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The Impact of an Allowance for Corporate Equity on Location Attractiveness

March 2010 until October 2014 (completed) PhD-Thesis

Project Description

The discourse on sophisticated and modern tax systems is generally accompanied by a variety of challenges which are not only based on traditional tax law principles but also on objectives and ideals well-established in economics. Based on a long-term research commitment, the postulate of decision neutrality has brought forward efficiency-enhancing approaches such as the Allowance for Corporate Equity (ACE). The intended guarantee of a decision neutral corporate taxation system implies the prevention of any means of taxation distorting an efficient allocation of goods and is therefore connected with advantages in a decision theory context. So far, the impact of such an approach on the international competition of tax systems are largely unexplored and therefore object of Mr. Busch`s dissertation project. The aim is to analyse the effects of an interest-adjusted profit tax on the location attractiveness of countries, which seems inevitable due to increasing international competition. In the case of Liechtenstein, the ACE-concept was implemented into the tax system in the form of a Notional Interest Deduction. Therefore the tax system of the Principality of Liechtenstein shall form the basis for the intended scientific analysis.

Relevance to Liechtenstein

Durch die wissenschaftliche Analyse des in Liechtenstein in Form des Eigenkapital-Zinsabzugs implementierten zinsbereinigten Steuersystems können die hiermit einhergehenden Attraktivitätswirkungen sowie die Folgen auf das Steueraufkommen erforscht und dargestellt werden. Das Schliessen der Forschungslücken soll Aufschluss darüber geben, ob Liechtenstein mit dem Eigenkapital-Zinsabzug über einen fortschrittlichen und attraktivitätsfördernden Steuersystemansatz verfügt, mit welchem sich Liechtenstein innerhalb des internationalen Steuerstandortwettbewerbs in einer steuersystematisch stringenten Art und Weise positionieren kann, ohne dabei die Steueraufkommenswirkungen missachten zu müssen.

Keywords

Tax Competition Allowance for Corporate Equity (ACE)

Participating Institutions

Chair for Tax Management and the Laws of Liechtenstein and International Taxation / Doctoral instiution

Project Participants

Employee
Dr. Simon Busch LL.M.
- PhD-Student
PhD-Student
Employee
Prof. Dr. Martin Wenz
- Supervisor
Professor - Business Management Taxation and Tax Law Academic Director - Liechtenstein Executive School
Supervisor
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Prof. Dr. Deborah Schanz
- Co-Supervisor
Co-Supervisor

AST2ATS: AI-Specific Threats to Algorithmic Trading Systems

October 2024 until October 2028 SNF Project

Project Description

In this project, we aim to attain a thorough understanding of susceptibility of AI-driven ATS to adversarial examples, overcoming the existing shortcomings and performing a systematic evaluation of different attack and defense strategies, This research builds on the idea of "ephemeral pertubations", explored in our previous work, which represents a short-lived manipulation of the stock prices received by an ATS and result in a persistent decrease of the overall ATS performance in terms of the net profit or Sharpe Ratio.

Project Participants

Employee
Prof. Dr. Pavel Laskov
- Principal Investigator
Professor - Data and Application Security Academic Director MSc IS - Liechtenstein Business School
Principal Investigator
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Employee
Dr. Giovanni Apruzzese
- Project Collaborator
Assistant Professor - Data and Application Security
Project Collaborator
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Asset Protection - Recht und Wirtschaft im nationalen und internationalen Umfeld

January 2013 until October 2014 (completed) FFF-Funding Project

Project Description

This research project will tackle the question as to whether and to which degree Liechtenstein private law and any related legal fields still meet the current requirements made of private wealth management, or whether there is a need for amendments to be made to the Persons and Companies Act for the purposes of asset protection. The research to be conducted will not only be of a legal nature, but also incorporate economic considerations. The aim of this project is to develop a definition of asset protection for Liechtenstein and to improve it, whilst maintaining the liberal approach typical of Liechtenstein. In doing so, its attractiveness and acceptance abroad will be increased and the status of the domestic financial centre will be bolstered in the long term. Special attention will be paid to the impact on business, so as to ensure that the future development of the financial centre continues to be advanced in an efficient manner. On the basis of the research conducted in respect of domestic and foreign academic literature and case law, a questionnaire will be drafted in the first phase of the project and sent to experts working in the industry. This will be undertaken to determine the needs of the industry, which will be taken into account during subsequent research work. Due to the international importance of asset protection, there will be enhanced cooperation with Anglo-American institutions, in order to gain insights into solutions which may be transferred into national law. The planned European Foundation will also be examined in regard to its suitability for asset protection, in order to take into account the alternative possibilities for protecting assets by placing them into philanthropic projects. The individual results of the research project will be published successively throughout the project duration. At the end of the project, an asset protection handbook containing the complete results of the research will be published.

