TIM JENKINSON

tim jenkinson

Tim is one of the foremost academic experts on private equity – an industry that is often misunderstood by the general public and financial experts alike because it does not operate in the public domain. His private equity research has shown that, on average, historical private equity returns have outpaced public market returns by 3% to 4% each year, explaining the appeal of this little known industry. His research has demonstrated how the capital structure of leveraged buyouts can impact private equity performance. This research led the UK Treasury Select Committee to call upon him to provide evidence when it held investigations into the private equity industry. Tim speaks at industry and academic conferences around the world and teaches a number of private equity classes in association with organisations such as the CFA Institute.

Tim is the leading European expert on 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. This research on IPO discrepancies was published in the Journal of Finance and has attracted considerable media attention from publications such as The Economist, Reuters, The Financial Times, The New York Times, Wall Street Journal, Bloomberg, CNN, Time and various appearances on business new channels.

Tim is Chairman of the economic consulting firm Oxera and an academic advisor to KPMG’s Global Valuation Institute. He has consulted for a large number of companies, regulators, government agencies and industry associations. He is also a Professorial Fellow at Keble College, University of Oxford, a Research Fellow of the Centre for Economic Policy Research and a Research Associate of the European Corporate Governance Institute.

Tim joined the finance faculty at Saïd Business School in 2000. He previously worked in the economics department at the University of Oxford, which he joined in 1987. He has also spent periods as a Visiting Professor at Dartmouth College. He studied economics as an undergraduate at Cambridge University, before going as a Thouron Fellow to the University of Pennsylvania, where he obtained a Masters in Economics. He then returned to the UK and obtained a DPhil in Economics from Oxford.

Areas of expertise include:

  • Private equity
  • IPOs
  • Institutional asset management
  • Regulation of the cost of capital

Research

Tim’s research focuses on four key fields: initial public offerings (IPOs), private equity, institutional asset management and regulation and the cost of capital. His research is based upon extensive financial data that he collects by forging close relationships with industry participants. He has built a reputation in the industry for his ability to collect critical, previously inaccessible, data from institutional investors and other players in the financial industry. Tim’s research focuses on analysing data to understand the functioning of the financial industry.

Throughout his academic career Tim has been recognised for his groundbreaking research. His work has been published in leading journals including the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Corporate Finance, Economic Journal and the European Economic Review. He is a frequent keynote speaker at academic and practitioner conferences and his work has won various prizes. For instance, Tim and Howard Jones were awarded the best paper prize in 2007 by European Financial Management for their work on “The economics of IPO stabilization, syndicates and naked shorts“. And his paper with Tarun Ramadorai on the costs and benefits of regulatory standards imposed by stock exchanges, Does one size fit all? The consequences of switching markets with different regulatory standards, was awarded the best paper prize at the “Financing Public and Private Firms: Fraud, Ethics and Regulation” conference co-sponsored by the CFA, Financial Analysts Journal, and the Schulich School of Business conference in April 2012.

IPOs and Conflicts of Interest

Tim’s research into IPOs addresses the incentives and conflicts of interests that investment banks face when dealing with investors and issuing companies. For example, a recent paper titled “Why Don’t U.S. Issuers Demand European Fees for IPOs?”, published in the Journal of Finance, examines the inherent inequality in the investment banking system which grants European companies cheaper IPO fees compared with their US counterparts. Tim is one of the few academics in the world to focus on conflicts of interest – which have become increasingly apparent in recent years – making him a key source of insight for policy makers, media commentators, the industry, and others with an interest in IPOs.

Private Equity

Tim’s private equity research explains how the private equity industry operates and examines how to benchmark private equity returns against public markets. His research, based on extensive, often proprietary, data sets has refuted previous academic claims about the poor returns earned by investors in private equity funds. His research demonstrates that, on average, historical private equity returns have outpaced public market returns by a significant margin. His research also examines the role of leverage in private equity and how it affects financial performance. These investigations into private equity returns have led Jenkinson to analyse the venture capital industry as well, making him an expert in this important field.

