Introduction
Julian Franks is Professor of Finance and Academic Director at London Business School’s Centre for Corporate Governance. Here he reflects on the shape of future regulation of the financial services sector. His research focuses on bankruptcy and financial distress and corporate ownership and control, a field in which he has won two international prizes. He served as a member of a UK government working party reviewing the insolvency code and advised (with LBS professor Richard A. Brealey) the Office of Constitutional Affairs on the issue of outside equity for law firms and is an adviser to the regulator, Ofcom, and BAA. His qualifications include a BA (Sheffield), an MBA (Columbia), and PhD (London).
Viral V. Acharya is Professor of Finance at London Business School and New York University Stern School of Business, Academic Director of the Coller Institute of Private Equity, and a research affiliate of the Centre for Economic Policy Research (CEPR). He joined LBS in 2001 following a PhD in finance from Stern School of Business and bachelor degrees in computer science and engineering from the Indian Institute of Technology, Mumbai. His research interests are in the regulation of banks and financial institutions, corporate finance, credit risk, the valuation of corporate debt, and asset pricing with a focus on the effects of liquidity risk and he has won a string of awards for his academic papers. He was appointed as a Senior Houblon-Normal Research Fellow at the Bank of England in summer 2008 to conduct research on the efficiency of the interbank lending markets.
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