Skip to Main Content
Sign In

Granularity of Information and its Impact on Stock Return Predictability and Portfolio Allocation

September 2020 until January 2026 (completed) PhD-Thesis

Project Description

The thesis will consist of three individual papers, which will be combined into a cumulative dissertation. The research focuses on the question of how the different granularity of information affects the economic value of stock return forecasts. The first part of the thesis investigates how reducing the level of information of stock return forecasts affects the allocation and performance of an optimal portfolio. The second part focuses on increasing the information level of return predictions by taking into account additional, model-inherent information, that is generated by the return prediction model, and how this additional information affects the portfolio allocation and performance. Finally, part three examines how the predictive power of stock returns and their economic value is changed by taking into account additional, external information.

Participating Institutions

Chair in Finance / Doctoral instiution

Project Participants

Employee
Assoz. Prof. Dr. Sebastian Stöckl
- Supervisor
Associate Professor - Financial Economics Academic Director - Liechtenstein Undergraduate and Graduate School Official Representative AACSB - University of Liechtenstein
Supervisor
icon
Employee
Dr. rer. oec. Lukas Salcher
- PhD-Student
Postdoc - Financial Economics
PhD-Student
icon
Prof. DDr. Thomas Dangl
- Co-Supervisor
Co-Supervisor

Granularity of Information and its Impact on Stock Return Predictability and Portfolio Allocation

September 2020 (completed) Preproposal PhD-Thesis

Project Description

The thesis will consist of three individual papers, which will be combined into a cumulative dissertation. The research focuses on the question of how the different granularity of information affects the economic value of stock return forecasts. The first part of the thesis investigates how reducing the level of information of stock return forecasts affects the allocation and performance of an optimal portfolio. The second part focuses on increasing the information level of return predictions by taking into account additional, model-inherent information, that is generated by the return prediction model, and how this additional information affects the portfolio allocation and performance. Finally, part three examines how the predictive power of stock returns and their economic value is changed by taking into account additional, external information.

Project Participants

Employee
Dr. rer. oec. Lukas Salcher
- PhD-Student
Postdoc - Financial Economics
PhD-Student
icon
Employee
Prof. Dr. Michael Hanke
- Supervisor
Professor - Finance Dean - Liechtenstein Business School
Supervisor
icon

Designing Digital Choice Sets: How Does the Presentation of Options Influence Users' Decision Making?

February 2016 until May 2019 (completed) PhD-Thesis

Project Description

Reward-based crowdfunding initiatives offer backers non-financial rewards in return for their pledges, typically the chance to pre-purchase products or any other product-related incentives. Better rewards cost more, so the more backers choose high-priced rewards, the easier it gets for the project initiators to reach their intended funding targets. The PhD dissertation is intended to explain how backers' decisions can be influenced applying behavioral change interventions by conducting online experiments to test the possibility of selected interventions in reward-based crowdfunding. Against this background, a webpage based on Kickstarter.com will be designed and used for research issues. If successful, this study will have important practical and theoretical implications for the design of crowdfunding systems from a behavioral science perspective.

Keywords

Crowdfunding Behavioural Finance design principles Choice architecture Dual Process Theory Experimental Research

Participating Institutions

Hilti Chair of Business Process Management / Doctoral instiution

Project Participants

Employee
Dr. sc. Matthias Tietz M.Sc.
- PhD-Student
PhD-Student
Employee
Prof. Dr. Jan vom Brocke
- Supervisor
Visiting Professor - Information Systems and Process Science
Supervisor
icon
Prof. Dr. Walter Brenner
- Co-Supervisor
Co-Supervisor

Designing and Making Use of Design Principles in Information Systems Research

September 2014 until February 2018 (completed) PhD-Thesis

Project Description

Design principles are an important vehicle to convey design knowledge that contributes beyond instantiations applicable in a limited use context. The idea of applying design principles in the process of designing is nothing novel; however, the term is not used consistently and often substituted by other terms - such as design rules and guidelines - to refer to the same idea. In addition, there is a lack of convention in their formulation.

Design principles can be formulated as the outcome of scientific design research and can then be applied to govern design processes in both practice and academia. As such, design principles serve as boundary objects between different fields of design practice. It is thus essential to understand how design principles can be communicated effectively so that they are actionable by their various users.

This dissertation has three key objectives: (1) to understand how design principles have been formulated in the IS field, (2) to develop a suggestion for formulating actionable design principles, and (3) to investigate the relationship between design principles and their actionability through an experimental approach. It is expected that the outcomes of this study will be of high relevance to scholars in the field of design science research as well as to enterprises that innovate through IS.

Relevance to Liechtenstein

The dissertation explores the formulation of design principles of information systems. As socio-technical systems, information systems are designed in companies from all industries, also in Liechtenstein. As such, the dissertation is of relevance to various companies in Liechtenstein.