Institutional Asset Management

An emergent theme in Tim’s research focuses on the investment decisions of institutional investors such as asset managers, pension fund trustees and those that advise them – in particular investment consultants. Again, he has focused on the potential conflicts of interest that can face the various parties, and how this can lead to unnecessary complexity and higher costs.

Regulation of the Cost of Capital

Tim has conducted extensive research on the cost of capital for businesses, specifically focusing on regulated industries. He has also contributed some important research to the question of whether higher regulatory standards are good for the investor. He has acted as an expert witness on a number of important cases involving the cost of capital as well as in his other areas of expertise.

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Dr. Ilse Treurnicht

“Innovation means getting value out of ideas by converting them into usable products and services. Entrepreneurship is the driver of that process.”
INNOVATION

Ilsehub

Dr. Ilse Treurnicht
CEO of MaRS Centre
in the Discovery District
An incubator, innovation hub, business laboratory: all are accurate descriptors of the MaRS Centre, a 750,000-square-foot medical and biotech entrepreneurship facility located in the core of Toronto’s downtown medical-university business corridor. About 2,300 people work at the facility,
which opened in 2005 and will double in size this year.
As a matching service between aspiring entrepreneurs and advisors, purveyor of free market research, and liaison between start-ups and venture capitalists, MaRS is helping academics and researchers commercialize their groundbreaking discoveries. It could have no better location than
Toronto. Here’s why, according to CEO Dr. Ilse Treurnicht.

READ MORE

http://seetorontonow.uberflip.com/i/268816/31

http://www.thenext36.ca/org/whos-involved/ilse-treurnicht

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Life-changing ideas win Google Impact Challenge

Two projects involving Oxford University technology are winners of the 2014 Google Impact Challenge, and will each receive £500,000.

Google Impact win alt_0

The two projects are:

Smart glasses for people with sight loss to make the most of their remaining vision – a partnership between the Royal National Institute of Blind People and a research team in the Nuffield Department of Clinical Neurosciences led by Dr Stephen Hicks, which won as the ‘People’s Choice’ following a public vote.

Wearable acoustic sensors to track disease-carrying mosquitoes in Indonesia – a programme led by Royal Botanic Gardens Kew and Oxford’s Department of Engineering Science, Malaria Atlas Project and the Eijkman Oxford Clinical Research Unit in Jakarta, which was selected by a panel of judges as one of this year’s three other winners.

Read more about the projects in our earlier story.

The Google Impact Challenge is a UK competition which aims to support non-profit organisations ‘using technology to tackle problems and transform lives around the world’. It is run by Google.org – the part of the tech company which provides grants and support to non-profits – with support from NESTA, the UK innovation charity.

Each of the ten projects selected as finalists receive £200,000 to help take their vision forward. The four winning projects – one decided by public vote and the other three by a panel of judges – each receive £500,000. The judges include founder of Wikipedia Jimmy Wales and the entrepreneur Peter Jones of the BBC’s Dragons’ Den

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OBR Consulting

obr

OBR Consulting is a unique platform to meet the growing need for consultancy at the intersection of science, business and entrepreneurship.

The innovative OBR Consulting approach combines several complementary intellectual resources based on our campuses and our OBR network to deliver solutions to our clients that are not only of the highest quality but also economical.

Given OBR’s campus diversity, geographical reach, scope of knowledge, and scale of talent – we are uniquely suited to address problems others cannot.

For Students

OBR-Consulting gives you a chance to gain some real experience in management and strategy consulting.

For Organisations

OBR-Consulting hand-picks students from our chapters to provide innovative business consulting for your organisation.

- See more at: http://www.oxbridgebiotech.com/obrconsulting/#sthash.T99ZjZWX.dpuf

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OBA Switzerland Chapter inaugural event

Collaboration and community building highlighted at OBA Switzerland Chapter inaugural event

Sergio_P._Ermotti

24 July 2014

Sergio Ermotti, Group CEO of UBS, highlighted the importance of collaboration and community building at OBA Swiss Chapter’s inaugural event.

