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.
Spring Term 2023
Date Name Title 16.02.2023 Hamed Davari Learning-by-hiring and M&A activity 23.02.2023 Clemens Müller Reaction to Early Failure in University: A Regression Discontinuity Design 30.03.2023 Minrui Gong tbd 20.04.2023 Bastian Koch tbd 27.04.2023 Yufang Sun tbd 04.05.2023 Henrietta Oppong-Adjei tbd 11.05.2023 Luisa Langer tbd 25.05.2023 Mattia Colombo tbd 01.06.2023 Hamed Davari Learning-by-hiring and M&A activity Brownbag Seminar
Fall 2022
Date Name Title 22 Sept no seminar tbd 29 Sept no seminar 13 Oct Chia-Yi Yen Managerial Taxes, Fund Risk-taking, and Co-ownership 10 Nov Tabea Bucher-Koenen, Johannes Kasinger (Safe) tbd 24 Nov Kai Mäckle Friends with Drugs: The Role of Social Networks in the Opioid Epidemic 01 Dec Mattia Colombo Board Connections and Competition in Airline Markets 08 Dec Tommaso Gasparini Imperfect Banking Competition and the Propagation of Uncertainty Shocks 15 Dec Yufang Sun Streaking Star in the Mutual Fund Industry: Perception of Team vs. Individual Performance