Kärntenstraße 7, KÄ7/01.30

Tel:  +49 951 863 2717
eMail: hm.bwl-finanz(at)uni-bamberg.de

Sprechstunde: Dienstag, 10:00 - 12:00 Uhr
(und nach Vereinbarung)

Während der vorlesungsfreien Zeit nur nach vorheriger Vereinbarung!

Forschungsinteressen

• Empirical Finance
• Behavioral Finance
• Asset Pricing
• Algorithmic Trading
• Risk Management
• ESG/CSR/Sustainability
• FinTech

Publikationen

Articles in refereed journals

Horn, M. (2023), The Influence of ESG Ratings on Idiosyncratic Stock Risk: The Unrated, the Good, the Bad, and the Sinners; Schmalenbach Journal of Business Research 75, 415–442.
also accepted at 1st CINSC Conference on International Finance; Sustainable and Climate Finance and Growth, Napoli, June 12-14; 83. Jahrestagung des Verband der Hochschullehrer für Betriebswirtschaft (VHB), virtual, March 8-11; The 2022 Annual Conference of the Academy of Economics and Finance, virtual, February 9-12, 2022; 3rd Conference on Behavioral Research in Finance, Governance, and Accounting, virtual, November 4-5, 2021; 14th International Risk Management Conference, virtual, October 1-2, 2021; GEABA Young Scholars Conference, virtual, September 17, 2021; International Conference on Operations Research, virtual, August 31 - September 3, 2021; UMASS – EMN Research Conference on Corporate Social Responsibility, June 17-18, 2021.

Dabbous, A., Horn, M., Croutzet, A. (2023), Measuring Environmental Awareness: An Analysis Using Google Search Data; Journal of Environmental Management 346, 118984.
also accepted at 5th Conference on Behavioral Research in Finance, Governance, and Accounting (BFGA 2023), virtual, November 3; International Conference on Operations Research, Hamburg, August 29 - September 1; 28th Annual Conference of the European Association of Environmental and Resource Economists 2023, Limassol, June 27-30.

Oehler, A., Horn, M. (2023), Households´ Decision on Capital Market Participation: What Are the Drivers? A Multi-Factor Contribution to the Participation Puzzle; Financial Services Review (forthcoming).
also accepted at Psychonomic Society 2023 Annual Meeting, San Francisco, November 16-19; 2023 Society for Judgment and Decision Making Conference, San Francisco, November, 17-20; AFS Academy of Financial Services 2023 Conference, Phoenix, September 26-27.

Oehler, A., Horn, M., Wendt, S. (2023), Investment in Risky Assets and Financial Market Participation: Does Financial Literacy Matter? International Review of Economics (forthcoming).
also accepted at Psychonomic Society 2022 Annual Meeting, Boston, November 17-20.

Oehler, A., Horn, M., Wendt, S. (2023), The Trust Risk Puzzle: The Impact of Trust on the Willingness to Take Financial Risk; Quarterly Journal of Finance 13(3), 2350006.
also accepted at 2021-2022 Society for Judgment and Decision Making Conference, virtual, February, 10-12, 2022; Psychonomic Society 2021 Annual Meeting, virtual, November 4-7.

Oehler, A., Horn, M., Wendt, S. (2022), Investor characteristics and their impact on the decision to use a robo-advisor; Journal of Financial Services Research 62(1), 91-125.
also accepted at 14th International Risk Management Conference, virtual, October 1-2, 2021; International Conference on Operations Research, virtual, August 31 - September 3, 2021; Behavioural Finance Working Group Conference, London, June 10-11, 2021; Psychonomic Society 2020 Annual Meeting, virtual, November, 19-21, 2020.

Oehler, A., Horn, M. (2021), Behavioral Portfolio Theory Revisited: Lessons Learned from the Field; Accounting and Finance 61(1), 1743-1774.
also accepted at Southern Finance Association (SFA) Annual Meeting, Orlando, November 20–23, 2019; 2019 Society for Judgment and Decision Making Conference, Montreal, November, 15-18 2019; 30th European Conference on Operational Research, Dublin, June 23-26, 2019; 11th Annual Meeting of The Academy of Behavioral Finance & Economics, Chicago, October 17-20, 2018; 2018 Behavioural Finance Working Group Conference, London, June 14-15, 2018; 54th Meeting of the Eastern Finance Association (EFA), Philadelphia, April 11-14, 2018.

