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Prof. Dr. Lars Hornuf, M.A. (Essex)

Affiliated Research Fellow

Innovation and Entrepreneurship Research
Professor für Betriebswirtschaftslehre, insb. Finanzdienstleitungen und Finanztechnologie, Universität Bremen

+49 89 2034-8619
lars.hornuf(at)ip.mpg.de

Arbeitsbereiche:

FinTech; Crowdfunding und Crowdinvesting; Ökonomische Analyse des Rechts; Verhaltensökonomik; Law and Finance

Wissenschaftlicher Werdegang

Seit 2017
Professor für Betriebswirtschaftslehre, insbesondere Finanzdienstleistungen und Finanztechnologie an der Universität Bremen

Seit 2017
Affiliate Member, CESifo Research Network

Seit 2017
Gastdozent an der German Graduate School of Management and Law

Seit 2017
Research Fellow am Center of Finance an der Universität Regensburg

2016
Visiting Researcher am Center for Economic Studies an der Ludwig-Maximilians-Universität München

2016 - 2017
Visiting Researcher an der Georgetown Law School

Seit 2016
Affiliated Research Fellow am Max-Planck-Institut für Innovation und Wettbewerb (Innovation and Entrepreneurship Research)

2015
Visiting Professor am Max-Planck-Institut für Innovation und Wettbewerb (Innovation and Entrepreneurship Research)

2015
Ruf auf die W 1-Professur für Innovation (Schwerpunkt Digital Innovation in the Service Industry) an der EBS Universität für Wirtschaft und Recht / EBS Business School abgelehnt

2014 - 2017
Juniorprofessor für die Ökonomische Analyse des Rechts an der Universität Trier sowie am Institut für Arbeitsrecht und Arbeitsbeziehungen in der Europäischen Union (IAAEU)

2014
Visiting Research Fellow am Social Science Research Institute der Duke University

2014
Visiting Professor an der Faculté de Finance, Banque, Comptabilité der Université Lille 2

2013
Zertifizierter Börsenhändler Kassamarkt (Xetra)

2012 - 2013
Visiting Professor am House of Finance der Goethe-Universität Frankfurt

2012
Visiting Scholar an der Stanford Law School

2012 - 2014
Post-Doc am Lehrstuhl für Bürgerliches Recht und Unternehmensrecht der Ludwig-Maximilians-Universität München

2011
Promotion an der Volkswirtschaftlichen Fakultät der Ludwig-Maximilians-Universität München

2010
Visiting Scholar an der University of California, Berkeley

2009
Zertifizierter Wirtschaftsmediator (CVM)

2008 - 2012

Wissenschaftlicher Mitarbeiter und Doktorand am Institut für Internationales Recht der Ludwig-Maximilians-Universität München

2006 - 2008
Junior Researcher und Doktorand am ifo Institut für Wirtschaftsforschung an der Ludwig-Maximilians-Universität München

2005
Praktikum bei der Deutschen Bank, DB Research

2005
Abschluss des Masterstudiums der Politischen Ökonomie an der University of Essex

2001 - 2003
Studium der Politikwissenschaft, Betriebswirtschaft und Geschichte an der Albert-Ludwigs-Universität Freiburg

Mitgliedschaften

European Economic Association (EEA)

European Finance Association (EFA)

German Finance Association (DGF)

Royal Economic Society (RES)

Verein für Socialpolitik (VfS)

Mitgliedschaften in Editorial Boards

Associate Editor “FinTech” Track European Conference on Information Systems 2017

Studies of European Economic Law and Regulation

Gutachterliche Tätigkeit

Fördergesellschaften

Belgian Fund for Scientific Research (F.R.S. – FNRS)

Luxembourg National Research Fund (FNR)

Schweizerischer Nationalfonds zur Förderung der wissenschaftlichen Forschung

The German Israeli Foundation for Scientific Research and Development (GIF)

Journals

British Journal of Management

Business Research

California Management Review

Corporate Governance: An International Review

Energy Economics

Eurasian Business Review

European Business Organization Law Review

European Journal of Law and Economics

European Journal of Political Economy

Financial Research Letters

Journal of Behavioral and Experimental Economics

Journal of Business Venturing

Journal of Institutional Economics

Review Journal of Economic Surveys

Small Business Economics

Venture Capital - An International Journal of Entrepreneurial Finance

Konferenzen

Associate Editor "FinTech" Track European Conference on Information Systems 2017, 2018

2015, 2016, 2017     G-Forum

Publikationen

Artikel in referierten Fachzeitschriften

Hornuf, Lars; Schwienbacher, Armin (2018). Internet-Based Entrepreneurial Finance: Lessons from Germany, California Management Review 2018, forthcoming.

  • This paper presents the development of the Internet-based crowdinvesting market in Europe since its start in 2007. It evidences a great variety in portal design and contract forms used by crowdinvesting portals. By analyzing more detailed, hand-collected data on the complete set of successful and unsuccessful crowdinvesting campaigns run in Germany, the paper further tests whether different portal and contractual mechanisms affect crowd participation. The latter is a necessary, though not sufficient, precondition for achieving “wisdom of the crowd”. Consistent with predictions on the different mechanisms used, the results show that crowd participation is largest when the minimum ticket size is small, the crowd is pooled in a financial vehicle, and the crowd is offered investments in the form of profit-particiapting loans (so-called partiarische Darlehen). Moreover, the very same mechanisms increase the chance of achieving successful campaigns and of raising larger amounts. These findings are useful for entrepreneurs who need to choose among a large range of crowdinvesting portals and other forms of entrepreneurial finance.
  • Also published at SSRN under the title: The Emergence of Crowdinvesting in Europe: With an In-Depth Analysis of the German Market
  • Also published as LMU Discussion Paper 43 under the title: The Emergence of Crowdinvesting in Europe

Hornuf, Lars; Schwienbacher, Armin (2017). Market Mechanisms and Funding Dynamics in Equity Crowdfunding, Journal of Corporate Finance 2017, forthcoming. DOI

  • Equity crowdfunding is a new form of entrepreneurial finance, in which investors do not receive perks or engage in pre-purchase of the product, but rather participate in the future cash flows of a firm. In this paper, we analyze what determines individual investment decisions in this new financial market. One important factor that may influence the behavior of investors is the way the portal allocates securities. We use unique data from four German equity crowdfunding portals to examine how the allocation mechanism affects funding dynamics. In contrast with the crowdfunding campaigns on Kickstarter, on which the typical pattern of project support is U shaped, we find that equity crowdfunding dynamics are L shaped under a first-come, first-served mechanism and U shaped under a second-price auction. The evidence also shows that investors base their decisions on information provided by the entrepreneur in the form of updates as well as by the investment behavior and comments of other crowd investors.

Hornuf, Lars; Neuenkirch, Matthias (2017). Pricing Shares in Equity Crowdfunding, Small Business Economics, 48 (4), 795-811. DOI

  • We analyze the pricing of cash flow rights in start-up companies using a unique data set of 44 equity crowdfunding campaigns. Our sample consists of 499 backers who invested during the period from November 6, 2011, to March 25, 2014, on the German equity crowdfunding portal Innovestment. In contrast with all other European equity crowdfunding portals, Innovestment runs a multi-unit second-price auction in which backers themselves can specify the price of an investment ticket. We exploit this unique auction mechanism to analyze backers’ willingness to pay for cash flow rights. We find that campaign characteristics, investor sophistication, progress in funding, herding, and stock market volatility influence backers’ willingness to pay in an economically meaningful manner, while geographic distance, learning effects, and sniping at the end of an auction have no effect.

