The University of Liechtenstein can look back on a successful 2023. One particular highlight was the successful accreditation of the Liechtenstein Business School and the Liechtenstein Business Law School in accordance with AACSB standards. There were also positive developments in other areas, such as student numbers and research performance.

Organizational developments

Since January 1, 2023, the university has been divided into three subject-related and two teaching-related schools. This completed a long transformation process. The new organizational structure was further consolidated in the reporting year. However, 2023 was also characterized by two personnel changes at the top of the university. In April, Lothar Ritter succeeded Klaus Tschütscher as President of the University Council and in August 2023, Christian Frommelt took over from Markus Jäger as Rector of the University of Liechtenstein.
Following the completion of the transformation process and under the new leadership, the university will once again focus more on its concrete achievements and impact. The focus will be on consecutive teaching, continuing education and research. However, knowledge and technology transfer as well as knowledge dissemination and thus dialog with the public are also important areas of activity for the University of Liechtenstein.

Internationally recognized quality strategy

The University of Liechtenstein attaches great importance to high quality teaching and research. Every six years, the quality of the entire University of Liechtenstein is reviewed by the Swiss Accreditation Council. In addition, the subject-related schools each undergo an internationally recognized accreditation tailored to the respective subject area.
A particular success in 2023 was the award of the internationally highly respected AACSB accreditation to the Liechtenstein Business School and the Liechtenstein Business Law School. After the Liechtenstein School of Architecture had already received accreditation from the renowned Royal Institute of British Architects (RIBA) for all programme levels (BSc, MSc and PhD) several years ago, all three specialist schools now have internationally recognized proof of quality.
In 2023, researchers at the University of Liechtenstein produced over 170 publications and scientific presentations. These included numerous publications in internationally top-ranked journals. Third-party funded projects are also of particular importance. In addition to numerous funding commitments for new Erasmus+ projects, the University of Liechtenstein received a positive funding commitment for an Innosuisse project in 2023. In line with the new performance orientation, work has also begun on various applications that will be submitted to the various funding instruments in 2024.

Attractive environment for students and staff

The university celebrated numerous other successes last year. In consecutive teaching, 214 people began their studies at the University of Liechtenstein in 2023. This represents an increase of 26 percent compared to the previous year. 175 students successfully completed their studies. Fortunately, the majority of graduates remain in demand as employees in Liechtenstein or the region.
In continuing education, the university recorded 196 students in four Master's degree programs, one diploma program and seven certificate programs, as well as over 2,700 participants in events. After the last few years marked by the coronavirus pandemic, the University of Liechtenstein was able to increase the number of events on offer again in 2023.
The increase in new students in the consecutive areas and the relatively stable student numbers in the area of continuing education confirm the attractiveness of the University of Liechtenstein as an educational institution. However, in view of the increasing competition between regional educational institutions, the University of Liechtenstein will also need to actively communicate its strengths in the future. In addition to the quality of teaching and research, which has been confirmed by international accreditation, the university is particularly convincing with its good student support. Various curricula have been revised for 2024 in order to adapt teaching content even more closely to current challenges in business and society and thus further increase the practical relevance of teaching.

Result from ordinary business activities

As part of its ordinary activities, the University of Liechtenstein generated a profit of CHF 230,212 in the 2023 calendar year, including the strategic Liechtenstein Executive School project, which is CHF 210,812 above the budgeted profit of CHF 19,400 and CHF 404,812 above the budgeted loss of CHF 174,600, including the planned start-up financing for the Executive School.
The positive business result is due to several one-off special effects. In addition, three professorships were not filled at the end of the year, which reduced personnel costs. Personnel costs are the most important area and the largest cost factor for the university. As at December 31, 2023, the university had 135 full-time equivalent employees. In addition, 328 external lecturers worked for the university.

The annual report can be downloaded from the uni.li website: https://www.uni.li/de/universitaet/medienportal/publikationen/jahresberichte 

Young Talents is a program for the promotion of young researchers. Young researchers at the University of Liechtenstein at doctoral level (following a preliminary study) can submit small research proposals to the University of Liechtenstein Research Fund.

Excellent candidates are supported by this grant in the implementation of their own research projects and in the development of an independent research profile. The candidates selected this year for the FFF Young Talents Grant are Theo Ravet-Brown and Marius Gramlich. Here are their research projects:

Leadership group dynamics in virtual reality: The role of follower interactions on charismatic leadership effectiveness in 2D and 3D virtual meetings

Charismatic leadership, a powerful form of leadership, is evolving with technology. Traditionally studied in face-to-face settings, recent research reveals that the impact of different communication media on charismatic leadership is profound. Findings suggest that the way charismatic leadership is perceived can significantly change with the medium used for interaction. This opens up questions on how these changes affect a leader’s ability to influence and motivate followers. Current studies involve using controlled environments to simulate real-life interactions, such as one-on-one meetings with supervisors, but today's workplace often features complex, multi-party digital meetings. This shift has prompted new research focused on understanding how follower behavior and group dynamics influence perceptions of charismatic leadership in these settings. 

