Professor Tim Jenkinson
About
Professor Jenkinson is a leading expert on private equity, IPOs and institutional asset management.
His research on private equity has become the standard reference work for academics and practitioners. He has shown that, on average, historical private equity returns have outpaced public market returns by 3% to 4% each year, although this out-performance has narrowed in recent years. He has also demonstrated how the capital structure of leveraged buyouts can impact private equity performance, how attempting to time private equity investments has limited chance of success, and how private equity co-investments have performed well for investors.
Professor Jenkinson is also the leading European expert on initial public offerings (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. He has provided testimony on issues relating to buy-side information sharing in a recent regulatory case, and has held a number of influential advisory and consulting positions.
His work on institutional asset management includes his high-profile research on the role of investment consultants, in collaboration with the UK Financial Conduct Authority. The subsequent investigation by the UK Competition and Markets Authority can be traced back to this seminal research.
Professor Jenkinson has held a number of influential advisory and consulting positions. He is a partner of the economic consulting firm Oxera, an academic advisor to KPMG's Global Valuation Institute and he has served on the boards of a number of European start-up companies and investment funds. He is also currently a director of Schroder British Opportunities Trust. He has consulted for a large number of companies, regulators, government agencies and industry associations, and has acted as an expert witness in recent cases involving Formula 1, electricity cables, and a leading football franchise. In 2006, he acted as an expert witness for the Financial Times in a high-profile libel action regarding IPOs.
Expertise
- Private Equity
- IPOs
- Institutional asset management
- Regulated industries
- Corporate finance
Selected publications
- A full list of publications is available for download here
- Cookson, G., Jenkinson, T., Jones, H., and Martinez, J. (2020), “Best Buys and Own Brands: Investment Platforms’ Recommendations of Mutual Funds”, forthcoming Review of Financial Studies
- Brown, G., Harris, R., Hu, W., Jenkinson, T., Kaplan, S., and Robinson, D. (2020), “Can Investors Time Their Exposure to Private Equity”, forthcoming Journal of Financial Economics
- Braun, R., Jenkinson, T., and Schemmerl, C. (2020), “Adverse Selection and the Performance of Private Equity Co-investments”, Journal of Financial Economics 136, 44-62
- Jenkinson, T., Jones, H. and Suntheim, F. (2018), “Quid Pro Quo? What Factors Determine IPO Allocations to Investors?” Journal of Finance 73, 2303-2341
- Jenkinson, T., Jones, H. and Martinez, J. (2016), “Picking Winners: Investment Consultants’ Recommendations of Fund Managers”, Journal of Finance 71, 2333-2370. Winner: 2015 Commonfund prize for paper with the most impact on endowment asset management
- Harris, R., Jenkinson, T. and Kaplan, S.N. (2016), “How Do Private Equity Investments Perform Compared to Public Equity?” Journal of Investment Management 14, 1-24 (lead article). Winner of the 2016 Harry Markowitz Award
- Harris, R., Jenkinson, T. and Kaplan, S.N. (2014), “Private Equity Performance: What Do We Know?”, Journal of Finance 69, 1851-1882 (lead article)
- Axelson, U., Jenkinson, T., Stromberg, P. and Weisbach, M. (2013), “Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts”, Journal of Finance 68(6), 2223-2267 (lead article).
- “Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts” was awarded the Brattle Distinguished Paper Prize by the American Finance Association
Media experience
Professor Jenkinson is a frequent media commentator and his research has been featured in The Economist, Reuters, The Financial Times, The New York Times, Bloomberg and The Atlantic, among others.