Lars Hornuf

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, Bayern 80539

Germany

CESifo (Center for Economic Studies and Ifo Institute)

Visiting Researcher

Poschinger Str. 5

Munich, DE-81679

Germany

SCHOLARLY PAPERS

35

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CITATIONS
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3

Scholarly Papers (35)

1.

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 3,983 (2,161)

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Fintech, Entrepreneurship, Startups, Financial institutions

2.

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, Harvard Business School, University of Bremen - Faculty of Business Studies and Economics and Duke University - Fuqua School of Business
Downloads 3,796 (2,347)

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experimental economics, cheating, cross-culture study

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: 16 Jan 2019
Lars Hornuf and Armin Schwienbacher
University of Bremen - Faculty of Business Studies and Economics and SKEMA Business School
Downloads 2,330 (5,401)

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crowdinvesting, equity crowdfunding, business angels, regulation

4.

The Fintech Market in Germany

Number of pages: 100 Posted: 16 Dec 2016 Last Revised: 02 Mar 2017
University of Regensburg - Department of Finance, University of Bremen - Faculty of Business Studies and Economics, Max Planck Institute for Innovation and Competition, Students and University of Regensburg - Department of Finance
Downloads 1,551 (10,674)

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

5.

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 1,482 (11,478)

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crowdinvesting, crowdfunding, securities regulation, investor protection

6.

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 1,334 (13,572)

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crowdfunding, crowdinvesting, startups, entrepreneurship, securities law

7.

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 Freie Universität Berlin, Department of Law
Downloads 1,071 (19,001)
Citation 1

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

8.

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, Freie Universität Berlin, Department of Law and University of Bremen - Faculty of Business Studies and Economics
Downloads 1,056 (19,373)
Citation 1

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

9.

Internet-Based Entrepreneurial Finance: Lessons from Germany

Number of pages: 36 Posted: 18 Aug 2014 Last Revised: 31 Jan 2018
Lars Hornuf and Armin Schwienbacher
University of Bremen - Faculty of Business Studies and Economics and SKEMA Business School
Downloads 807 (28,663)

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entrepreneurial finance, crowdinvesting, equity crowdfunding

10.

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 772 (30,449)

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

11.

Disentangling Crowdfunding from Fraudfunding

Max Planck Institute for Innovation & Competition Research Paper No. 16-09
Number of pages: 84 Posted: 26 Aug 2016 Last Revised: 16 May 2019
Florida Atlantic University, University of Bremen - Faculty of Business Studies and Economics, Concordia University and Concordia University
Downloads 750 (31,723)

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Crowdfunding, Entrepreneurial Finance, Fraud, Internet

12.

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, Students
Downloads 454 (60,964)

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

13.

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, Freie Universität Berlin, Department of Law and University of Bremen - Faculty of Business Studies and Economics
Downloads 447 (62,104)

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

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, Freie Universität Berlin, Department of Law and Technische Universität München (TUM) - TUM School of Management
Downloads 409 (68,512)

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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, Freie Universität Berlin, Department of Law and University of Bremen - Faculty of Business Studies and Economics
Downloads 1 (665,095)
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15.

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 408 (69,355)

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

16.

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 376 (76,269)

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FinTech, Founders, Financial industry, IT infrastructure

17.

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 376 (76,269)

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

18.

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

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: 14 Feb 2018
University of Bremen - Faculty of Business Studies and Economics, Max Planck Institute for Innovation and Competition, Students and University of Bremen - Faculty of Business Studies and Economics
Downloads 361 (80,053)

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Equity Crowdfunding; Follow-Up Funding; Firm Survival

19.

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 353 (82,166)

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Crowdinvesting, Equity Crowdfunding, Financial Contracting

20.

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 318 (92,416)

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

21.

Covenants in European Investment-Grade Corporate Bonds

Number of pages: 23 Posted: 10 Feb 2014 Last Revised: 10 Jan 2015
Lars Hornuf, Markus Reps and Stefan Schäferling
University of Bremen - Faculty of Business Studies and Economics, Ludwig Maximilian University of Munich and Ludwig Maximilian University of Munich - Faculty of Law
Downloads 317 (92,752)

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bond financing, covenants, creditor protection, debt governance

22.

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 264 (112,860)

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Auctions, Equity crowdfunding, Valuation of shares

23.

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 245 (121,878)

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

24.

