The public interest in cryptocurrencies has been rapidly increasing with the release of the digital currency known as Bitcoin. Since the introduction of Bitcoin, many other digital currencies have been established and traded. The U.S. Securities and Exchange Commission recently granted approval for the trading of eleven Bitcoin spot ETFs.

Due to the growing interest in trading cryptocurrencies, a better understanding of the risk drivers, specifically non-standard financial risks, that cause price movements in crypto is needed. This topic will be the focal point of my dissertation, which will be divided into three papers.

The first paper will conduct an in-depth analysis of the explosivity and decreases in prices seen in cryptocurrencies by connecting them to specific news events. This approach will help gain a better understanding of the impact certain risk characteristics have on various altcoins.

The second paper will address the various risks that drive price movements by investigating how certain news events affect arbitrage opportunities between different exchanges.

The third paper will examine the specifics of herding along with how “crypto whales” respond to risk drivers in relation to specific news events. My comprehensive research endeavor seeks to contribute valuable insights into the complex dynamics of cryptocurrencies in regards to risks drivers.

Das petit bois-Prinzip, das Prinzip segmentierter Bohlenbinder, von Philibert de l’Orme formuliert bereits im 16. Jahrhundert konstruktive Strategien, die zentrale Anforderungen des zirkulären Bauens vorwegnehmen: Einfachheit, Solidität, Fehlerfreundlichkeit, Reparaturfähigkeit, Reversibilität und Wiederverwendbarkeit. Die aus seriellen Bohlenlagen gefügten, stützenfreien Dachtragwerke ermöglichen den Einsatz kurzer (Rest-) Hölzer und erlauben dank ihrer gesteckten Konstruktion die schadfreie Demontage und vollständige Wiederverwendung der Bauteile andernorts. Im Kontext gegenwärtiger Bestrebungen im Bausektor zur CO2- und weiterer Schadstoffreduktion, Ressourcenschonung und Etablierung geschlossener Materialkreisläufe gewinnt diese frühneuzeitliche Bauweise neue Aktualität, zugleich wird ein virulentes Forschungsdesiderat in der Historischen Bauforschung geschlossen.
Nur wenige Beispiele des Delormschen petit bois-Prinzips haben sich erhalten – darunter die Caserne Rochambeau in Mont Dauphin, das Château de Bonnemare in Radepont, das Château Le Parc Vieil in Champignelles, der Lavoir in Druyes les Belles Fontaines, der Dachstuhl im Musée des arts et métiers sowie die École Militaire, beide in Paris.
Diese bisher nicht systematisch aufgenommenen und dokumentierten Fallbeispiele werden im Rahmen des Forschungsprojekts erstmals kohärent erschlossen und vergleichend untersucht (Modul 1: Bauuntersuchung). Parallel dazu wird die Genese des zukunftsweisenden petit bois-Prinzips und dessen konstruktive Umsetzung, Variantenbildung, Patentierung und Weiterentwicklung in Theorie, Lehre und Praxis von der Frühen Neuzeit bis und mit Industrialisierung und Moderne untersucht (Modul 2: Entwicklungsgeschichte).
Ziel dieses dualen, interdisziplinären Forschungszugangs über Bauaufnahmen und wissenschaftshistorische Analysen zur Etablierung, Tradierung, Transformation und Adaptierung des Konstruktionsprinzips ist eine typologisch und bautechnisch fundierte Systematisierung reversibler Dachtragwerke, die als Grundlage für ein offenes Wissenssystem zirkulärer Konstruktionsprinzipien in Forschung, Lehre und gegenwärtiger sowie zukünftiger Planung hinsichtlich einer gelingenden Bauwende dienen soll.

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The project examines the long-term societal impacts of transdisciplinary teaching formats in architecture and design. Building on experiences such as the pro bono format at the University of Liechtenstein, as well as other established approaches of the partner institutions, the project incorporates diverse perspectives from students, universities, partners, funding bodies, and users. The aim is to develop recommendations for integrating transdisciplinary teaching into curricula and for project partners and stakeholders in order to strengthen the sustainable societal impact of such projects.

