Ernst G. Maug

University of Mannheim Business School

Professor

L9, 1-2

Mannheim, 68131

Germany

http://cf.bwl.uni-mannheim.de/de/people/maug/

European Corporate Governance Institute (ECGI)

c/o ECARES ULB CP 114

B-1050 Brussels

Belgium

  • University of Mannheim Business School

    • Email
    • Tel: +49 621 181-1952
SCHOLARLY PAPERS

36

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Top 2,319

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292

CROSSREF CITATIONS

178

Scholarly Papers (36)

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1.

Corporate Finance in Europe: A Survey

ECGI - Finance Working Paper No. 121/2006, Swiss Finance Institute Research Paper No. 06-17
Number of pages: 34 Posted: 19 Apr 2006
Francois Degeorge and Ernst G. Maug
University of Lugano - Faculty of Economics and University of Mannheim Business School
Downloads 2,692 (4,575)
Citation 3

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Corporate Finance, Europe

2.

Lower Salaries and No Options? On the Optimal Structure of Executive Pay

Journal of Finance, Vol. 62, Issue 1, pp. 303-343, 2007, ECGI - Finance Working Paper No. 32/2003, EFA 2005 Moscow Meetings Paper
Number of pages: 50 Posted: 07 Aug 2005 Last Revised: 10 Aug 2009
Ingolf Dittmann and Ernst G. Maug
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE) and University of Mannheim Business School
Downloads 2,293 (5,969)
Citation 54

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Executive compensation, stock options

3.

Sticks or Carrots? Optimal CEO Compensation when Managers are Loss-Averse

Journal of Finance, Vol. 65, No. 6, pp. 2015-2050, 2010
Number of pages: 46 Posted: 14 Jul 2006 Last Revised: 19 Dec 2010
Ingolf Dittmann, Ernst G. Maug and Oliver G. Spalt
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School and University of Mannheim - Business School
Downloads 2,122 (6,792)
Citation 1

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Stock Options, Executive Compensation, Loss Aversion

4.

Biases and Error Measures: How to Compare Valuation Methods

ERIM Report Series Reference No. ERS-2006-011-F&A, Mannheim Finance Working Paper No. 2006-07
Number of pages: 41 Posted: 26 Feb 2006 Last Revised: 26 Aug 2008
Ingolf Dittmann and Ernst G. Maug
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE) and University of Mannheim Business School
Downloads 2,112 (6,842)
Citation 8

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Valuation, Financial Ratios, Multiples, Dividend Discount Model, Discounted Cash Flow Model, Residual Income Model

5.

Bankers on the Boards of German Firms: What They Do, What They are Worth, and Why They are (Still) There

Downloads 1,916 ( 8,096)
Citation 4

Bankers on the Boards of German Firms: What They Do, What They are Worth, and Why They are (Still) There

Review of Finance, Vol. 14, No. 1, pp. 35-71, 2010, ECGI - Finance Working Paper No. 196/2008
Number of pages: 45 Posted: 03 Mar 2008 Last Revised: 11 Feb 2010
Ingolf Dittmann, Ernst G. Maug and Christoph Schneider
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School and Tilburg University - Department of Finance
Downloads 1,916 (7,930)
Citation 4

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Banks, Board of Directors, Corporate Governance, Germany

Bankers on the Boards of German Firms: What They Do, What They are Worth, and Why They are (Still) There

Review of Finance, Vol. 14, Issue 1, pp. 35-71, 2010
Posted: 25 Jan 2010
Ingolf Dittmann, Ernst G. Maug and Christoph Schneider
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School and Tilburg University - Department of Finance

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G21, G34

6.

Insider Trading Legislation and Corporate Governance

EFA 0664
Number of pages: 48 Posted: 05 Apr 1999
Ernst G. Maug
University of Mannheim Business School
Downloads 1,865 (8,472)
Citation 6

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7.

How Preussag Became Tui: Kissing Too Many Toads Can Make You a Toad

Financial Management, Vol. 37, Issue 3, pp. 571-598, 2008, ECGI - Finance Working Paper No. 58/2004
Number of pages: 52 Posted: 15 Nov 2004 Last Revised: 17 Dec 2019
Ingolf Dittmann, Ernst G. Maug and Christoph Schneider
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School and Tilburg University - Department of Finance
Downloads 1,841 (8,661)
Citation 3

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Corporate Governance, Large shareholders, Germany, Diversification, Mergers and Acquisitions

8.

