Julian R. Franks

London Business School - Institute of Finance and Accounting

Professor of Finance

Institute of Finance and Accounting

Sussex Place - Regent's Park

London NW1 4SA

United Kingdom

Centre for Economic Policy Research (CEPR)

Fellow

London

United Kingdom

European Corporate Governance Institute (ECGI)

Fellow

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

https://ecgi.global/

  • London Business School - Institute of Finance and Accounting

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    • Tel: +44 20 7262 5050 x3449
    • Fax: +44 20 7724 3317
SCHOLARLY PAPERS

38

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Top 690

in Total Papers Downloads

34,334

SSRN CITATIONS
Rank 1,286

SSRN RANKINGS

Top 1,286

in Total Papers Citations

163

CROSSREF CITATIONS

695

Scholarly Papers (38)

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1.

Ownership: Evolution and Regulation

Downloads 6,656 ( 1,021)

Ownership: Evolution and Regulation

ECGI - Finance Working Paper No. 09/2003, EFA 2004 Maastricht Meetings Paper No. 3205, AFA 2003 Washington, DC Meetings, Review of Financial Studies, Forthcoming
Number of pages: 68 Posted: 26 Jan 2004 Last Revised: 30 Jun 2008
Julian R. Franks, Colin Mayer and Stefano Rossi
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Bocconi University
Downloads 6,656 (1,012)
Citation 49

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Evolution, ownership, investor protection, equity issues, trust

Ownership: Evolution and Regulation

The Review of Financial Studies, Vol. 22, No. 10, pp. 4009-4056, 2009
Posted: 28 Sep 2009
Julian R. Franks, Colin Mayer and Stefano Rossi
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Stockholm School of Economics

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G32, G34

2.

Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund

ECGI - Finance Working Paper No. 138/2006, London Business School Finance Working Paper No. FIN462
Number of pages: 70 Posted: 04 Dec 2006 Last Revised: 21 Apr 2008
Marco Becht, Julian R. Franks, Colin Mayer and Stefano Rossi
Solvay Brussels School of Economics and Management (ULB), London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Bocconi University
Downloads 5,294 (1,516)
Citation 21

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Shareholder activism, institutional investors, real authority

3.

Returns to Hedge Fund Activism: An International Study

Downloads 3,637 ( 2,923)
Citation 36

Returns to Hedge Fund Activism: An International Study

Review of Financial Studies, Forthcoming, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 402/2014
Number of pages: 59 Posted: 11 Jan 2014 Last Revised: 22 May 2017
Marco Becht, Julian R. Franks, Jeremy Grant and Hannes F. Wagner
Solvay Brussels School of Economics and Management (ULB), London Business School - Institute of Finance and Accounting, London School of Economics and Bocconi University - Department of Finance
Downloads 3,635 (2,867)
Citation 45

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Shareholder activism, hedge funds, active ownership, institutional investors

The Returns to Hedge Fund Activism: An International Study

CEPR Discussion Paper No. DP10507
Number of pages: 66 Posted: 24 Mar 2015
Marco Becht, Julian R. Franks, Jeremy Grant and Hannes F. Wagner
Solvay Brussels School of Economics and Management (ULB), London Business School - Institute of Finance and Accounting, London School of Economics and Bocconi University - Department of Finance
Downloads 2 (720,586)
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active ownership, hedge funds, institutional investors, shareholder activism

4.

Do Bankruptcy Codes Matter? A Study of Defaults in France, Germany and the UK

EFA 2005 Moscow Meetings Paper, ECGI - Finance Working Paper No. 89/2005, WFA 2005 Portland Meetings Paper, AFA 2005 Philadelphia Meetings Paper
Number of pages: 45 Posted: 05 Jan 2005
Sergei A. Davydenko and Julian R. Franks
University of Toronto - Finance Area and London Business School - Institute of Finance and Accounting
Downloads 2,555 (5,339)
Citation 64

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Recovery rate, Default, Reorganization, Bankruptcy code

5.

Hedge Fund Activism in Europe

ECGI - Finance Working Paper No. 283/2010
Number of pages: 47 Posted: 09 Jun 2010
Marco Becht, Julian R. Franks and Jeremy Grant
Solvay Brussels School of Economics and Management (ULB), London Business School - Institute of Finance and Accounting and University of Cambridge
Downloads 2,077 (7,546)
Citation 29

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Shareholder Activism, Hedge Funds, Active Ownership, Institutional Investors

6.