How Do Banks Interact with Fintechs? Forms of Alliances and their Impact on Bank Value

CESifo Working Paper Series No. 7170, Best Paper Award 1st International FinTech, InsurTech & Blockchain Forum
Number of pages: 39 Posted: 01 Oct 2018
University of Bremen - Faculty of Business Studies and Economics, University of Münster, University of Münster and SKEMA Business School
Downloads 229 (130,438)

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fintech, strategic alliance, entrepreneurial finance, financial institutions, banks

25.

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 218 (136,807)

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regulatory competition, charter competition, legal arbitrage

26.

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

Journal of International Money and Finance, Vol. 85, 2018
Number of pages: 18 Posted: 02 Oct 2012 Last Revised: 30 Apr 2018
Andreas Engert and Lars Hornuf
Freie Universität Berlin, Department of Law and University of Bremen - Faculty of Business Studies and Economics
Downloads 213 (139,831)
Citation 1

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

27.

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
University of Regensburg - Department of Finance, University of Bremen - Faculty of Business Studies and Economics and University of Regensburg - Department of Finance
Downloads 164 (177,290)

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

28.

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 108 (245,980)

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

29.

Can Television Reduce Xenophobia? The Case of East Germany

CESifo Working Paper Series No. 6632
Number of pages: 52 Posted: 16 Mar 2017
University of Bremen - Faculty of Business Studies and Economics, University of Trier and Institute for Labour Law and Industrial Relations in the European Union (IAAEU)
Downloads 98 (262,869)

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

30.

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 88 (281,554)

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

31.

Paralyzed by Shock: The Portfolio Formation Behavior of Peer-to-Business Lending Investors

Max Planck Institute for Innovation & Competition Research Paper No. 18-11 , CESifo Working Paper Series No. 7092
Number of pages: 38 Posted: 06 Jun 2018 Last Revised: 11 Apr 2019
University of Regensburg - Department of Finance, University of Bremen - Faculty of Business Studies and Economics and University of Regensburg - Department of Finance
Downloads 70 (322,118)

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Behavioral finance, Investment bias, Peer-to-business lending, Crowdlending, RAROC, Diversification

32.

Crowdsourced Innovation: How Community Managers Affect Crowd Activities

Max Planck Institute for Innovation & Competition Research Paper No. 18-16, CESifo Working Paper Series No. 7153
Number of pages: 33 Posted: 25 Jul 2018
Lars Hornuf and Sabrina Jeworrek
University of Bremen - Faculty of Business Studies and Economics and Halle Institute for Economic Research
Downloads 45 (396,652)

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crowdsourcing, open innovation, crowdsourced innovation, crowdworking, ideation, managerial attention

33.

The Adaptive Liar: An Interactionist Approach of Multiple Dishonesty Domains

CESifo Working Paper No. 7215
Number of pages: 36 Posted: 31 Oct 2018
Harvard Business School, Duke University - Fuqua School of Business, University of Bremen - Faculty of Business Studies and Economics, Zeppelin University, AG3 Consultores, Duke University and Duke University - Fuqua School of Business
Downloads 28 (466,390)

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dishonesty, moral behavior, cross-cultural study

34.

Equity Crowdfunding in Germany and the United Kingdom: Follow‐Up Funding and Firm Failure

Corporate Governance: An International Review, Vol. 26, Issue 5, pp. 331-354, 2018
Number of pages: 24 Posted: 03 Oct 2018
University of Bremen - Faculty of Business Studies and Economics, Max Planck Institute for Innovation and Competition, Students and University of Bremen - Faculty of Business Studies and Economics
Downloads 18 (521,197)

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corporate governance, equity crowdfunding, follow‐up funding, firm survival

35.

Do Judges Hate Speculators?

CESifo Working Paper No. 7375
Number of pages: 30 Posted: 21 Feb 2019
Lars Hornuf and Lars Klöhn
University of Bremen - Faculty of Business Studies and Economics and Humboldt University of Berlin - Faculty of Law
Downloads 14 (544,064)

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speculator bias, judges, experimental law and economics

Other Papers (1)

Total Downloads: 259    Citations: 0
1.

Marketplace Lending of SMEs

Number of pages: 39 Posted: 09 Jan 2017
Douglas J. Cumming and Lars Hornuf
Florida Atlantic University and University of Bremen - Faculty of Business Studies and Economics
Downloads 259 (175,751)

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Debt Crowdfunding, Entrepreneurial Finance, Internet