Modul 1 befasst sich mit den Grundsätzen finanzwirtschaftlichen Denkens und den internationalen Finanzmärkten. Es wird näher auf die Verfahren der Investitionsrechnung unter Sicherheit und Unsicherheit, die Grundsätze der Ausschüttungspolitik sowie die wichtigsten Finanzinstrumente eingegangen. Darüber hinaus erhalten die Studierenden einen umfassenden Einblick in die Berechnung und Interpretation statistischer Kennzahlen von Stichprobendaten und Verteilungen. Zudem werden die empirischen Methoden im Finance-Bereich eingehend behandelt.

> Kapitalwertorientiertes Denken
> Grundsätze der Finanzwirtschaft
> Statistik der Finanzmärkte
> Internationale Finanzmärkte
> International Economics
> Empirische Methoden in Finance

The seminar is concerned with the making and implementation of exhibitions and is a cooperation with the Kunstmuseum Liechtenstein. Beside architectural approaches, the economic aspects of the realization and development of exhibitions, the economic and ideological value of the exhibition and the social integration into the society of yesterday and today play an important role as well as the cultural influence. Visits and guided tours to regional exhibition institutions (Kunstmuseum Vaduz, Kunsthaus Bregenz, Bündner Kunstmuseum Chur) supplement the seminar.

• Every week, students will work and reflect on selected exhibitions in presentations and discussions.
• Input on architectural and economic topics will combine this presentation and discussions.
• Visits in selected museums will enrich this seminar.

The students will

• know about the fundamental concepts and principles of making an exhibition
• collaboratively analyze selected exhibitions to measure and understand the making of exhibitions
• research on economic and architectural topics in the field of making an exhibition
• develop playfully economics and architectural skills and abilities during the museum visits
• learn how to work in a research team in terms of division of labor, discussion of results, and presentation and write-up

Students will be provided with a reader

Part A: (10 %) Performance during discussions
Part B: (30 %) Presentation
Part C: (60%) Seminar thesis

Compulsory attendance (min. 80%)

Passed / Failed

• Course based on continuous assessment, details see under "assessment".
• Meeting attendance obligations is an essential pre-requisite for successfully completing a course based on continuous assessment. The presence at the day of presentations is absolutely obligatory
• Attendance must be proven for at least 80% of the stipulated contact time. Responsibility for checking and providing written proof of this obligatory attendance lies with the course lecturer who is required to store this information at least until the end of the semester.
• In the case of absenteeism that exceeds the specified limits of absence, a medical certificate is required. Responsibility lies with the head of the Coordination Office for Cross-Faculty Elective Subjects to approve the reason for the student's failure to attend.
• Participation in other activities of the university are not recognized as an excused absence.

Fakultätsübergreifendes Wahlfach:
Es gelten spezielle Anmeldemodalitäten.

Modul 1 widmet sich der Einführung in die Steuersysteme sowie in das nationale und internationale Steuerrecht der vier deutschsprachigen Länder: Liechtenstein, Deutschland, Österreich und Schweiz. Im Fokus steht die Besteuerung natürlicher Personen und der Personengesellschaften auf der Basis des geltenden Steuerrechts unter Berücksichtigung allfälliger Steuerreformen. Die jeweils gewonnenen Erkenntnisse werden anhand konkreter Fallbeispiele vertieft. In grenzüberschreitenden Fallstudien erfolgt zudem die Auseinandersetzung mit den Themen der Abgrenzung und Bestimmung nationaler Besteuerungsansprüche, der persönlichen Einkommens- und Vermögenszuordnung und der Lösung grenzüberschreitender Doppelbesteuerungsprobleme durch unilaterale Massnahmen sowie unter Einbeziehung aktueller Entscheidungen der Rechtsprechung.

