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Faculty of Business Studies and Economics: Chair for Business Administration, in particular Financial Services and Financial Technology
Practice Transfer
To list view Team
Prof. Dr. Lars Hornuf
Dr. Sonja Mangold
Sina Häusler
Valeriia Khlopchyk
Eliza Stenzhorn
Gül Yüksel
Daniel Vrankar
Finance Research Seminar
Organized Conferences
Crowdinvesting Symposium
1st Crowdworking Symposium
AI-Workshop & inaugural lecture
To list view Teaching
To list view Practice Transfer
Certified Derivatives Trader (Eurex)
A chatbot for climate protection
Chair for Business Administration, in particular Financial Services and Financial Technology
© Marten Laudi
Marten Laudi at the Finance Research Seminar
Time: 24 January 2023, 12:00 pm, F4090
Speaker: Marten Laudi, Maastricht University
Title: Do Financial Advisors Charge Sustainable Investors a Premium?
Marten Laudi of Maastricht University will give a talk on "Do Financial Advisors Charge Sustainable Investors a Premium?" during the upcoming Finance Research Seminar.
© Dominik Gutt
Dr. Dominik Gutt at the Finance Research Seminar
Speaker: Dr. Dominik Gutt, Rotterdam School of Management, Erasmus University
Title: Do Non-Fungible Tokens (NFTs) Affect Prices of Physical Products? Evidence from Trading Card Collectibles
Dr. Dominik Gutt of Rotterdam School of Management will give a talk on "Do Non-Fungible Tokens (NFTs) Affect Prices of Physical Products? Evidence from Trading Card Collectibles" during the upcoming Finance Research Seminar.
Sina Häusler at the Diginomics Brownbag Seminar
Sina Häusler of the University of Bremen will give a talk on "The Right of Access to Personal Data Are Employees Sufficiently Protected?" during the upcoming Diginomics Brownbag Seminar.
Time: 21 December 2022, 12 pm, F4090
Speaker: Sina Häusler, University of Bremen
Title: The Right of Access to Personal Data Are Employees Sufficiently Protected?
Gül Yüksel as speaker at the SFiC Annual Conference in Dubai
On Saturday, November 26th, Gül Yüksel presented the working paper "The Performance of Socially Responsible Investments: A Meta-Analysis" at the SFiC - Sustainable Financial Innovation Research Centre Annual Conference at the University of Birmingham Dubai. The paper is joint work with Professor Lars Hornuf.
In the article, the authors use a meta-analysis to examine the performance of socially responsible investing (SRI). After a thorough literature search, the authors review 153 empirical studies containing 1,047 observations of SRI performance. The authors find that, on average, SRI neither outperforms nor underperforms the market portfolio. However, in line with modern portfolio theory, the authors find that global SRI portfolios outperform regional sub-portfolios. Moreover, high-quality publications, publications in finance journals, and authors who publish more frequently on SRI are all less likely to report SRI outperformance. In particular, the authors find that including more factors in a capital market model reduces the likelihood that a study will find SRI outperformance. These findings have important implications for the policy evaluation of environmental, social, and governance goals in general, the asset management literature in particular, and the perspective of different scientific disciplines.
The article is available here.
As part of the master's seminar "Social Entrepreneurship, good corporate governance, sustainable investment" held by Dr. Sonja Mangold, talks on current topics take place. All interested are welcome.
On Tuesday, November 1, 2022, Julia Twachtmann (Co-Founder Simply Impact) will give a lecture on social entrepreneurship.
On Tuesday, November 8, 2022, Lisa Buschan (Sustainability Manager, WFB Bremen) will give a lecture on "Green Myths: Mistakes and False Trends in Sustainability". In a way, doing business sustainably is good for everyone - we all know that much by now. The terms "organic", "eco" and "sustainable" have been on everyone's lips for a long time and unfortunately quickly become empty words. But what exactly is hidden behind these frequently heard terms? When is real sustainability behind it and when do companies just play with these trendy words? In her lecture, Lisa Buschan shows how you can recognize "greenwashing" and at the same time clear up some sustainability myths. You will also receive some tips on how you can recognize more quickly in everyday life when it is "more green light than reality".
On Tuesday, November 15, 2022, Martin Schulze (RKW Bremen GmbH) will give a talk on the practical problems and challenges of implementing CSR and the UN sustainability goals in companies.
On Tuesday, January 17, 2022, Tanja Engel (Co-Founder, weserholz Social design Studio) will give a lecture on the challenges of founding social startups.
The lectures followed by a discussion will take place from 2:15 p.m. to 3 p.m. in the WiWi 1 building, room 1070, Max- von Laue-Str.1, 28359 Bremen.
Professor Lars Hornuf as speaker at the 6th European Alternative Finance Research Conference
On October 6, Professor Lars Hornuf presented his research project Social Media Marketing for Equity Crowdfunding: Which Posts Trigger Investment Decisions? at the 6th European Alternative Finance Research Conference in Utrecht.
Based on 26,883 investment decisions, the authors Maik Eisenbeiß, Sven Hartmann and Lars Hornuf examine the influence of social media marketing on the participation of investors in equity crowdfunding. They distinguish between different types of informative and persuasive posts on Facebook and Twitter. Informative posts provide investors with information about the crowdfunding campaign; persuasive posts do not, but rather aim to directly influence an investor's decision-making process. They find that both types of posts have a positive impact on the number of investments. However, persuasive posts also increase the amount of an investment if they contain a statement about the previous investment success of the campaign and signal to the crowd that they are not investing alone.
Gül Yüksel as a visiting doctoral student at Tilburg University
In October 2022, Gül Yüksel will visit the Department of Finance at Tilburg University. The research stay is aimed at an intensive exchange with researchers from the Finance Department. The Faculty of Economics at Tilburg University is one of the leading faculties in Europe.
© IFABS
Gül Yüksel as speaker at the IFABS conference in Naples
On Friday, September 9th, Gül Yüksel presented the working paper "The Performance of Socially Responsible Investments: A Meta-Analysis" at the IFABS-International Finance and Banking Society Annual Meeting at the University of Naples Federico II. The paper is joint work with Professor Lars Hornuf.
© Daniel Vrankar
Speech by Prime Minister Élisabeth Borne at the IAC
Daniel Vrankar at the IAC 2022 in Paris
From 18.09.2022-22.09.2022 Daniel Vrankar attended the 73rd International Astronautical Congress in Paris. With over 6000 attendees, the IAC is one of the largest space congresses in the world. Some may remember the name IAC from 2018, when the IAC took place in Bremen. Besides the fair-like booths of the major space agencies and companies, the so-called technical sessions are the real highlight, where the latest research in the field of manned and unmanned spaceflight is presented.
In one such session, Dr. Christiane Heinicke presented the paper "An Airlock Concept To Limit The Biological Contamination Of Mars During A Human Exploration Mission", which was written in collaboration with Dr. Cyprien Verseux and Daniel Vrankar. An abstract can be downloaded from the following site: iafastro.directory/iac/paper/id/72304/summary/.
The trip was made possible by the Humans on Mars Initiative, which Daniel Vrankar represented along with PhD student Ksenia Appelganc as part of the Bremen booth at the IAC.
© Business & Information Systems Engineering
New Publication in Business & Information Systems Engineering
Professor Dr. Lars Hornuf, in collaboration with his PhD student Daniel Vrankar, has published a new paper titled "Hourly Wages in Crowdworking: A Meta-Analysis" in the journal Business & Information Systems Engineering.
In their analysis, based on 22 empirical studies and over 75000 data points from 22 platforms, the authors identify an average wage of less than $6 per hour in the microtasking sector. Even though hourly wages in online freelancing are on average three times higher, the authors point out that many studies do not take unpaid work into account. Searching for tasks in particular, but also communicating with clients, makes up a significant part of the overall working hours of online crowdworkers. This leads to distorted average hourly incomes, especially on platforms with a compensation per completed task instead of fixed hourly wages. Researchers should therefore use a correction factor for unpaid work, if an accurate recording of unpaid work is not possible. This also gives legislators a more realistic picture of wages in crowdworking, which is needed in the context of current regulatory debates.
The full article can be accessed here.
Post-exam review "Finanzderivate und Optionen" 16.09.2022, 9:00-14:00
the post-exam review for the module "Finanzderivate und Optionen" will take place on Friday, 16.09.2022, from 9:00-14:00.
If you would like to participate, please contact Mr. Vrankar(vrankarprotect me ?!uni-bremenprotect me ?!.de) by Monday, 12.09.2022, in an informal e-mail containing your name and matriculation number.
© Sina Häusler
Science podcast:
Data protection and data sovereignty
For this year's conference platform LABOR.A of the Hans Böckler Foundation on the topic of "Good Work in the Transformation", the Chair of Business Administration, in particular Financial Services and Financial Technology, has created a science podcast on the topic of data protection and data sovereignty in the digital world of work.
Within this framework, Sina Häusler, Lars Hornuf and Sonja Mangold have conceived three episodes:
The first episode, hosted by Sina Häusler, deals with the opportunities and risks of data-driven business models in the digital world of work.
The invited experts are:
Dr. Imke Sommer (Daten Protection Officer in the state of Bremen) and Prof. Dr. Dirk Heckmann (TU Munich).
In the second episode, Sina Häusler discusses the social credit system in China with her guests.
Dr. Andreas Kowallik (tax consultant) and Prof. Dr. Denis-Kenji Kipker (University of Bremen and University of Applied Sciences Bremen).
Thelast episode, moderated by Sonja Mangold, deals with the necessary legal development of employment data protection in the digitalization.
Prof. Dr. Anne Riechert (Frankfurt University of Applied Sciences) and Tim Wybitul (attorney and partner at Lathm and Wattkins).
Available only in German on:
Soundcloud.com: soundcloud.com/wissenschaftspodcast
Spotify: open.spotify.com/show/526gxLwQjDljpatEw3mrZ4
© Eliza Stenzhorn; Keynote Lecture by Prof. Jean Tirole (Toulouse School of Economics), Nobel Prize Winner in Economic Sciences
Eliza Stenzhorn as speaker at the 16th International Conference on Competition a and Regulation
Today Eliza Stenzhorn presents her research project Lock-In Effects in Online Labor Markets at the 16th International Conference on Competition and Regulation (CRESSE). The conference is considered one of the world's leading conferences in the field of competition and regulatory policy.