Ownership and Control of German Corporations

Downloads 1,787 ( 9,704)
Citation 159

Ownership and Control of German Corporations

Number of pages: 62 Posted: 29 Dec 2000
Julian R. Franks and Colin Mayer
London Business School - Institute of Finance and Accounting and University of Oxford - Said Business School
Downloads 1,735 (10,015)
Citation 26

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Ownership, control, board turnover, pyramiding, bank control, takeovers

Ownership and Control of German Corporations

CEPR Discussion Paper No. 2898
Number of pages: 63 Posted: 09 Aug 2001
Julian R. Franks and Colin Mayer
London Business School - Institute of Finance and Accounting and University of Oxford - Said Business School
Downloads 52 (418,090)
Citation 6
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Ownership, control, board turnover, pyramiding, bank control, takeovers

Ownership and Control of German Corporations

Review of Financial Studies, Vol. 14, Issue 4, pp. 943-977, 2001
Posted: 29 Feb 2008
Julian R. Franks and Colin Mayer
London Business School - Institute of Finance and Accounting and University of Oxford - Said Business School

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Ownership and Control of German Corporations

Review of Financial Studies, Winter 2001
Posted: 15 Aug 2001
Julian R. Franks and Colin Mayer
London Business School - Institute of Finance and Accounting and University of Oxford - Said Business School

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7.

Private Equity: Boom and Bust?

Downloads 1,736 ( 10,201)
Citation 9

Private Equity: Boom and Bust?

Journal of Applied Corporate Finance, Vol. 19, No. 4, 2007
Number of pages: 10 Posted: 16 Jan 2008 Last Revised: 24 Jan 2008
Viral V. Acharya, Julian R. Franks and Henri Servaes
New York University - Leonard N. Stern School of Business, London Business School - Institute of Finance and Accounting and London Business School
Downloads 1,705 (10,326)

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leveraged buyouts, hedge funds, securitization, credit risk transfer, financial crisis, bankruptcy

Private Equity: Boom and Bust?

Journal of Applied Corporate Finance, Vol. 19, Issue 4, pp. 44-53, Fall 2007
Number of pages: 12 Posted: 19 Dec 2007
Viral V. Acharya, Julian R. Franks and Henri Servaes
New York University - Leonard N. Stern School of Business, London Business School - Institute of Finance and Accounting and London Business School
Downloads 31 (511,334)
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8.

The Life Cycle of Family Ownership: International Evidence

EFA 2009 Bergen Meetings Paper, AFA 2009 San Francisco Meetings Paper, Paris December 2011 Finance Meeting EUROFIDAI - AFFI
Number of pages: 68 Posted: 06 Mar 2008 Last Revised: 25 Oct 2011
Julian R. Franks, Colin Mayer, Paolo F. Volpin and Hannes F. Wagner
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School, City University London - Faculty of Finance and Bocconi University - Department of Finance
Downloads 1,588 (11,743)
Citation 11

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ownership, family firms, life cycle, corporate performance

9.

Spending Less Time with the Family: The Decline of Family Ownership in the UK

Downloads 1,422 ( 13,974)
Citation 24

Spending Less Time with the Family: The Decline of Family Ownership in the UK

ECGI - Finance Working Paper No. 35/2004
Number of pages: 41 Posted: 26 Jan 2004
Julian R. Franks, Colin Mayer and Stefano Rossi
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Bocconi University
Downloads 1,371 (14,508)
Citation 10

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Family ownership, control, takeovers

Spending Less Time with the Family: The Decline of Family Ownership in the UK

NBER Working Paper No. w10628
Number of pages: 39 Posted: 04 Aug 2004 Last Revised: 18 Jul 2010
Julian R. Franks, Colin Mayer and Stefano Rossi
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Bocconi University
Downloads 51 (421,777)
Citation 8

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10.

The Origins of the German Corporation - Finance, Ownership and Control

ECGI - Finance Working Paper No. 110/2005, AFA 2006 Boston Meetings Paper, EFA 2005 Moscow Meetings Paper, Review of Finance, Vol. 10, No. 4, pp. 537-585, 2006
Number of pages: 60 Posted: 23 Mar 2005 Last Revised: 25 Jun 2008
Julian R. Franks, Colin Mayer and Hannes F. Wagner
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Bocconi University - Department of Finance
Downloads 1,407 (14,216)
Citation 16

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Evolution of ownership, German stock markets, financial regulation

11.

