Professor Ian Tonks

Professor Ian Tonks

Professor Ian Tonks
Professor of Finance and Interim Head of School Accounting and Finance

15-19 Tyndall's Park Rd, Bristol,
(See a map)

Telephone Number (0117) 39 41488

Department of Accounting and Finance


Ian Tonks is a Professor of Finance in the Department of Accounting and Finance at the University of Bristol. His research focuses on pension economics; annuities; fund management; directors’ trading; and market microstructure. He has published in leading finance, economics, accounting and management journals. He has previously held positions at universities of Bath, Exeter, Bristol and the London School of Economics; and has held visiting positions at: Bank of England (Senior Houblon-Norman Fellow); Financial Services Authority (ESRC Business Fellowship). He was a member of the ESRC’s Grant Advisory Panel 2012-2018; member of sub-panel 19 B&M for REF2014; and is a member of sub-panel 17 B&M for REF2021. He has acted as an expert witness in a legal case on financial regulation, and has provided advice to a number of commercial and regulatory organisations including London Stock Exchange, Competition Commission, Financial Services Authority, and Financial Conducts Authority; and has advised HM Treasury, Bank of England, Department of Work and Pensions, and House of Commons Work & Pensions Select Committee on issues in pensions.

Key publications

  1. Tonks, I & Goergen, M, 2019, ‘Introduction to special issue on sustainable corporate governance’. British Journal of Management, vol 30., pp. 1-7
  2. Bessler, W, Blake, D, Lückoff, P & Tonks, I, 2018, ‘Fund Flows, Manager Changes, and Performance Persistence*’. Review of Finance, vol 22., pp. 1911-1947
  3. Dargenidou, C, Tonks, I & Tsoligkas, F, 2018, ‘Insider trading and the post-earnings announcement drift’. Journal of Business Finance and Accounting, vol 45., pp. 482-508
  4. Rossi, AG, Blake, D, Timmermann, A, Tonks, I & Wermers, R, 2018, ‘Network centrality and delegated investment performance’. Journal of Financial Economics, vol 128., pp. 183-206
  5. Blake, D, Caulfield, T, Ioannidis, C & Tonks, I, 2017, ‘New Evidence on Mutual Fund Performance: A Comparison of Alternative Bootstrap Methods’. Journal of Financial and Quantitative Analysis, vol 52., pp. 1279-1299
  6. Joyce, MA, Liu, Z & Tonks, I, 2017, ‘Institutional Investors and the QE Portfolio Balance Channel’. Journal of Money, Credit and Banking, vol 49., pp. 1225-1246
  7. Cannon, ES & Tonks, I, 2016, ‘Cohort mortality risk or adverse selection in annuity markets?’. Journal of Public Economics, vol 141., pp. 68-81
  8. Cannon, ES, Stevens, R & Tonks, IP, 2015, ‘Price efficiency in the Dutch Annuity Market’. Journal of Pension Economics and Finance, vol 14., pp. 1-18
  9. Blake, D, Caulfield, T, Ioannidis, C & Tonks, I, 2014, ‘Improved inference in the evaluation of mutual fund performance using panel bootstrap methods’. Journal of Econometrics, vol 183., pp. 202-210
  10. Blake, D, Rossi, AG, Timmermann, A, Tonks, I & Wermers, R, 2013, ‘Decentralized Investment Management: Evidence from the Pension Fund Industry: Decentralized Investment Management’. Journal of Finance, vol 68., pp. 1133-1178