Interaktive Vorlesung mit Fallstudien

Die Studierenden erwerben folgende Fachkompetenzen:
Sie

• kennen die Grundlagen des nationalen und internationalen Steuerrechts
• sind mit den Quellen des Steuerrechts, Steuerarten und deren Systematisierung sowie die Fallkonstellationen des nationalen und internationalen Steuerrechts (National/Outbound und Inbound) vertraut
• lernen die Prüfungsschemas des Nationalen, Internationalen und Europäischen Steuerrechts kennen
• sind mit dem nationalen und internationalen Steuerrecht Liechtensteins, Deutschlands, Österreichs und der Schweiz, insbesondere in Bezug auf die Besteuerung der Einkommenserzielung (Einkommen-, Erwerbs- und Ertragssteuer) und die Besteuerung der Vermögenssubstanz (Vermögens- und Kapitalsteuern) vertraut
• haben sich mit der Besteuerung der Personengesellschaften in Liechtenstein, Deutschland, Österreich und der Schweiz auseinandergesetzt, kennen das Prinzip der transparenten Besteuerung und integrieren die gewonnenen Erkenntnisse in das System der Besteuerung der Einkommenserzielung und der Vermögenssubstanz in den 4 deutschsprachigen Steuerjurisdiktionen
• können in Fallstudien die nationalen Besteuerungsansprüche bestimmen und abgrenzen, die persönliche Einkommens- und Vermögenszuordnung vornehmen sowie die Probleme grenzüberschreitender Doppelbesteuerungen erkennen und diese in einem ersten Schritt bereits durch die Anwendung unilateraler Massnahmen in den 4 deutschsprachigen Steuerjurisdiktionen vermindern oder zur Gänze vermeiden

schriftliche Modulendprüfung (zu Beginn Modul 2) über den gesamten Lehrinhalt,
Dauer: 90 Minuten (90 Punkte)

• Instruments on the Futures Market: Forwards, Futures, Options and Swaps
• Significance of Yield Curve
• Evaluation of Forwards, Futures and Swaps
• Characteristics of Option Prices
• Evaluation of Options According to Black/Scholes and Binomial Model
• Derivative Elements in Structured Products
• Greeks and Volatility Smiles
• Exotic Options
• Selected Aspects of Risk Management (e.g. Value at Risk, Backtesting, Stress Testing)
• Hedging Strategies
• Financial Engineering of Various Finance Instruments
• Operational Risks

Interactive lectures with exercises

After completion of the module, the students recognise the most significant derivative instruments and the particularities of financial engineering. They have at their disposal comprehensive knowledge of the significant principles governing determination and evaluation of derivatives and are able to mirror the current stage of research on financial engineering.

Additionally, they master advanced hedging procedures, which they apply in a target-oriented manner in the areas of risk management. Because of their acquired specialised knowledge, they are able to meet complicated challenges in financial engineering. They are also able to identify and conceptualise abstract problems, such as the preparation of a special risk-profit profile and handle Operational risk.

• Utilising and identifying financial instruments and their application in practice
• Taking into consideration the yield curve in the evaluation of derivatives and relating to it
• Differentiating valuation approaches for forwards, futures, swaps and options as well as exotic options.
• Explaining the use of Greeks and volatility smiles
• Illustrating the fundamentals of risk management
• Contrasting special risk management concepts
• Developing and examining hedging strategies as a means of risk reduction
• Analysing financial engineering for various financial instruments
• Coping with Operational risk

Please see content of lecture.

Web-based online evaluation upon completion of module

This module is made up by courses of the successor curriculum. The Student Regulations (SPO) apply to C15.

Theories of International Trade and International Finance aim at explaining underlying dynamics of economic and social developments in a global context. They also allow to investigate relations between market and industry structures and flows in goods, services and financial flows. Furthermore they serve in designing and evaluating the impact of macro-economic policies, currency fluctuations and trading regimes on economies, business strategy and operations.

The module aims at examining how national policies can, in theory, shape international trade and finance, and constrain the climate for international business. It extends this analysis to the international system discussing the role of international arrangements and institutions, e.g. the WTO, on international trade and investment.

Using a series of country-based case studies, students will have the opportunity to investigate how firms feel and master the impact of government policy and institutional set-ups in a specific nation state or economic region, for example China, India, the Arab World and South-America.

Contents of the module are:

• Sources of international comparative advantages (differences in natural resources, technology and factor endowment)
• Principles of strategic trade theory and geographic economic integration
• Goals, instruments and impact of modern international trade policy in industrial and emerging economies
• International trade agreements and organisations

The purpose of this module is to enable students to understand the challenges of international trade and investment and to analyse the opportunities they represent concerning a specific nation state or a wider economic region.

• Explain fundamentals of neo-classical and strategic trade theories
• Distinguish implications for national trade policies
• Illustrate main themes and debates in international economics
• Assess the impact of macroeconomics, political forces and international agreements on firm strategies and competition in a specific nation-state or economic region

Web-based online evaluation upon completion of module

This module consists of elective courses. Please register for one of the lectures offered.

The course starts with an exam in the first session.
Exam subjects are available in Moodle.

A general introduction to SAP and handling of the software is provided in the first session of the course Enterprise Systems. Please make sure to attend this session in case you do not have some prior experience with SAP software.

