Lars Hornuf
Biographic Data
| ID | 243031 |
|---|---|
| NAME | Lars Hornuf |
| GIVEN NAMES | Lars |
| FAMILY NAME | Hornuf |
| SIGNATURE | HORNUF L |
| AFFILIATIONS | Universität Trier |
| ORCID | 0000-0002-0576-7759 |
| VERIFIED | Yes |
| TOTAL WORKS | 13 |
| TOTAL CITATIONS | 5 |
| WORKS AS AUTHOR | 13 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 2012 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 1 |
Similarity and Consistency in Algorithm‐Guided Exploration
Algorithmic advice has the potential to significantly improve human decision‐making, especially in dynamic and complex tasks that require a balance between exploration and exploitation. This study examines conditions under which individuals are willing to accept advice from algorithms in such scenarios, focusing on the interaction between participants' exploration preferences and those of the advising algorithm. In an online experiment, we design…
Data Privacy and Crowdsourcing
This is an open access book which describes the most important legal principles of data privacy and data protection in China, Germany and the US.
Disentangling Crowdfunding from Fraudfunding
Fraud in the reward-based crowdfunding market has been of concern to regulators, but it is arguably of greater importance to the nascent industry itself. Despite its significance for entrepreneurial finance, our knowledge of the occurrence, determinants, and consequences of fraud in this market, as well as the implications for the business ethics literature, remain limited. In this study, we conduct an exhaustive search of all media reports on Ki…
Can television reduce xenophobia? The case of East Germany
Can television have a mitigating effect on xenophobia? To explore this question, we investigate a natural experiment in which individuals in some regions of East Germany could not—due to their geographic location—consume West German television until 1989. By analyzing survey data from the periods before and after German reunification, we provide evidence that individuals who received West German television during the GDR period and were thus more…
Protecting investors in equity crowdfunding
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 c…
FinTech and Data Privacy in Germany
The emergence of the global fintech market
We investigate the economic and technological determinants inducing entrepreneurs to establish ventures with the purpose of reinventing financial technology (fintech). We find that countries witness more fintech startup formations when the economy is well-developed and venture capital is readily available. Furthermore, the number of secure Internet servers, mobile telephone subscriptions, and the available labor force has a positive impact on the…
Which updates during an equity crowdfunding campaign increase crowd participation
Start-ups often post updates during equity crowdfunding campaigns. However, little is known about the effects of such updates on crowd participation. We investigate this question by using hand-collected data from 71 funding campaigns and 39,399 investment decisions on two German equity crowdfunding portals. Using a combination of different empirical research techniques, we find that posting an update has a significant positive effect on the numbe…
Pricing shares in equity crowdfunding
We analyze the pricing of cash flow rights in start-up companies using a unique data set of 44 equity crowdfunding campaigns. Our sample consists of 499 backers who invested during the period from November 6, 2011, to March 25, 2014, on the German equity crowdfunding portal Innovestment. In contrast with all other European equity crowdfunding portals, Innovestment runs a multi-unit second-price auction in which backers themselves can specify the …
Should securities regulation promote equity crowdfunding
In this paper, we show that too strong investor protection may harm small firms and entrepreneurial initiatives, which contrasts with the traditional “law and finance” view that stronger investor protection is better. This situation is particularly relevant in equity crowdfunding, which refers to a recent financial innovation originating on the Internet that targets small and innovative firms. In many jurisdictions, securities regulation offers e…
Cut From the Same Cloth
Norms for dishonest behaviors vary across societies, but whether this variation is related to differences in individuals' core tendencies toward dishonesty is unknown. We compare individual dishonesty on a novel task across 10 participant samples from five countries varying in corruption and cultural values. In each country, a die-rolling task was administered to students at major public universities and the general public in coffee shops. A sepa…
War Within, War Outside
D oes Charter Competition Foster Entrepreneurship? A Difference‐in‐Difference Approach to European Company Law Reforms
This article explores how company law reforms, particularly the reduction or abolition of minimum capital requirements, in various E uropean jurisdictions affect the decision of entrepreneurs to incorporate by means of a private limited liability company ( LLC ). Since the landmark rulings of the E uropean C ourt of Justice ( ECJ ) in the years 1999, 2002 and 2003, entrepreneurs in the E uropean U nion ( EU ) have been able to choose the country …
Cut From the Same Cloth
