Prof. Dr. Lars Hornuf

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:

Finanztechnologie, Verhaltensökonomik, Datenschutz, Ökonomische Analyse des Rechts

Wissenschaftlicher Werdegang

2019
Ruf auf ein Full Professorship in Finance an die Skema Business School Paris

2019
Habilitation an der Fakultät für Wirtschaftswissenschaften der Universität Regensburg

(Venia Legendi Betriebswirtschaftslehre)

2018
Zertifizierter Derivatehändler (Eurex)

2018
Gastdozent an der Rotterdam School of Management der Erasmus University

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

Seit 2017
Affiliate Member, CESifo Research Network

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

2017 - 2018
Gastdozent an der German Graduate School of Management and Law

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

American Economic Association

German Finance Association (DGF)

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)

UK Research and Innovation (UKRI) / Future Leaders Fellowship Scheme

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

Economics Bulletin

Electronic Markets

Energy Economics

Eurasian Business Review

European Business Organization Law Review

European Journal of Finance

European Journal of Law and Economics

European Journal of Political Economy

Financial Research Letters

International Journal of Information Management

Journal of Banking and Finance

Journal of Behavioral and Experimental Economics

Journal of Business Venturing

Journal of Corporate Finance

Journal of Economic Surveys

Journal of Economics & Management Strategy

Journal of Institutional Economics

Journal of Political Economy

Neurocomputing

Pacific-Basin Finance Journal

Small Business Economics

Venture Capital - An International Journal of Entrepreneurial Finance

 

Konferenzen

International Conference on Information Systems 2019, 2018

Interdisziplinäre Jahreskonferenz zu Entrepreneurship, Innovation und Mittelstand (G-Forum) 2019, 2018, 2017, 2016, 2015

Associate Editor Pre-ICIS Workshop Changing Nature of Work (CNoW) 2019

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

2nd Abbé Grégoire Innovation Day

Publikationen

Artikel in referierten Fachzeitschriften

Hornuf, Lars; Brandl, Barbara (2020). Where Did Fintechs Come From, and Where Do They Go? The Transformation of the Financial Industry in Germany After Digitalization, Frontiers in Artificial Intelligence (Artificial Intelligence in Finance) 2020, forthcoming. DOI

  • 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 provide first evidence 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 traditional 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.
  • Also published at SSRN

Hainz, Christa; Hornuf, Lars; Nagel, Lisa; Reiter, Sarah; Stenzhorn, Eliza (2019). Die Befreiungsvorschriften des Kleinanlegerschutzgesetzes: Eine Follow-up-Studie, Ifo-Schnelldienst, 72 (9), 26-37.

    Hornuf, Lars; Mohamed, Abdul; Schwienbacher, Armin (2019). The Economic Impact of Forming a European Company, Journal of Common Market Studies, 57 (4), 659-674. DOI

    Hainz, Christa; Hornuf, Lars; Nagel, Lisa; Reiter, Sarah; Stenzhorn, Eliza (2019). Exemption Provisions of the German Small Investor Protection Act: A Follow-up Study, CESifo DICE Report, 17 (2), 41-51.

      Hornuf, Lars; Klöhn, Lars (2019). Do Judges Hate Speculators?, European Journal of Law and Economics, 47 (2), 147-169. DOI

      • Historically, people have often expressed negative feelings toward speculators, a sentiment that might have even been reinforced since the latest financial crisis, dur- ing which taxpayer money was warranted or spent to bail out reckless investors. In this paper, we conjecture that judges may also have anti-speculator sentiment, which might affect their professional decision making. We asked 123 professional law- yers and 247 law students in Germany this question, and they clearly predicted that judges would have an anti-speculator bias. However, in an actual behavioral study, 185 judges did not exhibit such bias. In another sample of 170 professional lawyers, we found weak support for an anti-speculator bias. This evidence suggests that an independent audience may actually perceive unbiased judgments as biased. While the literature usually suggests that a communication problem exists between lawyers and non-lawyers (i.e. between judges and the general public), we find that this prob- lem can also exist within the legal community.
      • Also published in: The Romanian Judges' Forum Review, 1/2019, 26 - 45

      Hornuf, Lars (2019). Libra: Eine Währung, die die Welt (nicht) braucht? - Bigtechs und digitale Zahlungssysteme, Ifo-Schnelldienst, 72 (17), 9-12.

        Haddad, Christian; Hornuf, Lars (2019). The Emergence of the Global Fintech Market: Economic and Technological Determinants, Small Business Economics, 53 (1), 81-105. DOI

        • 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.

