Details about Ian Tonks

Homepage:	http://iantonks.weebly.com/
Phone:	441173941488
Postal address:	University of Bristol Business School, 15-19 Tyndalls Park Road, Clifton, Bristol, BS8 1PQ, United Kingdom.
Workplace:	School of Accounting and Finance, University of Bristol, (more information at EDIRC)

Access statistics for papers by Ian Tonks.

Last updated 2025-04-07. Update your information in the RePEc Author Service.

Short-id: pto98

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Working Papers

2024

1. Nonstandard Errors
   Post-Print, HAL View citations (2)
   Also in Working Papers, Faculty of Economics and Statistics, Universität Innsbruck (2021) View citations (6)
   LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2024) View citations (2)
   Working Papers, Lund University, Department of Economics (2021)
   See also Journal Article Nonstandard Errors, Journal of Finance, American Finance Association (2024) View citations (2) (2024)

2015

2. Network centrality and pension fund performance
   CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (2)

2014

3. Institutional investor portfolio allocation, quantitative easing and the global financial crisis
   Bank of England working papers, Bank of England View citations (35)

2010

4. Decentralized Investment Management: Evidence from the Pension Fund Industry
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in MPRA Paper, University Library of Munich, Germany (2010)
   See also Journal Article Decentralized Investment Management: Evidence from the Pension Fund Industry, Journal of Finance, American Finance Association (2013) View citations (44) (2013)
5. Executive Pay and Performance in the UK
   FMG Discussion Papers, Financial Markets Group View citations (5)
   Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2010)
6. Why does mutual fund performance not persist? The impact and interaction of fund flows and manager changes
   MPRA Paper, University Library of Munich, Germany View citations (10)

2009

7. The Value and Risk of Defined Contribution Pension Schemes: International Evidence
   Bristol Economics Discussion Papers, School of Economics, University of Bristol, UK View citations (1)
   See also Journal Article The Value and Risk of Defined Contribution Pension Schemes: International Evidence, Journal of Risk & Insurance, The American Risk and Insurance Association (2013) View citations (2) (2013)

2007

8. Return Persistence and Fund Flows in the Worst Performing Mutual Funds
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (30)

2005

9. Executive Pay and Performance in the UK 1994-2002
   The Centre for Market and Public Organisation, The Centre for Market and Public Organisation, University of Bristol, UK View citations (11)

2004

10. (UBS Pensions series 22) Performance of Personal Pension Schemes in the UK
    FMG Discussion Papers, Financial Markets Group
11. Opening and Closing the Market: Evidence from the London Stock Exchange
    FMG Discussion Papers, Financial Markets Group View citations (4)
    Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2004) View citations (1)
    See also Journal Article Opening and Closing the Market: Evidence from the London Stock Exchange, Journal of Financial and Quantitative Analysis, Cambridge University Press (2005) View citations (35) (2005)
12. Performance of personal pension schemes in the UK
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (5)
13. UK Annuity Rates And Pension Replacement Ratios 1957-2002
    Royal Economic Society Annual Conference 2004, Royal Economic Society View citations (9)
    Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2003) View citations (2)

2003

14. (UBS Pensions series 8) UK Annuity Rates and Pension Replacement Ratios 1957 - 2002
    FMG Discussion Papers, Financial Markets Group View citations (1)

