Lars Hornuf

CESifo (Center for Economic Studies and Ifo Institute)

Visiting Researcher

Poschinger Str. 5

Munich, DE-81679

Germany

University of Bremen - Faculty of Business Studies and Economics

Professor of Finance

Bremen, D-28359

Germany

http://www.hornuf.com

Max Planck Institute for Innovation and Competition

Affiliated Research Fellow

Marstallplatz 1

Munich, 80539

Germany

SCHOLARLY PAPERS

29

DOWNLOADS
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16,971

CITATIONS
Rank 45,357

SSRN RANKINGS

Top 45,357

in Total Papers Citations

3

Scholarly Papers (29)

1.

The (True) Legacy of Two Really Existing Economic Systems

Munich Discussion Paper No. 2014-26
Number of pages: 26 Posted: 22 Jun 2014 Last Revised: 30 Apr 2015
Duke University - Fuqua School of Business, Duke University, University of Bremen - Faculty of Business Studies and Economics and Duke University - Fuqua School of Business
Downloads 3,146 (2,105)

Abstract:

experimental economics, cheating, cross-culture study

2.

The Emergence of the Global Fintech Market: Economic and Technological Determinants

CESifo Working Paper Series No. 6131
Number of pages: 37 Posted: 27 Aug 2016 Last Revised: 05 Dec 2016
Christian Haddad and Lars Hornuf
Univ. Lille, SKEMA Business School, EA4112 - LSMRC and University of Bremen - Faculty of Business Studies and Economics
Downloads 1,711 (7,538)

Abstract:

Fintech, Entrepreneurship, Startups, Financial institutions

3.

Crowdinvesting – Angel Investing for the Masses?

Handbook of Research on Venture Capital: Volume 3. Business Angels, Forthcoming
Number of pages: 20 Posted: 26 Feb 2014 Last Revised: 02 Nov 2014
Lars Hornuf and Armin Schwienbacher
University of Bremen - Faculty of Business Studies and Economics and SKEMA Business School
Downloads 933 (5,654)

Abstract:

crowdinvesting, equity crowdfunding, business angels, regulation

4.

Incorporating under European Law: The Societas Europaea as a Vehicle for Legal Arbitrage

Number of pages: 33 Posted: 15 Dec 2008
University of Oxford, University of Bremen - Faculty of Business Studies and Economics and University of Mannheim
Downloads 905 (17,179)
Citation 1

Abstract:

legal arbitrage, regulatory arbitrage, regulatory competition, charter competition, Societas Europaea, European Company, EC company law, incorporation

5.

The Societas Europaea: Good News for European Firms

ECGI - Law Working Paper No. 127/2009
Number of pages: 31 Posted: 25 May 2009 Last Revised: 10 Oct 2010
University of Oxford, University of Mannheim and University of Bremen - Faculty of Business Studies and Economics
Downloads 878 (17,595)
Citation 1

Abstract:

event study, Societas Europaea, European Company, EC company law, incorporation, charter competition, regulatory competition, legal arbitrage

6.

Should Securities Regulation Promote Equity Crowdfunding?

Number of pages: 29 Posted: 22 Mar 2014 Last Revised: 17 Dec 2016
Lars Hornuf and Armin Schwienbacher
University of Bremen - Faculty of Business Studies and Economics and SKEMA Business School
Downloads 590 (12,024)

Abstract:

crowdinvesting, crowdfunding, securities regulation, investor protection

7.

The Emergence of Crowdinvesting in Europe: With an In-Depth Analysis of the German Market

Posted: 18 Aug 2014 Last Revised: 06 Oct 2016
Lars Hornuf and Armin Schwienbacher
University of Bremen - Faculty of Business Studies and Economics and SKEMA Business School

Abstract:

entrepreneurial finance, crowdinvesting, equity crowdfunding

Does Charter Competition Foster Entrepreneurship? A Difference-in-Difference Approach to European Company Law Reforms

ECGI - Finance Working Paper No. 308/2011
Number of pages: 40 Posted: 27 Jan 2012
University of Bremen - Faculty of Business Studies and Economics, University of Oxford, University of Mannheim and Technische Universität München (TUM) - TUM School of Management
Downloads 385 (62,838)

Abstract:

entrepreneurship, regulatory competition, charter competition, corporate mobility

Does Charter Competition Foster Entrepreneurship? A Difference‐In‐Difference Approach to European Company Law Reforms

JCMS: Journal of Common Market Studies, Vol. 51, Issue 3, pp. 399-415, 2013
Number of pages: 17 Posted: 28 Mar 2013
University of Oxford, University of Mannheim and University of Bremen - Faculty of Business Studies and Economics
Downloads 1 (583,688)
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Abstract:

9.

Where Do Firms Issue Debt? An Empirical Analysis of Issuer Location and Regulatory Competition in Europe

ECGI - Finance Working Paper No. 292/2010
Number of pages: 43 Posted: 10 Oct 2010
University of Oxford, University of Mannheim and University of Bremen - Faculty of Business Studies and Economics
Downloads 357 (57,439)

Abstract:

debt securities, corporate bonds, external finance, regulatory competition, tax competition, legal arbitrage, multinational corporations, subsidiaries

10.