        Hornuf, Lars; Klöhn, Lars (2019). Do Judges Hate Speculators?, The Romanian Judges' Forum Review, 1/2019, 26-45.

        Ariely, Dan; Garcia-Rada, Ximena; Gödker, Katrin; Hornuf, Lars; Mann, Heather (2019). The Impact of Two Different Economic Systems on Dishonesty, European Journal of Political Economy, 59 (C), 179-195. DOI

        • Using an artefactual field experiment, this paper tests the long-term implications of living in a specific economic system on individual dishonesty. By comparing cheating behaviour across individuals from the former socialist East of Germany with those of the capitalist West of Germany, we examine behavioural differences within a single country. We find long-term implications of living in a specific economic system for individual dishonesty when social interactions are possible: participants with an East German background cheated significantly more on an abstract die-rolling task than those with a West German background, but only when exposed to the enduring system of former West Germany. Moreover, our results indicate that the longer individuals had experienced socialist East Germany, the more likely they were to cheat on the behavioural task.

        Hornuf, Lars; Schmitt, Matthias; Stenzhorn, Eliza (2018). Equity Crowdfunding in Germany and the UK: Follow-up Funding and Firm Failure, Corporate Governance: An International Review, 26 (5), 331-354. DOI

        • Today, startups often obtain financing via the Internet through many small contributions of non-sophisticated investors. Yet little is known about whether these startups can ultimately build enduring businesses. In this article, we hand-collected data from 14 different equity crowdfunding (ECF) portals and 426 firms that ran at least one successful ECF campaign in Germany or the United Kingdom. We empirically analyze different factors affecting follow-up funding and firm failure. The findings show that German firms that received ECF stood a higher chance of obtaining follow-up funding through business angels or venture capitalists, but also had a higher likelihood of failure. The number of senior managers, subsequent successful ECF campaigns, and the number of venture capital investors all had a positive impact on obtaining post-campaign financing, while firm age had a negative impact. Subsequent successful ECF campaigns were significant predictors decreasing firm failure.
        • Also published as: Max Planck Institute for Innovation & Competition Research Paper No. 17-09

        Dorfleitner, Gregor; Hornuf, Lars; Weber, Martina (2018). Dynamics of Investor Communication in Equity Crowdfunding, Electronic Markets, 28 (4), 523-540. DOI

        • 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.

        Hornuf, Lars; Klöhn, Lars; Schilling, Tobias (2018). Financial Contracting in Crowdinvesting: Lessons from the German Market, German Law Journal, 19 (3), 509-578.

        • The present Article aims to shed light on the question whether crowdinvesting regulation should favor a specific legal form or contract type for crowdinvesting. To this end, it analyzes the conditions which legal forms and contract types must fulfill to be used in crowdinvesting. As crowdinvesting in Germany benefits from a high degree of contractual freedom, the Article gives an overview not only of the types but also of the contents of crowdinvesting contracts that are in use in Germany and traces how they have evolved. Based on a sample of 81% of all crowd financing in the German market, it evaluates 255 crowdinvesting campaigns held on 18 different platforms in the period from August 1, 2011 to December 31, 2015.
        • Also published in Oxford Business Law Blog 2016

        Hornuf, Lars; Schwienbacher, Armin (2018). Internet-Based Entrepreneurial Finance: Lessons from Germany, California Management Review, 60 (2), 150-175. DOI

        Block, Jörn; Hornuf, Lars; Moritz, Alexandra (2018). Which Updates During an Equity Crowdfunding Campaign Increase Crowd Participation?, Small Business Economics, 50 (1), 3-27. DOI

        • 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.

        Engert, Andreas; Hornuf, Lars (2018). Market Standards in Financial Contracting: The Euro’s Effect on Debt Securities, Journal of International Money and Finance, 85, 145-162. DOI

        • The introduction of the Euro ushered in a rise to dominance of English contract law in European debt securities. Corporate issuers in the Euro zone chose English law significantly more often than a control group of other European countries. The Euro effect on choice of law is particularly strong for debt securities in local markets that, arguably, were most affected by the Euro. The Euro effect is not explained by differences in the suitability of English law compared to other laws, a change in issuer composition or debt securities types, and the greater market share of British and American underwriters. We argue that increased standardization benefits (network effects) from a boost in cross-border investment provide the best account of why English law conquered the European debt securities market.

        Hornuf, Lars; Schwienbacher, Armin (2018). Market Mechanisms and Funding Dynamics in Equity Crowdfunding, Journal of Corporate Finance, 50, 556-574. 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.