Online platforms that implement reputation mechanisms to facilitate transactions and build trust in the market usually prevent the transfer of ratings to other platforms, leading to lock-in effects and high switching costs for users. This situation can be capitalized by platforms, for example, by charging higher fees to their users. In this paper, the authors theoretically and experimentally investigate the effects of platform pricing on workers' switching behavior in online labor markets and analyze whether a policy regime with reputation portability could mitigate lock-in effects and reduce the likelihood of worker capitalization by the platform. The authors further examine switching motives more thoroughly and differentiate between monetary motives and fairness preferences. Theoretically, they show the existence of switching costs faced by workers if reputation mechanisms are platform-specific. The model predicts that reputation portability lowers switching costs, eliminating the possibility for platforms to capitalize lock-in effects. The authors test their predictions using an online lab-in-the-field experiment. The results are in line with the model and suggest that the absence of reputation portability leads to worker lock-in, which can be capitalized by platforms. Moreover, reputation portability has a positive impact on the wages of highly rated workers. The data further show that the switching of workers is primarily driven by monetary motives, but perceiving the fee as unfair also plays a significant role. Finally, the authors find that workers lower their effort levels after a fee is introduced.
Lisa-Marie Seyfried at the Diginomics Brownbag Seminar
Time: 6 July 2022, 12 pm, A1100
Speaker: Lisa-Marie Seyfried, University of Bremen, Diginomics Research Group
Title: (Artificial) Empathy in Digital Communication
Lisa-Marie Seyfried of the University of Bremen, will give a talk on "(Artificial) Empathy in Digital Communication " during the upcoming Diginomics Brownbag Seminar.
© Angelika Löffler
Dr. Sonja Mangold at the conference "Law, Technology and Labour"
On Friday, July 1. 2022, Dr. Sonja Mangold will give a lecture on "Data Privacy and Crowd Work in Global Perspectives" at the international conference "Law, Technology and Labour" in Bertinoro (Italy).
The conference is organized by the University of Bologna as part of the Jean Monnet Module "EULA – EU Law for Algorithm", in collaboration with the Curtin Law School (Australia).
The conference is aimed at promoting an international debate on the societal impact of new technologies and algorithms. Particular attention is paid to challenges and implications for labour law and private law.
Charlotte Pietschmann at the Diginomics Brownbag Seminar
Time: 22 June 2022, 12:00 pm, A1100
Speaker: Charlotte Pietschmann, Diginomics Research Group, University of Bremen
Title: Self-Quantification: Definition, Evolution and Perspectives
Charlotte Pietschmann of the University of Bremen, will give a talk on "Self-Quantification: Definition, Evolution and Perspectives" during the upcoming Diginomics Brownbag Seminar.
Daniel Metko at the Diginomics Brownbag Seminar
Time: 8 June 2022, 12:00 pm, A1100
Speaker: Daniel Metko, University of Bremen, Diginomics Research Group
Title: Machine Learning Goes Global: Cross-Sectional Return Predictability in International Stock Markets
Daniel Metko of the University of Bremen, will give a talk on "Machine Learning Goes Global: Cross-Sectional Return Predictability in International Stock Markets" during the upcoming Diginomics Brownbag Seminar.
© Jean-Victor Alipour
Jean-Victor Alipour at the Diginomics Brownbag Seminar
Time: 1 June 2022, 12:00 pm, via Zoom
Speaker: Jean-Victor Alipour, ifo Institut – Leibniz-Institut für Wirtschaftsforschung
Title: The Future of Remote Work – What We Can Learn From Job Postings
Jean-Victor Alipour of ifo Institut – Leibniz-Institut für Wirtschaftsforschung, will give a talk on "The Future of Remote Work – What We Can Learn From Job Postings" during the upcoming Diginomics Brownbag Seminar.
If you are interested in participating, please send an email to diginomicsprotect me ?!uni-bremenprotect me ?!.de.
© Harald Rehling/Universität Bremen
Olga Masyutina at the Diginomics Brownbag Seminar
Time: 25 May 2022, 12:00 pm, A1100
Speaker: Olga Masyutina, University of Bremen, Diginomics Research Group
Title: What Determines Public Support for Big Data Governance Solutions? Experimental Evidence from Russia
Olga Masyutina of the University of Bremen will give a talk on "What Determines Public Support for Big Data Governance Solutions? Experimental Evidence from Russia" during the upcoming Diginomics Brownbag Seminar.
© CAPinside
Prof. Dr. Lars Hornuf at the CAPinside Panel Cryptoassets
On Thursday, May 12, Prof. Dr. Lars Hornuf spoke at the CAPisinde Panel Kryptoassets, moderated by Christian Röhl. Central questions of the panel discussion were the current trends in cryptoassets and how investors can benefit from them. In addition, the panel looked at how cryptoassets can be integrated into a portfolio structure and whether cryptocurrencies are suitable for hedging against the fiat money system or whether it is just a system of digital tulip bulbs. In doing so, the panel of experts will describe their experiences and knowledge from a personal as well as their own entrepreneurial perspective and critically discuss the relevance of the topic.
Other speakers in the panel discussion included Maximilian Lautenschläger (Supervisory Board and Co Founder, Iconic Holding), Daniel Andemeskel (Head of Innovation, Union Investment) and Jan Kühne (Coinbase).
Prof. Dr. Alessandro Acquisti at the Diginomics Brownbag Seminar
Time: 18 May 2022, 4:00 pm, via Zoom
Speaker: Prof. Dr. Alessandro Acquisti, Heinz College at Carnegie Mellon University
Title: Behavioral Advertising and Consumer Welfare: An Empirical Investigation
Prof. Dr. Alessandro Acquisti of Heinz College at Carnegie Mellon University will give a talk on "Behavioral Advertising and Consumer Welfare: An Empirical Investigation" during the upcoming Diginomics Brownbag Seminar.
David Karpa at the Diginomics Brownbag Seminar
Speaker: David Karpa, University of Bremen, Diginomics Research Group
Title: Artificial Intelligence, Surveillance and Behavior
David Karpa of the University of Bremen will give a talk on " Artificial Intelligence, Surveillance and Behavior" during the upcoming Diginomics Brownbag Seminar.
Leon Marquardt at the Diginomics Brownbag Seminar
Time: 27 April 2022, 12:00 pm, A1100
Speaker: Leon Marquardt, University of Bremen, Diginomics Research Group
Title: Expanding Entrepreneurial Ecosystem Boundaries with Digital Architecture: A Resource Perspective
Leon Marquardt of the University of Bremen will give a talk on "Expanding Entrepreneurial Ecosystem Boundaries with Digital Architecture: A Resource Perspective" during the upcoming Diginomics Brownbag Seminar.
© Ben Mullins on Unsplash
Post-exam review "Finanzwirtschaft" 27.04.2022, 14:45
The post exam review "Finanzwirtschaft" will take place on Wednesday, 27 April.
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.yuekselprotect me ?!uni-bremenprotect me ?!.de) by 26 April (12 pm).
© Matej Meza
Eliza Stenzhorn at the Diginomics Brownbag Seminar
Time: 2 February 2021, 12:00 pm, via Zoom
Speaker: Eliza Stenzhorn, University of Bremen
Title: Reputation Portability and Platform Competition
Eliza Stenzhorn of the University of Bremen, will give a talk on "Reputation Portability and Platform Competition" during the upcoming Diginomics Brownbag Seminar.
If you are interested in participating, please send an email to diginomicsprotect me ?!uni-bremenprotect me ?!.de or rgdnews@uni-bremen.de to receive the Zoom meeting-room ID and password.
© Marc Thürbach
Jun.-Prof. Dr. Tom Zimmermann at the Finance Research Seminar
Time: 25 January 2022, 12:00 pm, via Zoom
Speaker: Jun.-Prof. Dr. Tom Zimmermann, University of Cologne
Title: Open source cross-sectional asset pricing
Jun.-Prof. Dr. Tom Zimmermann of the University of Cologne will give a talk on "Open source cross-sectional asset pricing " 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.
Prof. Dr. Lars Hornuf at the Diginomics Brownbag Seminar
Speaker: Prof. Dr. Lars Hornuf, University of Bremen, Diginomics Research Group
Title: Do Retail Investors Value Environmental Impact? A Lab-in-The-Field Experiment with Crowdfunders
Prof. Dr. Lars Hornuf, member of the Diginomics Research Group at the University of Bremen will give a talk on "Do Retail Investors Value Environmental Impact? A Lab-in-The-Field Experiment with Crowdfunders" 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.
Time: 22 December 2021, 12:00 pm, via Zoom
Title: The Relevance of Accounting Information and the Cross-Section of Equity Market Returns
Daniel Metko of the University of Bremen, will give a talk on " The Relevance of Accounting Information and the Cross-Section of Equity Market Returns" during the upcoming Diginomics Brownbag Seminar.
Prof. Dr. Michael Rochlitz at the Diginomics Brownbag Seminar
Time: 8 December 2021, 12:00 pm, via Zoom
Speaker: Prof. Dr. Michael Rochlitz, University of Bremen, Diginomics Reaseach Group
Title: Artificial Intelligence, Surveillance, and Big Data
Prof. Dr. Michael Rochlitz of the University of Bremen, will give a talk on "Artificial Intelligence, Surveillance, and Big Data" during the upcoming Diginomics Brownbag Seminar.
As part of the master seminar "Social Entrepreneurship, Good Corporate Governance, Sustainable Investment", that is being held by Dr. Sonja Mangold, there will be talk. All interested parties are very welcome.
On Monday, December 13th, 2021 Daniel Pfeffer will give a keynote speech on Corporate Social Responsibility and Digitization. Mr. Pfeffer is the authorized representative for corporate development at HEAG Holding AG, which was awarded the CSR Prize 2020 (special category "digitization") from the federal government.
The talks will take place from 2:15 to 2:45 p.m. via Zoom. This is followed by a round of questions and a discussion (approx. 15 minutes).
If you are interested in participating, please send an email to genssler@uni-bremen.de
© CEFGroup
Professor Lars Hornuf as speaker at the 2nd CEFGroup Climate Finance Symposium at Otago Business School
Today Professor Lars Hornuf presents his research project Do Retail Investors Value Environmental Impact? at the 2nd CEFGroup Climate Finance Symposium at Otago Business School.
Are investors willing to give up a higher return if the investment generates positive environmental impact? Lars Hornuf and his co-author Christoph Siemroth from the University of Essex investigate this question with a decision experiment among crowdfunders, in which they choose between a higher return or environmental impact. Overall, 65% of investors choose environmental impact at the expense of a higher return for sufficiently large impact, 14% choose impact independent of the magnitude of impact, while 21% choose the higher return independent of impact. Combining the experimental data with historical investments, the authors find that investors allocate a larger share of funds to green projects if they value environmental impact more, and if they expect green projects to be more profitable. These findings suggest that investors have a preference for positive environmental impact, and satisfy it by investing in green projects. The authors further show that the preference for environmental impact is distinct from a preference for positive social impact. Finally, the authors introduce new survey measures of impact for future use, which are experimentally validated and predict field behavior.
