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Prof. Dr. Zacharias Sautner Professor of Finance Head of Finance Department

Zacharias Sautner
  1. Personal details
  2. Publications
  3. Presentations

Zacharias Sautner is Professor of Finance at Frankfurt School of Finance & Management. He was previously Associate Professor of Finance (with tenure) at the University of Amsterdam and Director of the Corporate Finance and Banking program at Duisenberg school of finance. Prior to that he worked as Research Fellow in Finance at the Saïd Business School of the University of Oxford. Zacharias Sautner works in the area of empirical corporate finance and focuses on corporate governance, executive compensation, M&A, internal capital markets, and bankruptcy. His research was published in leading international journals such as the Journal of Finance, Review of Financial Studies, or Review of Finance and he has presented at conferences such as the AFA, WFA, and EFA. He teaches corporate finance, valuation, and corporate governance and has won different teaching awards.

Zacharias Sautner holds a PhD in Finance from the University of Mannheim and studied at University of York and University of Cooperative Education Stuttgart.

Scholarly journal articles

  • McCahery, J., Sautner, Z., Starks, L., 2016. Behind the Scenes: the Corporate Governance Preferences of Institutional Investors, Journal of Finance. (forthcoming)

  • Arping, S., Sautner, Z., 2013. Did SOX Section 404 Make Firms Less Opaque?: Evidence from Cross-Listed Firms, Contemporary Accounting Research Vol. 30(3), pp. 1133-1165.

  • Glaser, M., Lopez-de-Silanes, F., Sautner, Z., 2013. Opening the Black Box: Internal Capital Markets and Managerial Power, Journal of Finance Vol. 68(4), pp. 1577-1631.

  • Sautner, Z., Weber, M., 2011. Corporate Governance and the Design of Stock Option Contracts, Die Betriebswirtschaft Vol. 71(4), pp. 331-354.

  • Cremers, M., Huang, R., Sautner, Z., 2011. Internal Capital Markets and Corporate Politics in a Banking Group, Review of Financial Studies Vol. 24(2), pp. 358-401.

  • Arping, S., Sautner, Z., 2010. Corporate Governance and Leverage: evidence from a natural experiment, Finance Research Letters Vol. 7(2), pp. 127-134.

  • Jostarndt, P., Sautner, Z., 2010. Out-of-Court Restructuring versus Formal Bankruptcy in a Non-Interventionist Bankruptcy Setting, Review of Finance Vol. 14(4), pp. 623-668.

  • Sautner, Z., Weber, M., 2009. How Do Managers Behave in Stock Option Plans?: Clinical Evidence from Exercise and Survey Data, Journal of Financial Research Vol. 32(2), pp. 123-155.

  • Sautner, Z., Spranger, J., 2009. Market Timing und Finanzierungsentscheidungen: unterscheidet sich Europa von den USA?, Kredit und Kapital Jg. 42(2), pp. 245-276.

  • Jostarndt, P., Sautner, Z., 2008. Financial Distress, Corporate Control, and Management Turnover, Journal of Banking and Finance Vol. 32(10), pp. 2188-2204.

  • Engelbergs, J., Sautner, Z., 2006. Was kosten Aktienoptionsprogramme?: Alternative Bewertungsansätze und Kosteneffekte bei Euro Stoxx 50-Unternehmen, Zeitschrift für Betriebswirtschaft Jg. 76(9), pp. 903-931.

Monographs

  • Sautner, Z., 2005. Employee Stock Option Programs: Individual Behavior and Corporate Governance, Diss., Mannheim, Univ.

Contributions to edited volumes

  • McCahery, J., Sautner, Z., 2012, Institutional Investor Preferences and Executive Compensation, in: Randall S. Thomas, Jennifer G. Hill (eds): Research Handbook on Executive Pay, Cheltenham: Elgar, pp. 241-254.

Journal articles

  • Sautner, Z., 2011. Hoe trek je institutionele beleggers aan?, Banking Review (3) p. 31.

  • Engelbergs, J., Sautner, Z., 2006. Was kosten Aktienoptionen?: Kosteneffekte bei EuroStoxx50-Unternehmen, ZEW news (Schwerpunkt Stock Option Watch) (12) pp. 4-5.

  • Sautner, Z., Weber, M., 2005. Ausübungsverhalten von Mitarbeitern in Aktienoptionsprogrammen: Relevanz personen- und firmenspezifischer Determinanten, BetriebsBerater Jg. 60(50), pp. 2735-2737.