The course focuses on conceptual principles, implementation and operations of Business Intelligence solutions, based on SAP NetWeaver BW, SAP BusinessObjects and SAP HANA. The main learning outcomes are:

Topics:

• Conceptual foundation
• The Data Warehouse theory
• In-Memory column based solutions
• Market overview
• SAP NetWeaver BW Data Modeling & ETL
• SAP Business Explorer
• Query
• Front End Tools
• SAP BusinessObjects Front End Tools
• In Memory Computing with SAP HANA

The module integrates theoretical knowledge and practical skills based on an interactive lecture that includes teaching cases.

The e-learning platform Moodle will be used throughout the course for the dissemination of course material and discussions.

Compulsory Reading:

• Egger et al. (2007). SAP Business Intelligence, SAP Press (ISBN: 978-1-59229-082-6)

• SAP Documentation: http://help.sap.com/businessobject/product_guides/default.asp

• SAP BusinessObjects Web Intelligence User's Guide

• SAP Crystal Reports 2011 Users Guide

• Plattner, H. (2009). A Common Database Approach for OLTP and OLAP Using an In-Memory Column Database, Hasso Plattner Institute for IT Systems Engineering University of Potsdam.

• Inmon, W. H. (2005). Building the Data Warehouse, (4th ed) John Wiley.

The students will be provided with the lecture slides and supporting materials (literature and exercises) throughout the course.

Further Recommended Readings:

Egger et al. (2009). Reporting und Analyse mit SAP BusinessObjects, Galileo Press. (ISBN: 978-3-8362-1380-6).

Codd, E.F. et al. (1993). Providing OLAP (Online Analytical Processing) to User-Analysts: An IT Mandate, White Paper im Auftrag von Arbor Software (jetzt Hyperion Solutions). Siehe auch: http://www.fpm.com/refer/codd.html.

Egger N., Fiechter J.-M. & Rohlf J. (2005). SAP BW - Data Modeling, SAP Press (ISBN: 1-59229-043-4)

Plattner, H. & Zeier, A. (2011). In-Memory Data Management. An Inflection Point for Enterprise Applications, Springer, ISBN-13: 9783642193620

Hichert, R. & Moritz, M. (1995). Management-Informationssysteme. Praktische Anwendungen, (2nd ed.) Springer Verlag.

Kaiser, B.-U. (1999). Unternehmensinformation mit SAP-EIS. Hrsg. von Stephen Fedtke, Vieweg.

Keen, P. G. W. (1978). Decision support systems: an organizational perspective. Reading, Mass., Addison-Wesley Pub. Co. ISBN 0-201-03667-3

Laudon, K. C. & Laudon, J.P. (2013). Management Information Systems: A Contemporary Perspective. (13th ed.) New York: Macmillan.

Salmeron, Jose L. (2003). EIS Success: Keys and difficulties in major companies. Technovation 23 (1), 35–38.

• Please check examination details. Attendance is mandatory in this course.
• Evaluation of exams should take no longer than six weeks.
• The written exam is split up in an entry exam (30 points) and a final exam (60 points). Overall a minimum of 45 points must be achieved to pass the written exam part.

As an alternative to the Semester abroad, students can select to pursue a research project at the University of Liechtenstein. In this module, students develop and conduct an intensive research project providing them with insights into academic research methodologies. The scope and topic need to be agreed with the Academic Director prior to an application.

exercises, experiment, research, writing, visualising, modelling,
presenting, case study, peer feedback

Professional competence

• Independently identify a research topic and develop it coherently into a research proposal for the Master's thesis
• With minimal guidance can manage own learning using full range of resources for the discipline
• Execute complex defined and self-defined projects of research, development or investigation and identify and implement relevant outcomes.
• Make formal presentations about specialist topics to informed audiences.
• Show competence in analysing case studies and the ability to infer principles and motivations.

Methodological competence

• Analyse new and/ or abstract data and situations without guidance, using a range of techniques and methods appropriate to the subject
• Critically evaluate evidence to support hypotheses, reviewing its reliability, validity and significance
• Have knowledge of scientific or artistic methods within an interdisciplinary context

Social competence

• Explain competently, discuss and critique own work through oral presentations, writing or visual communication
• Understand how to work with confidence in the complex organisational and community settings within which the applied methods and design processes are typically deployed.

Personal competence

• Gain confidence in own role and the persuasive and accountable manner in which it is expected to be performed.
• Take responsibility for own work and are able to criticise it

Agreement with Academic Director

Mid-term and final presentations, book

You will be given a kick-start on your innovative start-up idea! Enthusiastic experts will elaborate your business idea, the market approach and target-group specific pitches the business models and financial plan with you.

