Two-photon Franson-type interference experiments are not tests of local   realism
  We report a local hidden-variable model which reproduces quantum predictions for the two-photon interferometric experiment proposed by Franson [Phys. Rev. Lett. 62, 2205 (1989)]. The model works for the ideal case of full visibility and perfect detection efficiency. This result changes the interpretation of a series of experiments performed in the current decade. 
Jan-{\AA}ke Larsson, Sven Aerts and Marek Zukowski