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

View CV
SCHOLARLY PAPERS

34

DOWNLOADS
Rank 694

SSRN RANKINGS

Top 694

in Total Papers Downloads

25,341

CITATIONS
Rank 2,161

SSRN RANKINGS

Top 2,161

in Total Papers Citations

258

Scholarly Papers (34)

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 2,510 (3,294)
Citation 6

Abstract:

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 2,182 (4,292)
Citation 64

Abstract:

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 Tilburg University - Department of Finance
Downloads 1,884 (5,176)
Citation 26

Abstract:

Stock Options, Executive Compensation, Loss Aversion

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
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School and Tilburg University - Department of Finance
Downloads 1,845 (5,835)
Citation 25

Abstract:

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
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School and Tilburg University - Department of Finance

Abstract:

G21, G34

5.

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

ECGI - Finance Working Paper No. 58/2004, Financial Management, Vol. 37, Issue 3, pp. 571-598, 2008
Number of pages: 52 Posted: 15 Nov 2004 Last Revised: 06 May 2009
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School and Tilburg University - Department of Finance
Downloads 1,771 (6,217)
Citation 1

Abstract:

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

6.

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 1,748 (5,783)
Citation 6

Abstract:

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

7.

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 1,713 (6,519)
Citation 29

Abstract:

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 1,294 (10,660)
Citation 17

Abstract:

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

Abstract:

D72, G34

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 1,173 (12,447)
Citation 11

Abstract:

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 21 (434,535)
Citation 11

Abstract:

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 982 (14,939)
Citation 3

Abstract:

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

11.

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
University of Mannheim Business School, University of Mannheim - Department of Business Administration and Finance and affiliation not provided to SSRN
Downloads 902 (17,608)
Citation 7

Abstract:

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

12.

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
University of Mannheim - Department of International Finance, University of Mannheim Business School and University of Mannheim - Department of Finance
Downloads 889 (19,376)

Abstract:

CEO compensation, firm prestige, social status, career benefits

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 631 (30,499)
Citation 12

Abstract:

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 BI Norwegian Business School
Downloads 587 (32,050)
Citation 4

Abstract:

Executive compensation, caps on pay, loss aversion

15.

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 539 (37,811)
Citation 4

Abstract:

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

16.

How do Executives Exercise Their Stock Options?

ECGI - Finance Working Paper No. 284/2010
Number of pages: 40 Posted: 14 Feb 2009 Last Revised: 14 Dec 2011
Daniel Klein and Ernst G. Maug
University of Mannheim - Department of Business Administration and Finance and University of Mannheim Business School
Downloads 518 (36,032)
Citation 8

Abstract:

Stock options, early exercise decisions, executive compensation

17.

Stealth Trading by Corporate Insiders

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 405 (50,133)
Citation 1

Abstract:

Stealth Trading, Insider Trading, Sarbanes-Oxley

18.

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 339 (65,886)
Citation 6

Abstract:

Information Aggregation, Voting, Corporate Control, Bankruptcy

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 Tilburg University - Department of Finance
Downloads 331 (55,949)
Citation 4

Abstract:

executive compensation, indexed options, relative performance evaluation

20.

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
University of Mannheim - Department of International Finance, University of Mannheim Business School and Erasmus University Rotterdam - Erasmus School of Economics
Downloads 269 (47,969)
Citation 1

Abstract:

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

21.

Why Votes Have a Value

Number of pages: 51 Posted: 17 Dec 2007 Last Revised: 19 Dec 2010
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 236 (96,106)

Abstract:

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

22.

Trading Strategies of Corporate Insiders

Journal of Financial Markets, Forthcoming
Number of pages: 68 Posted: 27 Jul 2012 Last Revised: 12 Jan 2017
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 222 (78,128)

Abstract:

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

23.

Note on the Calibration of Executive Compensation Models

Number of pages: 17 Posted: 05 Jul 2011 Last Revised: 26 Jul 2016
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), BI Norwegian Business School, University of Mannheim Business School and Tilburg University - Department of Finance
Downloads 214 (94,466)
Citation 1

Abstract:

Stock Options, Executive Compensation, Loss Aversion

24.

Labor Representation in Governance as an Insurance Mechanism

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 411/2014
Number of pages: 77 Posted: 22 Feb 2014 Last Revised: 06 Sep 2016
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 206 (68,461)

Abstract:

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

25.

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 141 (85,090)
Citation 17

Abstract:

26.

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 Guth, Sabine Kröger and Ernst G. Maug
Max Planck Institute of Economics, Laval University - Département d'Économique and University of Mannheim Business School
Downloads 108 (191,946)
Citation 1

Abstract:

Bargaining, risk, joint ventures, game theory

27.

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 85 (221,081)
Citation 2

Abstract:

Executive Compensation

28.

Private Equity and Human Capital Risk

Number of pages: 52 Posted: 05 May 2015
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 32 (193,141)

Abstract:

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

29.

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 (396,094)
Citation 2

Abstract:

30.

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

Abstract:

Initial public offerings, going public, underwriting

31.

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

Abstract:

32.

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

Abstract:

33.

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

Abstract:

34.

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

Abstract: