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 Tim Jenkinson 

Courses taught

MBA/MFE Private Equity
MBA/MFE Entrepreneurial Finance
EMBA Entrepreneurial Finance

Oxford Private Equity Programme

Oxford Private Equity Programme in China (with Peking University)

Institutional Private Equity Investing (with the European Private Equity and Venture Capital Association)

Expertise

Private equity.
Initial public offerings.
Regulation and the cost of capital.

Overview

Tim Jenkinson is Professor of Finance at the Saïd Business School, and is Director of the Oxford Private Equity Institute.

He is also Chairman of the economic consulting firm Oxford Economic Research Associates (Oxera), a director of the UK-listed investment fund PSource Structured Debt (LSE: PSD), and an academic advisor to KPMG's Global Valuation Institute. He has consulted for a large number of companies, regulators, government agencies and industry associations. He is a Professorial Fellow of Keble College, Oxford.

Tim joined the Saïd Business School in 2000. He was previously in the economics department at Oxford University, which he joined in 1987, and has also spent periods as a Visiting Professor at Dartmouth College. He initially studied economics as an undergraduate at Cambridge University, before going as a Thouron Fellow to the University of Pennsylvania, where he obtained a Masters in Economics. He then returned to the UK and obtained a DPhil in Economics from Oxford. 

Research interests

Tim Jenkinson's research is on private equity, initial public offerings (in particular the analysis of bookbuilding), and the cost of capital.

He has written widely on finance and economics and his work has been published in leading journals including the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Corporate Finance, Economic Journal and the European Economic Review.

He is a Director of the Oxford Private Equity Institute, Research Fellow of the Centre for Economic Policy Research, a Research Associate of the European Corporate Governance Institute and Managing Editor of the Oxford Review of Economic Policy.

Current working papers:

Abrahamson, M. and Jenkinson, T., 2012, Does transparency overcome conflicts of interest? Evidence from investment managers and their brokers, March

Jenkinson, T. and Sousa, M., 2011, Why SPAC investors should listen to the market, June  

Jenkinson, T. and Stucke, R., 2011, Who Benefits from the Leverage in LBOs?, February.

Axelson, U., Jenkinson, T., Stromberg, P. and Weisbach, M. February 2012, Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts, September

Jenkinson, T. and Ramadorai, T., 2010, Does one size fit all? The consequences of switching markets with different regulatory standards. February

Firla-Cuchra, M, Jenkinson, T, 2006, Why are securitization issues tranched?  January

Jenkinson, T, 2005, Public or private equity? How accelerated IPOs can increase competition in offerings

Journal articles:

Abrahamson, M., Jenkinson, T. and Jones, H., 2011, Why don't U.S. Issuers demand  European fees for IPOs? Forthcoming in the Journal of Finance. Executive summary available here.Jenkinson, T and Jones, H, 2009,  IPO pricing and allocation: a survey of the views of institutional investors, Review of Financial Studies, Vol. 22, pp 1477-1504.

Jenkinson, T. and Jones, H, October, 2008, Competitive IPOs, European Financial Management, Vol. 15, pp. 733-756.

Jenkinson, T and Jones, H, 2007, The economics of IPO stabilization, syndicates and naked shorts, European Financial Management, Vol 13, pp 616-642.

Jenkinson, T, Morrison, A & Wilhelm, W, 2006, 'Why are European IPOs so Rarely Priced Outside the Indicative Price Range?', Journal of Financial Economics, Vol 80, pp 185-209.

Jenkinson, T, & Jones, H, 2004, 'Bids and Allocations in European IPO Bookbuilding', Journal of Finance, Vol 59:5, pp 2309-2338.

Ljungqvist, A, Jenkinson, T, & Wilhelm, W, 2003, 'Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors', Review of Financial Studies, Vol 16:1, pp 63-99.

Jenkinson, T, 2003, 'Private Finance', Oxford Review of Economic Policy, Vol 19, pp 323-334.

Bell, L & Jenkinson, T, 2002, 'New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor', Journal of Finance, Vol 57:3, pp 1321-1345.