Resolving Financial Distress by Way of a Contract: An Empirical Study of Small UK Companies

AFA 2001 New Orleans Meetings; Presented at Tuck Contemporary Governance Conference
Number of pages: 60 Posted: 22 Jul 2000
Julian R. Franks and Oren Sussman
London Business School - Institute of Finance and Accounting and European Corporate Governance Institute (ECGI)
Downloads 1,054 (21,979)
Citation 10

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Bankruptcy

12.

Evolution of Ownership and Control Around the World: The Changing Face of Capitalism

Downloads 724 ( 37,385)
Citation 5

Evolution of Ownership and Control Around the World: The Changing Face of Capitalism

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 503/2017
Number of pages: 51 Posted: 02 May 2017 Last Revised: 03 May 2017
Julian R. Franks and Colin Mayer
London Business School - Institute of Finance and Accounting and University of Oxford - Said Business School
Downloads 576 (50,043)
Citation 4

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Ownership, control, trust, stock markets

Evolution of Ownership and Control Around the World: The Changing Face of Capitalism

Saïd Business School WP 2017-08
Number of pages: 46 Posted: 16 Jun 2017
Julian R. Franks and Colin Mayer
London Business School - Institute of Finance and Accounting and University of Oxford - Said Business School
Downloads 148 (214,429)
Citation 1

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Ownership, Control, Trust, Stock Markets

13.

Evidence on Debt Overhang from Distressed Equity Issues

EFA 2005 Moscow Meetings Paper
Number of pages: 43 Posted: 14 Aug 2006
Julian R. Franks and Sergey V. Sanzhar
London Business School - Institute of Finance and Accounting and affiliation not provided to SSRN
Downloads 630 (45,084)
Citation 14

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Debt overhang, distress, wealth transfers

14.

Marketplace Lending, Information Aggregation, and Liquidity

European Corporate Governance Institute – Finance Working Paper No. 678/2020, Review of Financial Studies (Forthcoming)
Number of pages: 70 Posted: 16 Nov 2016 Last Revised: 11 May 2020
Julian R. Franks, Nicolas Andre Benigno Serrano-Velarde and Oren Sussman
London Business School - Institute of Finance and Accounting, Bocconi University and European Corporate Governance Institute (ECGI)
Downloads 508 (59,345)
Citation 9

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Auctions, Liquidity, Fintech, Market Design, Information Aggregation

15.

Corporate Governance Through Voice and Exit

European Corporate Governance Institute – Finance Working Paper No. 633/2019
Number of pages: 75 Posted: 09 Oct 2019 Last Revised: 14 Nov 2019
Marco Becht, Julian R. Franks and Hannes F. Wagner
Solvay Brussels School of Economics and Management (ULB), London Business School - Institute of Finance and Accounting and Bocconi University - Department of Finance
Downloads 502 (60,217)
Citation 1

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asset management, active ownership, corporate stewardship, shareholder monitoring, shareholder engagement, analyst research, institutional investors, corporate governance, voice and exit

16.

The Ownership of Japanese Corporations in the 20th Century

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 410/2014
Number of pages: 80 Posted: 22 Feb 2014
Julian R. Franks, Colin Mayer and Hideaki Miyajima
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Waseda University - Graduate School of Commerce
Downloads 442 (70,464)
Citation 7

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Japan, corporate ownership, insider system, trust, investor protection

17.

A Study of Inefficient Going Concerns in Bankruptcy

Downloads 356 ( 90,756)
Citation 6

A Study of Inefficient Going Concerns in Bankruptcy

AFA 2006 Boston Meetings Paper
Number of pages: 45 Posted: 26 Mar 2005
Julian R. Franks and Gyongyi Loranth
London Business School - Institute of Finance and Accounting and Centre for Economic Policy Research (CEPR)
Downloads 332 (97,518)
Citation 11

Abstract:

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G21, G30, G33

A Study of Inefficient Going Concerns in Bankruptcy

CEPR Discussion Paper No. 5035
Number of pages: 48 Posted: 13 Sep 2005
Julian R. Franks and Gyongyi Loranth
London Business School - Institute of Finance and Accounting and Centre for Economic Policy Research (CEPR)
Downloads 24 (554,095)
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Allocation of control rights, bankruptcy code, compensation, recovery rates

18.

Do Market Prices Improve the Accuracy of Court Valuations in Chapter 11?