This research investigates cross-border spatial planning as a hybrid governance framework in the Alpenrheintal (Alpine Rhine Valley), a polycentric, mid-density urbanised region spanning Switzerland, Austria, and Liechtenstein. Despite growing functional integration through commuter flows, economic interdependence, and shared infrastructure, significant challenges persist in translating strategic spatial visions into coherent policy instruments and built form acrossdivergent legal, cultural, and administrative systems. The study focuses on the institutional dynamics of key cross-border actors, particularly the ‘agglomeration associations’ Agglomeration Werdenberg-Liechtenstein and Agglomeration Rheintal, which have emerged as central platforms for cooperative planning through Switzerland's Agglomerationsprogramme. At a critical moment when these two Agglovereine have committed to developing a joint 'future vision' (Zukunftsbild) for 2029, this research examines how the concept of 'functional spaces' is implemented in practice and evaluates the ability of institutions to integrate rapid transformations in the urban cultural landscape as opportunities for sustainable spatial planning.
Using a mixed-methods approach combining institutional analysis, policy assessment, fieldwork, cartographic mapping, and expert interviews, the research addresses two primary questions: (1) How is the notion of 'functional spaces' operationalised through cross-border cooperation, and what are the successes, promises, and limitations of this approach in the Alpenrheintal region? (2) To what extent can current institutions, policy instruments and cross-sectoral initiatives integrate emergent forms of urbanisation processes into sustainable spatial planning frameworks?
The project is structured around three interlinked investigations: analysis of the Agglovereine as key cooperative actors, investigation of alternate stakeholders operating outside of these associations, and comparative synthesis situating the Alpenrheintal within broader European cross-border planning contexts. Through detailed case studies of both successful projects and failed initiatives, the research traces how strategic visions are negotiated, contested, and implemented across national borders and contributes to understanding cooperative spatial planning processes in complex, multi-jurisdictional contexts. The findings will advance discourse on sustainable territorial planning in hybrid governance environments and offer transferable insights for other European cross-border regions facing similar integration challenges. Through stakeholder engagement via working group roundtables and a closing symposium, the research establishes a knowledge exchange platform between academia and practice, positioning the Alpenrheintal as a laboratory for cross-border spatial planning innovation.

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Due to the prolonged period of low interest rates, the spend-down foundation (Verbrauchsstiftung) has gained increased attractiveness in Germany, as it-unlike the traditional perpetual foundation-enables the planned consumption of the foundation's assets for the fulfilment of its purpose. While, under German foundation law, the consumption foundation constitutes a narrowly defined and highly regulated exception to the statutory archetype of the perpetual foundation and the principle of capital preservation, it is conceived as the standard model under Austrian private foundation law. Against this background, the dissertation examines the legal framework governing consumption foundations in Germany and Austria and compares it with the legal situation in Liechtenstein, with the objective of identifying similarities and differences between the respective foundation regimes and systematically analysing their practical implications. Methodically, the study is based on a comparative legal analysis of the relevant statutory provisions, case law, and legal scholarship. The analysis follows the life cycle of a foundation, with particular emphasis on the statutory limits of the founder's autonomy, the regulatory requirements governing the consumption of assets, and the applicable transparency and disclosure obligations. Special consideration is given to the German foundation law reform of 2023 (Federal Law Gazette 2021, Part I, No. 46 of 16 July 2021). The findings demonstrate that German law continues to be characterised by a higher degree of regulation even after the reform, whereas Austrian and Liechtenstein law afford greater flexibility and scope for individual structuring. The dissertation thus contributes to a deeper understanding of consumption foundations in the German-speaking legal sphere and provides impulses for the ongoing development of foundation law as well as for cross-border legal discourse.