Do Shareholders Vote Strategically? Voting Behavior, Proposal Screening, and Majority Rules

Downloads 1,361 ( 14,065)
Citation 20

Do Shareholders Vote Strategically? Voting Behavior, Proposal Screening, and Majority Rules

Mannheim Finance Working Paper No. 2006-15, ECGI - Finance Working Paper No. 31/2003 , EFA 2004 Maastricht Meetings Paper No. 2516
Number of pages: 59 Posted: 08 Dec 2003 Last Revised: 19 Sep 2008
Ernst G. Maug and Kristian Rydqvist
University of Mannheim Business School and State University of New York at Binghamton - School of Management
Downloads 1,361 (13,772)
Citation 20

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shareholder meeting, proposal screening, strategic voting, supermajority rule

Do Shareholders Vote Strategically? Voting Behavior, Proposal Screening, and Majority Rules

Review of Finance, Vol. 13, Issue 1, pp. 47-79, 2009
Posted: 17 Jan 2009
Ernst G. Maug and Kristian Rydqvist
University of Mannheim Business School and State University of New York at Binghamton - School of Management

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D72, G34

9.

How Fundamental are Fundamental Values? Valuation Methods and Their Impact on the Performance of German Venture Capitalists

Downloads 1,294 ( 15,201)
Citation 6

How Fundamental are Fundamental Values? Valuation Methods and Their Impact on the Performance of German Venture Capitalists

Number of pages: 40 Posted: 18 Jul 2002
Ingolf Dittmann, Ernst G. Maug and Johannes Kemper
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School and Humboldt University of Berlin
Downloads 1,272 (15,304)
Citation 7

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DCF, Performance, Valuation, Venture Capital, IPO

How Fundamental are Fundamental Values? Valuation Methods and Their Impact on the Performance of German Venture Capitalists

European Financial Management, Vol. 10, No. 4, pp. 609-638, December 2004
Number of pages: 30 Posted: 30 Nov 2004
Ingolf Dittmann, Ernst G. Maug and Johannes Kemper
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School and Humboldt University of Berlin
Downloads 22 (543,109)
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10.

Evaluating Methods to Estimate the Implied Cost of Equity Capital: A Simulation Study

AAA 2010 Financial Accounting and Reporting Section (FARS) Paper
Number of pages: 53 Posted: 02 Sep 2009 Last Revised: 16 Dec 2010
Holger Daske, Jörn van Halteren and Ernst G. Maug
University of Mannheim - Accounting and Taxation, University of Mannheim - Department of Business Administration and Finance and University of Mannheim Business School
Downloads 1,134 (18,583)
Citation 8

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Implied cost of capital, valuation, residual income, abnormal earnings growth, simulation

11.

The Impact of Firm Prestige on Executive Compensation

AFA 2013 San Diego Meetings Paper
Number of pages: 63 Posted: 22 Feb 2012 Last Revised: 07 Jan 2016
Florens Focke, Ernst G. Maug and Alexandra Niessen-Ruenzi
University of Mannheim - Department of International Finance, University of Mannheim Business School and University of Mannheim - Department of Finance
Downloads 1,039 (21,087)
Citation 2

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CEO compensation, firm prestige, social status, career benefits

12.

Insider Trading Legislation and Acquisition Announcements: Do Laws Matter?

EFA 2006 Zurich Meetings
Number of pages: 31 Posted: 30 Jun 2006 Last Revised: 04 Feb 2008
Ernst G. Maug, Jörn van Halteren and Abraham Ackerman
University of Mannheim Business School, University of Mannheim - Department of Business Administration and Finance and affiliation not provided to SSRN
Downloads 995 (22,508)
Citation 2

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Insider Trading, Mergers and Acquisitions, Securities Law, Law and Finance

13.

How Effective is Proxy Voting? Information Aggregation and Conflict Resolution in Corporate Voting Contests

Number of pages: 50 Posted: 06 Apr 1999
Ernst G. Maug
University of Mannheim Business School
Downloads 710 (36,244)
Citation 19

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14.

Restricting CEO Pay

Journal of Corporate Finance, Forthcoming, ECGI - Finance Working Paper No. 291/2010
Number of pages: 46 Posted: 22 Aug 2010 Last Revised: 25 Jun 2011
Ingolf Dittmann, Ernst G. Maug and Dan Zhang
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School and Oslo and Akershus University College - Oslo Metropolitan University
Downloads 690 (37,657)

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Executive compensation, caps on pay, loss aversion

15.

How do Executives Exercise Their Stock Options?

European Corporate Governance Institute - Finance Working Paper No. 284/2010
Number of pages: 56 Posted: 14 Feb 2009 Last Revised: 03 Oct 2019
Daniel Klein and Ernst G. Maug
University of Mannheim - Department of Business Administration and Finance and University of Mannheim Business School
Downloads 642 (41,484)

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Stock options, early exercise decisions, executive compensation

16.

