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Analysis of duties of the Financial Market Authority Liechtenstein, under the regime of the European Banking Supervisory Law

Project Description

Analyse der Pflichten der FMA Liechtenstein unter dem Regime des Europäischen Bankaufsichtsrechts (CRD/CRR samt Durchführungsakten)

Participating Institutions

FMA Finanzmarktaufsicht Liechtenstein / Auftraggeber

Project Participants

Employee
Prof. Dr. Nicolas Raschauer
- Project Collaborator
Project Collaborator

An analysis of green investments in bond and equity markets

Project Description

The dissertation project encompasses three papers that investigate the role of Corporate Social Responsibility in both investment strategies and corporate governance. In general, the project aims to contribute to the current literature by identifying research gaps in the field of Sustainable Finance and bridging the respective by applying state of the art methodologies. The first study adds to the debate on whether socially responsible investments perform better than their conventional counterparts in the fixed income markets. To do so, we take a sample of over 5000 green bonds and match them with a synthetic counterpart, analysing the yield delta. The second study shifts the focus to the perspective of corporate governance and investigates the impact of board collaboration on corporate Social Responsibility (CSR), focusing on the Canadian financial market. Finally, paper four links back to investment strategies and join the on-going discussion on Asset Pricing Bubble by investigating whether Corporate Social Responsibility has the function of mitigating the risk that companies' stocks are overpriced in the equity markets. In summary, the expected results from the planned dissertation will generate valuable insights for both academia and practitioners.

Keywords

Corporate Social Responsibility Green Bonds Board Effectiveness Asset Pricing Bubble

Project Participants

Employee
Dr. rer. oec. Tian Luan MSc
- PhD-Student
PhD-Student
Employee
Prof. em. Dr. Marco J. Menichetti
- Supervisor
Professor Emeritus - Liechtenstein Business School
Supervisor
Prof. Dr. habil. Sebastian Utz
- Co-Supervisor
Co-Supervisor

An analysis of green investments in bond and equity markets

Project Description

The dissertation project encompasses three papers that investigate the role of Corporate Social Responsibility in both investment strategies and corporate governance. In general, the project aims to contribute to the current literature by identifying research gaps in the field of Sustainable Finance and bridging the respective by applying state of the art methodologies. The first study adds to the debate on whether socially responsible investments perform better than their conventional counterparts in the fixed income markets. To do so, we take a sample of over 5000 green bonds and match them with a synthetic counterpart, analysing the yield delta. The second study shifts the focus to the perspective of corporate governance and investigates the impact of board collaboration on corporate Social Responsibility (CSR), focusing on the Canadian financial market. Finally, paper four links back to investment strategies and join the on-going discussion on Asset Pricing Bubble by investigating whether Corporate Social Responsibility has the function of mitigating the risk that companies' stocks are overpriced in the equity markets. In summary, the expected results from the planned dissertation will generate valuable insights for both academia and practitioners.

Keywords

Corporate Social Responsibility Green Bonds Board Effectiveness Asset Pricing Bubble

Project Participants

Employee
Prof. em. Dr. Marco J. Menichetti
- Supervisor
Professor Emeritus - Liechtenstein Business School
Supervisor
Employee
Dr. rer. oec. Tian Luan MSc
- PhD-Student
PhD-Student

Altersvorsorge in Liechtenstein

Project Description

Es liegt sowohl im Interesse jedes Einzelnen als auch im Interesse des Staates, dass seine Bürger im Alter finanziell gut versorgt sind. Die Vorsorgeeinheiten (bspw. Familien) unterliegen dabei einerseits dem öffentlichen Vorsorgesystem mit Pflichtbeiträgen und haben andererseits aber auch die Möglichkeit selbst steuernd einzugreifen, indem sie bestehende Wahlmöglichkeiten der zweiten Säule nützen und die dritte Säule ergänzend verwenden, um die Gesamtvorsorge entsprechend der eigenen Bedürfnisse auszugestalten. Besonders die dritte Säule (private Vorsorge) unterliegt komplexen steuerlichen und regulatorischen Rahmenbedingungen, deren Einbezug in die Gesamtbetrachtung zwar wichtig ist, die bisher allerdings noch wenig behandelt wurden. Dieses Projekt befasst sich mit den Fragestellungen, wie die Vorsorgesituation in Liechtenstein zur Zeit aussieht, wie eine Vorsorgeeinheit möglichst gute Entscheidungen in Hinsicht auf Ihre Altersvorsorge treffen kann, und welche regulatorischen Anreizbedingungen eine im Aggregat bessere Altersvorsorge der Bevölkerung fördern können. Des Weiteren werden im Rahmen des Projekts konkrete Schritte gesetzt, um den finanzwirtschaftlichen Bildungsgrad der Bevölkerung zu erhöhen.