Relevance to Liechtenstein

The aim of this project was to develop a definition of asset protection for Liechtenstein and to improve it, whilst maintaining the liberal approach typical of Liechtenstein. This should increase its attractiveness and acceptance abroad and lead to a bolstering of the domestic financial centre in the long term. "Asset Protection Handbook" (forthcoming).

Keywords

Corporate Law Trust Law Foundation Law

Participating Institutions

Forschungsförderungsfonds der Universität Liechtenstein / Sponsor

Project Participants

Employee
Univ.-Prof. Dr. Francesco A. Schurr
- Principal Investigator
Visiting Professor - Company, Foundation and Trust Law
Principal Investigator
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Employee
Dr. iur. Ines Fässler LL.M.
- Project Collaborator
Project Collaborator
Employee
Dr. Johannes von Schönfeld LL.M.
- Project Collaborator
Project Collaborator
Employee
Mandeep Lakhan LL.B. (Hons), M.A., LL.M.
- Project Collaborator
Project Collaborator
Employee
Mag. iur. Simone Büchel LL.M.
- Project Collaborator
Project Collaborator

Publications

Asset Protection - Recht und Wirtschaft im nationalen und internationalen Umfeld

January 2011 until October 2014 (completed) FFF-Funding Project

Project Description

This research project tackled the question of the degree to which Liechtenstein private law and any related legal fields still meet the current requirements made of private wealth management, or whether there is a need for amendments to be made to the Persons and Companies Act for the purposes of asset protection. The research conducted did solely not focus on legal aspects, but also took into account economic considerations. The aim of this project was to develop a definition of asset protection for Liechtenstein, whilst maintaining the liberal approach typical of Liechtenstein. In doing so, its attractiveness and acceptance abroad should be increased and the status of the domestic financial centre bolstered in the long term. Special attention was paid to the impact on business, so as to ensure that the future development of the financial centre continues to be advanced in an efficient manner. On the basis of the research conducted in respect of domestic and foreign academic literature and case law, a questionnaire was drafted in the first phase of the project and sent to experts working in the industry. This was undertaken in order to determine the needs of the industry, which were taken into account during subsequent research work. Due to the international importance of asset protection, enhanced cooperation with Anglo-American institutions was pursued, in order to gain insights into solutions which could be transferred into national law. The planned European Foundation was also examined in regard to its suitability for asset protection, in order to take into account the alternative methods of protecting assets by placing them into philanthropic projects. The results of the research project were published successively in separate publications throughout the project duration. At the end of the project, an asset protection handbook containing the complete results of the research was published.

Relevance to Liechtenstein

The aim of this project was to develop a definition of asset protection for Liechtenstein and to improve it, whilst maintaining the liberal approach typical of Liechtenstein. This should increase its attractiveness and acceptance abroad and lead to a bolstering of the domestic financial centre in the long term. Handbuch des Vermögensschutzes (MANZ Verlag 2015).

Scientific, Economic and Societal Impact

As the project is primarily oriented towards practice in the private wealth management field in Liechtenstein's financial centre, it is naturally of relevance beyond a purely commercial realm. For example, specific guides should be created as individual publications for the practical users - in particular for trustees (Treuhänder), lawyers, banks and insurance companies

Keywords

Corporate Law Trust Law Foundation Law

Participating Institutions

Forschungsförderungsfonds der Universität Liechtenstein / Sponsor Chair of Company, Foundation and Trust Law / Project Lead
Liechtensteinische Treuhandkammer / Sponsor
Liechtensteinische Treuhandkammer / Partner
Regierung des Fürstentums Liechtenstein / Sponsor

Project Participants

Employee
Univ.-Prof. Dr. Francesco A. Schurr
- Principal Investigator
Visiting Professor - Company, Foundation and Trust Law
Principal Investigator
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Employee
Dr. iur. Ines Fässler LL.M.
- Project Collaborator
Project Collaborator
Employee
Dr. Johannes von Schönfeld LL.M.
- Project Collaborator
Project Collaborator
Employee
Mandeep Lakhan LL.B. (Hons), M.A., LL.M.
- Project Collaborator
Project Collaborator
Employee
Mag. iur. Simone Büchel LL.M.
- Project Collaborator
Project Collaborator

