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Chair for Business Administration, in particular Financial Services and Financial Technology

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News

Prof. Dr. Florian Töpfl at the Diginomics Brownbag Seminar

Time: 25. November 2020, 12:00 am, via Zoom

Speaker: Prof. Dr. Florian Töpfl, University of Passau

Title: Publics as authoritarian input institutions: How digital criticism contributes to the stabilization of non-democratic rule

Prof. Dr. Florian Töpfl of University of Passau, will give a talk on “Publics as authoritarian input institutions: How digital criticism contributes to the stabilization of non-democratic rule” during the upcoming Diginomics Brownbag Seminar.

If you are interested in participating, please send an email to diginomicsprotect me ?!uni-bremenprotect me ?!.de or rgdnewsprotect me ?!uni-bremenprotect me ?!.de to receive the Zoom meeting-room ID and password.

Florian Töpfl

Talk at the CESifo Area Conference on Economics of Digitization

Prof. Dr. Lars Hornuf will present his paper "How Community Managers Affect Online Idea Crowdsourcing Activities” at the CESifo Area Conference on Economics of Digitization 2020.In associated working paper, he investigates with his coauthor Prof. Dr. Sabrina Jeworrek from IWH Halle, whether and to what extent community managers in online collaborative communities can stimulate crowd activities through their engagement. Using a novel data set of 22 large online idea crowdsourcing campaigns, the authors find that active engagement of community managers positively affects crowd activities in an inverted U-shaped manner.

Paper

Moreover, they evidence that intellectual stimulation by managers increases community participation, while individual consideration of users has no impact on user activities. Finally, the data reveal that community manager activities that require more effort, such as media file uploads instead of simple written comments, have a larger effect on crowd participation.

The full article can be downloaded here.

Dr. Milan Klus at the Diginomics Brownbag Seminar

Time: 18. November 2020, 12:00 am, via Zoom

Speaker: Dr. Milan Klus, Diginomics Group, University of Bremen

Title: Starting new by fitting in: FinTech startup endorsements by analysts

Dr. Milan Klus, research associate at the Chair for Business Administration, in particular Financial Services and Financial Technology and member of the Diginomics Research Group at the University of Bremen, will give a talk on „Starting new by fitting in: FinTech startup endorsements by analysts“ during the upcoming Diginomics Brownbag Seminar.

If you are interested in participating, please send an email to diginomicsprotect me ?!uni-bremenprotect me ?!.de or rgdnewsprotect me ?!uni-bremenprotect me ?!.de to receive the Zoom meeting-room ID and password.

Dr. Milan Klus

Diginomics Research Talks meet BREMEN.AI Data Lounge

1. December 2020, 6:00 pm

On December 1, 2020, the Diginomics Research Group of the University of Bremen hosts Dr Michael Engel, Head of Data & AI Product Management at VW Financial Services. The event is co-organized by BREMEN.AI Data Lounge and the Data Science Center.

Topic: AI Product Management

Dr Engel will give an introduction into AI product management - a topic many companies struggle to succeed with. In this talk, Dr Engel discusses a product-level approach towards creating value by using AI. He is going to show how product management concepts enable data science teams to frame the search for and implementation of ideas for innovation. In addition to that, Dr Engel will identify areas in which the product management frameworks for software products do not apply to AI products. Finally, he will discuss complementary approaches specific for AI products.

The background of this talk is given by the lacking abilities of many companies to deploy AI technologies to generate real customer value and eventually, economic impact. The problem derives from the entrenched habit to either using a firm-level AI strategy or a technology based approach by developing new models respectively algorithms. However, a data science team does not benefit from this in either way to maximize any short to medium-term profits.

The talk will take place as an online event via Zoom. The recording will be published later on YouTube.

Click here to register: https://www.eventbrite.de/e/diginomics-research-talks-meet-bremenai-data-lounge-tickets-127674966261

The future of banks - Lars Hornuf as studio guest at "buten un binnen"

In the weekly series on the future of banks and FinTech, Professor Dr. Lars Hornuf was a studio guest at the TV show "buten und binnen" on November 7, 2020, where he spoke with moderator Lea Reinhart.

buten un binnen Regionalmagazin

Dr. Dennis-Kenji Kipker, Prof. Dr. Evren Eren, Prof Dr. Richard Sethmann and Carl Philipp Wrede at the Diginomics Brownbag Seminar

Time: 11. November 2020, 12:00 am, via Zoom

Speaker: Dr. Dennis-Kenji Kipker, Prof. Dr. Evren Eren, Prof Dr. Richard Sethmann and Carl Philipp Wrede, NorShiP (North-German Research School for Information Security, Computer Forensics and Privacy)

Title: Cybersecurity and Data Privacy from an interdisciplinary perspective: requirements, demands and measures

Dr. Dennis-Kenji Kipker, Prof. Dr. Evren Eren, Prof Dr. Richard Sethmann and Carl Philipp Wrede from NorShiP (North-German Research School for Information Security, Computer Forensics and Privacy) will give a talk on “Cybersecurity and Data Privacy from an interdisciplinary perspective: requirements, demands and measures” during the upcoming Diginomics Brownbag Seminar.

If you are interested in participating, please send an email to diginomicsprotect me ?!uni-bremenprotect me ?!.de or rgdnewsprotect me ?!uni-bremenprotect me ?!.de to receive the Zoom meeting-room ID and password.