Labor Representation in Governance as an Insurance Mechanism

Review of Finance, Vol. 22, Issue 4, pp. 1251-1289, 2018, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 411/2014
Number of pages: 78 Posted: 22 Feb 2014 Last Revised: 17 Dec 2019
E. Han Kim, Ernst G. Maug and Christoph Schneider
University of Michigan, Stephen M. Ross School of Business, University of Mannheim Business School and Tilburg University - Department of Finance
Downloads 638 (41,840)
Citation 13

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Risk-sharing, Employment insurance, Worker representation on corporate boards

17.

Stock Repurchases and Liquidity

Journal of Financial Economics (JFE), 119 (1), 186-209, 2016.
Number of pages: 76 Posted: 20 Dec 2013 Last Revised: 16 Jun 2016
Alexander Hillert, Ernst G. Maug and Stefan Obernberger
Goethe University Frankfurt - Department of Finance, University of Mannheim Business School and Erasmus University Rotterdam - Erasmus School of Economics
Downloads 610 (44,406)
Citation 3

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Share repurchases, market microstructure, liquidity, limit order markets, informed trading

18.

Efficiency and Fairness in Minority Freezeouts: Takeovers, Overbidding, and the Freeze-In Problem

Number of pages: 28 Posted: 29 Oct 2004
Ernst G. Maug
University of Mannheim Business School
Downloads 575 (48,038)
Citation 4

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Freezeouts, freeze-in, valuation, takeovers, shareholder rights, adverse selection, mandatory bids

19.

Indexing Executive Compensation Contracts

ECGI - Finance Working Paper No. 309/2011
Number of pages: 59 Posted: 05 Jul 2011 Last Revised: 30 Apr 2013
Ernst G. Maug, Ingolf Dittmann and Oliver G. Spalt
University of Mannheim Business School, Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE) and University of Mannheim - Business School
Downloads 473 (61,371)
Citation 3

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executive compensation, indexed options, relative performance evaluation

20.

Stealth Trading by Corporate Insiders

WBS Finance Group Research Paper No. 132
Number of pages: 58 Posted: 21 Nov 2009
Olga Klein, Ernst G. Maug and Christoph Schneider
University of Warwick - Warwick Business School, University of Mannheim Business School and Tilburg University - Department of Finance
Downloads 463 (63,029)
Citation 2

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Stealth Trading, Insider Trading, Sarbanes-Oxley

21.

Herding and Delegated Portfolio Management: The Impact of Relative Performance Evaluation on Asset Allocation

IFA Working Paper 223-1996
Number of pages: 41 Posted: 19 May 1998 Last Revised: 19 Dec 2013
Ernst G. Maug and Narayan Y. Naik
University of Mannheim Business School and London Business School - Institute of Finance and Accounting
Downloads 454 (64,573)
Citation 25

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22.

Trading Strategies of Corporate Insiders

Journal of Financial Markets, Vol. 34, pp. 48-68, 2017, WBS Finance Group Research Paper No. 189
Number of pages: 68 Posted: 27 Jul 2012 Last Revised: 26 Dec 2019
Olga Klein, Ernst G. Maug and Christoph Schneider
University of Warwick - Warwick Business School, University of Mannheim Business School and Tilburg University - Department of Finance
Downloads 391 (77,178)
Citation 4

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Trade splitting, informed trading, block trading, insider trading, liquidity, Sarbanes-Oxley

23.

When Shareholders Disagree: Trading After Shareholder Meetings

Fifth Annual Conference on Financial Market Regulation, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 594/2019
Number of pages: 81 Posted: 05 Jan 2018 Last Revised: 28 Jun 2019
Sophia Zhengzi Li, Ernst G. Maug and Miriam Schwartz-Ziv
Rutgers, The State University of New Jersey - Rutgers Business School at Newark & New Brunswick, University of Mannheim Business School and Hebrew University of Jerusalem - Department of Finance and Banking
Downloads 380 (79,706)
Citation 4

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Shareholder Meetings, Voting, Disagreement, Trading, Volume

24.

Two-Class Voting: A Mechanism for Conflict Resolution in Bankruptcy?

Number of pages: 44 Posted: 10 Apr 2000
Ernst G. Maug and Bilge Yilmaz
University of Mannheim Business School and University of Pennsylvania - Finance Department
Downloads 375 (80,949)
Citation 3

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Information Aggregation, Voting, Corporate Control, Bankruptcy

25.

