Name: Ian Tonks

Job Title:

Professor of Finance


School of Management,

University of Bath

Room: WH8.64

Postal Address:

School of Management,
University of Bath,
Bath, BA2 7AY, UK



E-mail Address:

Text Box:

SUMMARY  OF  IAN  TONKS'  RESEARCH (last updated: April 2012)

1)    Annuities


Ian Tonks has produced a body of work  in the specialised field of annuities (all with Edmund Cannon).



·         Current research on stochastic money’s worth.

·         Current research on “Supply and demand for annuities

·         Paper on “Annuity markets: welfare, money’s worth and policy implications”, March, 2011

·         INTERNATIONAL IMPACT: Netspar panel paper presentation, Tilburg, Netherlands

·         Two reports on the government’s policy of removing compulsory annuitisation (with David Blake and Edmund Cannon): Report1 & Report2

·         IMPACT: Cited in HM Treasury (2010) response to consultation

·         IMPACT: Presentation at National Association of Pension Funds, Edinburgh, March 2011

·         Chapter on “Compulsory and voluntary annuities markets in the UK” in Securing Lifelong Retirement Income: Global Annuity Markets and Policy, Mitchell, Piggott & Takayama (OUP, 2011).

·         Book on Annuity Markets, published by Oxford University Press, 2008.

·         IMPACT: Interview on improving retirement choices

·         Report for DWP on money’s worth of pension annuities, 2009.

·         IMPACT: Article in Money Management, July 2009 commenting on report

·         Report for DWP on survey of annuity pricing, 2006.

·         IMPACT: Cited in HM Treasury Pre-Budget 2006 Report, which describes Cannon and Tonks (2006) as “The most comprehensive ever UK annuities pricing survey”

·         Paper on Pension replacement ratios in Geneva Papers, 2004.

2)    Directors' Trading and Executive Compensation


Ian Tonks (with Alan Gregory and others) has worked on issues around the topic of directors’ trades (corporate insiders), and executive compensation.



The IMPACT of this work is illustrated by the establishment of a directors’ dealing investment trust, described in:

·         IMPACT: Money Week 10th April 2008,

·         IMPACT Investors Chronicle 22nd July 2008

·         Current research on “Insider trading around mergers” and “Different Stock Market Patterns around Executives and Non-executive Directors’ Trades” (both with Alan Gregory and Rajesh Tharyan)

·         Current research on “When is insider trading a credible signal in corporate acquisitions?” (with Christina Dargenidou and Fanis Tsoligkas)

·         Paper on “More than just contrarians: insider trading in value and glamour firms”, (with Alan Gregory and Rajesh Tharyan) forthcoming European Financial Management, 2012

·         IMPACT: Interview with City Wire

·         Paper on “Does the stock market gender stereotype corporate boards? Evidence from the market’s reaction to directors’ trades” (with Alan Gregory. Emma Jeanes and Rajesh Tharyan), forthcoming British Journal of Management, 2012.

·         IMPACT: Response to Financial Reporting Council Gender Diversity on Boards Consultation Paper, July 2011

·         IMPACT: Cited by 30% Club

·         Paper on Executive pay and performance: Did bankers bonuses cause the crisis?”, (with Paul Gregg and Sarah Jewell), International Review of Finance, March 2012.

·         IMPACT: Cited in Department of Business, Innovation & Skills, Consultation paper on “Executive Remuneration”, Sept 2011

·         IMPACT: Response to Independent Committee on Banking Consultation, April 2011

·         INTERNATIONAL IMPACT: Response to EU Corporate Governance framework consultation, July 2011

·         INTERNATIONAL IMPACT: Interviewed on Russian State TV (estimated audience 140 million persons), January 2012.

·         Discussion of “To trade or not to trade”, Journal of Business Finance & Accounting, 2010.

3) Pensions



·         Paper on “The value and risk of defined contribution pension schemes: international evidence”, (with Edmund Cannon), forthcoming  Journal of Risk and Insurance, 2012.

·           IMPACT: Invited submission to House of Commons Select Committee: Tackling Pensioner Poverty (TPP07)

·         Paper on “Pension funding constraints and corporate expenditures” (with Weixi Liu), forthcoming Oxford Bulletin of Economics and Statistics, 2012.

·         Chapter on “Pension fund deficits and stock market efficiency” (with Weixi Liu) in Pension Fund Risk Management, Micocci, Gregoriou, & Masala (Chapman & Hall, 2010).

·         Paper on “Alternative risk-based levies in the pension protection fund for multi-employee schemes” (with Weixi Liu) in Journal of Pension Economics and Finance, 2009.

·         IMPACT: ICAS Pensions Report consultation, Dec 2010

·         Paper on Persistence in pension fund manager performance, in Journal of Business, 2005.

·         Paper (with Alan Gregory) on Performance persistence of personal pension schemes, Nov. 2006.

4) Fund management




·         Paper on “Why does Mutual Fund Performance not Persist? The Impact and Interaction of Fund Flows and Manager Changes”, (with Wolfgang Bessler, David Blake and Peter Lueckoff), Jan. 2011.

·         IMPACT: Financial Times, 28th March 2010

·         INTERNATIONAL IMPACT: Presentation at European Pension Fund Investment Forum, Zurich, June 2011

·         Paper on “Decentralized investment management” (with David Blake, Alberto Rossi, Allan Timmermann & Russ Wermers), forthcoming Journal of Finance, 2012.

·         IMPACT: Presentation at INQUIRE conference, March 2009

·         IMPACT: Financial Times, 10th January 2010

·         IMPACT: Response to Kay Review of UK Equity Markets: Call for Evidence, March 2012

·         Paper on persistence of poorly-performing US mutual funds, (with Jonathan Berk), July 2007.

·         IMPACT: New York Times, 29th April 2007

·         IMPACT: Financial Times, 7th May 2007

·         Chapter on Pension Fund Management in Clark, Munnell and Orszag, Oxford Handbook of Pensions (OUP, 2006).

·         IMPACT: ESRC Business Fellowship at Financial Services Authority, 2008/09


Other papers by Ian Tonks may also be downloaded from RePEc

Other papers by Ian Tonks may also be downloaded from SSRN