Lectures

Regulatory Competition in the Age of AI | Prof. Dr. Lars Hornuf | EU Annual Reserach Conference with Nobel prize winner Philippe Aghion

How AI and innovation are reshaping productivity and influencing the future of economic policy? Prof. Dr. Lars Hornuf joined the Annual Research Conference of the European Commission in Brussels. After the keynote address by Philippe Aghion, Nobel prize winner in economics 2025, Hornuf presented his analyses on regulatory competition in the age of AI discussing current developments in AI regulation and their implications for regulatory competition both in practice and as a research field. The Annual Research Conference (ARC) was set up to bring insights from the latest academic research to the European Commission and to foster dialogue between academic research and policymaking.

Welcoming address on the inauguration of Prof. Dr. Ursula Staudinger | Prof. Dr. Lars Hornuf | TUD 2025

On 17 September 2025, Prof. Dr. Lars Hornuf delivered the Senate's welcoming address at the inauguration ceremony for Prof. Dr. Ursula Staudinger's second term as Rector of Dresden University of Technology.

How Geopolitical Competition and Commercialization Shape Public Support for Space Funding | Prof. Dr. Lars Hornuf & Daniel Vrankar | Harvard Business School and European Space Policy Institute (ESPI) - Space Economics Seminar Series

On September 16, 2025, Prof. Dr. Lars Hornuf and Daniel Vrankar spoke at the Harvard Business School and European Space Policy Institute (ESPI) Space Economics Seminar about how geopolitical rhetoric and increasing privatization influence the approval of public space funding.

The future of money - How the stock market is becoming sustainable | Prof. Lars Hornuf | TEDxDresden

On March 28, 2025, Prof. Dr. Lars Hornuf spoke at TEDxDresden about sustainable investing and what is important in the process. As a leading expert on ESG, FinTech and AI, he sheds light on the future of the financial world. His research ranges from startup financing to blockchain - even to space travel. According to WirtschaftsWoche, he is one of the most research-intensive economists in the German-speaking world.

What do we have to do to earn higher returns? | Aleks Bleck & Prof. Lars Hornuf | YouTube channel Northern Finance

In this interview on the YouTube channel Northern Finance, Prof. Hornuf talks about long-term investing, portfolio diversification and high-risk investments such as Bitcoin. 

Identifying AI content through intuition | Dr Katharina Fellnhofer & Prof. Lars Hornuf | YouTube format 'Short Q&A'

Artificial intelligence is increasingly generating texts, images and videos that are almost indistinguishable from real content. In a study, Dr. Katharina Fellnhofer and Prof. Lars Hornuf investigated how well people can intuitively recognize AI-generated content. They found that this ability can be improved through practice. Interestingly, those who were particularly confident in their ability to recognize were wrong more often.

Does ChatGPT advise on capital investment? | Prof. Lars Hornuf | YouTube format 'Short Q&A' (only in German)

The search for a suitable investment is a major challenge for many investors. Researchers led by Prof. Lars Hornuf from TU Dresden have investigated whether and to what extent AI tools such as ChatGPT can advise on investment decisions.    
The results show that the portfolio suggestions of artificial intelligence are comparable to those of professional investment advisors. In the video, the economist explains how the researchers analyzed the advisory capabilities of ChatGPT-4.
Is the AI able to suggest a broadly diversified market portfolio of ETFs (exchange-traded funds) to investors that also takes into account their risk preferences, investment horizon, and the age of the investor profile?

To the working paper of the study https://ssrn.com/abstract=4499485  

Keynote speech | Prof. Lars Hornuf | Estonian FinTech Forum 2023 (starts at 11:30min)

What Works in FinTech? Prof. Hornuf discussed the results of various previously published articles that address the questions of how states can stimulate FinTech start-up formations and whether FinTechs influence the performance and risk of traditional financial institutions. Prof. Hornuf then presented a current study of the German FinTech market, in which he and Matthias Mattusch examined which founders are particularly successful in the FinTech market. Finally, Prof. Hornuf presented the results of another current study in which he, together with Christian Fieberg and David Streich, examined the performance of GPT-4.