Professor Lars Hornuf Speaker at the Bundesbank Conference "Fintech and its Impact on Central Banking"
Today Professor Lars Hornuf will give a lecture with the title "Overview of the German Fintech Landscape Break" at the Bundesbank conference "Fintech and its Impact on Central Banking." Among others he summarizes the research findings from several current publications, including:
Dorfleitner, Gregor and Lars Hornuf (2021): Marktüberblick, in: Thorsten Voß (Hrsg.): Recht der FinTechs, Berlin.
Haddad, Christian and Lars Hornuf (2021): The Impact of Fintech Startups on Financial Institutions' Performance and Default Risk, CESifo Working Paper Series No. 9050. SSRN.
Hornuf, Lars, Todor Lohwasser, Milan Klus and Armin Schwienbacher (2020): How Do Banks Interact with Fintechs?, Small Business Economics, forthcoming. Download.
Dorfleitner, Gregor, Lars Hornuf and Julia Kreppmeier (2021): Promise Not Fulfilled: FinTech, Data Privacy, and the GDPR, Working Paper. SSRN.
As part of the master's seminar "Social Entrepreneurship, Good Corporate Governance, Sustainable Investment", which was presented by Dr. Sonja Mangold is being held, another lecture will take place. All interested parties are very welcome.
On Monday, November 29th, 2021, Céline Rohlfsen (Co-Founder Simply Impact) will give insights into the motivation and challenges of starting a social enterprise.
The lecture will take place from 2:15 p.m. to 2:45 p.m. via Zoom. This is followed by a round of questions and a discussion (approx. 15 minutes).
If you are interested in participating, please send an email to gensslerprotect me ?!uni-bremenprotect me ?!.de.
Post-exam review "Finanzwirtschaft" WT 2020/21 & ST 2021 10.12.2021, 16:00
The post exam review "Finanzwirtschaft" for the winter term 2020/21 and summer term 2021 will take place on Friday, 10 December in WiWi1 A1020 at 16:00.
If you would like to participate in the inspection, please send an informal e-mail with your name, matriculation number, and information of the semester of the exam (WT or ST) to Gül Yüksel (guel.yuekselprotect me ?!uni-bremenprotect me ?!.de) by 8 December.
© Laura Haverkamp
Lecture announcement
As part of the master's seminar "Social Entrepreneurship, Good Corporate Governance, Sustainable Investment", which is being held by Dr. Sonja Mangold, another talk will take place. All interested parties are very welcome.
On Monday, November 22nd 2021, Laura Haverkamp will give a talk on ways to successful social entrepreneurship. As part of the management team at Ashoka Deutschland Gmbh, Laura Haverkamp advises social entrepreneurs on setting up a company..
The presentation will take place from 2:15 pm to 2:45 pm via Zoom. It will be followed by a discussion round (approx. 15 minutes).
If you are interested in participating, please send an email to gensslerprotect me ?!uni-bremenprotect me ?!.de
© Data Guard
Professor Lars Hornuf as Speaker at the European Privacy, InfoSec & Compliance Summit
On November 17th, Professor Lars Hornuf presented his research project Promise Not Fulfilled: FinTech, Data Privacy, and the GDPR at the European Privacy, InfoSec & Compliance Summit in Munich.
This research project analyzes how the General Data Protection Regulation (GDPR) has affected the privacy practices of FinTech firms. Hornuf and his coauthors from the University of Regensburg study the content of 308 privacy statements respectively before and after the GDPR became binding. Using textual analysis methods, they find that the readability of the privacy statements has decreased. The texts of privacy statements have become longer and use more standardized language, resulting in worse user comprehension. This calls into question whether the GDPR has achieved its original goal—the protection of natural persons regarding the processing of personal data. The authors also analyze the content of privacy statements and link it to company- and industry-specific determinants. Before the GDPR became binding, more external investors and a higher legal capital were related to a higher quantity of data processed and more transparency, but not thereafter. Finally, they document mimicking behavior among industry peers with regard to the data processed and transparency.
© CESifo
New Working Paper about Lock-In Effects in Online Labor Markets
Professor Dr. Lars Hornuf has published a new working paperunder the title "Lock-In Effects in Online Labor Markets." The article emerged in collaboration with his PhD student Eliza Stenzhorn and Fabrizio Ciotti from UCLouvain.
The article reports on an investigation of the role of lock-in exploitation and the impact of reputation portability on workers' switching behaviors in online labor markets. Online platforms using reputation mechanisms typically prevent users from transferring their ratings to other platforms, inducing lock-in effects and high switching costs and leaving users vulnerable to platform exploitation. With a theoretical model, in which workers in online labor markets are locked-in by their reputational data, the authors test the effects using an online lab-in-the-field decision experiment. In addition to comparing a policy regime with and without reputation portability, they vary lock-in exploitation using platform fees to consider how switching behavior might differ according to monetary motives and fairness preferences. Theoretically, this study reveals how reputational investments can produce switching costs that platforms can exploit. Experimentally, the results suggest that reputation portability mitigates lock-in effects, making users less susceptible to lock-in exploitation. The data further show that switching is driven primarily by monetary motives, but perceiving the fee as unfair also has a significant role.
The full article can be downloaded here.
Gül Yüksel speaks at the Workshop "Sustainable finance and digitalization"
On Thursday, November 4, Gül Yüksel will present at the workshop "Sustainable finance and digitalization" the working paper "The Performance of Socially Responsible Investments: A Meta-Analysis," on which she is working together with Professor Lars Hornuf.
© Christian Hildebrand
Christian Hildebrand at the Diginomics Brownbag Seminar
Time: 3 November 2021, 12:00 pm, via Zoom
Speaker: Prof. Dr. Christian Hildebrand, University of St.Gallen
Title: Dehumanization in the IoT: Experiential Consequences of Syntactically Constricted Human-Machine Interaction
Prof. Dr. Christian Hildebrand of University of St.Gallen will give a talk on "Dehumanization in the IoT: Experiential Consequences of Syntactically Constricted Human-Machine Interaction" during the upcoming Diginomics Brownbag Seminar.
Professor Lars Hornuf as Speaker at the Workshop on "AI & FINANCE"
Today, Professor Lars Hornuf will present his research project "The Social Dilemma of Big Data" at the Workshop on "AI & FINANCE" at Goethe-University Frankfurt.
By implementing an online experiment among 1,696 US citizens together with his co-author Kirsten Hillebrand, he finds that individuals would donate their data even when at risk of getting leaked. The willingness to provide personal data depends on the risk level of a data leak but not on a realistic impact of the data on social welfare. Individuals are less willing to donate their data to the private industry than to academia or the government. Finally, individuals are not sensitive to whether the data are processed by a human-supervised or a self-learning smart assistant. The necessity to mobilize individual user data has recently become omnipresent in the context of governmental policies to fight the COVID-19 pandemic. Various countries around the world have developed and implemented tracking apps that use personal infection and location data to help control the spread of the virus and to protect public health. The research project helps to solve the social dilemma associated with donating personal data.
© CESifo Working Papers
New Publication about Disclosure Deregulation of Quarterly Reporting
Professor Dr. Lars Hornuf has published a new article in the CESifo Working Paper Series under the title "Disclosure Deregulation of Quarterly Reporting." The article emerged in collaboration with Vanessa Behrmann and Professor Dr. Jochen Zimmermann.
The authors investigate the deregulation efforts resulting from the 2015 transposition of the EU's Transparency Directive into German law and analyze whether a reduction in the minimum content requirements for quarterly reporting increases information asymmetries and decreases firm value. Using a novel dataset of firms that are listed on the Frankfurt Stock Exchange, the results reveal that over the period from 2012 to 2019, lower quarterly reporting levels on average have increased information asymmetry and reduced firm value. The authors find that this effect is stronger for second-tier stocks and firms with low media coverage. The results are robust to potential selection effects regarding firms' choice of quarterly reporting content levels.
© The Journal of Technology Transfer
New Publication in the Journal of Technology Transfer
Professor Dr. Lars Hornuf has published a new article in the Journal of Technology Transfer under the title "Are sustainability-oriented investors different? Evidence from equity crowdfunding." The article emerged in collaboration with his PhD student Eliza Stenzhorn and Dr. Tim Vintis from the University of Bremen.
The authors investigate how investors' motives affect their investment behavior in equity crowdfunding. In particular, the authors compare the investment behavior of sustainability-oriented investors with ordinary crowd investors on six leading equity crowdfunding platforms in Austria and Germany. They evidence that, according to Dorfleitner et al. (2019), default shock in equity crowdfunding usually occurs immediately after the event or when investors become insolvent more than twice. Moreover, by distinguishing between sustainability-oriented and ordinary crowd investors, the authors show that sustainability-oriented investors pledge higher amounts and invest in more campaigns. The results are consistent with the notion that sustainability-oriented investors care about nonfinancial returns because they react more negatively when they experience a default in their portfolio, suggesting that they suffer beyond pure financial loss. The findings contribute to the recent literature on equity crowdfunding, socially responsible investing, and further demonstrate how individual investment motives and personal experiences influence investment decisions.
© manasmanohar on pixabay
Professor Lars Hornuf as speaker at the European Alternative Finance Research Conference in Utrecht
On October 5th, Professor Lars Hornuf presented his research project Do Retail Investors Value Environmental Impact? at the European Alternative Finance Research Conference at Utrecht University.
© MaximeUtopix on Pixabay
Professor Lars Hornuf at the Research Seminar of SKEMA Business School in Paris
Today Professor Lars Hornuf presents his project Lock-in Effects in Online Labor Markets at the Research Seminar of the SKEMA Business School in Paris.
Together with his coauthors Fabrizio Ciotti und Eliza Stenzhorn, Professor Lars Hornuf analyzes the role of lock-in exploitation and the impact of reputation portability on workers' switching behavior in online labor markets. Online platforms using reputation mechanisms typically prevent users to transfer their ratings to other platforms. This leads to lock-in effects and high switching costs, which make users vulnerable to platform exploitation. The researchers build a theoretical model in which workers in online labor markets are locked-in because of their reputational data and test its prediction in an online lab-in-the-field decision experiment. They compare a policy regime with and without reputation portability. Furthermore, they vary lock-in exploitation with platform fees to study switching behavior based on monetary motives and fairness preferences. Theoretically, they show how reputational investments can become switching costs that platforms can exploit. Experimentally, the results suggest that reputation portability mitigates lock-in effects, making users less susceptible to lock-in exploitation. The data further show that switching is foremost driven by monetary motives, but fairness preferences also play a significant role.
© alfcermed on pixabay
Professor Lars Hornuf as speaker at the IFABS conference in Oxford
Today Professor Lars Hornuf presents his research project Do Retail Investors Value Environmental Impact? at the annual meeting of the IFABS-International Finance and Banking Society at the University of Oxford.
