Prof. Ph. D. Ernst Maug

Professor - aktiv

Position / Amtsbezeichnung
Universität Mannheim
Fakultät für Betriebswirtschaftslehre
European Corporate Governance Institute (ECGI)
Allgemeine Betriebswirtschaftslehre und Corporate Finance
Ort / PLZ
68131 Mannheim

Tätigkeit an Business Schools

  • Mannheim Business School

Auszeichnungen und Ehrungen


GSAM Best Paper Award for the best paper in the Review of Finance for "When Shareholders Vote Strategically"


Joint first prize of the ECGI Corporate Governance Best Paper Competition for the paper "Bankers on the Boards of German Firms"

ERIM Award for Top Academic Article 2008 for "Lower Salaries and No Options: The Optimal Structure of Executive Pay"

Joint second prize ("Highly commended") at the 6th International Conference on Corporate Governance at Birmingham Business School for the paper" Bankers on the Board of German Firms"

FIRN (Financial Integrity Research Network, Australia) Distinguished Visitor (July - December)


European Financial Management Top Download Award (for "How Fundamental are Fundamental Values? Valuation Methods and their Impact on the Performance of German Venture Capitalists")

Teaching award of the students representatives (Fachschaft), University of Mannheim

October 2005

Outstanding Paper Award of the German Finance Association (for “How Preussag became TUI”)

December 2004
JFE – ECGI Clinical Paper Competition (3rd prize for “How Preussag became TUI”)

October 2003

Teaching award of the Diplom programme at Humboldt

May 2002

Outstanding Teacher of the year award, Cross-Continent MBA program, class of 2002, Duke Univeristy
March 2001 Teaching award of the Diplom programme at Humboldt

May 1999

Outstanding Teacher of the year award, Weekend MBA
program, class of 1999, Duke University

April 1998

Research fellow, Center for Financial Studies (Johann Wolfgang Goethe University, Frankfurt)



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

Daske, H., van Halteren, J., Maug, E. (2009), Evaluating Methods to Estimate the Implied Cost of Equity Capital: A Simulation Study

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

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