Hornuf, Lars; Schwienbacher, Armin (2017). Should Securities Regulation Promote Equity Crowdfunding?, Small Business Economics, 49 (3), 579-593. DOI

  • In this paper, we show that too strong investor protection may harm small firms and entrepreneurial initiatives, which contrasts with the traditional ‘law & finance’ view that stronger investor protection is better. This situation is particularly relevant in crowdinvesting, which refers to a recent financial innovation originating on the Internet and targets small, innovative firms. In many jurisdictions, securities regulation offers exemptions to prospectus and registration requirements. We provide an into-depth discussion of recent regulatory reforms in different countries and discuss how they may impact crowdinvesting. Building on a theoretical framework, we show that optimal regulation depends on the availability of alternative early-stage financing such as venture capital and angel finance. Finally, we offer exploratory portal-level evidence from Germany on the impact of securities regulation on small business finance.
  • Also published at SSRN

Block, Jörn; Hornuf, Lars; Moritz, Alexandra (2017). Which Updates During an Equity Crowdfunding Campaign Increase Crowd Participation?, Small Business Economics 2017, im Erscheinen.

  • Start-ups often post updates during equity crowdfunding campaigns. Yet, little is known about the effects of such updates on funding success. We investigate this question using hand-collected data from 71 funding campaigns on two German equity crowdfunding portals. Using a combination of qualitative and quantitative empirical research techniques, we find that posting an update has a significant positive effect on the number of investments by the crowd and the investment amount collected by the start-up. This effect does not occur immediately in its entirety but is lagged by a few days. The positive effect increases with the number of words of the update. Distinguishing by the content of the update, we find that the positive effect can be attributed to updates about new funding and business developments as well as updates that inform about promotional campaigns run by the start-up. Updates about the start-up team, the business model, cooperation projects, and product developments do not show meaningful effects. Our paper contributes to the literature about the effects of information disclosure on equity crowdfunding success and helps start-ups to design effective and successful equity crowdfunding campaigns.

Klöhn, Lars; Hornuf, Lars; Schilling, Tobias (2016). Financial Contracting in Crowdinvesting: Lessons from the German Market, Oxford Business Law Blog 2016.

Mann, Heather; Garcia-Rada, Ximena; Hornuf, Lars; Tafurt, Juan (2016). What Deters Crime? Comparing the Effectiveness of Legal, Social, and Internal Sanctions Across Countries, Frontiers in Psychology (Cognitive Science), 85 (7). DOI

    Mann, Heather; Garcia-Rada, Ximena; Hornuf, Lars; Tafurt, Juan; Ariely, Dan (2016). Cut from the Same Cloth: Similarly Dishonest Individuals Across Countries, Journal of Cross-Cultural Psychology, 47 (6), 858-874.

      Klöhn, Lars; Hornuf, Lars; Schilling, Tobias (2016). Crowdinvesting-Verträge - Inhalt, Entwicklung und praktische Bedeutung, Zeitschrift für Bankrecht und Bankwirtschaft, 27 (3), 142-178.

        Klöhn, Lars; Hornuf, Lars; Schilling, Tobias (2016). The Regulation of Crowdfunding in the German Small Investor Protection Act: Content, Consequences, Critique, Suggestions, European Company Law, 13 (2), 56-66.

        • The German Bundestag has adopted the Small Investor Protection Act on 23 April 2015, which will enter into force in the coming weeks. By this Act the German legislator establishes for the first time – among other things – a regulation of the German crowdfunding market. This article describes the content of the act as relevant to crowdfunding, identifies its probable consequences, and examines the most important rules with respect to their regulatory effects. The authors conclude that despite some modifications that have been made in the course of the legislative process there still is an urgent need of improvement regarding some provisions.
        • Also published at SSRN

        Klöhn, Lars; Hornuf, Lars; Schilling, Tobias (2015). Reprint of: "The Regulation of Crowdfunding in the German Small Investor Protection Act: Content, Consequences, Critique, Suggestions", Rivista del Diritto Societario, 2015 (4), 767-788.

          Hornuf, Lars; Reps, Markus; Schäferling, Stefan (2015). Covenants in European Investment-Grade Corporate Bonds, Capital Markets Law Journal, 10 (3), 345-361.

            Hornuf, Lars; Voigt, Stefan (2015). Analyzing Preliminary References as the Powerbase of the European Court of Justice, European Journal of Law and Economics, 39 (2), 287-311. DOI

            • The European Court of Justice (ECJ) is a very powerful court compared to other international courts and even national courts of last resort. Observers almost unanimously agree that it is the preliminary references procedure that made the ECJ the powerful court it is today. In this paper, we analyze the determinants that lead national courts to use the procedure. We add to previous studies by constructing a comprehensive panel dataset (1982–2008), including more potentially relevant explanatory variables and by testing for the robustness of previous results. In addition to confirming the relevance of variables previously found significant, we identify a number of additional determinants, including the relevance of agriculture to a country, corporate tax rate, familiarity with EU law, and tenure of democracy.
            • SSRN - Also published as CesIfo Working Paper No. 3769 - Category 2: Public Choice under the title: Preliminary References - Analyzing the Determinants that Made the ECJ the Powerful Court It Is

            Klöhn, Lars; Hornuf, Lars (2015). Die Regelung des Crowdfunding im Regierungsentwurf des Kleinanlegerschutzgesetzes: Inhalt, Auswirkungen, Kritik, Änderungsvorschläge, Der Betrieb, 68 (1), 47-53.

              Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars (2015). Where Do Firms Issue Debt? An Empirical Analysis of Issuer Location and Regulatory Competition in the European Corporate Debt Market, International Review of Law and Economics, 41, 103-115. DOI

              • In this article, we study the choice of issuer location and regulatory competition in the European corporate debt market. We find that, in absolute terms, Germany has by far the highest outflow of debt issues, while the Netherlands, the UK, Luxembourg and Ireland see the most inflows (in that order). We use a panel gravity model to investigate country specific factors attracting foreign subsidiaries as issuer. The data clearly support the prediction that the locational choice is positively influenced by a low withholding tax rate. There is also some evidence that corporate tax rates play a role. We do not find support for creditor protection rules in bankruptcy as a driver of cross-border debt securities issues. Hence, countries who wish to attract issuers are well-advised to reduce their withholding tax rates – creditor rights seem not to matter.
              • Also published at SSRN as ECGI - Finance Working Paper No. 292/2010

              Hornuf, Lars; Haas, Georg (2014). Regulating Fraud in Financial Markets: Can Behavioural Designs Prevent Future Criminal Offences?, Journal of Risk Management in Financial Institutions, 7 (2), 192-201.

              • This article explores the anatomy of three recent financial scandals and investigates how the legal system has responded to them. Furthermore, it analyses whether behavioural designs can prevent future criminal offenses. The article comes to the conclusion that the social as well as the physical environment can diminish the human propensity to commit a fraud. Moreover, misconduct was often made attractive to fraudsters by means of external rewards. Reforming performance incentives might therefore be an efficient measure to reduce deception in financial markets.
              • Also published at SSRN

              Braun, Reiner; Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars (2013). Does Charter Competition Foster Entrepreneurship? A Difference-in-Difference Approach to European Company Law Reforms, Journal of Common Market Studies, 51 (3), 399-415. DOI

              • We study how company law reforms, particularly the reduction or abolition of minimum capital requirements, in various European jurisdictions affect the decision of entrepreneurs to incorporate by means of a private limited liability company (LLC). Since the landmark rulings of the European Court of Justice (ECJ) in the years 1999, 2002 and 2003, entrepreneurs in the European Union (EU) have been able to choose the country of incorporation independently of their real seat. As a result, the proliferation of the UK private company limited by shares has posed a competitive threat to many European legislators. We analyze whether the reforms adopted in Spain, France, Hungary, Germany and Poland have promoted the popularity of domestic legal forms and encouraged entrepreneurship more generally. Using a difference-in-difference approach, we record a strong impact in both respects, especially if the minimum capital requirement was reduced or abolished.
              • Also published at SSRN as ECGI - Finance Working Paper No. 308/2011

              Hornuf, Lars; Reps, Markus; Schäferling, Stefan (2013). Covenants in europäischen Investment-grade-Unternehmensanleihen, Zeitschrift für Bankrecht und Bankwirtschaft, 26 (3), 202-210.