Dennis-Kenji Kipker

Talk by Lars Hornuf at the University of Hamburg

On Wednesday, November 4, Professor Lars Hornuf will present the paper "Are Sustainability-Oriented Investors Different? Evidence from Equity Crowdfunding" at the Finance Accounting und Insurance Seminar at the University of Hamburg. The paper was written in collaboration with PhD students Eliza Stenzhorn and Tim Vintis.

"In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we compare the investment behavior of sustainability-oriented with ordinary crowd investors on six leading equity crowdfunding platforms in Austria and Germany and investigate whether they suffer from a default shock that was recently identified by Dorfleitner et al. (2019). In general, we find evidence of a default shock in equity crowdfunding that occurs immediately after the event and if investors experience more than two insolvencies.

Bäume

Moreover, we find that sustainability-oriented investors pledge larger amounts of money and invest in more campaigns than ordinary crowd investors. The results also suggest that sustainability-oriented crowd investors care about non-financial returns, as they react more sensitively after experiencing a default in their equity crowdfunding portfolios, which indicates that they suffer beyond the pure financial loss. These findings contribute to recent literature on equity crowdfunding, socially responsible investing, and how individual investment motives and personal experiences affect investment decisions."

The full article can be downloaded here

Jun.-Prof. Dr. Stefan Morana at the Diginomics Brownbag Seminar

Time: 4. November 2020, 11:30 am, via Zoom

Speaker: Jun.-Prof. Dr. Stefan Morana, Saarland University

Title: Designing process guidance systems supporting individual’s process knowledge and process execution

Jun.-Prof. Dr. Stefan Morana of Saarland University will give a talk on "Designing process guidance systems supporting individual’s process knowledge and process execution” during the upcoming Diginomics Brownbag Seminar.

If you are interested in participating, please send an email to diginomicsprotect me ?!uni-bremenprotect me ?!.de or rgdnewsprotect me ?!uni-bremenprotect me ?!.de to receive the Zoom meeting-room ID and password.

 

Jun.-Prof. Dr. Stefan Morana

Post-exam review "Finanzwirtschaft" 4.11.2020, 10:00

The post exam review "Finanzwirtschaft" will take place on Wednesday, 4 November.

If you would like to participate in the inspection, please send an informal e-mail with your name and matriculation number to Gül Yüksel (guel.yueksel@uni-bremen.de) by 3 November (12 pm).

In order to be admitted to the test centre, you will need a mouth-nose mask. This must be worn for the entire period of time in the test centre.

Daniel Metko at the Diginomics Brownbag Seminar

Time: 28. October 2020, 12:00, via Zoom

Speaker: Daniel Metko, Diginomics Group, University of Bremen

Title: Machine learning in stock return prediction

Daniel Metko, PhD student and member of the Diginomics Research Group, will give a talk on "Machine learning in stock return prediction" during the upcoming DiginomicsBrownbag Seminar.

If you are interested in participating, please send an email to diginomicsprotect me ?!uni-bremenprotect me ?!.de or rgdnewsprotect me ?!uni-bremenprotect me ?!.de to receive the Zoom meeting-room ID and password.

Daniel Metko

David Jia-Hui Streich at the Finance Research Seminar

Time: 27. October 2020, 12:00, via Zoom

Speaker: David Jia-Hui Streich, LMU Munich

Title: Seeking Analyst Coverage: Steering User-Generated Content Using Monetary Incentives

David Jia-Hui Streich, PhD student at the Institute for Capital Markets and Corporate Finance at LMU Munich, will give a talk on "Seeking Analyst Coverage: Steering User-Generated Content Using Monetary Incentives" during the upcoming Finance Research Seminar.

If you are interested in participating, please send an email to gensslerprotect me ?!uni-bremenprotect me ?!.de to receive the Zoom meeting-room ID and password.

David Streich

New Publication in Technological Forecasting and Social Change

Professor Dr. Lars Hornuf has published a new article in Technological Forecasting and Social Change under the title "Protecting investors in equity crowdfunding: An empirical analysis of the small investor protection act." The article emerged in collaboration with Dr. Maximilian Goethner and Dr. Tobias Regner of the Friedrich Schiller University Jena.

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. The authors examine how the Small Investor Protection Act has affected investor behavior at Companisto, Germany's largest ECF portal for startup firms.

ScienceDirect

The results show that after the new law became binding, sophisticated investors invest less on average while casual investors invest more. Moreover, the signaling capacity of large investments has disappeared.

The full article can be downloaded here.

The influence of the COVID-19 pandemic on the digital transformation of work – new publication

Lisa Nagel, PhD student at the Chair of Business Administration, in particular Financial Services and Financial Technology, has published a paper on the impact of COVID-19 on the digital transformation of work in the International Journal of Sociology and Social Policy. The COVID-19 pandemic took the world by surprise in early 2020, and the economy has continued to face a substantial downturn, which has implications for working situations. Voluntary precautions against COVID-19, as well as mandatory government restrictions, have forced companies to increasingly offer employees the option of working at home, and thus a large number of people exclusively working from home have integrated existing technologies into their daily work routines. But does the COVID 19 pandemic have the ability to accelerate digital transformation in the workplace? The study assesses the consequences of the COVID-19 pandemic on the future of work, showing that changes in the perception of digital transformation and the willingness to work exclusively in a digital manner have arisen as result of the COVID-19 pandemic.