2002

15. (UBS Pensions Series 1) Performance Persistence of Pension Fund Managers
    FMG Discussion Papers, Financial Markets Group View citations (2)
16. Annuity Prices, Money's Worth and Replacement Ratios: UK experience 1972 - 2002
    The Centre for Market and Public Organisation, The Centre for Market and Public Organisation, University of Bristol, UK View citations (3)
17. Daily Closing Inside Spreads and Trading Volumes around Earnings Announcements
    FMG Discussion Papers, Financial Markets Group View citations (18)
    Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2002) View citations (19)
    See also Journal Article Daily Closing Inside Spreads and Trading Volumes Around Earnings Announcements, Journal of Business Finance & Accounting, Wiley Blackwell (2002) View citations (17) (2002)
18. Momentum in the UK stock market
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library
    Also in FMG Discussion Papers, Financial Markets Group (2002)
    See also Journal Article Momentum in the UK stock market, Journal of Multinational Financial Management, Elsevier (2003) View citations (43) (2003)
19. Performance Persistence of Pension Fund Managers
    Royal Economic Society Annual Conference 2002, Royal Economic Society View citations (5)
    Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2002) View citations (2)
    See also Journal Article Performance Persistence of Pension-Fund Managers, The Journal of Business, University of Chicago Press (2005) View citations (33) (2005)
20. The Behaviour of UK Annuity Prices from 1972 to the Present
    CeRP Working Papers, Center for Research on Pensions and Welfare Policies, Turin (Italy) View citations (1)
21. Trading Costs of Institutional Investors in Auction and Dealer Markets
    Edinburgh School of Economics Discussion Paper Series, Edinburgh School of Economics, University of Edinburgh

2000

22. The Profitability of Block Trades Auction and Dealer Markets
    FMG Discussion Papers, Financial Markets Group
    Also in Edinburgh School of Economics Discussion Paper Series, Edinburgh School of Economics, University of Edinburgh (1998)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2000)

1999

23. Stock Price Around the Trades of Corporate Insider on the London Stock Exchange
    FMG Discussion Papers, Financial Markets Group View citations (1)
24. Stock Price Patterns around the Trades of Corporate Insiders on the London Stock Exchange
    Cahiers de la Maison des Sciences Economiques, Université Panthéon-Sorbonne (Paris 1)
    Also in Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers), HAL (1999)
    Post-Print, HAL (1999)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (1999)
25. Time Series Volatility Commodity Futures Prices
    FMG Discussion Papers, Financial Markets Group View citations (3)
    See also Journal Article Time series volatility of commodity futures prices, Journal of Futures Markets, John Wiley & Sons, Ltd. (2000) View citations (2) (2000)
26. Time series of commodity futures prices
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library

1996

27. Excessive Dispersion of US Stock Prices: A Regression Test of Cross-Sectional Volatility
    FMG Discussion Papers, Financial Markets Group
28. Excessive stock price dispersion: a regression test of cross-sectional volatility
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library
29. The Equivalence of Screen Based Continuous-Auction and Dealer Markets
    FMG Special Papers, Financial Markets Group
30. Using time series methods to assess information and inventory effects in a dealer market in Il-liquid stocks
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library
31. Utilising Time Series Methods to Assess Information and Inventory Effects in a Dealer Market in Illiquid Stocks
    FMG Discussion Papers, Financial Markets Group View citations (1)

1993

32. UK Directors Trading: The Impact of Dealings in Smaller Firms
    FMG Discussion Papers, Financial Markets Group View citations (7)
    Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (1993)
    See also Journal Article UK Directors' Trading: The Impact of Dealings in Smaller Firms, Economic Journal, Royal Economic Society (1994) View citations (31) (1994)

1981

33. Bayesian Learning and the Optimal Investment Decision of the Firm
    The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics
    Also in Economic Research Papers, University of Warwick - Department of Economics (1981)
    See also Journal Article Bayesian Learning and the Optimal Investment Decision of the Firm, Economic Journal, Royal Economic Society (1983) View citations (14) (1983)

Journal Articles

2024

1. Nonstandard Errors
   Journal of Finance, 2024, 79, (3), 2339-2390 View citations (2)
   See also Working Paper Nonstandard Errors, Post-Print (2024) View citations (2) (2024)

2022

2. Smart defaults: Determining the number of default funds in a pension scheme
   The British Accounting Review, 2022, 54, (4) View citations (1)

2018

3. Fund Flows, Manager Changes, and Performance Persistence*
   (Does motivation matter when assessing trade performance? An analysis of mutual funds)
   Review of Finance, 2018, 22, (5), 1911-1947 View citations (3)
4. Insider trading and the post†earnings announcement drift
   Journal of Business Finance & Accounting, 2018, 45, (3-4), 482-508 View citations (9)
5. Network centrality and delegated investment performance
   Journal of Financial Economics, 2018, 128, (1), 183-206 View citations (44)

