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Julian Franks

Professor of Finance


BA (Sheffield), MBA (Columbia), PhD (London)

Professor Julian Franks’ research focuses on bankruptcy and financial distress, corporate ownership and control, cost of capital and regulation. His work with Colin Mayer and Stefano Rossi (on ownership and control) has won two international prizes. Two of his published papers have been awarded prizes for the best paper of the year.

He is an associate editor of five finance journals, including editor of a new journal of Law, Finance and Accounting. He served as a member of the DTI-Treasury committee for reviewing the UK’s insolvency code in 2001 and was a member of one of the Company Law Review committees on corporate governance. He has been an advisor to Ofcom and its predecessor Oftel for more than 15 years. He also advises other UK regulatory authorities including the Office of Rail Regulation and the Office of Water Services (OFWAT).

Professor Franks has been an expert witness for the UK Government at the International Court of Justice in The Hague on an intergovernmental dispute on landing rights at Heathrow and, more recently, for the Office of Communications (Ofcom) in three appeals to the Competition Appeals Tribunal. With Professor Brealey, he advised the Office of Constitutional Affairs on the issue of outside equity for law firms and provided advice to a Treasury committee chaired by Lord Myners on a review of the governance of mutuals. 

He was recently a member of the Breedon Committee, investigating new non-bank sources of finance for small to medium-sized companies. He is a non-executive director of Oxera Consulting Limited and is on the international advisory boards of Stern Stewart. He has been a Visiting Professor at the University of California at both Berkeley and Los Angeles.


2014

Hedge fund shareholder activism in Europe

J Franks; J Hill; R Thomas; E Elgar

The ownership of Japanese corporations in the 20th century

Franks J; Mayer C; Miyajima H

Review of Financial Studies

A study of the costs of bankruptcy and the allocation of control

Franks J; Loranth G

The Review of Finance

2012

The life cycle of family ownership: International evidence

Franks J; Mayer C; Volpin P; Wagner H

Review of Financial Studies

2009

Ownership: Evolution and Regulation

Franks J; Mayer C; Rossi S

Review of Financial Studies

Indexation, Investement and Utility Prices

Franks J; Brealey R

Oxford Review of Economic Policy

2008

Do bankruptcy codes matter? A study of France, Germany and the UK

Davydenko S; Franks J

Journal of Finance

Returns to shareholder activism evidence from a clinical study of the hermes UK focus fund

Becht M; Franks J; Mayer C; Rossi S

Review of Financial Studies

2007

Private equity: boom and bust?

Acharya V; Franks J R; Servaes H

Journal of Applied Corporate Finance

2006

The origins of the German corporation: finance, ownership and control

Franks J R; Mayer C; Wagner H

Review of Finance

Financial innovations and corporate insolvency

Franks J; Sussman O

Journal of Financial Intermediation

2003

Risks and regulation in European asset management

Franks J R; Mayer C; Correia da Silva L

Asset management and investor protection

Franks J R; Mayer C; Correia da Silva L

2001

Who disciplines management in poorly performing companies?

Franks J R; Mayer C; Renneboog L

Journal of Financial Intermediation

Ownership and control of German corporations

Franks J R; Mayer C

Review of Financial Studies

Regulation and asset management

Franks J R; Mayer C; Correia da Silva L

Financial Times

1999

Direct and compliance cost of financial regulation

Franks J R; Schaefer S M; Staunton M

1998

Tale of three insolvency codes

Torous W N; Nyborg K G; Franks J R

Ownership and control in Europe

Franks J R; Mayer C

Bank control, takeovers and corporate governance in Germany

Franks J R; Mayer C

Journal of Banking and Finance

1997

Corporate ownership and control in Germany, the UK and France

Franks J R; Mayer C

Journal of Applied Corporate Finance

Direct and compliance costs of financial regulation

Franks J R; Schaefer S M; Staunton M

Journal of Banking and Finance

1996

Do hostile takeovers improve performance?

Franks J R; Mayer C

Business Strategy Review

Comparison of US, UK and German insolvency codes

Franks J R; Nyborg K G; Torous W N

Financial Management

Hostile takeovers and the correction of managerial failure

Franks J R; Mayer C

Journal of Financial Economics

1995

Equity market transparency on the London Stock Exchange

Franks J R; Schaefer S M

Journal of Applied Corporate Finance

Costs of regulatory compliance for financial firms

Franks J R; Schaefer S M; Staunton M

Ownership and control

Franks J R; Mayer C

1994

How firms fare in workouts

Franks J R; Torous W

Custodianship and investor protection

Franks J R; Schaefer S M

Financial Times

Comparison of the US and UK bankruptcy codes

Franks J R; Torous W N

Journal of Applied Corporate Finance

1992

Regulation of takeovers

Franks J R

Lessons from a comparison of US and UK insolvency codes

Franks J R; Torous W N

Oxford Review of Economic Policy

Postmerger share-price performance of acquiring firms

Franks J R; Harris R; Titman S

Journal of Financial Economics

Equity market transparency

Franks J R; Schaefer S M

Performance of merging firms

Franks J R

Treasurer

Empirical investigation of US firms in reorganization

Franks J R; Torous W N

Journal of Finance

Shareholder wealth effects of corporate takeovers: the UK experience 1955-1985

Franks J R; Harris R S

Journal of Financial Economics

E123 Elective Course in Mergers, MBOs and Other Corporate Reorganizations AUT14 (Streams A & B)


MiF London Finance Experience trip

Winner of the Best Working Paper Competition sponsored by the ECGI for the paper entitled ‘Ownership, Evolution and Regulation’, joint with Colin Mayer and Stefano Rossi.


Winner of the Clinical Paper Competition sponsored by the Journal of Financial Economics and the ECGI for the paper entitled ‘Ownership, Evolution and Regulation’, joint with Colin Mayer and Stefano Rossi.


Winner of Best Paper Prize (2006) awarded by the Journal of Financial Intermediation, for the paper entitled ‘Financial Innovations and Corporate Insolvency’, 2005, joint with Oren Sussman.


Winner of Best Paper Prize (2001) awarded by the Journal of Financial Intermediation, for the paper entitled ‘Who disciplines management of poorly performing companies’, 2001, joint with Colin Mayer and Luc Renneboog.


Nominated for the Best Research Paper Prize in 2005 by the Review of Finance (top 3 nominations) for ‘Financial distress and bank restructuring of small to medium size UK companies’, joint with Oren Sussman.


Award for "Best Teacher", Senior Executive Programme, 1989.

Research Interests

Bankruptcy and financial distress, corporate ownership and control and cost of capital and regulation.