The study is part of the project "Crowdsourcing as a new form of work organization: regulatory requirements and welfare effects" funded by the German Research Foundation.

The complete article can be found here.

Covid

Talk by Lars Hornuf at LMU Munich on Crowdfunding

On Wednesday, October 7, Professor Dr. Lars Hornuf will give a talk at the Center for Advanced Management Studies of LMU Munich. He will present the paper "Disentangling Crowdfunding from Fraudfunding," which he wrote in collaboration with Douglas Cumming from Florida Atlantic University and Moein Karami and Denis Schweizer from Concordia University. Using Kickstarter, the largest global reward-based crowdfunding platform, the authors conduct an exhaustive search of all fraud cases from 2010 through 2015 for nine different countries. While fraud in this new market has been of concern to regulators, it is arguably of greater importance to the nascent industry itself. They find that Kickstarter campaigns posted around a late and visible suspension of a crowdfunding campaign tend to have a lower probability of success, fewer backers, and raise less funds. Moreover, documenting the characteristics of fraudsters is of paramount importance.

 

The authors deploy the theoretical framework of the “Trust Triangle” to document campaign features that could be helpful to backers in detecting fraudsters in crowdfunding markets. The find fraudsters are less likely to have engaged in prior crowdfunding activities, are less likely to have a social media presence, and are more likely to provide easy-to-read campaign pitches with a greater number of enticements through pledge categories. The full article can be downloaded here.

Silhouette München

Talk by Lars Hornuf at the 4th European Alternative Finance Research Conference

On Tuesday, October 6, Professor Lars Hornuf will present his paper "Paralyzed by Shock: The Portfolio Formation Behavior of Peer-to-Business Lending Investors" at the 4th European Alternative Finance Research Conference. The paper was written in collaboration with Professor Dr. Gregor Dorfleitner and Dr. Martina Weber from the University of Regensburg. In this article, the authors study the investor behavior on a leading peer-to-business lending platform and identify a new investment mistake – a default shock bias. First, they find that investors stop investing in new loans and cease from diversifying their portfolio after experiencing a loan default. The default shock significantly worsens the risk-return profile of investors’ loan portfolios.

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

The defaults investors experience are often not beyond what could have been expected based on the information that was provided by the platform ex-ante. Second, investment experience on the platform is related to better investment decisions in general, but does not reduce the default shock bias. These findings have important implications not only for the behavioral finance literature, but also more generally for new forms of Internet-based finance. The full article can be downloaded here.

Interview

Radio interview with Prof. Dr. Lars Hornuf about FinTechs and the changing nature of the financial sector in Germany

The radio format "Hintergrund" deals with current political, economic and social issues. In the current issue from September 19th, Professor Lars Hornuf talks about the current development of the German FinTech market and the collaps of Wirecard.

A related article was recently published in the ifo Schnelldienst and can be downloaded here: https://www.ifo.de/publikationen/2020/aufsatz-zeitschrift/der-deutsche-fintech-markt-im-jahr-2020

You find the radio interview here: https://apple.co/33Jgy6q

 

Frankfurt

Advisory board meeting „Gesellschaft für Risikomanagement und Regulierung e.V.“ on September 29

On Tuesday, September 29, Professor Lars Hornuf will give a lecture and discussion on the topic "Cooperation between FinTechs and Banks" at the advisory board meeting 02/2020 "Gesellschaft für Risikomanagement und Regulierung e.V." at the Frankfurt School. In addition to Professor Hornuf, Dr. Carolin Gabor from the finance portal Joonko will speak on the topic of FinTechs and banks.
 

Students trained as certified derivatives traders

This year, students from the Faculty of Business Studies and Economics participated in a lecture on financial derivatives and options held by Professor Dr. Lars Hornuf. The special feature of the lecture is that the students can also take the examination to become a "Certified Derivatives Trader" at the Frankfurt Stock Exchange afterwards. By attending the lecture on financial derivatives and options, the students are exempted from the course fee of several thousand euros by the Frankfurt Stock Exchange. The best three of the 17 candidates - Tobias Boberg, Daniel Hoffrogge and Benedikt Plate - were also reimbursed the examination fee by the Bremen Stock Exchange Foundation. We congratulate all the students who passed this demanding examination and wish them continued success in their studies and on the capital market.

Mr. Boberg is expected to complete his Bachelor's degree in 2021. Afterwards he would like to gain practical experience on the stock exchange. Currently he is working with the statistical software MATLAB in order to be able to develop his own algorithms for investment purposes later on. Mr. Hoffrogge has been a student assistant at the Chair of Economics, in particular Macroeconomics, since 2019 and recently completed his bachelor thesis on "Were sustainable European equity funds more resilient than conventional ones during the Corona crisis?" with an excellent grade. Mr. Hoffrogge plans to start a master's program next year at the financial center Frankfurt. Until then he would like to gain practical experience in the financial sector. Mr. Plate has been a student assistant at the Chair of Business Administration, Accounting and Control for one year and will complete his bachelor's degree this year. Starting in October, he will complete an internship in the field of restructuring and deal advisory in Hamburg and then start his master studies at the University of Bremen.

Mr. Plate has been a student assistant at the Chair of Business Administration, Accounting and Control for one year and will complete his bachelor's degree this year. Starting in October, he will complete an internship in the field of Restructuring and Deal Advisory in Hamburg and then start his master studies at the University of Bremen.

