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

School of Management research cited by European Central Bank President

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Professor Ian Tonks

The President of the European Central Bank (ECB), Mario Draghi, has cited the work of the School of Management’s Professor Ian Tonks in justifying the ECB’s expanded asset purchase programme in a major policy speech at the Watchers XVI Conference in Frankfurt on 11th March 2015.

Draghi explained that the work of Professor Tonks, ‘Institutional investor portfolio allocation, quantitative easing and the global financial crisis’, co-authored by The Bank of England’s Michael A S Joyce and Zhuoshi Liu, demonstrated how the portfolio balance channel works for large-scale asset purchase programmes:
“Model-based estimates show that as a consequence of the Bank of England’s quantitative easing programme, insurance companies and pension funds invested less in gilts and more in corporate bonds leading to price increases of both investment grade and non-investment grade corporate bonds”.

Working Paper No. 510, Institutional investor portfolio allocation, quantitative easing and the global financial crisis, Michael A.S. Joyce, Zhuoshi Liu and Professor Ian Tonks can be viewed online.

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General Notes For Editors:

The School of Management is one of the UK's leading business schools. Currently ranked 1st for Student Experience (Times Higher Education 2015) and 1st for Business Studies (The Times & Sunday Times University Guide 2016), we are a leading centre for management research - placed 8th in the UK in the latest REF2014.

We are one of a select number of international business schools accredited by EQUIS, the European Foundation for Management Development's quality inspectorate and the Bath MBA has been accredited by the Association of MBAs (AMBA) since 1976.

The centrality of research to teaching is an essential feature of all our programmes. The School offers a full range of programmes from undergraduate to postgraduate up to PhD level and post-experience programmes including the world-ranked Bath MBA. The School also provides tailored executive development programmes for middle and senior management.

The School of Management has a faculty of over 100 teaching and research staff, including visiting academics, with a professional support team of around 90 managerial and administrative staff. Research income averages £2 million per annum. There are approximately 2,400 students in total comprising some 150 MBA students, over 500 Master’s students, 250 full- and part-time research students, and over 1500 undergraduates following BSc degrees.