Profile

Tim is a leading authority on corporate finance—in particular private equity, IPOs, asset management, the cost of capital, and corporate valuation. He has worked on numerous consultancy projects and provided expert testimony over the last 25 years. He has advised companies and regulators in the gas, electricity, transport, water, telecoms, sports, media and financial services sectors, and his work on the cost of capital has played an important role in regulatory reviews and decisions. As well as being a Partner at Oxera, Tim is Professor of Finance at the Saïd Business School, Oxford University, where he is also Director of the Private Equity Institute. His research is widely quoted and has been published in top academic journals. He is a frequent keynote speaker at practitioner conferences and he has received many awards, including the 2016 Harry Markowitz Prize (for his work on private equity performance), 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).

Selected project experience

  • Expert witness for Bayern LB on the valuation of Formula 1 (2016–17)

  • Special Advisor to the UK Parliament Culture, Media and Sport Committee on financial issues associated with the regulation and structure of the broadband market (2016)

  • Work for Dollar Financial (UK) on affordability and conduct risk (2016)

  • BT on cost of capital issues (2011)

  • National Grid on financial aspects of price controls (2007)

  • Expert witness for the Financial Times in a high-profile libel action regarding IPOs (2006)

  • London Stock Exchange and the British Venture Capital Association on the London markets and private equity-backed IPOs (2005)

  • Adviser to the ORR on Network Rail’s price control and financial restructuring (2003)

  • Mid Kent Water Competition Commission case (2000)

Selected publications

Tim’s main academic work has been published in peer-reviewed journals. He has also published five books, including his acclaimed book on IPOs (Going Public), and a book of articles on Competition in Regulated Industries.

  • Harris, R., Jenkinson, T.J., Kaplan, S.N. and Stucke, R. (2017), ‘Financial Intermediation in Private Equity: How Well do Funds of Funds Perform?’, Journal of Financial Economics.

  • Braun, R., Jenkinson, T.J. and Stoff, I. (2017), ‘How Persistent is Private Equity Performance? Evidence from Deal-Level data’, Journal of Financial Economics, 123, pp. 273–91.

  • Jenkinson, T.J., Jones, H. and Martinez, J. (2016), ‘Picking Winners: Investment Consultants’ Recommendations of Fund Managers’, Journal of Finance, 71, pp. 2333–70.  Winner of the 2015 Commonfund prize for paper with the most impact on endowment asset management.

  • Harris, R., Jenkinson, T.J. and Kaplan, S.N. (2016), ‘How Do Private Equity Investments Perform Compared to Public Equity?’, Journal of Investment Management, 14, pp. 1–24 (lead article).

  • Harris, R., Jenkinson, T.J. and Kaplan, S.N. (2015), ‘Private Equity Performance: What Do We Know?’, Journal of Finance69, pp. 1841–82.

  • Axelson, U., Jenkinson, T.J., Stromberg, P. and Weisbach, M. (2013), ‘Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts’, Journal of Finance68, pp. 2223–67. Awarded the Brattle Distinguished Paper Prize by the American Finance Association.

  • Jenkinson, T.J. and Ramadorai, T. (2013), ‘Does One-Size-Fit-All? The Consequences of Switching Markets with Different Regulatory Standards’, European Financial Management19, pp. 852–86. Awarded the best paper prize at the CFA Financial Analysts Journal Schulich School of Business conference on ‘Financing Public and Private Firms: Fraud, Ethics and Regulation’ in April 2012.

  • Abrahamson, M., Jenkinson, T.J. and Jones, H. (2011), ‘Why Don’t U.S. Issuers Demand European Fees for IPOs?’, Journal of Finance66, pp. 2055–82.

  • Jenkinson, T.J. and Jones, H. (2009), ‘IPO pricing and allocation: a survey of the views of institutional investors’, Review of Financial Studies, 22:4, pp. 1477–504.

  • Jenkinson, T.J. and Jones, H. (2007), ‘The Economics of IPO stabilization, syndicates and naked shorts’, European Financial Management13:4, pp. 616–42. Awarded the prize for the best paper published in European Financial Management in 2007.

  • Jenkinson, T.J. (2007), ‘Regulation and the Cost of Capital’, in M. Crew and D. Parker (eds), International Handbook on Economic Regulation, Edward Elgar.

  • Jenkinson, T.J., Morrison, A. and Wilhelm, W. (2006), ‘Why are European IPOs so rarely priced outside the indicative price range?’, Journal of Financial Economics 80, pp. 185–209.

  • Jenkinson, T.J. and Jones, H. (2004), ‘Bids and Allocations in European IPO Bookbuilding’, Journal of Finance, 59:5, pp. 2309–38, October.

  • Ljungqvist, A., Jenkinson, T.J. and Wilhelm, W. (2003), ‘Global Integration in Primary Equity Markets: the Role of U.S. Banks and U.S. Investors’, Review of Financial Studies16:1, pp. 63–99. Reprinted as chapter 11, in J. Ritter (ed.) (2004), Recent Developments in Corporate Finance, Edward Elgar.

  • Bell, L. and Jenkinson, T.J. (2002), ‘New Evidence on the Impact of Dividend Taxation and on the Identity of the Marginal Investor’, Journal of Finance57:3, June, pp. 1321–46. Nominated for the Smith Breedon Prize awarded by the American Finance Association.

Qualifications

  • DPhil Economics, University of Oxford

  • MA Economics, Thouron Fellowship, University of Pennsylvania, USA

  • BA Economics, University of Cambridge