Prüfung Derivatehändler

Talk by Lars Hornuf at the University of Southern Denmark

On Thursday, September 3, Professor Lars Hornuf will present the paper "Are Sustainability-Oriented Investors Different? Evidence from Equity Crowdfunding" at the University of Southern Denmark.The paper was written in collaboration with PhD students Eliza Stenzhorn and Tim Vintis.

"In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we compare the investment behavior of sustainability-oriented with ordinary crowd investors on six leading equity crowdfunding platforms in Austria and Germany and investigate whether they suffer from a default shock that was recently identified by Dorfleitner et al. (2019). In general, we find evidence of a default shock in equity crowdfunding that occurs immediately after the event and if investors experience more than two insolvencies.

Bäume

Moreover, we find that sustainability-oriented investors pledge larger amounts of money and invest in more campaigns than ordinary crowd investors. The results also suggest that sustainability-oriented crowd investors care about non-financial returns, as they react more sensitively after experiencing a default in their equity crowdfunding portfolios, which indicates that they suffer beyond the pure financial loss. These findings contribute to recent literature on equity crowdfunding, socially responsible investing, and how individual investment motives and personal experiences affect investment decisions."

The full article can be downloaded here

Talk by Lars Hornuf on Fintech and privacy

On September 2nd, Professor Lars Hornuf will give a lecture on fintech and data privacy as part of the conference "Digitalization of Financial Services" organized by the Federation of German Consumer Organisations (Verbraucherzentrale Bundesverband) in Berlin. During the seminar, participants will gain insights about new technologies in the financial services sector and can discuss consumer policy aspects in direct dialog with providers. Speakers at the conference are among others Professor Andreas Hackethal from Goethe Universität Frankfurt and Dr. Heike Winter from the German Central Bank.

Notebook + phone

The German FinTech market in 2020 - new essay publication in the ifo Schnelldienst

Professor Dr. Lars Hornuf, in cooperation with Lena Wannenmacher and Professor Dr. Gregor Dorfleitner of the University of Regensburg, has published a new article in the current issue of the journal ifo Schnelldienst.

The FinTech sector is a dynamically growing market in which new business models and segments are constantly emerging. The new players are associated with considerable opportunities, but also significant risks for the financial market, which is why a regular examination of the market sizes is important. Four years ago, data on the market volumes of German FinTech companies for the period from 2007 to 2015 were collected for the first time on behalf of the Federal Ministry of Finance and a forecast for the future market development was prepared.

In the essay, the market volumes are extrapolated until 2019 and the original forecasts are reviewed for their predictive value. Compared to the original forecasts, some sub-segments have clearly exceeded the forecast of the realistic scenario (crowdlending, robo-advice, investment and banking), while other sub-segments have so far fallen short of expectations (donation- and counter-performance-based crowdfunding, crowd investing, factoring).

The full article can be downloaded here: https://www.ifo.de/publikationen/2020/aufsatz-zeitschrift/der-deutsche-fintech-markt-im-jahr-2020

Talk by Lars Hornuf at the Singapore Management University

On Thursday, August 6th, Professor Dr. Lars Hornuf will give a lecture at the Singapore Management University on Fintech and Data Privacy. As part of the "AI in Finance: Privacy and Data Protection Sectorial Dialogue" seminar, he will present several publications, in which he, among other things, examined the privacy statements of 505 fintech companies in Germany with his co-author Professor Dr. Gregor Dorfleitner from the University of Regensburg. Professor Ross Buckley from the University of New South Wales Sydney, David Hardoon from the Union Bank of Philippines, Professor Joseph Lee from Exeter Law School, Professor Radim Polcak from Masaryk University and Professor Beomsoo Kim from the Graduate School of Information at Yonsei University in Seoul will also speak at the event.

Post-exam review "Finanzwirtschaft" 29.05.2020, 10:30

The post exam review "Finanzwirtschaft" will take place on Friday, 29 May.

If you would like to participate in the inspection, please send an informal e-mail with your name and matriculation number to Gül Yüksel (guel.yueksel@uni-bremen.de) by 25 May.

Registrations for the last date will be deleted. Please register again.

In order to be admitted to the test centre, you will need a mouth-nose mask. This must be worn for the entire period of time in the test centre.

 

New article on "How do banks interact with fintech startups?" in Small Business Economics

Prof. Dr. Lars Hornuf has published a new article in Small Business Economics together with Todor Lohwassers and Milan Klus (both WWU Münster) as well as Prof. Dr. Armin Schwienbacher (Skema Business School). 

The article "How do banks interact with fintech startups?" examines the increasing pervasiveness of technology-driven firms that offer financial services. The article finds that this development has led to growing pressure on traditional banks to modernize their core business activities and services. Many banks tackle the challenges of digitalization by cooperating with startup firms that offer technology-driven financial services and novel service packages (fintechs). In their article, the authors examine which banks typically collaborate with fintechs, how intensely they do so, and which form of alliance they prefer. Using hand-collected data covering the largest banks from Canada, France, Germany, and the United Kingdom, the authors provide detailed evidence on the different forms of alliances occurring in practice.

Small Business Economics Logo

They show that banks are significantly more likely to form alliances with fintechs when they pursue a well-defined digital strategy and/or employ a chief digital officer. Moreover, in line with incomplete contract theory, they find that banks more frequently invest in small fintechs but often build product-related collaborations with larger fintechs.

The article is available under: https://rdcu.be/b39qe

New Study: “State Surveillance – Exploiting Fear during the 2020 Pandemic Crisis?”