              • Covenants are a type of contractual protection for creditors in debt financing. They are used in bond contracts to control the issuer’s management activity and to attenuate conflicting goals existing between shareholders and bondholders. The article provides an overview of covenants and the way they function against the background of financial theory. It further provides detailed data on how often covenants are actually used in corporate bonds issued predominantly by European issuers. Examining the rights of fixed-income investors vis-à-vis bond issuers contributes to the increasingly significant and growing research on debt governance, which addresses, inter alia, the optimal drafting of bond contracts.
              • SSRN - English version: Covenants in European Investment-Grade Corporate Bonds

              Engert, Andreas; Hornuf, Lars (2013). Market Standards in Public Sector Debt Contracting, CESifo DICE Report, 11 (3), 16-20.

                Braun, Reiner; Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars (2013). Unternehmensgründungen unter dem Einfluss des Wettbewerbs der Gesellschaftsrechte, Zeitschrift für das gesamte Handelsrecht und Wirtschaftsrecht, 177 (1), 131-148.

                  Klöhn, Lars; Hornuf, Lars (2012). Crowdinvesting in Deutschland – Markt, Rechtslage und Regulierungsperspektiven, Zeitschrift für Bankrecht und Bankwirtschaft, 24 (4), 237-266.

                    Eidenmüller, Horst; Hornuf, Lars; Reps, Markus (2012). Contracting Employee Involvement: An Analysis of Bargaining over Employee Involvement Rules for a Societas Europaea, Journal of Corporate Law Studies, 12 (2), 201-235.

                      Engel, Martin; Hornuf, Lars (2012). Mediation als Verbraucherschutz – oder Verbraucherschutz vor Mediation?, Neue Zeitschrift für Schiedsverfahren, 10 (1), 26-32.

                        Hornuf, Lars; Zanconato, Ulrich (2011). Material Adverse Change Klauseln in deutschen Übernahmeangeboten: Eine rechtstatsächliche Untersuchung, Zeitschrift für Bankrecht und Bankwirtschaft, 2011 (5), 412-416.

                          Engel, Martin; Hornuf, Lars (2011). Vexierbild Richtermediation – Eine Studie zur Wahrnehmung verschiedener Mediationsformen in Deutschland, Zeitschrift für Zivilprozeß, 2011 (4), 505-518.

                            Engel, Martin; Hornuf, Lars (2011). Das deutsche Glücksspielmonopol – Eine ordnungspolitische und rechtsökonomische Analyse, Zeitschrift für Wirtschaftspolitik, 60 (1), 86-109.

                              Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars (2010). How Does the Market React to the Societas Europaea?, European Business Organization Law Review, 11 (1), 35-50.

                              • When Council Regulation (EC) No 2157/2001 on the Statute for a European Company (Societas Europaea - SE) became effective on 8 October 2004, it offered publicly traded companies, for the first time, a choice between competing company laws, namely the national law of the company’s home state and the law of the supranational SE. Using an event study methodology, we analyse a unique dataset of publicly traded firms that have announced to re-incorporate under the SE Regulation. We find the re-incorporation decision to have a positive impact on firms’ stock market value. The abnormal returns associated with re-incorporating as an SE increase over the years, which we interpret as the result of declining legal uncertainty and a rising reputational value of the SE corporate form.
                              • Also published as ECGI Law Working Paper No. 127/2009 under the title "The Societas Europaea: Good News for European Firms"

                              Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars (2009). Vom Wert der Wahlfreiheit: Eine empirische Analyse der Societas Europaea als Rechtsformalternative, Die Aktiengesellschaft, 54 (23), 845-855.

                                Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars (2009). Incorporating Under European Law: The Societas Europaea as a Vehicle for Legal Arbitrage, European Business Organization Law Review, 10 (1), 1-33. DOI

                                • After a slow start, the European Company (Societas Europaea, SE) has become increasingly popular. Beside documenting the growth of this new company type, we examine whether firms choose to incorporate in the SE corporate form because they engage in 'legal arbitrage' by exploiting differences in legal rules between jurisdictions. We specify a number of hypotheses on particular legal arbitrage motives. To validate our hypotheses, we use a broad telephone survey among SE users in Germany as well as a simple country-level regression model based on a unique, hand-collected dataset on SE incorporations. We find strong evidence that firms use the SE to mitigate the effect of mandatory co-determination rules. Establishing a one-tier board structure (in jurisdictions that impose a two-tier structure on their national public companies) and taking advantage of the SE's mobility for tax purposes also seem to be driving SE formations. By contrast, our analysis fails to support the suggestion that firms use the SE to shop for the most favourable national company law to fill the gaps in the SE Regulation.
                                • SSRN

                                Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars (2008). Die Societas Europaea: Empirische Bestandsaufnahme und Entwicklungslinien einer neuen Rechtsform, Die Aktiengesellschaft, 53 (20), 721-730.

                                  Gluch, Erich; Hornuf, Lars (2007). Europäischer Nichtwohnhochbau weiterhin auf Wachstumskurs, Ifo-Schnelldienst, 60 (5), 31-36.

                                    Gluch, Erich; Hornuf, Lars (2007). Auswirkungen der Globalisierung auf die Bauwirtschaft, Ifo-Schnelldienst, 60 (3), 41-49.

                                      Herausgeberwerke

                                      Cumming, Douglas; Hornuf, Lars (Hg.) (2017). The Economics of Crowdfunding: Startups, Portals and Investor Behavior (forthcoming). London: Palgrave Macmillan.

                                        Beiträge in Sammelwerken

                                        Gödker, Katrin; Hornuf, Lars (2018). Regulatory Competition, in: Alain Marciano, Giovanni Battista Ramello (Hg.), Encyclopedia of Law and Economics, New York: Springer, forthcoming.

                                          Braun, Susanne; Hornuf, Lars (2017). Authentic leadership and followers' cheating behavior – A laboratory experiment from a self-concept maintenance perspective, in: Dorianne Cotter-Lockard (Hg.), Authentic Leadership and Followership: International Perspectives, London: Palgrave Macmillan, forthcoming.

                                          • Extensive evidence shows that when given the opportunity, people cheat for monetary rewards, but only to the extent that they can keep a positive self-concept. In this study, we investigate various factors that may influence the degree to which people can keep their positive self-concept while cheating for monetary gains. We find that authentic leadership, gender, cheating norm, experience of cheating, and expectations of others’ cheating behavior have no effect on participants’ spontaneous dishonesty on an abstract task. Therefore, reducing people’s cheating behavior might be a long-term project for the management of fraudulent organizations and more difficult than might be expected.

                                          Hornuf, Lars; Lindner, Julia (2016). The End of Regulatory Competition in European Company Law?, in: Martina Eckardt, Christian Schubel (Hg.), Wettbewerb der Gesellschaftsrechtsordnungen in Ostmitteleuropa? (Andrássy Studien zur Europaforschung, 16), 117-138. Baden-Baden: Nomos.

                                          • In this article, we analyze regulatory competition in company law in the European Union (EU). By examining the empirical evidence, we conclude that regulatory competition, which is triggered by legal arbitrage and the competitive pressure exerted by national lawmakers, has run out of steam in the EU. Unlike in the United States, both language barriers and double accounting obligations for branches have hampered entrepreneurs from engaging in legal arbitrage. As a result, a necessary precondition for horizontal regulatory competition is absent. Furthermore, vertical regulatory competition is not on the agenda of national legislators, as the Statute for a European Company is largely based on national company laws. Revising the national company law therefore improves the supranational competitor as well and destroys the incentives for national legislators to engage in vertical regulatory competition.
                                          • SSRN - Also published as Andrássy Working Paper Series No. 33

                                          Hornuf, Lars; Schwienbacher, Armin (2016). Crowdinvesting – Angel Investing for the Masses?, in: Colin Mason, Hans Landström (Hg.), Handbook of Research on Business Angels, 381-398. Cheltenham UK; Northampton, MA: Edward Elgar.

