Ernst Maug
Ernst Maug has been professor for Corporate Finance at the University of Mannheim since February 2006. He was Professor of Business Administration at the Department of Business and Economics at the Humboldt-Universität zu Berlin. In his previous positions he served as Assistant Professor of Finance at the Fuqua School of Business at Duke University from 1996 to 2000. He held a similar position at the London Business School, where he taught from 1993 to 1996. He taught a range of courses from introductory MBA level to senior executive programs. Professor Maug obtained his PhD from the London School of Economics in 1993, where he was a member of the Financial Markets Group. His main research interest is in the theory of corporate finance with a particular emphasis on corporate governance. Recent work analyzes the relationship between the stock market and governance by large shareholders, insider trading legislation, shareholder voting, companies' strategies to divest, and compensation for executives and portfolio managers. His research was published in the American Economic Review, the Journal of Finance, and the European Economic Review.
Publications
Dittmann, I., Maug, E., Spalt, O. (2010), Sticks or Carrots? Optimal CEO Compensation when Managers are Loss-Averse, Journal of Finance (forthcoming)
Dittmann, I., Maug, E., 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, 14:1, 35-71
Maug, E., Rydqvist, K., (2009), Do Shareholders Vote Strategically? Voting Behavior, Proposal Screening, and Majority Rules, Review of Finance, 13:1, 47-79
Dittmann, I., Maug, E., Schneider, C. (2008), How Preussag became TUI: A Clinical Study of Institutional Blockholders and Restructuring in Europe, Financial Management, 37:3, 571-598
Güth, W., Maug, E., Kröger, S. (2008), You may have to do it again, Rocky! An Experimental Analysis of Bargaining with Risky Joint Profits, New Zealand Economic Papers (forthcoming in Special Issue on Experimental Economics)
Dittmann, I., Maug, E. (2007), Lower Salaries and No Options: The Optimal Structure of Executive Pay, Journal of Finance, 62:1, 303-343
Maug, E. (2006), Efficiency and Fairness in Minority Freezeouts: Takeovers, Overbidding, and the Freeze-in Problem, International Review of Law and Economics, 26:3, 355-379
Dittmann, I., Kemper, J., Maug, E. (2004), How Fundamental are Fundamental Values? Valuation Methods and Their Impact on the Performance of German Venture Capitalists, European Financial Management, 10:4, 609-638
Maug, E., Yilmaz, B., (2002), Two-class voting: A Mechanism for conflict resolution in bankruptcy, American Economic Review, 92:5, 1448-1471
Maug, E. (2002), Insider Trading Legislation and Corporate Governance, European Economic Review, 46:9, 1569-1597
Maug, E. (2001), Optimal Ownership Structure and the Life Cycle of the Firm: A Theory of the Decision to Go Public, European Finance Review, 5:3, 167-200
Maug, E. (2000), The Relative Performance Puzzle, Schmalenbach's Business Review, 52:1, 3-24
Maug, E. (1998), Large Shareholders as Monitors: Is There a Tradeoff between Liquidity and Control? Journal of Finance, 53:1, 65-98
Maug, E. (1997), Boards of Directors and Capital Structure: Alternative Forms of Corporate Restructuring, Journal of Corporate Finance, 3:2, 113-139
Maug, E. (1996), Corporate Control and the Market for Managerial Labour - On the Decision to go Public, European Economic Review, 40:3-5, 1049-1056
Non-refereed Publications
Degeorge, F., Maug, E. (2008), Corporate Finance in Europe – A Survey, chapter 7 in: Xavier Freixas, Philipp Hartmann, and Colin Mayer: Handbook of European Financial Markets and Institutions, Oxford University Press
Güth, W., Maug, E. (2007), Who Volunteers? A Theory of Firms Allowing for Intrinsically Motivated Agents, Zeitschrift für Betriebswirtschaft, Special Issue, 49-74
Dittmann I., Maug, E. (2005), Warum optimale Anreizverträge keine Optionen enthalten, chapter 1 in: Wolfgang Franz, Hans Jürgen Ramser, and Manfred Stadler: Funktionsfähigkeit und Stabilität von Finanzmärkten, Mohr Siebeck
Completed Working Papers
Lebedeva, O., Maug, E., Schneider, C. (2009), Stealth Trading by Corporate Insiders
Klein, D., Maug, E. (2008), How do Executives Exercise Stock Options?
Ackerman, A., van Halteren, J., Maug, E. (2008), Insider Trading Legislation and Acquisition Announcements: Do Laws Matter?
Dittmann, I., Kübler D., Maug E., Mechtenberg L. (2008), Why Votes have a Value
Dittmann, I., Maug, E. (2007), Biases and Error Measures: How to compare Valuation Methods
Work in Progress
Measuring the Quality of Corporate Governance: Is There a Uniform Standard? (joint with Kristine Quadflieg)
The Optimal Design of Stock Options: A Loss-Aversion Approach (joint with Oliver Spalt)
Comparing Valuation Models: A Simulation-Approach (joint with Holger Daske and Jörn van Halteren)
