Jun. Prof. Dr. Lars Hornuf

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Telephone:  

0651 / 201 - 4744

Telefax:         

0651 / 201 - 4742

Room:

 

H727

E-Mail Address:

 

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since 2017
Affiliate Member of the CESifo Research Network.
 
since 2017
Research Fellow at the Center of Finance, University Regensburg.
 
2016
Visiting Researcher at the Center for Economic Studies at the Ludwig-Maximilians-Universität Munich.
 
2016
Visiting Researcher at Center for Economic Studies of the Ludwig-Maximilians-Universität München and Visiting Researcher at Georgetown Law School.
 
since 2016
Affiliated Research Fellow at Max-Planck-Institut für Innovation und Wettbewerb.

 

2015
Visiting Professor at Max-Planck-Institut für Innovation und Wettbewerb.

 

since 2014

Junior Professor in Law and Economics at the Institute for Labour Law and Labour Relations (IAAEU) and the Economics Department at Trier University.

 

2012-2014
Post-Doc at the chair for Civil and Business Law at Ludwig-Maximilians-University Munich.

 

2012-2013
Visiting Professor am House of Finance der Goethe-Universität Frankfurt.

 

2012
Visiting Scholar an der Stanford Law School.

 

2011
Ph.D. in Economics at Ludwig-Maximilians-University Munich.
Thesis: Regulatory Competition in European Corporate and Capital Market Law: An Empirical Analysis
(Degree: Dr. oec. publ.).

 

2008-2012
Research assistant and doctoral candidate at the Institute for International Law at Ludwig-Maximilians-University Munich.

 

2006-2008
Junior researcher and doctoral candidate at the Ifo Institute for Economic Research at Ludwig-Maximilians-University Munich.

 

2005
Master in Political Economy at the University of Essex.

 

 

 

 

  • Empirical Legal Studies

 

  • Crowdfunding and Crowdinvesting

 

  • Behavioural Economics

 

  • Law and Finance

 

 

 

Hornuf, Lars and Armin Schwienbacher (forthcoming):
Market Mechanisms and Funding Dynamics in Equity Crowdfunding,
Journal of Corporate Finance.

 

Hornuf, Lars and Armin Schwienbacher (forthcoming): 

Internet-Based Entrepreneurial Finance: Lessons from Germany,

California Management Review.

 

Hornuf, Lars and Armin Schwienbacher (forthcoming):

Should Securities Regulation Promote Equity Crowdfunding,

Small Business Economics.
 
Block, Jörn, Lars Hornuf and Alexandra Moritz (forthcoming):
Which Updates During an Equity Crowdfunding Campaign Increase Crowd Participation?,
Small Business Economics.
 
Hornuf, Lars and Matthias Neuenkirch (2017):
Pricing Shares in Equity Crowdfunding,

 

Klöhn, Lars, Lars Hornuf and Tobias Schilling (2016):
Crowdinvesting-Verträge - Inhalt, Entwicklung und praktische Bedeutung,
Zeitschrift für Bankrecht und Bankwirtschaft, 27(3): 142-178.

 

Hornuf, Lars and Matthias Schmitt (2016):
Success and Failure in Equity Crowdfunding,
CESifo DICE Report, 14(2): 16-22.

 

Mann, Heather, Ximena Garcia-Rada, Lars Hornuf, Juan Tafurt and Dan Ariely (2016):
Cut from the Same Cloth: Similarly Dishonest Individuals Across Countries.
Journal of Cross-Cultural Psychology, 47(6): 858-874.

 

Mann, Heather, Ximena Garcia-Rada, Lars Hornuf and Juan Tafurt (2016):
What Deters Crime? Comparing the Effectiveness of Legal, Social, and Internal Sanctions Across Countries,

Frontiers in Psychology (Cognitive Science), 7(85).

 

Klöhn, Lars, Lars Hornuf and Tobias Schilling (2016):
The Regulation of Crowdfunding in the German Small Investor Protection Act: Content, Consequences, Critique, Suggestions? 
European Company Law, 13(2): 56-66.

 

Klöhn, Lars and Lars Hornuf (2015):

Die Regelung des Crowdfunding im Regierungsentwurf des Kleinanlegerschutzgesetzes: Inhalt, Auswirkungen, Kritik, Änderungsvorschläge,

Der Betrieb, 68(1): 47-53.

 

Hornuf, Lars, Markus Reps and Stefan Schäferling (2015):

Covenants in European Investment-Grade Corporate Bonds,

Capital Markets Law Journal, 10(3): 1-17.