Relevance to Liechtenstein

Liechtenstein steht wie viele andere Länder in den letzten Jahren zunehmend unter Druck, sein Altersvorsorgesystem zukunftssicher zu machen. Die Vorsorge besteht aus einem verpflichtenden Anteil, der in der 1. Säule öffentlich und in der 2. Säule über nicht-öffentliche Vorsorgekassen abgedeckt wird. Zusätzlich ist eine freiwillige private Vorsorge (3. Säule) möglich. Der Projektfokus liegt dabei auf Vorsorger, die ihr Beschäftigungseinkommen hauptsächlich in Liechtenstein erwirtschaften und umfasst somit sowohl jenen Teil der Liechtensteiner Bevölkerung, der auch im Land beschäftigt ist, als auch Grenzgänger aus der 4-Länder-Region FL-A-CH-D.

AlpStore: Strategies to us a variety of mobile and stationary storage systems to allow for extended accessibility and the integration of renewable energies

Project Description

Sun, wind, water, geothermal energy and biomass are the natural capital of the Alpine Space - and the essential foundation of future societal and economic development. The Alpine Space is therefore predestined for decentralised generation of power from renewable energy sources (RES). Many of those are intermittent: since demand side management offers limited potential, intelligent storage technologies can provide for cost effective buffering in metropolitan as well as scattered habitats.
The extension of pumped hydro storages meets natural and societal barriers. Other technologies can bring added value to homes, towns and regions. Electric vehicles can provide short time balancing. Mobile storage must be conbined with stationary storage (battery, gas, hydrogen). In the mobility sector gas vehicles will compete with battery electric traction systems.
Besides intelligent grids, storage systems will be key enablers for a future mostly renewable energy supply - and our focus here is on the societal, geographic and climatological characteristics of the Alpine space in this context. There is much uncertainty among decisionmakers as to the viability of small, medium and large scale storage systems. Deploying explorative and piloting actions ALPSTORE will assess which mixture of technolgies will best match the Alpine space needs, and implement combined storage and mobility concepts in regional and municipal planning.
Our efforts are focused on compiling national programs and masterplan profiles, and understanding the spatial and sustainability implications of this rising infrastructure. As one of many examples in a wide range of technologies and systems, electric vehicles will be integral elements of the future energy system. Their networked batteries can be charged with excessive power from intermittent energy sources and electricity can be fed into the grid to meet peak loads. Beyond short term balancing with EVs, stationary batteries can serve long term balancing needs.

Relevance to Liechtenstein

Nur durch die Fähigkeit Energie zu speichern wird die Energiewende hin zu 100% Erneuerbare Energien gelingen. Hier stellt sich auch für das Fürstentum Liechtenstein die Frage, welche Speichertechnologien sind am geeignetsten und wo könnten versteckte Potentiale liegen. Besonderes Augenmerk beim Erstellen des Masterplans für Energiespeicherung für das Fürstentum lag hierbei in der räumlichen Integration von Speichertechnologien in die Architektur und die Stadtplanung.

Keywords

Renewable energy Territorial development Technology Transfer Energy storage

Project Participants

Employee
Prof. em. DI MAAS Peter Droege
- Principal Investigator
Principal Investigator
Employee
Johannes Peter Steidl MSc Arch
- Project Collaborator
Project Collaborator
Employee
Kirsten Steinhofer
- Administration
Programme Administrator - Study Services Assistant - Liechtenstein Undergraduate and Graduate School Assistant - Senate
Administration
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The Rätikon, an Alpine Landscape of Usage