Publications

Asia Observatory

January 2021 (completed) IBH-Funding Project

Project Description

tbc

Project Participants

Employee
Prof. Dr. Alexander Zimmermann
- Principal Investigator
Principal Investigator

Rooting Architecture: Reviving the use of local and natural building materials in Bihar, India

February 2021 until December 2025 (completed) PhD-Thesis

Project Description

This work is a search for ways to promote the use of local and natural building materials in the Indian state of Bihar. For this purpose, the vernacular building traditions of the rural town of Manigachi are analysed for their sustainability potential from an ecological, social and economic point of view. In an exchange with the residents and crafts(wo)men, possibilities are sought that allow a further development of traditional building methods. This should enable a sustainable way of building that creates a pleasant indoor climate, promotes regional added value and ultimately leads to an improved livelihood for the residents. If the financial resources allow, the work should be carried out as design-based research. A school for the children and young people of the lowest caste should be planned and built together with the residents. In guided workshops, the residents receive knowledge and skills that they can use to renovate their own houses after the school is built.

Participating Institutions

Institute of Architecture and Planning / Doctoral instiution

Project Participants

Employee
Dr. sc. Daniel Haselsberger
- PhD-Student
Postdoc - Urbanism, Architecture and Society
PhD-Student
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Employee
Prof. Dr. Lindsay Blair Howe
- Supervisor
Supervisor
Prof. Dr. Sascha Roesler
- Co-Supervisor
Co-Supervisor

Rooting Architecture: Reviving the use of local and natural building materials in Bihar, India

February 2021 (completed) Preproposal PhD-Thesis

Project Description

This work is a search for ways to promote the use of local and natural building materials in the Indian state of Bihar. For this purpose, the vernacular building traditions of the rural town of Manigachi are analysed for their sustainability potential from an ecological, social and economic point of view. In an exchange with the residents and crafts(wo)men, possibilities are sought that allow a further development of traditional building methods. This should enable a sustainable way of building that creates a pleasant indoor climate, promotes regional added value and ultimately leads to an improved livelihood for the residents. If the financial resources allow, the work should be carried out as design-based research. A school for the children and young people of the lowest caste should be planned and built together with the residents. In guided workshops, the residents receive knowledge and skills that they can use to renovate their own houses after the school is built.

Project Participants

Employee
Prof. Dr. Lindsay Blair Howe
- Supervisor
Supervisor
Employee
Dr. sc. Daniel Haselsberger
- PhD-Student
Postdoc - Urbanism, Architecture and Society
PhD-Student
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ARCHITECTURE FOR INCLUSION - ADAPTIVE REUSE

September 2014 until January 2015 (completed) KTT

Project Description

Das Lukashaus in Grabs, Schweiz wird 1846 als Institution für verwahrloste Kinder ins Leben gerufen. Von diesem Zeitpunkt an entwickelte sich der Ort durch Brände und Wiederaufbau zu einem exklusiven Weiler für Wohn-, Arbeits-, Freizeit- und Bildungsangebote für Menschen mit Behinderung oder Unterstützungsbedarf. Die UNO hat eine Resolution verabschiedet, dass jeder Mensch, auch Behinderte, das Recht auf selbständiges Wohnen haben. Selbständige Bewohner werden seit 2006 bereits in der Gemeinde in Wohnungen integriert und arbeiten tagsüber im Lukashaus und in sogenannten nicht geschützten Betrieben. Es geht darum die Behinderten nicht mehr zu separieren, sondern sie im alltäglichen Leben zu integrieren.
Wir gehen einen Schritt weiter und "Inklusieren" die Bewohner.
Das Lukashaus braucht eine Umwandlung es soll nicht mehr nur als Behinderten Heim genutzt werden sondern es sollen zusätzliche Nutzungen gefunden werden, die eine Durchmischung erlauben von unterstützungsbedürftigen und nicht unterstützungsbedürftigen Personen.
Es gilt Strategien zu finden, das Areal des Lukashauses von Innen zu entwickeln, intern zu verknüpfen und mit dem Ort Grabs besser zu verbinden. Dieses Thema wird uns Architekten in naher Zukunft viel beschäftigen, ebenso die Umnutzungen für bestehende Wohnstrukturen im Alter und für Sonderschulen.

