Asset pricing is the process of determining the fair value of financial assets. It involves using various financial theories and models to estimate the price of these assets based on factors like time discounting, future cash flows, interest rates, and risk. By analysing historical data, empirical asset pricing seeks to validate or refine theories about how prices are set, how risks are compensated, and how various factors influence asset prices. Ultimately, it aims to enhance our understanding of financial markets and improve investment strategies.
Key topics covered are:

• Efficient Markets and the Valuation of Assets
• The Capital Asset Pricing Model (CAPM)
• Empirical Validation of the CAPM
• The Arbitrage Pricing Theory
• Multi Factor Models and Anomalies
• Pricing of Alternative Asset Classes
• Predictability in Financial Markets

• Lectures
• Asset pricing exercises
• Asset pricing project
• Short paper presentation

After successful completion of the course, students will
Professional competence

• understand cornerstones of asset pricing theory.
• apply crucial empirical methods to validate or challenge the fundamental theory.
• understand the concepts of market efficiency, risk factors, and the impact of investor behaviour on asset prices.
• evaluate the correct pricing of assets.
• recognize the challenges of outperforming the market.

Methodological competence

• estimate and evaluate expected returns.
• apply empirical asset pricing methods to realistic scenarios in R.
• evaluate a model’s asset pricing performance.

Social competence

• collaborate effectively in an asset pricing project.
• develop and enhance presentation skills.

Short paper presentation (10%), Written exam (60%), Empirical asset pricing project (30%); Attendance is mandatory (80%)

The Master's Thesis is carried out by the student as part of an Advanced Studio and is supervised by the unit. The thesis contains a developed hypothesis that is verified (or falsified) as part of the design project. In addition to the actual design project, the Master's thesis includes the design and production of the thesis book. This consists of
three parts: the documentation of the design project, a theoretical report and a technical report. The formal aspects of the thesis and the thesis book are described in the Master's thesis regulations.

Mentored project work in the design studio.

After successful completion of the course, students will be able to

Successful completion of 3 Advanced Studios in the Master´s degree programme.

Minimum 75% compulsory attendance, continuous assessment, midterm and final reviews.
The final grade is calculated according to the weighting of the following components: design project (60%), final presentation (10%) and thesis book (30%: 10% theoretical report, 10% technical report and 10% project documentation).

"Be the change that you wish to see in the world." (Mahatma Gandhi)

"Führen kann nur, wer sich selbst führt." (Urs Baldegger)

"Wenn das Leben keine Vision hat, nach der man strebt, nach der man sich sehnt, die man verwirklichen möchte, dann gibt es auch kein Motiv, sich anzustrengen." (Erich Fromm)

"Erkenn dich selbst." (Delphi)

"The very great achievers have always managed themselves." (Peter Drucker)

"Do not judge me by my success, judge me by how many times I fell down and got back up again." (Nelson Mandela)

Wer andere erfolgreich führen möchte, sei es nun als Projektleiter, Führungskraft, Architektin oder Themenexperte, muss zuerst die eigene Self-Leadership Kompetenz stärken. Aber auch unabhängig davon setzt ein selbstbestimmtes, sinnerfülltes und glückliches Leben eine vertiefte Auseinandersetzung mit der eigenen Person voraus, um eine gewisse Klarheit zu erlangen, wo und wie man wirken möchte. Dieses Modul basiert sehr stark auf erfahrungsbasiertem Lernen. Es setzt bei den Studierenden eine hohe intrinsische Motivation und die Bereitschaft sich mit sich selbst und den anderen Modulteilnehmenden aktiv auseinander zu setzten voraus. Im Sinne des Johari Fensters die Quadranten "Blinder Fleck", "Mein Geheimnis" und "Unbekanntes" zu verkleinern, was einer Erhöhung der Selbsterkenntnis gleichkommt. Die Studierende werden dabei mit sehr unterschiedlichen Modellen und Übungssettings konfrontiert, unter anderem aus der Leadership und Resilienz Forschung, Projektmanagement, Coaching (Systemisches Coaching, Berufungscoaching WaVe, Laufbahncoaching), Mentaltraining (Spitzensport) und Mindfulness (MBSR nach Kabat-Zinn, Search Inside Yourself nach Google).
Einem drei Phasenmodell folgend, geht es in der ersten ("reflect") und in der zweiten Phase ("develop") darum sich klar(er) zu werden, was möchte ich mit meinem Leben anfangen (Lebensvision verfassen), was ist mir wirklich wichtig (Leitwerte festlegen), was sind meine Stärken (Stärkenprofil erstellen) und Bedürfnisse (notwendige Rahmenbedingungen erkennen).
In der dritten Phase ("implement") liegt der Fokus darauf, wie kann ich meine selbst gesteckten Ziele erfolgreich umsetzen (Zielsetzungskompetenz, Projektmanagement) und wie gehe ich konstruktiv mit den Stolpersteinen auf dem Weg dorthin um (Resilienz, Lösungskompetenz).