Project Description

Because of the dynamic spatial development in Liechtenstein, the main area of scientific investigation and of interest for spatial planning is the valley bottom of the Alpine Rhine Valley (Verein Agglomeration Werdenberg-Liechtenstein 2016; Universität Liechtenstein 2019; Broggi 2011). The municipalities of Liechtenstein are embedded in a highly in-terdependent web of economic and social relations with the neighbouring countries of the Alpine Rhine Valley. There-fore, Mario Broggi describes the settlement and landscape development in Liechtenstein as "Monegassation" and similarily to Monaco writes of a city state (Broggi 2011, S. 103). However another part of the landscape is constitutive for the identity of the people living in Liechtenstein (Merki und Frommelt 2018): The Rätikon, a limestone mountain range, that also covers austrian and swiss territory.
If we conceive of the mountain range Rätikon as the centre of the region of investigation, then differentiated processes of urbanization take place on the edges of this trinational region. Contrary to habitual conceptualizations of city regions, the centre of this region is characterized by a barren, seemingly unproductive mountain range, that still is constitutive for the identity of the people living in the region. Furthermore, for all its unproductivity, a plethora of groups make territorial claims in the centre of the region: hunters, tourists, foresters, hydroelectric power plants or the Alpenist association. Innovations such as the E-Bike make possible for masses of people to visit even the highest paths in the alps and therefore indicate the growing connections between the barren, unproductive centre and the urbanizing areas on the edge of the region.
To advance sustainable development in the region, a trinational initative "Naturpark Rätikon" (nature park Rätikon) was formed in 2017. The goal of the initiative is to set up a new governance structure that coordinates the sustainable de-velopment of the region: this includes the protection of nature and biodiversity, the protection and development of the unique agricultural landscapes in the region as well as the qualitity of the built environment (Schweizerischer Bun-desrat 2018). A further goal is to enhance local economy through the use of local resources. A feasibility analysis con-cluded that it is possible to set up a "Naturpark Rätikon" and that the necessary instruments of spatial planning are al-ready in place. (Internationaler Naturpark Rätikon 2019c). However, from our perspective the more striking question is which kinds of usage and which territorial claims are brought forward by the diverging actors in the region. The goal of this research project is therefore to identify actors of sustainable development in the region and subsequently build the foundation for a bigger research project that follows this project.

Participating Institutions

alpEnMAT-Meetings on Advanced Technology: an innovative means to foster success of Alpine Space SME's in 2014 and beyond

Project Description

During the second period of the Alpine Space programme from 2008 to 2014 various projects have been dealing with low­carbon economy, energy efficiency and sustainable mobility. AlpEnergy developed means to better balance intermittent power generation and flexible demand. AlpHouse developed capacity building means for local craft companies in the area of energy-efficient renovation of traditional alpine buildings and ENERBUILD also dealt with efficiency and renewable energies in the building sector.
More applications for electric and other low carbon mobility systems have been tested in CO2NeuTrAlp. World known projects such as eE-Tour or IRENE are direct or indirect results of these projects. Last not least AlpStore investigates and implements multiple technologies for storing power and heat ­ a major prerequisite to cope with the challenges of a future sustainable energy supply.

Dozens of enterprises have been involved in these projects and could prove their ability to develop and deploy innovative solutions in the field of energy efficiency and renewables as well as sustainable mobility. AlpEnMAT will capitalize on the experiences and results of these projects. It will especially foster existing SMEs in the Alpine Space to take benefit of the emerging age of renewable energies. It will bring together SMEs with buyers of energy technologies, municipalities and regions, institutional and private decision-makers as well as public and private financing institutions. In the Meetings on Advanced Technology they mutually promote each other, find partners and new market opportunities. Altogether they build on major strengths of the Alpine Space: farsightedness, inventiveness and stamina. After all AlpEnMAT will help to stabilize the Alpine Space as an attractive place to work, to live and to invest in a quickly growing business framework. In other words: this new means of promoting Alpin regions and municipalities.

Relevance to Liechtenstein

Vorausgegangene Projekte des Alpenraumprogramms haben sich mit klimafreundlicher Wirtschaft, Energieeffizienz und nachhaltiger Mobilität befasst. Ziel der alpEnMAT-Meetings ist die Vermarktung der Erfahrungen und Ergebnisse aus diesen Projekten und das Zusammenbringen von Käufern von Energietechnologien, Gemeinden und Regionen, Entscheidungsträgern aus dem institutionellen und privaten Bereich sowie öffentlichen und privaten Finanzierungsinstitutionen. Somit kann Know-How in Liechtenstein und der Region ausgetauscht werden, das Anbahnen von Geschäftsbeziehungen gefördert und somit ein erster Meilenstein aus der Forschung in Richtung Realisierung gesetzt werden.