Finance Down Under 2017 Building on the Best from the Cellars of Finance, European Corporate Governance Institute – Finance Working Paper No. 655/2020
Number of pages: 63 Posted: 24 Nov 2015 Last Revised: 16 Feb 2020
Cem Demiroglu, Julian R. Franks and Ryan Lewis
Koc University, College of Administrative Sciences and Economics, London Business School - Institute of Finance and Accounting and University of Colorado, Boulder
Downloads 313 (104,783)
Citation 2

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Bankruptcy, Chapter 11, TRACE, Transparency, Bond, Dissemination

19.

Equity Markets and Institutions: The Case of Japan

AFA 2010 Atlanta Meetings Paper
Number of pages: 48 Posted: 23 Mar 2009
Julian R. Franks, Colin Mayer and Hideaki Miyajima
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Waseda University - Graduate School of Commerce
Downloads 282 (117,243)
Citation 5

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Japan, corporate ownership, equity, investor protection, institutions

20.

Comment on 'The Political Economy of Finance' (by Enrico Perotti)

Capitalism and Society, Vol. 9, No. 1, Article 3, 2014
Number of pages: 5 Posted: 22 Apr 2014
Julian R. Franks
London Business School - Institute of Finance and Accounting
Downloads 229 (144,823)

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21.

The Privatization of Bankruptcy: Evidence from Financial Distress in the Shipping Industry

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 505/2017
Number of pages: 62 Posted: 07 Dec 2016 Last Revised: 15 Apr 2020
Julian R. Franks, Gunjan Seth, Oren Sussman and Vikrant Vig
London Business School - Institute of Finance and Accounting, affiliation not provided to SSRN, European Corporate Governance Institute (ECGI) and London Business School
Downloads 222 (149,301)
Citation 3

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Bankruptcy, Shipping, Freedom of Contracting, Fire Sales

22.

Governance as a Source of Managerial Discipline

National Bank of Belgium Working Paper No. 31
Number of pages: 34 Posted: 15 Oct 2010
Julian R. Franks and Colin Mayer
London Business School - Institute of Finance and Accounting and University of Oxford - Said Business School
Downloads 184 (177,596)
Citation 7

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23.

Institutional Ownership and Governance

European Corporate Governance Institute – Finance Working Paper No. 656/2020
Number of pages: 23 Posted: 12 Feb 2020 Last Revised: 13 Feb 2020
Julian R. Franks
London Business School - Institute of Finance and Accounting
Downloads 181 (180,244)

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shareholder activism, institutional ownership, governance, institutional activism

24.

A Study of Inefficient Going Concerns in Bankrupty

Number of pages: 46 Posted: 04 Mar 2005
Julian R. Franks and Gyongyi Loranth
London Business School - Institute of Finance and Accounting and Centre for Economic Policy Research (CEPR)
Downloads 148 (213,997)

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Bankruptcy code, control rights, recovery rates

25.

Who Disciplines Management in Poorly Performing Companies?

Downloads 123 (247,251)
Citation 9

Who Disciplines Management in Poorly Performing Companies?

CEPR Discussion Paper No. 2949
Number of pages: 47 Posted: 12 Sep 2001
Julian R. Franks, Colin Mayer and Luc Renneboog
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Tilburg University - Department of Finance
Downloads 123 (248,232)
Citation 9
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Board turnover, control, corporate governance, regulation, restructuring

Who Disciplines Management in Poorly Performing Companies?

Posted: 27 Apr 2000
Julian R. Franks, Colin Mayer and Luc Renneboog
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Tilburg University - Department of Finance

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Who Disciplines Management in Poorly Performing Companies?

Journal of Financial Intermediation, Vol. 10, pp. 209-248, 2001
Posted: 14 Jul 2003
Julian R. Franks, Colin Mayer and Luc Renneboog
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Tilburg University - Department of Finance

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26.

Means of Payment in Takeovers: Results for the U.K. And U.S

NBER Working Paper No. w2456
Number of pages: 69 Posted: 06 Apr 2007 Last Revised: 19 Sep 2010
Robert S. Harris, Julian R. Franks and Colin Mayer
University of Virginia - Darden School of Business, London Business School - Institute of Finance and Accounting and University of Oxford - Said Business School
Downloads 110 (268,171)
Citation 1

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27.

