Stephen Thomas

Professor Stephen Thomas is a Professor of Finance at Bayes Business School, City, University of London. He holds a BSc (Econ) from LSE, MSc and PhD from Southampton University. His research focuses on asset pricing, hedge funds, and retirement planning, with a particular emphasis on decumulation strategies and annuity utilization. He has held visiting roles at institutions like the University of Reading and Queen's University (Canada). Notable awards include being ranked 11th in Europe for Finance Research (JBFA, 2005) and receiving best paper awards at global finance conferences. His work often addresses practical financial challenges, such as optimizing withdrawal rates during retirement and managing sequence risk. He has advised major financial institutions like Bear Stearns and Firecrest Hambro and contributed to policy reviews for the Welsh Government. His research spans over four decades, with key publications on topics like momentum investing, securitization, and behavioral finance.

Education:

• BSc (Econ), London School of Economics
• MSc, University of Southampton
• PhD, University of Southampton

Research Interests: Professor Thomas’s research emphasizes retirement finance, including perfect withdrawal rates, deferred annuities, and adaptive retirement planning. He also investigates hedge fund dynamics, market microstructure (e.g., bid-ask spreads), and the impact of macroeconomic factors on asset returns. His work bridges theoretical finance with practical applications, such as optimizing investment strategies for individuals and institutions.

Awards & Recognition:

• JBFA Europe Finance Research Rank #11 (2005)
• Best Paper Award, Global Finance Conference (2005)
• Best Market Microstructure Paper Award (2006)
• Academy of Experts Membership (2013–present)

Advising & Grants: He has supervised PhD students like Rob Roy and Richard Mason. His professional roles include directorships at Bear Stearns Global Alpha Macro Hedge Fund and Solent Systematic Investment Strategies. He has served on investment committees and contributed to policy reviews for SME business finance.

Labs & Teams: While no specific labs are mentioned, his collaborative work involves interdisciplinary teams addressing financial market dynamics and retirement economics.