                                          • This book chapter reviews crowdinvesting, which is sometimes referred to as equity crowdfunding. It specifically aims at answering the following question: Is crowdinvesting transforming the crowd into small business angels? In order to answer this question, we review the securities regulation in different jurisdictions and compare crowdinvesting practices in these countries with angel finance. Finally, we offer insights into different avenues for future research. One pertains to the question whether crowdinvesting will complement or substitute angel finance. While this issue cannot be answered unambiguously, we expect that in many cases, crowdinvesting may become a complementary source of funding to angel finance rather than a substitute. This is because crowdinvestors fill funding gaps at the lower end of the market or may at times co-invest with professional investors. In other cases, crowdinvestors may compete with business angels for the same investments since average funding volumes can be similar.
                                          • SSRN

                                          Hornuf, Lars (2015). Equity Premium Puzzle, in: Morris Altman (Hg.), Real World Decision Making: An Encyclopedia of Behavioral Economics, 123-124. Santa Barbara: ABC-CLIO.

                                            Eidenmüller, Horst; Hornuf, Lars; Reps, Markus (2013). Contracting Employee Involvement: An Analysis of Bargaining over Employee Involvement Rules for a Societas Europaea, in: Horst Eidenmüller (Hg.), Regulatory Competition in Contract Law and Dispute Resolution, 155-186. München: C.H.Beck.

                                            • Following a slow start, the European Company (Societas Europaea – SE) has become a popular legal form amongst European firms. It is rendered attractive by corporate governance features such as the contractual freedom of capital and labor to design a firm-specific employee involvement regime. By analyzing what has been settled for in such agreements, we investigate whether national mandatory employee involvement rules are efficient and which factors impede firm-specific bargained-for solutions.
                                            • Also published at SSRN as ECGI - Law Working Paper No. 185/2012

                                            Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars (2011). Europäischer Rechtswettbewerb bei der Wahl des Emissionsstandorts für Schuldtitel: eine empirische Analyse, in: Peter Behrens, Thomas Eger, Hans-Bernd Schäfer (Hg.), Ökonomische Analyse des Europarechts – Beiträge zum XII. Travemünder Symposium zur ökonomischen Analyse des Rechts, 233-274. Tübingen: Mohr Siebeck.

                                              Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars (2010). How Does the Market React to the Societas Europaea?, in: Ulf Bernitz, Wolf-Georg Ringe (Hg.), Company Law and Economic Protectionism – New Challenges for European Integration, 134-148. Oxford: Oxford University Press.

                                                Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars (2009). Incorporating Under European Law: The Societas Europaea as a Vehicle for Legal Arbitrage, in: Alessio M. Pacces (Hg.), The Law and Economics of Corporate Governance, 82-116. Cheltenham: Edward Elgar.

                                                  Andere Veröffentlichungen, Presseartikel, Interviews

                                                  Dorfleitner, Gregor; Hornuf, Lars; Schmitt, Matthias; Weber, Martina (2016). FinTech-Markt in Deutschland - Abschlussbericht 17. Oktober 2016, 2016.

                                                  Hornuf, Lars; Moritz, Alexandra (2016). Interview: Crowdinvesting: Wenn professionelle Investoren merken, Wow, das läuft, steigen sie ebenfalls ein, EDITION F 2016 06.05.2016.

                                                    Hornuf, Lars; Schmitt, Matthias (2016). Success and Failure in Equity Crowdfunding, CESifo DICE Report, 14 (2), 16-22.

                                                      Hainz, Christa; Hornuf, Lars (2016). Crowdinvesting, CESifo DICE Report, 14 (1), 67-69.

                                                      Hornuf, Lars; Gabor, Barbara (2015). Regulatory Competition in the Internal Market: Comparing Models for Corporate Law, Securities Law and Competition Law, European Journal of Law and Economics, 40 (1), 179-182.

                                                        Tzur Bitan, Dana; Müller, Maria Christina; Keren, Shlomit; Krieger, Israel; Hornuf, Lars (2015). War Within, War Outside: A Psychoanalytic Account of Delusional Themes in Germany and Israel During the Twentieth Century, Journal of the American Psychoanalytic Association, 63 (1), NP1-NP7.

                                                          Hornuf, Lars (2014). Braucht Deutschland ein Crowdinvesting Gesetz?, VentureCapital Magazin, (4), 58-59.

                                                            Klöhn, Lars; Hornuf, Lars (2014). Ein sicherer Rechtsrahmen für das Crowdinvesting, Der Betrieb, 67 (14), 1.

                                                              Hornuf, Lars (2014). Bleibt Deutschland Spitzenreiter bei der internetbasierten Finanzierung von Start-up-Unternehmen?, in: iRights.Lab, Philipp Otto (Hg.), Das Netz – Jahresrückblick Netzpolitik 2014-2015. Berlin: iRights.media, 96-97.

                                                                Hornuf, Lars (2014). Warum Deutschland (k)ein Crowdinvesting-Gesetz braucht.

                                                                  Hornuf, Lars; Klöhn, Lars (2013). Crowdinvesting und Portfoliodiversifizierung – Eine rechtsökonomische Analyse, VentureCapital Magazin, (2), 34-35.

                                                                    Hornuf, Lars (2013). Comment on Theodore Eisenberg und Geoffrey Miller: The English vs. the American Rule on Who Pays Attorney fees: An Empirical Study of Publicly-Held Companies’ Contracts, in: Horst Eidenmüller (Hg.), Regulatory Competition in Contract Law and Dispute Resolution. München: C.H.Beck, 497-498.

                                                                      Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars (2009). Warum unterstellen sich Unternehmen europäischem Recht? Ein erster empirischer Befund, Finanzplatz-Report, (5), 20-21.

                                                                        Hornuf, Lars; Britschkat, Günter (2008). Studie über die Auswirkungen des Glücksspielstaatsvertrages zum Lotterie- und Sportwettmarkt auf die deutsche Volkswirtschaft, Gutachten für die MKW Wirtschaftsforschung GmbH.

                                                                          Monographien

                                                                          Dorfleitner, Gregor; Hornuf, Lars; Schmitt, Matthias; Weber, Martina (2017). FinTech in Germany. DOI

                                                                          • In this study, conducted on behalf of the Federal Ministry of Finance, we provide the first comprehensive analysis of the German FinTech industry. We quantify the market volume of the industry between 2007 and 2015. On the basis of this data, we also predict the future development of eight segments of the FinTech market, offering detailed forecasts for the years 2020, 2025, and 2035. Moreover, we provide a comprehensive overview of current trends and the drivers of growth that have affected the FinTech industry in the past, as well as the factors that could spur and hinder growth within it in the future.

                                                                          Hainz, Christa; Hornuf, Lars; Klöhn, Lars (2017). Praxiserfahrungen mit den Befreiungsvorschriften des Kleinanlegerschutzgesetzes (ifo Forschungsbericht, 78). München: ifo Institut.