Termine vor Ort und Asynchrone Einzelarbeit im Ausmass von 6 Lektionen basiered auf konkretem Arbeitsauftrag.

Lehrvortrag, Lehrgespräch, Anwendungsaufgaben, Übungen, forschendes Lernen, Projektarbeit und Literaturstudium.
In Einzel-, Partner- und Gruppensettings

Die Studierenden...

• erhöhen ihre Self-Leadership Kompetenz
• stärken ihre Resilienz
• verbessern ihre Leadership-, Selbstreflexions- und Kommunikationsfähigkeiten
• erlernen die Fähigkeiten einen abwechslungsreichen Workshop zu konzeptionieren, durchzuführen und üben sich darin sich selbst und anderen zur Workshopdurchführung potenzialorientiertes Feedback zu geben

Die Studierenden...

• erhöhen ihre Self-Leadership Kompetenz.
• verbessern ihre Leadership-, Selbstreflexions- und Kommunikationsfähigkeiten

Werden via Moodle zur Verfügung gestellt

Benotung

Prüfungsmodus:
Teilleistung A: Realisierung und Dokumentation eines persönlichen Self-Leadership Projekts (inkl. Accountablity Group Treffen) (60% der Modulnote)
Teilleistung B: Leitung eines Workshops passend zum Modul in der Gruppe (40% der Modulnote)
Teilleistung C: Asynchrone Einzelarbeit als Kompensation für 6 Präsenzlektionen (pass/fail)

Anwesenheitspflicht: mindestens 80% verpflichtend

This optional module allows for various kinds of research studies. It is closely connected to the five units of the Liechtenstein School of Architecture and is usually part of ongoing research projects. The supervision consists of directing the students towards clear results within a given field of research. The individual study is reviewed within the respective unit.

Sustainable Design Unit:
In this module, you will engage in a detailed analysis of a sustainability indicator such as Environmental, Social, and Governance (ESG) criteria, Sustainable Development Goals (SDGs), or building standards like LEED or DGNB. You will explore how these indicators can be integrated into a sustainability matrix. The scope and complexity of your research, as well as its relevance to architectural inquiries, will determine the workload, which will be agreed upon in consultation with your supervisor. Your interests and prior knowledge will be taken into consideration at the outset of the project. This elective module provides an opportunity to engage in research focused on defining sustainable building practices within the Alpine Rhine Valley. In alignment with ongoing research at the LSA, the module is centered on the development of a comprehensive catalogue of themes related to sustainable construction. Through comparative analyses of building labels and broader sustainability frameworks, you will examine how these themes can guide sustainable architectural practices in the region. This module presents a unique opportunity to contribute to the academic discourse on sustainability and to shape future building practices. Participants will conduct self-directed research working either individually or in collaborative groups. The scope of your work will be customized to align with the specific requirements of your project and will be overseen by the research unit. Essential literature and resources will be provided at the start of the course, with continual updates throughout the semester to support your research on sustainability in architecture.

Self-defined design or research studies, developed individually or in groups agreed upon with research units and under the guidance of mentors. The size of the module is determined by the respective unit.

After successful completion of the course, students will be able to

None.
It is recommended to complete this course in the third semester. The prerequisite for admission is a subject registration and the approval of the responsible unit.

Minimum 75% compulsory attendance, regular meetings with instructors, continuous assessment, portfolio and final review.
The final grade is calculated according to the weighting of the following components: final submission (80%) and oral presentation (20%).

Individual appointments will be set with the tutor.

Group projects are also possible, as well as group work with individual submissions.

