Julian Franks
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View article: An investigation into the distribution of gains from merging
An investigation into the distribution of gains from merging Open
The thesis critically analyzes the economic and financial rationale for merging, both in order to gain some insight into why mergers might be profitable to shareholders, and in order to properly construct hypotheses and tests which might d…
View article: Managing Ownership by Management
Managing Ownership by Management Open
View article: Resolving financial distress where property rights are not clearly defined: the case of China
Resolving financial distress where property rights are not clearly defined: the case of China Open
View article: Does Paying Passive Managers to Engage Improve ESG Performance?
Does Paying Passive Managers to Engage Improve ESG Performance? Open
View article: Do Market Prices Improve <b>the Accuracy of Court Valuations in Chapter 11?</b>
Do Market Prices Improve <b>the Accuracy of Court Valuations in Chapter 11?</b> Open
The average difference between the court value and postemergence market value of newly issued stocks in Chapter 11 reorganizations exceeds 50%. We show that public dissemination of transactions in defaulted bonds reduces this difference by…
View article: Quality and productivity in aircraft sales: why the welfare costs of fire sales are overstated
Quality and productivity in aircraft sales: why the welfare costs of fire sales are overstated Open
The paper measures the inefficiencies associated with fire sales in the airlines industry. We find evidence that fire sale discounts have been significantly overstated owing to under-maintenance and quality impairment of aircraft sold by d…
View article: The Limits of Coase: A Study of Financial Distress in the Shipping Industry
The Limits of Coase: A Study of Financial Distress in the Shipping Industry Open
A generally accepted view is that sophisticated bankruptcy procedures are required to mitigate coordination failures and fire sale discounts arising from financial distress. In this paper, we provide empirical evidence addressing this issu…
View article: The Benefits of Access: Evidence from Private Meetings with Portfolio Firms
The Benefits of Access: Evidence from Private Meetings with Portfolio Firms Open
We analyze the monitoring efforts of a large active asset manager that involve high-level private meetings with portfolio firms that are unobservable to outsiders. Our analysis reveals the inner workings of the asset management organizatio…
View article: Outsourcing Active Ownership in Japan
Outsourcing Active Ownership in Japan Open
View article: The Benefits of Access: Evidence from Private Meetings with Portfolio Firms
The Benefits of Access: Evidence from Private Meetings with Portfolio Firms Open
View article: Acknowledgments
Acknowledgments Open
View article: Revisiting the Asset Fire Sale Discount: Evidence from Commercial Aircraft Sales
Revisiting the Asset Fire Sale Discount: Evidence from Commercial Aircraft Sales Open
View article: Institutional Ownership and Governance
Institutional Ownership and Governance Open
View article: Institutional ownership and governance
Institutional ownership and governance Open
This paper describes different forms of ownership across countries and how these forms influence the way companies are governed. In most stock markets in the world, listed companies frequently have a controlling shareholder, usually a fami…
View article: The Early Returns to International Hedge Fund Activism: 2000–2010
The Early Returns to International Hedge Fund Activism: 2000–2010 Open
In this summary of their recent article in the Review of Financial Studies , the authors provide an overview of the methods and findings of the first comprehensive study of worldwide hedge fund activism—one that examined the effectiveness …
View article: Corporate Governance Through Exit and Voice
Corporate Governance Through Exit and Voice Open
View article: Returns to Hedge Fund Activism: An International Study
Returns to Hedge Fund Activism: An International Study Open
This paper provides evidence on the incidence, characteristics, and performance of activist engagements across countries. We find that the incidence of activism is greatest with high institutional ownership, particularly for U.S. instituti…
View article: Evolution of Ownership and Control Around the World: The Changing Face of Capitalism
Evolution of Ownership and Control Around the World: The Changing Face of Capitalism Open
View article: Evolution of Ownership and Control Around the World: The Changing Face of Capitalism
Evolution of Ownership and Control Around the World: The Changing Face of Capitalism Open
View article: The Privatization of Bankruptcy: Evidence from Financial Distress in the Shipping Industry
The Privatization of Bankruptcy: Evidence from Financial Distress in the Shipping Industry Open
View article: Marketplace Lending, Information Aggregation, and Liquidity
Marketplace Lending, Information Aggregation, and Liquidity Open
View article: Do Market Prices Improve the Accuracy of Court Valuations in Chapter 11?
Do Market Prices Improve the Accuracy of Court Valuations in Chapter 11? Open
View article: Local Institutions, Audit Quality, and Corporate Scandals of US-listed Foreign Firms
Local Institutions, Audit Quality, and Corporate Scandals of US-listed Foreign Firms Open
Using data on shareholder-initiated class action lawsuits in the US, I investigate the corporate scandals of USlisted foreign firms. The shareholders of scandal firms suffer considerable loss in both the short term and the long term. I doc…