Winston Wei Dou

Winston Wei Dou
Assistant Professor of Finance
The Wharton School
University of Pennsylvania

Faculty Research Fellow
National Bureau of Economic Research (NBER)

Welcome!

Research Interests:

• Asset Pricing, Capital Markets;
• Industrial Organization (IO), Macroeconomics, Econometrics;
• Corporate Finance, Financial Institutions;
• Machine Learning, Artificial Intelligence (AI).

 

Biography:

Professor Winston (Wei) Dou is an Assistant Professor of Finance and the Golub Faculty Scholar at the Wharton School, University of Pennsylvania. He is a financial economist specializing in asset pricing, capital markets, industrial organization (IO), macroeconomics, and econometrics. His research primarily focuses on asset pricing and capital markets, integrating concepts, insights, modeling, and empirical tools from IO, macroeconomics, and econometrics. Professor Dou is dedicated to developing innovative theoretical models and establishing strong connections between these models and data, with a particular emphasis on model robustness.

Professor Dou’s research advances the understanding of strategic competition in both product and asset markets—including tacit collusion and implicit coordination—and, crucially, its role in shaping asset pricing and capital market dynamics. His work draws heavily on modern IO literature, which highlights the market power of industry leaders through strategic competition tactics across various industries. Additionally, his work explores the impact of AI technologies on financial markets and the associated regulatory measures.

Since joining Wharton, Professor Dou has taught three distinct courses across the undergraduate, MBA, and doctoral programs. He teaches one course on the derivatives markets for the undergraduate and MBA programs, and two different full-fledged courses for the doctoral program, focusing on Asset Pricing, Capital Markets, and Macro Finance. He has received the teaching excellence award at the Wharton School.

His research has been published in leading academic journals such as Econometrica, The Journal of Finance, The Journal of Financial Economics, The Review of Financial Studies, The Annals of Statistics, The Journal of the American Statistical Association, and Management Science. He currently serves as the Associate Editor of The Review of Finance, The Journal of Corporate Finance, and The Journal of Economic Dynamics and Control.

Professor Dou has been a faculty research fellow at the National Bureau of Economic Research (NBER) since 2022, and he was a Fama-Miller visiting professor at the Chicago Booth School of Business during the winter term of 2023. He has won numerous awards for his research at conferences and professional associations, including the NASDAQ Award for the Best Paper on Asset Pricing at the Western Finance Association (WFA), the AAII Award for the Best Paper on Investments at the Midwestern Finance Association (MFA), the Best Paper Award on Asset Pricing at the Northern Finance Association (NFA), the Best Paper Award at the Red Rock Finance Conference, the I. R. Savage Award by the American Statistical Association (ASA), the Richard A. Crowell Memorial Prize at PanAgora Asset Management, the CFA Institute Asia-Pacific Research Exchange Award, the Best Paper Award at the China International Conference in Macroeconomics (CICM), the Best Paper Award at the Melbourne Asset Pricing Meeting, the Jacob Gold & Associates Best Paper Prize at the ASU Sonoran Winter Finance Conference, and the IRF Best Paper Award at the Asian Finance Association. At the Wharton School, his research has also earned several awards, including the Marshall Blume Prize, the Jacobs Levy Prize, the Dean’s Research Fund Award (twice), and the Golub Faculty Scholar Award (twice).

Before joining Wharton, he completed his dissertation and received his doctoral degree in financial economics at MIT, and received another doctoral degree in statistics from Yale University. He obtained a B.S. in mathematics (primary) and another B.S. in economics from Peking University in China.