  • Sautner, Z., Weber, M., 2005. Rational und irrational: wie üben Mitarbeiter Aktienoptionen aus?, ZEW news (Schwerpunkt Stock Option Watch) (6) pp. 1-2.

Research paper presentations/posters at conferences

  • Jochem, T., Ladika, T., Sautner, Z.
    The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting

     Auckland Centre for Financial Research at the Faculity of Business and Law, 5th Auckland Finance Meeting, 2015, Auckland.
     International Finance and Banking Society, IFABS 2015 Oxford Conference, 2015, Oxford.
     Financial Management Association International, 7th Annual Asian Meeting, 2015, Seoul.
     Western Finance Association, 50th Annual Conference, 2015, Seattle.
     Financial Management Association International, 19th Annual European Conference, 2015, Venedig.

  • McCahery, J., Sautner, Z., Starks, L.
    Behind the Scenes: the Corporate Governance Preferences of Institutional Investors

     Asian Bureau of Finance and Economic Research, Annual Conference 2015, 2015, Singapur.
     American Law and Economics Association, 25th Annual Meeting, 2015, New York.

  • Karsten, C., Malmendier, U., Sautner, Z.
    M&A Negotiations and Lawyer Expertise

     Financial Management Association International, 19th Annual European Conference, 2015, Venedig.
     Southern Finance Association, 54th Annual Meeting, 2014, Key West, Florida.
     European Finance Association, 41st Annual Meeting, 2014, Lugano.

  • Ladika, T., Sautner, Z.
    Short-Termism in Financial Markets

     Bernstein Quantitative Finance Conference, 2015, London.

  • Cremers, M., Pareek, A., Sautner, Z.
    Stock Duration and Misvaluation

     American Finance Association, 75th Annual Meeting, 2015, Boston.

  • Ladika, T., Sautner, Z.
    Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting

     Southern Finance Association, 54th Annual Meeting, 2014, Key West, Florida.
     Financial Intermediation Research Society, 9th Annual Conference, 2014, Québec City.

  • Sautner, Z.
    Stock duration, short-termism and investment

     Principles for Responsible Investment, Academic Network Conference, 2014, Montréal.

  • Sautner, Z.
    Hedge Fund Activism

     Deutsch-Amerikanische Juristen-Vereinigung e.V., 10. DAJV-Fachgruppentag, 2014, Frankfurt am Main.

Individual scholarly talks & lectures

  • Jochem, T., Ladika, T., Sautner, Z.
    The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting, WHU Otto Beisheim School of Management, Research Seminar in Finance and Accounting, 2015/12/01, Vallendar.

  • Jochem, T., Ladika, T., Sautner, Z.
    The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting, Univ. of Glasgow, Wards Seminar Series, 2015/11/25, Glasgow.

  • Sautner, Z.
    Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting, Univ. of Bristol, Accounting & Finance Seminar, 2014/12/15, Bristol.

  • Sautner, Z.
    Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting, Humboldt-Univ., Finance-Accounting Seminar, 2014/10/23, Berlin.

  • Sautner, Z.
    Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting, Nova Univ. Lisbon, Lisbon Finance Seminars, 2014/10/07, Lissabon.

  • Sautner, Z.
    Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting, Univ. of Porto, Seminar, 2014/10/01, Porto.

  • Sautner, Z.
    Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting, Vienna Graduate School of Finance, Finance Research Seminar, 2014/05/09, Wien.

  • Sautner, Z.
    Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting, Manchester Business School, Finance Seminar, 2014/02/12, Manchester.

Talks to practitioners

  • Jochem, T., Ladika, T., Sautner, Z.
    The Retention Effects of Unvested Equity: evidence from Accelerated Option Vesting, ESSEC Business School, 2015/10/12, Cergy.

  • Sautner, Z., Karsten, C., Malmendier, U.
    M&A Negotiations and Lawyer Expertise, Univ. de Navarra, 2015/09/03, Pamplona.

  • Sautner, Z., Karsten, C., Malmendier, U.
    M&A Negotiations and Lawyer Expertise, Univ. Pompeu Fabra, 2015/05/07, Barcelona.

Contact

Frankfurt School of
Finance & Management

Sonnemannstra├če 9-11

Room 424

60314 Frankfurt am Main

Phone
0049 69 154008-755
Fax
0049 69 154008-4755

Daniel Prusina

Assistant

Phone
0049 69 154008-830
Fax
0049 69 154008-4830

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