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


WiWi2, Max-von-Laue-Straße 1,

28359, Bremen

4th Floor, Room 4280

+49 (0)421 218 - 66 820



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 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:

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 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

    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 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 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 ( 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:

    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 (