Andrew Winton

Andrew Winton

Professor, Department Chair, and Minnesota Banking Industry Endowed Chair
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

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.

  • Journal Articles
    "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)
  • Journal Articles
    "The Flip Side of Financial Synergies: Coinsurance versus Risk Contamination," A. Banal-Estañol, M. Ottaviani, and A. Winton. Review of Financial Studies (2013).
  • Journal Articles
    "Laying Off Credit Risk: Loan Sales versus Credit Default Swaps," C. Parlour and A. Winton. Journal of Financial Economics (2013).
  • Journal Articles
    "Corporate Fraud and Business Conditions: Evidence from IPOs," T. Wang, A. Winton, and X. Yu, Journal of Finance (2010).
  • Journal Articles
    "Bank Loans, Bonds, and Information Monopolies across the Business Cycle," J. Santos and A. Winton, Journal of Finance (2008).
  • Journal Articles
    "Entrepreneurial Finance: Banks versus Venture Capital," A. Winton and V. Yerramilli, Journal of Financial Economics (2008).
  • Journal Articles
    "Booms, Busts, and Fraud," P. Povel, R. Singh, and A. Winton, Review of Financial Studies (2007).
  • Journal Articles
    "Moral Hazard and Optimal Subsidiary Structure for Financial Institutions," C. Kahn and A. Winton, Journal of Finance (2004).
  • Journal Articles
    "Institutional Liquidity Needs and the Structure of Monitored Finance," A. Winton, Review of Financial Studies (2003).
  • Journal Articles
    "Risk Overhang and Market Structure," A. Gron and A. Winton, Journal of Business (2001).
  • Journal Articles
    "Ownership Structure, Speculation, and Shareholder Intervention," C. Kahn and A. Winton, Journal of Finance (1998).
  • Journal Articles
    "Banking in Transition Economies: Does Efficiency Require Instability?," G. Gorton and A. Winton, Journal of Money, Credit, and Banking (1998).
  • Journal Articles
    "Competition Among Financial Intermediaries When Diversification Matters," A. Winton, Journal of Financial Intermediation (1997).
  • Journal Articles
    "Delegated Monitoring and Bank Structure in a Finite Economy," A. Winton, Journal of Financial Intermediation (1995).
  • Journal Articles
    "Covenants and Collateral as Incentives to Monitor," R. Rajan and A. Winton, Journal of Finance (1995).
  • Journal Articles
    "Costly State Verification and Multiple Investors: The Role of Seniority," A. Winton, Review of Financial Studies (1995).
  • Journal Articles
    "Limitation of Liability and the Ownership Structure of the Firm," A. Winton, Journal of Finance (1993).
  • Current Research

    How corporate fraud varies with industry structure

  • Editorial Appointments

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

  • Current Research

    How banks' monitoring of corporate loans affects borrowers' incentives to commit fraud

  • Current Research

    Trade-offs between loan retention and reputation concerns as incentives for banks to screen and monitor loans that they originate

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