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Theresa Kück attends the doctoral workshop of the European Finance Association
On August 24th and 25th, Theresa Kück will attend the doctoral workshop series "New Frontiers in Finance" of the European Finance Association (EFA). The topic of this year is "FinTech – Blockchains & Cryptocurrency 2021." The aim of the workshop is to study the new FinTech area of digital currency and blockchain, to examine research into the architecture of distributed ledgers, decentralized consensus protocols, and smart contracts, as well as the governance issues connected to them.
Invited speakers are Prof. Fahed Saleh from Wake Forest University and Prof. Amin Shams from Ohio State University. Prof. David Yermack from NYU Stern School of Business is the chair of the workshop.
Prof. Dr. Lars Hornuf speaks to the Young Talent Group of the Federal Ministry for Economic Affairs and Energy
In the course of increasing digitalization, the collection, processing and analysis of data are becoming more and more a basis for technical progress and prosperity. Data has become the new "oil" of our digitized world, which enables new business models and innovations to flourish. The development of groundbreaking technologies such as autonomous vehicles is ultimately based on the availability of large amounts of data.
Valid data from users is also of central importance for the public sector for important research projects, for the promotion of start-ups or for government projects in the field of digitalization. The Covid 19 pandemic in particular has shown how important the provision of data on a voluntary basis is for the common good, for example, in order to develop a powerful Corona warning app.
But how can incentives be created so that more citizens want to voluntarily provide their data for private or public purposes? What factors are conducive to citizens' behavior of donating their data for public purposes? Which factors are more of a hindrance? Where could the state start to stimulate the voluntary donation of data by citizens for charitable purposes while maintaining data protection and thereby promoting innovation?
These and many other questions will be answered by Prof. Dr. Lars Hornuf, of the Chair of Business Administration, in particular Financial Services and Financial Technology at the University of Bremen, in a lecture at the Federal Ministry for Economic Affairs and Energy this Friday. He has agreed to discuss the topic "Data transfer for public goods and innovations: From the Corona warning app to autonomous driving" with the BMWi's Young Leaders Group.
3rd Crowdworking Symposium
The University of Bremen hosts the 3rd Crowdworking Symposium, which provides an international and interdisciplinary forum for research on on-demand online labor. This year, we welcome John Horton (MIT Sloan School of Management) as keynote speaker.
Please send your paper or extended abstract to crowdworkingprotect me ?!uni-bremenprotect me ?!.de by July 1, 2021. Authors will be informed about the outcome of their submission by August 1, 2021.
There is no conference fee and the conference will be held online. The Crowdworking symposium is supported by the Deutsche Forschungsgemeinschaft (DFG) and the research project 'Crowdsourcing as a New Form of Organizing Labor Relations.'
Thanks to the scientific committee Anja Abendroth (Universität Bielefeld), Sabrina Jeworrek (Leibniz-Institut für Wirtschaftsforschung Halle (IWH)), Astrid Reichel (Universität Salzburg) and Martin Schneider.
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Lecture at the seminar on digital business models and technologies
On Thursday, July 8 2021, Dr. Denis Suarsana will participate as a speaker at the seminar on digital business models and technologies, which is hosted by Dr. Sonja Mangold. Dr. Suarsana is a senior policy analyst and deputy head of the strategy and digitization department of the Federal Association of Employers (BDA) and initiator for the #futurework21. In his lecture he will present, inter alia, the work and positions of the BDA Digital Council.
The presentation will take place from 2:15 p.m. to 2:45 p.m. via Zoom. It will be followed by a discussion round (approx. 15 minutes).
Dr. Fabian Hollstein at the Finance Research Seminar
Time: 6 July 2021, 12:00 pm, via Zoom
Speaker: Dr. Fabian Hollstein, Leibniz University Hannover
Title: The Index Effect: Evidence from the Option Market
Dr. Fabian Hollstein, of Leibniz University Hannover will give a talk on "The Index Effect: Evidence from the Option Market" during the upcoming Finance Research Seminar:
"We document a significantly positive response of delta-hedged option positions on companies entering or leaving the S&P 500 index. Our findings (i) hold for both call and put options, (ii) are robust to placebo- and risk-adjustments, and (iii) are stronger for companies that are likely subject to more demand pressure from stock index investors. The inclusion effect is permanent, while the exclusion effect is transitory. We explore various mechanisms to explain these results, including leading theories of benchmarking, investor recognition, noise trading, and dispersion trading. We find that these explanations cannot individually account for all our novel results."
To watch the full video of the talk, click here.
© Rosalie Mesgarha
On Thursday, 1 July 2021 Rosalie Mesgarha will participate in the seminar "How digital business models and technologies are changing the economy", which will be hosted by Dr. Sonja Mangold. Ms. Mesgarha will give a talk on crowdfunding. Ms. Mesgarha works as a project consultant at the crowdfunding portal Startnext GmbH.
On Thursday, 24 June 2021, during the seminar "How digital business models and technologies change the economy and the law", which is organized by Sonja Mangold, a lecture on the topic of crowdsourcing will be held by Roland Szabados. Mr. Szabados is a board member of the German Crowdsourcing Association e.V.
© BMWi, Anja Blumentritt
On Thursday, 10th June 2021, Andreas Hartl (Head of the Department for Artificial Intelligence, Data Economy at the Federal Ministry of Economics) will give a talk as part of the seminar on digital business models, which will be organized by Dr. Sonja Mangold. In his lecture, Mr. Hartl will present current policy strategies on digitalization and discuss the federal government's financing strategies of innovation.
The lecture will take place from 2:15 p.m. to 2:45 p.m. via Zoom. The presentation is followed by a round of discussion (approx. 15 minutes).
If you are interested, please send an email to gensslerprotect me ?!uni-bremenprotect me ?!.de to receive the access link.
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Prof. Dr. Andreas Hepp at the Diginomics Brownbag Seminar
Speaker: Prof. Dr. Andreas Hepp, University of Bremen
Title: The "Life Cycle" of Pioneer Communities: The Emergence and the Decline of the Quantified Self and Maker Movements
Prof. Dr. Andreas Hepp of University of Bremen will give a talk on "The 'Life Cycle' of Pioneer Communities: The Emergence and the Decline of the Quantified Self and Maker Movements" during the upcoming Diginomics Brownbag Seminar.
© Pexels on Pixabay
Professor Lars Hornuf as Speaker at the Paris Webinar on Financial Technology and Crypto
This week Professor Lars Hornuf presented his paper "The Local Bias in Equity Crowdfunding: Behavioral Anomaly or Rational Preference?" at the Paris Webinar on Financial Technology and Crypto. The paper was written in collaboration with PhD student Eliza Stenzhorn and Dr. Matthias Schmitt.
The authors use hand-collected data of 20,460 investment decisions and two distinct portals to analyze whether investors in equity crowdfunding direct their investments to local firms. In line with agency theory, the results suggest that investors exhibit a local bias, even when we control for family and friends. In addition to the regular crowd, our sample includes angel-like investors, who invest considerable amounts and exhibit a larger local bias. Well-diversified investors are less likely to suffer from this behavioral anomaly. The data further show that portal design is important for attracting investors more prone to having a local bias. Overall, we find that investors who direct their investments to local firms more often pick start-ups that run into insolvency or are dissolved, which indicates that local investments in equity crowdfunding constitute a behavioral anomaly rather and a rational preference. Here again, however, portal design plays a crucial role.
© Markus Steinhauser
On Thursday, May 20 2021, Markus Steinhauser will give a talk on the topic of crowdsourcing in the seminar "How digital business models and technologies are changing the economy", which will be hosted by Dr. Sonja Mangold. Markus Steinhauser is Chief Operating Officer and co-founder of the platform company Testbirds. In his presentation, he will address current legal challenges and present the Code of Conduct for fair crowdworking, which was initiated by Testbirds.
Daniel Metko and Gül Yüksel at the Diginomics Brownbag Seminar
Time: 19 May 2021, 12:00 pm, via Zoom
Speaker: Daniel Metko and Gül Yüksel, University of Bremen, Diginomics Research Group
Title: Deep Learning in Predicting Takeover Targets
Daniel Metko, research associate at the Chair of Business Administration and Gül Yüksel, research associate at the Chair for Business Administration, in particular Financial Services and Financial Technology at University Bremen will give a talk on "Deep Learning in Predicting Takeover Targets" during the upcoming Diginomics Brownbag Seminar.
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Prof. Dr. Jan Recker at the Diginomics Brownbag Seminar
Speaker: Prof. Dr. Jan Recker, University of Hamburg
Title: From Lock-in to Transformation: A Morphogenetic Theory of Emerging Technology and Organizing
Prof. Dr. Jan Recker of University of Hamburg will give a talk on "From Lock-in to Transformation: A Morphogenetic Theory of Emerging Technology and Organizing" during the upcoming Diginomics Brownbag Seminar.
To watch the full video, click here.
On Thursday, 6 May 2021, as part of the seminar "How digital business models and technologies are changing the economy", which will be hosted by Dr. Sonja Mangold, Dr. Annabel Oelmann will give a talk on digital business models from the point-of-view of consumer policy. Dr. Annabel Oelmann is Chief of the Bremen Consumer Association.
Next Thursday on April 29, 2021 as part of the seminar "How digital business models and technologies are changing the economy", which will be hosted by Dr. Sonja Mangold, a lecture by Lukas Pünder will be held on the subject of blockchain startups. Lukas Pünder is co-founder and CEO of "retraced", a platform that supports fashion companies in having a better overview of their supply chains, tracing materials back to the origin and making the exchange of data between the participants in the supply chain more efficient.
Airbnb, Kickstarter, Uber & Co: How digital business models and technologies change the economy
Digital business models (e.g. car sharing, crowdfunding) and technologies (e.g. blockchain) are transforming the economy and constitute an enormous challenge for regulators. The seminar which Dr. Sonja Mangold offers for master students in business administration during the summer term 2021 addresses the most important business models and regulatory challenges. Important stakeholders from politics and businesses will discuss practical problems with students during the seminar.
Prof. Dr. Dong Jun Wu at the Diginomics Brownbag Seminar
Time: 14. April 2021, 4 pm, via Zoom
Speaker: Prof. Dr. Dong Jun Wu, Georgia Tech
Title: IT Knowledge Spillovers, Absorptive Capacity, and Productivity: Evidence from Enterprise Software
Prof. Dr. Dong Jun Wu from Georgia Institute of Technology will give a talk on "IT Knowledge Spillovers, Absorptive Capacity, and Productivity: Evidence from Enterprise Software" during the upcoming Diginomics Brownbag Seminar. The event is open to member of all departments at the University of Bremen.
To get access to the Zoom meeting, please register under diginomics@uni-bremen.de.
Professor Lars Hornuf Distinguished Guest Speaker at Georgia Tech
Today, Professor Lars Hornuf will present his research project "The Social Dilemma of Big Data" at the ITM Distinguished Guest Speaker Series at Georgia Tech Scheller College of Business.
