University of Bath School of Management University of Bath School of Management

Professor Ian Tonks

Professor Ian Tonks

telephone +44 (0) 1225 384842


Leading Refereed Journal Papers
Other Outputs


Job Title:

Professor of Finance


Accounting, Finance & Law

Key Research Interests:

Pensions, directors trading

Research Interests

Ian Tonks' research focuses on pension economics; fund manager performance; corporate governance; directors’ trading and market microstructure. He has published in leading finance, accounting, economics and management journals. He has previously held positions at the Universities of Bristol and Exeter, the London School of Economics and has held visiting positions at: Bank of England (Senior Houblon-Norman Fellow); Financial Services Authority (ESRC Business Fellowship); University of British Columbia, Canada; Solvay Business School, Brussels; City University Business School; ENPC, Paris; and LSE Summer Schools in Moscow and St Petersburg. He has acted as a consultant to a number of commercial and regulatory organisations including the London Stock Exchange, the Competition Commission, and the Financial Services Authority, and has advised the Department of Work and Pensions, Bank of England, Financial Conducts Authority, and the House of Commons Select Committee on issues in pensions. He was a member of sub-panel 19 Business and Management for REF2014, is vice-chair of the Conference of Professors of Accounting and Finance, and is a member of ESRC GAP Panel C.

PhD Supervision

I am interested in supervising PhD students in the areas of pensions and corporate governance.


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Leading Refereed Journals Papers | Books | Other Outputs | Reports

Leading Refereed Journal Papers


Rossi, A., D. Blake, A. Timmermann, I. Tonks and R. Wermers, 2017, Networks and Pension Fund Performance, forthcoming, Journal of Financial Economics.

Joyce, M.A.S., Z. Liu and I. Tonks, 2017, Institutional investors and the QE portfolio balance channel, forthcoming, Journal of Money, Credit and Banking.

Bessler, W., D. Blake, P. Lueckoff and I. Tonks, 2017, Fund flows, manager change and performance persistence, forthcoming, Review of Finance. DOI: 10.1093/rof/rfx017.

Blake, D., T. Caulfield, C. Ioannidis & I. Tonks, 2017, New Evidence on Mutual Fund Out-Performance: A Comparison of Alternative Bootstrap Methods, Journal of Financial and Quantitative Analysis. Vol. 52, No. 3, June, pp.1-21. DOI: 10.1017/S0022109017000229.

Cannon, E.S., & I. Tonks, 2016, Cohort mortality risk or adverse selection in annuity markets?, Journal of Public Economics, Volume 141, Pages 68-81. DOI: 10.1016/j.jpubeco.2016.07.002.

Blake, D., T. Caulfield, C. Ioannidis & I. Tonks, 2014, Improved Inference in the Evaluation of Mutual Fund Performance using Panel Bootstrap Methods, Journal of Econometrics, 183(2): 202-210. DOI: 10.1016/j.jeconom.2014.05.010

Blake D., Rossi, A., Timmermann, A., Tonks, I. & Wermers, R. 2013. Decentralized Investment Management: Evidence from the Pension Fund Industry. Journal of Finance, 68(3): 1133-1178, DOI: 10.1111/jofi.12024.x.


► older publications

Liu, W. & Tonks, I. 2013. Corporate Expenditures and Financing Constraints Imposed by Pension Fund Status. Oxford Bulletin of Economics and Statistics, 75(2): 235-258, DOI: 10.1111/j.1468-00­84.201­2 .00693.x.

Gregory, A., Jeanes, E., Tharyan, R. & Tonks, I. 2013. Does the stock market gender stereotype corporate boards? Evidence from the market’s reaction to directors’ trades. British Journal of Management, 24(2): 174-190, DOI: 10.1111/j.1467-8551.2011.00795.x.

Cannon, E. &Tonks, I. 2013. The Value and Risk of Defined Contribution Pension Schemes: International Evidence. Journal of Risk and Insurance, 80(1): 95-119, DOI: 10.1111/j.1539-6975.2011.01456.x.

Gregory, A., Tharyan, R. & Tonks, I. 2013. More than Just Contrarians: Insider Trading in Value and Glamour Stocks. European Financial Management, 68(3): 1133-1178, DOI: 10.1111/j.1468-036X.2011.00608.x.

Gregg, P., Jewell, S. & Tonks, I. 2012. Executive Pay and Performance: Did Bankers' Bonuses Cause the Crisis? International Review of Finance, 12(1): 89-122, DOI: 10.1111/j.1468-2443.2011.01136.x.

Tonks, I. 2010. Discussion of Trade or not to trade: The Strategic Trading of Insiders Around News Announcements. Journal of Business Finance and Accounting, 37(3-4): 369-407, DOI: 10.1111/j.1468-5957.2010.02201.x.

Tonks, I. & Liu, W. 2009. Alternative Risk-based Levies in the Pension Protection Fund for Multi-employee Schemes. Journal of Pension Economics and Finance, 8(4): 451-483.

Ellul, A., Shin, H. & Tonks, I. 2005. Opening and Closing the Market: Evidence from the London Stock Exchange. Journal of Financial and Quantitative Analysis, 40(4): 779-801, DOI: 10.1017/S0022109000001976.

