Modules SS 2016

> Active and Passive Equity Portfolio Management
> Asset Allocation, Investment Horizon and Risk Measurement
> Performance Measurement and Output Evaluation
> Exchange Rate Risk Management
> Rebalancing Effects
> Discussion of the Methods of Individual Selected Journal Contributions
> Resampling to address parameter uncertainty and time-horizon effects in portfolio management
> Forecasting moments of returns
> Portfolio Theory and Optimal Risk Portfolio
> Capital Market Models and Evaluation on Complete Markets
> Momentum und Contrarian Strategies
> Technical Analysis
> Risk-based Heuristic Models
> Programming in R and/or Matlab

The course of International Taxation comprehensively covers aspects of tax planning and
international taxation.

The course starts with an introduction and definition of tax planning from a company’s perspective, it provides a comprehensive understanding of the impact of taxation on investment decisions and capital structures. In this context the concept of neutral taxation is also covered.

Additionally the students will learn to compare dividends and share repurchase, and they will quantify the tax disadvantage of dividends.

Aspects of international business taxation will also be discussed. The lecture provides a comprehensive understanding about the fundamentals of international taxation.

Two case studies in domestic and cross-border tax planning will complement the course. In doing so, the impact of financing choices, different forms of profit, the choice of legal group structure, holding activities, and intellectual property management will be discussed in the context of cross-border tax planning.

Additionally, the impact of specific tax rules, such as anti-avoidance rules, are discussed in the tax planning case studies.

• Recognising problems and analysing various topics in the area of financial services
• Handling ambitious practical problems in financial services like consulting projects and

real portfolio management

• Developing customer-specific solutions
• Communicating with project client
• Presenting the final project report
• Working in a team in a project-oriented manner
• Mastering a portfolio under the supervision of a portfolio manager
• Working up all relevant information and data for portfolio management
• Structuring the strategic and tactical asset allocation
• Deciding on security selection

Financial Risk Management:

• Identifying, Measuring, and Management of Financial Risks
• Risk Categories and Associated Models: Market, Credit, Operational and Liqudity Risks
• Rating Agencies and Credit Ratings

• Derivatives Markets and Instruments: Forwards, Futures, Options, Swaps, Exotics, Credit Derivatives
• Pricing of Equity, Fixed Income, Currency, Commodity, and Credit Derivatives
• Hedging Using Derivatives
• Financial Engineering

Liechtenstein Foundation Law:

• general information and basic principles
• liability
• formation
• entrepreneurial responsibility
• asset protection
• philanthropy

Liechtenstein Trust Law:

• historical background and basic principles
• Hague Convention
• formation
• dualism of ownership
• business enterprises
• asset protection
• philanthropy

• International and Intertemporal Tax Management for Natural Persons: Goals and Instruments
• National, International and European Taxation of Asset Structures: Development, Investment and Succession of Assets.
• National, International and European Taxation of Financial Instruments: Development, Investment and Succession of Assets.

Extracurriculare Activities comprise of various activities that are not linked to the Curriculum of the MSc in Banking and Financial Management, which are optional and further support the studying of the Master programme.