Tim Jenkinson is Professor of Finance at the Said Business School. One of the leading authorities on private equity, IPOs, and institutional asset management, Tim is renowned for his ability to collect critical, previously inaccessible, data by building strong links with institutional investors, banks and other players in the financial industry. His research is widely quoted and has been published in the top academic journals.
He is Director of the Private Equity Institute, Oxford, and is one of the founders of the Private Equity Research Consortium. Tim is a renowned teacher and presenter, and teaches executive courses on private equity, entrepreneurial finance, and valuation. He is a frequent keynote speaker at practitioner conferences and his research has recently been awarded the 2016 Harry Markowitz Prize (for his work on Private Equity returns), the 2015 Commonfund Prize (for the paper with the most relevance to institutional investors) and a 2014 Brattle Group Prize (awarded by the American Finance Association for the best research on corporate finance). He is also a Professorial Fellow at Keble College, University of Oxford and a Research Associate of the European Corporate Governance Institute.
Tim's published papers, and current working papers, are available at SSRN.
Outside of academe he is a partner at the leading economics consultancy Oxera, where he chairs the Remuneration Committee and Oxera Holdings Ltd. He specializes on financial regulation, asset management and the cost of capital, and has been an expert witness in several high-profile cases. Tim is also on the board of DFC Global Corporation
Tim joined Saïd Business School in 2000. He previously worked in the economics department at the University of Oxford, which he joined in 1987. 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.
Tim’s research currently focuses on three areas: private equity, initial public offerings (IPOs), and institutional asset management.
Tim is one of the foremost academic experts on private equity. His research has been very influential in evaluating the financial performance of private equity: a series of papers has shown that, on average, historical private equity returns have outpaced public market returns by 3% to 4% each year. His research has also demonstrated how the capital structure of leveraged buyouts can impact private equity performance. He was called on to provide evidence to the UK Treasury Select Committee when it held investigations into the private equity industry. Tim is one of the founders of the Private Equity Research Consortium, and serves on its advisory board.
Tim 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.
An emergent theme in Tim’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 for institutional investors. His paper on investment consultants won the 2015 Commonfund Prize. His paper How do private equity investments perform compared to private equity? with Robert S Harris and Steven N Kaplan won the 2016 Markowitz Award.
Tim's published papers, and current working papers, are available here.
Tim has held a number of influential advisory and consulting positions, in addition to his academic work and teaching. He is a partner at the leading European economic consulting firm Oxera and an academic advisor to KPMG's Global Valuation Institute. He is also on the board of DFC Global Corporation. He has previously held board positions in several funds and companies, including PSource Structured Debt (listed on the London Stock Exchange) and the utility comparison firm Verivox GmbH. Tim has consulted for a large number of companies, regulators, government agencies and industry associations.
Tim is frequently called upon as an expert witness for various litigation 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 a frequent keynote speaker at many academic and practitioner conferences, and is a frequent media commentator. His research has been featured in The Economist, Reuters, The Financial Times, The New York Times, Bloomberg and many other publications.
Tim teaches courses on entrepreneurial finance to MBA, EMBA and MFE students at Saïd Business School. He also runs the Oxford Private Equity Programme for executives and teaches on the Oxford-Chicago Valuation Programme. He has won many teaching awards, including the “Best Elective Teacher” award in 2014 for the EMBA Entrepreneurial Finance course he runs each year in Silicon Valley. A video about the course is available here.
Tim has also written a number of teaching cases, which are available here.
Saïd Business School
University of Oxford
Park End Street