Oehler, A., Wedlich, F., Wendt, S., Horn, M. (2021), Does personality drive price bubbles?; Studies in Economics and Finance 38(3), 619-639.
also accepted at 2016 FMA Annual Meeting, Las Vegas, October 19-22, 2016; 30th Annual Meeting of The Academy of Financial Services, Las Vegas, October 20-21, 2016; Research in Behavioral Finance Conference 2016, Amsterdam, September 15-16; 23rd Annual Conference of the Multinational Finance Society, Stockholm, June 26-29, 2016; 2016 Behavioural Finance Working Group Conference, London, June 13-14, 2016; 14. HVB Doktorandenseminar, Riederau am Ammersee, June 3-4, 2016; 78. Jahrestagung des Verband der Hochschullehrer für Betriebswirtschaft (VHB), München, April 18-20, 2016; 52nd Meeting of the Eastern Finance Association (EFA), Baltimore, April 6-9, 2016.

Oehler, A., Horn, M. (2021), Was sind Schwachstellen und Alternativen finanzieller Bildung?; DIW Vierteljahrsheft 1/2021, 107-124.

Horn, M., Oehler, A. (2020), Automated Portfolio Rebalancing: Automatic Erosion of Investment Performance?; Journal of Asset Management 21(6), 489-505.
also accepted at 82. Jahrestagung des Verband der Hochschullehrer für Betriebswirtschaft (VHB), Frankfurt, March 17-20, 2020; 88th International Atlantic Economic Conference, Miami, October 17-20, 2019; 2019 Annual Meeting Academy of Financial Services, October 15-16, 2019, Minneapolis; EURO 2019, 30th European Conference on Operational Research, Dublin, June 23-26, 2019; 2019 FMA European Conference, Glasgow, June 12-14, 2019.

Herberger, T., Horn, M., Oehler, A. (2020), Are intraday reversal and momentum trading strategies feasible? An analysis for German blue chip stocks, Financial Markets and Portfolio Management, 34, 179–197.
also accepted at 54th Meeting of the Eastern Finance Association (EFA), Philadelphia, April 11-14, 2018; International Conference on Operations Research, Hamburg, August 30 - September 2, 2016; 2016 Behavioural Finance Working Group Conference, London, June 13-14, 2016; 52nd Meeting of the Eastern Finance Association (EFA), Baltimore, April 6-9, 2016; 2015 Annual Meeting of the Financial Management Association International, October 14-17, Orlando; 29th Annual Meeting The Academy of Financial Services 2015, October 15-16, Orlando.

Oehler, A., Horn, M. (2019), Does Households’ Wealth Predict the Efficiency of their Asset Mix? Empirical Evidence; Review of Behavioral Economics 6 (3), 249-282;
also accepted at 2018 FMA Annual Meeting, San Diego, October 10-13, 2018; IAREP/SABE Conference, London, July 19-22, 2018; 53rd Meeting of the Eastern Finance Association (EFA), Jacksonville, April 5-8, 2017; Acadamy of Behavioral Finance & Economics Conference 2017, Stuttgart, March 15-17, 2017; Research in Behavioral Finance Conference 2016, Amsterdam, September 15-16.

Oehler, A., Horn, M., Wendt, S. (2019), Zeigen junge Erwachsene Financial Literacy im ökonomischen Alltag? Eine realitätsnahe Alternative zu einfachen Wissensabfragen; ZBB – Zeitschrift für Bankrecht und Bankwirtschaft 31 (1), 37-42.

Oehler, A., Horn, M., Wedlich, F. (2018), Young adults’ subjective and objective risk attitude in financial decision making: Evidence from the lab and the field; Review of Behavioral Finance 10 (3), 274-294
awarded as Highly Commended Paper in the 2019 Emerald Literati Awards
also accepted at 2017 Behavioural Finance Working Group Conference, London, June 12-13, 2017; 53rd Meeting of the Eastern Finance Association (EFA), Jacksonville, April 5-8, 2017.

Oehler, A., Horn, M., Wendt, S., Reisch, L., Walker, T. (2018), Young adults and their finances: An international comparative study on applied financial literacy; Economic Notes 47 (2-3), 305-330.

Oehler, A., Höfer, A., Horn, M., Wendt, S. (2018), Do Mutual Fund Ratings Provide Valuable Information for Retail Investors? Studies in Economics and Finance 35 (1), 2018, 137-152;
also accepted at 78th International Atlantic Economic Conference 2014, October 12-15, Savannah/GA; 28th Annual Meeting The Academy of Financial Services 2014, October 16-17, Nashville/TN.

Oehler, A., Wendt, S., Wedlich, F., Horn, M. (2018), Investors’ Personality Influences Investment Decisions: Experimental Evidence on Extraversion and Neuroticism; Journal of Behavioral Finance, 19 (1), 30-48;
also accepted at Research in Behavioral Finance Conference 2016, Amsterdam, September 15-16; 2016 Behavioural Finance Working Group Conference, London, June 13-14, 2016; 52nd Meeting of the Eastern Finance Association (EFA), Baltimore, April 6-9, 2016.

Oehler, A., Horn, M., Wendt, S. (2018), Mehr als „nur“ Crowdfunding? – Wie die Digitalisierung Prozesse der Mittelstandsfinanzierung verändert; Corporate Finance 9 (1-2), 3-7.

