Andrew W. Lo


Andrew W. Lo

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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.Lo's current research spans five areas: evolutionary models of investor behavior and adaptive markets, artificial intelligence and financial technology, healthcare finance, measuring the financial implications of impact investing, and financial engineering applications to funding "hard tech" innovation. 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; the potential for large language models to provide trustworthy financial advice to retail investors; new statistical tools for predicting clinical trial outcomes, incorporating patient preferences into the drug approval process and accelerating biomedical innovation via novel business, financing, and payment models; and novel approaches to financing fusion energy.Lo has published extensively in academic journals (see and his most recent book is The Adaptive Markets Hypothesis: An Evolutionary Approach to Understanding Financial System Dynamics.  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. His book Adaptive Markets: Financial Evolution at the Speed of Thought has also received a number of awards. He is a Fellow of the American Finance Association, Academia Sinica, the American Academy of Arts and Sciences, the Econometric Society, and the Society of Financial Econometrics.Lo is also a principal investigator at the MIT Computer Science and Artificial Intelligence Laboratory, an external faculty member of the Santa Fe Institute, and a research associate of the National Bureau of Economic Research. He has co-founded several asset management and biotech companies, and sits on the boards of several for-profit and non-profit public and private healthcare organizations.Lo holds a BA in economics from Yale University and an AM and PhD in economics from Harvard University.


JOIM honors Kritzman and Lo

February 20, 2024

GARP honors Lo as Risk Manager of the Year

Lo wins Jamieson Prize

Lo’s book wins PROSE Award

Lo wins 2021 digital teaching award

Pinnacle Achievement Award Given to Lo

Markowitz Award given to Lo


"Financially Adaptive Clinical Trials via Option Pricing Analysis."

Chaudhuri, Shomesh E., and Andrew W. Lo. Journal of Econometrics. Forthcoming.

"Is It Real or Is It Randomized?: A Financial Turing Test."

Hasanhodzic, Jasmina, Andrew W. Lo, and Emanuele Viola. Journal of Portfolio Management. Forthcoming. SSRN Preprint.

The Adaptive Markets Hypothesis.

Lo, Andrew W., and Ruixun Zhang. Oxford, UK: Oxford University Press, Forthcoming.

"Use of Bayesian Decision Analysis to Maximize Value in Patient-Centered Randomized Clinical Trials in Parkinson’s Disease."

Chaudhuri, Shomesh E., Zied Ben Chaouch, Brett Hauber, Brennan Mange, Mo Zhou, Stephanie Christopher, Dawn Bardot, Margaret Sheehan, Anne Donnelly, Lauren McLaughlin, Brittany Caldwell, Heather L. Benz, Martin Ho, Anindita Saha, Katrina Gwinn, Murray Sheldon, and Andrew W. Lo. Journal of Biopharmaceutical Statistics. Forthcoming.

"Macro-Finance Models with Nonlinear Dynamics."

Dou, Winston, Xiang Fang, Andrew W. Lo, and Harald Uhlig. Annual Review of Financial Economics Vol. 15, (2023): 407-432. SSRN Preprint.

"Accelerating Vaccine Innovation for Emerging Infectious Diseases via Parallel Discovery."

Barberio, Joseph, Jacob Becraft, Zied Ben Chaouch, Dimitris Bertsimas, Tasuku Kitada, Michael Li, Andrew W. Lo, Kevin Shi, and Qingyang Xu. In Entrepreneurship and Innovation Policy and the Economy, edited by Benjamin Jones and Josh Lerner, Chicago, IL: University of Chicago Press, 2023.

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