Liechtenstein Business School
Forschung
Unsere Forschung konzentriert sich inhaltlich auf Schlüsselbereiche von regionaler Bedeutung, die sich in den Professuren abbilden. Die Qualität der Forschung wird dadurch sichergestellt, dass Forschungsergebnisse regelmässig auf internationalen Konferenzen präsentiert und in renommierten Fachzeitschriften publiziert werden.
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Digitale Nähe: Wie authentische Beziehungen in sozialen Netzwerken entstehen
Eine im A*-Journal Journal of the Association for Information Systems veröffentlichte Studie mit Assoz. Prof. Dr. Johannes Schneider (Universität Liechtenstein) analysiert über 440.000 Social-Media-Nachrichten. Sie zeigt: Persönlichkeit, Neugier, Respekt und Teilen fördern hochwertige Beziehungen. Soziale Netzwerke leben nicht von ihrer Struktur, sondern von der Qualität der Interaktionen, mit wichtigen Impulsen für menschlicher gestaltete digitale Plattformen.
Weitere Informationen unter Capturing the “Social” in Social Networks
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Künstliche Intelligenz zur Früherkennung von Bankenkrisen: Forschungsteam der Universität Liechtenstein präsentiert interessante Ergebnisse
Beim Finance Forum Liechtenstein präsentierten Prof. Dr. Michael Hanke und die Doktoranden Merlin Bartel und Sebastian Petric Forschung zur KI-gestützten Vorhersage von Bankenkrisen. Anhand der US-Regionalbankenkrise 2023 zeigten sie, wie maschinelles Lernen Frühwarnsignale erkennt und Investoren Handlungsempfehlungen bietet. Die Studie verdeutlicht das Potenzial datenbasierter Modelle zur Risikoreduktion und stärkt die Rolle der Universität Liechtenstein in der Finanzforschung. Nähere Informationen unter Künstliche Intelligenz zur Früherkennung von Bankkrisen
Forschungsseminare
Die Zielsetzung der vom Department für Finance und Economics veranstalteten Forschungsseminare besteht darin, aktuelle Forschungsideen und Forschungsprojekte zu präsentieren und vor einem Fachpublikum zu verteidigen, um ein Feedback zu erhalten. Diese Seminare tragen zur Weiterqualifizierung des wissenschaftlichen Personals bei.
Weitere Informationen zum Finance Research Seminar und zum Wirtschaftspolitischen Seminar Alpenrhein finden Sie unter:
Publikationen
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Herrmann-Romero, M., Liegl, S., Angerer, M., & Stöckl, T. (2026). Golden eye - How traders focus on and select information in experimental asset markets. Journal of Behavioral and Experimental Finance, 49(March).Weitere
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Angerer, M., Hanke, M., Shakina, E., & Szymczak, W. (2025). The Effect of Different Saving Mechanisms in Pension Saving Behavior: Evidence from a Life-Cycle Experiment. Journal of Risk and Financial Management, 18(5).Weitere
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Angerer, M., Gramlich, M., & Hanke, M. (2025). Order Book Liquidity on Crypto Exchanges. Journal of Risk and Financial Management, 18(3).Weitere
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Hörler, R., Stein, F., Bayrle, N., Angerer, M., & Kordsachia, O. (2025). A bibliometric review of the EU sustainable finance initiative: evolving research dynamics. Sustainability Accounting, Management and Policy Journal.Weitere
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Jenni, M., Schadner, W., & Angerer, M. (2025). Hard forks, hard questions: Unraveling the microstructure effects on Bitcoin's return, volume, and volatility. Economic Letters, 257(December).Weitere
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Schadner, W. (2025). Hurst Exponent as Implied by Option Prices. Studies in Nonlinear Dynamics & Econometrics.Weitere
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Schadner, W. (2024). Direct Fit for SVI Implied Volatilities. Journal of Derivatives, 31(3).Weitere
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Angerer, M., Neugebauer, T., & Shachat, J. (2023). Arbitrage bots in experimental asset markets. Journal of Economic Behavior & Organization, 206, 262-278.Weitere
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Schadner W., & Lang S. (2023). The value of expected return persistence. Annals of Finance, 19, 449-476.Weitere