Oehler, A., Horn, M., Wendt, S. (2017), Brexit: Short-term Stock Price Effects and the Impact of Firm-level Internationalization; Finance Research Letters 22 (2017), 175-181.

Oehler, A., Herberger, T., Horn, M., Schalkowski, H. (2017), IPOs, the Level of Private Equity Engagement and Stock Performance Matters: Empirical Evidence from Germany; Corporate Ownership and Control 15 (1), 72-82;
also accepted at 53rd Meeting of the Eastern Finance Association (EFA), Jacksonville, April 5-8, 2017; XVII. Symposium zur ökonomischen Analyse der Unternehmung (GEABA), Basel, September 14-16, 2016; International Conference on Operations Research, Hamburg, August 30 - September 2, 2016.

Oehler, A., Wendt, S., Horn, M. (2017), Are Investors Really Home-Biased when Investing at Home?; Research in International Business and Finance, 40, 52-60;
also accepted at 29th Annual Meeting The Academy of Financial Services 2015, Orlando/FL, October 15-16; Eastern Finance Association 2015 Annual Meeting, New Orleans/LA, April 8-11.

Oehler, A., Horn, M., Wendt, S. (2016), Benefits from social trading? Empirical evidence for certificates on wikifolios; International Review of Financial Analysis 46, 202-210;
also accepted at 30th Annual Meeting of The Academy of Financial Services, Las Vegas, October 20-21, 2016; Research in Behavioral Finance Conference 2016, Amsterdam, September 15-16.

Oehler, A., Wendt, S., Horn, M. (2016), Internationalization of Blue-Chip versus Mid-Cap Stock Indices: an Empirical Analysis for France, Germany, and the UK; Atlantic Economic Journal 44, Issue 4, December 2016, 501–518;
also accepted at 29th Annual Meeting The Academy of Financial Services 2015, Orlando/FL, October 15-16.

 
Chapters in edited books

Horn, M., Wendt, S. (2021), Bitcoin & Co: Kryptowährungen für alle?; in: Kenning, P., Oehler, A., Reisch, L. (Ed.), Verbraucherwissenschaften, 2. überarbeitete und erweiterte Auflage, 395-410.

Wendt, S., Horn, M. (2021), Token & mehr: Initial Coin Offerings für digitalisierte Verbraucherinnen und Verbraucher? in: Kenning, P., Oehler, A., Reisch, L. (Ed.), Verbraucherwissenschaften, 2. überarbeitete und erweiterte Auflage, 411-421.

Wendt, S., Horn, M., Oehler, A. (2021), Verbrauchervertrauen; in: Kenning, P., Oehler, A., Reisch, L. (Ed.), Verbraucherwissenschaften, 2. überarbeitete und erweiterte Auflage, 163-182.

Horn, M., Oehler, A., Wendt, S. (2020), FinTech for Consumers and Retail Investors: Opportunities and Risks of Digital Payment and Investment Services; in: Walker, T., Gramlich, D., Bitar, M., Fardnia, P. (Ed.), Ecological, Societal, and Technological Risks and the Financial Sector, 405-421.  
also accepted at Challenges and Opportunities for Investors, Institutions and Regulators Conference, Concordia University John Molson School of Business, Montreal, September 20-21, 2019.

Oehler, A., Horn, M., Wendt, S. (2019), Social Trading und Digital Investments; in: Herberger, T. (Ed.), Die Digitalisierung und die Digitale Transformation der Finanzwirtschaft, 41-71.

Oehler, A., Herberger, T., Horn, M. (2019), Initial Public Offerings in Germany between 1997 and 2015; in: Cumming, D., Johan, S. (Ed.), Oxford Handbook of IPOs, 559-571.

Oehler, A., Horn, M., Wendt, S. (2018), Why self-commitment is not enough: On a regulated minimum standard for ecologically and socially responsible financial products and services; in: Walker, T., Kibsey, S., Crichton, R. (Ed.), Designing a Sustainable Financial System: Development Goals and Socio-Ecological Responsibility, 405-421.

Oehler, A., Horn, M., Wendt, S. (2018), Neue Geschäftsmodelle durch Digitalisierung? Eine Analyse aktueller Entwicklungen bei Finanzdienstleistungen; in: Keuper, F., Schomann, M., Sikora L.I., Wassef, R. (Ed.), Disruption und Transformation Management, 325-341.

Monograph

Horn, M. (2018), Investment Strategies of German Households in a Multi-layer Portfolio Framework, Bamberg, Doctoral Thesis.