        Hainz, Christa; Hornuf, Lars; Klöhn, Lars; Brauer, Björn; Ehrenfried, Felix; Engelmann, Gerrit (2017). Die Befreiungsvorschriften des Kleinanlegerschutzgesetzes, Ifo-Schnelldienst, 70 (6), 26-35.

        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

        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.) (2018). The Economics of Crowdfunding: Startups, Portals and Investor Behavior. London: Palgrave Macmillan.

                                            • This book focuses on various types of crowdfunding and the lessons learned from academic research. Crowdfunding, a new and important source of financing for entrepreneurs, fills a funding gap that was traditionally difficult to close. Chapters from expert contributors define and carefully evaluate the various market segments: donation-based and reward-based crowdfunding, crowdinvesting and crowdlending. They further provide an assessment of startups, market structure, as well as backers and investors for each segment. Attention is given to the theoretical and empirical findings from the recent economics and finance literature. Furthermore, the authors evaluate relevant regulatory efforts in several jurisdictions. This book will appeal to finance, entrepreneurship and legal scholars as well as entrepreneurs and platform operators.

                                            Beiträge in Sammelwerken

                                            Dorfleitner, Gregor; Hornuf, Lars; Schmitt, Matthias; Weber, Martina (2019). Allgemeiner Marktüberblick, in: Florian Möslein, Sebastian Omlor (Hg.), FinTech Handbuch: Digitalisierung, Recht, Finanzen, 21-39. München: C.H. Beck.

                                              Gödker, Katrin; Hornuf, Lars (2019). Regulatory Competition, in: Alain Marciano, Giovanni Battista Ramello (Hg.), Encyclopedia of Law and Economics, Volume 3 (O-Z) (Springer Reference), 1787-1795. New York: Springer. DOI

                                              • Regulatory competition describes the activity of private or public lawmakers who intend to produce novel or alter current legislation in response to competitive pressure from other private or public lawmakers. In this chapter, we provide an overview of the legal arbitrage tactics of various entities, which are a necessary, though not sufficient, condition for regulatory competition. Moreover, we investigate whether and how lawmakers respond to these endeavors by adapting their national corporate, insolvency, capital markets, and environmental law as well as product standards.

                                              Braun, Susanne; Hornuf, Lars (2018). Authentic Leadership and Followers’ Cheating Behaviour: A Laboratory Experiment from a Self-Concept Maintenance Perspective, in: Dorianne Cotter-Lockard (Hg.), Authentic Leadership and Followership: International Perspectives (Palgrave Studies in Leadership and Followership ), 215-244. London: Palgrave Macmillan. DOI

                                              • 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

                                                      Hornuf, Lars (2019). Eine Bank kann auch Facebook heißen, Weser Kurier 04.07.2019.

                                                        Hainz, Christa; Hornuf, Lars; Klöhn, Lars; Brauer, Björn; Ehrenfried, Felix; Engelmann, Gerrit (2017). Exemptions Featured in the 2015 German Small Investor Protection Act, CESifo DICE Report, 15 (3), 35-42.

                                                        Hornuf, Lars; Haddad, Christian (2017). The Emergence of the Global Fintech Market: Economic and Technological Determinants, Oxford Business Law Blog 2017.

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

                                                        Hornuf, Lars; Moritz, Alexandra (2016). Crowdinvesting: Wenn professionelle Investoren merken, Wow, das läuft, steigen sie ebenfalls ein - Interview, 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; Mohamed, Abdul; Schwienbacher, Armin (2016). The Economic Impact of Forming a European Company, Oxford Business Law Blog 2016.

                                                            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). Warum Deutschland (k)ein Crowdinvesting-Gesetz braucht.

                                                                      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; 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

                                                                                Hainz, Christa; Hornuf, Lars (2019). Praxiserfahrungen mit den Befreiungsvorschriften des Kleinanlegerschutzgesetzes: Eine aktuelle Bestandsaufnahme (ifo Forschungsbericht, 102). München: ifo Institut.

                                                                                Dorfleitner, Gregor; Hornuf, Lars (2019). FinTech and Data Privacy in Germany. An Empirical Analysis with Policy Recommendations. Heidelberg: Springer.