Norms for dishonest behaviors vary across societies, but whether this variation is related to differences in individuals' core tendencies toward dishonesty is unknown. We compare individual dishonesty on a novel task across 10 participant samples from five countries varying in corruption and cultural values. In each country, a die-rolling task was administered to students at major public universities and the general public in coffee shops. A sepa…
D oes Charter Competition Foster Entrepreneurship? A Difference‐in‐Difference Approach to European Company Law Reforms
This article explores how company law reforms, particularly the reduction or abolition of minimum capital requirements, in various E uropean jurisdictions affect the decision of entrepreneurs to incorporate by means of a private limited liability company ( LLC ). Since the landmark rulings of the E uropean C ourt of Justice ( ECJ ) in the years 1999, 2002 and 2003, entrepreneurs in the E uropean U nion ( EU ) have been able to choose the country …
War Within, War Outside
Cut From the Same Cloth
Norms for dishonest behaviors vary across societies, but whether this variation is related to differences in individuals' core tendencies toward dishonesty is unknown. We compare individual dishonesty on a novel task across 10 participant samples from five countries varying in corruption and cultural values. In each country, a die-rolling task was administered to students at major public universities and the general public in coffee shops. A sepa…
Pricing shares in equity crowdfunding
We analyze the pricing of cash flow rights in start-up companies using a unique data set of 44 equity crowdfunding campaigns. Our sample consists of 499 backers who invested during the period from November 6, 2011, to March 25, 2014, on the German equity crowdfunding portal Innovestment. In contrast with all other European equity crowdfunding portals, Innovestment runs a multi-unit second-price auction in which backers themselves can specify the …
Should securities regulation promote equity crowdfunding
In this paper, we show that too strong investor protection may harm small firms and entrepreneurial initiatives, which contrasts with the traditional “law and finance” view that stronger investor protection is better. This situation is particularly relevant in equity crowdfunding, which refers to a recent financial innovation originating on the Internet that targets small and innovative firms. In many jurisdictions, securities regulation offers e…
Which updates during an equity crowdfunding campaign increase crowd participation
Start-ups often post updates during equity crowdfunding campaigns. However, little is known about the effects of such updates on crowd participation. We investigate this question by using hand-collected data from 71 funding campaigns and 39,399 investment decisions on two German equity crowdfunding portals. Using a combination of different empirical research techniques, we find that posting an update has a significant positive effect on the numbe…
FinTech and Data Privacy in Germany
The emergence of the global fintech market
We investigate the economic and technological determinants inducing entrepreneurs to establish ventures with the purpose of reinventing financial technology (fintech). We find that countries witness more fintech startup formations when the economy is well-developed and venture capital is readily available. Furthermore, the number of secure Internet servers, mobile telephone subscriptions, and the available labor force has a positive impact on the…
Protecting investors in equity crowdfunding
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 c…
Data Privacy and Crowdsourcing
This is an open access book which describes the most important legal principles of data privacy and data protection in China, Germany and the US.
Disentangling Crowdfunding from Fraudfunding
Fraud in the reward-based crowdfunding market has been of concern to regulators, but it is arguably of greater importance to the nascent industry itself. Despite its significance for entrepreneurial finance, our knowledge of the occurrence, determinants, and consequences of fraud in this market, as well as the implications for the business ethics literature, remain limited. In this study, we conduct an exhaustive search of all media reports on Ki…
Can television reduce xenophobia? The case of East Germany
Can television have a mitigating effect on xenophobia? To explore this question, we investigate a natural experiment in which individuals in some regions of East Germany could not—due to their geographic location—consume West German television until 1989. By analyzing survey data from the periods before and after German reunification, we provide evidence that individuals who received West German television during the GDR period and were thus more…
Similarity and Consistency in Algorithm‐Guided Exploration
Algorithmic advice has the potential to significantly improve human decision‐making, especially in dynamic and complex tasks that require a balance between exploration and exploitation. This study examines conditions under which individuals are willing to accept advice from algorithms in such scenarios, focusing on the interaction between participants' exploration preferences and those of the advising algorithm. In an online experiment, we design…
Business (8 works) · Economics (8 works) · FinTech, Crowdfunding, Digital Finance (7 works) · Finance (6 works) · Political science (5 works) · Equity crowdfunding (4 works) · Microfinance and Financial Inclusion (4 works) · Private Equity and Venture Capital (4 works) · Computer Science (3 works) · Corporate governance (3 works)