The Young Talent applicant, Theo Ravet-Brown, proposed a pioneering experiment, where a leader and followers engage in tasks requiring close cooperation, while their interactions – eye contact, gestures, facial expressions, and voice modulation – are meticulously analyzed. This study not only uses cutting-edge biometric tools but also integrates virtual reality (VR) to deepen our understanding of nonverbal cues in digital communications.

Scheduled for late 2024, this research aims to publish its findings in prestigious journals, potentially reshaping how leadership training is conducted, especially in digital contexts. The University of Liechtenstein LBS is at the forefront of this initiative, addressing the growing demand for advanced leadership skills that align with the realities of the digital age, including virtual collaboration and management. This project supports LBS's goal to become a high-profile center for leadership excellence, providing concrete, actionable guidance to today's and tomorrow's leaders.

What are the drivers of liquidity on crypto markets

Studying the factors that drive liquidity in crypto markets is of paramount importance in today's financial landscape. Liquidity, the ease with which an asset can be bought or sold at low costs without significantly impacting its price, plays a crucial role in the efficiency and stability of financial markets.

In the context of crypto assets, understanding liquidity dynamics is particularly relevant due to the unique characteristics of digital assets and their markets.

Marius Gramlich will focus on lead-lag relationships, connectedness, and spillover effects of high-frequent intraday liquidity on centralized crypto exchanges. This project aims to provide valuable insights into market dynamics, risk management for trading crypto assets and crypto market microstructure.

Scheduled for late 2024, this research aims to publish its findings in prestigious journals and is a perfect fit for the strategic research focus of the University of Liechtenstein and for Liechtenstein’s economy promoting innovation for digital assets.

Young Talents is a program for the promotion of young researchers. Young researchers at the University of Liechtenstein at doctoral level (following a preliminary study) can submit small research proposals to the University of Liechtenstein Research Fund.

The promotion of young talent focuses on young academics and supports the social and societal responsibility of the University of Liechtenstein. All doctoral students employed as staff members who have successfully completed the preliminary study and are not completing their doctorate within the within the funding period are eligible. Excellent candidates are supported by this grant in the implementation of their own research projects and in the development of an independent research profile.

The candidates selected for the FFF Young Talents Grant in 2025 are Livia Herle and Lukas Salcher. Here are their research projects:

Crooked Wood – Livia Herle

Around 41% of the Principality of Liechtenstein is covered by forest. Three quarters of this forest is defined as protection forest due to an average slope gradient of 40% or more. Nevertheless, it is one of the most important sources of raw materials. However, around 70% of the wood harvested annually in Liechtenstein is used directly for energy, which drastically shortens the carbon storage cycle of wood. In addition, forest structures are changing due to climate change. Forecasts for Liechtenstein's forests indicate that spruce will disappear in 2070, particularly at low altitudes, and will only be able to survive in the higher regions. In contrast, hardwood species will increase, leading to a mixed forest. Therefore, research will focus on the potential of poor quality hardwood. A general aim is to extend the life of a log before it is used as an energy source. An analysis of the local occurrence of hardwood species and their quality will serve as a tool to translate this knowledge into constructive solutions. In addition, a comparison of different construction systems that can work with short logs of solid hardwood and that offer opportunities for resource efficiency and deconstructability will serve as a starting point for further research into truss structure systems. This construction system has been used massively historically, but also offers potential for future uses as it provides opportunities for the remaining hardwoods. Thus, the various parts of the system involved are being investigated for their structural role and properties to find potential in the existing but unused hardwood. A cataloging of poor quality hardwood, such as crooked, too short, too thick or twisted, redefines the available material. The goal can be formulated as a representation of possibilities within the structural system of timber-frame construction and to show new potential through the use of hardwood.

Lost in Translation: How Predictability Turns Into Performance –Lukas Salcher

Modern portfolio theory provides for a two-stage asset allocation process. However, the accurate prediction of returns and their effective utilization remains a challenge. This difficulty stems from a tenuous link between predictive accuracy and economic value, a topic of debate among researchers. While some researchers question whether returns are predictable at all, others aim to improve forecasting methods, including by adopting techniques from the field of machine learning. Our study addresses the problem of how predictability can be systematically harnessed for better economic outcomes, exploring different investment strategies and assets. By linking the predictability of returns directly to portfolio performance, we challenge the established focus on statistical mass. Our results suggest that even low predictability, strategically applied, can bring significant performance benefits.