Jenkinson, T & Ljungqvist, A, 2001, 'The Role of Hostile Stakes in German Corporate Governance', Journal of Corporate Finance

Jenkinson, T, 1999,  'Real Interest Rates and the Cost of Capital', Oxford Review of Economic Policy, Vol 15:2, pp 114-127.

Corbett, J & Jenkinson, T, 1997, 'How is Investment Financed? A Study of Germany, Japan, UK and US', The Manchester School, Vol 65:1, pp 69-93.

Helm, D & Jenkinson, T, 1997, 'Introducing Competition into Regulated Industries', Oxford Review of Economic Policy, Vol 13:1, pp 1-14.

Bond, S & Jenkinson, T, 1996, 'Investment Performance and Policy', Oxford Review of Economic Policy, Vol 12:2, pp 1-29.

Corbett, J & Jenkinson, T, 1996, 'The Financing of Industry, 1970-89: An International Comparison', Journal of the Japanese and International Economies, Vol 10:1, pp 71-96.

Bhargava, S & Jenkinson, T, 1995, 'Explicit versus Implicit Profit Sharing and the Determination of Wages: Microeconomic Evidence from the UK', Labour, Vol 9:1, pp 73-95.

Dolado, JJ, Jenkinson, TJ & Sosvilla-Rivero, S, 1990, 'Cointegration and Unit Roots: A Survey', Journal of Economic Surveys, Vol 4:3, 1990, pp 249-273.

Jenkinson, TJ, 1990, 'Initial Public Offerings in the United Kingdom, the United States, and Japan', Journal of the Japanese and International Economies, Vol 4:4, pp 428-449.

Jenkinson, TJ & Trundle, JM, 1990,  'New Equity Issues in the UK: An Analysis of Market Performance', Bank of England Quarterly Bulletin, Vol 30:2, pp 243-252.

Jenkinson, TJ & Mayer, CM, 1988, 'The Privatisation Process in France and the UK', European Economic Review, Vol 34, pp 482-490.

Jenkinson, TJ, 1987, 'The Natural Rate of Unemployment - Does it Exist?', Oxford Review of Economic Policy, Vol 3(3), pp 20-26.

Beckerman, W & Jenkinson, TJ, 1986, 'What Stopped the Inflation? Unemployment or Commodity Prices?', Economic Journal, Vol 96(381), pp 39-54. 

Books:

Jenkinson, T & Ljungqvist, A., 2001, Going Public: The Theory and Evidence on How Companies Raise Equity Finance (2nd edition), Oxford University Press

Jenkinson, T, 2000, Readings in Macroeconomics (2nd edition), Oxford University Press,

Helm, D, & Jenkinson, T, 1998, Competition in Regulated Industries, Oxford University Press

Jenkinson, T & Mayer, C, 1994,  Hostile Takeovers, McGraw-Hill

Book chapters:

Jenkinson, T., 2009,  Private Equity in The European Economic Advisory Group Report on the European Economy, Munich: CESifo

Jenkinson, T, 2008,  The development and performance of European private equity, in Freixas, X, Hartmann, P and Mayer, C (eds), Handbook of European Financial Markets and Institutions. Oxford: OUP

Jenkinson, T, 2006,  'Regulation and the cost of capital', in Michael Crew and David Parker (Eds), International Handbook on Economic Regulation, Edward Elgar

Correia, L., Jenkinson, T. & Mayer, C., 2003,  'The Capital Structure of Water Companies' in D. Helm (Ed), Water, Sustainability and Regulation, Oxford: OXERA

Allsopp, C, Jenkinson, T & O'Shaughnessy, T, 2000,  'Does the Balance of Payments Matter?', in: Jenkinson, T (Ed), Readings in Macroeconomics (2nd edition), Oxford University Press,

Helm, D & Jenkinson, T, 2000, 'Introducing Competition into Regulated Utilities', in: Jenkinson, T (Ed), Readings in Macroeconomics (2nd edition), Oxford University Press