During the current corona crisis, shops are closed, events are canceled, trade is reduced, and people are asked to stay at home. In almost all Western democracies, governments restricted basic civil rights, though little protest resulted. In a pandemic crisis, different rules seem to apply—but do different rules apply even for data protection? Governmental data collection measures are currently discussed and implemented without having been discussed preventively in case of a crisis. The timing of these measures may be ethically problematic, because individual preferences and decisions change when people feel fear.

In an online study with 1,156 respondents during the outbreak of the crisis in Germany, Kirsten Hillebrand, PhD student at the Professorship for Business Administration, in particular Financial Services and Financial Technology, investigated German citizens’ consent to voluntary location-data disclosure and state surveillance and what drives their consent in order to control the COVID-19 virus. Results show that (1) fear increases consent to voluntary data disclosure, and (2) fear increases consent to state surveillance directly and indirectly by fostering general distrust in others. Further studies on government measures and the willingness to share data are currently being prepared.

The study can be downloaded here: papers.ssrn.com/sol3/papers.cfm

Editorial zum Thema Crowdfunding and Initial Coin Offerings in Small Business Economics

Small Business Economics Logo

In collaboration with Jörn Block (University of Trier), Alexander Groh (Lyon Business School), Tom Vanacker (Universiteit Gent) and Silvio Vismara (Università degli Studi di Bergamo), Lars Hornuf has served as guest editor for a special issue and published an editorial in Small Business Economics. The article "The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings" examines new developments in the area of start-up financing, especially with regard to crowdfunding and initial coin offerings.

Over the past decade, new segments and players have emerged in the entrepreneurial finance market. The rules of the game and the methods of obtaining finance have changed in many ways. The special issue and the editorial in Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), two different but important market segments of finance for start-up companies. Although the two market segments initially appear to be very similar, the authors note important differences between them. The comparison focuses on the stakeholders, microstructures, regulatory framework and the development of the markets. The authors also provide an outlook for future ICO and CF research.

The article is available here.

 

Talk by Lars Hornuf at the University of Oxford

On Friday, March 27, 2020, Lars Hornuf from the Chair of Business Administration, especially Financial Services and Financial Technology, presented the working paper “How Do Banks Interact with Fintech Startups?,” which he co-authored with Milan Klus, Todor Lohwasser and Armin Schwienbacher, at a conference at the Saïd Business School at the University of Oxford. The conference on "Fintech Startups and Incumbent Players: Policy Challenges and Opportunities" was organized by the European Banking Institute, the University of Oxford, and the University of Hamburg and took place virtually for the first time. Around 60 international academics took part in the conference, which were invited on an invitation only basis. Lars Hornuf presented the first of a total of seven papers on FinTech.

Logo Oxford Business Law Blog

The paper presented by Lars Hornuf can be downloaded free of charge from SSRN.

A brief summary of the working paper was recently published on the Machine Lawyering Blog.

New publication about FinTech in Germany published in Frontiers in Artificial Intelligence

Lars Hornuf in collaboration with Barbara Brandl from the Goethe University Frankfurt published a new article on „Where Did FinTechs Come From, and Where Do They Go? The Transformation of the Financial Industry in Germany After Digitalization“ in Frontiers in Artificial Intelligence (Artificial Intelligence in Finance).

The authors investigate how the digitalization of financial services opened a window for new players in the financial industry. These start-ups take on tasks and functions previously reserved for banks, such as financing, asset management, and payments. In their article, the authors trace the transformation of the industry after digitalization. By using data on FinTech formations in Germany, they provide first evidence that entrepreneurial dynamics in the FinTech sector are not so much driven by technology as by the educational and business background of the founders.

Furthermore, they investigate the reactions of traditional banks to the emergence of these start-ups. In contrast with other emerging industries such as biotechnology, a network analysis shows that FinTechs have mostly engaged in strategic partnerships and only a few banks have acquired or obtained a financial interest in a FinTech. They explain the restraint of traditional banks to fully endorse the new possibilities of digitalized financial services with the characteristics of the technology itself and with the postponed fundamental decisions of banks to modernize their IT infrastructure

The article is available under:

https://www.frontiersin.org/articles/10.3389/frai.2020.00008/full

Post-exam review "Finanzwirtschaft"

The post-exam review "Finanzwirtschaft" will not take place on 23.03.2020! We will announce a new date in time.

Dear students

you can review your exam Finanzwirtschaft on Monday, 23 March.

If you would like to sign up for the review, please send me an informal e-mail with your name and matriculation number by 18 March (to guel.yueksel@uni-bremen.de). Students who are not registered will not be able to review their exams. Please note that the exams will be available under examination conditions and that you will not receive any solutions for the exam.

If you are unable to personally attend the review, a fellow student can do so on your behalf – for that he/she has do bring an authorization and a copy of your identity card with him/her to the review. Please bring a photo ID as well as your student ID with you.

We wish you a nice exam-free time!

We are looking for a student assistant

The Chair of Business Administration, in particular Financial Services and Financial Technology, investigates research questions concerning the digitization of financial markets and financial services, platform economics and the behavior of individuals in these markets. A particular focus is on the topics of FinTech and crowdfunding. Empirical and behavioural science methods are applied in the research. In addition to teaching, scientific research and external lectures, the chair is also active in policy consulting for federal ministries and other institutions.