This year again, CFA Society Switzerland will be hosting the CFA Institute Research Challenge in Switzerland which is the local competition within the global CFA Institute Research Challenge. We also welcome all other universities and especially universities of applied sciences in Switzerland and Liechtenstein to join the Challenge this year.

The Challenge is an annual competition between teams of students in preparing an investment case consisting of a detailed research report and a presentation of a listed Swiss company. For the coming competition Straumann has been selected. The Swiss company is headquartered in Basel and listed at the Swiss Stock exchange since 1998. Straumann is a global leader in implant, restorative and regenerative dentistry which offers products and services to dentists and dental laboratories in more than 70 countries world-wide.

The students will be supported by industry mentors and will have to present their final results in front of a panel of senior investment professionals. The Challenge provides students with a unique opportunity to gain first-hand experience in the investment world and to interact intensively with investment professionals and CFA charterholders.

Guided self-study seminar

• Ability to identify sources of value in a business and transform them in investment thesis
• Write an equity analyst report
• Perfect an equity analyst pitch
• Develop soft skills in handling Q&A sessions

Umweltprobleme haben stets einen menschlichen und damit einen kulturellen oder gesellschaftlich-historischen Faktor. Aufgabe der Naturwissenschaften ist es, ökologische Probleme zu erkennen und deren Ursachen zu erforschen. Die soziologische und kulturwissenschaftliche Herangehensweise, um die es in diesem Kurs geht, fragt hingegen nach kollektiven Verhaltensmustern, nach (alltags-)kulturellen Werten, nach Diskursen und Institutionen, um zu verstehen, wie Umweltprobleme durch menschliches Handeln und Verhalten zustande kommen. Wie kommt es zum Beispiel, dass trotz weiterhin wachsender CO2-Emissionen auch der Tourismus in ferne Weltregionen jährlich zunimmt? Wie entstehen - wider besseres Wissen - Ressourcen-Knappheiten? Warum werden Autos in unseren Breitengraden seit Jahren grösser, trotz Wissen um ihren Mehrverbrauch? Welche Rolle spielen Design und Ästhetik dabei? Aber wir fragen auch: Wie haben krasse Klima- und Umwelteinflüsse die Wertesysteme von Gesellschaften in der Vergangenheit verändert?

Im Kurs gehen wir solchen interdisziplinären Fragen anhand von Theorie-Auszügen, Forschungsbeiträgen und eigenen Beispielen nach, um schliesslich Herangehensweisen für eigene Fragestellungen zu entwickeln.

Learning Outcome (1) Kompetenz, kulturelle und gesellschaftliche Faktoren für ökologische Probleme zu erkennen und zu verstehen
Learning Outcome (2) Grundkenntnisse in qualitativen Analyseverfahren
Learning Outcome (3) Anwendung eines interdisziplinären Ansatzes auf das eigene Fachgebiet
Learning Outcome (4) Kompetenz, eigene Lösungsstrategien zu entwickeln (oft work arounds)

Online auf moodle

Teilleistung A: mündlicher Beitrag /Kurzpräsentation
Teilleistung B: Essay

Anwesenheitspflicht mindestens 80%

Benotung

Im Grundlagenstudio – Vom Objekt zum Raum werden Grundlagen des architektonischen Entwerfens vermittelt. Anhand von Analyse- und Entwurfsaufgaben werden architektonische und konstruktive Fragestellungen mit steigendem Komplexitätsgrad bearbeitet. Neben grundlegenden Kenntnissen von Elementen, Räumen und Programmen werden die Zusammenhänge von Material, Struktur und Form sowie der Bezug zum Menschen, seiner Wahrnehmung und seiner Bedürfnisse mit einem Fokus auf die Suffizienz thematisiert.

Angeleitete Projektarbeit im Entwurfsstudio.
Eine Seminarwoche zum Projektschwerpunkt ist integrativer Bestandteil des Entwurfsstudios.

Minimum 75% Anwesenheitspflicht, kontinuierliche Abgaben, Zwischen- und Abschlusspräsentation.
Die Abschlussnote errechnet sich nach der Notengewichtung folgender Komponenten: Entwurfsprojekt (80%) und Schlusspräsentation (20%).

This optional module allows for various kinds of research studies. It is closely connected to the five units of the Liechtenstein School of Architecture and is usually part of ongoing research projects. The supervision consists of directing the students towards clear results within a given field of research. The individual study is reviewed within the respective unit.

