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 the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

  • University of Mannheim Business School

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

39

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365

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185

Scholarly Papers (39)

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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 2,724 (5,975)
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 2,314 (7,765)
Citation 65

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Executive compensation, stock options

3.

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 2,249 (8,134)
Citation 10

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

4.

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 2,161 (8,661)
Citation 7

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Stock Options, Executive Compensation, Loss Aversion

5.

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

Downloads 1,941 ( 10,345)
Citation 6

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 Universität Münster
Downloads 1,941 (10,143)
Citation 6

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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 Universität Münster

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G21, G34

6.

Insider Trading Legislation and Corporate Governance

Number of pages: 48 Posted: 05 Apr 1999
Ernst G. Maug
University of Mannheim Business School
Downloads 1,888 (10,822)
Citation 10

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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 Universität Münster
Downloads 1,863 (11,063)
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 1,408 ( 17,180)
Citation 25

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 1,408 (16,854)
Citation 25

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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 1,333 ( 18,628)
Citation 6

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

European Financial Management, Vol. 10, pp. 609-638, 2004.
Number of pages: 40 Posted: 18 Jul 2002 Last Revised: 16 Feb 2021
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 1,311 (18,761)
Citation 8

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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

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 (647,837)
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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 1,181 (22,364)
Citation 9

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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, Alexandra Niessen-Ruenzi and Alexandra Niessen-Ruenzi
University of Mannheim - Department of International Finance, University of Mannheim Business School and University of Mannheim, Department of FinanceUniversity of Mannheim - Department of Finance
Downloads 1,084 (25,352)
Citation 9

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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 1,014 (27,901)
Citation 4

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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 744 (42,867)
Citation 24

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14.

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 Universität Münster
Downloads 718 (44,979)
Citation 19

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

15.

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: 16 Feb 2021
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 716 (45,138)

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Executive compensation, caps on pay, loss aversion

16.

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
Klein Q-Fin Ltd. and University of Mannheim Business School
Downloads 679 (48,500)
Citation 1

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Stock options, early exercise decisions, executive compensation

17.

When Shareholders Disagree: Trading After Shareholder Meetings

Forthcoming in the Review of Financial Studies, Fifth Annual Conference on Financial Market Regulation, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 594/2019
Number of pages: 79 Posted: 31 Jan 2021 Last Revised: 02 Apr 2021
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 672 (49,183)
Citation 2

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Shareholder Meetings, Voting, Disagreement, Trading, Volume

18.

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 667 (49,627)
Citation 6

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

19.

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 585 (58,865)
Citation 4

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

20.

Trading and Shareholder Democracy

Downloads 574 ( 60,166)
Citation 1

Trading and Shareholder Democracy

European Corporate Governance Institute – Finance Working Paper No. 631/2019
Number of pages: 62 Posted: 03 Oct 2019 Last Revised: 27 Jan 2021
Doron Levit, Nadya Malenko and Ernst G. Maug
University of Washington, Foster School of Business, University of Michigan, Stephen M. Ross School of Business and University of Mannheim Business School
Downloads 574 (59,491)
Citation 2

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Corporate Governance, Voting, Shareholder Rights, Trading, Delegation

Trading and Shareholder Democracy

CEPR Discussion Paper No. DP14039
Number of pages: 57 Posted: 07 Oct 2019 Last Revised: 07 Sep 2020
Doron Levit, Nadya Malenko and Ernst G. Maug
University of Washington, Foster School of Business, University of Michigan, Stephen M. Ross School of Business and University of Mannheim Business School
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corporate governance, delegation, Shareholder rights, Trading, voting

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 554 (62,909)
Citation 33

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22.

Indexing Executive Compensation Contracts

Review of Financial Studies, Vol. 26, 3182-3224, 2013., ECGI - Finance Working Paper No. 309/2011
Number of pages: 65 Posted: 05 Jul 2011 Last Revised: 24 Feb 2021
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 496 (72,215)
Citation 8

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executive compensation, indexed options, relative performance evaluation, pay for luck

23.