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Angerer, M., Herrmann-Romero, M., & Szymczak, W. (2022). Losing funds or losing face? Reputation and accountability in the credit rating industry. Journal of Economic Dynamics and Control, 143, 1-32.Weitere
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Schadner W. and Traut J. (2022). Estimating Forward-Looking Stock Correlations from Risk Factors. Mathematics, 10(10), 1-19.Weitere
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Schadner, W. (2022). U.S. Politics from a multifractal perspective. Chaos, Solitons & Fractals, 155(111677), 1-11.Weitere
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Schadner, W. (2021). Forward looking up-/down correlations. Quantitative Finance and Economics, 5(3), 471-495.Weitere
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Schadner, W. (2021). Ex-Ante Risk Factors and Required Structures of the Implied Correlation Matrix. Finance Research Letters, 41(101855), 1-8.Weitere
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Angerer, M., Hoffmann, C., Neitzert, F., & Kraus, S. (2021). Objective and Subjective Risks of Investing into Cryptocurrencies. Finance Research Letters, 40(101737).Weitere
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Schadner, W. (2021). On the persistence of market sentiment: A multifractal fluctuation analysis. Physica A, 581(126242), 1-14.Weitere
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Lang, S., & Schadner, W. (2021). The trilemma of expansionary monetary policy in the Euro area during the COVID-19 crisis. Finance Research Letters, 42(102048), 1-4.Weitere
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Schadner, W. (2020). An idea of risk-neutral momentum and market fear. Finance Research Letters, 37(101347), 1-6.Weitere
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Angerer, M. (2020). Regulation of retail gasoline prices. Finance Research Letters, 36, 1-8.Weitere
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Maran, T., Ravet-Brown, T., Angerer, M., Furtner, M., & Huber, S. (2020). Intelligence Predicts Choice in Decision-Making Strategies. Journal of Behavioral and Experimental Economics, 84(101483).Weitere
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Niemand, T., Kraus, S., Angerer, M., Thies,Ferdinand, & Mas-Tur, A. (2019). More is not always better—non-linear effects in crowdfunding. International Journal of Quality Innovation, 5(6), 1-10.Weitere
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Angerer, M., & Szymczak, W. (2019). The impact of endogenous and exogenous cash inflows in experimental asset markets. Journal of Economic Behavior & Organization, 166, 216-238.Weitere
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Angerer, M., Dünser, M., Kaiser, L., Peter, G., Stöckl, S., & Veress, A. (2019). What drives our Beer Consumption? In Search of Nutrition Habits and Demographic Patterns. Applied Economics, 51(41), 4539-4550.Weitere
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Shakina, E., & Angerer, M. (2018). Coordination and communication during bank runs. Journal of Behavioral and Experimental Finance, 20, 115-130.Weitere
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Angerer, M., Peter, G., Stöckl, S., Wachter, T., Bank, M., & Menichetti, M. (2018). Bid-Ask Spread Patterns and the Optimal Timing for Discretionary Liquidity Traders on Xetra. Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung (ZfbF), 70(3), 209-230.Weitere
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Niemand, T., Angerer, M., Thies, F., Kraus, S., & Hebenstreit, R. (2018). Equity crowdfunding across borders: A conjoint experiment. International Journal of Entrepreneurial Behavior & Research, 24(4), 911-932.Weitere
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Angerer, M., Niemand, T., Kraus, S., & Thies, F. (2018). Risk-reducing options in crowdinvesting: An experimental study. Journal of Small Business Strategy, 28(3), 1-17.Weitere
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Kraus, S., Burtscher, J., Vallaster, C., & Angerer, M. (2018). Sustainable Entrepreneurship Orientation: A Reflection on Status-Quo Research on Factors Facilitating Responsible Managerial Practices. Sustainability, 10(2).Weitere
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Salahaldin, L., Angerer, M., Kraus, S., & Trabelsi, D. (2018). A duration-based model of crowdfunding project choice. Finance Research Letters, 29, 404-410.Weitere
