Announcing the 2023 AFA Fellow:  Andrew Lo

Andrew W. Lo is the Charles E. and Susan T. Harris Professor, a Professor of Finance, and the Director of the Laboratory for Financial Engineering at the MIT Sloan School of Management.

Professor Lo’s current research spans three areas: evolutionary models of investor behavior and adaptive markets, quantitative models of financial markets, and healthcare finance. Recent projects include: an evolutionary explanation for bias and discrimination, and how to reduce their effects; a new analytical framework for measuring the impact of impact investing; and new statistical tools for predicting clinical trial outcomes, incorporating patient preferences into the drug approval process, and accelerating biomedical innovation via novel business and financing structures.

Professor Lo has published extensively in academic journals (see and his most recent book is Adaptive Markets: Financial Evolution at the Speed of Thought.  His awards include Batterymarch, Guggenheim, and Sloan Fellowships; the Paul A. Samuelson Award; the Eugene Fama Prize; the IAFE-SunGard Financial Engineer of the Year; the Global Association of Risk Professionals Risk Manager of the Year; the Harry M. Markowitz Award; the Managed Futures Pinnacle Achievement Award; one of TIME’s “100 most influential people in the world”; and awards for teaching excellence from both Wharton and MIT. He is a Fellow of Academia Sinica; the American Academy of Arts and Sciences; the Econometric Society; and the Society of Financial Econometrics.

Professor Lo holds a BA in economics from Yale University and an AM and PhD in economics from Harvard University. In January 2000, the Board of Directors of The American Finance Association instituted a Society of Fellows of the Association. The purpose of the society is to recognize those members who have made a distinguished contribution to the field of finance.