Research
Publications
- García-Gómez, P., Maug, E. and Obernberger, S. (2025). Private equity buyouts and employee health. Management Science.
- Levit, D., Malenko, N. and Maug, E. (2025). The Voting Premium. The Journal of Finance (forthcoming).
- Levit, D., Malenko, N. and Maug, E. (2024). Trading and shareholder democracy. The Journal of Finance, 79, 257–304.
- Meier, K., Niessen-Ruenzi, A. and Ruenzi, S. (2024). The impact of role models on women's self-selection in competitive environments. The Quarterly Journal of Finance : QJF, 14, 1–28.
- Ranasinghe, D., Unda, L. A. and Wright, S. (2024). Do women mind the non-GAAP? Board gender diversity and non-GAAP disclosure quality. European Accounting Review, 33, 713–739.
- Unda, L. (2023). Cooperative values and the development of the credit union movement in Australia. Journal of Management History : JMH, 29, 232–251.
- Unda, L. A., Gong, Z., Benati, K. and Loh, C. M. (2023). Role expectations and shared accountability: A framework for school governance. Financial Accountability & Management, 39, 790–808.
- Unda, L. A. and Foerster, A. (2022). Climate risk disclosure, compliance, and regulatory drivers: a textual tone analysis. Company and Securities Law Journal, 39, 47–72.
- Berns, J. P., Shahriar, A. Z. M. and Unda, L. A. (2021). Delegated monitoring in crowdfunded microfinance: Evidence from Kiva. Journal of Corporate Finance, 66, 1–21.
- Li, S. Z., Maug, E. and Schwartz-Ziv, M. (2021). When shareholders disagree: Trading after shareholder meetings. The Review of Financial Studies, 35, 1–71.
- Loh, C. M., Unda, L. A., Gong, Z. and Benati, K. (2021). Board effectiveness and school performance: a study of Australian independent schools. School Effectiveness and School Improvement, 32, 650–673.
- Mather, P., Ranasinghe, D. and Unda, L. A. (2021). Are gender diverse boards more cautious? The impact of board gender diversity on sentiment in earnings press releases. Journal of Contemporary Accounting & Economics, 17, 1–21.
- Unda, L. A. and Ranasinghe, D. (2021). To pay or not to pay: Board remuneration and insolvency risk in credit unions. Pacific-Basin Finance Journal, 66, 101–128.
- Klein, D. and Maug, E. (2020). How do executives exercise their stock options? The Review of Corporate Finance Studies : RCFS, 9, 302–339.
- Shahriar, A. Z. M., Unda, L. A. and Alam, Q. (2020). Gender differences in the repayment of microcredit: The mediating role of trustworthiness. Journal of Banking & Finance, 110, 105–685.
- Unda, L. A., Khosa, A., Burch, S. and Wilkin, C. (2020). Sustainability of the accounting and finance academic profession: student' and supervisors' views about the PhD supervision process. Accounting and Finance, 60, 3103-3132.
- Antoni, M., Maug, E. and Obernberger, S. (2019). Private equity and human capital risk. Journal of Financial Economics, 133, 634–657.
- Unda, L. A., Ahmed, K. and Mather, P. R. (2019). Board characteristics and credit-union performance. Accounting and Finance, 59, 2735-2764.
- van Bekkum, S., Gabarro, M. and Irani, R. M. (2018). Does a larger menu increase appetite? Collateral eligibility and credit supply. The Review of Financial Studies, 31, 943–979.
- Kim, E H., Maug, E. and Schneider, C. (2018). Labor representation in governance as an insurance mechanism. Review of Finance, 22, 1251-1289.
- Focke, F., Maug, E. and Niessen-Ruenzi, A. (2017). CEOs earn less at more-prestigious firms. Harvard Business Review : HBR, 2017, 2–4.
- Focke, F., Maug, E. and Niessen-Ruenzi, A. (2017). The impact of firm prestige on executive compensation. Journal of Financial Economics, 123, 313–336.
