Carlson School of Management

Andrew Winton

Winton,Andrew

Professor, Minnesota Chair in Banking and Finance
Carlson, Finance
3-275 CarlSMgmt
612/624-0589
winto003@umn.edu


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.


“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 research topics: 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.

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

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.

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Education

PhD, 1990
Finance
University of Pennsylvania

MBA, 1982
Finance
University of Pennsylvania

AB, 1980
Mathematics
Princeton University


Expertise


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