                                                                                • This book examines the FinTech revolution from a data privacy perspective. It analyzes key players on the FinTech market and the developments in various market segments. Particular attention is paid to an empirical analysis of the privacy statements of 505 German FinTech firms and how they were adapted after the General Data Protection Regulation (GDPR) entered into effect in May 2018. The analysis also includes 38 expert interviews with relevant stakeholders from supervisory and regulatory authorities, the financial and FinTech industry, leading consulting firms and consumer protection agencies. By adopting this approach, the book identifies key regulatory needs, offers a valuable asset for practitioners and academics alike, and shares intriguing insights for lawyers, economists and everyone interested in FinTech and data privacy.
                                                                                • German edition

                                                                                Dorfleitner, Gregor; Hornuf, Lars (2019). FinTech und Datenschutz - Eine empirische Untersuchung mit Empfehlungen für Politik und Praxis. Wiesbaden: Springer Gabler.

                                                                                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
                                                                                • Also published in: ifo Schnelldienst 70,6 (2017), 26-35

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

                                                                                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

                                                                                  Hornuf, Lars; Kück, Theresa; Schwienbacher, Armin (2019). Initial Coin Offerings, Information Disclosure, and Fraud, SSRN Working Paper 2019.

                                                                                    Hornuf, Lars; Schilling, Tobias; Schwienbacher, Armin (2019). Are Equity Crowdfunding Investors Active Investors?, CESifo Working Paper Series, 7884.

                                                                                    • It is often assumed that entrepreneurs retain more control of their venture when they opt for equity crowdfunding as compared to venture capital, notably because crowd investors are passive. We study whether crowd investors are indeed passive by analysing the cash flow and control rights crowd investors receive in equity crowdfunding in Germany, where more flexible contracts are offered than in many other countries. We document that in Germany many of the rights used in venture capital investment contracts are also used in equity crowdfunding contracts. We find that crowd investors are asked to pay higher prices if they receive more cash flow and exit rights, consistent with the fact that these rights are valuable to the crowd. However, these rights have no meaningful economic impact, since they do not affect campaign outcome, the likelihood of securing follow-on funding, nor the likelihood of liquidation of the venture. These results are inconsistent with control rights theory that predicts positive impacts, in contrast to results documented for venture capital contracts. Rather, our results suggest that crowd investors are passive investors whose control rights are ineffective or not exercised.
                                                                                    • Also published as: Max Planck Institute for Innovation & Competition Research Paper No. 19-15

                                                                                    Hornuf, Lars; Jeworrek, Sabrina (2018). Crowdsourced Innovation: How Community Managers Affect Crowd Activities, Max Planck Institute for Innovation & Competition Research Paper, No. 18-16.

                                                                                    • In this study, we investigate whether and to what extent community managers in online collaborative communities can stimulate crowd activities through their engagement. Using a novel data set of 22 large online idea crowdsourcing campaigns, we find that active engagement of community managers positively affects crowd activities in an inverted U-shaped manner. Moreover, we evidence that intellectual stimulation by managers increases community participation, while individual consideration of users has no impact on user activities. Finally, the data reveal that community manager activities that require more effort, such as
                                                                                    • Available at SSRN
                                                                                    • Also published as CESifo Working Paper 7153

                                                                                    Dorfleitner, Gregor; Hornuf, Lars; Weber, Martina (2018). Paralyzed by Shock and Confused by Glut: The Portfolio Formation Behavior of Peer-to-Business Lending Investors, CESifo Working Paper Series, No. 7092.

                                                                                    • We study the investor behavior on a leading peer-to-business lending platform and find evidence of two new investment biases-a default shock bias and a deep market bias. First, we find investors to stop investing in new loans and to cease from diversifying their portfolio after experiencing a loan default. This default shock significantly worsens the risk-return profile of investors' loan portfolios. Second, investors are unable to cope with a glut of loan campaigns. Similar to the default shock bias, investors cease from investing in new loans and consequently underdiversify their portfolios as more loans become available on the platform. Deeper markets also result in a deterioration of investors' risk-return profiles. Third, investment experience on the platform reduces the effect of the deep market bias
                                                                                    • https://www.ifo.de/DocDL/cesifo1_wp7092.pdf
                                                                                    • Also published as: Max Planck Institute for Innovation & Competition Research Series No. 18-11

                                                                                    Dorfleitner, Gregor; Hornuf, Lars; Weber, Martina (2018). Paralyzed by Shock and Confused by Glut: The Portfolio Formation Behavior of Peer-to-Business Lending Investors, Max Planck Institute for Innovation & Competition Research Paper, No. 18-11.