Keywords

Architecture Urban, village renovation Society Social development processes future future study

Participating Institutions

Institute of Architecture and Planning / Project Lead
Lukashaus Stiftung / Auftraggeber

Project Participants

Employee
Dipl.-Arch. FH SIA Nicole Hatz Volpato
- Project Manager
Project Manager
Employee
Dipl.-Ing. Arch. Hugo Dworzak MArch
- Project Coordinator
Project Coordinator

Archaeology of Digital Artifacts in Practice

July 2018 until June 2020 (completed) FFF-Funding Project

Project Description

The widespread digitization of data and infrastructure has led to the rise of digital archaeology. We can even be slightly more provocative and infer that everyone with access to the internet can become a digital archaeologist without consciously doing so. We participate in online forums, tweet what we are currently thinking about, and post pictures that exhibit the latest arrangement of our living room. In so doing, we collectively create digital artifacts of our past and present ways of living to communicate with the future observers. Similarly, we can reconstruct the past from the digital traces left by our predecessors. Such reconstruction is concerned not only with the digital contents, but also with the digital infrastructures.
Interpreting the meaning of those digital artifacts is useful for organizations and their leaders. Prior work suggests that artifacts say much about an organization. We can interpret identity, structure, and culture of an organization as well as work processes, and interpersonal relationship, team dynamics, and leadership approaches. Interpreting the meaning of digital artifacts is also useful for design science research (DSR) scholars and IT project stakeholders in practice. Employing archaeological approaches in analyzing digital artifacts can support researchers and organizational stakeholders to understand the decisions made during the design process of digital artifacts and learn from their success and failure.
Artifact analysis in IS tends to focus on testing, evaluation, and user acceptance of technology. We need a more tailored approach to digital artifact analysis and this project addresses this very idea. The main goal of this project is to develop a framework for analyzing digital artifacts in the context of DSR, practical IT projects, and organizational development. In so doing, we draw inspiration from archaeological approaches of artifact analysis, ongoing discourse on digital humanities, and tested approaches of artifact analysis to understand the psychological states of organizations.

Participating Institutions

Chair of Information Systems and Innovation / Project Lead

Project Participants

Employee
Dr. Leona Chandra Kruse
- Project Manager
Project Manager
Employee
Prof. Dr. Jan vom Brocke
- Professor
Visiting Professor - Information Systems and Process Science
Professor
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Prof. Dr. Stefan Seidel
- Professor
Professor

Publications

Arbeitskulturen in und um Liechtenstein: Junge Menschen und Unternehmen

July 2018 until February 2019 (completed) FFF-Funding Project

Project Description

The transformations of contemporary working cultures are characterized by flexibility, automation, changes in work processes and models. Depending on the reading, these pervasive processes allow for an optimistic or pessimistic prognosis for the future. It only seems clear in the current social, political and scientific negotiations that changes, and distributions of wealth will go hand in hand with the constant change that is sometimes experienced as blatantly fast. This context forms the overall research framework.
The planned study focuses on young adults and organizations in and around Liechtenstein. This thematic focus and the concrete spatial setting each bring with it specific logics, their choice closes with previous work of the Center for Humanities and Cultural Studies (GKW) e.g. on the subject of youth.

Against this background, a small study on working cultures in and around Liechtenstein will be carried out. On the one hand, it is important to create a layout of existing, relevant research work and then formulate, reflect on and discuss possible research needs. Following this outlined need for research, on the other hand, potential theoretical-methodological approaches, which explicitly correspond to the ethnographic-oriented scientific and entrepreneurial profile of the Center GKW, are explored for their utilization in the research field and the specific, selected topic.
These study results are prepared as an article and conference contribution. At the same time, the findings lead to a basic paper, which makes it possible to create a customized project outline and to gain potential practice partners for a subsequent, applied research project.

Relevance to Liechtenstein

Fokus Studie Liechtenstein (siehe Beschreibung)

Keywords

Culture Corporate Business Liechtenstein young adults

Participating Institutions

Forschungsförderungsfonds der Universität Liechtenstein / Sponsor Center of Humanities and Cultural Studies / Project Lead

Project Participants

Employee
Dr. Monika Litscher
- Project Manager
Project Manager
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