In the media

detektor.fm; Fortschritt | Was können Robo-Advisor? Geldanlage per Algorithmus
available at: detektor.fm/digital/fortschritt-was-koennen-robo-advisor

Breaking Lab; 3 Monate Geld anlegen mit KI + Was sagt die Wissenschaft?
available at: www.youtube.com/watch

rbb INFOradio; Robo-Advisor: Automatisch Geld anlegen
available at: www.inforadio.de/programm/schema/sendungen/wirtschaft_aktuell/202106/10/573002.html

WirtschaftsWoche Money Mates: Kann ich mit meinem Ersparten die Welt retten?
available at: open.spotify.com/episode/5LZZTQ8UsDcV5Y1pPMWf4S

Oehler, A., Horn, M., Wendt, S. (2018), Mit Schwarmintelligenz zur besseren Performance? Social Trading auf dem Prüfstand, Der Bank Blog, www.der-bank-blog.de/mit-schwarmintelligenz-performance/social-media/31782/

Oehler, A., Horn, M., Wendt, S. (2018), Social Trading: Mit Schwarmintelligenz zur besseren Performance? In: Finanzplatz Hamburg, Jahrbuch 2017/18, 10-11.

Working papers accepted at peer-reviewed conferences

Horn, M., Schneider, J., Oehler, A. (2023), Do Transactions on Social Trading Platforms Predict the Stock Market Behavior of the Aggregate Private Sector? Economics of Financial Technology Conference 2023, Edinburgh, June 21-23; 2nd CINSC Conference on International Finance; Sustainable and Climate Finance and Growth, Ljubljana, June 18-20.

Horn, M., Oehler, A., Dabbous, A., Croutzet, A. (2023), The Relation between Environmental Awareness and Stock Returns; Psychonomic Society 2023 Annual Meeting, San Francisco, November 16-19; International Conference on Operations Research, Hamburg, August 29 - September 1; 1st Conference on Sustainable Banking & Finance 2023, Naples, June 23; 2nd CINSC Conference on International Finance; Sustainable and Climate Finance and Growth, Ljubljana, June 18-20.

Baily, C., Dabbous, A., Gnabo, J.-Y., Horn, M., Oehler, A. (2023), Environmental Indices and Fund Flows. The International Conference on Sustainability, Environment, and Social Transition in Economics and Finance 2023, Southampton, December 14-16.

Horn, M., Oehler, A. (2022), Constructing Stock Portfolios by Sorting on ESG Ratings: Does the Rating Provider Matter? New Frontiers in Banking and Capital Markets, Rome, December 15-16.

Oehler, A., Horn, M. (2022), Contemporaneous ESG Ratings and Idiosyncratic Stock Risk: Empirical Evidence on Measures of Market Consensus and Dispersion; 1st CINSC Conference on International Finance; Sustainable and Climate Finance and Growth, Naples, June 12-14.

Oehler, A., Horn, M., Wendt, S. (2021), Information Illusion: Different Amounts of Information and Stock Price Estimates; Annual Meeting of American Economic Association, virtual, January 3–5, 2021; Virtual Annual Meeting of the Verein fuer Socialpolitik, virtual, September 27-30, 2020; 28th Global Conference on Business and Finance, Honolulu, Hawaii, January 6-8, 2020; 2019 Society for Judgment and Decision Making Conference, Montreal, November, 15-18, 2019; Psychonomic Society 2019 Annual Meeting, Montreal, November, 14-17, 2019; 88th International Atlantic Economic Conference, Miami, October 17-20, 2019; 2019 Annual Meeting Academy of Financial Services, October 15-16, 2019, Minneapolis; IAREP/SABE Conference, Dublin, September 1-4, 2019; Behavioural Finance Working Group Conference, London, June 6-7, 2019.

Further articles in journals

Oehler, A., Horn, M. (2021), Robo-Advisors - die besseren Vermögensverwalter? uni.vers, Mai 2021, 44-47.

Oehler, A., Horn, M. (2018), Zur ungleichen ökonomischen Verteilung bei der Datennutzung oder: keine soziale Marktwirtschaft in der digitalen Welt!; Wirtschaftsdienst, Juli 2018, 469-472.

Wendt, S., Horn, M., Oehler, A. (2018), Robo-Advisors: the Future of Financial Advice? Tölvumál, November 2018, 20-21.

Oehler, A., Horn, M., Wendt, S. (2017), Nicht-professionelle Investoren entdecken die digitale Welt; bankmagazin, 2017 (1), 26-29.

Oehler, A., Horn, M., Wendt, S. (2016), Digitale Zahlungsdienste: Chinese Walls 2.0 oder Trennung?, DIVSI Magazin, Oktober 2016, 23-25.

Oehler, A., Horn, M., Wendt, S. (2016), Nicht-professionelle Investoren in der digitalen Welt; Wirtschaftsdienst, September 2016, 640-644.

Oehler, A., Horn, M., Wendt, S. (2016), Was taugt die Finanzberatung durch Robo-Advisors wirklich?, Der Neue Finanzberater 2016, 2, 28-29.

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