Lectures

Does ChatGPT advise on capital investment? 💸 | Short question for economist Lars Hornuf (only in German)

The search for a suitable investment is a major challenge for many investors. Researchers led by 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? Lars Hornuf and his team believe that GPT-4 could in future help to sift through and better understand the large amounts of information that otherwise overwhelm investors when making decisions. In the future, "large language models" could also be implemented in robots that offer financial advice.

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

Keynote speech at the 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.

Bitcoin and beyond as a hedge against fiat money| 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

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.

How sucessfully do banks interact with FinTechs

Prof. Lars Hornuf on "How successfully banks interact with FinTechs" at the University of Oxford's Conference on Fintech Startups and Incumbent Players: Policy Challenges and Opportunities.

Crowdsourced Innovation: How Community Managers Affect Crowd Activities

Prof. Lars Hornuf (University of Bremen) talks about "Crowdsourced Innovation: How Community Managers Affect Crowd Activities".

New digital actors and their role in the financial sector: An analysis of the German market with a special focus on data protection aspects

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.

Discussion: New digital actors and their role in the financial sector

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.

Inaugural Lecture

Prof. Lars Hornuf on the topic "FinTech - The revolution in finance?" at the University of Bremen.

Zeppelin University: Honesty and Charitable Giving – The Impact of Economic Systems

Prof. Lars Hornuf at Zeppelin University with a lecture on "The Impact of Two Different Economic Systems on Dishonesty and Charitable Giving: Determinants of Group-Level Variation".

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

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.

About the article in the Journal of Corporate Finance

How can companies benefit from crowd investing? 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) 

Prof. Lars Hornuf and Jens Spahn on FinTechs in Germany at the 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" 

Speaker at Peking University/ Stanford University/ Oxford University Internet Law and Public Policy Conference

Lecture on Regulating Crowdinvesting:
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.

Prof. Lars Hornuf at the Social Science Research Center Berlin

Event study on the European company:
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.
Paper (SSRN)