More than 50 Oxford University and Saïd Business School alumni gathered together on a warm Summer’s evening in June to hear Sergio Ermotti, UBS Group Chief Executive Officer and alumnus of the School’s Executive Education, share his career experiences and advice for future business leaders.

This marked the inaugural event for the Oxford Business Alumni Switzerland Chapter, co-founded by Maria Ploumaki (PGDip Global Business 2012), Chapter President. Maria cited her wish to create the  ‘Oxford experience in Zurich’. She said, “At Oxford, I met such interesting people with integrity and values who were seeking knowledge and developing themselves. I wanted to bring this to Zurich by uniting Oxonians here.”

The underlying theme of the night was networking and community building. Dean Peter Tufano of Saïd Business School reinforced this message by noting, “There is something special about meeting new people face to face and supporting one another professionally and personally.”

Sergio re-iterated this message, and fondly remembered his experience of meeting diverse people at Oxford, expanding his professional outlook. Developing relationships within and outside the bank is clearly important at UBS, as he talked about the continued drive to encourage internal collaboration and experience sharing, in addition to building the bank’s brand reputation throughout the wider community.

The audience was treated to a lively Q&A session, where Sergio shared some of his top advice for professional development: “You need to enjoy what you do and be selective about the compromises you make.” He also emphasized the importance of combining education with work experience, most importantly learning from other people.

The beautiful old world charm of Hotel Zum Storchen, contrasted with his take on technological development in the financial sector: “We cannot be complacent about the fact that things will change, for instance, the internet is only 25 years old but changed our lives.” Whilst noting some of the bank’s successes in this area, such as leading e-banking capabilities in Switzerland, he acknowledged that there was some way to go, with opportunities for investment and secondments to innovative areas outside the traditional R&D framework.

The evening was enjoyed by all and characterized by stimulating discussion and the forging of new connections in the academic and business world. It has set the tone for future OBA events, and the continued growth of the network across Switzerland.

The event had amongst its guests representatives from the British Swiss Chamber of Commerce, City of Zurich, British Embassy UK Trade & Investment, McKinsey, Novartis, Alstom, Koch Supply, Brand Affairs, MoneyPark, Lakestar, and Teralytics. Sponsorship was kindly supported by AGCO Corporation. Event photography was provided by juliantse.com. The event was hosted by the Oxford Business Alumni Swiss Chapter and the Saïd Business School Alumni Relations Office.

By Rakhi Gupta (PPE 2002) OBA Switzerland Chapter committee member

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ASHMOLEAN’S CAMILLE PISSARRO

camile pissaro

Camille Pissarro (1830 – 1903)

View from my Window, Éragny-sur-Epte

A794; oil on canvas; 65 x 81 cm

Signed and dated: C. Pissarro 1888

Presented by Mrs Lucien Pissarro, 1950; WA1950.185

Pissarro and Venturi 1939, no. 721; Thorold and Erickson 1993, no. 13

The painting shows a view from the Pissarro’s house at Éragny, looking towards the village of Bazincourt. The tall building on the left was converted into Pissarro’s studio when he bought the property in 1892. The composition, which the artist referred to as ‘modern primitive’, was begun in 1886 but not completed until two years later, in the painstaking Pointillist technique Pissarro used for only a few years.

Information derived from the The Ashmolean Museum Complete Illustrated Catalogue of Paintings.

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‘Smart Glasses’ offer help to near-blind people

 

Oxford University researchers are measuring how their smart glasses can help people with limited vision navigate and avoid walking into obstacles.

‘The idea of the smart glasses is to give people with poor vision an aid that boosts their awareness of what’s around them – allowing greater freedom, independence and confidence to get about, and a much improved quality of life,’ says Dr Stephen Hicks of the Nuffield Department of Clinical Neurosciences at the University of Oxford, who is leading the development of the glasses.