Built Heritage & Upcycling Unit:
Whenever there was a shortage of building materials in history, creativity was called for and a circular approach was often the answer. In the 16th century, the Frenchman Philibert de l'Orme invented a new construction method, known as "à petit bois", in which large roof surfaces were built from small pieces of wood. Instead of comprehensive designs, his architectural work was characterized by adapting, integrating and building on. We examine de l'Orme's circular approaches using the example of the roof truss of the Caserne Rochambeau in Mont-Dauphin (F). Could this method be one of the earliest concepts for planned circular building solutions?

Self-defined design or research studies, developed individually or in groups agreed upon with research units and under the guidance of mentors. The size of the module is determined by the respective unit.

After successful completion of the course, students will be able to

None.
It is recommended to complete this course in the third semester. The prerequisite for admission is a subject registration and the approval of the responsible unit.

Minimum 75% compulsory attendance, regular meetings with instructors, continuous assessment, portfolio and final review.
The final grade is calculated according to the weighting of the following components: final submission (80%) and oral presentation (20%).

Individual appointments will be set with the tutor.

Group projects are also possible, as well as group work with individual submissions.

This optional module, allows for various kinds of research studies in collaboration with planned or ongoing research projects. It is closely linked to the five units of the School of Architecture and is undertaken individually or in small teams of students. Supervision consists of guiding students towards clear results in a particular area of research. The research project is reviewed before a panel of experts from the supervising research unit.

Sustainable Design Unit:
Research in Sustainable Architecture - Focus on Sustainability.
What is sustainable and what is not?
This elective module invites participants to engage in an in-depth examination of sustainable building practices within the Alpine Rhine Valley. In alignment with ongoing research initiatives at the LSA, the module is dedicated to the development of a comprehensive catalogue of themes pertinent to sustainable construction. Through a rigorous comparative analysis of building certifications and broader sustainability frameworks, participants will investigate how these themes can inform and advance sustainable architectural practices in the region. This module offers a unique opportunity to contribute to the academic discourse on sustainability and shape the future of building practices. Participants in this module will play a pivotal role in synthesizing an extensive overview of contemporary sustainability topics and translating these insights into a structured matrix for all relevant stakeholders in architecture and the construction industry. Beyond the analysis and research of these topics, the primary tasks will involve the integration of findings into the overarching matrix. This project is tailored for students with interests spanning technical and economic dimensions, as well as ethical and philosophical considerations. At the outset of the project, the scope of each participant's work will be customized according to their knowledge base and areas of interest during the initial meeting session.
Don't miss the chance to shape the future of sustainable building.

Research or design studies defined by research units and under the guidance of mentors, usually closely related to current research projects, developed individually or in groups. The offers of the research semester vary each semester depending on the units and are coordinated with the academic director of the Master's degree programme.

Minimum 75% compulsory attendance, continuous assessment and regular meetings with instructors.
The final grade is calculated according to the weighting of the following com-ponents: final submission (80%) and oral presentation (20%).

Individual appointments will be set with the tutor; group projects are also possible, as well as group work with individual submissions;

Start, final submission and presentation can be individually
defined with the respective tutors.

Registration via the intranet of the University of Liechtenstein is not binding and is only valid in combination with the written consent of the respective unit. This applies to all Individual Electives in the Master's degree programme in Architecture.

This seminar is designed for students to autonomously develop a written seminar paper on an academic problem in finance. Each student selects a topic, conducts in-depth research, and writes an individual paper. The course culminates in students presenting their findings at the end of the semester. The specific content is dependent on the chosen topics and the course framework.
Key topics covered are:

• Autonomous seminar paper development
• Individual research projects
• Academic problem-solving in finance
• Presentation of research findings
• Application of first-semester research methods

• Seminar and discussion

After successful completion of the course, students will
Professional competence

• apply skills to autonomously conduct an in-depth academic project in finance.

Methodological competence

• develop and enhance academic writing skills.
• structure and articulate arguments effectively.

Social competence

• manage working on an academic problem independently.
• apply research methods learned in the first semester.

Personal competence

• enhance academic communication skills.
• develop confidence in presenting research findings.

Technological competence

• utilize digital tools for research and writing.
• apply presentation software effectively.

.

Seminar paper (70%), Presentation (30%); Attendance is mandatory (80%)