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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
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SCHOLARLY PAPERS

34

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25,807

CITATIONS
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262

Scholarly Papers (34)

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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 2,510 (3,468)
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 (4,534)
Citation 65

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 (5,389)
Citation 27

Abstract:

Stock Options, Executive Compensation, Loss Aversion

4.

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

Downloads 1,859 ( 6,251)
Citation 25

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 1,859 (6,117)
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
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

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
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 1,771 (6,592)
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 (5,915)
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 (6,818)
Citation 29

Abstract:

8.

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

Downloads 1,314 ( 11,176)
Citation 17

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 1,314 (10,951)
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

9.

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

Downloads 1,208 ( 12,786)
Citation 11

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 1,186 (12,898)
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 22 (447,596)
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 (15,410)
Citation 3

Abstract:

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 941 (18,743)
Citation 1

Abstract:

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 902 (18,412)
Citation 7

Abstract:

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 631 (31,624)
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 (32,687)
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 (39,480)
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 (37,153)
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 (52,078)
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 (68,108)
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 (55,694)
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
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 269 (47,236)
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
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 236 (98,066)

Abstract:

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

22.

Trading Strategies of Corporate Insiders

Journal of Financial Markets, Vol. 34, pp. 48-68, 2017
Number of pages: 68 Posted: 27 Jul 2012 Last Revised: 20 Jul 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 (76,720)

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
Ingolf Dittmann, Dan Zhang, Ernst G. Maug and Oliver G. Spalt
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 (93,104)
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 (59,169)

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 (74,177)
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 (197,926)
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 (229,404)
Citation 2

Abstract:

Executive Compensation

28.

Private Equity and Human Capital Risk

Number of pages: 67 Posted: 05 May 2015 Last Revised: 07 Jun 2017
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 (178,152)

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 (413,437)
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:

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