Kärntenstraße 7, KÄ7/01.30

Tel:  +49 / 951 / 863-2717
Fax: +49 / 951 / 863-2538

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 (forthcoming). 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 (forthcoming). 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., 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_akt
uell/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/s
ocial-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.

Oehler, A., Horn, M. (2023), Households´ Decision on Capital
Market Participation: What Are the Drivers? A Multi-Factor
Contribution to the Participation Puzzle; 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.

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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