WU awards honorary doctorate to financial economist Toni M. Whited

On May 13, 2026, WU Vienna University of Economics and Business awarded an honorary doctorate to Toni M. Whited, one of the most internationally recognized and influential scholars in financial economics. The honorary doctorate is WU’s highest academic distinction for exceptional scholarly achievement.

Toni M. Whited is a professor at the University of Michigan, Ann Arbor (USA). Her groundbreaking, methodologically innovative work has reshaped how financial economists think about corporate investment decisions, the effects of financial frictions, corporate capital structure, and how to draw credible conclusions from data. Her research has been published in leading academic journals and has had a lasting impact on both scholarly discourse and empirical practice.

Honoring a leading international financial economist

At the ceremony for conferring the honorary doctorate, WU Professor Josef Zechner from the Department of Finance, Accounting, and Statistics delivered a laudatory speech, following welcoming remarks by Rector Rupert Sausgruber and a speech by Senate Chair Anne d’Arcy. Zechner said, “Professor Whited is one of the world’s leading scholars in the field of corporate finance. Her research combines deep economic intuition with exceptional econometric rigor. One of her major achievements is showing that many supposed empirical ‘facts’ in finance were not facts at all but statistical illusions arising from measurement problems and econometric distortions. She is also an active mentor and a dedicated supporter of the next generation of scholars.”

Toni M. Whited was visibly honored to receive this high distinction from WU Vienna. She said, “It’s a great honor for me to receive an honorary doctorate from WU. After nearly two decades of teaching here, I appreciate the intellectual generosity of WU’s faculty and researchers, as well as the curiosity of its students, more than I can put into words. My sincere thanks go to the university for this award.”

About Toni M. Whited

Toni M. Whited is the Frederick G. L. Huetwell Professor of Economics at the University of Michigan, Ann Arbor. She earned her PhD from Princeton University in 1990. Her research focuses on corporate finance, particularly investment decisions, financial frictions, and liquidity policy. She has published numerous articles in leading academic journals, has received the Jensen Prize, and she is a two-time Brattle Prize winner, among many other honors and distinctions. Whited served as president of the Western Finance Association and has been editor in chief of the Journal of Financial Economics, one of the leading journals in finance, since 2021. Toni M. Whited has had a long-standing association with WU. She has been a visiting researcher for many years and is actively involved in the Vienna Graduate School of Finance, where she has played a key role in strengthening WU’s profile as an internationally recognized research hub in finance. Honorary doctorates are among the highest honors universities can bestow, and they are reserved for individuals who have distinguished themselves through exceptional academic achievements. The last time that WU awarded an honorary doctorate was in 2024, when the title was conferred upon to Susan Emmenegger from Switzerland, a luminary in the field of corporate law.

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