 

Eidenmüller, Horst, Andreas Engert and Lars Hornuf (2015):

Where Do Firms Issue Debt? An Empirical Analysis of Issuer Location and Regulatory Competition in the European Corporate Debt Market,
International Review of Law and Economics, 41: 103-115, (Reprint in European Business Law Review: Special Issue on Finance, Ethics and Society).

 

Hornuf, Lars and Stefan Voigt (2014):

Analyzing Preliminary References as the Powerbase of the European Court of Justice,

European Journal of Law and Economics, 39(2): 287-311.

 

Hornuf, Lars and Georg Haas (2014):

Regulating Fraud in Financial Markets: Can Behavioural Designs Prevent Future Criminal Offences?,

Journal of Risk Management in Financial Institutions, 7(2): 192-201.

 

Engert, Andreas and Lars Hornuf (2013):

Market Standards in Public Sector Debt Contracting,

CESifo DICE Report, 11(3):16-20.

 

Hornuf, Lars, Markus Reps and Stefan Schäferling (2013):

Covenants in europäischen Investment-grade-Unternehmensanleihen,

Journal of Banking Law and Banking, 26(3): 202-210.

 

Braun, Reiner, Horst Eidenmüller, Andreas Engert and Lars Hornuf (2013):

Does Charter Competition Foster Entrepreneurship? A Difference-in-Difference Approach to European Company Law Reforms,

Journal of Common Market Studies, 51(3): 399-415.

 

Braun, Reiner, Horst Eidenmüller, Andreas Engert and Lars Hornuf (2013):

Unternehmensgründungen unter dem Einfluss des Wettbewerbs der Gesellschaftsrechte,

Zeitschrift für das gesamte Handelsrecht und Wirtschaftsrecht, 177(1): 131-148.

 

Eidenmüller, Horst, Lars Hornuf and Markus Reps (2012):

Contracting Employee Involvement: An Analysis of Bargaining over Employee Involvement Rules for a Societas Europaea,

Journal of Corporate Law Studies, 12(2): 201-235.

 

Klöhn, Lars and Lars Hornuf (2012):

Crowdinvesting in Deutschland – Markt, Rechtslage und Regulierungsperspektiven,

Journal of Banking Law and Banking, 24(4): 237-266.

 

Engel, Martin and Lars Hornuf (2012):

Mediation als Verbraucherschutz – oder Verbraucherschutz vor Mediation?”,

Neue Zeitschrift für Schiedsverfahren, 10(1): 26-32.

 

Engel, Martin and Lars Hornuf (2011):

Vexierbild Richtermediation – Eine Studie zur Wahrnehmung verschiedener Mediationsformen in Deutschland,

Zeitschrift für Zivilprozeß, 4: 505-518.

 

Engel, Martin and Lars Hornuf (2011):

Das deutsche Glücksspielmonopol – Eine ordnungspolitische und rechtsökonomische Analyse,

Zeitschrift für Wirtschaftspolitik, 60(1): 86-109.

 

Hornuf, Lars and Ulrich Zanconato (2011):

Material Adverse Change Klauseln in deutschen Übernahmeangeboten: Eine rechtstatsächliche Untersuchung,

Journal of Banking Law and Banking, 5: 412-416.

 

Eidenmüller, Horst, Andreas Engert and Lars Hornuf (2010):

How Does the Market React to the Societas Europaea?,

European Business Organization Law Review, 11(1): 35-50.

 

Eidenmüller, Horst, Andreas Engert and Lars Hornuf (2009):

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

European Business Organization Law Review, 10(1): 1-33.

 

Eidenmüller, Horst, Andreas Engert and Lars Hornuf (2009):

Vom Wert der Wahlfreiheit: Eine empirische Analyse der Societas Europaea als Rechtsformalternative,

Die Aktiengesellschaft, 54(23): 845-855.

 

Eidenmüller, Horst, Andreas Engert and Lars Hornuf (2008):

Die Societas Europaea: Empirische Bestandsaufnahme und Entwicklungslinien einer neuen Rechtsform,

Die Aktiengesellschaft, 53(20): 721-730.

 

Gluch, Erich and Lars Hornuf (2007):

Europäischer Nichtwohnhochbau weiterhin auf Wachstumskurs,

ifo Schnelldienst, 60(5): 31-36.

 

Gluch, Erich and Lars Hornuf (2007):

Auswirkungen der Globalisierung auf die Bauwirtschaft,

ifo Schnelldienst, 60(3): 41-49.

 

 

 

Cumming, Douglas and Lars Hornuf (Hrsg.) (2017):
The Economics of Crowdfunding: Startups, Portals, and Investor Behavior, Palgrave Macmillan, London.

 

Hainz, Christa, Lars Hornuf and Lars Klöhn (2017):
Praxiserfahrungen mit den Befreiungsvorschriften des Kleinanlegerschutzgesetzes, ifo Forschungsbericht 78, ifo Institut, München.