Private Equity and Human Capital Risk

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 518/2017, Journal of Financial Economics (JFE), Forthcoming
Number of pages: 78 Posted: 05 May 2015 Last Revised: 20 Nov 2018
Manfred Antoni, Ernst G. Maug and Stefan Obernberger
Institute for Employment Research (IAB), University of Mannheim Business School and Erasmus University Rotterdam - Erasmus School of Economics
Downloads 346 (88,903)
Citation 2

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Private Equity, Restructuring, Human Capital Risk, Buyouts, Wages

26.

Note on the Calibration of Executive Compensation Models

Number of pages: 17 Posted: 05 Jul 2011 Last Revised: 26 Jul 2016
Ingolf Dittmann, Dan Zhang, Ernst G. Maug and Oliver G. Spalt
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), Oslo and Akershus University College - Oslo Metropolitan University, University of Mannheim Business School and University of Mannheim - Business School
Downloads 308 (101,096)
Citation 3

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Stock Options, Executive Compensation, Loss Aversion

27.

Why Votes Have a Value

Number of pages: 51 Posted: 17 Dec 2007 Last Revised: 19 Dec 2010
Ingolf Dittmann, Ernst G. Maug, Dorothea Kübler and Lydia Mechtenberg
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School, Social Science Research Center (WZB) and Technical University of Berlin
Downloads 269 (116,853)
Citation 1

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Voting, dual-class shares, paradox of voting, experimental economics, instrumental voting, expressive voting

28.

Trading and Shareholder Voting

Downloads 163 (187,832)
Citation 1

Trading and Shareholder Voting

European Corporate Governance Institute – Finance Working Paper No. 631/2019
Number of pages: 69 Posted: 03 Oct 2019 Last Revised: 27 Nov 2019
Doron Levit, Nadya Malenko and Ernst G. Maug
University of Pennsylvania - Finance Department, Boston College, Carroll School of Management, Students and University of Mannheim Business School
Downloads 163 (188,018)
Citation 1

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Corporate Governance, Voting, Shareholder Rights, Trading, Delegation

Trading and Shareholder Voting

CEPR Discussion Paper No. DP14039
Number of pages: 61 Posted: 07 Oct 2019
Doron Levit, Nadya Malenko and Ernst G. Maug
University of Pennsylvania - Finance Department, Boston College, Carroll School of Management, Students and University of Mannheim Business School
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corporate governance, Shareholder rights, Trading, voting

29.

You May Have to Do it Again, Rocky! - an Experimental Analysis of Bargaining with Risky Joint Profits

CentER Discussion Paper No. 2003-117
Number of pages: 38 Posted: 17 Jun 2004
Werner Güth, Sabine Kröger and Ernst G. Maug
Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Research on Collective Goods, Université Laval - Département d'Économique and University of Mannheim Business School
Downloads 124 (234,440)
Citation 192

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Bargaining, risk, joint ventures, game theory

30.

The Relative Performance Puzzle

Schmalenbach Business Review, Vol. 52, 99. 3-24, January 2000
Number of pages: 22 Posted: 13 Jun 2002
Ernst G. Maug
University of Mannheim Business School
Downloads 101 (271,322)
Citation 1

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Executive Compensation

31.

Do Shareholders Vote Strategically? Evidence on the Advisory Role of Annual General Meetings

CEPR Discussion Paper No. 4192
Number of pages: 46 Posted: 10 Feb 2004
Ernst G. Maug and Kristian Rydqvist
University of Mannheim Business School and State University of New York at Binghamton - School of Management
Downloads 26 (502,682)
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32.

Ownership Structure and the Life-Cycle of the Firm: A Theory of the Decision to Go Public

European Finance Review, Vol. 5, No. 3
Posted: 07 May 2002
Ernst G. Maug
University of Mannheim Business School

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Initial public offerings, going public, underwriting

33.

The Separation of Decision Making and Risk Bearing: Organizational Form and the Decision to Go Private

IFA Working Paper 186
Posted: 16 Sep 1999
Ernst G. Maug
University of Mannheim Business School

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34.

Institutional Investors as Monitors: On the Impact of Insider Trading Legislation on Large Shareholder Activism

Institute of Finance and Accounting Working Paper 213
Posted: 19 May 1998
Ernst G. Maug
University of Mannheim Business School

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35.

Boards of Directors and Capital Structure: Alternative Forms of Corporate Restructuring

Journal ofCorporate Finance, (1996).
Posted: 11 Nov 1996
Ernst G. Maug
University of Mannheim Business School

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36.

Boards of Directors and Capital Structure: Alternative Forms of Corporate Restructurings

London Business School Institute of Finance and Accounting Working Paper 184
Posted: 29 Aug 1994
Ernst G. Maug
University of Mannheim Business School

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