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Andrew Winton

Professor, Department Chair, and Minnesota Banking Industry Endowed Chair


  • AB 1980
    Mathematics Princeton University

  • MBA 1982
    Finance University of Pennsylvania

  • PhD 1990
    Finance University of Pennsylvania


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

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 bank capital levels interact with borrowers’ bargaining power to influence corporate loan rates, how reputation concerns influence banks’ incentives to screen or monitor borrowers, and how factors such as financial development and industry structure affect the incidence and detection of corporate financial fraud. He has published in all of the top-ranked finance journals and is an Associate Editor of the Journal of Finance, Journal of Financial Intermediation, and Journal of Money, Credit & Banking.

Selected Works

"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 (forthcoming)
"The Flip Side of Financial Synergies: Coinsurance versus Risk Contamination," A. Banal-Estañol, M. Ottaviani, and A. Winton. Review of Financial Studies (2013).
"Laying Off Credit Risk: Loan Sales versus Credit Default Swaps," C. Parlour and A. Winton. Journal of Financial Economics (2013).
"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 corporate fraud varies with industry structure

  • 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

Editorial Appointments

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

Scholarly Service

  • Recent Program Committee member for Western Finance Association Meeting, American Finance Association Meeting, and European Finance Association Meeting.

  • President and Program Chair, Financial Intermediation Research Society (FIRS).