Ernst Maug

Ernst Maug has been professor for Corporate Finance at the University of Mannheim Business School since February 2006. He served the school as Associate Dean for Research and director of the business school’s doctoral programs. He is president-elect of the European Finance Association. Before, he taught at the Department of Business and Economics at Humboldt University (Berlin, 2000 to 2006), the Fuqua School of Business (Duke University, 1996 to 2000), and the London Business School (1993 to 1996). Professor Maug was visiting professor at the University of New South Wales and Duke University, and is currently visiting the London School of Economics, from where he obtained his Ph.D. in 1993.
Professor Maug’s main research interest is in corporate finance with a particular emphasis on corporate governance. Recent work focuses on the interface between financial markets and labor markets. His prior research analyzes executive compensation contracts, the role of blockholders, the corporate boards, and shareholder voting. His research was published in the American Economic Review, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and other journals and has won several prizes.





Publications in Refereed Journals

Kim, Han, Ernst Maug, and Christoph Schneider, 2015, Labor Representing in Governance as an Insurance Mechanism, Review of Finance (forthcoming)

Lebedeva, Olga, Ernst Maug and Christoph Schneider, 2017, Trading Strategies of Corporate Insiders, Journal of Financial Markets 34, pp. 48 - 68

Focke, Florens, Ernst Maug and Alexandra Niessen-Ruenzi, 2016, The Impact of Firm Prestige on Executive Compensation, Journal of Financial Economics 123, pp. 313 - 336

Alexander Hillert, Ernst Maug and Stefan Obernberger, 2016, Repurchases and Liquidity, Journal of Financial Economics 119, pp. 186-209

Ingolf Dittmann, Dorothea Kübler, Ernst Maug and Lydia Mechtenberg, 2014, Instrumental Voting with Overconfidence and Overestimation of Others' Errors, Games and Economic Behaviour. 84, pp 17 - 38.

Dittmann, Ingolf, Ernst Maug, and Oliver Spalt, 2013, Indexing Executive Compensation Contracts, Review of Financial Studies, 26, pp. 3182-3224

Dittmann, Ingolf, Ernst Maug, and Dan Zhang, 2011, Restricting CEO Pay, Journal of Corporate Finance 17, pp. 1200-1220

Naik, Narayanan and Ernst Maug, 2011, Herding and Delegated Portfolio Management: The Impact of Relative Performance Evaluation on Asset Allocation, Quarterly Journal of Finance 1, pp. 265-292

Maug, Ernst and Bernd Albrecht, 2011, Struktur und Höhe der Vorstandsvergütung: Fakten und Mythen, Schmalenbach Business Review 63, pp. 858-881

Dittmann, Ingolf, Ernst Maug, and Oliver Spalt, 2010, Sticks or Carrots? Optimal CEO Compen sation when Managers are Loss-Averse, Journal of Finance 65, pp. 2015-2050 (Lead article)

Dittmann, Ingolf, Ernst Maug, and Christoph Schneider, 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, pp. 35-71

Maug, Ernst and Kristian Rydqvist, 2009, Do Shareholders Vote Strategically? Voting Behavior, Proposal Screening, and Majority Rules, Review of Finance 13, pp. 47-79

Dittmann, Ingolf, Ernst Maug, Christoph Schneider, 2008, How Preussag became TUI: A Clinical Study of Institutional Blockholders and Restructuring in Europe, Financial Management 37, pp. 571-598

Güth, Werner, Ernst Maug, and Sabine Kröger, 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, Ingolf and Ernst Maug, 2007, Lower Salaries and No Options: The Optimal Structure of Executive Pay, Journal of Finance 62, pp. 303-343

Maug, Ernst, 2006, Efficiency and Fairness in Minority Freezeouts: Takeovers, Overbidding, and the Freeze-in Problem, International Review of Law and Economics 26, pp. 355-379

Dittmann, Ingolf, Johannes Kemper, and Ernst Maug, 2004, How Fundamental are Fundamental Values? Valuation Methods and Their Impact on the Performance of German Venture Capitalists, European Financial Management 10, pp. 609-638

Maug, Ernst and Bilge Yilmaz, 2002, Two-class voting: A Mechanism for conflict resolution in bankruptcy, American Economic Review 92, pp. 1448-1471

Maug, Ernst, 2002, Insider Trading Legislation and Corporate Governance, European Economic Review 46, pp. 1569-1597

Maug, Ernst, 2001, Optimal Ownership Structure and the Life Cycle of the Firm: A Theory of the Decision to Go Public, European Finance Review 5, pp. 167-200

Maug, Ernst, 2000, The Relative Performance Puzzle, Schmalenbach's Business Review 52, pp. 3-24

Maug, Ernst, 1998, Large Shareholders as Monitors: Is There a Tradeoff between Liquidity and Control? Journal of Finance 53, pp. 65-98

Maug, Ernst, 1997, Boards of Directors and Capital Structure: Alternative Forms of Corporate Restructuring, Journal of Corporate Finance 3, pp. 113-139

Maug, Ernst, 1996, Corporate Control and the Market for Managerial Labour - On the Decision to go Public, European Economic Review 40, pp. 1049-1056

Non-Refereed Publications

Focke, Florens, Ernst Maug and Alexandra Niessen-Ruenzi, 2017, CEOs Earn Less at More-Prestigious Firms, Harvard Business Review Blog.

Degeorge, Francois and Ernst Maug, 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, Werner and Ernst Maug, 2007, Who Volunteers? A Theory of Firms Allowing for Intrinsically Motivated Agents, Zeitschrift für Betriebswirtschaft, Special Issue, 49-74

Dittmann Ingolf and Ernst Maug, 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

Antoni, Manfred, Ernst Maug, and Stefan Obernberger, 2016, Private Equity and Human Capital Risk

Daske, Holger, Jörn van Halteren, and Ernst Maug, 2010, Evaluating Methods to Estimate the Implied Cost of Equity Capital: A Simulation Study

Klein, Daniel and Ernst Maug, 2010, How do Executives Exercise their Stock Options?

Ackerman, Abraham, Jörn van Halteren, and Ernst Maug, 2008, Insider Trading Legislation and Acquisition Announcements: Do Laws Matter?

Dittmann, Ingolf and Ernst Maug, 2007, Biases and Error Measures: How to compare Valuation Methods