                                                                          • Dieser Forschungsbericht untersucht die Auswirkungen der im Sommer 2015 eingeführten Befreiungsvorschriften des Kleinanlegerschutzgesetzes. Durch eine stärkere Regulierung soll das Kleinanlegerschutzgesetz für mehr Transparenz für Anlegerinnen und Anleger auf dem grauen Kapitalmarkt sorgen. Das Gesetz beinhaltet jedoch auch Ausnahmeregelungen. Diese entbinden sowohl Unternehmen, die sich über Crowdinvesting-Plattform finanzieren, als auch soziale, gemeinnützige und kirchliche Projekte von der Pflicht einer Prospekterstellung bei dem Angebot von Vermögensanlagen. Grundlage der Untersuchung dieser Ausnahmeregelungen ist die Crowdinvesting-Datenbank, eine Befragung unter sozialen und gemeinnützigen Organisation sowie Expertengespräche. Zusammenfassend lassen sich rund ein Jahr nach Einführung des Kleinanlegerschutzgesetzes keine starken Effekte für den Markt für Schwarmfinanzierungen in Deutschland erkennen. Die von uns analysierten Daten zeigen auch, dass sich das Anlageverhalten durch die neu eingeführte Pflicht zur Selbstauskunft über das Einkommen und Vermögen der Investierenden nicht verändert hat. Allerdings haben sich die bei Schwarmfinanzierungen verwendeten Vermögensanlagen in den letzten Jahren weg von stillen Beteiligungen und hin zu partiarischen Darlehen und Nachrangdarlehen entwickelt. Im Bereich sozialer und gemeinnütziger Projekte finden die geschaffenen Ausnahmeregelungen so gut wie keine Anwendung, da andere Regelungen eine wesentlich einfachere Entbindung von der Prospektpflicht ermöglichen.
                                                                          • This study investigates the effects of exemption provisions within the Small Investor Protection Act that was introduced in July 2015. By increasing the regulatory obligations for issuers, the Small Investor Protection Act should lead to a higher level of transparency for investors in the so called “grey capital market”. However, the act does include exemptions from certain regulatory obligations. Crowdinvesting-platforms, social, charitable and ecclesiastic projects are not obliged to publish a prospectus for the offering of an investment instrument. The investigation into the effects of these exemption rules is based on a crowdinvesting-database, a survey of social and charitable organizations and interviews with experts. In short, the effects of this act and its exemptions one year after its introduction are negligible for the market of crowdinvesting in Germany. Furthermore, the data analysed shows that investment behaviour has not changed as a result of obligations to self-disclose income and wealth on the part of investors. Investment instruments, however, have changed in the crowdinvesting market in recent years from silent partnerships to profit-participating-loans and subordinated loans. Social and charitable projects do not seem to be making use of the newly established exemptions due to the fact that there are other, and in most cases simpler, regulations that release them from the obligation to publish a prospectus.
                                                                          • http://www.cesifo-group.de/DocDL/ifo_Forschungsberichte_78_2017_Hainz_etal_Kleinanlegerschutzgesetz.pdf

                                                                          Hornuf, Lars (2012). Regulatory Competition in European Corporate and Capital Market Law: An Empirical Analysis (European Studies in Law and Economics, 7). Cambridge: Intersentia.

                                                                            Hornuf, Lars; Britschkat, Günter; Lechner, Robert; Nerb, Gernot (2006). Die Auswirkungen des Bundesverfassungsgerichtsurteils zum Sportwettenmarkt auf die deutsche Volkswirtschaft (ifo Forschungsbericht, 32). München: ifo.

                                                                            Diskussionspapiere

                                                                            Brandl, Barbara; Hornuf, Lars (2017). Where Did Fintechs Come from, and Where Do They Go? The Transformation of the Financial Industry in Germany after Digitalization.

                                                                            • The digitalization of financial services opened a window for new players in the financial industry. These start-ups take on tasks and functions previously reserved for banks, such as lending, payments, or investment. In this article, we trace the transformation of the industry after digitalization. By using data on FinTech formations in Germany, we show that entrepreneurial dynamics in the FinTech sector are not so much driven by technology as by the educational and business background of the founders. Furthermore, we investigate the reactions of traditional banks to the emergence of these start-ups. In contrast with other emerging industries such as biotechnology, a network analysis shows that FinTechs have mostly engaged in strategic partnerships and only a few banks have acquired or obtained a financial interest in a FinTech. We explain the restraint of banks to fully endorse the new possibilities of digitalized financial services with the characteristics of the technology itself and with the postponed fundamental decisions of banks to modernize their IT infrastructure.
                                                                            • SSRN

                                                                            Hornuf, Lars; Schmitt, Matthias (2017). Equity Crowdfunding in Germany and the UK: Follow-Up Funding and Firm Survival, Max Planck Institute for Innovation & Competition Research Paper, No. 17-09.

                                                                            • Today, start-ups often obtain financing via the Internet through many small contributions of non-sophisticated investors. Yet little is known about whether these start-ups can ultimately build enduring businesses. In this paper, we hand-collected data from 38 different equity crowdfunding (ECF) portals and 656 firms that ran at least one successful ECF campaign in Germany or the United Kingdom. The evidence shows that German firms that receive ECF stand a higher chance of obtaining follow-up funding through business angels or venture capitalists and have a relatively lower likelihood to survive. We find firm age, the average age of the management team, and excessive funding during the ECF campaign all have a negative effect on firms’ likelihood to obtain post-campaign financing. By contrast, the number of senior managers, registered trademarks, subsequent successful ECF campaigns, crowd exits, and the amount of the funding target all have a positive impact. Subsequent successful ECF campaigns, crowd exits, and the number of venture capital investors are significant predictors reducing firm failure. Finally, we find that some of these factors have a differential impact for Germany and the United Kingdom.
                                                                            • Available at SSRN

                                                                            Dorfleitner, Gregor; Hornuf, Lars; Weber, Martina (2017). Dynamics of Investor Communication in Equity Crowdfunding, Max Planck Institute for Innovation & Competition Research Paper, No. 17-06.

                                                                            • In crowdfunding, start-ups can voluntarily communicate with their investors by posting updates. We investigate whether start-ups strategically use updates, which were previously shown to increase investments. To this end, we use hand-collected data of 751 updates and 39,036 investment decisions from the two major German equity crowdfunding portals Seedmatch and Companisto. We find evidence for strategic communication behavior of startups during an equity crowdfunding campaign. During the funding period, start-ups post updates with linguistic devices that enhance the group identity and the group cohesion. Furthermore, the probability of an update during the funding period increases with a strong competition of other contemporary crowdfunding campaigns.
                                                                            • SSRN

                                                                            Cumming, Douglas; Hornuf, Lars (2017). Marketplace Lending of SMEs.

                                                                            • Marketplace lending refers to online platforms facilitating loans from individuals to private small and medium sized enterprises (SMEs). We conjecture that the information conveyed by the platform (ratings) plays a pronounced role in influencing the borrowing success of SMEs, and that more sophisticated financial information and issues of adverse selection are largely irrelevant in these markets. We introduce a first-ever dataset of 414 marketplace loans and track 8,236 online loan-days to test these propositions. The data examined provide strong support for the importance of simple ratings in influencing investor behavior. The data further indicate the importance of competing investment opportunities.
                                                                            • SSRN

                                                                            Klöhn, Lars; Hornuf, Lars; Schilling, Tobias (2016). Financial Contracting in Crowdinvesting: Lessons from the German Market.

                                                                            • The present article gives an overview of the contents of crowdinvesting contracts that are in use in Germany and traces how they have evolved. To this end, it evaluates 255 crowdinvesting campaigns held on 18 different platforms in the period from August 1, 2011 to December 31, 2015. This sample represents 81% of all crowd financing in the German market.
                                                                            • SSRN

                                                                            Hornuf, Lars; Mohamed, Abdul; Schwienbacher, Armin (2016). The Economic Impact of Forming a European Company.

                                                                            • Since 2004, companies located in member states of the European Economic Area (EEA) can opt to incorporate in a supranational legal form, the Societas Europaea (SE). Most importantly, the Societas Europaea offers the possibility to choose a one- tier board structure and to limit the extent of worker participation, two items that are not possible in some of the member states under national corporate law. In this paper, we investigate the reaction of investors to this change in corporate governance structure. We find companies located in member states where the SE offers additional legal arbitrage opportunities benefit most. Moreover, our results show that market reaction is positive when the decision to incorporate as an SE involves moving the firm’s registered office and that firms are moving to jurisdictions with significantly lower corporate tax rates. Finally, we assess the importance of uncertainty surrounding the managers' decision to reincorporate as an SE and find evidence for corporate uncertainty at the registration date but not at the time of the shareholder meeting.
                                                                            • SSRN

                                                                            Haddad, Christian; Hornuf, Lars (2016). The Emergence of the Global Fintech Market: Economic and Technological Determinants.

                                                                            • We investigate the economic and technological determinants inducing entrepreneurs to establish ventures with the purpose of reinventing financial technology (fintech). We find that countries witness more fintech startup formations when the latest technology is readily available, capital markets are well-developed, and people have more mobile telephone subscriptions. Furthermore, the available labor force has a positive impact on the development of this new market segment. Finally, the more sound the financial system, the lower the number of fintech startups in a country. Overall, the evidence suggests that fintech startup formation need not be left to chance, but active policies can influence the emergence of this new sector.
                                                                            • Available at SSRN
                                                                            • Also published in: Oxford Business Law Blog

                                                                            Cumming, Douglas; Hornuf, Lars; Karami, Moein; Schweizer, Denis (2016). Disentangling Crowdfunding from Fraudfunding, Max Planck Institute for Innovation & Competition Research Paper, No. 16-09.