‘We eventually want to have a product that will look like a regular pair of glasses and cost no more than a few hundred pounds – about the same as a smart phone,’ he adds.

The smart glasses consist of a video camera mounted on the frame of the glasses; a computer processing unit that is small enough to fit in a pocket; and software that provides images of objects close-by to the see-through displays in the eyepieces of the glasses.

The transparent electronic displays, where the glasses’ lenses would be, give a simple image of nearby people and obstacles. The camera with specially designed software interprets the nearby surroundings allowing people to see important things much more distinctly than before, such as kerbs, tables and chairs, or groups of people.

The glasses don’t replace lost vision but assist with spatial awareness. Anyone using the glasses looks through them to make the most of their existing sight, with additional images appearing in their line of sight to give extra information about who or what is in front of them.

In some cases, details such as facial features can become easier to see – making social interaction more natural. The glasses work particularly well in low light and can be used to cope with night blindness.

Lyn Oliver, 70, of Faringdon in Oxfordshire has a guide dog, Jess, to help her get around. She was diagnosed with retinitis pigmentosa in her early 20s, an eye disease which gradually leads to loss of vision and blindness. Lyn has tried out the smart glasses and describes how they could help when out with her guide dog: ‘If Jess stops, the glasses can tell me if she’s stopped because there’s a kerb, there’s something on the floor or it’s roadworks, and it’ll give me a sense of which way she may go around the obstacle.’

Lyn relates how on one occasion, when she was without a guide dog for six months last year and just using a cane, she walked into a car. ‘Some people insist on parking on the pavement, then swear at you because you’ve walked into their precious car. There was just too much traffic noise for me to detect it there. With the glasses on, I would have seen the car.’

Dr Hicks’ team has set up testing venues in Oxford and Cambridge where they can control the lighting and introduce obstacles to avoid. Participants are tracked as they navigate through obstacle courses, with and without smart glasses. The study will involve 30 volunteers with poor vision.

The group is also beginning to see how people respond with the glasses in indoor spaces like shopping centres.

Iain Cairns, 43, a copywriter for a marketing agency in London, tried out the smart glasses in Oxford’s Covered Market. Iain was diagnosed with the inherited eye condition choroideremia at around the age of 12. On having the glasses fitted, Iain reacted: ‘Ooh, I can … I can see your face. It’s, er, like suddenly going into … Like the Lord of the Rings when he puts the ring on. And sees things in a new way … That tablecloth is looking lovely. It’s getting the pattern of the tablecloth … It’s like I’ve wandered into an 80s pop video. Everyone has cool A-ha drawings round them. It’s now much more of a scene with several people in.’

Iain says he can see the potential of the smart glasses: ‘The glasses could really help with a lot of day-to-day challenges I’m facing in getting around or walking down the street. I do still have some sight. What is great about these glasses is that you can see through them and make the most of the vision you’ve got. They add to what you see with extra information.’

The Oxford University researchers carried out preliminary tests last year of an earlier prototype with 20 volunteers having a range of eye conditions and levels of vision. They found that people could quickly get used to the glasses, and it was the third of people with the lowest vision that really found benefits in using the glasses to get around and avoid obstacles. There are roughly 100,000 people in the UK alone with this low level of vision and who could potentially benefit.

The research and development of the glasses is funded by the National Institute for Health Research (NIHR). The trials are being carried out with the support of the Royal National Institute of Blind People (RNIB).

The group has been awarded further funding from the Royal Society to look at introducing more features into the glasses, such as face, object or text recognition. An audio prompt via an earphone would give people more information about who or what they are seeing.

This article first appeared on the Oxford news page and republished here with kind permission.