During our interactive Kick-off teams will be formed to jointly work on selected theory blocks and present their results to all other teams and mentors; we'll agree on milestones relevant for preparing our camp.

Within the camp, our non-agenda is comprised by:

• VALUE CREATION & PRODUCT DEVELOPMENT (Canvas, Minimum Viable Product, …)
• BUSINESS MODEL CREATION (Eco System, your Product and Company DNA, Business Model, …)
• PITCHING AND ROADMAP CREATION (Business Model Battle, Pitching Sessions, your Road Map)

Short teaching and training sessions on an expert level and lots of practical work on YOUR topic, all facilitated by our experts. Discussions, pitches and presentations will guarantee that after the Boost Camp you will not only have your professional business plans ready, but would have rethought and optimized your innovative business idea, be enable to pitch it to potential customers/investors, have a detailed market entry plan plus a profound business model and financial plan including potential external funding. We don't just provide you with a tool kit, but also enable you to using it appropriately. The USP of this approach is a holistic view, assured by the different coaches that have different fields of expertise, the ready to use tool box, which you can re-use for further iterations and sprints in your business development and a highly focused programme, which helps you to maintain your goal of a quick market entry and focus on your primary goal: making your innovation happen!

By the end of the Boost Camp you will be confident, polished and full of zest!
So enroll NOW and see you soon …

• Interactive, challenging work session with start-up minded teams (cand. acad. spin-outs)

Participants

• know about Customer centric product and service design plus business modeling and planning
• are able to explain Business Model Canvas usage
• understand and are able to pitch

Reading material (in English) will be provided on moodle.

Recommended:
Osterwalder, Pigneur: "Business Model Generation"
"Gassmann, O./Sutter, P.: Praxiswissen Innovationsmanagement: Von der Idee zum Markterfolg, München 2010.
Hauschildt, J./Salomo, S.: Innovationsmanagement, 4. Auflage, München 2007.
Müller-Prothmann, Tobias/Dörr, Nora: Innovationsmanagement, München 2009."
Eric Ries: Lean Startup: Schnell, risikolos und erfolgreich Unternehmen gründen; Redline Wirtschaft, 2012
Chan, Kim/Maubourgne, Renée: Blue Ocean Strategy, Boston 2005.
"Chesbrough, H. W.: Open innovation - The new imperative for creating and profiting from technology, Boston 2003.

Howe, Jeff: Crowdsourcing. Why the Power of the Crowd is Driving the Future of Business. New York 2008.
Surowiecki, James: Die Weisheit der Vielen. (Warum Gruppen klüger sind als Einzelne). München 2007."
"Verworn B./Herstatt C.: Modelle des Innovations-Prozesses, Hamburg-Harburg 2000
Cooper, R. G.: The new product process: an empirically-based classification scheme, in: R & D Management, Jg. 13 (1), 1983-2, S. 1-13.
Cooper, R. G./Kleinschmidt, E. J.: Screening new products for potential winners, in: IEEE Engineering Management Review, Jg. 22 (4), 1994, S. 24-30.
Cooper, R. G./ Kleinschmidt, E. J.: New Products: The Key Factors in Success, Chicago 1990.
Kyffin, S./Gardien, P.: Navigation the innovation matrix: An approach to design-led innovation, in: International Journal of Design, 3 (1), 2009, S. 57-69."
Staudt, E.: Kompetenzentwicklung und Innovation: die Rolle der Kompetenz bei der Organisations-, Unternehmens- und Regionalentwicklung, Münster u. a. 2002.
Tidd, Joe/Bessant, John: Managing Innovation; West Sussex 2009.
Christensen, C. M.: The innovator's dilemma - When new technologies cause great firms to fail, Boston 1997.
Bessant, Tidd: Managing Innovation
Johannes Kern: Ishikawa Diagramme - Ursache-Wirkungs-Diagramme, BoD - Books on Demand, 2009
Mark W. Johnson: Seizing the White Space: Business Model Innovation for Growth and Renewal, Harvard Business Press, 2013
Marlon Dumas, Marcello La Rosa, Jan Mendling, Hajo A. Reijers: Fundamentals of Business Process Management, Springer Science & Business Media, 2013
Michael Porter: On Competition, Harvard Business Press, 2013
"Boris Gloger: Wie schätzt man in agilen Projekten: - oder wieso Scrum-Projekte erfolgreicher sind, Carl Hanser Verlag GmbH Co KG, 2014
Günter Drews, Norbert Hillebrand, Martin Kärner, Sabine Peipe, Uwe Rohrschneider: Praxishandbuch Projektmanagement, Haufe-Lexware, 2014"
Rob Davis: Business Process Modelling with ARIS: A Practical Guide, Springer Science & Business Media, 2001; p 325 ff
O. C. Ferrell, Michael Hartline: Marketing Strategy; Cengage Learning, 2012; pp 87ff