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 Universität Münster
Downloads 473 (76,524)
Citation 3

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Stealth Trading, Insider Trading, Sarbanes-Oxley

24.

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: 05 May 2021
Olga Klein, Ernst G. Maug and Christoph Schneider
University of Warwick - Warwick Business School, University of Mannheim Business School and Universität Münster
Downloads 433 (84,962)
Citation 3

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

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 416 (88,993)
Citation 9

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

26.

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 379 (99,132)
Citation 4

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Information Aggregation, Voting, Corporate Control, Bankruptcy

27.

The Voting Premium

Downloads 335 (113,863)
Citation 1

The Voting Premium

European Corporate Governance Institute – Finance Working Paper No. 720/2021
Number of pages: 63 Posted: 05 Jan 2021 Last Revised: 01 Jun 2021
Doron Levit, Nadya Malenko and Ernst G. Maug
University of Washington, Foster School of Business, University of Michigan, Stephen M. Ross School of Business and University of Mannheim Business School
Downloads 335 (113,131)
Citation 1

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Voting, trading, voting premium, blockholders, ownership structure, shareholder rights, corporate governance

The Voting Premium

CEPR Discussion Paper No. DP15718
Number of pages: 66 Posted: 11 Feb 2021
Doron Levit, Nadya Malenko and Ernst G. Maug
University of Washington, Foster School of Business, University of Michigan, Stephen M. Ross School of Business and University of Mannheim Business School
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28.

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 320 (119,654)
Citation 3

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Stock Options, Executive Compensation, Loss Aversion

29.

Why Votes Have a Value

Games and Economic Behavior, Vol. 84, 17-38, 2014.
Number of pages: 51 Posted: 17 Dec 2007 Last Revised: 16 Feb 2021
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 277 (139,316)
Citation 1

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

30.

Private Equity Buyouts and Employee Health

European Corporate Governance Institute – Finance Working Paper No. 680/2020
Number of pages: 75 Posted: 15 May 2020 Last Revised: 17 Aug 2021
Pilar Garcia-Gomez, Ernst G. Maug and Stefan Obernberger
Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE), University of Mannheim Business School and Erasmus University Rotterdam - Erasmus School of Economics
Downloads 236 (163,353)

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Private Equity, Buyouts, Restructuring, Health, Human Capital Risk, Wages, Unemployment Insurance

31.

Post-Merger Restructuring of the Labor Force

Downloads 162 (229,412)

Post-Merger Restructuring of the Labor Force

European Corporate Governance Institute – Finance Working Paper No. 753/2021
Number of pages: 96 Posted: 05 May 2021 Last Revised: 23 Jun 2021
Britta Gehrke, Ernst G. Maug, Stefan Obernberger and Christoph Schneider
University of Rostock - Faculty of Business Administration, Economics and Social Sciences, University of Mannheim Business School, Erasmus University Rotterdam - Erasmus School of Economics and Universität Münster
Downloads 159 (233,554)

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M&A, Restructuring, Employment, Internal Labor Markets

Post-Merger Restructuring of the Labor Force

IZA Discussion Paper No. 14409
Number of pages: 92 Posted: 05 Jun 2021
Britta Gehrke, Ernst G. Maug, Stefan Obernberger and Christoph Schneider
University of Rostock - Faculty of Business Administration, Economics and Social Sciences, University of Mannheim Business School, Erasmus University Rotterdam - Erasmus School of Economics and Universität Münster
Downloads 3 (805,557)

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32.

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 Institute for Research on Collective Goods, Université Laval - Département d'Économique and University of Mannheim Business School
Downloads 129 (275,292)
Citation 210

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Bargaining, risk, joint ventures, game theory

33.

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 103 (322,959)
Citation 1

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Executive Compensation

34.

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

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 (600,887)
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35.

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

Posted: 07 May 2002
Ernst G. Maug
University of Mannheim Business School

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Initial public offerings, going public, underwriting

36.

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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37.

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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38.

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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39.

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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