

Xian’s research interests are corporate finance, financial intermediation, 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. Her papers have won the Best Paper Awards at conferences including AsianFA (2019); CFRC (2019); CICF (2021); CFRC (2021).

Xian is currently the Deputy Director of the Centre for Banking, Institutions, and Development (CBID) at Durham University Business School. 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., & Kowalewski, O. (2018). Financial Structure and Economic Development. In T. Beck, & R. Levine (Eds.), Handbook of Finance and Development. Edward Elgar Publishing
• 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., 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
• 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
• 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
• Gu, X., Hasan, I., & Lu, H. (2022). Institutions and Corporate Reputation: Evidence from Public Debt Markets. Journal of Business Ethics, https://doi.org/10.1007/s10551-021-05020-x
• 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