Fabrizio Ciotti and Eliza Stenzhorn at the Diginomics Brownbag Seminar
Time: 17 February 2021, 12:00 pm, via Zoom
Speaker: Fabrizio Ciotti, Université Catholique de Louvain and Eliza Stenzhorn, Universität Bremen
Title: Lock-in effects in online labor markets
Fabrizio Ciotti of Université Catholique de Louvain and Eliza Stenzhorn, research associate at the Chair for Business Administration, in particular Financial Services and Financial Technology at University Bremen will give a talk on "Lock-in effects in online labor markets" during the upcoming Diginomics Brownbag Seminar.
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Prof. Dr. Paul P. Momtaz at the Diginomics Brownbag Seminar
Speaker: Prof. Dr. Paul P. Momtaz, UCLA Anderson School of Management and House of Finance, Frankfurt
Title: The Economics of Crypto Funds
Prof. Dr. Paul P. Momtaz of UCLA Anderson School of Management and House of Finance, Frankfurt will give a talk on "The Economics of Crypto Funds" during the upcoming Diginomics Brownbag Seminar.
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Dr. Carsten Sørensen at the Diginomics Brownbag Seminar
Speaker: Dr. Carsten Sørensen, London School of Economics and Political Science
Title: Let's talk digital infrastructure: the digital reordering of rights, networks and community
Dr. Carsten Sørensen of London School of Economics and Political Sciencewill give a talk on "Let's talk digital infrastructure: the digital reordering of rights, networks and community" during the upcoming Diginomics Brownbag Seminar.
© Denis Doukhan on Pixabay
Playing the Angel: Decomposing the Value of Early-Stage Investors
On Tuesday, January 19, Professor Dr. Lars Hornuf gave a talk about "Playing the Angel: Decomposing the Value of Early-Stage Investors" at the Finance Research Seminar at TU Munich.
Together with his coauthor Professor Dr. Daniel Blaseg from ESADE Business School he is analyzing the determinants of funding success and consequent firm performance of 2768 early stage ventures that made a business pitch during the Canadian, German, UK or US versions of the reality television show Dragons' Den.
Consistent with business angel (BA) and venture capital research they find geographic and industry closeness, the existence of patents and prototypes as well as the authenticity and tonality of the entrepreneurial pitch to have a positive effect on founders getting a deal during the show. Using a relative weight analysis, they evidence that the money BA provide and the screening they undertake are by themselves the most important factor regarding venture survival, subsequent propensity to generate web traffic, and sales. Moreover, having a well-known and well-connected BAs as board member trumps the existence of patents and prototypes with regard to post funding venture performance. These findings have broader implications for BA finance and other nascent players in the entrepreneurial finance ecosystem.
The Role of Fear and Trust when Disclosing Personal Data to Promote Public Health in a Pandemic Crisis
Kirsten Hillebrand has been accepted at the 16th International Conference on Wirtschaftsinformatik (https://wi2021.de) with her paper "The Role of Fear and Trust when Disclosing Personal Data to Promote Public Health in a Pandemic Crisis". The conference will be held virtually March 9-11, 2021. We wish Kirsten all the best for her presentation!
Prof. Dr. Sebastian Fehrler at the Diginomics Brownbag Seminar
Time: 13 January 2021, 4:00 pm, via Zoom
Speaker: Prof. Dr. Sebastian Fehrler, University of Bremen, Socium
Title: Committee decision-making under the threat of leaks
Prof. Dr. Sebastian Fehrler of University of Bremen will give a talk on "Committee decision-making under the threat of leaks" during the upcoming Diginomics Brownbag Seminar.
© Paul Fiedler on Unsplash
Lars Hornuf becomes member of the FIRM advisory board
Professor Dr. Lars Hornuf has joined the FIRM advisory board. The Frankfurt Institute for Risk Management and Regulation (FIRM) was founded in 2009 and is an important network in the financial and regulatory environment, in which almost all major credit institutions in Germany participate.
FIRM cooperates with the Frankfurt School of Finance & Management, the House of Finance at Goethe University and other renowned universities and colleges and works closely with them in teaching and research. FIRM's advisory board includes more than 40 university representatives, mainly economists.
© Veronica Gomez Ibarra on Unsplash
Talk by Lars Hornuf at the 4th Social Impact Investments International Conference
On Friday, December 4, Professor Lars Hornuf will present the paper "Are Sustainability-Oriented Investors Different? Evidence from Equity Crowdfunding" at the at the 4th Social Impact Investments International Conference. 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.
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."
Prof. Dr. Maik Eisenbeiß at the Diginomics Brownbag Seminar
Time: 2 December 2020, 12:00 am, via Zoom
Speaker: Prof. Dr. Maik Eisenbeiß, Diginomics Group and markstones Institute, Universität Bremen
Title: Modern forms of digital advertising
Prof. Dr. Maik Eisenbeiß of markstones Institute at University of Bremen and member of the Diginomics Research Group will give a talk on "Modern forms of digital advertising" during the upcoming Diginomics Brownbag Seminar.
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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.
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.
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.
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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.
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Dr. Dennis-Kenji Kipker, Prof. Dr. Evren Eren, Prof Dr. Richard Sethmann and Carl Philipp Wrede at the Diginomics Brownbag Seminar
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.
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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.
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.
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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.
© Engin Akyurt on Unsplash
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.
© Tiffany Kay on Pixabay
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.
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.
© Austin Distel on Unsplash
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
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.
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.
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.
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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.
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
© University of Oxford, Faculty of Law
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.
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.
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!
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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. 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.
© Strascheg Center for Entrepreneurship
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.
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.
© LFT, Universität Hamburg
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
[Translate to English:] Keynote Speech: Mingfeng Lin
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.
We invite submissions on the following fields of research:
Blockchain and ICOs
Reward-based and equity crowdfunding
Social trading and robo advice
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.
[Translate to English:] Keynote Speech: Jan Marco Leimeister
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
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
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.
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.
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.
Prof. Dr. Paul P. Momtaz & Rachel Nam at the Finance Research Seminar
Speaker: Prof. Dr. Paul P. Momtaz & Rachel Nam, TUM School of Management
Title: Cybercrimes on the Ethereum Blockchain
Prof. Dr. Paul Momtaz and Rachel Nam of TUM School of Management will give a talk on "Cybercrimes on the Ethereum Blockchain" during the upcoming Finance Research Seminar.
© Finance Research Letters
Professor Lars Hornuf Publishes New Article in Finance Research Letters
Together with Maik Eisenbeiß and Sven Hartmann, Lars Hornuf has published a new article on "Social Media Marketing for Equity Crowdfunding: Which Posts Trigger Investment Decisions?" in Finance Research Letters.
© Institute of Labor Economics
Eliza Stenzhorn as speaker at the 5th IDSC of IZA Workshop
Today Eliza Stenzhorn presents her research project Lock-In Effects in Online Labor Markets at the 5th IDSC of IZA Workshop: Matching Workers and Jobs Online - New Developments and Opportunities for Social Science and Practice.
The post exam review "Finanzwirtschaft" will take place on Monday, 26 September.
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 September.
© IRMC
Gül Yüksel as speaker at the IRMC 2022 in Bari
On Monday, July 4th, Gül Yüksel presented the working paper "The Performance of Socially Responsible Investments: A Meta-Analysis" at the International Risk Management Conference-The Risk Banking and Finance Society at LUM Giuseppe Degennaro - Free Mediterranean University. The paper is joint work with Professor Lars Hornuf.
© Review of Managerial Science
New Publication in Review of Managerial Science
Professor Dr. Lars Hornuf has published a new article in the Review of Managerial Science under the title " Paralyzed by Shock: The Portfolio Formation Behavior of Peer-to-Business Lending Investors " The article emerged in collaboration with Prof. Dr. Gregor Dorfleitner and Dr. Martina Weber.
The authors examine investor behavior on a leading peer-to-business lending platform and identify an investment mistake that they refer to as default shock bias. First, they find that investors stop investing in new loans and cease diversifying their portfolio after experiencing a loan default. The default shock significantly worsens the risk–return profile of investors' loan portfolios. The defaults investors experience are often not beyond what would have been expected from 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 it 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.
© Meryem Duygun
Prof. Meryem Duygun at the Finance Research Seminar
Time: 19 July 2022, 12:00 pm, via Zoom
Speaker: Prof. Meryem Duygun, Nottingham University Business School
Title: SMEs in the Post-Covid Era: Opportunities and Challenges
Professor Meryem Duygun of Nottingham University Business School will give a talk on " SMEs in the Post-Covid Era: Opportunities and Challenges " during the upcoming Finance Research Seminar.
© Doris Meißner
As part of the seminar "How digital business models and technologies are changing the economy and law", which is held by Dr. Sonja Mangold, some talks will take place. All interested are welcome.
On Thursday, July 7, 2022, Doris Meißnerwill give a lecture on the consequences of digitization for employee representatives. Doris Meißner is a lawyer and expert on European works councils. She worked at the European Federation of Mining, Chemical and Energy Trade Unions in Brussels. In her lecture, she will present current social partner activities at German and European level in the field of digitization.
The lectures will take place from 4.15 p.m. to 4.45 p.m. via Zoom. This is followed by a round of discussion of around 15 minutes. The lectures will be in English language.
If you are interested in the talks, please send us a message (genssler@uni-bremen.de) and we will send you an access link.
© EURAM
Dr. Kirsten Hillebrand and Prof. Dr. Lars Hornuf receive EURAM «Best Paper Award»
Prof. Dr. Lars Hornuf and his former PhD student Dr. Kirsten Hillebrand received the «Best Paper Award» for their study of data philanthropy at the EURAM Conference.
In their paper «Social Dilemma of Big Data: Donating Personal Data to Promote Social Welfare» Dr. Kirsten Hillebrand and Prof. Dr. Lars Hornuf investigate how donating personal data can contribite to social welfare in the age of Big Data. They won the Best Paper Award in the field of Public and Non Profit Management for this paper.
The EURAM Conference took place in the ZHAW School of Management and Law in Winterthur on June 15-17, 2022.
Lauri Wessel at the Diginomics Brownbag Seminar
Time: 15 June 2022, 12:00 pm, via Zoom
Speaker: Lauri Wessel, European University Viadrina
Title: A Processual Approach to Data Quality: 'Task-based Tuning' in a Professional Organization.
Lauri Wessel of the European University Viadrina, will give a talk on " A Processual Approach to Data Quality: 'Task-based Tuning' in a Professional Organization. " during the upcoming Diginomics Brownbag Seminar.
© BaFinTech
Prof Dr. Lars Hornuf at the BaFin-Tech 2022
On May 19, 2022, Professor Lars Hornuf took part in the panel discussion "Market development and perspectives of fintechs 2022: competition, cooperation, consolidation?" at the fourth BaFin-Tech in Berlin.