A student assistant (5 hours a week) is being sought for the research projects and administrative tasks of the professorship.

What you should bring along?

  •     A high willingness to learn
  •     Very good performance in studies
  •     Initial experience with research and administrative tasks
  •     Knowledge in handling Excel and Stata is helpful
  •     enjoy empirical economic research and the implementation of experiments
  •     Interest in the digitisation of financial services
Stockphoto, Uncle Sam

The professorship strives for a pleasant working atmosphere. Student assistants are given the opportunity to learn new knowledge and skills.

If you are motivated and looking for a challenge besides your studies, please send your usual documents (cover letter, CV, list of grades, high school diploma) to hornufprotect me ?!uni-bremen.de. Applications are possible on an ongoing basis and will be considered upon receipt. I look forward to receiving your application.

If you have any questions, please feel free to contact me at any time.

Cover CESifo Working Paper No. 7962

New working paper on Initial Coin Offerings, Information Disclosure, and Fraud

 

The research work by Lars Hornuf and Theresa Kück in collaboration with Armin Schwienbacher (SKEMA Business School) on "Initial Coin Offerings, Information Disclosure, and Fraud" is now available as a working paper. In their work, they come to the conclusion that in some cases with ICOs, disclosure on the Github platform is not a good idea. In addition, Gary Becker was right that stealing only makes sense when it comes to substantial amounts of money.

Abstract of the working paper:

We study the extent of fraud in initial coin offerings (ICOs), and whether information disclosure prior to the issuance predicts fraud. We document different types of fraud, and that fraudulent ICOs are on average much larger than the sample average. Issuers that disclose their code on GitHub are more likely to be targeted by phishing and hacker activities, which suggests that there are risks related to disclosing the code. Generally, we find it extremely difficult to predict fraud with the information available at the time of issuance. This calls for the need to install a third-party that certifies the quality of the issuers, such as specialized platforms, or the engagement of institutional investors and venture capital funds that can perform a due diligence and thus verify the quality of the project.

You can find the CESifo Working Paper No. 7962 here.

Prof. Hornuf mit Studenten auf der Fintech Week

Students from the University Bremen at Fintech Week

Students learn first-hand at Fintech Week, what German fintech companies were planning in the future.

On Thursday, November 7th, 2019, the five best students from the Fintech project module of Prof. Dr. Lars Hornuf attended Fintech Week in Hamburg. As part of the project module, the students analyze the business models of German and international fintech companies with regard to the competitiveness of their services, technology, and the regulatory and market environment. Many of the founders were present at Fintech Week, so that the students were able to get direct information about the strengths and weaknesses of the FinTechs. The conference students waived the conference fee of around EUR 900 each from the organizer. After a short lecture, Prof. Dr. Lars Hornuf participated in a panel discussion on “Regulators to the rescue - what fears and interests do regulators have to reconcile?” With Stefan Krautkrämer (FinTecSystems), Brian Reaves (Factris), Tanja Aschenbeck (Osborne Clarke) and Clas Beese (finletter) part.

Prof. Dr. Lars Hornuf at the FinForward conference in Hamburg

On 7th November Prof. Dr. Lars Hornuf will be speaking at the FinForward conference, which is part of the biggest German fintech event: FintechWeek. This year’s conference topic is “Don't Be Afraid Of German Angst”. Lars Hornuf will be talking about “Regulators to the rescue – what fears and interests do regulators have to reconcile?” Topics to be discussed are: What fears specifically drive German regulatory practices? How does this affect the attractiveness of Germany as a market? Is Germany likely to follow the examples of places like London and Lithuania in starting a sandbox for new business models to be tested in? How can we ensure that we fuel European innovation, rather than simply regulating imports from the US and China? Will Libra prompt a harmonisation of international regulations by forcing a joint response from national regulators? For more information see finforward.eu This year five students from his FiRSt teaching project “Financial Technology” will join him in Hamburg.

Lecture by Prof. Dr. Lars Hornuf at the 2nd FinTech Meetup at the Strascheg Center for Entrepreneurship (SCE) in Munich

On Thursday, October 24, 2019, Prof. Dr. Lars Hornuf at the 2nd FinTech Meetup on „Veränderung der Finanzwelt: Bitcoin, Libra und staatliche Kryptowährungen“. The conference was organized by the Strascheg Center for Entrepreneurship at Munich University of Applied Sciences.

2nd Fintech Meetup, SCE

 

Other speakers included Prof. Dr. h.c. Falk F. Strascheg (SCE founder), Prof. Dr. Stefan Mittnik (LMU Munich), Oliver Fusswinkel (BaFin) and Bert Schuiling (Wirecard). The contents of the lecture were among others published in an article that recently appeared on the ifo Schnelldienst.

Lecture by Theresa Kück at the European Alternative Finance Research Conference on "Initial Coin Offerings, Information Disclosure, and Fraud"

On Tuesday, October 15, 2019, Diginomics doctoral student Theresa Kück gave a lecture at the European Alternative Finance Research Conference on her working paper "Initial Coin Offerings, Information Disclosure, and Fraud", on which she is working together with Lars Hornuf (also Diginomics) and Armin Schwienbacher from SKEMA Business School. The conference is organized by the European Center for Alternative Finance (ECAF) at Utrecht University. The theme of this year's conference was "New forms of alternative finance for Small and Medium sized Enterprises". In addition to lectures on initial coin offerings, papers on crowdfunding and FinTech topics were also presented.