- Klein, O., Maug, E. and Schneider, C. (2017). Trading strategies of corporate insiders. Journal of Financial Markets, 34, 48–68.
- Hillert, A., Maug, E. and Obernberger, S. (2016). Stock repurchases and liquidity. Journal of Financial Economics, 119, 186–209.
- Unda, L. (2016). The impact of regulatory governance standards on board characteristics: Evidence from Australian credit unions. JASSA : Journal of the Securities Institute of Australia, 2016, 21–26.
- Unda, L. (2015). Board of directors characteristics and credit union financial performance: A pitch. Accounting and Finance, 55, 353–360.
- Unda, L. A. and Margret, J. (2015). Transformation of the Ecuadorian financial system: regulation and response. Journal of Financial Regulation and Compliance, 23, 84–102.
- Dittmann, I., Kübler, D., Maug, E. and Mechtenberg, L. (2014). Why votes have value : instrumental voting with overconfidence and overestimation of others' errors. Games and Economic Behavior, 84, 17–38.
- Dittmann, I., Maug, E. and Spalt, O. (2013). Indexing executive compensation contracts. The Review of Financial Studies, 26, 3182-3224.
- Dittmann, I., Maug, E. and Zhang, D. (2011). Restricting CEO Pay. Journal of Corporate Finance, 17, 1200-1220.
- Maug, E. and Albrecht, B. (2011). Struktur und Höhe der Vorstandsvergütung : Fakten und Mythen. Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung : Zfbf, 63, 858–881.
- Maug, E. and Naik, N. (2011). Herding and delegated portfolio management : the impact of relative performance evaluation on asset allocation. The Quarterly Journal of Finance : QJF, 1, 265–292.
- Dittmann, I., Maug, E. and Schneider, C. (2010). Bankers on the boards of German firms: What they do, what they are worth, and why they are (still) there? Review of Finance, 14, 35–71.
- Dittmann, I., Maug, E. and Spalt, O. (2010). Sticks or carrots? Optimal CEO compensation when managers are loss averse. The Journal of Finance, 65, 2015–2050.
- Güth, W., Kröger, S. and Maug, E. (2009). Bargaining under large risk – an experimental analysis. New Zealand Economic Papers, 43, 105–129.
- Maug, E. and Rydqvist, K. (2009). Do shareholders vote strategically? Voting behavior, proposals screening, and majority rules. Review of Finance, 13, 47–79.
- Dittmann, I., Maug, E. and Schneider, C. (2008). How Preussag Became TUI: A Clinical Study of Institutional Blockholders and Restructuring in Europe. Financial Management, 37, 571–598.
- Dittmann, I. and Maug, E. (2007). Lower Salaries and No Options: The Optimal Structure of Executive Pay. The Journal of Finance, 62, 303–343.
- Güth, W. and Maug, E. (2007). Who Volunteers? A Theory of Firms Allowing for Intrinsically Motivated Agents. Zeitschrift für Betriebswirtschaft : ZfB, 77, 49–74.
- Maug, E. (2006). Efficiency and fairness in minority freezeouts: Takeovers, overbidding, and the freeze-in problem. International Review of Law and Economics, 26, 355–379.
- Dittmann, I., Maug, E. and Kemper, J. (2004). How fundamental are fundamental values? Valuation methods and their impact on the performance of German venture capitalists. European Financial Management, 10, 609–638.
- Maug, E. (2002). Insider trading legislation and corporate governance. European Economic Review : EER, 46, 1569-1597.
- Maug, E. and Yilmaz, B. (2002). Two-class voting : a mechanism for conflict resolution in bankruptcy? American Economic Review : AER, 92, 1448-1471.
- Maug, E. (2001). Ownership structure and the life-cycle of the firm : a theory of the decision to go public. European Finance Review, 5, 167–200.
- Maug, E. (2000). The relative performance puzzle. Schmalenbach Business Review : Sbr, 52, 3–24.
- Maug, E. (1998). Large shareholders as monitors : is there a trade-off between liquidity and control? The Journal of Finance, 53, 65–98.