2017

6. Institutional Investors and the QE Portfolio Balance Channel
   Journal of Money, Credit and Banking, 2017, 49, (6), 1225-1246 View citations (19)
7. New Evidence on Mutual Fund Performance: A Comparison of Alternative Bootstrap Methods
   Journal of Financial and Quantitative Analysis, 2017, 52, (3), 1279-1299 View citations (13)

2016

8. Cohort mortality risk or adverse selection in annuity markets?
   Journal of Public Economics, 2016, 141, (C), 68-81 View citations (6)
9. The Effect of the Reforms to Compulsion on Annuity Demand
   National Institute Economic Review, 2016, 237, (1), R47-R54 View citations (5)
   Also in National Institute Economic Review, 2016, 237, R47-R54 (2016) View citations (1)

2015

10. Price efficiency in the Dutch Annuity Market*
    Journal of Pension Economics and Finance, 2015, 14, (1), 1-18 View citations (6)

2014

11. Improved inference in the evaluation of mutual fund performance using panel bootstrap methods
    Journal of Econometrics, 2014, 183, (2), 202-210 View citations (13)

2013

12. Decentralized Investment Management: Evidence from the Pension Fund Industry
    Journal of Finance, 2013, 68, (3), 1133-1178 View citations (44)
    See also Working Paper Decentralized Investment Management: Evidence from the Pension Fund Industry, CEPR Discussion Papers (2010) (2010)
13. More than Just Contrarians: Insider Trading in Glamour and Value Firms
    European Financial Management, 2013, 19, (4), 747-774 View citations (3)
14. Pension Funding Constraints and Corporate Expenditures
    Oxford Bulletin of Economics and Statistics, 2013, 75, (2), 235-258 View citations (7)
15. The Value and Risk of Defined Contribution Pension Schemes: International Evidence
    Journal of Risk & Insurance, 2013, 80, (1), 95-119 View citations (2)
    See also Working Paper The Value and Risk of Defined Contribution Pension Schemes: International Evidence, Bristol Economics Discussion Papers (2009) View citations (1) (2009)

2012

16. Executive Pay and Performance: Did Bankers’ Bonuses Cause the Crisis?
    International Review of Finance, 2012, 12, (1), 89-122 View citations (18)

2010

17. Discussion of To Trade or Not To Trade: The Strategic Trading of Insiders around News Announcements
    Journal of Business Finance & Accounting, 2010, 37, (3‐4), 408-421

2009

18. Alternative risk-based levies in the pension protection fund for multi-employee schemes*
    Journal of Pension Economics and Finance, 2009, 8, (4), 451-483

2005

19. Opening and Closing the Market: Evidence from the London Stock Exchange
    Journal of Financial and Quantitative Analysis, 2005, 40, (4), 779-801 View citations (35)
    See also Working Paper Opening and Closing the Market: Evidence from the London Stock Exchange, FMG Discussion Papers (2004) View citations (4) (2004)
20. Performance Persistence of Pension-Fund Managers
    The Journal of Business, 2005, 78, (5), 1917-1942 View citations (33)
    See also Working Paper Performance Persistence of Pension Fund Managers, Royal Economic Society Annual Conference 2002 (2002) View citations (5) (2002)

2004

21. U.K. Annuity Rates, Money's Worth and Pension Replacement Ratios 1957–2002
    The Geneva Papers on Risk and Insurance - Issues and Practice, 2004, 29, (3), 371-393 View citations (3)

2003

22. A theoretical analysis of institutional investors' trading costs in auction and dealer markets
    Economic Journal, 2003, 113, (489), 576-597 View citations (5)
23. Momentum in the UK stock market
    Journal of Multinational Financial Management, 2003, 13, (1), 43-70 View citations (43)
    See also Working Paper Momentum in the UK stock market, LSE Research Online Documents on Economics (2002) (2002)

