Professor Ian Tonks
Job Title: Professor of Finance
Subject Group: Accounting and Finance
Key Research Interests: Pensions, Directors Trading
Ian Tonks' research focuses on pension economics; fund manager performance; directors’ trading; market microstructure; and the new issue market. He has published in leading finance and economics journals, and teaches across all areas of financial economics including asset pricing, corporate finance, market efficiency and performance measurement. 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, the Bank of England, and the House of Commons Select Committee on issues in pensions. Ian's homepage
Recent Publications 2001 to date
Tonks I & Cannon E. (2008) Annuity Markets. Oxford University Press
Blake D, Rossi A, Timmermann A, Tonks I & Wermers R. (2012) Decentralized Investment Management: Evidence from the Pension Fund Industry. Journal of Finance
Liu W & Tonks I (2012) Corporate Expenditures and Financing Constraints Imposed by Pension Fund Status Oxford Bulletin of Economics and Statistics DOI:10.1111/j.1468-0084.2012 .00693 .x
Gregory A, Jeanes E, Tharyan R & Tonks I (2012) Does the stock market gender stereotype corporate boards? Evidence from the market’s reaction to directors’ trades British Journal of Management. DOI:10.1111/j.1467-8551.2011.00795.x
Cannon E &Tonks I (2012) The Value and Risk of Defined Contribution Pension Schemes: International Evidence. Journal of Risk and Insurance. DOI:10.1111/j.1539-6975.2011.01456.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
Gregory A, Tharyan R & Tonks I (2012) More than Just Contrarians: Insider Trading in Value and Glamour Stocks. European Financial Management DOI:10.1111/j.1468-036X.2011.00608.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.
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.
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.
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.
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
“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
“Pension Fund Deficits and Stock Market Efficiency: Evidence from the UK”, (with Weixi Liu), in Pension Fund Risk Management edited by Marco Micocci, Greg N. Gregoriou, Giovanni Masala (Chapman & Hall, 2010). Chapter 25. ISBN13: 9781439817520
“Pension Fund Management and Investment Performance”, in Oxford Handbook of Pensions and Retirement Income edited by G.L.Clark, A.H. Munnell and J.M. Orszag (Oxford University Press, 2006), Chapter 23, pp. 456-480. ISBN 0-19-927246-8.
“The Behavior of UK Annuity Prices from 1972-2002” (with Edmund Cannon), in E. Fornero and E. Luciano (eds.) Developing an Annuity Market in Europe, (Edward Elgar, 2004), Chapter 8, pp. 200-220. ISBN 1-84376-476-8.
“Measuring Pension Fund Performance in the UK”, in J. Knight and S. Satchell (eds.) Performance Measurement in Finance, (Butterworth-Heinemann, 2002), pp. 342-364. ISBN 0-7506-5026-5
Cannon, E. and I. Tonks (2011) “Annuity Markets: Welfare, Money’s Worth and Policy Implications” Netspar Panel Paper No. 24, June, 101 pages.
Blake, D., E. Cannon, and I. Tonks (2010b) “Ending Compulsory Annuitisation: quantifying the consequences” , Report for Pensions Institute, September 2010, 70 pages. ISSN 1367-580X.
Blake, D., E. Cannon and I. Tonks (2010a) “Ending Compulsory Annuitisation: what are the consequences” , Report for Pensions Institute, July 2010, 28 pages. ISSN 1367-580X.
Cannon, E. and I. Tonks (2009) Invited submission to House of Commons Work and Pensions Committee inquiry concerning “Tackling Pension Poverty Today in Great Britain”, TPP07, March 2009.
Cannon, E. and I. Tonks (2009) “Money’s worth of Pension Annuities” , Department of Work and Pensions Research Report No. 563, ISBN 978-1-84712-492-0, February 2009, 88 pages.
Cannon, E. and I. Tonks (2006) “Survey of Annuity Pricing”, Department of Work and Pensions Research Report No. 318, ISBN 1-84123-958-5, March 2006, 135 pages.