                                                                                    • We study the investor behavior on a leading peer-to-business lending platform and find evidence of two new investment biases-a default shock bias and a deep market bias. First, we find investors to stop investing in new loans and to cease from diversifying their portfolio after experiencing a loan default. This default shock significantly worsens the risk-return profile of investors' loan portfolios. Second, investors are unable to cope with a glut of loan campaigns. Similar to the default shock bias, investors cease from investing in new loans and consequently underdiversify their portfolios as more loans become available on the platform. Deeper markets also result in a deterioration of investors' risk-return profiles. Third, investment experience on the platform reduces the effect of the deep market bias
                                                                                    • Available at SSRN
                                                                                    • Also published as: CESifo Working Paper Series No. 7092

                                                                                    Hornuf, Lars; Schmitt, Matthias; Stenzhorn, Eliza (2018). Equity Crowdfunding in Germany and the UK: Follow-up Funding and Firm Failure, Max Planck Institute for Innovation & Competition Research Paper, No. 17-09.

                                                                                    • Today, startups often obtain financing via the Internet through many small contributions of non-sophisticated investors. Yet little is known about whether these startups can ultimately build enduring businesses. In this article, we hand-collected data from 14 different equity crowdfunding (ECF) portals and 426 firms that ran at least one successful ECF campaign in Germany or the United Kingdom. We empirically analyze different factors affecting follow-up funding and firm failure. The findings show that German firms that received ECF stood a higher chance of obtaining follow-up funding through business angels or venture capitalists, but also had a higher likelihood of failure. The number of senior managers, subsequent successful ECF campaigns, and the number of venture capital investors all had a positive impact on obtaining post-campaign financing, while firm age had a negative impact. Subsequent successful ECF campaigns were significant predictors decreasing firm failure.
                                                                                    • Available at SSRN
                                                                                    • Forthcoming in: Corporate Finance: An international Review

                                                                                    Garcia-Rada, Ximena; Mann, Heather E.; Hornuf, Lars; Sohn, Matthias; Tafurt, Juan; Iversen, Edwin S.; Ariely, Dan (2018). The Adaptive Liar: An Interactionist Approach of Multiple Dishonesty Domains, CESifo Working Paper Series, 7215.

                                                                                    • An extant debate in the morality literature centers on whether honesty is a stable and generalizable trait or whether honest behavior in one situation is independent from honest behavior in another situation. However, a third possibility is that tendencies toward dishonesty vary according to life domain. We conducted a cross-cultural study with participants in five countries (China, Colombia, Germany, Portugal, and the United States) to test whether dishonest tendencies vary according to domain. We hypothesized that countries vary in dishonesty according to domain, and that individuals’ tendencies toward dishonesty cluster by domain. Our survey asked participants to report the likelihood of engaging in dishonest behaviors across eight domains of life. The data support both our hypotheses. Our results thus corroborate that dishonesty is driven by the interplay of both individual differences and the circumstances surrounding deception.
                                                                                    • http://www.ifo.de/w/bK6rFncT

                                                                                    Hornuf, Lars; Jeworrek, Sabrina (2018). Crowdsourced Innovation: How Community Managers Affect Crowd Activities, CESifo Working Paper, 7153.

                                                                                    • In this study, we investigate whether and to what extent community managers in online collaborative communities can stimulate crowd activities through their engagement. Using a novel data set of 22 large online idea crowdsourcing campaigns, we find that active engagement of community managers positively affects crowd activities in an inverted Ushaped manner. Moreover, we evidence that intellectual stimulation by managers increases community participation, while individual consideration of users has no impact on user activities. Finally, the data reveal that community manager activities that require more effort, such as media file uploads instead of simple written comments, have a larger effect on crowd participation.
                                                                                    • https://www.cesifo-group.de/DocDL/cesifo1_wp7153.pdf
                                                                                    • Also published at SSRN as Max Planck Institute for Innovation & Competition Research Paper No. 18-16

                                                                                    Hornuf, Lars; Klus, Milan F.; Lohwasser, Todor S.; Schwienbacher, Armin (2018). How Do Banks Interact with Fintechs? Forms of Alliances and their Impact on Bank Value, CESifo Working Paper, No. 7170.