                                                                            • Using Kickstarter and Indiegogo, the two largest crowdfunding platforms, we conduct an exhaustive search of all fraud cases from 2010 through 2015 that spans nine countries. In line with traditional economic theory, we posit that crowdfunding fraudsters are most concerned with getting caught and with the extent of the expected punishment. However, human nature suggests that maintaining a positive self-concept may be of equal concern. In line with this hypothesis, we present evidence that fraudsters are becoming more recognizable on portals and to the crowd because of several specific characteristics: They are less likely to carry out repeat funding campaigns, they are less likely to have a social media presence, and they are more likely to provide poorly worded and confusing campaign pitches with a greater number of enticements through pledge categories.
                                                                            • SSRN

                                                                            Hornuf, Lars; Mohamed, Abdul; Schwienbacher, Armin (2016). The Economic Impact of Forming a European Company, Oxford Business Law Blog 2016.

                                                                            Hornuf, Lars; Schmitt, Matthias (2016). Does a Local Bias Exist in Equity Crowdfunding? The Impact of Investor Types and Portal Design, Max Planck Institute for Innovation & Competition Research Paper, No. 16-07.

                                                                            • We use hand-collected data of 20,460 investment decisions and two distinct portals to analyze whether investors in equity crowdfunding direct their investments and portfolios to local firms. The results suggest that investors exhibit a local bias, even when controlling for family and friends. In addition to the regular crowd, our sample includes angel investors who invest considerable amounts and exhibit a larger local bias. By contrast, well-diversified investors are less likely to suffer from this behavioral anomaly. The data further show that portal design is important for attracting investors more prone to having a local bias. Finally, firms engaging in equity crowdfunding overcome funding barriers by attracting investors at all distances. These findings corroborate regulation targeted to specific investor groups, advise managers of equity crowdfunding portals about their business model, and inform individual investors of their biases.
                                                                            • SSRN

                                                                            Engert, Andreas; Hornuf, Lars (2015). Market Standards in Financial Contracting: The Euro’s Effect on Choice of Law in European Debt Securities.

                                                                            • We study market standardization in contract design, specifically in choice-of-law provisions of European debt securities. We show theoretically that standardization benefits from investors’ familiarity with a contract law can be a major factor in the choice of contract law applicable to debt securities. To test this theory, we exploit the introduction of the Euro in 1999 as a natural experiment: The new common currency created a jump in cross-border investment. We hypothesize that the demand for an international contracting standard increased as the national securities markets converged into a single Euro area market. Using a difference-in-difference approach, we show that there was a strong and significant shift to English law in the Euro zone as compared to other European countries.
                                                                            • SSRN

                                                                            Mann, Heather; Garcia-Rada, Ximena; Hornuf, Lars; Tafurt, Juan; Iversen, Edwin; Ariely, Dan (2015). Everyday Dishonesty: Towards a Theory of Multiple Honesty Domains.

                                                                              Ariely, Dan; Garcia-Rada, Ximena; Hornuf, Lars; Mann, Heather (2014). The (True) Legacy of Two Really Existing Economic Systems, Munich Discussion Paper, No. 2014-26.

                                                                              • By running an experiment among Germans collecting their passports or ID cards in the citizen centers of Berlin, we find that individuals with an East German family background cheat significantly more on an abstract task than those with a West German family background. The longer individuals were exposed to socialism, the more likely they were to cheat on our task. While it was recently argued that markets decay morals (Falk and Szech, 2013), we provide evidence that other political and economic regimes such as socialism might have an even more detrimental effect on individuals’ behavior.
                                                                              • SSRN

                                                                              Vorträge

                                                                              02.11.2017

                                                                              Die Zukunft des Banking
                                                                              Forum "Digital"

                                                                              Ort: Hannover


                                                                              12.10.2017

                                                                              Fintech: Revolution der Finanzdienstleistungen?
                                                                              Vortrag zum 10. Jahrestag des Lehrstuhls für Betriebswirtschaftslehre, insbesondere Finanzierung, Universität Regensburg

                                                                              Ort: Regensburg


                                                                              29.09.2017

                                                                              Podiumsdiskussion
                                                                              RWS-Forum PSD II - Die neue Zahlugnsdiensterichtlinie

                                                                              Ort: Köln


                                                                              22.09.2017

                                                                              Session II: Fostering Stable and Inclusive Financial Systems
                                                                              15th Meeting of the Central Banks and Monetary Authorities of the Organization of Islamic Cooperation (OIC) Member Countries

                                                                              Ort: Bodrum, Türkei


                                                                              18.09.2017

                                                                              Quo vadis FinTechs - Die Revolution im Zahlungsverkehr? Ergebnisse der BMF-Studie zum deutschen FinTech-Markt
                                                                              Keynote Speech, Alvara Innovationstage

                                                                              Ort: Leipzig


                                                                              06.09.2017

                                                                              Disentangling Crowdfunding from Crowdfunding
                                                                              Jahrestagung des Verein für Socialpolitik, Poster Session

                                                                              Ort: Wien, Österreich


                                                                              23.08.2017

                                                                              Disentangling Crowdfunding from Crowdfunding
                                                                              European Economic Association

                                                                              Ort: Lissabon, Portugal


                                                                              22.08.2017

                                                                              The Impact of Two Different Economic Systems on Dishonesty and Charitable Giving: Determinants of Group-Level Variation
                                                                              European Economic Association

                                                                              Ort: Lissabon, Portugal


                                                                              27.07.2017

                                                                              The Economic Impact of Forming a Societas Europaea
                                                                              World Finance Conference

                                                                              Ort: Cagliarli, Italien


                                                                              27.07.2017

                                                                              Market Standards in Financial Contracting: The Euro's Effect on Choice of Law in European Debt Securities
                                                                              World Finance Conference

                                                                              Ort: Cagliarli, Italien


                                                                              27.07.2017

                                                                              Does a Local Bias Exist in Equity Crowdfunding?
                                                                              World Finance Conference

                                                                              Ort: Cagliarli, Italien


                                                                              07.07.2017

                                                                              Marketplace Lending of SMEs
                                                                              2nd Entrepreneurial Finance Conference

                                                                              Ort: Vlerick Business School, Belgien


                                                                              16.06.2017

                                                                              Does A Local Bias Exist in Equity Crowdfunding?

                                                                              Ort: Skema Business School, Frankreich


                                                                              08.06.2017

                                                                              The Economic Impact of Forming a European Company
                                                                              VHB-Jahrestagung 2017

                                                                              Ort: Universität St. Gallen, Schweiz


                                                                              08.06.2017

                                                                              The Emergence of the Global FinTech Market: Economic and Technological Determinants
                                                                              VHB-Jahrestagung 2017

                                                                              Ort: Universität St. Gallen, Schweiz


                                                                              30.05.2017

                                                                              Disentangling Crowdfunding from Fraudfunding
                                                                              Poster Session, Munich Summer Institute 2017, Bayerische Akademie der Wissenschaften

                                                                              Ort: München


                                                                              19.05.2017

                                                                              The Economic Impact of Forming a European Company
                                                                              Business Law Workshops

                                                                              Ort: Oxford University, Vereinigtes Königreich


                                                                              12.05.2017

                                                                              The Economic Impact of Forming a European Company
                                                                              Annual Meeting of the American Law and Economics Association

                                                                              Ort: Yale Law School, New Haven, CT


                                                                              26.04.2017

                                                                              Der deutsche FinTech-Markt
                                                                              Keynote Speech, FinMeetsTech

                                                                              Ort: Frankfurt am Main


                                                                              10.04.2017

                                                                              The Impact of Two Different Economic Systems on Dishonesty and Charitable Giving: Determinants of Group-Level Variation
                                                                              Royal Economic Society Conference