Contracting Employee Involvement: An Analysis of Bargaining Over Employee Involvement Rules for a Societas Europaea

ECGI - Law Working Paper No. 185/2012
Number of pages: 42 Posted: 04 Jan 2012 Last Revised: 30 Jan 2012
Horst Eidenmueller, Lars Hornuf and Markus Reps
University of Oxford, University of Bremen - Faculty of Business Studies and Economics and Ludwig Maximilian University of Munich
Downloads 302 (65,647)

Abstract:

European Company, Societas Europaea, employee involvement, contractual negotiations, contract governance

11.

The Regulation of Crowdfunding in the German Small Investor Protection Act: Content, Consequences, Critique, Suggestions

European Company Law, 13(2): 56-66, 2016
Number of pages: 21 Posted: 19 Apr 2015 Last Revised: 17 Jun 2017
Lars Klöhn, Lars Hornuf and Tobias Schilling
Humboldt University of Berlin - Faculty of Law, University of Bremen - Faculty of Business Studies and Economics and Humboldt University of Berlin - Faculty of Law
Downloads 237 (15,425)

Abstract:

crowdfunding, crowdinvesting, startups, entrepreneurship, securities law

12.

Preliminary References - Analyzing the Determinants that Made the ECJ the Powerful Court It Is

CESifo Working Paper Series No. 3769
Number of pages: 32 Posted: 16 May 2011 Last Revised: 13 Aug 2013
Lars Hornuf and Stefan Voigt
University of Bremen - Faculty of Business Studies and Economics and University of Hamburg - Institute of Law & Economics
Downloads 230 (112,162)

Abstract:

European Court of Justice, economic analysis of court behavior, preliminary reference procedure

13.

Regulating Fraud in Financial Markets: Can Behavioural Designs Prevent Future Criminal Offences?

Journal of Risk Management in Financial Institutions, 2014 (2), Forthcoming
Number of pages: 16 Posted: 21 Dec 2013
Lars Hornuf and Georg Haas
University of Bremen - Faculty of Business Studies and Economics and Goethe University Frankfurt - Faculty of Law
Downloads 215 (88,520)

Abstract:

cheating, fraud, behavioural designs, Bernard Madoff, Kweku Adoboli, LIBOR scandal

14.

Covenants in European Investment-Grade Corporate Bonds

Number of pages: 23 Posted: 10 Feb 2014 Last Revised: 10 Jan 2015
University of Bremen - Faculty of Business Studies and Economics, Ludwig Maximilian University of Munich and Ludwig Maximilian University of Munich - Faculty of Law
Downloads 213 (86,832)

Abstract:

bond financing, covenants, creditor protection, debt governance

15.

Market Standards in Financial Contracting: The Euro’s Effect on Choice of Law in European Debt Securities

Number of pages: 48 Posted: 02 Oct 2012 Last Revised: 13 Jul 2015
Andreas Engert and Lars Hornuf
University of Mannheim and University of Bremen - Faculty of Business Studies and Economics
Downloads 153 (131,514)
Citation 1

Abstract:

financial contracting, netwoerk effect, debt securitis, economic and monetary union

16.

Market Mechanisms and Funding Dynamics in Equity Crowdfunding

Journal of Corporate Finance, Forthcoming
Number of pages: 47 Posted: 12 Jun 2015 Last Revised: 31 Aug 2017
Lars Hornuf and Armin Schwienbacher
University of Bremen - Faculty of Business Studies and Economics and SKEMA Business School
Downloads 134 (37,494)

Abstract:

Equity crowdfunding, Crowdinvesting, Startups, Securities issuance, investment dynamics, Entrepreneurial finance

17.

Equity Crowdfunding in Germany and the UK: Follow-Up Funding and Firm Survival

Max Planck Institute for Innovation & Competition Research Paper No. 17-09, CESifo Working Paper Series No. 6642
Number of pages: 41 Posted: 20 Aug 2017 Last Revised: 10 Oct 2017
Lars Hornuf and Matthias Schmitt
University of Bremen - Faculty of Business Studies and Economics and Max Planck Institute for Innovation and Competition
Downloads 105 (220,311)

Abstract:

Equity Crowdfunding; Follow-Up Funding; Firm Survival

18.

The End of Regulatory Competition in European Company Law?

Andrássy Working Paper Series No 33,
Number of pages: 28 Posted: 12 Sep 2014
Lars Hornuf and Julia Lindner
University of Bremen - Faculty of Business Studies and Economics and Ludwig Maximilian University of Munich
Downloads 77 (157,994)

Abstract:

regulatory competition, charter competition, legal arbitrage

19.

