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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.

Electives


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

Finance


  • MiF London Finance Experience trip

  • C111 Core MBA Course in Corporate Finance

Research Awards


  • 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.

  • strong>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