                                                                                    • The increasing pervasiveness of technology-driven firms that offer banking services has led to a growing pressure on traditional banks to modernize their core business activities. Banks attempt to confront the challenges of digitalization by cooperating with financial technology firms (fintechs) in various forms. In this paper, we investigate the factors that drive banks to form alliances with fintechs. Furthermore, we analyze whether such bank-fintech alliances affect the market valuation of banks. We provide descriptive evidence on the different forms of alliances occurring in practice. Using hand-collected data covering the largest banks from Canada, France, Germany, and the United Kingdom, we show that banks are significantly more likely to form alliances with fintechs when they pursue a well-defined digital strategy and/or employ a Chief Digital Officer. We evidence that markets react more strongly if digital banks rather than traditional banks announce a bank-fintech alliance. Finally, we find that alliances are most often characterized by a product-related collaboration between the bank and the fintech and that banks most often cooperate with fintechs providing payment services.
                                                                                    • http://www.ifo.de/w/3ZhNwtBeE

                                                                                    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
                                                                                    • Forthcoming in: Frontiers in Artificial Intelligence (Artificial Intelligence in Finance)

                                                                                    Hornuf, Lars; Rieger, Marc Oliver (2017). Can Television Reduce Xenophobia? The Case of East Germany, IAAEU Discussion Paper Series in Economics, No. 02/2017. Trier: Institute for Labour Law and Industrial Relations in the European Union (IAAEU).

                                                                                    • Can television have a mitigating effect on xenophobia? To examine this question, we exploit the fact that individuals in some areas of East Germany – due to their geographic location – could not receive West German television until 1989. We conjecture that individuals who received West German television were exposed more frequently to foreigners and thus have developed less xenophobia than people who were not exposed to those programs. Our results show that regions that could receive West German television were less likely to vote for right-wing parties during the national elections from 1998 to 2013. Only recently, the same regions were also more likely to vote for left-wing parties. Moreover, while counties that hosted more foreigners in 1989 were also more likely to vote for right-wing parties in most elections, we find counties that recently hosted more foreign visitors showed less xenophobia, which is in line with intergroup contact theory.
                                                                                    • https://ideas.repec.org/p/iaa/dpaper/201702.html
                                                                                    • Also published as: CESifo Working Paper No. 6632

                                                                                    Hornuf, Lars; Rieger, Marc Oliver (2017). Can Television Reduce Xenophobia? The Case of East Germany, CESifo Working Paper, No. 6632. Munich: Ifo Institute.

                                                                                    • Can television have a mitigating effect on xenophobia? To examine this question, we exploit the fact that individuals in some areas of East Germany – due to their geographic location – could not receive West German television until 1989. We conjecture that individuals who received West German television were exposed more frequently to foreigners and thus have developed less xenophobia than people who were not exposed to those programs. Our results show that regions that could receive West German television were less likely to vote for right-wing parties during the national elections from 1998 to 2013. Only recently, the same regions were also more likely to vote for left-wing parties. Moreover, while counties that hosted more foreigners in 1989 were also more likely to vote for right-wing parties in most elections, we find counties that recently hosted more foreign visitors showed less xenophobia, which is in line with intergroup contact theory.
                                                                                    • http://www.ifo.de/w/uLp7mA6q
                                                                                    • Also published as: IAAEU Discussion Paper Series in Economics, No. 02/2017

                                                                                    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

                                                                                    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; 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

                                                                                    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

                                                                                      27.03.2020

                                                                                      How Successful Do Banks Interact with FinTechs?
                                                                                      University of Oxford, Conference on Fintech Startups and Incumbent Players: Policy Challenges and Opportunities
                                                                                      Ort: Oxford, Vereinigtes Königreich


                                                                                      05.12.2019

                                                                                      Are Equity Crowdfunding Investors Active Investors?
                                                                                      Universität Hamburg, Law, Finance, and Technology Seminar
                                                                                      Ort: Hamburg


                                                                                      28.11.2019

                                                                                      Schöne neue Finanzwelt
                                                                                      Universität Bremen, Netzwerken von, für und mit Alumni
                                                                                      Ort: Bremen


                                                                                      21.11.2019

                                                                                      Are Equity Crowdfunding Investors Active Investors?
                                                                                      Hochschule Bremen
                                                                                      Ort: Bremen


                                                                                      19.11.2019

                                                                                      Ökonomische Einführung
                                                                                      WM Praxisforum Recht der FinTechs Rechtsfragen zu Regulierung, Transaktionen und Kapitalanlageprodukten
                                                                                      Ort: Frankfurt am Main


                                                                                      18.11.2019

                                                                                      Paralyzed by Shock and Confused by Glut: The Portfolio Formation Behavior of Peer-to-business Lending Investors
                                                                                      Radboud University, Seminar-Talk
                                                                                      Ort: Nijmegen, Die Niederlande


                                                                                      07.11.2019

                                                                                      Regulators to the Rescue – What Fears and Interests to Regulators Have to Reconcile?
                                                                                      Hamburg FinTech Week, Don’t Be Afraid of the German Angst
                                                                                      Ort: Hamburg


