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Are sustainability-oriented investors different? : evidence from equity crowdfunding

Hornuf, Lars; Stenzhorn, Eliza; Vintis, Tim - 2020

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 … contribute to recent literature on equity crowdfunding, socially responsible investing, and how individual investment motives and …

Persistent link: https://www.econbiz.de/10012226560

Equity crowdfunding in Germany and the UK : follow-up funding and firm survival

Hornuf, Lars; Schmitt, Matthias - 2017 - This version: August 17, 2017

, the average age of the management team, and excessive funding during the ECF campaign all have a negative effect on firms …

Persistent link: https://www.econbiz.de/10011721567

How do banks interact with fintechs? : forms of alliances and their impact on bank value

Hornuf, Lars; Klus, Milan Frederik; Lohwasser, Todor S.; … - 2018 - This Version: July 18, 2018

The increasing pervasiveness of technology-driven firms that offer banking services has led to a growing pressure on traditional banks to modernize their core business activities. Banks attempt to confront the challenges of digitalization by cooperating with financial technology firms (fintechs)...

Persistent link: https://www.econbiz.de/10011882455

Marketplace lending of SMEs

Cumming, Douglas J.; Hornuf, Lars - 2020

Peer-to-business lending refers to online platforms facilitating loans from individuals to smalland medium-sized enterprises (SMEs). We conjecture that easy-to-understand risk ratings conveyed by the platform play a pronounced role in influencing the borrowing success of SMEs and that more...

Persistent link: https://www.econbiz.de/10012166027

Are equity crowdfunding investors active investors?

Hornuf, Lars; Schilling, Tobias; Schwienbacher, Armin - 2019 - This Version: September 29, 2019

capital investment contracts are also used in equity crowdfunding contracts. We find that crowd investors are asked to pay …

Persistent link: https://www.econbiz.de/10012119946

Does a local bias exist in equity crowdfunding?

Hornuf, Lars; Schmitt, Matthias; Stenzhorn, Eliza - 2020

We use hand-collected data of 20,460 investment decisions and two distinct portals to analyze whether investors in …

Persistent link: https://www.econbiz.de/10012175802

The financial and non-financial performance of token-based crowdfunding : certification arbitrage, investor choice, and the optimal time of ICOs

Dombrowski, Niclas; Drobetz, Wolfgang; Hornuf, Lars; … - 2023

What role does the selection of an investor and the timing of financing play in initial coin offerings (ICOs)? We investigate the operating and financial performance of ventures conducting ICOs with different types of investors at different points in the ventures' life cycle. We find that,...

Persistent link: https://www.econbiz.de/10014252496

Fintech startups in Germany : firm failure, funding success, and innovation capacity

Hornuf, Lars; Mattusch, Matthias - 2024 - This version: August 18, 2024

-stage success management of fintech firms and the investment decisions of venture capital funds and government startup programs. …

Persistent link: https://www.econbiz.de/10015051740

Are characteristics covariances or characteristics?

Hornuf, Lars; Fieberg, Christian - 2020

In this article, we shed more light on the covariances versus characteristics debate by investigating the explanatory power of the instrumented principal component analysis (IPCA), recently proposed by Kelly et al. (2019). They conclude that characteristics are covariances because there is no...

Persistent link: https://www.econbiz.de/10012231581