Current COVID-19 Measures
Until further notice, all communications and contacts at the Chair will be conducted electronically via e-mail and Zoom conference call.
Contact
Publications
- Levit, D., Malenko, N. and Maug, E. (2022). Trading and shareholder democracy. The Journal of Finance (forthcoming).
- Li, S. Z., Maug, E. and Schwartz-Ziv, M. (2021). When shareholders disagree: Trading after shareholder meetings. The Review of Financial Studies, 1-71.
- Klein, D. and Maug, E. (2020). How do executives exercise their stock options? The Review of Corporate Finance Studies : RCFS, 9, 302-339.
- Antoni, M., Maug, E. and Obernberger, S. (2019). Private equity and human capital risk. Journal of Financial Economics, 133, 634-657.
- 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. (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). 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. 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.
- 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
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.
Given the current coronavirus outbreak, all CF seminars will take place remotely via conference call on Zoom and in-person. If you are interested in joining, please write an email to lundagarmail.uni-mannheim.de.
Spring 2022
Date Name Title Feb 24 Yufang Sun Fairness-minded individuals shun financial markets March 4 Yannik Schneifer Multinational Business Groups and Internal Capital Markets in the EMU March 17 Clemens Müller Labor Market Mobility and Human Capital Misallocation March 24 Santanu Kundu Internal Carbon Markets and Corporate Carbon Emissions Behavior in the EU ETS March 31 Alison Schultz Global payment disruptions and firm-level exports April 7 Luisa Langer Managerial tone intensity and investors response April 28 Hamed Davari Inventor's incentive and authority -> Room 001, L 9, 1–2 May 19 Mattia Colombo Directors' Connections and Competition in Airline Markets June 2 Marc Gabarro canceled June 13 Mengqiao Du Digital information, investment, and inequality -> Room O 048 June 23 Minrui Gong 'Multinational business groups and labor reallocation -> Room 001, L 9, 1–2 June 23 (15:30) Marc Gabarro Take It to the Limit? The Effects of Household Leverage Caps -> Room 001, L 9, 1–2 June 30 Hamed Davari Inventor’s incentive and Authority Brownbag Seminar
Spring 2022
Date Name Title 03 March Chia-Yi Yen Fund managerial ownership, capital gains taxes, and risk-taking decisions (Working Title) 10 March Alexandra Niessen-Ruenzi The value of skill signals and women’s careers 17 March Yufang Sun Fairness Concerns and Financial Market Participation 31 March Marco Ceccarelli, Maastricht University Low-carbon Mutual Funds 28 April Paul Voss / Central European University From Control to Influence: The Evolution of the Buyout (Market) 12.15 h – 13.3o h 12 May Simon Rother (Kopenhagen) tbd -> Raum O 145/12:15 -13:30 h 19 May Frederik Horn Mortality Beliefs and Saving Behavior (Working Title) 02 June Laura Arnemann The effect of taxes on executive performance 13 June Clemens Müller Non-Compete Agreements and Allocation of Labor -> Raum EW145 23 June Karolin Kirschenmann Explicit and implicit deposit insurance and depositor behavior