‘From Bitcoin to digital central bank money’ | Prof. Lars Hornuf | Hanse - Wissenschaftskolleg HWK

The first cryptocurrency, Bitcoin, was created in 2009 to enable independent online payments. Since then, around 20,000 cryptocurrencies have been created, but none have established themselves as a mass payment system. Instead, new products such as stablecoins and NFTs have emerged, some of which have triggered speculative hype. In his lecture, Professor Hornuf explains how cryptocurrencies work and their potential social impact.

Cryptocurrencies after the crash | Christian W. Röhl | CAPinside Panel 

Crypto winter is here, but will it be followed by a crypto spring? And what might it look like? In a panel discussion with Prof. Dr. Lars Hornuf from the University of Bremen and Max Lautenschläger, co-founder of Iconic Holding, Christian W. Röhl talks about which applications are promising and how investors can best participate.

Bitcoin and beyond as a hedge against fiat money | Christian W. Röhl | CAPinside Panel

Are Crypto Assets Digital Gold or Virtual Tulip Bulbs? Christian W. Röhl asked Professor Lars Hornuf (University of Bremen), Maximilian Lautenschläger (Supervisory Board and Co-Founder, Iconic Holding), Daniel Andemeskel (Head of Innovation, Universal Investment) and Jan Kühne (Coinbase). The panel of experts will discuss the importance of cryptocurrencies in the financial sector and in personal portfolios.

Promise Not Fulfilled: FinTech, Data Privacy and the GDPR | Prof. Lars Hornuf | EPIC Summit Seminar

In his publication, Prof. Lars Hornuf on how the General Data Protection Regulation (GDPR) has impacted the privacy practices of FinTech companies. Together with his co-authors, he examines the content of 308 privacy statements before and after the GDPR came into force. A text analysis reveals that privacy policies have become longer, more standardized, and harder to understand since the introduction of the GDPR. This raises questions about whether the regulation still fulfills its original goal of protecting individuals. The study also examines how the content of these policies relates to company- and industry-specific factors.

Do Retail Investors Value Environmental Impact? | Prof. Lars Hornuf |  Sustainable Finance Research Seminar University of Zurich

In his lecture at the Sustainable Finance Research Seminar at the University of Zurich on November 4, 2021, Prof. Dr. Lars Hornuf (University of Bremen) will present the results of a field experiment with crowdfunders. The article was published in the Journal of Economic Behavior & Organization.

The WirtschaftsWeiser ask about Crowdsourcing | Thomas Schmidt | W2 Expert discussion

Crowdsourcing is about jointly initiating creative processes and finding suitable solutions. Interested parties can contribute their strengths within the community and actively participate in the work and creative processes of companies. Prof. Dr. Lars Hornuf from the University of Bremen and Florian Steinig and Ines Maione from clickworker GmbH will show exactly what the benefits of crowdsourcing are. No matter where you are in the world, whether you want to earn some extra money while you study or retire, social media can help you find the right community.

How sucessfully do banks interact with FinTechs | Prof. Lars Hornuf | 4th Oxford Business Law Blog Annual Conference

In this presentation, Prof. Lars Hornuf analyzes how successfully banks collaborate with FinTech companies. He highlights the factors that facilitate or hinder cooperation and outlines the strategies banks use to keep pace with technological innovation. The findings are based on extensive empirical data and offer insights into the future of the financial sector.

Crowdsourced Innovation: How Community Managers Affect Crowd Activities | Prof. Lars Hornuf | Crowdworking Symposium at the University of Bremen

In his presentation "Crowdsourced Innovation: How Community Managers Affect Crowd Activities," Prof. Lars Hornuf examines how community managers influence participation in online idea competitions. The study shows that moderate but continuous engagement by managers increases community activity. Additionally, intellectual stimulation by managers increases participation, whereas individual user engagement has no significant impact.

New digital actors and their role in the financial sector | Prof. Lars Hornuf | Munich Seminar

In this lecture Prof. Lars Hornuf deals with three topics. First, the chances of success of the new digital players in the financial sector in Germany are analyzed. Secondly, the handling and use of user data by FinTechs is in focus. For this purpose, an analysis of the data protection declarations of 375 FinTechs active in Germany is carried out for the first time. Thirdly, the business models of the FinTechs, their cooperation with banks and regulatory issues are analyzed.

