Lars Hornuf
University of Bremen
FinanceInternet privacyThe InternetDebtIssuerBusinessGermanEconomicsVenture capitalCorporate lawRegulatory competitionEntrepreneurial financeInvestment (macroeconomics)Investment decisionsEquity crowdfundingMarket economyCorporate governanceMonetary economicsFinancial systemEntrepreneurship
193Publications
17H-index
1,184Citations
Publications 147
Newest
#1Lars Hornuf (MPG: Max Planck Society)H-Index: 17
#2Tobias Schilling (Humboldt University of Berlin)H-Index: 4
Last. Armin Schwienbacher (Skema Business School)H-Index: 31
view all 3 authors...
Abstract A common assumption is that entrepreneurs retain more control of their venture when opting for crowdinvesting rather than venture capital. In this article, we investigate the relevance of cash-flow, control, and exit rights awarded to crowd investors in Germany, where more flexible contracts are offered than in many other jurisdictions. In Germany, many of the rights used in venture capital investment contracts are also prevalent in crowdinvesting contracts. We find that crowd investors...
1 CitationsSource
#1Kirsten Hillebrand (University of Bremen)H-Index: 1
#2Lars Hornuf (CES: Center for Economic Studies)H-Index: 17
When using digital devices and services, individuals provide their personal data to organizations in exchange for gains in various domains of life. Organizations use these data to run technologies such as smart assistants, augmented reality, and robotics. Most often, these organizations seek to make a profit. Individuals can, however, also provide personal data to public databases that enable nonprofit organizations to promote social welfare if sufficient data are contributed. Regulators have th...
Source
#1Maximilian Goethner (FSU: University of Jena)H-Index: 9
#2Lars Hornuf (MPG: Max Planck Society)H-Index: 17
Last. Tobias Regner (FSU: University of Jena)H-Index: 15
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Abstract During the past decade, equity crowdfunding (ECF) has emerged as an alternative funding channel for startup firms. In Germany, the Small Investor Protection Act became binding in July 2015, with the legislative goal to protect investors engaging in this new asset class. Since then, investors pledging more than 1,000 EUR now must self-report their income and wealth. Investing more than 10,000 EUR in a single ECF issuer is only possible through a corporate entity. We examine how the Small...
1 CitationsSource
#1Lars Hornuf (MPG: Max Planck Society)H-Index: 17
#2Tobias SchillingH-Index: 4
Last. Armin SchwienbacherH-Index: 31
view all 3 authors...
We study the impact fintech startups have on the performance and the default risk of traditional financial institutions. We find a positive relationship between fintech startup formations and incumbent institutions’ performance for the period from 2005 to 2018 and a large sample of financial institutions from 87 countries. We further analyze the link between fintech startup formations and the default risk of traditional financial institutions. Fintech startup formations decreases stock return vo...
When using digital devices and services, individuals provide their personal data to organizations in exchange for gains in various domains of life. Organizations use these data to run technologies such as smart assistants, augmented reality, and robotics. Most often, these organizations seek to make a profit. Individuals can, however, also provide personal data to public databases that enable nonprofit organizations to promote social welfare if sufficient data are contributed. Regulators have th...
#1Christian Haddad (Skema Business School)H-Index: 2
#2Lars Hornuf (CES: Center for Economic Studies)H-Index: 17
We study the impact fintech startups have on the performance and the default risk of traditional financial institutions. We find a positive relationship between fintech startup formations and incumbent institutions’ performance for the period from 2005 to 2018 and a large sample of financial institutions from 87 countries. We further analyze the link between fintech startup formations and the default risk of traditional financial institutions. Fintech startup formations decreases stock return vo...
#1Lars Hornuf (CES: Center for Economic Studies)H-Index: 17
#2Milan Frederik Klus (WWU: University of Münster)H-Index: 3
Last. Armin Schwienbacher (Skema Business School)H-Index: 31
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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 ba...
6 CitationsSource
#1Lars Hornuf (MPG: Max Planck Society)H-Index: 17
#2Tobias SchillingH-Index: 4
Last. Armin SchwienbacherH-Index: 31
view all 3 authors...
1 Citations
#1Joern Block (University of Trier)H-Index: 38
#2Alexander Peter Groh (EMLYON Business School)H-Index: 17
Last. Silvio Vismara (University of Bergamo)H-Index: 30
view all 5 authors...
Entrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), which are two distinct but important entrepreneurial finance market segments of the future. Although the two market segments initially appear to be sim...
16 CitationsSource