For the first time, BaFin cooperated with the Deutsche Bundesbank for this event. The venue was the Westhafen Event & Convention Center (WECC) in Berlin. The conference focused on current issues relating to the digitization of the financial industry and financial technology innovations. Experts from BaFin and the Bundesbank as well as external experts came together for discussion in various conference formats. BaFin brought in the supervisory-regulatory expertise, the Bundesbank the central bank perspective.The event was aimed at representatives of new and established companies in the financial industry as well as experts from science and practice.
© Bernd Carsten Stahl
Prof. Dr. Bernd Carsten Stahl at the Diginomics Brownbag Seminar
Time: 4 May 2022, 11:00 am via Zoom
Speaker: Prof. Dr. Bernd Carsten Stahl, De Montfort University
Title: Artificial Intelligence for a Better Future - An Ecosystem Perspective on the Ethics of AI and Emerging Digital Technologies
Prof. Dr. Bernd Carsten Stahl of De Montfort University will give a talk on " Artificial Intelligence for a Better Future - An Ecosystem Perspective on the Ethics of AI and Emerging Digital Technologies" during the upcoming Diginomics Brownbag Seminar.
© Luc Renneboog
Prof. Dr. Luc Renneboog at the Finance Research Seminar
Time: 26 April 2022, 12:00 pm, via Zoom
Speaker: Prof. Dr. Luc Renneboog, Tilburg University
Title: Colors, Emotions, and the Auction Value of Paintings (Marshall Xiaoyin Ma, Charles N. Noussair, and Luc Renneboog)
Prof. Dr. Luc Renneboog of the University of Tilburg will give a talk on "Colors, Emotions, and the Auction Value of Paintings" during the upcoming Finance Research Seminar:
We study pricing in the art auction market, focusing on the impact of color composition in non-figurative paintings on hammer prices and willingness-to-pay, by means of both field and laboratory data. Our field data, consisting of art auction prices, reveal a color hierarchy reflected in hammer prices: a one standard deviation increase in the percentage of blue (red) hue triggers a premium of 10.63% (4.20%). We conducted laboratory experiments in the US, China, and Europe, and elicited participants' willingness-to-pay and measured emotions. We find that blue and red paintings command a premium: blue (red) paintings generate 18.57% (17.28%) higher bids. Color influences prices through the channel of emotional pleasure rather than arousal. Our results are consistent across all three cultures and independent of individual traits such as gender, risk aversion, education and cultural background.
© Christian Peukert
Prof. Dr. Christian Peukert at the Diginomics Brownbag Seminar
Speaker: Prof. Dr. Christian Peukert, HEC Lausanne
Title: Facebook Shadow Profiles
Prof. Dr. Christian Peukert from the HEC Lausanne, will give a talk on "Facebook Shadow Profiles" during the upcoming Diginomics Brownbag Seminar.
If you are interested in participating, please send an email to diginomics@uni-bremen.de.
New Publication in the Journal of Economics & Management Strategy
Professor Dr. Lars Hornuf has published a new article in the Journal of Economics & Management Strategy under the title "The local bias in equity crowdfunding: Behavioral anomaly or rational preference?" The article emerged in collaboration with his PhD student Eliza Stenzhorn and former collaborator Dr. Matthias Schmitt.
The authors use data on individual investment decisions to analyze whether investors in equity crowdfunding direct their investments to local firms and whether specific investor types can explain this behavior. They then examine whether investments exhibiting a local bias are more or less likely to fail. They show that investors exhibit a local bias, even when controlling for those with personal ties to the entrepreneur. In particular, the authors find that angel‐like investors and investors with personal ties to the entrepreneur exhibit a larger local bias than regular crowd investors. Well‐diversified investors are less likely to suffer from this behavioral anomaly than investors with personal ties to the entrepreneur. Overall, the authors show that investors who direct their investments to local firms more often pick start‐ups that run into insolvency, which indicates that some local investments in equity crowdfunding constitute a behavioral anomaly rather than a rational preference. Moreover, the results reveal that platform design is an important factor determining the scope of the behavior anomaly.
© negativespace.co
As part of the master seminar "Social Entrepreneurship, Good Corporate Governance, Sustainable Investment", that is being held by Dr. Sonja Mangold, there will be further talks.
On Monday, Jan. 31, 2022, Dr. Michael Krause will give a keynote speech on the topic of ecological investment. Dr. Krause is Co-Founder and Managing Director of Econos Invest.
Afterwards, Gül Yüksel will present results of a recent meta-study on sustainable investment. Ms. Yüksel is a doctoral candidate and research associate at the Department of Economics at the University of Bremen.
The presentations will take place via Zoom starting at 2:15 pm. Each talk will be followed by a Q&A session and discussion (approx. 15 minutes).
If you are interested, please contact us and we will send you an access link: mareike.gensslerprotect me ?!uni-bremenprotect me ?!.de
© social-startups.de
On Monday, Jan. 24, 2022, Christian Deiters will give a speech on the topic of socialstartupsinpractice. Mr. Deiters is co-founder of the platform social- startups.de. For years, he has been advising and supporting social entrepreneurs in setting up their businesses.
The talk will take place from 2:15 to 2:45 p.m. via Zoom. This is followed by a round of questions and a discussion (approx. 15 minutes).
© Jeworrek
Prof. Dr. Sabrina Jeworrek at the Diginomics Brownbag Seminar
Time: 12 January 2022, 12:00 pm, Room WiWi2 F 4090 or via Zoom
Speaker: Prof. Dr. Sabrina Jeworrek, Halle Institute for Economic Research (IWH)
Title: Alone at Home: The Impact of Social Distancing on Norm-consistent Behavior
Prof. Dr. Sabrina Jeworrek from the Halle Institute for Economic Research (IWH), will give a talk on "Alone at Home: The Impact of Social Distancing on Norm-consistent Behavior" during the upcoming Diginomics Brownbag Seminar.
© Vili Lehdonvirta
Prof. Dr. Vili Lehdonvirta at the Diginomics Brownbag Seminar
Speaker: Prof. Dr. Vili Lehdonvirta, University of Oxford
Title: Are We Moving Towards a Borderless Labour Market? National Institutions vs. Digital Platforms for Remote Work
Prof. Dr. Vili Lehdonvirta of the University of Oxford, will give a talk on " Are We Moving Towards a Borderless Labour Market? National Institutions vs. Digital Platforms for Remote Work" during the upcoming Diginomics Brownbag Seminar.
© BMWi
In the master seminar on "Social Entrepreneurship, Good Corporate Governance and Sustainable Investment", organized by Dr. Sonja Mangold there will be some talks on current topics. All interested parties are welcome.
On Monday, December 6th 2021 Milena-Kristin Strathmann and Benjamin Zasche (both Federal Ministry for Economic Affairs and Energy, BMWi) will present the work of the National Contact Point for the implementation of the OECD Guidelines for Multinational Enterprises. In the first part of the lecture, Mrs. Strathmann will shed light on the content and implementation conditions of the OECD guidelines for multinational enterprises. In the second part, Mr. Zasche will take a look from a broader perspective on the subject of business and human rights.
The talks will take place from 2:15 p.m. to around 2:45 p.m. via zoom. This is followed by a round of questions and a discussion.
© Daniel Schnurr
Dr. Daniel Schnurr at the Diginomics Brownbag Seminar
Speaker: Dr. Daniel Schnurr, University of Passau
Title: Data Donations for Digital Contact-Tracing: Short- and Long-term Effects of Monetary Incentives
Dr. Daniel Schnurr of the University of Passau, will give a talk on "Data Donations for Digital Contact-Tracing: Short- and Long-term Effects of Monetary Incentives" during the upcoming Diginomics Brownbag Seminar.
Professor Lars Hornuf as Speaker at the CESifo Area Conference on the Economics of Digitization
Last week Professor Lars Hornuf presented his project Lock-in Effects in Online Labor Markets at the CESifo Area Conference on the Economics of Digitization 2021 in München.
© Terry Gregory
Dr. Terry Gregory at the Diginomics Brownbag Seminar
Time: 24 November 2021, 12:00 pm, via Zoom
Speaker: Dr. Terry Gregory, Institute of Labor Economics (IZA)
Title: How Do Workers Adjust When Firms Adopt New Technologies?
Dr. Terry Gregory of the Institute of Labor Economics (IZA), will give a talk on "How Do Workers Adjust When Firms Adopt New Technologies?" during the upcoming Diginomics Brownbag Seminar.
© Daniel Blaseg
Prof. Dr. Daniel Blaseg at the Finance Research Seminar
Speaker: Prof. Dr. Daniel Blaseg, ESADE Business School
Title: Customer Metrics and Small Business Credit Scoring
Prof. Dr. Daniel Blaseg, of the ESADE Business School will give a talk on "Customer Metrics and Small Business Credit Scoring" during the upcoming Finance Research Seminar.
© tagesschau.de
Professor Lars Hornuf on Tagesschau.de on the BaFin decision to limit the growth of N26
The banking supervisory authority BaFin sets the online bank N26 a limit for further customer growth and accuses it of poor risk management. What are the consequences for the bank and the customers? Read Professor Hornuf's expert assessment here.
© Timm Teubner
Prof. Dr. Timm Teubner at the Diginomics Brownbag Seminar
Speaker: Prof. Dr. Timm Teubner, TU Berlin
Title: Considerations on Reputation Portability
Prof. Dr. Timm Teubner, of TU Berlin, will give a talk on "Considerations on Reputation Portability" during the upcoming Diginomics Brownbag Seminar.
On Monday, November 15th 2021, Dr. Cordula Heldt will give a lecture on current developments relating to the German Corporate Governance Code. Dr. Heldt is the head of the office of the government commission on the German Corporate Governance Code. The lawyer works for the German Stock Institute, where she is responsible for corporate governance and company law.
Michèle Rieth at the Diginomics Brownbag Seminar
Time: 10 November 2021, 12:00 pm, WiWi2 F4090 and via Zoom
Speaker: Michèle Rieth, University of Bremen, Diginomics Research Group
Title: Adaptable Automation
Michèle Rieth, research associate at the Chair of Business Psychology & Human Resource and member of the Diginomics Research Group, will give a talk on "Adaptable Automation" during the upcoming Diginomics Brownbag Seminar.
Seminar Presentation: Lock-In Effects in Online Labor Markets
On Tuesday, November 9, Eliza Stenzhorn will present the working paper "Lock-In Effects in Online Markets" at the Oxford Platform Economy Seminar. The paper is joint work with Prof. Lars Hornuf and Fabrizio Ciotti. We wish her all the best for her presentation!
As part of the master's seminar "Social Entrepreneurship, Good Corporate Governance, Sustainable Investment", that is being held by Dr. Sonja Mangold, there will be some lectures on current topics. All interested parties are very welcome.
