Published Articles
Wage gap and stock returns: Do investors dislike pay inequality?, with Maurizio Montone, and Yuhao Zhu, Journal of Corporate Finance, 2023, vol. 78, 1-36. (Journal, SSRN)
How important are risk-taking incentives in executive compensation?, with Ko-Chia Yu and Dan Zhang, Review of Finance, 2017, vol. 21, 1805-1846. (Journal, SSRN)
Why votes have a value?, with Dorothea Kübler, Ernst Maug, and Lydia Mechtenberg, Games and Economic Behavior, 2014, vol. 84, 17-38. (Journal, SSRN)
Indexing executive compensation contracts, with Ernst Maug and Oliver Spalt, Review of Financial Studies, 2013, vol. 26, 3182-3224. (Journal, SSRN)
Restricting CEO pay, with Ernst Maug and Dan Zhang, Journal of Corporate Finance, 2011, vol. 17, 1200-1220. (Journal, SSRN)
Sticks or carrots? Optimal CEO compensation when managers are loss-averse, with Ernst Maug and Oliver Spalt, Journal of Finance, 2010, vol. 65, 2015-2050. (Journal, SSRN)
Bankers on the boards of German firms: What they do, what they are worth, and why they are (still) there, with Ernst Maug and Christoph Schneider, Review of Finance, 2010, vol. 14, 35-71. (Journal, SSRN)
Discussion of "Are CEOs compensated for value destroying growth in earnings?", Review of Accounting Studies, 2010, vol. 15, 578-583. (Journal, SSRN)
How Preussag became TUI: A clinical study of institutional blockholders and restructuring in Europe, with Ernst Maug and Christoph Schneider, Financial Management, 2008, vol. 37, pp. 571-598. (Journal, SSRN)
Timing and wealth effects of German dual class stock unifications, with Niels Ulbricht, European Financial Management, 2008, vol. 14, pp. 163-196. (Journal, SSRN)
Lower salaries and no options? On the optimal structure of executive pay, with Ernst Maug, Journal of Finance, 2007, vol. 62, pp. 303-343. (Journal, SSRN)
The optimal use of fines and imprisonment if governments don't maximize welfare, Journal of Public Economic Theory, 2006, vol. 8, pp. 677-695. (Journal, SSRN)
How fundamental are fundamental values? Valuation methods and their impact on the performance of German venture capitalists, with Ernst Maug and Johannes Kemper, European Financial Management, 2004, vol. 10, pp. 609-638. (Journal, SSRN)
Error correction models for fractionally cointegrated time series, Journal of Time Series Analysis, 2004, vol. 25, pp. 27-32. (Journal, SSRN)
Properties of nonlinear transformations of fractionally integrated processes, with Clive W. J. Granger, Journal of Econometrics, 2002, vol. 110, pp. 113-133. (Journal, SSRN)
Fractional cointegration of voting and non-voting shares, Applied Financial Economics, 2001, vol. 11, pp. 321-332. (Journal)
Residual-based tests for fractional cointegration: A Monte Carlo study, Journal of Time Series Analysis, 2000, vol. 21, pp. 615-647. (Journal)
How reliable should auditors be? Optimal monitoring in principal-agent relationships, European Journal of Political Economy, 1999, vol. 15, pp. 523-546. (Journal)
Imprisonment versus fines: A theoretical perspective, in: MacDonald and Pyle (eds.) Illicit Activity: The Economics of Crime, Drugs and Tax Fraud, Ashgate, 2000.