Dr Howard Jones is an Associate Professor of Finance at Saïd Business School, University of Oxford and a Fellow of Keble College, Oxford. His areas of expertise include initial public offerings, investment banks, institutional asset management, and private equity.
Howard joined Saїd Business School in 2003 after a 15-year career in investment banking. He had previously worked at Deutsche Bank and at BNP Paribas, where he was worldwide head of equity capital markets, responsible for all equity capital raising. Earlier in his career Howard worked in debt capital markets and fixed income trading. A graduate of the University of Oxford, Howard has a PhD in linguistics from the University of London.
Howard researches two main areas: initial public offerings (IPOs) and investment advice. His IPO research is concerned with the conflicts of interest between investment banks, investors and companies, and the effect of these conflicts on IPO outcomes. A recent paper examines the relationship between the IPO allocations banks make to investors and the broking business those banks do with the same investors. Another paper investigates the disparity in IPO fees between Europe and the U.S.
Howard’s research into investment advice deals with fund and stock recommendations. Recent papers include a study of the performance of the mutual funds which investment platforms recommend to individual investors as well as two papers exploring the fund recommendations institutional asset owners receive from investment consultants and the way in which they act on this advice (Picking winners? Investment consultants' recommendations of mutual funds and Institutional investor expectations, manager performace, and fund flows ). The paper on investment consultants won the Commonfund Prize 2015 and attracted considerable media attention from, among other outlets, the New York Times, The Financial Times, and Forbes. Another recent paper, this time on the value to investors of analysts’ stock recommendations, won the 2016 BlackRock prize at the 29th Australasian Finance and Banking Conference.
Howard’s published articles and working papers can be found at SSRN.
Howard has authored articles in the financial press and industry publications, including The Financial Times, The Wall Street Journal, Börsen-Zeitung, International Financing Review, and Professional Investor.
Howard’s interest in pension funds reflects his own experience as both a pension fund trustee and as an independent adviser to trustees. From 2004-11 he acted as Independent Adviser to the Trustees of The London Borough of Haringey Pension Fund.
On the policy side, Howard has served on a European Commission experts’ panel examining the role of investment analysts.
Howard’s teaching includes core finance courses and specialist courses on capital raising and market microstructure.
Howard currently teaches:
Saïd Business School
University of Oxford
Park End Street