Project Participants

Employee
Prof. em. DI MAAS Peter Droege
- Principal Investigator
Principal Investigator
Employee
Thomas Moll MBA
- Observer
Observer
Employee
Kirsten Steinhofer
- Administration
Programme Administrator - Study Services Assistant - Liechtenstein Undergraduate and Graduate School Assistant - Senate
Administration
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Employee
Dr.-Ing. Anis Radzi BArch MUrbDes
- Project Collaborator
Project Collaborator
Employee
Johannes Peter Steidl MSc Arch
- Project Collaborator
Project Collaborator

Alliance for developing, teaching and training Digital Forensics and Incident Response students and practitioners

Project Description

The growth in cyberattacks across the globe has led to an increase in the demand for cybersecunty specialists,particularly in the area of incident response. As well as the shortage of specialists, the fast moving pace of technology means that those already working in the area also need to upgrade their skillset on a frequent
basis.
This project aimed to address these needs through the development of an up to date Digital Forensics and Incident Response (DFIR) curricula that would be made freely availabie to academia and industry.
The project has delivered a systematic analysis of the skills required in the field of digital forensics as well as the teaching material needed at nurturing such skills at different levels of professional development. In the course of curriculum development, the consortium has collected theoretical material on the core topics of digital forensics and expanded it with accompanying practical exercises. These matenals were tested during the admimstration of real courses at two partner universities. The educational quality of these materials was assessed by means of course evaluations. The case studies for the development of hands-on skills were designed using AWS as a virtualization platform. Such development entailed the definition of an exemplary architecture of a target system and implementation of benign applications, attacks and monitormg activities. To automate bootstrapping of the virtual machmes for an arbitrary number of students, generation of the lab infrastructure was scripted. Such scripts can be re-used by instructors administering such case studies.
The educational quality of the developed case study labs was assessed by offering them at public workshops held at established conferences in the field of information security and digital forensics. All the teaching materials are publicly available at the teaching platform setup by one of the project partners.

Aktuelle EWR-rechtliche Entwicklungen

Project Description

Liechtenstein feierte im Jahr 2020 seine 25-jährige Mitgliedschaft im Europäischen Wirtschaftsraum (EWR). Dass der EWR kein statisches Rechtsgebilde ist, zeigt sich nicht nur anhand des Ho-mogenitätsziels und der verpflichtenden Übernahme von EU-Rechtsakten, sondern auch anhand der vielfältigen Herausforderungen, vor denen die EU und auch der EWR noch in Zukunft stehen.
Die gesellschaftlichen Folgen der Covid-19-Pandemie sind kaum abschätzbar, der digitale Wandel bringt gleichermassen Chancen wie Herausforderungen und auch Zukunftsthemen der sozia-len, ökologischen und wirtschaftlichen Nachhaltigkeit werden (weiterhin) massgeblichen Ein-fluss auf die europäische Entwicklung haben. Sowohl die Erfolge der Vergangenheit als auch die Herausforderungen der Zukunft legen einen vertieften Blick auf aktuelle europa- sowie EWR-rechtliche Entwicklungen nahe.
Im Forschungsvorhaben werden sowohl die Potentiale als auch die Grenzen der europäischen Integration herausgearbeitet. Analysiert werden im Speziellen die Auswirkungen der Digitalisie-rung auf etablierte rechtliche Normen sowie auf die Finanzbranche als wichtiger Wirtschaftssek-tor, die Weiterentwicklung rechtlicher Vorgaben als Beitrag zur Stärkung der globalen Nachhaltigkeitsziele sowie die rechtlichen Einflüsse auf das künftige soziale Zusammenleben.

Project Participants

Employee
Dr. iur. Judith Ellen Sild
- Project Manager
Project Manager
Employee
Mag.iur. Nicola Pfisterer
- Project Collaborator
Project Collaborator
Employee
Mag. iur. Vanessa Pfurtscheller
- Project Collaborator
Project Collaborator
Employee
Mag. phil. Tanja Habicher Wagner
- Project Collaborator
Assistant - Dean's Office Liechtenstein Business Law School
Project Collaborator
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