2002

24. Accounting standards and analysts' forecasts: the impact of FRS3 on analysts' ability to forecast EPS
    Journal of Accounting and Public Policy, 2002, 21, (3), 193-217 View citations (7)
25. Daily Closing Inside Spreads and Trading Volumes Around Earnings Announcements
    Journal of Business Finance & Accounting, 2002, 29, (9‐10), 1149-1179 View citations (17)
    See also Working Paper Daily Closing Inside Spreads and Trading Volumes around Earnings Announcements, FMG Discussion Papers (2002) View citations (18) (2002)
26. Short‐run Returns around the Trades of Corporate Insiders on the London Stock Exchange
    European Financial Management, 2002, 8, (1), 7-30 View citations (68)

2001

27. Equity performance of segregated pension funds in the UK
    Journal of Asset Management, 2001, 1, (4), 321-343 View citations (19)

2000

28. Re‐assessing the long‐term underperformance of UK Initial Public Offerings
    European Financial Management, 2000, 6, (3), 319-342 View citations (10)
29. Time series volatility of commodity futures prices
    Journal of Futures Markets, 2000, 20, (2), 127-144 View citations (2)
    See also Working Paper Time Series Volatility Commodity Futures Prices, FMG Discussion Papers (1999) View citations (3) (1999)

1998

30. Post‐IPO Directors’ Sales and Reissuing Activity: An Empirical Test of IPO Signalling Models
    Journal of Business Finance & Accounting, 1998, 25, (9‐10), 1037-1079 View citations (12)
31. Testing for asymmetric information and inventory control effects in market maker behaviour on the London Stock Exchange
    Journal of Empirical Finance, 1998, 5, (1), 1-25 View citations (12)

1997

32. Detecting Information from Directors' Trades: Signal Definition and Variable Size Effects
    Journal of Business Finance & Accounting, 1997, 24, (3), 309-342 View citations (39)

1995

33. Determinants of Price Quote Revisions on the London Stock Exchange
    Economic Journal, 1995, 105, (428), 77-94 View citations (13)

1994

34. UK Directors' Trading: The Impact of Dealings in Smaller Firms
    Economic Journal, 1994, 104, (422), 37-53 View citations (31)
    See also Working Paper UK Directors Trading: The Impact of Dealings in Smaller Firms, FMG Discussion Papers (1993) View citations (7) (1993)

1993

35. A cross-sectional variance bounds test
    Economics Letters, 1993, 42, (4), 373-377 View citations (1)

1992

36. Asset price variability in a rational expectations equilibrium
    European Economic Review, 1992, 36, (7), 1367-1377 View citations (3)
37. Trading Rules and Excess Volatility
    Journal of Financial and Quantitative Analysis, 1992, 27, (3), 365-382 View citations (4)

1991

38. Cross-sectional Volatility on the U.K. Stock Market
    The Manchester School of Economic & Social Studies, 1991, 59, 72-80

1990

39. Asset Price Variability under Asymmetric Information
    Economic Journal, 1990, 100, (400), 67-77 View citations (2)
40. Take-overs: Unlocking corporate value
    European Management Journal, 1990, 8, (1), 126-129

1989

41. Are U.K. Stock Prices Excessively Volatile? Trading Rules and Variance Bounds Tests
    Economic Journal, 1989, 99, (398), 1083-98 View citations (32)
42. The Internationalisation of Stock Markets and the Abolition of U.K. Exchange Control
    The Review of Economics and Statistics, 1989, 71, (2), 332-36 View citations (123)

1986

43. The demand for information and the diffusion of a new product
    International Journal of Industrial Organization, 1986, 4, (4), 397-408 View citations (1)

1984

44. A Bayesian Approach to the Production of Information with a Linear Utility Function
    The Review of Economic Studies, 1984, 51, (3), 521-527 View citations (1)

1983

45. Bayesian Learning and the Optimal Investment Decision of the Firm
    Economic Journal, 1983, 93, (369a), 87-98 View citations (14)
    See also Working Paper Bayesian Learning and the Optimal Investment Decision of the Firm, The Warwick Economics Research Paper Series (TWERPS) (1981) (1981)

Books

2008

1. Annuity Markets
   OUP Catalogue, Oxford University Press View citations (34)

Chapters

2004

1. The behavior of UK annuity prices from 1972 to 2002
   Chapter 8 in Developing an Annuity Market in Europe, 2004, pp 200-220