Campuses:

Andrew Winton

Professor, Minnesota Chair in Banking and Finance
Finance

Education

  • AB 1980
    Mathematics Princeton University

  • MBA 1982
    Finance University of Pennsylvania

  • PhD 1990
    Finance University of Pennsylvania

Expertise

  • Corporate finance and governance, financial contracting, and security design.
  • Structure, behavior, and regulation of financial institutions

Andrew Winton received his PhD in finance from the University of Pennsylvania in 1990, where he received his MBA in finance in 1982. His expertise lies in the fields of financial contracting, security design, and corporate finance, as well as the structure, behavior, and regulation of financial institutions. His current research interests include how corporate fraud varies with industry structure, how bank loan rates vary with bank capital and borrower bargaining power, and the impact of bank reputation concerns on the performance of loans that they originate. He is an associate editor of the Journal of Finance, Journal of Financial Intermediation, and Journal of Money, Credit & Banking. He has published in all of those journals, as well as in the Journal of Financial Economics, Review of Financial Studies, and the Journal of Business. He is the President of the Financial Intermediation Research Society (FIRS) for 2011-12.

Selected Works

  • "Corporate Fraud and Business Conditions: Evidence from IPOs," T. Wang, A. Winton, and X. Yu, Journal of Finance (2010).
  • "Bank Loans, Bonds, and Information Monopolies across the Business Cycle," J. Santos and A. Winton, Journal of Finance (2008).
  • "Entrepreneurial Finance: Banks versus Venture Capital," A. Winton and V. Yerramilli, Journal of Financial Economics (2008).
  • "Booms, Busts, and Fraud," P. Povel, R. Singh, and A. Winton, Review of Financial Studies (2007).
  • "Moral Hazard and Optimal Subsidiary Structure for Financial Institutions," C. Kahn and A. Winton, Journal of Finance (2004).
  • "Institutional Liquidity Needs and the Structure of Monitored Finance," A. Winton, Review of Financial Studies (2003).
  • "Risk Overhang and Market Structure," A. Gron and A. Winton, Journal of Business (2001).
  • "Ownership Structure, Speculation, and Shareholder Intervention," C. Kahn and A. Winton, Journal of Finance (1998).
  • "Banking in Transition Economies: Does Efficiency Require Instability?," G. Gorton and A. Winton, Journal of Money, Credit, and Banking (1998).
  • "Competition Among Financial Intermediaries When Diversification Matters," A. Winton, Journal of Financial Intermediation (1997).
  • "Delegated Monitoring and Bank Structure in a Finite Economy," A. Winton, Journal of Financial Intermediation (1995).
  • "Covenants and Collateral as Incentives to Monitor," R. Rajan and A. Winton, Journal of Finance (1995).
  • "Costly State Verification and Multiple Investors: The Role of Seniority," A. Winton, Review of Financial Studies (1995).
  • "Limitation of Liability and the Ownership Structure of the Firm," A. Winton, Journal of Finance (1993).

Current Activities

Current Research

  • How bank loan rates vary with bank capital and borrower bargaining power
  • The impact of bank reputation concerns on the performance of loans that they originate
  • How corporate fraud varies with industry structure

Editorial Appointments

  • Associate Editor at Journal of Finance, Journal of Financial Intermediation, and Journal of Money, Credit & Banking

Scholarly Service

  • President and Program Chair, Financial Intermediation Research Society (FIRS).
  • Recent Program Committee member for Western Finance Association Meeting, American Finance Association Meeting, and European Finance Association Meeting.
Andrew Winton
(612) 624-0589
3-275 CarlSMgmt
Curriculum Vitae (79.4 KB)