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Stöckl, S., Hanke, M., & Angerer, M. (2017). PRIX - A risk index for global private investors. The Journal of Risk Finance, 18(2), 214-231.Weitere
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Angerer, M., Brem, A., Kraus, S., & Peter, A. (2017). Start-up Funding via Equity Crowdfunding in Germany – A Qualitative Analysis of Success Factors. Journal of Entrepreneurial Finance (JEF), 19(1), 1-33.Weitere
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Angerer, M., Huber, J., & Kirchler, M. (2013). Trader performance in a market experiment with human and computerized traders. Schmalenbach Business Review : ZFBF, 66(3), 224-244.Weitere
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Huber, J., Angerer, M., & Kirchler, M. (2011). Experimental Asset Markets with Endogenous Choice of Costly Asymmetric Information. Experimental Economics, 14(2), 223 - 240.Weitere
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Angerer, M., Huber, J., Shubik, M., & Sunder, S. (2010). An Economy with Personal Currency: Theory and Evidence. Annals of Finance, 6(4), 475-509.Weitere
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Lang, S., & Schadner, W. (2024). Chapter 11: An Empirical Analysis of the Trilemma of Exiting Expansionary Monetary Policy in the Euro Area. In S. Boubaker & M. Elnahass (Eds.), Banking Resilience and Global Financial Sustainability (Vol. 10, pp. 299 - 316).Weitere
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Angerer, M., Hanke, M., Kirn, T., Preiner, C., Wenz, M., & Amann, M. (2023). Cross-Border Wealth Management. In P. Droege, S. Güldenberg, M. Menichetti & S. Seidel (Eds.), Cross-Border Life and Work. Cham: Springer.Weitere
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Angerer, M., Kraus, S., & Peter, A. (2023). Crowdfunding in German-Speaking Countries: A Literature Review from an Economics and Legal Perspective. In P. Droege, S. Güldenberg, M. Menichetti & S. Seidel (Eds.), Cross-Border Life and Work (pp. 93-118): Springer.Weitere
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Kraus, S., Burtscher, J., Vallaster, C., & Angerer, M. (2018). Sustainable Entrepreneurship Orientation: A Reflection on Status-Quo Research on Factors Facilitating Responsible Managerial Practices Improving Performances of European Crowdfunding Projects. In A. Lindgreen, C. Vallaster, F. Maon, S. Yousafzai & B. Palacios Florencio (Eds.), Sustainable Entrepreneurship: Discovering, Creating and Seizing Opportunities for Blended Value Generation (1 ed., pp. 354): CRC Press Taylor & Francis Group.Weitere
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Schadner, W. (2025). Isolating Event Risk Densities. Presented at the Quantitative Finance and Risk Analysis Symposium (QFRA 2025), Corfu, Greece.Weitere
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Gramlich, M., Angerer, M., & Xu, Y. (2024). Investors' Behavior and Market Efficiency in Experimental Asset Markets. Presented at the 12th Thurgau Experimental Economics Meeting (theem), Kreuzlingen, Switzerland.Weitere
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Gramlich, M., & Schadner, W. (2024). What Drives Liquidity in Crypto Markets? Evidence from Intraday Data. Presented at the World Finance Conference, Nicosia, Cyprus.Weitere
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Hanke, M., Schadner, W., & Stöckl, S. (2024). Event Risk Premia and Non-convex Volatility Smiles. Presented at the Quantitative Methods in Finance Conference, Sydney, Australia.Weitere
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Bayrle, N., Hörler, R., Angerer, M., Kordsachia, O., & Stein, F. (2024). A Bibliometric Review of the EU Sustainable Finance Initiative. Presented at the 2nd Conference on Sustainable Banking & Finance CSBF 2024, Neapel, Italy.Weitere
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Gramlich, M., Angerer, M., & Hanke, M. (2022). Order Book Liquidity on Crypto Exchanges. Presented at the World Finance Conference, Torino, Italy.Weitere
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Herrmann-Romero, M., Angerer, M., & Szymczak, W. (2022). Ally or Rival - Information Sharing in Trading Networks. Presented at the World Finance, University of Turin.Weitere