Financial Distress and Bank Restructuring of Small to Medium Size UK Companies

CEPR Discussion Paper No. 3915
Number of pages: 47 Posted: 24 Jul 2003
Julian R. Franks and Oren Sussman
London Business School - Institute of Finance and Accounting and European Corporate Governance Institute (ECGI)
Downloads 110 (268,171)
Citation 6
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Bankruptcy, bank lending, collateral, liquidation rights

28.

The Origination and Evolution of Ownership and Control

CEPR Discussion Paper No. 3822
Number of pages: 44 Posted: 06 May 2003
Julian R. Franks, Colin Mayer and Stefano Rossi
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Bocconi University
Downloads 51 (414,751)
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Ownership, control, stock markets, investor protection

29.

The Early Returns to International Hedge Fund Activism: 2000–2010

Journal of Applied Corporate Finance, Vol. 31, Issue 1, pp. 62-80, 2019
Number of pages: 21 Posted: 14 May 2019
Marco Becht, Julian R. Franks, Jeremy Grant and Hannes F. Wagner
Solvay Brussels School of Economics and Management (ULB), London Business School - Institute of Finance and Accounting, affiliation not provided to SSRN and Bocconi University - Department of Finance
Downloads 3 (678,654)
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30.

Ownership and Trust

Business Strategy Review, Vol. 20, Issue 4, pp. 48-51, Winter 2009
Number of pages: 4 Posted: 28 Oct 2009
Julian R. Franks
London Business School - Institute of Finance and Accounting
Downloads 3 (678,654)
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31.

Executive Summary: Running in the Family

Business Strategy Review, Vol. 23, Issue 3, pp. 72-73, 2012
Number of pages: 2 Posted: 09 Sep 2012
Julian R. Franks, Colin Mayer, Paolo F. Volpin and Hannes F. Wagner
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School, City University London - Faculty of Finance and Bocconi University - Department of Finance
Downloads 0 (719,294)
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32.

Indexation, Investment, and Utility Prices

Oxford Review of Economic Policy, Vol. 25, Issue 3, pp. 435-450, 2009
Posted: 08 Dec 2009
Richard A. Brealey and Julian R. Franks
London Business School and London Business School - Institute of Finance and Accounting

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cost of capital, regulation, indexation, G31, G38, L51

33.

Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund

The Review of Financial Studies, Vol. 22, Issue 8, pp. 3093-3129, 2009
Posted: 05 Aug 2009
Marco Becht, Julian R. Franks, Colin Mayer and Stefano Rossi
Solvay Brussels School of Economics and Management (ULB), London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and Bocconi University

Abstract:

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G32

34.

London Business School Roundtable on Shareholder Activism in the U.K.

Journal of Applied Corporate Finance, Vol. 18, No. 2, pp. 8-27, Spring 2006
Posted: 23 Jan 2007
Victor Blank, Alastair Ross Goodbey, Julian R. Franks, Marco Becht, David Pitt-Watson and Anita Elizabeth Skipper
London Business School Roundtable, Morgan Stanley & Co. International, Ltd., London Business School - Institute of Finance and Accounting, Solvay Brussels School of Economics and Management (ULB), Hermes Pensions Management Ltd. and Morley Fund Management, Ltd. (UK)

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35.

Hostile Takeovers in the UK and the Correction of Managerial Failure

London Business School Institute of Finance and Accounting Working Paper 156-1995
Posted: 26 Aug 1998
Julian R. Franks and Colin Mayer
London Business School - Institute of Finance and Accounting and University of Oxford - Said Business School

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36.

Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK

London Business School Institute of Finance and Accounting Working Paper 209-1995
Posted: 25 Aug 1998
Michael J. Brennan and Julian R. Franks
University of California, Los Angeles (UCLA) - Finance Area and London Business School - Institute of Finance and Accounting

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37.

A Comparison of Us, UK and German Insolvency Codes

London Business School Institute of Finance and Accounting Working Paper 206
Posted: 09 Jul 1998
Kjell G. Nyborg, Julian R. Franks and Walter N. Torous
University of Zurich - Department of Banking and Finance, London Business School - Institute of Finance and Accounting and Massachusetts Institute of Technology

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38.

Control Rights, Debt Structure, and the Loss of Private Benefits: The Case of the UK Insolvency Code

REVIEW OF FINANCIAL STUDIES, Vol. 9 No. 4
Posted: 27 Apr 1998
Julian R. Franks and Kjell G. Nyborg
London Business School - Institute of Finance and Accounting and University of Zurich - Department of Banking and Finance

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