On Monday, November 8th, 2021, Hanna Ehlert (Social Impact Lab Bremen) will answer questions about framework conditions for social entrepreneurs in Bremen.
Professor Lars Hornuf as speaker at the Sustainable Finance Research Seminar of the University of Zurich
On November 4th, Professor Lars Hornuf presented his research project Do Retail Investors Value Environmental Impact? at the Sustainable Finance Research Seminar of the University of Zurich.
© Journal of Business Ethics
New Publication in the Journal of Business Ethics
Professor Dr. Lars Hornuf has published a new article in the Journal of Business Ethics under the title "Disentangling Crowdfunding from Fraudfunding." The article emerged in collaboration with Prof. Douglas Cumming from Florida Atlantic University, Professor Dr. Denis Schweizer und Dr. Moein Karami (both Concordia University). The Journal of Business Ethics is a FT-50 List Journal.
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, the authors conduct an exhaustive search of all media reports on Kickstarter campaign fraud allegations from 2010 through 2015. The authors then follow up until 2018 to assess the ultimate outcome of each allegedly fraudulent campaign. First, the authors construct a sample of 193 fraud cases, and categorize them into detected vs. suspected fraud, based on a set of well-defined criteria. Next, using multiple matched samples of non-fraudulent campaigns, the authors determine which features are associated with a higher probability of fraudulent behavior. Second, the authors document the short-term negative consequences of possible breaches of trust in the market, using a sample of more than 270,000 crowdfunding campaigns from 2010 through 2018 on Kickstarter. The results show that crowdfunding projects launched around the public announcement of a late and significant misconduct detection (resulting in suspension) tend to have a lower probability of success, raise less funds, and attract fewer backers.
© Franco Mariuzzo
Dr. Franco Mariuzzo at the Diginomics Brownbag Seminar
Time: 20 October 2021, 12:00 pm, via Zoom
Speaker: Dr. Franco Mariuzzo, University of East Anglia
Title: Platform Competition in the Tablet PC Market: The Effect of Application Quality
Dr. Franco Mariuzzo of the University of East Anglia will give a talk on "Platform Competition in the Tablet PC Market: The Effect of Application Quality" during the upcoming Diginomics Brownbag Seminar.
New Publication in the Strategic Entrepreneurship Journal
Professor Dr. Lars Hornuf has published a new article in the Strategic Entrepreneurship Journal under the title "Marketplace lending of small- and medium-sized enterprises." The article emerged in collaboration with Prof. Douglas Cumming from Florida Atlantic University. The Strategic Entrepreneurship Journal is a FT-50 List Journal and ranked "A" in the VHB-JOURQUAL3 Ranking.
When evaluating Internet-based loan project of small and medium size enterprises (SME), lenders can rely on easy-to-understand risk ratings or more sophisticated financial information. The authors investigate lenders decisions and its effect on loan funding success on the marketplace-lending platform Zencap. The data set has been provided by the platform Zencap and includes 414 SME marketplace loans and 2,196 lenders. The data examined provide strong support for the importance of simple platform ratings in influencing investor behavior, while the effect of more detailed financial information is less pronounced, controlling for relevant variables. Higher interest rates appear more profitable to investors without any serious concern about non-repayment.
© SofiLayla on Pixabay
Lars Hornuf talks about the bank in his pocket
Lars Hornuf takes part as a podium guest at the event The bank in your pocket - fast, digital and young.
On Thursday, September 30th, 2021 Prof. Dr. Lars Hornuf speaks at the event The bank in your pocket - fast, digital and young, which is organized by the business section of the WESER-KURIER. The event begins at 6 p.m. in the WK Café WESER-Strand in downtown Bremen. Other podium participants are Christian Hassel, Head of Private and Small Business Customers Commerzbank AG, Dr. Annabel Oelmann, Member of the Board of Directors of the Bremen Consumer Center, Markus Steiff, Chief Growth Officer at PENTA, and Florian Schwiegershausen from the business section of the WESER-KURIER. You can register at: https://www.nordwest-ticket.de/thema/weser-kurier-talk
New third-party funded project approved
The Hans Böckler Foundation has Prof. Dr. Lars Hornuf and Dr. Ass. Jur. Sonja Mangold approved a third-party funded project on the subject of "Platform work and data protection in a national and international perspective: market players, problem areas, regulatory requirements". The duration of the project, which is carried out in cooperation with the Hugo Sinzheimer Institute for Labor and Social Law, is 24 months.
As part of the project, empirical and legal research is carried out on how data protection issues are dealt with in the crowdworking and gig working market in Germany, the USA and China. Based on the findings, legal policy proposals on data protection at platform work are developed, which address in particular the European level.
3. Crowdworking Symposium
The program for the 3rd Crowdworking Symposium, which will be held online on September 17, 2021, has been finalized.
If you would like to participate, please send an email to crowdworkingprotect me ?!uni-bremenprotect me ?!.de.
You can find a program overview here.
Post-exam review "Finanzderivate und Optionen" 29.09.2021, 10:00
The post exam review "Finanzderivate und Optionen" will take place on Wednesday, 29 September.
The inspection will take place online. If you would like to participate, please send an informal e-mail with your name and matriculation number to Theresa Kück (thkueck@uni-bremen.de) by 27 September.
Lock-in Effects in Online Marketplaces
The paper "Lock-in Effects in Online Marketplaces" by Prof. Dr. Lars Hornuf, Fabrizio Ciotti and Eliza Stenzhorn was accepted at the XXXV Jornadas de Economía Industrial (http://asesec.org/jornadas_economia_industrial/2021/). The conference will be held online September 2-3, 2021. Eliza Stenzhorn will present the paper - we wish her all the best for her presentation!
PhD Kirsten Hillebrand
Kirsten Hillebrand successfully completed her dissertation entitled "Mobilizing Citizen Data for Society 5.0" on July 22, 2021.
We congratulate her on her successful completion and wish her all the best for the future.
Title: The Social Dilemma of Big Data: Donating Personal Data to Promote Social Welfare
Prof. Dr. Lars Hornuf, member of the Diginomics Research Group at the University of Bremen will give a talk on "The Social Dilemma of Big Data: Donating Personal Data to Promote Social Welfare" during the upcoming Diginomics Brownbag Seminar.
On Thursday, July 15 2021, Doris Meißner will participate as a speaker at the seminar on digital business models and technologies, which is hosted by Dr. Sonja Mangold. Doris Meißner is an expert for co-determination and European employee representation at the trade union IG BCE. In her lecture, Doris Meißner will address the challenges of digitization from the perspective of the employees. In addition, she will present current activities of the social partners at national and European level in the field of digitization.
Dr. Mica Endsley at the Diginomics Brownbag Seminar
Speaker: Dr. Mica Endsley, SA Technologies
Title: Situation Awareness and Decision Making in the Real World: Information Attack, Social Media and Cognitive Resistance
Dr. Mica Endsley, president of SA Technologies will give a talk on "Situation Awareness and Decision Making in the Real World: Information Attack, Social Media and Cognitive Resistance" during the upcoming Diginomics Brownbag Seminar.
Prof. Dr. Aseem Kinra at the Diginomics Brownbag Seminar
Speaker: Prof. Dr. Aseem Kinra, University of Bremen, Diginomics Research Group
Title: An Unstructured Big Data Approach for Country Logistics Performance Assessment in Global Supply Chains
Prof. Dr. Aseem Kinra, member of the Diginomics Research Group at the University of Bremen will give a talk on "An Unstructured Big Data Approach for Country Logistics Performance Assessment in Global Supply Chains" during the upcoming Diginomics Brownbag Seminar.
© Sharon Parker
Prof. Sharon Parker at the Diginomics Brownbag Seminar
Time: 23 June 2021, 9:00 am, via Zoom
Speaker: Prof. Sharon Parker, Ph.D. Curtin University, Future of Work Institute
Title: The Digital Agenda: A SMART Work Design Perspective
Prof. Sharon Parker, Australian Research Council Laureate Fellow and Professor of Organisational Behavior at Curtin University in Perth, Australia will give a talk on "The Digital Agenda: A SMART Work Design Perspective" during the upcoming Diginomics Brownbag Seminar.
Fabian Siekmann at the Diginomics Brownbag Seminar
Speaker: Fabian Siekmann, University of Bremen
Title: DigiLoOp - Digital Decision Support for Logistics & Operations Management
Fabian Siekmann, research associate at the Chair of Global Supply Chain Management and member of the Diginomics Research Group at the University of Bremen will give a talk on "DigiLoOp - Digital Decision Support for Logistics & Operations Management" during the upcoming Diginomics Brownbag Seminar.
WDR Interview: Bitcoins soon to be currency in El Salvador?
El Salvador's President Nayib Bukele has an idea: introduce Bitcoin as legal currency. He plans to introduce a bill to Congress this week. El Salvador would then be the first country in the world with a cryptocurrency as official means of payment. Can this work? We asked Lars Hornuf, Professor of Financial Technology at the University of Bremen.
You can find the interview with Professor Dr. Lars Hornuf here: https://www1.wdr.de/mediathek/audio/cosmo/audio-bitcoins-bald-als-waehrung-in-el-salvador-100.html
© Janis Cloos
Janis Cloos at the Diginomics Brownbag Seminar
Speaker: Janis Cloos, Clausthal University of Technology
Title: Acceptance of Data Sharing in Smartphone Apps from Key Industries of the Digital Transformation
Janis Cloos of Clausthal University of Technology will give a talk on"Acceptance of Data Sharing in Smartphone Apps from Key Industries of the Digital Transformation" during the upcoming Diginomics Brownbag Seminar.
© Igor Asanov
Dr. Igor Asanov at the Diginomics Brownbag Seminar
Speaker: Dr. Igor Asanov, University of Kassel
Title: Showing Life Opportunities: Increasing Opportunity-Driven Entrepreneurship and STEM Careers Through Online Courses In Schools
Dr. Igor Asanov of University of Kassel will give a talk on "Showing Life Opportunities: Increasing Opportunity-Driven Entrepreneurship and STEM Careers Through Online Courses In Schools" during the upcoming Diginomics Brownbag Seminar.
© Simon Rottke
Prof. Dr. Simon Rottke at the Finance Research Seminar
Speaker: Prof. Dr. Simon Rottke, University of Amsterdam
Title: Streaks in Daily Returns
Prof. Dr. Simon Rottke, of University of Amsterdam will give a talk on "Streaks in Daily Returns" during the upcoming Finance Research Seminar:
"A simple model of return extrapolation suggests that streaks in returns, which we define as n-day consecutive over-/under-performance relative to the market, predict future returns. We test this prediction using daily U.S. data and find strong empirical support. Buying stocks with negative streaks and selling stocks with positive streaks yields annualized Sharpe ratios around 2. We replicate the results in international markets and are able to increase the Sharpe ratio to above 3 by diversifying across regions. We argue that liquidity is unlikely to explain the results as streak portfolio returns based on mid-quote-prices are strongest among stocks with the lowest bid-ask spreads."