Bond, S & Jenkinson, T, 2000, 'Investment Policy', in: Jenkinson, T (Ed), Readings in Macroeconomics (2nd edition), Oxford University Press

Jenkinson, T, 1998, 'Corporate Governance and Privatisation via Initial Public Offering', Corporate Governance, State Owned Enterprises and Privatisation, OECD

Corbett, J & Jenkinson, T, 1998, 'German Investment Financing: an International Comparison', in: Black, SW & Moersh, M (Ed), Competition and Convergence in Financial Markets: The German and Anglo-American Models, Elsevier Science

Jenkinson, T & Mayer, C, 1997, 'Regulation, Diversification and the Separate Listing of Utilities', in: Beesley, M (Ed), Regulating Utilities: Broadening the Debate, Institutes of Economic Affairs.

Reports and podcasts:


Read the latest analysis of the private equity sector, written by Tim Jenkinson for the EEAG report 2009.

Listen to Tim Jenkinson's private equity podcast "The new kings of capitalism?" Part of the Times series on the Best of the MBA, the podcast was reviewed as "blissfully illuminating" !

Watch the webcast of Tim's presentation on the current state of the private equity market, given at the CFA Insitute European Investment Conference.

Watch the video of Tim Talking Management with McGill University's Karl Moore, part one and two.

Honours and awards:


Tim Jenkinson and Howard Jones were awarded the best paper prize by European Financial Management for their work on "The economics of IPO stabilization, syndicates and naked shorts". This was voted the best paper published in the journal during 2007.

Tim was awarded the Teaching Innovation Award by the 2007 graduating Executive MBA Class for his Private Equity course, which is co-taught with Damon Buffini, Managing Partner at Permira.

Speeches, conference presentations and papers:


Tim gave a speech at the Swedish Private Equity and Venture Capital Association conference, Riskkapital 09, in March 2009 on the subject of leverage and value creation.

Tim discussed the current state of the private equity market at the CFA Institute European Investment Conference in Amsterdam in December 2008. A webcast of the session is available.

Tim talked about recent developments in IPOs and their relevance to the growing equity markets in the Middle East region at a conference at the Dubai International Financial Center in October 2008.

Tim gave a keynote speech at the annual meeting of the European Financial Management Association in August 2008.

In April 2008, Tim organised an international conference on Initial Public Offerings, in collaboration with the European Financial Management Association.

In January 2008, Tim presented two papers at the American Finance Association meeting. The first paper Leverage and Pricing in Buyouts looks at the capital structure of private equity deals. The second analyses companies that switch between market segments which differ in their regulatory environment. The latest version of the paper can downloaded here.

Tim's paper with Howard Jones entitled "IPO pricing and allocations: a survey of the views of institutional investors" has been accepted for publication in the Review of Financial Studies. It was presented at meeting of the UK Society of Investment Professionals in June 2007 and at the  January 2007 American Finance Association conference in Chicago.

Tim discussed the role of the private equity sector on corporate control at a conference in October 2007 in Lisbon on "Challenges for the Control of Corporate Europe", organised by the European Corporate Governance Institute and the Portugese Securities Market Commission. 

In August 07, Tim gave a keynote speech discussing the implication of private equity for public markets at a conference on "The Economics of Private Equity" at the Swedish Institute for Financial Research in Stockholm. You can download the presentation.

On 12 June 2007, Tim Jenkinson gave evidence to the UK Treasury Select Committee, as part of its investigation into Private Equity. You can listen to the session by clicking here.

In June 2007, Tim spoke at a conference on Cost of Capital and Financing of Regulated Industries, organised by Xfi Centre for Finance and Investment, in collaboration with the Competition Commission

Tim Jenkinson gave a keynote speech in September 2006 at the International Forum on Venture Capital in Kyoto, Japan.

Tim Jenkinson explained the growing importance of the private equity sector at a seminar organised by the Institute for Public Policy Research in London in September 2006.

Contact Details

Said Business School
University of Oxford
Park End Street
Oxford
OX1 1HP
UK

Tim.Jenkinson@sbs.ox.ac.uk 

+44 (0)1865 288916