10% Flipchart Theory Presentation round 1
10% Flipchart Theory Presentation round 2
20% Topic Presentation
60% Boost Camp Contribution

Compulsory attendance (min. 80%)

Passed / Failed

• Course based on continuous assessment, details see under "assessment".
• Meeting attendance obligations is an essential pre-requisite for successfully completing a course based on continuous assessment. The presence at the day of presentations is absolutely obligatory
• Attendance must be proven for at least 80% of the stipulated contact time. Responsibility for checking and providing written proof of this obligatory attendance lies with the course lecturer who is required to store this information at least until the end of the semester.
• In the case of absenteeism that exceeds the specified limits of absence, a medical certificate is required. Responsibility lies with the head of the Coordination Office for Cross-Faculty Elective Subjects to approve the reason for the student's failure to attend.
• Participation in other activities of the university are not recognized as an excused absence.

Fakultätsübergreifendes Wahlfach:
Es gelten spezielle Anmeldemodalitäten.

In this course we discuss some statistical methods that can help to take decisions in business using data. After reviewing the basic concepts of ''Testing and Estimating'', usually known from an introductory course on probability theory and statistics in any bachelor program, we introduce and discuss some aspects of ''Multiple Linear Regression Analysis'', which can be regarded as one of the practically most relevant statistical techniques.

Topics:

• graphical and numerical characterizations of random variables and their distributions
• framework and basic applications of testing hypotheses and estimating parameters
• ordinary least squares method and its properties
• parameter estimation in multiple linear regression
• classical linear model assumptions and model diagnostics
• inference in multiple linear regression
• model specification techniques
• model selection techniques
• introduction to the software package R

Students are usually asked in advance to read corresponding parts of the textbook (Wooldridge, 2009) in order to prepare for the upcoming lectures. In the interactive lectures, we then introduce the statistical concepts and motivate them by discussing examples in detail. Assignments are then offered to train these skills. During the office hours, individual problems may finally be discussed with the lecturer. In order to analyze realistic data, the software package R will be used.

The same teaching methods will be used in the two different lecture series ''Testing and Estimating'' and ''Multiple Linear Regression Analysis''.

The e-learning platform Moodle will be used throughout the course for the dissemination of course material and discussions.

The students will be provided with the lecture slides and supporting materials (literature and exercises) throughout the course.

Compulsory reading:

• Wooldridge, J.M. (2009). Introductory Econometrics. (International Student Edition, 4th edition). Mason: South Western Cengage Learning.

Further reading:

• Montgomery, D.C., Peck, A.E. & Vining, G.G. (2012). Introduction to Linear Regression Analysis. (5th edition). New York: John Wiley & Sons.
• Faraway, J.J. (2005). Linear Models with R. Boca Raton: Chapman & Hall/CRC.

Das Modul stellt die Ausgangsbasis für die weitere Wissensvermittlung im LL.M.-Programm dar. Die Studierenden erwerben zunächst grundlegende Kenntnisse des liechtensteinischen Rechtssystems. Sie lernen (soweit noch nicht bekannt) die Verfassung, Gerichte sowie den Instanzenzug und das Gesetzgebungsverfahren kennen. Im Anschluss werden die gesellschaftsrechtlichen Grundlagen vermittelt. Die Teilnehmenden unterscheiden zwischen Verbandspersonen und Gesellschaften ohne Rechtspersönlichkeit. Sie lernen zunächst die einzelnen Rechtsformen der Personengesellschaften (Einfache Gesellschaft, Kollektivgesellschaft [offene Gesellschaft], Kommanditgesellschaft) kennen. Anschließend werden die Rechtsformen der gängigen Kapitalgesellschaften, also die GmbH und die Aktiengesellschaft, ausführlich dargestellt. Jeweilige Vor- und Nachteile der Gesellschaftsformen stehen – jeweils unter dem Blickwinkel der Betrachtung dieser im Vergleich mit den umliegenden Rechtsordnungen – ebenso auf dem Lehrplan. Anhand praktischer Fälle wird das Gelernte vertieft und in die praktische Arbeit integriert. Zum Abschluss erfolgt eine Einführung in das Recht des Europäischen Wirtschaftsraumes und seine Bedeutung für Liechtenstein, insbesondere unter Berücksichtigung der europäischen Grundfreiheiten sowie des allgemeinen Diskriminierungsverbotes.