                                                                              Ort: University of Bristol


                                                                              26.01.2017

                                                                              Crowdfunding - Potential Benefits and Risks
                                                                              G20 Konferenz: Digitising finance, financial inclusion and financial literacy

                                                                              Ort: Schloss Biebrich, Wiesbaden


                                                                              17.12.2016

                                                                              Should Securities Regulation Promote Equity Crowdfunding?
                                                                              Goethe/Penn Conference on Law and Finance

                                                                              Ort: Goethe-Universität Frankfurt


                                                                              08.10.2016

                                                                              The (True) Legacy of Two Really Existing Economic Systems
                                                                              Subjective Survey Data in Labour Market Research

                                                                              Ort: Institut für Arbeitsrecht und Arbeitsbeziehungen in der Europäischen Union, Universität Trier


                                                                              06.10.2016

                                                                              Chancen für Banken durch Co-Creation mit Fintechs
                                                                              Digital Finance Berlin Konferenz - Offene Banking Plattform – so bauen Banken Ihren eigenen Fintech-Supermarkt

                                                                              Ort: Berlin School of Digital Business, Berlin


                                                                              21.06.2016

                                                                              Pricing the Value of Cash Flow Rights in Crowdinvesting: An Analysis of Innovestment Backers
                                                                              Munich Summer Institute 2016

                                                                              Ort: Bayerische Akademie der Wissenschaften, München


                                                                              06.06.2016

                                                                              Portal Design and Funding Dynamics in Crowdinvesting 3rd International ZEW
                                                                              Conference on the Dynamics of Entrepreneurship

                                                                              Ort: Zentrum für Europäische Wirtschaftsforschung, Mannheim


                                                                              02.06.2016

                                                                              FinTech - Bit Coins and friends, the digital revolution in financial services- Sind Banken die Verlierer?
                                                                              11. Internationale -Konferenz zu Finanzdienstleistungen, Podiumsdiskussion

                                                                              Ort: Institut für Finanzdienstleistungen, Hamburg


                                                                              26.05.2016

                                                                              The Economic Impact of Forming a Societas Europaea Rom Conference on Past and Future of Corporate Governance: Practices, Reforms and Regulations

                                                                              Ort: Roma Tre Universität, Rom


                                                                              12.05.2016

                                                                              The Economic Impact of Forming a Societas Europaea What does Co-determination do? What can we learn from research?

                                                                              Ort: Wissenschaftszentrum Berlin für Sozialforschung, Berlin


                                                                              10.05.2016

                                                                              The Economic Impact of Forming a Societas Europaea

                                                                              Ort: Institut für Arbeitsrecht und Arbeitsbeziehungen in der Europäischen Union, Universität Trier


                                                                              19.02.2016

                                                                              The (True) Legacy of Two Really Existing Economic Systems
                                                                              8. Ökonomischer Workshop

                                                                              Ort: Institut für Arbeitsrecht und Arbeitsbeziehungen in der Europäischen Union, Universität Trier


                                                                              18.02.2016

                                                                              Leadership and Persistency in Spontaneous Dishonesty Workshop on the Autonomy at Work and Employee Involvement: Causes and Consequences

                                                                              Ort: Institut für Arbeitsmarkt und Berufsforschung, Nürnberg


                                                                              23.01.2016

                                                                              Chancen für eine Grüne Wirtschaft Diskussionsforum KMU/Gründungen

                                                                              Ort: Wirtschaftskongress Gelsenkirchen


                                                                              23.11.2015

                                                                              Understanding Investor behavior in Crowdinvesting
                                                                              EBS Research Colloquium

                                                                              Ort: European Business School, Oestrich-Winkel


                                                                              23.10.2015

                                                                              Pricing the Value of Cash Flow Rights in Crowdinvesting: An Analysis of Innovestment Backers
                                                                              3. Crowdinvesting Symposium

                                                                              Ort: LMU München


                                                                              16.10.2015

                                                                              Surprising Persistency in Spontaneous Dishonesty
                                                                              Workshop on Experimental Labour and Personnel Economics

                                                                              Ort: Institut für Arbeitsrecht und Arbeitsbeziehungen in der Europäischen Union, Universität Trier


                                                                              05.10.2015

                                                                              Regulatory Approach to Crowdfunding Corporate Acquisitions and Access to Entrepreneurial Financing in the Post-Accession Era

                                                                              Ort: Jean Monnet Inter-University Centre of Excellence, Opatija


                                                                              01.10.2015

                                                                              Funding Dynamics in Crowdinvesting

                                                                              Ort: Max-Planck-Institut für Innovation und Wettbewerb, München


                                                                              11.09.2015

                                                                              Funding Dynamics in Crowdinvesting
                                                                              John Molson School of Business

                                                                              Ort: Concordia University, Montréal


                                                                              20.08.2015

                                                                              Market Standards in Financial Contracting: The Euro’s Effect on Choice of Law in European Debt Securities
                                                                              Annual Meeting of the European Finance Association

                                                                              Ort: Wirtschaftsuniversität Wien


                                                                              23.07.2015

                                                                              Crowdinvesting - Regulatorisches und VC-Kompatibilität Finance Technology Transaction

                                                                              Ort: München


                                                                              25.06.2015

                                                                              Funding Dynamics in Crowdinvesting
                                                                              Annual Meeting of the European Financial Management Association

                                                                              Ort: Nyenrode New Business School


                                                                              15.06.2015

                                                                              Fraud in Financial Markets: Insights from Law & Economics and Behavioral Science Finance, Ethics and Society

                                                                              Ort: University of Oslo


                                                                              02.06.2015

                                                                              Should Securities Regulation Promotes Crowdinvesting?
                                                                              Workshop on the Economics of Entrepreneurship and Innovation

                                                                              Ort: Universität Trier


                                                                              02.06.2015

                                                                              Funding Dynamics in Crowdinvesting
                                                                              Workshop on the Economics of Entrepreneurship and Innovation

                                                                              Ort: Universität Trier


                                                                              15.05.2015

                                                                               The (True) Legacy of Two Really Existing Economic Systems
                                                                              Annual Meeting of the American Law and Economics Association

                                                                              Ort: Columbia Law School, New York


                                                                              25.02.2015

                                                                              Investment Behavior in Crowdinvesting
                                                                              Law and Economics Forum

                                                                              Ort: London School of Economics and Political Science, London


                                                                              20.02.2015

                                                                              Investment Behavior in Crowdinvesting
                                                                              7. Ökonomische Workshop

                                                                              Ort: Universität Trier


                                                                              04.02.2015

                                                                              Investment Behavior in Crowdinvesting

                                                                              Ort: Center for Advanced Studies in Law and Economics, Universität Bonn


                                                                              29.01.2015

                                                                              Moral Psychology, Jurisprudence, and Human Rights

                                                                              Ort: Center for Advanced Studies, LMU München


                                                                              11.12.2014

                                                                              Investment Behavior in Crowdinvesting

                                                                              Ort: Universität Marburg


                                                                              23.11.2014

                                                                              Regulating Crowdinvesting

                                                                              Ort: Peking University, Peking


                                                                              06.11.2014

                                                                              Which Securities Regulation Promotes Crowdinvesting?
                                                                              Conference on Financial Regulation and Competition

                                                                              Ort: Zentrum für Europäische Wirtschaftsforschung, Mannheim


                                                                              19.09.2014

                                                                              Which Securities Regulation Promotes Crowdinvesting?
                                                                              31th Annual Meeting of the European Association of Law and Economics

                                                                              Ort: Aix-Marseille Université, Marseille


                                                                              04.07.2014

                                                                              Funding Dynamics in Crowdinvesting
                                                                              Zweites Crowdinvesting Symposium

                                                                              Ort: LMU München


                                                                              04.07.2014

                                                                              Marktentwicklungen und Regulierungsperspektiven in Europa
                                                                              Zweites Crowdinvesting Symposium

                                                                              Ort: LMU München


                                                                              22.05.2014

                                                                              Empirische Ergebnisse zur Wirksamkeit horizontalen Regulierungswettbewerbs
                                                                              Wettbewerb der Gesellschaftsrechtsordnungen in Ostmitteleuropa?

