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

46

DOWNLOADS
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Top 1,034

in Total Papers Downloads

32,338

SSRN CITATIONS
Rank 6,074

SSRN RANKINGS

Top 6,074

in Total Papers Citations

130

CROSSREF CITATIONS

92

Scholarly Papers (46)

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 4,846 (2,200)
Citation 26

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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 3,981 (3,126)
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 2,563 (6,573)
Citation 4

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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: 16 Sep 2021
University of Augsburg - Department of Statistics and Mathematical Economic TheoryUniversity 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 2,380 (7,404)
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 1,577 (14,342)
Citation 34

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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 1,499 (15,541)
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 1,381 (17,666)
Citation 26

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Crowdfunding, Entrepreneurial Finance, Fraud, Internet

8.

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 1,224 (21,146)
Citation 1

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

9.

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 1,130 (23,790)

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

10.

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 1,120 (24,099)

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

11.

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 1,117 (24,196)
Citation 9

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FinTech, Founders, Financial industry, IT infrastructure

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 882 (33,843)
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 856 (35,321)
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 744 (43,037)
Citation 7

Abstract:

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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 483 (74,457)
Citation 2

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

16.

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 454 (80,210)

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debt crowdfunding, entrepreneurial finance, digital platforms

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 443 (81,799)
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 (828,486)
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18.

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 428 (85,959)
Citation 10

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Equity Crowdfunding; Follow-Up Funding; Firm Survival

19.

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 (86,189)
Citation 1

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

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 418 (88,353)
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 408 (90,914)
Citation 34

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 348 (108,903)
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 340 (111,801)

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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 (139,601)
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 266 (144,993)
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 257 (150,016)

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regulatory competition, charter competition, legal arbitrage

27.

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
Bern University of Applied Sciences - Institute Sustainable Business and University of Bremen - Faculty of Business Studies and Economics
Downloads 244 (157,928)

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

28.

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 231 (166,446)
Citation 1

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

29.

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 213 (179,771)

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30.

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 209 (183,068)

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crowdfunding, crowdinvesting, financial contracting, venture capital

31.

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 208 (183,814)
Citation 3

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initial coin offering, fraud, crypto-currencies, crowdsales

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 193 (196,829)
Citation 2

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

33.

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 Augsburg - Department of Statistics and Mathematical Economic TheoryUniversity of Regensburg - Department of Finance, University of Bremen - Faculty of Business Studies and Economics and University of Regensburg - Department of Finance
Downloads 188 (201,511)
Citation 5

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

34.

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 Last Revised: 01 Oct 2021
University of Regensburg - Department of Finance, University of Bremen - Faculty of Business Studies and Economics and University of Regensburg - Department of Finance
Downloads 148 (246,907)
Citation 2

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

35.
Downloads 126 (279,758)
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 ManagementCranfield School of Management and SKEMA Business School
Downloads 126 (280,915)
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

36.

Do Retail Investors Value Environmental Impact? A Lab-in-The-Field Experiment with Crowdfunders

CESifo Working Paper No. 9197
Number of pages: 54 Posted: 26 Jul 2021
Christoph Siemroth and Lars Hornuf
University of Essex - Department of Economics and University of Bremen - Faculty of Business Studies and Economics
Downloads 116 (296,911)

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37.

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 114 (300,614)
Citation 1

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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 99 (330,833)

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

39.

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 99 (330,833)
Citation 1

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

40.

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 92 (346,634)

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41.

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 73 (397,594)

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

42.

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 68 (413,187)

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dishonesty, moral behavior, cross-cultural study

43.

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 (606,588)
Citation 4
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corporate governance, equity crowdfunding, follow‐up funding, firm survival

44.

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 (620,130)

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speculator bias, judges, experimental law and economics

45.

Marketplace Lending of SMEs

Strategic Entrepreneurship Journal, Forthcoming
Number of pages: 68 Posted: 07 Sep 2021 Last Revised: 15 Sep 2021
Douglas J. Cumming and Lars Hornuf
Florida Atlantic University and University of Bremen - Faculty of Business Studies and Economics
Downloads 19 (648,351)

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Debt Crowdfunding, Entrepreneurial Finance, Internet

46.

Disclosure Deregulation of Quarterly Reporting

CESifo Working Paper No. 9344
Number of pages: 42 Posted: 18 Oct 2021
University of Bremen, University of Bremen - Faculty of Business Studies and Economics and University of Bremen - Chair of Accounting and ControlUniversity of Bremen - Faculty of Business Studies and Economics
Downloads 1

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quarterly reporting, disclosure deregulation, financial reporting, interim management statement, transparency directive