Pricing Shares in Equity Crowdfunding

Research Papers in Economics, No. 7/15
Number of pages: 29 Posted: 30 Jun 2015 Last Revised: 28 Jul 2016
Lars Hornuf and Matthias Neuenkirch
University of Bremen - Faculty of Business Studies and Economics and University of Trier - Faculty of Economics
Downloads 70 (115,115)

Abstract:

Auctions, Equity crowdfunding, Valuation of shares

Can Television Reduce Xenophobia? The Case of East Germany

Number of pages: 30 Posted: 16 Mar 2017
Lars Hornuf and Marc Oliver Rieger
University of Bremen - Faculty of Business Studies and Economics and University of Trier
Downloads 44 (358,428)

Abstract:

Mass media, Television, Xenophobia, Attitudes towards foreigners, East Germany, Natural experiment

Can Television Reduce Xenophobia? The Case of East Germany

CESifo Working Paper Series No. 6632
Number of pages: 32 Posted: 20 Sep 2017
Lars Hornuf and Marc Oliver Rieger
University of Bremen - Faculty of Business Studies and Economics and University of Trier
Downloads 13 (508,560)

Abstract:

mass media, television, xenophobia, attitudes towards foreigners, East Germany, natural experiment

21.

Where Did Fintechs Come from, and Where Do They Go? The Transformation of the Financial Industry in Germany after Digitalization

Number of pages: 25 Posted: 18 Sep 2017
Barbara Brandl and Lars Hornuf
University of Jena and University of Bremen - Faculty of Business Studies and Economics
Downloads 0 (368,824)

Abstract:

FinTech, Founders, Financial industry, IT infrastructure

22.

Dynamics of Investor Communication in Equity Crowdfunding

Max Planck Institute for Innovation & Competition Research Paper No. 17-06
Number of pages: 35 Posted: 04 May 2017
Universität Regensburg, University of Bremen - Faculty of Business Studies and Economics and University of Regensburg - Department of Finance
Downloads 0 (277,717)

Abstract:

Crowdfunding, Investor Communication, Entrepreneurial Finance, Sentiment Analysis, Linguistic Devices

23.

The Fintech Market in Germany

Number of pages: 100 Posted: 16 Dec 2016 Last Revised: 02 Mar 2017
Universität Regensburg, University of Bremen - Faculty of Business Studies and Economics, Max Planck Institute for Innovation and Competition and University of Regensburg - Department of Finance
Downloads 0 (39,634)

Abstract:

FinTech, Crowdlending, Social Trading, Robo-Advice, Personal Financial Management, Payments, Insurance

24.

Financial Contracting in Crowdinvesting: Lessons from the German Market

Number of pages: 58 Posted: 15 Sep 2016
Lars Klöhn, Lars Hornuf and Tobias Schilling
Humboldt University of Berlin - Faculty of Law, University of Bremen - Faculty of Business Studies and Economics and Humboldt University of Berlin - Faculty of Law
Downloads 0 (115,590)

Abstract:

Crowdinvesting, Equity Crowdfunding, Financial Contracting

25.

The Economic Impact of Forming a European Company

Number of pages: 43 Posted: 11 Sep 2016 Last Revised: 16 Nov 2016
University of Bremen - Faculty of Business Studies and Economics, Cranfield University - School of Management and SKEMA Business School
Downloads 0 (255,356)

Abstract:

corporate governance, incorporation, board structure, transfer of seat, Societas Europaea (SE)

26.

Disentangling Crowdfunding from Fraudfunding

Max Planck Institute for Innovation & Competition Research Paper No. 16-09
Number of pages: 62 Posted: 26 Aug 2016 Last Revised: 16 Apr 2017
York University - Schulich School of Business, University of Bremen - Faculty of Business Studies and Economics, Concordia University and Concordia University
Downloads 0 (60,636)

Abstract:

Crowdfunding, Entrepreneurial Finance, Fraud, Internet

27.

Does a Local Bias Exist in Equity Crowdfunding?

Max Planck Institute for Innovation & Competition Research Paper No. 16-07
Number of pages: 58 Posted: 27 Jun 2016 Last Revised: 13 Mar 2017
Lars Hornuf and Matthias Schmitt
University of Bremen - Faculty of Business Studies and Economics and Max Planck Institute for Innovation and Competition
Downloads 0 (98,749)

Abstract:

Equity crowdfunding, Crowdinvesting, Local bias, Individual investor behavior, Entrepreneurial finance

28.

Which Updates During an Equity Crowdfunding Campaign Increase Crowd Participation?

Research Papers in Economics No. 6/16
Number of pages: 39 Posted: 21 May 2016 Last Revised: 31 Mar 2017
Jorn H. Block, Lars Hornuf and Alexandra Moritz
University of Trier - Faculty of Management, University of Bremen - Faculty of Business Studies and Economics and University of Trier - Faculty of Management
Downloads 0 (86,162)

Abstract:

equity crowdfunding, crowdinvesting, updates, information disclosure, investment dynamics, entrepreneurial finance

29.

Leadership and Persistency in Spontaneous Dishonesty

IAAEU Discussion Paper Series in Economics No. 10/2015
Number of pages: 29 Posted: 17 Oct 2015
Susanne Braun and Lars Hornuf
Ludwig Maximilian University of Munich and University of Bremen - Faculty of Business Studies and Economics
Downloads 0 (279,845)

Abstract:

Cheating, dishonest behavior, authentic leadership, self-concept maintenance, organizations