Publications

Lock-in effects in online labor markets

Online platforms that implement reputation mechanisms usually prevent the transfer of ratings to other platforms, leading to lock-in …
Fabrizio Ciotti , Lars Hornuf , Eliza Stenzhorn
CESifo Working Paper No. 9379

The local bias in equity crowdfunding: Behavioral anomaly or rational preference?

We use data on individual investment decisions to analyze whether investors in equity crowdfunding direct their investments to local …
Lars Hornuf , Matthias Schmitt , Eliza Stenzhorn
DOI

Are sustainability-oriented investors different? Evidence from equity crowdfunding

In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we compare the …
Lars Hornuf , Eliza Stenzhorn , Tim Vintis
DOI

Exemption provisions of the German Small Investor Protection Act: A follow-up study

The German Small Investor Protection Act of 2015 is intended to provide greater transparency for investors in the ‘gray capital …
Christa Hainz , Lars Hornuf , Lisa Nagel , Sarah Reiter , Eliza Stenzhorn
PDF German translation
Exemption provisions of the German Small Investor Protection Act: A follow-up study

Equity crowdfunding in Germany and the United Kingdom: Follow-up funding and firm failure

Today, startups frequently obtain financing via the Internet through many small contributions of nonsophisticated investors. Yet, …
Lars Hornuf , Matthias Schmitt , Eliza Stenzhorn
DOI

The gender wage gap in online freelancing: The role of skills and application behavior

Otto Kässi , Eliza Stenzhorn , Ole Teutloff