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Herrmann-Romero, M., Angerer, M., & Szymczak, W. (2022). Ally or Rival - Information Sharing in Trading Networks. Presented at the Experimental Finance Conference, University of Bonn.Weitere
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Herrmann-Romero, M., Liegl, S., Angerer M., & Stöckl, T. (2022). Golden Eye - How Traders Screen Information. Presented at the World Finance, Turin, Italy.Weitere
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Herrmann-Romero, M., Liegl, S., Angerer M., & Stöckl, T. (2022). Golden Eye - How Traders Screen Information. Presented at the 37. AWG, Klagenfurt, Austria.Weitere
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Herrmann-Romero, M., Angerer, M., & Szymczak, W. (2021). Ally or Rival - Information Sharing in Trading Networks. Presented at the 36. AWG, Universität Graz.Weitere
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Gramlich, M., Angerer, M., & Hanke, M. (2021). Order Book Liquidity on Crypto Exchanges. Presented at the The 3rd Crypto Asset Lab Conference, Milan, Italy.Weitere
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Gramlich, M., Angerer, M., & Hanke, M. (2021). Order Book Liquidity on Crypto Exchanges. Presented at the AWG 2021, University of Graz, Austria.Weitere
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Herrmann-Romero, M., Angerer, M., & Szymczak, W. (2020). To trust, or not to trust? Information Sharing in Trading Networks. Presented at the 35. AWG Workshop, Universität Graz.Weitere
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Angerer, M., Hanke, M., Shakina, E., & Szymczak, W. (2019). Income uncertainty and retirement savings in different pension systems: An experimental study. Presented at the Experimental Finance 2019, Copenhagen, Denmark.Weitere
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Angerer, M., Neugebauer, T., & Schachat, J. (2018). Arbitrage bots in experimental asset markets. Presented at the Fifth International Meeting on Experimental and Behavioral Social Sciences, Florence, Italy.Weitere
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Angerer, M., Hanke, M., Shakina, E., & Szymczak, W. (2018). Income uncertainty and retirement savings in different pension systems: An experimental study. Presented at the ESA World Meeting 2018, Berlin, Germany.Weitere
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Angerer, M., Neugebauer, T., & Schachat, J. (2018). Arbitrage bots in experimental asset markets. Presented at the Experimental Finance 2018, Heidelberg, Germany.Weitere
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Angerer, M., Neugebauer, T., & Schachat, J. (2018). Arbitrage bots in experimental asset markets. Presented at the Invitation only Workshop on Algorithmic Trading: Impact on Market Behavior.Weitere
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Angerer, M., & Shakina, E. (2017). Withdrawal behaviour of depositors during economic crisis of a bank: An experimental study. Presented at the Fourth International Meeting on Experimental and Behavioral Social Sciences, Barcelona, Spain.Weitere
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Angerer, M., & Shakina, E. (2017). Withdrawal behaviour of depositors during economic crisis of a bank: An experimental study. Presented at the Experimental Finance 2017, Nice, France.Weitere
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Angerer, M., & Shakina, E. (2017). Withdrawal behaviour of depositors during economic crisis of a bank: An experimental study. Presented at the ESA World Conference, Vienne, Austria.Weitere
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Szymczak, W., & Angerer, M. (2016). Information display and complexity on experimental asset markets. Presented at the Experimental Finance 2016, Mannheim, Germany.Weitere
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Szymczak, W., & Angerer, M. (2016). Information display and complexity on experimental asset markets. Presented at the Southern Europe Experimental Team’s Meeting, Malta.Weitere
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Szymczak, W., & Angerer, M. (2016). Information display and complexity on experimental asset markets. Presented at the Nordic Conference on Behavioral and Experimental Economics, Oslo.Weitere
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Angerer, M., & Szymczak, W. (2016). The endowment effect on experimental asset markets. Presented at the Nordic Conference on Behavioral and Experimental Economics, Oslo, Norway.Weitere