 

Dorfleitner, Gregor, Lars Hornuf, Matthias Schmitt and Martina Weber (2017):
The German FinTech Market, Springer: Heidelberg.

 

Hornuf, Lars (2012):

Regulatory Competition in European Corporate and Capital Market Law: An Empirical Analysis, European Studies in Law and Economics, Volume 7, Cambridge.

Reviewed in:

Hellgardt (2016), European Business Organization Law Review (forthcoming).

Heine (2014), Common Market Law Review, 51(6), 1877-1879. 

Schammo (2013), European Law Review, 38(5), 723-725.

Clottens (2012), Le droit des affaires – Het ondernemingsrecht.

Si Bouazza Derian (2012), Concurrences Journal 3, 272-273.

 

Hornuf, Lars, Günter Britschkat, Robert Lechner and Gernot Nerb (2006):

Die Auswirkungen des Bundesverfassungsgerichtsurteils zum Sportwettenmarkt auf die deutsche Volkswirtschaft,

ifo Forschungsbericht, 32.

 

 

 

Gödker, Katrin and Lars Hornuf (2017):
Regulatory Competition, in: Alain Marciano and Giovanni Battista Ramello (ed.): Encyclopedia of Law and Economics, New York.

 

Braun, Susanne and Lars Hornuf (2017):
Authentic leadership and followers’ cheating behavior – A laboratory experiment from a self-concept maintenance perspective,
in: Dorianne Cotter-Lockard (ed.): Authentic Leadership and Followership: International Perspectives, Palgrave Macmillan.

 

Hornuf, Lars and Armin Schwienbacher (2016):

Crowdinvesting – Angel Investing for the Masses?,

in: Colin Mason and Hans Landström (ed.): Handbook of Research on Venture Capital, Vol. 3, Cheltenham: 381-397.

 

Hornuf, Lars and Julia Lindner (2016):

The End of Regulatory Competition in European Corporate Law?,

in: E. Bos et al. (ed.): Wettbewerb der Gesellschaftsrechtsordnungen in Ostmitteleuropa?, Baden-Baden: 117-138.

 

Hornuf, Lars (2015):

Equity Premium Puzzle,

in: Morris Altman (ed.): Real World Decision Making: An Encyclopedia of Behavioral Economics, Santa Barbara: 123-124.

 

Eidenmüller, Horst, Lars Hornuf and Markus Reps (2013):

Contracting Employee Involvement: An Analysis of Bargaining over Employee Involvement Rules for a Societas Europaea,

in: Horst Eidenmüller (ed.): Regulatory Competition in Contract Law and Dispute Resolution, München: 155-186.

Hornuf, Lars, Comment on:

 

Eisenberg, Theodore and Geoffrey Miller (2013):

The English vs. the American Rule on Who Pays Attorney fees: An Empirical Study of Publicly-Held Companies’ Contracts,

in: Horst Eidenmüller (ed.): Regulatory Competition in Contract Law and Dispute Resolution, München: 497-498.

 

Eidenmüller, Horst, Andreas Engert and Lars Hornuf (2011):

Europäischer Rechtswettbewerb bei der Wahl des Emissionsstandorts für Schuldtitel. Eine empirische Analyse,

in: Peter Behrens, Thomas Eger and Hans-Bernd Schäfer (ed.): Ökonomische Analyse des Europarechts Beiträge zum XII. Travemünder Symposium zur ökonomischen Analyse des Rechts, Tübingen: 233-274.

 

Eidenmüller, Horst, Andreas Engert and Lars Hornuf (2010):

How Does the Market React to the Societas Europaea?,

in: Ulf Bernitz and Wolf-Georg Ringe (ed.): Company Law and Economic Protectionism – New Challenges for European Integration, Oxford: 134-148.

 

Eidenmüller, Horst, Andreas Engert and Lars Hornuf (2009):

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

in: Alessio M. Pacces (ed.): The Law and Economics of Corporate Governance, Cheltenham: 82-116.

 

 

 

Hornuf, Lars and Marc Oliver Rieger (2017):

Can Television Reduce Xenophobia? - The Case of East Germany,

IAAEU Discussion Paper 02/2017.

 

Hornuf, Lars and Douglas Cumming (2016):

Marketplace Lending of SMEs,

SSRN Working Paper

 

Dorfleitner, Georg, Lars Hornuf, Matthias Schmitt and Martina Weber (2016):

The Fintech Market in Germany,

SSRN Working Paper.

 

Klöhn, Lars, Lars Hornuf and Tobias Schilling (2016):

Financial Contracting in Crowdinvesting - Lessons from the German Market,

SSRN Working Paper.

