From June 13 to 15, 2024, 55 doctoral candidates and professors from southern Germany, Austria, and Switzerland gathered at the University of Liechtenstein for the International Doctoral Seminar, following an invitation by Marco Menichetti, Dean of the Liechtenstein Business School and Professor of Sustainable Finance.

The IDS (International Doctoral Seminar) has been hosted annually for many years by different universities. The last time it was held at the University of Liechtenstein was in 2011. Since then, the event has continued to evolve and has become an important platform for emerging researchers in the field of finance.

Dedicated entirely to banking and financial research topics, the event offered a space for presenting and discussing current research findings. This year’s program featured 13 presentations, including two contributions from doctoral candidates at the University of Liechtenstein: Lukas Salcher addressed the challenges of predictability in finance in his talk “Lost in Translation: How Predictability Turns into Performance,” while Merlin Bartel explored the global dimension of financial factors in “How Global is Factor Predictability?”

A highlight of the seminar was the joint dinner on Friday evening, which welcomed key representatives from the financial industry: David Gamper, Managing Director of the Liechtenstein Investment Fund Association (LAFV), Fredy Wolfinger, President of the Association of Independent Asset Managers in Liechtenstein (VUVL), and Simon Tribelhorn, Managing Director of the Liechtenstein Bankers Association, contributed their perspectives and presented the Liechtenstein financial center.

Marco Menichetti emphasized the importance of connecting academic research with real-world practice. He noted that engaging with leading industry practitioners can motivate and inspire young researchers. According to Menichetti, events like these not only support academic growth but also encourage the discussion of practical questions and the development of innovative solutions.

The International Doctoral Seminar at the University of Liechtenstein once again demonstrated the value of collaboration between universities. Such events not only support young academics but also strengthen ties to the industry. The resulting partnerships and networks are invaluable for the future of financial research.

The University of Liechtenstein is pleased to announce that thirteen students have once again successfully completed the certificate program "Blockchain and FinTech." In a festive graduation ceremony held on June 7, the certificates were presented to the graduates by Assoc. Prof. Dr. Martin Angerer, the program director, and Jonas Gantenbein from Bank Frick.

The certificate program is offered by the Bank Frick Innovative Finance Lab, a collaboration between the University of Liechtenstein and Bank Frick. The program imparts the latest knowledge and skills in dealing with disruptive and promising technologies in the financial industry. During the ceremonial certificate presentation, the top students of the class were also honored. In addition to Ricarda Mauch, the award was given to Sven Lagger, who then delivered the traditional student address.

“The Blockchain and FinTech certificate program at the University of Liechtenstein, with a special focus on finance, has become widely known far beyond the Rhine Valley and attracts participants from across the German-speaking region each year. Liechtenstein plays a pioneering role here, and the training to become a Blockchain and FinTech specialist offers outstanding future opportunities for our participants,” said Assoc. Prof. Dr. Martin Angerer, head of the program.

Long-Term Partnership and Cutting-Edge Knowledge

The program is part of a long-standing cooperation between the university and Bank Frick. The organizers view this course as a key success factor for the local financial center and the development of specialized professionals.

“The unique combination of knowledge from the disciplines of finance, fintech, and blockchain is invaluable for the Liechtenstein financial sector. The certificate program skillfully bridges the gap between today's established financial world and the innovations of tomorrow. It is extremely difficult to find qualified professionals in this field, which is why this program is so important,” said Jonas Gantenbein from Bank Frick.

The program provides high-quality knowledge about the opportunities, potential, and challenges of blockchain and other emerging financial technologies. It maintains a balanced mix of instructors from academia and industry experts. The course content is continuously updated to reflect the latest developments in this disruptive field and academic progress.

In addition to a new round starting in January 2025, next year will also see the launch of an advanced certificate program offering deeper dives into various topic areas. Detailed information and registration options will soon be available again on the university's website: https://uni.li/innovative-finance.

The University of Liechtenstein can look back on a successful 2023. One particular highlight was the successful accreditation of the Liechtenstein Business School and the Liechtenstein Business Law School in accordance with AACSB standards. There were also positive developments in other areas, such as student numbers and research performance.

Organizational developments

Since January 1, 2023, the university has been divided into three subject-related and two teaching-related schools. This completed a long transformation process. The new organizational structure was further consolidated in the reporting year. However, 2023 was also characterized by two personnel changes at the top of the university. In April, Lothar Ritter succeeded Klaus Tschütscher as President of the University Council and in August 2023, Christian Frommelt took over from Markus Jäger as Rector of the University of Liechtenstein.
Following the completion of the transformation process and under the new leadership, the university will once again focus more on its concrete achievements and impact. The focus will be on consecutive teaching, continuing education and research. However, knowledge and technology transfer as well as knowledge dissemination and thus dialog with the public are also important areas of activity for the University of Liechtenstein.