Do judges hate speculators?

People often express negative feelings towards speculators, who may have intensified since the recent financial crisis, when taxpayers' money was used to rescue financial institutions. In a lab-in-the-field experiment, Prof. Dr. Lars Hornuf and the jurist Prof. Dr. Lars Klöhn from the HU Berlin are investigating whether judges have a negative attitude towards speculators, which could affect their professional decision-making. They first interviewed 123 lawyers and 247 law students in Germany, who predicted that the judges would be biased against speculators in the experiment. However, in the actual experiment, 185 judges showed no such bias. In another experiment among 170 professional lawyers, however, they found a weak indication of bias towards speculators. The results suggest that an independent audience perceives unbiased judgments as biased. While literature usually indicates that there is a communication problem between lawyers and non-lawyers - i.e. between judges and the public - the authors note that this problem can also exist within the legal community. The publication on the experiments can be found here.

Logo "Law, Finance and Technology"

Professor Hornuf speaks at the Law Finance and Technology Lunchtime Workshop at the Universität Hamburg

On Thursday, December 5, 2019, Professor Lars Hornuf will present the topic "Are Equity Crowdfunding Investors Active Investors?" at the LFT Lunchtime Workshop. The event will take place from 12:30 to 13:30 in WiWi Bunker Room 1083a at the University of Hamburg. The event will be based on one of professor Hornuf recent working papers: "It is often assumed that entrepreneurs retain more control of their venture when they opt for equity crowdfunding as compared to venture capital, notably because crowd investors are passive. We study whether crowd investors are indeed passive by analysing the cash flow and control rights crowd investors receive in equity crowdfunding in Germany where more flexible contracts are offered than in many other countries. We document that in Germany, many of the rights used in venture capital investment contracts are also used in equity crowdfunding contracts. We find that crowd investors are asked to pay higher prices if they receive more cash flow and exit rights consistent with the fact that these rights are valuable to the crowd. However, these rights have no meaningful economic impact since they do not affect campaign outcome the likelihood of securing follow-on funding nor the likelihood of liquidation of the venture. These results are inconsistent with control rights theory that predicts positive impacts and is in contrast with results documented for venture capital contracts. Rather, our results suggest that crowd investors are passive investors whose control rights are ineffective or not exercised.“

Further information can be found here: https://www.jura.uni-hamburg.de/forschung/institute-forschungsstellen-und-zentren/institut-recht-oekonomik/news-und-events/lft/news-lft/2019-12-05.html

BreLab, Prüfungsraum der Derivatehändlerprüfung

Certified Derivatives Trader

Theresa Kück has successfully completed the examination as "Certified Derivatives Trader (Eurex)" of Deutsche Börse AG. The exam was offered for the first time this year at the University of Bremen and was successfully passed by six participants.

Further information can be found in the press release of the University of Bremen.

Call for Papers - 7th Crowdinvesting Symposium

This year’s Crowdinvesting Symposium will take place at the Humboldt University in Berlin / Germany. Researchers in the fields of economics, business administration, innovation and law are encouraged to submit a paper. Several workshops provide scholars with the opportunity to present their research on topics related to the emerging field of FinTech and to get feedback from fellow researchers. As this year’s keynote speaker, we welcome Professor Mingfeng Lin, who is an Associate Professor at the Scheller College of Business – Georgia Institute of Technology. In his keynote speech he will speak about :

Challenges in Crowdfunding & Crowdfunding Research

We cooperate with the guest editors of the special issue on "Digital Technologies and the Changing Entrepreneurial Finance Landscape“ that will appear in Technological Forecasting and Social Change.

Keynote Speech: Mingfeng Lin

We invite submissions on the following fields of research:

  • Blockchain and ICOs
  • Reward-based and equity crowdfunding
  • Social trading and robo advice
  • Personal financial management
  • Innovative forms of entrepreneurial finance

Please send your paper or extended abstract to

crowdinvesting-symposium@uni-bremen.de by September 15, 2019. 

Authors will be informed of the outcome of their submission by September 30, 2019. There is no workshop fee and there will be a conference dinner.

Call for Paper

We are looking for a student assistant

The Professorship of Business Administration, especially Financial Services and Financial Technology, investigates research questions with regard to the digitalization of financial markets and financial services. A special focus lies on FinTech and in particular Crowdfunding. We apply state-of-the-art empirical and experimental research methods. Besides regular teaching obligations, scientific research, and presentation at international conferences, the professorship is also active in policy consulting for federal ministries and supranational institutions.

For the research projects and administrative tasks of the professorship, we are looking for a student assistant (5 hours per week) starting in the winter semester 2019/2020. Problem solvers with the following skills sought!

  • A very high willingness to learn
  • Excellent grades
  • Experience with research and administrative tasks
  • Knowledge in dealing with MS Office applications (especially Excel)
  • Knowledge in empirical and experimental economic research
  • Organizational skill
Aufmerksame Zuhörer in einem Seminarraum.

    The professorship strives for a good work environment. Student assistants are given the opportunity to learn new knowledge and skills.

    If you are intrinsically motivated and looking for a challenge besides your studies, please send your usual documents (cover letter, curriculum vitae, list of grades, school diploma) to hornufprotect me ?!uni-bremenprotect me ?!.de. Applications are possible on an ongoing basis and will be considered upon receipt.