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ST JOHN, AMBROSE

oxford7.jpg

St John,  Ambrose  (1815-1875), Roman Catholic priest and headmaster, was born in Islington, London, on 29 June 1815, the younger son of Henry St John (1768-1833) and Catherine (d. 1856), the daughter of the Revd Henry Wigley of Pensham House, Worcestershire. Ambrose was the grandson of St Andrew St John, dean of Worcester, and the great-grandson of John, tenth Lord St John of Bletso. He entered Westminster School in 1829, became a king’s scholar the following year, and in 1834 went to Christ Church, Oxford, where he was elected to a studentship. He proved to be a good classical scholar and a keen Orientalist, studying Hebrew and Syriac under Edward Pusey, though he only gained a third-class degree in literae humaniores (1837). St John graduated MA in 1840, and, after taking holy orders, served as curate (1841-3) to Henry Wilberforce, first at Bransgore, in Hampshire, and then at Walmer, near Deal. It was Wilberforce who provided the link with John Henry Newman, who first met St John on 21 April 1841 at the consecration of Ampfield church, in John Keble’s parish of Hursley.

On 7 August 1843, suffering increasing doubts about the Church of England, St John joined Newman’s community at Littlemore; but the anticipated visit of ‘about 3 months, perhaps for a longer time’  (Letters and Diaries, 9.428) turned into an association of thirty-two years. St John left Littlemore on 30 September 1845 for a visit to Prior Park, Bath, and, after three days there, was received into the Roman Catholic church; he returned to Littlemore in time to be present at Newman’s reception on 9 October. At his confirmation at Oscott College St John asked if he could take a vow of obedience to Newman; the request was turned down, but for the rest of his life St John acted as if he had taken one. In the autumn of 1846 he and Newman set off for the College of Propaganda Fide in Rome to study for the priesthood; there the Romans spoke of the fair-haired, blue-eyed Englishman as Newman’s guardian angel. The two were ordained priests on Trinity Sunday 1847 by Cardinal Fransoni at Propaganda, and, after a short novitiate, returned to Birmingham, where Newman was to establish the first oratory of St Philip Neri in England.

St John remained at the Birmingham Oratory for the rest of his life, effectively acting as Newman’s right-hand man. By nature vivacious, energetic, and practical, St John took easily to parish work, and was indefatigable in pulpit and confessional alike. In September 1849 he and Newman volunteered to help the priest at cholera-struck Bilston, risking their lives in the process. As well as shouldering many of the tasks at the oratory, St John acted as superior when Newman was in Dublin overseeing the Catholic University; and in December 1855 he and Newman went to Rome to resolve a dispute with the newly formed London Oratory.

In 1857, when Newman was asked to undertake a new translation of the Bible from the Vulgate version, he chose St John as one of the chief translators. St John began work on the book of Psalms, adding a commentary from the Hebrew text, but the Bible project was abandoned (and his translation of the Psalms left unpublished). St John saw through three other major translations: the Raccolta (1857), a vast Italian collection of prayers, which ran to numerous editions and was praised by the Weekly Register (14 Nov 1857) for its ‘great felicity of expression'; the Doctrine of Holy Indulgences (1868), also from the Italian; and Joseph Fessler’s True and False Infallibility of the Popes (1875) from the German.

In January 1862, at Newman’s request, St John dropped his literary work to undertake the headmastership of the Oratory School. It had been founded by Newman in 1859 as a public school for Catholics at the request of a group of Catholic converts, led by Edward Bellasis; but the experiment nearly collapsed when the first headmaster and his staff mutinied in December 1861. Bellasis and James Hope-Scott, the school’s main benefactors, came to the rescue and enabled St John to take over, under Newman’s presidency. St John soon remedied the deficiencies in Catholic training and teaching that he had inherited and over the next decade ensured that the school was re-formed along the lines originally intended by Newman. From the outset the school had employed the Eton dame system, to provide female care for the younger boys. Now, under St John, discipline was tightened up and the school became more orderly. St John and Newman worked together on many school tasks: dealing with parents, whom they treated as partners in education; undertaking the individual interviews with boys after the end-of-term exams, at which St John read out a report about character; and even, from 1865, overseeing the production of an annual Latin play, for which St John acted as stage-manager. As a pioneering venture-employing laymen, not clerics, as masters, catering ‘for youths whose duties are to lie in the world’  (draft prospectus in Shrimpton, 279) rather than ecclesiastical life-the Oratory School met with fierce opposition from supporters of the other Catholic establishments, and in 1867 St John was sent to Rome to prevent the school’s closure; during his audience with Pius IX the pope commented on how much he had aged.

