Sign In

About us

Degree programmes

Executive education

Faculty & research

Centres

News & events

Corporate connections

Alumni

 Tim Jenkinson 

Tim Jenkinson is a Professor of Finance and head of the finance faculty at Saïd Business School, University of Oxford. He is also the Director of the Oxford Private Equity Institute. His areas of expertise include private equity, initial public offerings (IPOs), institutional asset management and the cost of capital.

Jenkinson is the leading European expert on IPOs and has conducted extensive research on the conflicts of interest inherent in the relationships between investment banks, investors and companies. His research has revealed how and why international investment banks charge significantly higher IPO fees to American companies compared with their European counterparts. This research on IPO discrepancies was published in the Journal of Finance and has attracted considerable media attention from publications such as The Economist, Reuters, The Financial Times, The New York Times, Wall Street Journal, Bloomberg, CNN, Time and various appearances on business new channels.

Jenkinson is one of the foremost academic experts on private equity – an industry that is often misunderstood by the general public and financial experts alike because it does not operate in the public domain. His private equity research has shown that, on average, historical private equity returns have outpaced public market returns by 3% to 4% each year, explaining the appeal of this little known industry. His research has demonstrated how the capital structure of leveraged buyouts can impact private equity performance. This research led the UK Treasury Select Committee to call upon him to provide evidence when it held investigations into the private equity industry. Jenkinson speaks at industry and academic conferences around the world and teaches a number of private equity classes in association with organisations such as the CFA Institute.

Jenkinson is Chairman of the economic consulting firm Oxera, Director of the UK-listed investment fund PSource Structured Debt 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 also a Professorial Fellow at Keble College, University of Oxford, a Research Fellow of the Centre for Economic Policy Research and a Research Associate of the European Corporate Governance Institute.
Jenkinson joined the finance faculty at Saïd Business School in 2000. He previously worked in the economics department at the University of Oxford, which he joined in 1987. He has also spent periods as a Visiting Professor at Dartmouth College. He 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.

Areas of expertise include:
   -   Private equity
   -   IPOs
   -   Institutional asset management
   -   Regulation of the cost of capital

  

Tim Jenkinson’s research focuses on four key fields: initial public offerings (IPOs), private equity, institutional asset management and regulation and the cost of capital. His research is based upon extensive financial data that he collects by forging close relationships with industry participants. He has built a reputation in the industry for his ability to collect critical, previously inaccessible, data from institutional investors and other players in the financial industry. Jenkinson’s research focuses on analysing data to understand the functioning of the financial industry.

Throughout his academic career Jenkinson has been recognised for his groundbreaking research. 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 frequent keynote speaker at academic and practitioner conferences and his work has won various prizes. For instance, Jenkinson and Howard Jones were awarded the best paper prize in 2007 by European Financial Management for their work on "The economics of IPO stabilization, syndicates and naked shorts". And his paper with Tarun Ramadorai on the costs and benefits of regulatory standards imposed by stock exchanges, Does one size fit all? The consequences of switching markets with different regulatory standards, was awarded the best paper prize at the “Financing Public and Private Firms: Fraud, Ethics and Regulation” conference co-sponsored by the CFA, Financial Analysts Journal, and the Schulich School of Business conference in April 2012.
 

IPOs and Conflicts of Interest
Jenkinson’s research into IPOs addresses the incentives and conflicts of interests that investment banks face when dealing with investors and issuing companies. For example, a recent paper titled “Why Don’t U.S. Issuers Demand European Fees for IPOs?”, published in the Journal of Finance, examines the inherent inequality in the investment banking system which grants European companies cheaper IPO fees compared with their US counterparts. Jenkinson is one of the few academics in the world to focus on conflicts of interest – which have become increasingly apparent in recent years – making him a key source of insight for policy makers, media commentators, the industry, and others with an interest in IPOs.

Related publications:
Abrahamson, M., Jenkinson, T. and Jones, H., 2011, Why don't U.S. Issuers demand  European fees for IPOs? The Journal of Finance.

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, 2005, Public or private equity? How accelerated IPOs can increase competition in offerings, working paper.

Private Equity
Jenkinson’s private equity research explains how the private equity industry operates and examines how to benchmark private equity returns against public markets. His research, based on extensive, often proprietary, data sets has refuted previous academic claims about the poor returns earned by investors in private equity funds. His research demonstrates that, on average, historical private equity returns have outpaced public market returns by a significant margin. His research also examines the role of leverage in private equity and how it affects financial performance. These investigations into private equity returns have led Jenkinson to analyse the venture capital industry as well, making him an expert in this important field.

Related publications:
Jenkinson, T,. Sousa, M. and Stucke, R., February 2013, How Fair are the Valuations of Private Equity Funds?

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

Harris, R., Jenkinson, T. and Kaplan, S. February 2012, Private Equity Performance: What Do We Know?, SSRN.

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

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

Harris, R., Jenkinson, T. and Stucke, R. October 2012, Are Too Many Private Equity Funds Top Quartile?, Journal of Applied Corporate Finance.

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.