Tonks, I. 2005. Performance Persistence of Pension Fund Managers. Journal of Business, 78(5): 1917-1942, DOI: 10.2139/ssrn.1325410.

Cannon, E. & Tonks, I. 2004. UK Annuity Price Series 1957-2002. Financial History Review, 11(2): 165-96, DOI: 10.1017/S0968565004000125.

Cannon, E. & Tonks, I. 2004. UK Annuity Rates and Pension Replacement Ratios 1957-2002. The Geneva Papers, 29(3): 371-393, DOI: 10.1111/j.1468-0440.2004.00293.x.

Snell, A. & Tonks, I. 2003. Trading Costs of Institutional Investors in Auction and Dealer Markets. Economic Journal, 113(489): 576-597.

Hon, M. & Tonks, I. 2003. Momentum in the UK Stock Market. Journal of Multinational Financial Management, 13(1): 43-70.

Acker, D., Horton, J. & Tonks, I. 2002. The Impact of FRS3 on Analysts Abilities to Forecast Earnings per Share. Journal of Accounting and Public Policy, 21(3): 193-218, DOI: 10.1016/S0278-4254(02)00049-2.

Acker, D., Stalker, M. & Tonks, I. 2002. Daily Closing Inside Spreads and Trading Volumes around Earnings Announcements. Journal of Business Finance and Accounting, 29(9&10): 1149-1180, DOI: 10.1111/1468-5957.00465.

Matatko, J., Gregory, A., Tonks, I. & Friederich, S. 2002. Stock Price Patterns around the Trades of Corporate Insiders on the London Stock Exchange. European Financial Management, 8(1): 7-30, DOI: 10.1111/1468-036X.00174.

Thomas, A. & Tonks, I. 2001. Equity Performance of Segregated Pension Funds in the UK. Journal of Asset Management, 1(4): 321-343, DOI: 10.1057/palgrave.jam.2240025.


Tonks, I. & Cannon, E. 2008. Annuity Markets. Oxford University Press.

Other Outputs

Cannon, E.S., I. Tonks, & R. Yuille, 2016, The Effect of the Reforms to Compulsion on Annuity Demand NIESR Economic Review, No. 237, No. 1, R47-R54. DOI: 10.1177/002795011623700116.

Cannon, E., R. Stevens & I. Tonks, 2015, Price Efficiency in the Dutch Annuity Market, Journal of Pension Economics and Finance, 14(1): 1-18. DOI:

Blake, D., A. Rossi, A. Timmermann, I. Tonks & R. Wermers, 2015, Decentralization in Pension Fund Management,Journal of Investment Management, 13(3): 35-36.

Institutional investor portfolio allocation, quantitative easing and the global financial crisis (with M.A.S. Joyce and Z. Liu), Bank of England Working Paper No. 510, September 2014

Compulsory and Voluntary Annuity Markets in the UK, (with Edmund Cannon). In Securing Lifelong Retirement Income: Global Annuity Markets and Policy, edited by Olivia S. Mitchell, John Piggott and Noriyuki Takayama (Oxford University Press, 2011), Chapter 10, pp. 171-196. ISBN 978-0-19-959484-9.


Submitted responses to policy consultations: House of Commons Select Committee on Work and Pensions inquiry into Pension Protection Fund and Pensions Regulator (July/August 2016); FCA Asset management market study, February 2017; DWP Consultation on Security and Sustainability in Defined Benefit Pension Schemes, May 2017.

Cited in major policy speech by Mario Draghi (President, European Central Bank) at Watchers XVI Conference (11 March 2015) on adoption of quantitative easing in Euro Area.

Work on annuities cited in FCA Occasional Paper No. 5 "The value for money of annuities and other retirement income strategies in the UK" (December 2014).

Quoted in DWP White Paper Better Workplace Pensions: further measures for savers (Cm 8840) (March, 2014).

Advised HM Treasury on proposals to abolish compulsory annuitisation (August, 2010).


Cannon, E. & I. Tonks. 2011. “Annuity Markets: Welfare, Money’s Worth and Policy ImplicationsPDF Netspar Panel Paper No. 24, June, 101 pages.

Blake, D., Cannon, E., & Tonks, I. 2010b. “Ending Compulsory Annuitisation: quantifying the consequencesPDF, Report for Pensions Institute, September 2010, 70 pages. ISSN 1367-580X.

Blake, D., Cannon, E., & Tonks, I. 2010a. “Ending Compulsory Annuitisation: what are the consequencesPDF, Report for Pensions Institute, July 2010, 28 pages. ISSN 1367-580X.

Cannon, E. & Tonks, I. 2009. Invited submission to House of Commons Work and Pensions Committee inquiry concerning Tackling Pension Poverty Today in Great BritainPDF, TPP07, March 2009.

Cannon, E. & Tonks, I. 2009. “Money’s worth of Pension AnnuitiesPDF, Department of Work and Pensions Research Report No. 563, ISBN 978-1-84712-492-0, February 2009, 88 pages.

Cannon, E. & Tonks, I. 2006. “Survey of Annuity PricingPDF, Department of Work and Pensions Research Report No. 318, ISBN 1-84123-958-5, March 2006, 135 pages.