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Publications
- Antoni, M., Maug, E. and Obernberger, S. (2019). Private equity and human capital risk. Journal of Financial Economics, 131, tba (forthcoming).
- 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). 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.
- 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. G. (2013). Indexing Executive Compensation Contracts. 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. G. (2010). Stick 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. 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.
- 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.
- 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.
- Dittmann, I. and Maug, E. (2008). Biases and Error Measures: How to Compare Valuation Methods. Rochester, NY.
- 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.
- Dittmann, I., Maug, E. and Spalt, O. G. (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.
- 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. G. (2006). Executive Stock Options when Managers Are Loss-Averse. Mannheim.
- Barko, T. and Renneboog, L. (2015). Mutual funds : management styles, social responsibility, performance, and efficiency. In Baker, H. 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 Freixas, X. 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 Franz, W. Funktionsfähigkeit und Stabilität von Finanzmärkten (S. 1-20). Tübingen: Mohr Siebeck.
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Finance Seminar
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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. in L9, 1-2 (room 4.09).
Spring 2019
Date Name Title Feb 7 Kristina Meier Institutional Investors’ Tolerance of Failure and Firm Innovation Feb 14 Andre Speit Vote trading, empty voting and communication Mar 14 Kristina Meier Tolerating CEO Failure: The Real Effects of Institutional Investors Mar 28 Alison Schultz The Fight Against Financial Crime: How Global Banks’ De-Risking Affects Trade and the Local Economy May 2 Hamed Davari (12-13.30) tba May 2 Yannik Schneider tba May 9 Marcel Olbert tba May 16 Mattia Colombo tba May 23 Mengqiao Du tba May 30 Tamas Barko tba -
Brownbag Seminar
Spring 2019
Date Name Title Feb 14 Ernst Maug When Shareholders Disagree: Trading after Shareholder Meetings March 7 Jan Müller-Dethard Portfolio Composition and Investment Decisions Apr 4 Jiri Tresl tba May 9 Peter Severin Private Equity and Taxes May 16 Tamas Barko European DataWarehouse: An Introduction May 23 Prof. Dr. Oscar Stolper (Universität Marburg) tba