Latest publications

  1. Cannon, E, Tonks, I & Yuille, R, 2016, ‘The Effect of the Reforms to Compulsion on Annuity Demand’. National Institute Economic Review, vol 237., pp. R47-R54
  2. Cannon, E & Tonks, I, 2013, ‘The Value and Risk of Defined Contribution Pension Schemes: International Evidence’. Journal of Risk and Insurance, vol 80., pp. 95-119
  3. Gregory, A, Tharyan, R & Tonks, I, 2013, ‘More than Just Contrarians: Insider Trading in Glamour and Value Firms: More than Just Contrarians’. European Financial Management, vol 19., pp. 747-774
  4. Liu, W & Tonks, I, 2013, ‘Pension Funding Constraints and Corporate Expenditures*: Pension funding constraints’. Oxford Bulletin of Economics and Statistics, vol 75., pp. 235-258
  5. Gregory, A, Jeanes, E, Tharyan, R & Tonks, I, 2013, ‘Does the Stock Market Gender Stereotype Corporate Boards? Evidence from the Market's Reaction to Directors' Trades: Gender Stereotypes on Corporate Boards’. British Journal of Management, vol 24., pp. 174-190
  6. Gregg, P, Jewell, S & Tonks, I, 2012, ‘Executive Pay and Performance: Did Bankers’ Bonuses Cause the Crisis?: Executive Pay and Performance’. International Review of Finance, vol 12., pp. 89-122
  7. Tonks, I, 2010, ‘Discussion of To Trade or Not To Trade: The Strategic Trading of Insiders around News Announcements: DISCUSSION OF TO TRADE OR NOT TO TRADE’. Journal of Business Finance and Accounting, vol 37., pp. 408-421
  8. Liu, W & Tonks, I, 2009, ‘Alternative risk-based levies in the pension protection fund for multi-employee schemes’. Journal of Pension Economics and Finance, vol 8., pp. 451
  9. Tonks, I & Cannon, E, 2008, ‘Annuity Markets’. Oxford University Press
  10. Ellul, A, Shin, HS & Tonks, I, 2005, ‘Opening and Closing the Market: Evidence from the London Stock Exchange’. Journal of Financial and Quantitative Analysis, vol 40., pp. 779
  11. Tonks, I, 2005, ‘Performance Persistence of Pension‐Fund Managers*’. Journal of Business, vol 78., pp. 1917-1942
  12. Cannon, E & Tonks, I, 2004, ‘U.K. Annuity Rates, Money's Worth and Pension Replacement Ratios 1957-2002’. Geneva Papers on Risk and Insurance: Issues and Practice, vol 29 (3)., pp. 371 - 393
  13. Cannon, E & Tonks, I, 2004, ‘UK annuity price series, 1957-2002’. Financial History Review, vol 11 (2)., pp. 165 - 196
  14. Snell, A & Tonks, I, 2003, ‘A theoretical analysis of institutional investors' trading costs in auction and dealer markets’. Economic Journal, vol 113., pp. 576-597
  15. Acker, D, Stalker, MJ & Tonks, IP, 2002, ‘Daily Closing Inside Spreads and Trading Volumes Around Earnings Announcements’. Journal of Business Finance and Accounting, vol 29 (9&10)., pp. 1149 - 1179
  16. Friederich, S, Gregory, A, Matatko, J & Tonks, I, 2002, ‘Short-run Returns around the Trades of Corporate Insiders on the London Stock Exchange’. European Financial Management, vol 8 (1)., pp. 7 - 30
  17. Acker, D, Horton, JG & Tonks, I, 2002, ‘Accounting standards and analysts' forecasts: the impact of FRS3 on analysts' ability to forecast EPS’. Journal of Accounting and Public Policy, vol 21., pp. 193 - 217
  18. Tonks, I & Black, J, 2000, ‘Time Series Volatility of Commodity Futures Prices’. Journal of Futures Markets, vol 20., pp. 127 - 144
  19. Tonks, I, Gregory, A & Espenlaub, S, 2000, ‘Re-assessing the Long-Term Under-Performance of UK IPO's’. European Financial Management, vol 6., pp. 319-342
  20. Tonks, I & Espenlaub, S, 1998, ‘Post IPO Director's Sales and Reissuing Activity: An Empirical Test of IPO Signal’. Journal of Business Finance and Accounting, vol 25(9 & 10)., pp. 1037 - 1079
  21. Tonks, I, Espenlaub, S & Schuster, J, 1998, ‘Pricing patterns following IPO's’. Financial Markets Group, Quarterly Review.
  22. Tonks, I & Snell, A, 1998, ‘Testing for asymmetric information and inventory control effects in market maker behaviour on the London Stock Exchange’. Journal of Empirical Finance, vol 5., pp. 1 - 25
  23. Tonks, I, Gregory, A & Matatko, J, 1997, ‘Detecting Information from Director's Trades: Signal Definition and Variable Size’. Journal of Business Finance and Accounting, vol 24(3 & 4)., pp. 309 - 342
  24. Tonks, I, 1996, ‘The new issue market as a sequential equilibrium’. in: M Levis (eds) Empirical Issues in Raising Equity Capital. Amsterdam:Elsevier, pp. 261 - 278
  25. Tonks, I & Goodacre, A, 1996, ‘Finance and technological change’. in: P Stoneman (eds) Handbook of The Economics of Innovation and Technical Change. BB, pp. 298 - 341
  26. Tonks, I & Snell, A, 1995, ‘Determinants of price quote revisions on the London Stock Exchange’. Economic Journal, vol 105.

Full publications list in the University of Bristol publications system

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