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 ECARES ULB CP 114

B-1050 Brussels

Belgium

http://www.ecgi.org

SCHOLARLY PAPERS

36

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Top 652

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32,391

SSRN RANKINGS

Top 528

in Total Papers Citations

916

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Scholarly Papers (36)

1.
Downloads 6,624 ( 898)

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 6,624 (885)

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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 5,143 (1,379)

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Shareholder activism, institutional investors, real authority

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 3,409 (2,784)

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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 (655,602)
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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 2,500 (4,823)

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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 1,901 (7,692)

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Shareholder Activism, Hedge Funds, Active Ownership, Institutional Investors

6.
Downloads 1,740 ( 8,891)

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 1,688 (9,194)

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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 (380,902)
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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.
Downloads 1,711 ( 9,176)

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 1,680 (9,260)

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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 (465,644)
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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
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 1,531 (10,956)

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ownership, family firms, life cycle, corporate performance

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 1,356 (13,060)

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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 50 (387,725)

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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 1,391 (12,810)

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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 University of Oxford - Said Business School
Downloads 1,033 (20,129)

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Bankruptcy

12.

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 623 (40,894)

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Debt overhang, distress, wealth transfers

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 447 (61,825)

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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 137 (207,262)

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Ownership, Control, Trust, Stock Markets

14.

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 426 (66,192)

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

15.

Marketplace Lending, Information Aggregation, and Liquidity

Number of pages: 34 Posted: 16 Nov 2016
London Business School - Institute of Finance and Accounting, Bocconi University and University of Oxford - Said Business School
Downloads 408 (69,714)

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Auctions, Liquidity, Fintech, Market Design, Information Aggregation

16.
Downloads 350 ( 83,385)

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 326 (89,825)

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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 (504,502)
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Allocation of control rights, bankruptcy code, compensation, recovery rates

17.

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 280 (106,578)

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Japan, corporate ownership, equity, investor protection, institutions

18.

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 (131,073)

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19.

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
Number of pages: 55 Posted: 24 Nov 2015 Last Revised: 25 May 2018
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 224 (133,957)

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

20.

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 168 (174,522)

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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: 64 Posted: 07 Dec 2016 Last Revised: 13 May 2017
Julian R. Franks, Oren Sussman and Vikrant Vig
London Business School - Institute of Finance and Accounting, University of Oxford - Said Business School and London Business School
Downloads 167 (175,415)

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Bankruptcy, Shipping, Freedom of Contracting, Fire Sales

22.

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 147 (195,222)

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Bankruptcy code, control rights, recovery rates

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 (225,643)
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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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24.

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 University of Oxford - Said Business School
Downloads 110 (243,884)
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Bankruptcy, bank lending, collateral, liquidation rights

25.

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 106 (250,274)

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26.

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 (377,976)
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Ownership, control, stock markets, investor protection

27.

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 2 (625,656)
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28.

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 2 (625,656)
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29.

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
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 (656,222)
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30.

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

31.

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

32.

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
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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33.

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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34.

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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35.

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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36.

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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