Keywords

design principles Design research prescreptive knowledge boundary object experiment in IS

Participating Institutions

Hilti Chair of Business Process Management / Doctoral instiution

Project Participants

Prof. Dr. Stefan Seidel
- Supervisor
Supervisor
Employee
Dr. Leona Chandra Kruse
- PhD-Student
PhD-Student
Prof. Dr. Shirley Gregor
- Co-Supervisor
Co-Supervisor

Designing and Making Use of Design Principles in Information Systems Research

September 2014 (completed) Preproposal PhD-Thesis

Project Description

Design principles are an important vehicle to convey design knowledge that contributes beyond instantiations applicable in a limited use context. The idea of applying design principles in the process of designing is nothing novel; however, the term is not used consistently and often substituted by other terms - such as design rules and guidelines - to refer to the same idea. In addition, there is a lack of convention in their formulation.

Design principles can be formulated as the outcome of scientific design research and can then be applied to govern design processes in both practice and academia. As such, design principles serve as boundary objects between different fields of design practice. It is thus essential to understand how design principles can be communicated effectively so that they are actionable by their various users.

This dissertation has three key objectives: (1) to understand how design principles have been formulated in the IS field, (2) to develop a suggestion for formulating actionable design principles, and (3) to investigate the relationship between design principles and their actionability through an experimental approach. It is expected that the outcomes of this study will be of high relevance to scholars in the field of design science research as well as to enterprises that innovate through IS.

Relevance to Liechtenstein

The dissertation explores the formulation of design principles of information systems. As socio-technical systems, information systems are designed in companies from all industries, also in Liechtenstein. As such, the dissertation is of relevance to various companies in Liechtenstein.

Keywords

design principles Design research prescreptive knowledge boundary object experiment in IS

Project Participants

Prof. Dr. Stefan Seidel
- Supervisor
Supervisor
Employee
Dr. Leona Chandra Kruse
- PhD-Student
PhD-Student

Publications

Design Thinking in Virtual Reality: Feasibility Study

January 2019 until December 2019 (completed) FFF-Funding Project

Project Description

Design thinking, an approach that is used to structure and solve various types of business problems, has been applied successfully by numerous companies for many years-especially to produce user-friendly innovations. The aim of this research project is to evaluate the applicability of virtual reality to design thinking. While the use of virtual reality offers numerous advantages, including cost and time savings, new possibilities for documentation, and virtual prototyping, it is unclear whether concepts inherent in the design-thinking approach, such as collaboration, communication, and creativity, can be effectively implemented in virtual reality. The research project does not cover a prototypical implementation but serves as a feasibility study to evaluate possible applications for virtual-reality technologies. In particular, this project identifies the benefits and risks of using virtual reality for design thinking, evaluates the technical feasibility, and develops application scenarios.

Keywords

virtual reality design thinking

Participating Institutions

Institute of Information Systems / Project Lead

Project Participants

Employee
Dr. Alexander Simons
- Principal Investigator
Principal Investigator
Employee
Dr. Michael Gau
- Project Collaborator
Senior Scientist - Dean's Office Liechtenstein Business School
Project Collaborator
icon

Design Thinking in Virtual Reality

September 2017 until August 2020 (completed) PhD-Thesis

Project Description

Innovations like new products, services, or business models are crucial for organizations to survive in an increasingly competitive business environment. Ultimately, such innovations are made possible by an organization’s creative ideas, developed and fostered by best practices in crowdsourcing, open innovation, and design thinking. Design thinking helps to produce so-called human-centered innovations–that is, innovations that are specifically tailored to the needs of the customer. In design thinking, cross-disciplinary teams typically go through an iterative, multi-stage process using a variety of creative methods such as brainstorming or rapid prototyping.

In global enterprises, the people required for design thinking are often distributed across the world, making it difficult or very expensive for them to physically participate in design-thinking collaborative workshops. To save time and costs, and to be more environmentally friendly, virtual reality may thus be effectively leveraged for design thinking activities. In addition to time and costs savings, design thinking workshops in virtual reality may offer organizations several other benefits, as they also allow the creation of virtual prototypes and the efficient documentation of results. However, it is well known that collaboration, communication, and creativity still work best in conventional, physical face-to-face meetings – so design thinking may also be difficult to implement in virtual reality.

Against this backdrop, the dissertation explores whether and when design thinking can be effective in virtual reality. The dissertation project is paper-based and uses a design-science research approach to evaluate the applicability of virtual reality in design thinking. The objective is to build a prototypical virtual reality environment for design thinking, to experimentally evaluate its effectiveness, and to formulate design principles and/or design theory.

Keywords

virtual reality design thinking design science research

Participating Institutions

Hilti Chair of Business Process Management / Doctoral instiution

Project Participants

Employee
Prof. Dr. Jan vom Brocke
- Supervisor
Visiting Professor - Information Systems and Process Science
Supervisor
icon
Employee
Dr. rer. oec. Charlotte Wehking
- PhD-Student
PhD-Student
Prof. Dr. Walter Brenner
- Co-Supervisor
Co-Supervisor

Design Thinking in Virtual Reality

September 2017 (completed) Preproposal PhD-Thesis

Project Description

Innovations like new products, services, or business models are crucial for organizations to survive in an increasingly competitive business environment. Ultimately, such innovations are made possible by an organization’s creative ideas, developed and fostered by best practices in crowdsourcing, open innovation, and design thinking. Design thinking helps to produce so-called human-centered innovations–that is, innovations that are specifically tailored to the needs of the customer. In design thinking, cross-disciplinary teams typically go through an iterative, multi-stage process using a variety of creative methods such as brainstorming or rapid prototyping.

