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

43

DOWNLOADS
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SSRN RANKINGS

Top 1,004

in Total Papers Downloads

31,335

SSRN CITATIONS
Rank 6,049

SSRN RANKINGS

Top 6,049

in Total Papers Citations

128

CROSSREF CITATIONS

91

Scholarly Papers (43)

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 4,785 (2,156)
Citation 24

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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 University - Business School (HBS), University of Bremen - Faculty of Business Studies and Economics and Duke University - Fuqua School of Business
Downloads 3,964 (2,992)
Citation 16

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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, Technological Forecasting and Social Change, Forthcoming
Number of pages: 20 Posted: 01 Oct 2020
Lars Hornuf and Armin Schwienbacher
University of Bremen - Faculty of Business Studies and Economics and SKEMA Business School
Downloads 2,547 (6,346)
Citation 3

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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 and University of Regensburg - Department of Finance
Downloads 2,323 (7,360)
Citation 4

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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: 13 Oct 2020
Lars Hornuf and Armin Schwienbacher
University of Bremen - Faculty of Business Studies and Economics and SKEMA Business School
Downloads 1,568 (13,832)
Citation 33

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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 1,481 (15,170)
Citation 2

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crowdfunding, crowdinvesting, startups, entrepreneurship, securities law

7.

Disentangling Crowdfunding from Fraudfunding

Max Planck Institute for Innovation & Competition Research Paper No. 16-09
Number of pages: 86 Posted: 26 Aug 2016 Last Revised: 18 Nov 2020
Florida Atlantic University, University of Bremen - Faculty of Business Studies and Economics, Concordia University and Concordia University
Downloads 1,319 (18,167)
Citation 23

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Crowdfunding, Entrepreneurial Finance, Fraud, Internet

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 - Faculty of Law, Freie Universität Berlin, Department of Law and University of Bremen - Faculty of Business Studies and Economics
Downloads 1,125 (23,045)

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

9.

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

Number of pages: 33 Posted: 15 Dec 2008
University of Oxford - Faculty of Law, University of Bremen - Faculty of Business Studies and Economics and Freie Universität Berlin, Department of Law
Downloads 1,115 (23,361)

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

10.

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 1,076 (24,620)
Citation 9

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FinTech, Founders, Financial industry, IT infrastructure

11.

How Do Banks Interact with Fintech Startups?

CESifo Working Paper Series No. 7170, Best Paper Award 1st International FinTech, InsurTech & Blockchain Forum
Number of pages: 41 Posted: 23 Jan 2020
University of Bremen - Faculty of Business Studies and Economics, University of Münster, University of Münster and SKEMA Business School
Downloads 1,025 (26,392)
Citation 1

Abstract:

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

12.

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 871 (33,262)
Citation 11

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entrepreneurial finance, crowdinvesting, equity crowdfunding

13.

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 846 (34,619)
Citation 24

Abstract:

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

14.

Does a Local Bias Exist in Equity Crowdfunding?

Max Planck Institute for Innovation & Competition Research Paper No. 16-07, CESifo Working Paper No. 8154
Number of pages: 90 Posted: 24 Mar 2020
University of Bremen - Faculty of Business Studies and Economics, Max Planck Institute for Innovation and Competition and University of Bremen - Faculty of Business Studies and Economics
Downloads 710 (43,968)
Citation 5

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equity crowdfunding, crowdinvesting, local bias, individual investor behavior, entrepreneurial finance

15.

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 - Faculty of Law, Freie Universität Berlin, Department of Law and University of Bremen - Faculty of Business Studies and Economics
Downloads 475 (73,352)
Citation 2

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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 - Faculty of Law, Freie Universität Berlin, Department of Law and Technische Universität München (TUM) - TUM School of Management
Downloads 435 (80,794)
Citation 5

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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 - Faculty of Law, Freie Universität Berlin, Department of Law and University of Bremen - Faculty of Business Studies and Economics
Downloads 1 (806,665)
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17.

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 - Faculty of Law, University of Bremen - Faculty of Business Studies and Economics and Ludwig Maximilian University of Munich (LMU)
Downloads 427 (83,316)
Citation 1

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

18.

Marketplace Lending of SMEs

CESifo Working Paper No. 8100
Number of pages: 66 Posted: 20 Feb 2020
Douglas J. Cumming and Lars Hornuf
Florida Atlantic University - College of Business and University of Bremen - Faculty of Business Studies and Economics
Downloads 425 (83,787)

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debt crowdfunding, entrepreneurial finance, digital platforms

19.

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

In: Corporate Governance: An International Review, Special Issue, 2018, pp. 331-354, CESifo Working Paper Series No. 6642, Max Planck Institute for Innovation & Competition Research Paper No. 17-09
Number of pages: 41 Posted: 20 Aug 2017 Last Revised: 07 Aug 2019
University of Bremen - Faculty of Business Studies and Economics, Max Planck Institute for Innovation and Competition and University of Bremen - Faculty of Business Studies and Economics
Downloads 422 (84,493)
Citation 11

Abstract:

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Equity Crowdfunding; Follow-Up Funding; Firm Survival

20.

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 414 (86,358)
Citation 13

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Crowdinvesting, Equity Crowdfunding, Financial Contracting

21.

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 401 (89,606)
Citation 35

Abstract:

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

22.

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 347 (105,622)
Citation 1

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

23.

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 (LMU) and Ludwig Maximilian University of Munich (LMU) - Faculty of Law
Downloads 337 (109,193)

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bond financing, covenants, creditor protection, debt governance

24.

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 276 (135,144)
Citation 7

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Auctions, Equity crowdfunding, Valuation of shares

25.