Institutional Asset Management
An emergent theme in Jenkinson’s research focuses on the investment decisions of institutional investors such as asset managers, pension fund trustees and those that advise them – in particular investment consultants. Again, he has focused on the potential conflicts of interest that can face the various parties, and how this can lead to unnecessary complexity and higher costs.

Related publications:
Abrahamson, M. and Jenkinson, T., 2012, Does transparency overcome conflicts of interest? Evidence from investment managers and their brokers,  working paper.

Jenkinson, T.J. and Sousa, M. , 2011, “Why SPAC Investors Should Listen to the Market”, Journal of Applied Finance 21(2), 38-57.

Regulation of the Cost of Capital
Jenkinson has conducted extensive research on the cost of capital for businesses, specifically focusing on regulated industries. He has also contributed some important research to the question of whether higher regulatory standards are good for the investor. He has acted as an expert witness on a number of important cases involving the cost of capital as well as in his other areas of expertise.

Related publications:
Jenkinson, T. and Ramadorai, T., 2013, Does one size fit all? The consequences of switching markets with different regulatory standards, forthcoming European Financial Management

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

For a full listing of Jenkinson’s research interests and publications, please see his Curriculum Vitae and SSRN site.

Tim Jenkinson teaches classes on private equity and entrepreneurial finance to MBA students, EMBA students and MFE students at Saïd Business School. He also hosts private equity classes for executive programmes at the School and in Peking University, in Beijing, China. His classes are held in association with organisations such as the CFA Institute.

Jenkinson received the Teaching Innovation Award from the 2007 graduating Executive MBA Class for his Private Equity course.

“Private equity has fundamentally changed the corporate and financial landscape, yet its structure is not widely understood. My programmes give students a deeper understanding of the private equity phenomenon,” he says.

His private equity classes examine how the industry operates, how industry participants are incentivised and how private equity deals are structured. 

Jenkinson is a dynamic lecturer who focuses on learning through doing. “I encourage all participants in my courses to learn through practical applications - working through case studies I have developed, solving problems, constructing simple models - all of which are realistic examples of the way things work in the venture capital and leveraged buyout sectors,” says Jenkinson. He also draws upon his extensive experience of working with the industry.

Jenkinson’s classroom cases include:
   -  Aureos
   -  ElectroStore
   -  Oxford University Endowment Management
   -  Petco
   -  TopInvest

Jenkinson teaches or has taught on the following programmes:
   -  MBA/MFE Private Equity

   -  MBA/MFE Entrepreneurial Finance

   -  EMBA Entrepreneurial Finance
   -  Oxford Private Equity Programme (in association with the CFA Institute)
   -  Oxford Private Equity Programme in China (in association with Peking University)
   -  Institutional Private Equity Investing (with the European Private Equity and Venture Capital Association)

Tim Jenkinson has held a number of influential advisory and consulting positions, in addition to his academic work and teaching. He is chairman of the economic consulting firm Oxford Economic Research Associates (Oxera), director of the UK-listed investment fund PSource Structured Debt, and an academic advisor to KPMG's Global Valuation Institute.

He is on the boards of a number of listed companies in the UK and Europe and has completed consulting projects for companies, regulators, government agencies and industry associations. His consulting focuses on financial issues such as the cost of capital, corporate takeovers, price controls and financial regulations.

Jenkinson has been called upon as an expert witness for various court cases and judicial reviews, including for the Financial Times in a high-profile libel action regarding IPOs (2006).  He has also provided evidence to the UK Treasury Select Committee in 2007 about the functioning of the private equity industry.

He is highly sought after by journalists, industry figures, governments, policy makers and academics for his expertise in private equity and IPOs.  He is a frequent speaker at meetings on the evolution of the private equity industry and IPO markets and has been the keynote speaker at many events, including the annual meeting of the European Financial Management Association, the Swedish Institute for Financial Research and the International Forum on Venture Capital in Kyoto, Japan. 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.
Jenkinson is a frequent media commentator and his research has been featured in The Economist, Reuters, The Financial Times, The New York Times, Bloomberg and The Atlantic.

Recent media coverage:
Manchester United to become most valuable football club in the world, Daily Telegraph

Manchester United Seeks Double Valuation of Rival Clubs in IPO, Bloomberg Businessweek

U.S. Eyes Biggest IPO Week Since Facebook, The Wall Street Journal

Busted! How the IPO Market can grow from the Facebook fiasco, TIME Magazine

Facebook IPO: No 'Beatlemania' in Europe, CNN Money

Why Facebook Is Not Google, The Wall Street Journal

Facebook Insider Sales Unlikely to Dent IPO, The Wall Street Journal
Keep calm and carry on, The Economist

Bain or Blessing?, The Economist

The US IPO cartel, Reuters
Questions hang over IPO valuations, Financial Times

High I.P.O. Fees Weigh on U.S. Firms, Study Finds, The New York Times

Private equity is a force for good, The Atlantic

 

Contact Details

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

 

+44 (0)1865 288916 

 
Created at 20/08/2009 16:52  by James Davies 
Last modified at 07/05/2013 14:58  by Corinne Linekar