- Maug, E. (1997). Boards of directors and capital structure : alternative forms of corporate restructuring. Journal of Corporate Finance, 3, 113–139.
- Maug, E. (1996). Corporate control and the market for managerial labour : on the decision to go public. European Economic Review : EER, 40, 1049-1056.
- Gong, M., Maug, E. and Schneider, C. (2024). Arbitraging labor markets.
ECGI Working Paper Series in Finance, 997/
2024. Brussels: European Corporate Governance Institute (ECGI). - Gehrke, B., Maug, E., Obernberger, S. and Schneider, C. (2021). Post-merger restructuring of the labor force.
ECGI Working Paper Series in Finance, 753/
2021. Brussels: European Corporate Governance Institute (ECGI). - Levit, D., Malenko, N. and Maug, E. (2021). The voting premium.
ECGI Working Paper Series in Finance, 720/
2021. Brussels: European Corporate Governance Institute (ECGI). - García-Gómez, P., Maug, E. and Obernberger, S. (2020). Private equity buyouts and employee health.
ECGI Working Paper Series in Finance, 680/
2020. Brussels: European Corporate Governance Institute (ECGI). - Levit, D., Malenko, N. and Maug, E. (2019). Trading and Shareholder Democracy.
ECGI Working Paper Series in Finance, 631/
2019. Brussels: European Corporate Governance Institute (ECGI). - Levit, D., Malenko, N. and Maug, E. (2019). Trading and shareholder voting. ECGI Finance Working Paper, 631. Bruxelles: European Corp. Governance Inst.
- Levit, D., Malenko, N. and Maug, E. (2019). Trading and shareholder voting. CEPR Discussion Paper, 14039. London: Centre for Economic Policy Research (CEPR).
- Li, S. Z., Maug, E. and Schwartz-Ziv, M. (2019). When shareholders disagree: Trading after shareholder meetings. ECGI Finance Working Paper, 594. Bruxelles: European Corp. Governance Inst.
- Meier, K., Niessen-Ruenzi, A. and Ruenzi, S. (2018). The impact of role models on women's self-selection in competitive environments. SSRN Working Paper Series. Rochester, NY.
- Antoni, M., Maug, E. and Obernberger, S. (2017). Private equity and human capital risk. ECGI Finance Working Paper, 518. Brussels [u. a.]: European Corp. Governance Inst.
- Hillert, A., Maug, E. and Obernberger, S. (2013). Stock Repurchases and Market Liquidity. Mannheim.
- Dittmann, I., Zhang, D., Maug, E. and Spalt, O. (2011). Note on the calibration of executive compensation models. SSRN Electronic Journal. Rochester, NY [u. a.].
- Daske, H., Maug, E. and van Halteren, J. (2010). Evaluating Methods to Estimate the Implied Cost of Equity Capital: A Simulation Study. Rochester, NY.
- Dittmann, I., Kübler, D., Maug, E. and Mechtenberg, L. (2010). Why Votes have a Value. Rochester, NY.
- Klein, D. and Maug, E. (2010). How do executives exercise their stock options? Rochester, NY.
- Lebedeva, O., Maug, E. and Schneider, C. (2009). Stealth Trading by Corporate Insiders. Rochester, NY.
- Maug, E., Dittmann, I. and Schneider, C. (2009). Bankers and the performance of German firms. None.
- Dittmann, I. and Maug, E. (2008). Biases and Error Measures: How to Compare Valuation Methods. Rochester, NY.
- Dittmann, I., Maug, E. and Schneider, C. (2008). Bankers on the boards of German firms: What they do, what they are worth, and why they are (still) there?
ECGI Finance Working Paper, 196/
2008. Bruxelles: European Corp. Governance Inst. - Dittmann, I. and Maug, E. (2007). Valuation biases, error measures, and the conglomerate discount. Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung, 07–37. Mannheim.
- Dittmann, I., Maug, E. and Schneider, C. (2007). How Preussag became TUI : kissing too many toads can make you a toad. None.