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Angerer, M., & Peter, G. (2016). Regulation of gasoline prices. Presented at the 7th Southern European Experimental Team (SEET) Conference, St. Julians, Malta.Weitere
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Angerer, M., & Peter, G. (2016). Regulation of gasoline prices. Presented at the Third International Meeting on Experimental and Behavioral Social Sciences, Rome.Weitere
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Angerer, M., & Szymczak, W. (2016). The endowment effect on experimental asset markets. Presented at the Experimental Finance 2016, Mannheim, Germany.Weitere
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Angerer, M., & Peter, G. (2014). Regulation of gasoline price. Presented at the Experimental Finance 2014, Zurich.Weitere
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Stöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Presented at the Finance & Economics Conference 2013, Frankfurt (Germany).Weitere
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Stöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Presented at the 8th EEEcon Workshop 2013, Innsbruck (Austria).Weitere
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Stöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Presented at the World Finance & Banking Symposium 2013, Bejing (China).Weitere
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Angerer, M., Dünser, M., Kaiser, L., Peter G., Stöckl, S., & Veress, A. (2013). What drives our beer consumption? - In search of nutrition habits and demographic patterns. Presented at the 3rd Beeronomics Conference 2013, York (United Kingdom).Weitere
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Stöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Presented at the 20th Forecasting Financial Markets 2013, Hannover (Germany).Weitere
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Angerer, M. (2010). The merits and perils of active information processing. Presented at the Economic Science Association World Meeting, Copenhagen, Denmark.Weitere
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Angerer, M. (2010). Experimental Asset Markets with Endogenous Choice of Costly Information. Presented at the Symposium Experimental Finance, Gothenburg, Sweden.Weitere
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Angerer, M. (2009). Experimental Asset Markets with Endogenous Choice of Costly Information. Presented at the Economic Science Association - European Meeting, Innsbruck, Austria.Weitere
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Angerer, M. (2009). Endogenous Choice of Information Levels and their Impact on Returns in Experimental Financial Markets. Presented at the Acatis Value Seminar, Frankfurt, Germany.Weitere
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Angerer, M. (2009). Experimental Asset Markets with Endogenous Choice of Costly Information. Presented at the 4th Nordic Conference on Behavioral and Experimental Economics, Oslo, Norway.Weitere
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Angerer, M. (2009). An Economy with Personal Currency: Theory and Evidence. Presented at the Campus for Finance, Research Conference, Vallendar, Germany.Weitere
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Angerer, M. (2009). Experimental Asset Markets with Endogenous Choice of Costly Information. Presented at the MAFIN Managing Financial Instability, Reykjavik, Iceland.Weitere
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Angerer, M. (2008). An Economy with Personal Currency: Theory and Evidence. Presented at the 3rd Nordic Conference on Behavioral and Experimental Economics, Copenhagen, Denmark.Weitere
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Benigni, N. (2025). The Value of Government Debt with Domestic Arrears (Available at SSRN: https://ssrn.com/abstract=5861382).Weitere
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Benigni, N. (2025). Fiscal Response to Monetary Shocks in the Euro Area (Available at SSRN: https://ssrn.com/abstract=5861503).Weitere
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Traut, J., & Schadner, W. (2023). Which is Worse: Heavy Tails or Volatility Clusters? (Swiss Finance Institute Research Paper 23-61).Weitere