© Debarshee Bhardwaj
Debarshee Bhardwaj at the Diginomics Brownbag Seminar
Time: 5 May 2021, 12:00 pm, via Zoom
Speaker: Debarshee Bhardwaj, University of Bremen
Title: Developing Theoretical Perspectives Towards Dynamic Performance Management System Using Library Research and Machine Learning Techniques
Debarshee Bhardwaj of University of Bremen will give a talk on "Developing Theoretical Perspectives Towards Dynamic Performance Management System Using Library Research and Machine Learning Techniques" during the upcoming Diginomics Brownbag Seminar.
© Tobin Hanspal
Dr. Tobin Hanspal at the Diginomics Brownbag Seminar
Speaker: Dr. Tobin Hanspal, WU Vienna University of Economics and Business
Title: Self-Control, Robo-Advice, and Borrowing Decisions: Evidence from Field Experiments
Dr. Tobin Hanspal of WU Vienna University of Economics and Business will give a talk on "Self-Control, Robo-Advice, and Borrowing Decisions: Evidence from Field Experiments" during the upcoming Diginomics Brownbag Seminar.
New Publication in the Journal of Corporate Finance
Professor Dr. Lars Hornuf has published a new article in the Journal of Corporate Finance under the title "The relevance of investor rights in crowdinvesting." The article emerged in collaboration with Tobias Schilling and Prof. Dr. Armin Schwienbacher of Skema Business School.
A common assumption is that entrepreneurs retain more control of their venture when opting for crowdinvesting rather than venture capital. In this article, the authors investigate the relevance of cash-flow, control, and exit rights awarded to crowd investors in Germany, where more flexible contracts are offered than in many other jurisdictions. In Germany, many of the rights used in venture capital investment contracts are also prevalent in crowdinvesting contracts. The authors find that crowd investors are asked to pay higher prices if they receive more cash-flow and exit rights, consistent with the view that these rights are valuable to the crowd. However, they find no evidence that these rights affect campaign outcome, the likelihood of securing follow-on funding, or the insolvency likelihood of the venture. The authors interpret this as evidence that the redemption rights stipulated in the contract make other types of control rights less relevant or investors' actions are ineffective. Furthermore, crowd investors neither trigger insolvency proceedings nor mention the enforcement of their contractual rights in investor communication blogs or popular media.
Lars Hornuf presents research projects at the Data Science Forum
Today, Professor Lars Hornuf will present two ongoing research projects at the Data Science Forum, which illustrate the methods and data used in state-of-the-art business research. Does it matter for business success how prominent an investor is? Together with his coauthor Professor Daniel Blaseg from ESADE Business School Lars Hornuf analyzes the determinants of funding success and consequent firm performance of 2768 early-stage ventures that made a business pitch during the Canadian, German, UK or US versions of the reality television show Dragons' Den. The data was in part scraped from public sources and classified using machine learning tools. What motivates crowd funders to support projects on online crowdfunding platforms? To answer this question, Lars Hornuf and his coauthor Professor Christoph Siemroth from Essex University apply the nowadays "gold-standard" in economics and business research: field experiments. Lars Hornuf will give a brief introduction why and how this method is applied today.
Farewell Kirsten Hillebrand
After three years of intensive scientific work and the foundation of a company, the chair says goodbye to Kirsten Hillebrand. During her time here, Kirsten held the exercise on financial economics and successfully acquired one of the coveted EXIST grants with the startup KlimaKarl. Recently, she was able to publish her first paper as part of her dissertation at the Wirtschaftsinformatik 2021 Proceedings. Another paper with Lars Hornuf has been published as Max Planck Institute for Innovation and Competition Research Paper and CESifo Working Paper. Kirsten will stay connected to science as a postdoc in Switzerland in the future. We wish her all the best!
Theresa Kück at the Diginomics Brownbag Seminar
Speaker: Theresa Kück, Diginomics Group, University of Bremen
Title: Initial Coin Offerings: a systematic literature review based on topic modeling
Theresa Kück, 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 "Initial Coin Offerings: a systematic literature review based on topic modeling" during the upcoming Diginomics Brownbag Seminar.
1st Diginomics Conference
On January 28, 2021, the first conference of the Diginomics Research Group will take place digitally via Zoom. The seven new Diginomics foci as well as the results of 10 individual Diginomics projects will be presented.
As a highlight of the 1st Diginomics Conference, Dr. Thieß Petersen, author of the book "Diginomics verstehen – Ökonomie im Licht der Digitalisierung", will give a keynote speech on the key topics of digitalization in an economic and business context.
© Markus Pelger
Prof. Dr. Markus Pelger at the Diginomics Brownbag Seminar
Time: 20. January 2021, 4 pm, via Zoom
Speaker: Prof. Dr. Markus Pelger, Stanford University
Title: Deep Learning in Asset Pricing
Prof. Dr. Markus Pelger from Stanford University will give a talk on "Deep Learning in Asset Pricing" during the upcoming Diginomics Brownbag Seminar. The event is co-organized by BREMEN.AI Data Lounge and the Data Science Center.
To get access to the Zoom meeting, please register via the Eventbrite page: Click here to register.
© Xu Zhu
Presentations at the Machine Lawyering Conference 2021
At this year's Machine Lawyering Conference 2021, of the Chinese University Hong Kong from January 14 - 16, Xu Zhu (M.Sc.) and Dr. Sonja Mangold from the Chair of Business Administration, in particular Financial Services and Financial Technology will present the results of their studies.
Click here for more information: https://webapp3.law.cuhk.edu.hk/conf/20210114/
Dr. Sonja Mangold is a postdoc at the chair of Business Administration, in particular Financial Services and Financial Technology at University of Bremen. Her research interests include transnational labor law and data privacy regulation of digital business models. She will give a presentation on "Crowdsourcing and Data Privacy: A comparison of selected problems between China, Germany and the USA" at the 2021 Machine Lawyering Conference. The talk will present results of a study on data privacy risks in the global crowdsourcing market that is conducted at University of Bremen in cooperation with Prof. Dr. Lars Hornuf and Yayun Yang (PhD cand).
Xu Zhu is an external doctoral researcher at the chair of Business Administration, in particular Financial Services and Financial Technology at University of Bremen. His research focuses on IT security in the financial sector and financial market regulation with IT relevance. He worked at the Federal Financial Supervisory Authority from September 2017 to July 2020. At the Machine Lawyering Conference 2021, he will present his paper "Big Data and Advanced Analytics in the context of the European Financial Regulation". In this paper, he analyzes the use of advanced analytics applications in the European financial sector with regard to its implication for banking supervision on the basis of existing publications of the European financial supervisory authorities. In particular, the current development in the regulation of advanced analytics applications in the EU as well as the related topics in the focus of banking supervision are discussed.
Hapsatou at the Diginomics Brownbag Seminar
Time: 16 December 2020, 12:00 am, via Zoom
Speaker: Hapsatou, Diginomics Group, University of Bremen
Title: Digitalization of management of information flow in the supply chain of retail companies in Cameroon
Hapsatou, PhD student at the Chair of Maritime Business and Logistics and member of the Diginomics Research Group will give a talk on "Digitalization of management of information flow in the supply chain of retail companies in Cameroon" during the upcoming Diginomics Brownbag Seminar.
© Jan F. Klein
Dr. Jan F. Klein at the Diginomics Brownbag Seminar
Speaker: Dr. Jan F. Klein, Tilburg University
Title: Quantified self and self-tracking technologies: an application in health care
Dr. Jan F. Klein from Tilburg University will give a talk on "Quantified self and self-tracking technologies: an application in health care" during the upcoming Diginomics Brownbag Seminar.
New Publication in Business Research (BuR)
Dr. Milan Klus has published a new article in Business Research (BuR) entitled "Success factors of academic journals in the digital age". The article emerged in collaboration with Prof. Dr. Alexander Dilger from the University of Münster.
Since the early 1990s, when digitalisation began to open new opportunities for disseminating information, many academic journals started to introduce online services. However, while some studies suggest that online availability and free access to journal articles are positively connected to the number of citations an article receives, little is known about whether being an early adopter of digital services provides journals with a (long-term) competitive advantage in times of digital change. The authors use data from SSCI-listed management journals to examine which journals pioneered the introduction of digital services, to what extent first-mover advantages can be identified, and which journal characteristics are associated with citation-based performance indicators.
The results show that lower ranked journals were the first to introduce digital services and were beneficiaries of the digital age. Furthermore, the authors find a negative correlation between general submission fees and journal performance and that the top-performing journals of their sample are those of non-commercial publishers. The analysis of the relationship between journal performance and the provision of open access contradicts previous studies, as the authors find no positive correlations between performance and open access on the journal level.
The full article can be downloaded here: https://link.springer.com/article/10.1007/s40685-020-00131-z
New Publication in Information Systems and e-Business Management
Dr. Milan Klus has published a new article in Information Systems and e-Business Management entitled "Value propositions of chatbots to support innovation management processes". The article emerged in collaboration with Prof. Dr. Florian Johannsen from the Hochschule Schmalkalden and Dorina Schaller.
Chatbots have become popular in recent years as a means of supporting a company's external communication with customers, but they are also increasingly being used for internal purposes, especially to improve and accelerate workflows. Along these lines, recent studies have suggested that chatbots can also be applied to other internal business practices, such as innovation management. Nevertheless, the use of chatbots for innovation management is still an under-researched topic, and practical experiences are largely missing.
The authors address this gap by identifying value propositions of chatbots to support a company's innovation management process. Furthermore, they link the value propositions to particular process steps and success dimensions. To do so, they perform a literature review and complement the findings with expert interviews. The study contributes to a better understanding of the benefits of chatbot usage for the innovation management process.
© Dr. Milan Klus
Dr. Milan Klus at the Diginomics Brownbag Seminar
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.
Diginomics Research Talks meet BREMEN.AI Data Lounge
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
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.
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.
© ScienceDirect
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.
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.
© Jan Antonin Kolar on Unsplash
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.
© Jan Philipp Thiele on Unsplash
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.
© Mareike Genssler
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.
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
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.
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
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
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
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.
© FinForward/ Simon Heydorn
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.
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.
© Kai Uwe Bohn / Universität Bremen
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.
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 applicatio
Post-exam review "Finanzwirtschaft" on 22.8.2019
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.
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
© Alasdair Jardine/Universität Bremen
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.
© Frank Pusch
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).
Time: 27 January 2021, 12:00 am, via Zoom
To see the full video, click here.
Updated by: office hornuf