Due to his chronic asthma and exhaustion, St John retired from the headmastership in 1873 and returned to ordinary oratorian duties. Newman had intended him to act as his literary executor and biographer, but he overworked on the Fessler translation, which was intended to support Newman’s efforts in rebutting William Gladstone’s Vatican Decrees. He died as a result of sunstroke and ‘brain fever’ at Ravenshurst Farm, Edgbaston, on 24 May 1875, and was buried at Rednal near Bromsgrove, in the private cemetery belonging to the Birmingham Oratory. Newman had already paid St John a glowing tribute in Apologia pro vita sua. Now, shortly after his death, Newman acknowledged that ‘As far as this world was concerned I was his first and last’  (Letters and Diaries, 27.305). In recognition of this deep spiritual friendship and absolute loyalty, Newman asked to be (and was) buried in the same grave.

Paul Shrimpton

Sources  Birmingham Daily Post (26 May 1875) + Catholic Times (28 May 1875) + Catholic Opinion, 11, 528 + Gillow, Lit. biog. hist. + Foster, Alum. Oxon. + Burke, Peerage + The letters and diaries of John Henry Newman, ed. C. S. Dessain and others, [31 vols.] (1961-) + H. Tristram, Newman and his friends (1933) + P. A. Shrimpton, A Catholic Eton? Newman’s Oratory School (2005)
Archives Birmingham Oratory, corresp., diaries, journal, notebooks, sermon notes and papers
Likenesses  M. Giberne, oils, 1847 (with Newman), Birmingham Oratory · Southwell Bros., two cartes-de-visite, c.1862, Birmingham Oratory · R. W. Thrupp, four cartes-de-visite, c.1864, Birmingham Oratory · S. Grey, carte-de-visite, c.1868, Birmingham Oratory · M. Giberne, oils, c.1870, Birmingham Oratory · H. J. Whitlock, three cartes-de-visite, c.1873, Birmingham Oratory · photograph, Birmingham Oratory [see illus.] · watercolour over photographic base, Birmingham Oratory
Wealth at death  under £2000: probate, 9 July 1875, CGPLA Eng. & Wales

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OXBRIDGE TORONTO CHAPTER

BrA0RDOCMAAiYAp.jpg largeLAUNCH OF OBR TORONTO CHAPTER

OBR is excited about expanding to Canada. Last night, Oxbridge Toronto Chapter was launched in the presence of Prof Al Edwards (Toronto and Oxford), and representative of the Ministry of Research and Innovation, Bill Mantel, at the Bitmakerlab space located in 220 King Street. The panel discussion was opened by Lise Eamer from Oxbridge. OBR is involved in a movement in support of biotech start ups. It seems there are all the right ingredients for Oxbridge to succeed in a grand scale.

Last night, the attendees identified several shortcomings for bio-entrepreneurship to succeed and grow in Canada. Conclusive remarks on the priority issues revolved around:

1- lack of advocacy and media attention – and some degree of ignorance on value proposition of bio-tech startups.

2- lack of seed funding and investment for scaling up by private sector.

An interactive Q and A resulted in some ideas emerging for Oxbridge to be creative, and different from other startup accelerators.

Sign up to learn more about Oxbridge Toronto Chapter with:

liseeamer@mail.utoronto.ca

OBR Consulting

Innovative business consulting

OBR-consulting is a unique opportunity for students to gain experience in consultancy projects at the intersection of science, business and entrepreneurship

contact:

liseeamer@mail.utoronto.ca

consultant@oxfaz.org

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Dave Phillips: Silicon Valley Comes to Oxford

Surfing the next great waves of the Internet

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