- Dittmann, I., Maug, E. and Spalt, O. (2007). Sticks or carrots? Optimal CEO compensation when managers are loss averse. Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung, 07–36. Mannheim.
- Maug, E. and Dittmann, I. (2007). Lower salaries and no options : the optimal structure of executive pay. None.
- Maug, E., van Halteren, J. and Ackerman, A. (2007). Insider trading legislation and acquisition announcements : do laws matter? Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung, 07–34. Mannheim.
- Maug, E. and Rydqvist, K. (2007). Do shareholders vote strategically? Voting behavior, proposals screening, and majority rules. Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung, 07–35. Mannheim.
- Dittmann, I., Maug, E. and Spalt, O. (2006). Executive stock options when managers are loss-averse. Mannheim.
- Meier, K., Niessen-Ruenzi, A. and Ruenzi, S. (2019). The impact of role models on women’s self-selection in competitive environments. In , The Second Quadrant Behavioural Finance Conference : Presented by the I.H. Asper School of Business, Thursday, April 4, 2019 (S. 5). , I.H. Asper School of Business: Winnipeg, MB.
- Meier, K., Ruenzi, S. and Niessen-Ruenzi, A. (2019). The impact of role models on women's self-selection in competitive environments. In , The American Finance Association 2019 Annual Meeting : January 4–6, 2019 in Atlanta, GA, 2019 Preliminary Program and Ph.D. Poster Session (S. 1–56). , American Finance Association: Salt Lake City, UT.
- Meier, K., Niessen-Ruenzi, A. and Ruenzi, S. (2018). The impact of role models on women's self-selection in competitive environments. In , EEA-ESEM Cologne 2018 : 33rd Annual Congress of the European Economic Association and 71st European Meeting of the Econometric Society, Cologne, Germany, August 27–31, 2018 : Program (S. 1–56). , European Economic Association: Brussels.
- Barko, T. and Renneboog, L. (2015). Mutual funds : management styles, social responsibility, performance, and efficiency. In Mutual funds and exchange-traded funds : building blocks to wealth (S. 268–290). New York, NY: Oxford University Press.
- Degeorge, F. and Maug, E. (2008). Corporate finance in Europe : a survey. In Handbook of European financial markets and institutions (S. 217–237). Oxford [u. a.]: Oxford University Press.
- Dittmann, I. and Maug, E. (2005). Warum optimale Anreizverträge keine Optionen enthalten. In Funktionsfähigkeit und Stabilität von Finanzmärkten (S. 1–20). Tübingen: Mohr Siebeck.
Finance Seminar
More information on the current Finance Seminar of the Area Finance:
Research Seminar Corporate Finance
In this seminar, doctoral students from our chair present their current work. It is open to faculty members and interested students. If not stated otherwise in parentheses, our seminars take place during the semester on Thursdays from 1:45 p.m. – 3:15 p.m.
Spring Term 2026
Date Name Title 19 Feb Minrui Gong tbd 26 Feb Henrik Sauer tbd 05 Mar Rongrong Wang tbd 12 Mar Henrietta Oppong-Adjei Market Valuations and Infrastructure Investment 19 Mar Bastian Koch Pre-IPO Liquidity and Talent Allocation 26 Mar Yufang Sun tbd 16 Apr Yufang Sun tbd 23 Apr Henrik Sauer tbd 30 Apr Rongrong Wang tbd 07 May Minrui Gong tbd 21 May Henrietta Oppong-Adjei tbd 28 May Bastian Koch tbd Brownbag Seminar
Thursday, 12:30 p.m. – 1:30 p.m.
The seminar will take place in room O129.Spring Term 2026
Date Name Title 19 Feb Youpeng Zhang The Principal-Agent Problem of ESG Investment 05 Mar Monika Burckhardt Beyond Pessimism: Depressive Symptoms, Financial Decisions, and Financial Advice 26 Mar Lukas Mertes tbd 23 Apr Harshini Shanker/ London Business School tbd 07 May Sabrina Yufang Sun tbd 21 May Thomas Cauthorn tbd