 

Haddad, Christian and Lars Hornuf (2016):

The Emergence of the Global Fintech Market: Economic and Technological Determinants,

IAAEU Discussion Paper 06/2016,

 
Hornuf, Lars, Abdul Mohamed and Armin Schwienbacher (2016):
The Economic Impact of Forming a European Company,
 
Cumming, Douglas, Lars Hornuf, Moein Karami and Denis Schweizer (2016):
Disentangling Crowdfunding from Fraudfunding

 

Hornuf, Lars and Matthias Schmitt (2016):
Is there a local bias in equity crowdfunding? The impact of investor types and portal design,
SSRN Working Paper,

also: Max Planck Institute for Innovation and Competition Research Paper, No. 16-07.

 

Hornuf, Lars and Susanne Braun (2015):

Leadership and persistency in spontaneous dishonesty,

IAAEU Discussion Paper 10/2015.

 

Mann, Heather, Ximena Garcia-Rada, Lars Hornuf, Juan Tafurt; Edwin Iversen and Dan Ariely (2015):
Everyday Dishonesty: Towards a Theory of Multiple Honesty Domains.

 

Garcia-Rada, Ximena, Heather Mann, Lars Hornuf and Juan Tafurt (2015):
Guilty or Not Guilty: Comparing the Effectiveness of Legal, Social, and Personal Deterrents of Crime Across Countries.

 

Ariely, Dan, Ximena Garcia-Rada, Lars Hornuf and Heather Mann (2014):

The (True) Legacy of Two Really Existing Economic Systems,

LMU Discussion Paper, 26.

 

Engert, Andreas and Lars Hornuf (2013):

Can Network Effects Impede Optimal Contracting in Debt Securities?,

Stanford Law and Economics Olin Working Paper, 434.

 

 

 

Hainz, Christa and Lars Hornuf (2016):
Crowdinvesting,
CESifo DICE Report, 14(1): 67-69.

 

Tzur Bitan, Dana, Maria Christina Müller, Shlomit Keren, Israel Krieger and Lars Hornuf (2015):
War Within, War Outside: A Psychoanalytic Account of Delusional Themes in Germany and Israel During the Twentieth Century,
Journal of the American Psychoanalytic Association, 63(1): NP1-NP7.

 

Hornuf, Lars (2014):

Bleibt Deutschland Spitzenreiter bei der internetbasierten Finanzierung von Start-up-Unternehmen?

in: iRights.Lab and Philipp Otto (eds): Das Netz – Jahresrückblick Netzpolitik 2014-2015, Berlin.

 

Hornuf, Lars (2014):
Warum Deutschland (k)ein Crowdinvesting-Gesetz braucht,

Gastbeitrag MUCrowd-Blog.

 

Klöhn, Lars and Lars Hornuf (2014):

Ein sicherer Rechtrahmen für das Crowdinvesting,

Der Betrieb, 67(14): 1.

 

Hornuf, Lars (2014):

Braucht Deutschland ein Crowdinvesting Gesetz?,

VentureCapital Magazin, 4: 58-59.

 

Hornuf, Lars (2014):

Barbara Gabor: Regulatory Competition in the Internal Market: Comparing Models for Corporate Law, Securities Law and Competition Law,

European Journal of Law and Economics, 37(3).

 

Hornuf, Lars and Lars Klöhn (2013):

Crowdinvesting und Portfoliodiversifizierung – Eine rechtsökonomische Analyse,

VentureCapital Magazin, 2: 34-35.

 

Eidenmüller, Horst, Andreas Engert and Lars Hornuf (2009):

Warum unterstellen sich Unternehmen europäischem Recht? Ein erster empirischer Befund,

Finanzplatz-Report, 5: 20-21.

 

Hornuf, Lars and Günter Britschkat (2008):

Studie über die Auswirkungen des Glücksspielstaatsvertrages zum Lotterie- und Sportwettmarkt auf die deutsche Volkswirtschaft,

Expert opinion for MKW Wirtschaftsforschung GmbH.

 

 

 

Crowd-investing in Germany, England and the USA: Regulatory perspectives and welfare effects of a new financial market

>> Link

 

Fintech - Market in Germany

>> Link

 

How does Authentic Leadership Effect Fraudulent Employee Behaviour? An Experimental Study from Economic, Legal, and Psychological Perspectives

>> Link

 

Pra­xi­ser­fah­run­gen mit den durch das Klein­an­le­ger­schutz­ge­setz vom 3.7.2015 ein­ge­führ­ten Be­frei­ungs­vor­schrif­ten in § 2a bis § 2c Ver­mö­gens­an­la­gen­ge­setz

>> Link