                                                                                      24.10.2019

                                                                                      Verändern Bitcoin, Libra und staatliche Kryptowährungen die Finanzwelt?
                                                                                      SCE und die Hochschule München, 2. FinTech Meetup
                                                                                      Ort: München


                                                                                      23.10.2019

                                                                                      Can Television Reduce Xenophobia? The Case of East Germany
                                                                                      Universität Bremen, Diginomics Lunchtime Seminar
                                                                                      Ort: Bremen


                                                                                      27.09.2019

                                                                                      How Do Banks Interact With FinTechs? Forms of Alliances and Their Impact on Bank Value
                                                                                      26. Jahrestagung der German Finance Association
                                                                                      Ort: Duisburg


                                                                                      12.08.2019

                                                                                      FinTechs - Market Overview Germany
                                                                                      Deutsche Bundesbank, Expert Panel - FinTechs and Their Impact on Central Banking
                                                                                      Ort: Frankfurt am Main


                                                                                      25.07.2019

                                                                                      FinTech
                                                                                      Finance Technology Transaction, Podiumsdiskussion
                                                                                      Ort: München


                                                                                      17.06.2019

                                                                                      Crowdsourced Innovation: How Community Managers Affect Crowd Activities
                                                                                      Universität Bielefeld
                                                                                      Ort: Bielefeld


                                                                                      06.06.2019

                                                                                      Paralyzed by Shock and Confused by Glut: The Portfolio Formation Behavior of Peer-to-business Lending Investors
                                                                                      Philipps-Universität Marburg
                                                                                      Ort: Marburg


                                                                                      23.05.2019

                                                                                      Paralyzed by Shock and Confused by Glut: The Portfolio Formation Behavior of Peer-to-business Lending Investors
                                                                                      SKEMA Business School (Campus Nizza), Conference on Fintech & Digital Finance
                                                                                      Ort: Nizza, Frankreich


                                                                                      10.05.2019

                                                                                      Neue Digitale Akteure und ihre Rolle in der Finanzwirtschaft
                                                                                      Verbraucherzentrale Bundesverband (vzbv), Seminar - Banken aktuell
                                                                                      Ort: Berlin


                                                                                      01.04.2019

                                                                                      Fintech Adoption and Economic Behavior: Where Do We Stand?
                                                                                      University of Strasbourg, LaRGE Research Center, Workshop
                                                                                      Ort: Straßburg, Frankreich


                                                                                      28.03.2019

                                                                                      Paralyzed by Shock and Confused by Glut: The Portfolio Formation Behavior of Peer-to-business Lending Investors
                                                                                      Free University of Bozen, Brown Bag Seminar
                                                                                      Ort: Bozen, Italien


                                                                                      26.03.2019

                                                                                      Paralyzed by Shock and Confused by Glut: The Portfolio Formation Behavior of Peer-to-Business Lending Investores
                                                                                      University of St. Gallen, Finance Research Seminar
                                                                                      Ort: St. Gallen, Schweiz


                                                                                      25.03.2019

                                                                                      Ökonomische Einführung
                                                                                      WM Praxisforum Recht der FinTechs Rechtsfragen zu Regulierung, Transaktionen und Kapitalanlageprodukten
                                                                                      Ort: Berlin


                                                                                      25.03.2019

                                                                                      Finanzierung und Bezahlen ohne Bank
                                                                                      Universität Bremen, Neujahrsempfang der Unifreunde
                                                                                      Ort: Bremen


                                                                                      24.02.2019

                                                                                      How Do Banks Interact With FinTechs? Forms of Alliances and Their Impact on Bank Value
                                                                                      Johann Wolfgang Goethe Universität Frankfurt, Europäischer Stabilitätsmechanismus (ESM) und Institute for Monetary and Financial Stability (IMFS), EBI Global Annual Conference on Banking Regulation
                                                                                      Ort: Frankfurt am Main


                                                                                      21.01.2019

                                                                                      Bezahlen und Finanzieren im digitalen Zeitalter
                                                                                      Universität Bremen, Neujahrsempfang der Unifreunde
                                                                                      Ort: Bremen


                                                                                      13.11.2018

                                                                                      Finanzierung und Bezahlen ohne Bank
                                                                                      Universität Bremen, Cheffrühstück
                                                                                      Ort: Bremen