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 264 (141,433)
Citation 2

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

26.

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 (LMU)
Downloads 254 (147,027)

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regulatory competition, charter competition, legal arbitrage

27.

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 230 (161,900)
Citation 1

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

28.

Are Equity Crowdfunding Investors Active Investors?

Max Planck Institute for Innovation & Competition Research Paper No. 19-15, CESifo Working Paper No. 7884
Number of pages: 44 Posted: 24 Mar 2020
University of Bremen - Faculty of Business Studies and Economics, Humboldt University of Berlin - Faculty of Law and SKEMA Business School
Downloads 195 (189,000)

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crowdfunding, crowdinvesting, financial contracting, venture capital

29.

Initial Coin Offerings, Information Disclosure, and Fraud

CESifo Working Paper No. 7962
Number of pages: 48 Posted: 06 Dec 2019
University of Bremen - Faculty of Business Studies and Economics, University of Bremen - Faculty of Business Studies and Economics and SKEMA Business School
Downloads 194 (189,838)
Citation 1

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initial coin offering, fraud, crypto-currencies, crowdsales

30.

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 186 (197,150)
Citation 5

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

31.

The Social Dilemma of Big Data: Donating Personal Data to Promote Social Welfare

Max Planck Institute for Innovation & Competition Research Paper No. 21-08
Number of pages: 74 Posted: 16 Mar 2021 Last Revised: 26 Apr 2021
Kirsten Hillebrand and Lars Hornuf
affiliation not provided to SSRN and University of Bremen - Faculty of Business Studies and Economics
Downloads 181 (201,903)

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data philanthropy, sustainable development, decision-making, privacy, environmental protection, public health

32.

Can Television Reduce Xenophobia? The Case of East Germany

CESifo Working Paper Series No. 6632
Number of pages: 66 Posted: 29 Jul 2020
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 178 (204,879)
Citation 2

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

33.

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

CESifo Working Paper Series No. 7092, Max Planck Institute for Innovation & Competition Research Paper No. 18-11
Number of pages: 37 Posted: 10 Dec 2019
University of Regensburg - Department of Finance, University of Bremen - Faculty of Business Studies and Economics and University of Regensburg - Department of Finance
Downloads 143 (246,153)
Citation 1

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

34.
Downloads 126 (271,422)
Citation 1

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 126 (272,525)
Citation 1

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

The Economic Impact of Forming a European Company

JCMS: Journal of Common Market Studies, Vol. 57, Issue 4, pp. 659-674, 2019
Number of pages: 16 Posted: 27 May 2020 Last Revised: 05 Oct 2020
University of Bremen - Faculty of Business Studies and Economics, Loughborough University and SKEMA Business School
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corporate governance, incorporation, board structure, transfer of seat, Societas Europaea

35.

The Impact of Fintech Startups on Financial Institutions' Performance and Default Risk

CESifo Working Paper No. 9050
Number of pages: 48 Posted: 05 May 2021
Christian Haddad and Lars Hornuf
Univ. Lille, SKEMA Business School, EA4112 - LSMRC and University of Bremen - Faculty of Business Studies and Economics
Downloads 106 (308,728)

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36.

Are Sustainability-Oriented Investors Different? Evidence from Equity Crowdfunding

CESifo Working Paper No. 8339
Number of pages: 54 Posted: 10 Jun 2020
Lars Hornuf, Eliza Stenzhorn and Tim Vintis
University of Bremen - Faculty of Business Studies and Economics, University of Bremen - Faculty of Business Studies and Economics and University of Bremen - Faculty of Business Studies and Economics
Downloads 100 (319,030)

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37.

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 (LMU) and University of Bremen - Faculty of Business Studies and Economics
Downloads 98 (323,128)
Citation 1

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

38.

How Community Managers Affect Online Idea Crowdsourcing Activities

Max Planck Institute for Innovation & Competition Research Paper No. 18-16, CESifo Working Paper Series No. 7153
Number of pages: 40 Posted: 16 May 2020
Lars Hornuf and Sabrina Jeworrek
University of Bremen - Faculty of Business Studies and Economics and Halle Institute for Economic Research
Downloads 97 (325,315)

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

39.

Protecting Investors in Equity Crowdfunding: An Empirical Analysis of the Small Investor Protection Act

Technological Forecasting and Social Change, Forthcoming, CESifo Working Paper No. 8351
Number of pages: 44 Posted: 01 Oct 2020
University of Jena, University of Bremen - Faculty of Business Studies and Economics and Universität Jena
Downloads 90 (341,115)

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40.

Are Characteristics Covariances or Characteristics?

CESifo Working Paper No. 8377
Number of pages: 28 Posted: 23 Jun 2020
Lars Hornuf and Christian Fieberg
University of Bremen - Faculty of Business Studies and Economics and University of Bremen - Department of Business Administration
Downloads 67 (404,111)

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cross-section of stock returns, covariances, characteristics, IPCA

41.

The Adaptive Liar: An Interactionist Approach of Multiple Dishonesty Domains

CESifo Working Paper No. 7215
Number of pages: 36 Posted: 31 Oct 2018
Harvard University - Business School (HBS), Duke University - Fuqua School of Business, University of Bremen - Faculty of Business Studies and Economics, European University Viadrina Frankfurt (Oder), AG3 Consultores, Duke University and Duke University - Fuqua School of Business
Downloads 63 (417,222)

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dishonesty, moral behavior, cross-cultural study

42.

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 and University of Bremen - Faculty of Business Studies and Economics
Downloads 25 (588,717)
Citation 4
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corporate governance, equity crowdfunding, follow‐up funding, firm survival

43.

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 23 (601,848)

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speculator bias, judges, experimental law and economics