New digital actors and their role in the financial sector | Prof. Clemens Fuest & Prof. Lars Hornuf | Discussion Munich Seminar

Panel discussion on the lecture "New digital players and their role in the financial sector: An analysis of the German market with special consideration of data protection aspects". Among the participants were the President of the ifo Institute, Prof. Dr. Clemens Fuest and the founder of Baader Bank, Uto Baader.

FinTech - The revolution in finance? | Prof. Lars Hornuf | Inaugural Lecture University of Bremen

In his presentation "FinTech – The Revolution of the Financial Industry?", Prof. Lars Hornuf explains how FinTechs are disrupting traditional banking models and reshaping competition in the financial sector. He analyzes the opportunities and risks this creates for consumers and financial markets. The talk covers topics such as crowdfunding, blockchain, and artificial intelligence, and discusses the role of regulation in this dynamic environment.

Honesty and Charitable Giving – The Impact of Economic Systems | Prof. Lars Hornuf | Guest lecture at Zeppelin University 

In his presentation, Prof. Lars Hornuf examines how different economic systems influence individual behaviour with regard to honesty and dishonesty, exploring the impact of economic factors on personal integrity and the role of economic systems in shaping individual conduct. Using empirical data, he compares the behaviour of people from socialist (East Germany) and capitalist (West Germany) backgrounds, focusing particularly on cheating and the willingness to donate. The results demonstrate that the economic environment can have a lasting impact on moral behaviour.

E-payment - how secure is our data when paying on the net? | Panel discussion market watchdog study

Prof. Lars Hornuf as a guest at the panel discussion on the publication of the market watchdog study:
Electronic payment methods such as Amazon Pay, Paypal or Sofortüberweisung are used very actively by consumers when shopping on the Internet. At the same time, they have concerns: How will their data be used? How secure are the procedures? Together with experts from data protection, business, science and consumer protection, we discussed the challenges and opportunities of electronic payment methods and presented the latest findings from market observation.

How can companies benefit from crowd investing? | Prof. Lars Hornuf | About the article in the Journal of Corporate Finance

Small and medium-sized enterprises (SMEs) in particular often have problems obtaining financing from traditional banks. Crowdinvesting offers these companies a new way of not only raising capital, but also receiving support from a large number of investors (e.g. through networking with new business partners or through suggestions for improving the products). Small and medium-sized industrial companies are also supported via crowd investing. Our research results illustrate how SMEs can efficiently use crowd investing in their day-to-day operations.
Paper (Open Access) 

FinTechs in Germany | Jens Spahn & Prof. Lars Hornuf | hub Conference 2016 

FinTechs in Germany, hub conference 2016:
Small and medium-sized enterprises (SMEs) in particular face problems obtaining financing from traditional banks. Crowdinvesting offers these companies a new way of not only raising capital, but also receiving support from a large number of investors (e.g. through networking with new business partners or through suggestions for improving the products). Small and medium-sized industrial companies are also supported via crowd investing. Our research results illustrate how SMEs can efficiently use crowd investing in their day-to-day operations.
Book "FinTech in Germany" 

Regulating Crowdinvesting | Prof. Dr. Lars Hornuf | Peking-Standford-Oxford University Conference on Internet Law and Public Policy 2014

The rapid progress of Internet technologies and electronic commerce has brought numerous new and difficult challenges to the existing legal regime. Thanks to the generous support from Tencent Corporation, Beijing University Law School has collaborated with Stanford Law School in co-organizing of an annual Conference on Internet Law and Public Policy since 2012, with venue rotating between Beijing and Palo Alto, to tackle some of the most pressing issues.This year, we are very pleased to announce a further expansion of this collaboration: Oxford Law Faculty, which has been at the forefront of legal research, is teaming up with this effort. Hopefully this tri-continental conference will provide a much-needed international academic platform for extensive and in-depth exchange of viewpoints and joint studies for the betterment of future development of electronic commerce, services and public policies.

Event Study on the European stock corporation | Prof. Lars Hornuf |  Conference 'Was leistet die Mitbestimmung? Was sagt die Wissenschaft?'

Prof. Lars Hornuf presents a study on capital market reactions to the conversion into a European stock corporation at the Social Science Research Center Berlin. The article was published in the Journal of Common Market Studies.