                                                                                      07.11.2018

                                                                                      Paralyzed by Shock and Confused by Glut: The Portfolio Formation Behavior of Peer-to-Business Lending Investores
                                                                                      Kyung Hee University Seoul
                                                                                      Ort: Seoul, Südkorea


                                                                                      05.11.2018

                                                                                      Initial Coin Offerings as a New Way of Financing
                                                                                      Shanghai University
                                                                                      Ort: Shanghai, China


                                                                                      30.10.2018
                                                                                      Ökonomische Einführung
                                                                                      WM Regulatory Meets FinTech
                                                                                      Ort: Eschborn


                                                                                      24.10.2018
                                                                                      How Do Banks Interact With FinTechs
                                                                                      1st International FinTech, InsurTech & Blockchain Forum
                                                                                      Ort: Zürich, Schweiz


                                                                                      17./18.10.2018

                                                                                      Neue Digitale Akteure und ihre Rolle in der Finanzwirtschaft: Eine Analyse des deutschen Marktes unter besonderer Berücksichtigung von Datenschutzaspekten
                                                                                      Bundesministerium für Bildung und Forschung
                                                                                      Ort: Berlin


                                                                                      10.10.2018

                                                                                      How Do Banks Interact with FinTechs
                                                                                      The University of Luxembourg, Banque Internationale à Luxembourg (BIL) and the Luxembourg House of Financial Technology (LHoFT)
                                                                                      Ort: Luxemburg, Luxemburg


                                                                                      16.07.2018

                                                                                      Neue Digitale Akteure und ihre Rolle in der Finanzwirtschaft: Eine Analyse des deutschen Marktes unter besonderer Berücksichtigung von Datenschutzaspekten
                                                                                      ifo Institut, Münchner Seminare
                                                                                      Ort: München


                                                                                      12.07.2018

                                                                                      Crowdsourcing Ideas Online: The Impact of Managerial Attention on Motivation the Crowd
                                                                                      Universität Trier, IAAEU
                                                                                      Ort: Trier


                                                                                      06.07.2018

                                                                                      FinTech in Deutschland - Marktüberblick
                                                                                      Universität Marburg, Eröffnung des Zentrums für das Recht der Digitalisierung
                                                                                      Ort: Marburg


                                                                                      18.06.2018

                                                                                      Paralyzed by Shock and Confused by Glut: The Portfolio Formation Behavior of Peer-to-Business Lending Investores
                                                                                      Lyon Business School, Paris Campus, Second Workshop on Financial Literacy and Entrepreneurship
                                                                                      Ort: Paris, Frankreich


                                                                                      06.06.2018

                                                                                      Initial Coin Offerings, Information Disclosure, and Frau Cases
                                                                                      Lyon Business School, Lyon Campus, Workshop Developments in Entrepreneurial Finance. Crowdfunding, Blockchain, and ICOs
                                                                                      Ort: Lyon, Frankreich


                                                                                      04.06.2018

                                                                                      Equity Crowdfunding in Germany and the UK: Follow-Up Funding and Firm Survival
                                                                                      University of Essex
                                                                                      Ort: Essex, Großbritannien


                                                                                      03.05.2018

                                                                                      FinTech - Die Revolution der Finanzwirtschaft?
                                                                                      Universität Bremen, Antrittsvorlesung
                                                                                      Ort: Bremen


                                                                                      02.05.2018

                                                                                      The Impact of Two Different Economic Systems on Dishonesty and Charitable Giving: Determinants of Group-Level Variation
                                                                                      Universität Hamburg, Hamburg Lecture in Law and Economics
                                                                                      Ort: Hamburg


                                                                                      17.04.2018

                                                                                      Neue Digitale Akteure und ihre Rolle in der Finanzwirtschaft: Eine Analyse des deutschen Marktes unter besonderer Berücksichtigung von Datenschutzaspekten
                                                                                      Universität Münster
                                                                                      Ort: Münster


                                                                                      22.02.2018

                                                                                      How FinTech Could Impact the Financial System in the EU
                                                                                      Europäische Zentralbank, ESCB Monitoring Working Group
                                                                                      Ort: Frankfurt am Main


                                                                                      19.02.2018

                                                                                      FinTechs - Market Overview Germany
                                                                                      Deutsche Bundesbank, International Central Banking Course: Digital Financial Innovations
                                                                                      Ort: Frankfurt am Main


                                                                                      06.02.2018

                                                                                      The Impact of Two Different Economic Systems on Dishonesty and Charitable Giving: Determinants of Group-Level Variation
                                                                                      Zeppelin Universität
                                                                                      Ort: Friedrichshafen


                                                                                      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: 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