In global enterprises, the people required for design thinking are often distributed across the world, making it difficult or very expensive for them to physically participate in design-thinking collaborative workshops. To save time and costs, and to be more environmentally friendly, virtual reality may thus be effectively leveraged for design thinking activities. In addition to time and costs savings, design thinking workshops in virtual reality may offer organizations several other benefits, as they also allow the creation of virtual prototypes and the efficient documentation of results. However, it is well known that collaboration, communication, and creativity still work best in conventional, physical face-to-face meetings – so design thinking may also be difficult to implement in virtual reality.

Against this backdrop, the dissertation explores whether and when design thinking can be effective in virtual reality. The dissertation project is paper-based and uses a design-science research approach to evaluate the applicability of virtual reality in design thinking. The objective is to build a prototypical virtual reality environment for design thinking, to experimentally evaluate its effectiveness, and to formulate design principles and/or design theory.

Keywords

virtual reality design thinking design science research

Project Participants

Employee
Dr. rer. oec. Charlotte Wehking
- PhD-Student
PhD-Student
Employee
Prof. Dr. Jan vom Brocke
- Supervisor
Visiting Professor - Information Systems and Process Science
Supervisor
icon

Design Science Research in Entrepreneurship

February 2022 (completed) Preproposal PhD-Thesis

Project Description

In the research area of Entrepreneurship, there is not only a high demand for problem solving, but also for the active creation and stimulation of opportunities. Design Science Research (DSR) does not only focus on problem solving and cause finding but also very strongly on the creation of such opportunities in the solution space.
The aim of this dissertation project is to apply DSR as a research method in the research field of Entrepreneurship and thus not only to answer research questions but also to gain consciously stimulating insights. In the field of Entrepreneurship, one usually encounters very real challenges of companies and innovators, where the research interest goes far beyond the knowledge interest in research questions. The proposed dissertation explores how DSR can bring new and more impact as well as insights into the Entrepreneurship topic and add value to it.
At this stage of the dissertation project there is no fixed research question, but possible research objectives could be:
  • How do opportunities arise in the field of entrepreneurship and what conditions must be created for this?
  • How can a design for business opportunities look like and how can it be stimulated?
  • How can innovation/entrepreneurship ecosystems be created and how can they be stimulated?
  • How to design the ideal innovation/entrepreneurship ecosystem for Vlbg.?
The dissertation project can focus on identifying application areas of DSR within the Entrepreneurship research, on the implementation of concrete projects to show the potential of DSR within Entrepreneurship and on creating adding value as well as on new processes for gathering solutions.

Project Participants

Employee
Bianca van Dellen MSc
- PhD-Student
PhD-Student
Employee
Prof. Dr. Jan vom Brocke
- Supervisor
Visiting Professor - Information Systems and Process Science
Supervisor
icon

Design Science Research in Entrepreneurship

since November 2023 PhD-Thesis

Project Description

In the research area of Entrepreneurship, there is not only a high demand for problem solving, but also for the active creation and stimulation of opportunities. Design Science Research (DSR) does not only focus on problem solving and cause finding but also very strongly on the creation of such opportunities in the solution space.
The aim of this dissertation project is to apply DSR as a research method in the research field of Entrepreneurship and thus not only to answer research questions but also to gain consciously stimulating insights. In the field of Entrepreneurship, one usually encounters very real challenges of companies and innovators, where the research interest goes far beyond the knowledge interest in research questions. The proposed dissertation explores how DSR can bring new and more impact as well as insights into the Entrepreneurship topic and add value to it.
At this stage of the dissertation project there is no fixed research question, but possible research objectives could be:
  • How do opportunities arise in the field of entrepreneurship and what conditions must be created for this?
  • How can a design for business opportunities look like and how can it be stimulated?
  • How can innovation/entrepreneurship ecosystems be created and how can they be stimulated?
  • How to design the ideal innovation/entrepreneurship ecosystem for Vlbg.?
The dissertation project can focus on identifying application areas of DSR within the Entrepreneurship research, on the implementation of concrete projects to show the potential of DSR within Entrepreneurship and on creating adding value as well as on new processes for gathering solutions.

Participating Institutions

Hilti Chair of Business Process Management / Doctoral instiution

Project Participants

Employee
Bianca van Dellen MSc
- PhD-Student
PhD-Student
Employee
Prof. Dr. Jan vom Brocke
- Supervisor
Visiting Professor - Information Systems and Process Science
Supervisor
icon
Prof. Dr. Christoph Seckler
- Co-Supervisor
Co-Supervisor
Subscribe to