Internationally recognized quality strategy

The University of Liechtenstein attaches great importance to high quality teaching and research. Every six years, the quality of the entire University of Liechtenstein is reviewed by the Swiss Accreditation Council. In addition, the subject-related schools each undergo an internationally recognized accreditation tailored to the respective subject area.
A particular success in 2023 was the award of the internationally highly respected AACSB accreditation to the Liechtenstein Business School and the Liechtenstein Business Law School. After the Liechtenstein School of Architecture had already received accreditation from the renowned Royal Institute of British Architects (RIBA) for all programme levels (BSc, MSc and PhD) several years ago, all three specialist schools now have internationally recognized proof of quality.
In 2023, researchers at the University of Liechtenstein produced over 170 publications and scientific presentations. These included numerous publications in internationally top-ranked journals. Third-party funded projects are also of particular importance. In addition to numerous funding commitments for new Erasmus+ projects, the University of Liechtenstein received a positive funding commitment for an Innosuisse project in 2023. In line with the new performance orientation, work has also begun on various applications that will be submitted to the various funding instruments in 2024.

Attractive environment for students and staff

The university celebrated numerous other successes last year. In consecutive teaching, 214 people began their studies at the University of Liechtenstein in 2023. This represents an increase of 26 percent compared to the previous year. 175 students successfully completed their studies. Fortunately, the majority of graduates remain in demand as employees in Liechtenstein or the region.
In continuing education, the university recorded 196 students in four Master's degree programs, one diploma program and seven certificate programs, as well as over 2,700 participants in events. After the last few years marked by the coronavirus pandemic, the University of Liechtenstein was able to increase the number of events on offer again in 2023.
The increase in new students in the consecutive areas and the relatively stable student numbers in the area of continuing education confirm the attractiveness of the University of Liechtenstein as an educational institution. However, in view of the increasing competition between regional educational institutions, the University of Liechtenstein will also need to actively communicate its strengths in the future. In addition to the quality of teaching and research, which has been confirmed by international accreditation, the university is particularly convincing with its good student support. Various curricula have been revised for 2024 in order to adapt teaching content even more closely to current challenges in business and society and thus further increase the practical relevance of teaching.

Result from ordinary business activities

As part of its ordinary activities, the University of Liechtenstein generated a profit of CHF 230,212 in the 2023 calendar year, including the strategic Liechtenstein Executive School project, which is CHF 210,812 above the budgeted profit of CHF 19,400 and CHF 404,812 above the budgeted loss of CHF 174,600, including the planned start-up financing for the Executive School.
The positive business result is due to several one-off special effects. In addition, three professorships were not filled at the end of the year, which reduced personnel costs. Personnel costs are the most important area and the largest cost factor for the university. As at December 31, 2023, the university had 135 full-time equivalent employees. In addition, 328 external lecturers worked for the university.

The annual report can be downloaded from the uni.li website: https://www.uni.li/de/universitaet/medienportal/publikationen/jahresberichte 

Young Talents is a program for the promotion of young researchers. Young researchers at the University of Liechtenstein at doctoral level (following a preliminary study) can submit small research proposals to the University of Liechtenstein Research Fund.

Excellent candidates are supported by this grant in the implementation of their own research projects and in the development of an independent research profile. The candidates selected this year for the FFF Young Talents Grant are Theo Ravet-Brown and Marius Gramlich. Here are their research projects:

Leadership group dynamics in virtual reality: The role of follower interactions on charismatic leadership effectiveness in 2D and 3D virtual meetings

Charismatic leadership, a powerful form of leadership, is evolving with technology. Traditionally studied in face-to-face settings, recent research reveals that the impact of different communication media on charismatic leadership is profound. Findings suggest that the way charismatic leadership is perceived can significantly change with the medium used for interaction. This opens up questions on how these changes affect a leader’s ability to influence and motivate followers. Current studies involve using controlled environments to simulate real-life interactions, such as one-on-one meetings with supervisors, but today's workplace often features complex, multi-party digital meetings. This shift has prompted new research focused on understanding how follower behavior and group dynamics influence perceptions of charismatic leadership in these settings. 

The Young Talent applicant, Theo Ravet-Brown, proposed a pioneering experiment, where a leader and followers engage in tasks requiring close cooperation, while their interactions – eye contact, gestures, facial expressions, and voice modulation – are meticulously analyzed. This study not only uses cutting-edge biometric tools but also integrates virtual reality (VR) to deepen our understanding of nonverbal cues in digital communications.

Scheduled for late 2024, this research aims to publish its findings in prestigious journals, potentially reshaping how leadership training is conducted, especially in digital contexts. The University of Liechtenstein LBS is at the forefront of this initiative, addressing the growing demand for advanced leadership skills that align with the realities of the digital age, including virtual collaboration and management. This project supports LBS's goal to become a high-profile center for leadership excellence, providing concrete, actionable guidance to today's and tomorrow's leaders.

What are the drivers of liquidity on crypto markets

Studying the factors that drive liquidity in crypto markets is of paramount importance in today's financial landscape. Liquidity, the ease with which an asset can be bought or sold at low costs without significantly impacting its price, plays a crucial role in the efficiency and stability of financial markets.

In the context of crypto assets, understanding liquidity dynamics is particularly relevant due to the unique characteristics of digital assets and their markets.

Marius Gramlich will focus on lead-lag relationships, connectedness, and spillover effects of high-frequent intraday liquidity on centralized crypto exchanges. This project aims to provide valuable insights into market dynamics, risk management for trading crypto assets and crypto market microstructure.

Scheduled for late 2024, this research aims to publish its findings in prestigious journals and is a perfect fit for the strategic research focus of the University of Liechtenstein and for Liechtenstein’s economy promoting innovation for digital assets.