                                                                              Ort: Andrássy Universität, Budapest


                                                                              24.03.2014

                                                                              The (True) Legacy of the German Reunification: How Some Dishonest West Germans Made East Germans Cheat More (Even Today)

                                                                              Ort: Center for Advanced Hindsight, Duke University, Durham


                                                                              13.01.2014

                                                                              Can Network Effects Impede Optimal Contracting in Debt Securities?
                                                                              Finance Group Research Seminar

                                                                              Ort: Skema Business School Lille, Lille


                                                                              26.11.2013

                                                                              Can Network Effects Impede Optimal Contracting in Debt Securities?
                                                                              LawEcon Workshop

                                                                              Ort: Max Planck Institut für Gemeinschaftsgüter, Bonn


                                                                              30.10.2013

                                                                              Mitarbeiterbetrug in der Finanzwirtschaft – Die Bedeutung des Rechts und der Verhaltensökonomik Institut für Arbeitsrecht und Arbeitsbeziehungen in der Europäischen Union

                                                                              Ort: Universität Trier


                                                                              28.09.2013

                                                                              Can Network Effects Impede Optimal Contracting in Debt Securities?
                                                                              20. Jahrestagung der German Finance Association

                                                                              Ort: Universität Wuppertal


                                                                              07.09.2013

                                                                              Funding Dynamics in Crowdinvesting
                                                                              Jahrestagung des Verein für Socialpolitik

                                                                              Ort: Universität Münster


                                                                              07.09.2013

                                                                              Can Network Effects Impede Optimal Contracting in Debt Securities? Jahrestagung des Verein für Socialpolitik

                                                                              Ort: University of Düsseldorf


                                                                              18.06.2013

                                                                              Cheating Across Cultures Summer Institute on Bounded Rationality

                                                                              Ort: Max Planck Institut für Bildungsforschung, Berlin


                                                                              06.05.2013

                                                                              Can Network Effects Impede Optimal Contracting in Debt Securities?
                                                                              CESifo Group Seminar

                                                                              Ort: LMU München


                                                                              29.04.2013

                                                                              Can Network Effects Impede Optimal Contracting in Debt Securities?
                                                                              Public Economics Seminar

                                                                              Ort: LMU München


                                                                              16.02.2013

                                                                              Can Network Effects Impede Optimal Contracting in Debt Securities?
                                                                              Annual Conference of the Mannheim Centre for Competition and Innovation (MaCCI)

                                                                              Ort: Zentrum für Europäische Wirtschaftsforschung, Mannheim


                                                                              08.02.2013

                                                                              Überblick über den deutschen Crowdinvesting-Markt
                                                                              Erstes Crowdinvesting Symposium

                                                                              Ort: LMU München


                                                                              19.12.2012

                                                                              Crowdinvesting und die Neue Institutionenökonomik
                                                                              Gastvorlesung – Einführung in die Betriebswirtschaftslehre

                                                                              Ort: RWTH Aachen


                                                                              19.12.2012

                                                                              Crowdinvesting in Deutschland – Markt, Rechtslage und Regulierungsperspektiven
                                                                              Technology and Innovation Management Seminar

                                                                              Ort: RWTH Aachen


                                                                              26.11.2012

                                                                              Can Network Effects Impede Optimal Contracting in Debt Securities?

                                                                              Ort: House of Finance, Goethe-Universität Frankfurt


                                                                              08.10.2012

                                                                              Can Network Effects Impede Optimal Contracting in Debt Securities?
                                                                              Law and Business Workshop

                                                                              Ort: Vanderbilt University, Nashville


                                                                              06.06.2012

                                                                              Verhandlung der Arbeitnehmermitbestimmung: Eine Analyse der Verhandlungen über Mitbestimmungsvereinbarungen bei der Europäischen Aktiengesellschaft (SE)
                                                                              Workshop Privatrecht

                                                                              Ort: LMU München


                                                                              18.05.2012

                                                                              Preliminary References - Analyzing the Determinants that Made the ECJ the Powerful Court It Is
                                                                              22nd Annual Meeting of the American Law and Economics Association

                                                                              Ort: Stanford University, Stanford


                                                                              24.03.2012

                                                                              Gericht oder Konfliktmanagementcenter: Quo vadis, Iustitia?
                                                                              15. Mediations-Kongress

                                                                              Ort: LMU München


                                                                              28.10.2011

                                                                              Preliminary References - Analyzing the Determinants that Made the ECJ the Powerful Court It Is
                                                                              9th Annual Conference of the German Law & Economics Association

                                                                              Ort: Universität Bonn


                                                                              24.09.2011

                                                                              Reputation und Netzwerk als Schlüssel zum Markt
                                                                              Konfliktmanagement-Kongress 2011

                                                                              Ort: Niedersächsisches Justizministerium, Hannover


                                                                              23.09.2011

                                                                              Preliminary References - Analyzing the Determinants that Made the ECJ the Powerful Court It Is
                                                                              28th Annual Conference of the European Law & Economics Association

                                                                              Ort: Universität Hamburg


                                                                              22.09.2011

                                                                              Does Charter Competition Foster Entrepreneurship? A Difference-in-Difference Approach to European Company Law Reforms
                                                                              28th Annual Conference of the European Law & Economics Association

                                                                              Ort: Universität Hamburg


                                                                              27.01.2011

                                                                              Where Do Firms Issue Debt? An Empirical Analysis of Issuer Location and Regulatory Competition in the European Corporate Debt Market Law and Finance Seminar Series

                                                                              Ort: University of Oxford, Vereinigtes Königreich


                                                                              10.12.2010


                                                                              Where Do Firms Incorporate Now? National Company Law Reform and the Market for Incorporations

                                                                              6th Annual Conference of the Italian Law & Economics Society

                                                                              Ort: Freie Universität Boze, Italien


                                                                              03.12.2010

                                                                              Where Do Firms Incorporate Now? National Company Law Reform and the Market for Incorporations
                                                                              8th Annual Conference of the German Law & Economics Association

                                                                              Ort: European Business School, Oestrich-Winkel


                                                                              11.10.2010

                                                                              Where Do Firms Issue Debt? An Empirical Analysis of Issuer Location and Regulatory Competition in the European Corporate Debt Market
                                                                              Law and Economics Workshop

                                                                              Ort: University of California, Berkeley


                                                                              18.08.2010

                                                                              Where Do Firms Incorporate Now? National Company Law Reform and the Market for Incorporations Center for Financial Studies / Program in Law and Economics of Money and Finance Summer School

                                                                              Ort: House of Finance, Goethe-Universität, Frankfurt


                                                                              25.03.2010

                                                                              Where Do Firms Issue Debt? An Empirical Analysis of Issuer Location and Regulatory Competition in the European Corporate Debt Market
                                                                              XII. Travemünder Symposium zur ökonomischen Analyse des Rechts

                                                                              Ort: Universität Hamburg


                                                                              19.04.2010

                                                                              Where Do Firms Issue Debt? An Empirical Analysis of Issuer Location and Regulatory Competition in the European Corporate Debt Market
                                                                              Public Economics Seminar

                                                                              Ort: LMU München


                                                                              04.12.2009


                                                                              Issuing Bonds Under Her Majesty’s Laws: Regulatory Competition in the European Corporate Bond Market

                                                                              7th Annual Conference of the German Law & Economics Association

                                                                              Ort: Universität Trier


                                                                              28.04.2009

                                                                              The Societas Europaea: Good News for European Firms
                                                                              Empirical Economics Research Workshop

                                                                              Ort: LMU München


                                                                              28.11.2008

                                                                              Incorporating Under European Law: The SE as a Vehicle for Legal Arbitrage
                                                                              6th Annual Conference of the German Law & Economics Association

                                                                              Ort: Universität Innsbruck


                                                                              18.10.2006

                                                                              Sportwetten am Wendepunkt
                                                                              Dowjones Newswires Workshop

                                                                              Ort: Frankfurter Wertpapierbörse

                                                                              Projekte