Andrew Winton
Contact
Education:
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AB 1980Mathematics Princeton University
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MBA 1982Finance University of Pennsylvania
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PhD 1990Finance University of Pennsylvania
Expertise:
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Corporate finance and governance, financial contracting, and security design.
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Structure, behavior, and regulation of financial institutions
Biography
Andrew Winton has been at the Finance Department of the University of Minnesota’s Carlson School of Management since 1998. He was at Northwestern University’s Kellogg Graduate School of Management from 1991 to 1998. He received an A.B. in Mathematics from Princeton University in 1980, an M.B.A. in Finance from the University of Pennsylvania (Wharton) in 1982, and a Ph.D. in Finance from the University of Pennsylvania in 1990. Before entering academia, he worked from 1982 to 1987 in the asset/liability management department of CoreStates Financial Corp.
Winton’s teaching and research focus on corporate finance, financial contracts, and financial institutions. Some of his current research topics are how banks' monitoring of loans affects borrower fraud incentives, banks' tradeoffs between reputation concerns and loan retention as incentives to screen or monitor borrowers, and how banks' retained loan shares vary over time. He has published in all of the top-ranked finance journals and is currently an Associate Editor of the Journal of Financial Intermediation and Journal of Money, Credit & Banking.
Selected Works & Activities
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"Risk Overhang and Loan Portfolio Decisions: Small Business Loan Supply Before and During the Financial Crisis," R. DeYoung, A. Gron, G. Torna, and A. Winton. Journal of Finance (2015)
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"The Flip Side of Financial Synergies: Coinsurance versus Risk Contamination," A. Banal-Estañol, M. Ottaviani, and A. Winton. Review of Financial Studies (2013).
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"Laying Off Credit Risk: Loan Sales versus Credit Default Swaps," C. Parlour and A. Winton. Journal of Financial Economics (2013).
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"Corporate Fraud and Business Conditions: Evidence from IPOs," T. Wang, A. Winton, and X. Yu, Journal of Finance (2010).
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"Bank Loans, Bonds, and Information Monopolies across the Business Cycle," J. Santos and A. Winton, Journal of Finance (2008).
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"Entrepreneurial Finance: Banks versus Venture Capital," A. Winton and V. Yerramilli, Journal of Financial Economics (2008).
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"Booms, Busts, and Fraud," P. Povel, R. Singh, and A. Winton, Review of Financial Studies (2007).
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"Moral Hazard and Optimal Subsidiary Structure for Financial Institutions," C. Kahn and A. Winton, Journal of Finance (2004).
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"Institutional Liquidity Needs and the Structure of Monitored Finance," A. Winton, Review of Financial Studies (2003).
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"Risk Overhang and Market Structure," A. Gron and A. Winton, Journal of Business (2001).
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"Ownership Structure, Speculation, and Shareholder Intervention," C. Kahn and A. Winton, Journal of Finance (1998).
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"Banking in Transition Economies: Does Efficiency Require Instability?," G. Gorton and A. Winton, Journal of Money, Credit, and Banking (1998).
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"Competition Among Financial Intermediaries When Diversification Matters," A. Winton, Journal of Financial Intermediation (1997).
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"Delegated Monitoring and Bank Structure in a Finite Economy," A. Winton, Journal of Financial Intermediation (1995).
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"Covenants and Collateral as Incentives to Monitor," R. Rajan and A. Winton, Journal of Finance (1995).
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"Costly State Verification and Multiple Investors: The Role of Seniority," A. Winton, Review of Financial Studies (1995).
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"Limitation of Liability and the Ownership Structure of the Firm," A. Winton, Journal of Finance (1993).
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Current Research
How corporate fraud varies with ownership structure and governance.
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Editorial Appointments
Associate Editor at Journal of Financial Intermediation and Journal of Money, Credit & Banking
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Current Research
How banks' monitoring of corporate loans affects borrowers' incentives to commit fraud
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Current Research
How credit exclusion and reinstatement policies affect overall economic performance and growth.