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Ian Tonks is a Professor of Finance in the Department of Economics at the University of Bristol. He teaches courses to undergraduates and graduates on financial theory, corporate finance and asset pricing, and is Director of Graduate Studies. He also teaches corporate finance on the MBA at Bristol, and is a visiting professor at Solvay Business School, ULB Brussells. He has previously taught at the London School of Economics, and the Universities of Exeter and British Columbia in Canada, and has held visiting positions at City University Business School, Ecole Nationale Des Ponts et Chaussees, Paris, LSE Summer Schools at Moscow and St Petersberg teaching finance courses. He is Business Manager of the Review of Economic Studies and co-director of the market microstructure program at the Financial Markets Group at the London School of Economics. Between 1993-96 he was a Research Fellow of the Institute of Chartered Accountants of England and Wales (ICAEW). His research interests have focused on market microstructure and the organisation of stock exchanges; the financing of innovating firms; stock market reaction to analysts forecasts; directors trading in the UK, aggregate measures of stock price volatility; and the new issue market. He has undertaken consultancy work for a number of regulators and private organisations.