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Faculty Directory

Office: 575

Foster School of Business
University of Washington
Box: 353226
Seattle, WA 98195-3226

Competition exposes an industry's faults and inefficiencies. Globalization isn't the cause of the problem, but it does demonstrate the effect - sometimes very painfully. That's the nature of competition.

Kathryn Dewenter

Associate Professor of Finance
Joshua Green Family Endowed Professor


PhD University of Chicago (1993)
MBA Stanford University (1985)
MA Stanford University (1985)
BA Tufts University (1981)

Academic Expertise

financial institutions / banking
international finance


Financial Services

Current Research

International corporate finance including banking regulation, Foreign currency exposure, Stock market competition

Positions Held

At the University of Washington since 1992
Consultant for McKinsey & Company, 1985-1988
Banker for Asia Division of Chemical Bank, 1981-1983

Selected Publications

  1. Institutions and Deposit Insurance: Empirical Evidence
    Journal Article: Brogaard, J., Dewenter, K., & Hess, A., (forthcoming). Journal of Financial Services Research,
  2. Who Wins When Exchanges Compete? Evidence from Competition after Euro Conversion
    Journal Article: Dewenter, K., Han, X., & Koski, J., (forthcoming). Review of Finance,
  3. Anatomy of a Regulatory Race to the Top: Changes in Delisting Rules at Korea’s Two Stock Exchanges
    Journal Article: Dewenter, K., Kim, C., & Novaes, W., (2010). Journal of Corporate Finance, Vol. 16(4), pp. 456-468.
  4. Firm Values and Sovereign Wealth Fund Investments
    Journal Article: Dewenter, K., Han, X., & Malatesta, P., (2010). Journal of Financial Economics, Vol. 98(2), pp. 256-278.
  5. Can Event Study Methods Solve the Currency Exposure Puzzle?
    Journal Article: Dewenter, K., Higgins, R., & Simin, T., (2005). Pacific Basin Finance Journal, Vol. 13, pp. 119-144.
  6. The Risk-Sharing Role of Japanese Keiretsu Business Groups: Evidence from Restructuring in the 1990’s
    Journal Article: Dewenter, K., Higgins, R., & Simin, T., (2003). Japan and the World Economy, Vol. 15(3), pp. 261-274.
  7. Investment Bank Reputation and Relaxed Listing Requirements: Evidence from Infrastructure Firm IPOs in Hong Kong
    Journal Article: Dewenter, K., & Field, L., (2001). Pacific Basin Finance Journal, Vol. 9(2), pp. 101-117.
  8. State-Owned and Privately-Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity
    Journal Article: Dewenter, K., & Malatesta, P., (2001). The American Economic Review, Vol. 91(1), pp. 320-334.
  9. Visibility versus Complexity in Business Groups: Evidence from Japanese Keiretsu Firms
    Journal Article: Dewenter, K., Novaes, W., & Petway, R., (2001). The Journal of Business, Vol. 74(1), pp. 79-100.
  10. Does Stock Market Development Stimulate Savings?: Evidence from Emerging Stock Markets
    Journal Article: Bonser-Neal, C., & Dewenter, K., (1999). Contemporary Economic Policy, Vol. 17(3), pp. 370-380.
  11. An International Comparison of Banks’ Equity Returns
    Journal Article: Dewenter, K., & Hess, A., (1998). The Journal of Money, Credit and Banking, Vol. 30(3: Part 2), pp. 472-492.
  12. Dividends, Asymmetric Information, and Agency Conflicts: Evidence from a Comparison of the Dividend Policies of Japanese and U.S. Firms
    Journal Article: Dewenter, K., & Warther, V., (1998). Journal of Finance, Vol. 53(3), pp. 879-904.
  13. Public Offerings of State-Owned and Privately-Owned Enterprises: An International Comparison
    Journal Article: Dewenter, K., & Malatesta, P., (1997). Journal of Finance, Vol. 52(4), pp. 1659-1679.
  14. Are Intra-Industry Investment Patterns Consistent with Cost Disadvantages to Cross Border Investing? Evidence from the U.S. Chemical Industry
    Journal Article: Dewenter, K., (1995). Journal of International Business Studies, Vol. 26(4), pp. 843-859.
  15. Do Exchange Rate Changes Drive Foreign Direct Investment
    Journal Article: Dewenter, K., (1995). Journal of Business, Vol. 68(3), pp. 405-433.
  16. Does the Market React Differently to Domestic and Foreign Takeover Announcements? Evidence from the U.S. Chemical and Retail Industries
    Journal Article: Dewenter, K., (1995). Journal of Financial Economics, Vol. 37(3), pp. 421-441.

Honors and Awards

PACCAR Award for Teaching Excellence, 2016
Undergraduate Professor of the Year for Finance and Business Economics, 2008
Andrew V. Smith Faculty Development Award, 2006
William A & Helen I. Fowler Endowment for Special Achievement/Recognition Award, 2002
Neal and Jan Dempsey Fellowship, 2001-2002, 2002-2003
Faculty, Young President's Organization Summer University (Venice), 2001
Core Teaching Team of the Year for Spring, 2000
MBA Elective Professor of the Quarter for Spring, 1998
European Union Visitor's Program, 1996
Dean's International Research Award, 1996
Finalist for the Academy of International Business' R.N. Farmer Dissertation Award, 1994