    We look forward to receiving your application

     

    Call for Papers - Crowdworking Symposium "Understanding Digital Labor Markets"

    This year the DFG supported research project Crowdsourcing as a New Form of Organizing Labor Relations organizes the first Crowdworking Symposium, which will take place at the University of Bremen / Germany. Researchers in the fields of economics, business administration, information systems, innovation and law are encouraged to submit a paper. Several workshops provide scholars with the opportunity to present their academic research on topics related to the emerging fields of crowdsourcing, crowd work, cloud work, gig work, online freelancing, and other forms of on-demand labor. Presenters will receive valuable feedback from fellow researchers. As this year’s keynote speaker, we welcome Jan Marco Leimeister, who is a professor of information systems and director of the Institute for Information Management at the University of St. Gallen. In his keynote speech, he will talk about:

    Understanding a New Type of Digital Labor: How the Nature of Work Affects Satisfaction and Identification Among Crowd Workers

    Keynote Speech: Jan Marco Leimeister

    We invite submissions related to:
    • Characteristics of crowd workers
    • Platform design and competition
    • Regulation of digital labor markets
    • Online reputation mechanisms
    • Opportunities and risks of digital labor


    Please send your paper or extended abstract to
    crowdworking@uni-bremen.de by May 15, 2019.


    Authors will be informed about the outcome of their submission by May 30, 2019. There is a workshop fee of 100 €, which will cover the conference dinner in a local restaurant on July 4, 2019 as well as beverages and food at the conference venue. We are looking forward to interesting papers and an exciting academic workshop.

    Conference Poster

    Conference Program

    Post-exam review "Finanzwirtschaft" on 22.8.2019

    Dear students

    you can review your exam Finanzwirtschaft on Thursday, 22 August.

    If you would like to sign up for the review, please send me an informal e-mail with your name and matriculation number by 15 August (to kihi@uni-bremen.de). Students who are not registered will not have be able to review their exams. Please note that the exams will be available under examination conditions and that you will not receive any solutions for the exam.

    If you are unable to personally attend the review, a fellow student can do so on your behalf – for that he/she has do bring an authorization and a copy of your identity card with him/her to the review. Please bring a photo ID as well as your student ID with you.

    We wish you a nice exam-free time!

    Digital financial actors: Data protection still defective despite GDPR

    A study involving the economist Lars Hornuf from the University of Bremen has investigated the state of data protection of German FinTech companies. The results show that the handling of user data has even deteriorated in many cases since the General Data Protection Regulation (GDPR) was implemented. Most frequently, consumers are still hardly able to understand how their data is processed.

    Download study

    Press release

    Post-exam review "Finanzwirtschaft"

    Donnerstag, 08. März 2018

    The post-exam review for the Bachelor Module Finanzwirtschaft will take place on Tuesday, 27 March, at Wilhelm-Herbst-Straße 5, Room 1.14 from 2 pm to 5 pm.

    Students who would like to take part in the exam review must send an informal e-mail to Kirsten Hillebrand (kihi@uni-bremen.de) by Sunday, 25 March, stating their name and matriculation number. The main purpose of the exam review is to identify and learn from mistakes. The content and solutions to the exam will not be discussed. Please bring a photo ID with you.

    Note: Students who have correctly calculated the net present value of the simple robot in task 2 for both subtasks, as well as students who have correctly indicated the net present value of the simple and the versatile robot, will receive the full credit.

    New essay on equity crowdfunding campaigns

    Lars Hornuf, his current PhD student Eliza Stenzhorn and his former PhD student Matthias Schmitt have published a new paper on follow-up financing and default probabilities after an equity crowdfunding campaign. The paper shows that German companies are more likely to be financed by business angels or venture capital firms after an equity crowdfunding campaign. At the same time, the probability of default in Germany is also significantly higher than in the UK. The success of a company is mainly influenced by the size of the founding team and less by the number of patents applied for or granted. The article was published in the Corporate Governance: An International Review and can be downloaded here: https://doi.org/10.1111/c

    Eine Person bedient ein Tablet.

    Workshop on digital change

    A workshop on online platforms took place on 16 and 17 November 2018 as part of the "Worlds of Contradiction" joint research initiative. At the invitation of Prof. Dr. Benedikt Buchner, Prof. Dr. Sebastian Kolbe, Prof. Dr. Ursula Rust (FB 6) and Prof. Dr. Lars Hornuf (FB 7), researchers discussed the consequences of platform economics for work environments, the economy, and society in an interdisciplinary perspective together with external experts and interested parties at the University of Bremen.  The participants gained insight into current research projects through speakers from the Universities of Bielefeld and Paderborn as well as the Leuphana University of Lüneburg. A clear need for interdisciplinary cooperation between the humanities, law, social and technology sciences was identified in order to find appropriate answers to the challenges of digital change.

    The event is intended as an introduction to future research initiatives and collaborations.

    KARL, the ecobot, was awarded second place at CAMPUSiDEEN

    Yesterday evening, the award ceremony for BRIDGE's CAMPUSiDEEN 2018 took place at Haus Schütting: 13 finalists, 15,000 euros and 130 visitors. Our doctoral student Kirsten Hillebrand and her team not only made it to the finalists with their project "KARL, the Ecobot", they also were awarded second place in the Business Ideas category and won 1,500 euros.

    KARL is a chatbot that helps its users to behave more environmentally friendly in everyday life by sending them personalized information (www.klimakarl.de@karlundfreunde).