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Prof. Dr. Michael Hanke

Finance

Finanzdiagramm mit blauer und orangefarbener Linie auf Bildschirm.

The teaching and research programme of the Professorship for Finance, represented by Prof. Dr. Michael Hanke, covers various areas of quantitative finance. Application fields include derivatives, portfolio and risk management, exchange rates, retirement provision and pension financing, as well as financial crises and empirical finance (including political finance). Methodological focuses are on AI in finance, simulation, financial mathematics and optimisation.

 

We are also happy to serve as contact persons for transfer projects with practice in these areas.

Finanzdiagramm mit blauer und orangefarbener Linie auf Bildschirm.

The Professorship for Finance is involved in teaching in the Bachelor’s degree programme in Business Administration, the Master’s degree programme in Innovative Finance, as well as the doctoral programme in Business Administration. Additionally, we teach in various professional education programmes at the Liechtenstein Business School and the Liechtenstein Business Law School.

Exemplary of our research focus areas are some recent questions we have addressed:

  • What characteristics do financial markets exhibit before significant events such as elections or central bank announcements?
  • How high are risk premiums in financial markets for political events?
  • Can financial crises be predicted better with AI methods than with traditional approaches?
  • What changes are necessary for a sustainable orientation of the second pillar of the pension system in Liechtenstein?
  • Which factors influence the EUR/CHF exchange rate, and how do these influences change over time?
  • In which currency do crypto investors think?

Examples of Transfer Projects from Recent Years:

  • Currently: ErasmusPlus project “Financial Literacy for the Young” (development of an app to teach financial knowledge to young people)
  • ErasmusPlus projects in the area of saving and retirement provision, from which e-learning courses for students and the general public have emerged
  • Scientific support for projects of the government or ministries

The professorship is strongly engaged in research, which is an essential prerequisite for developing young academics. Our research findings are regularly published in renowned international journals, including the Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Journal of Financial Markets, Journal of Economic Dynamics and Control, European Journal of Operational Research, Quantitative Finance, Journal of Futures Markets and Journal of Derivatives. In addition to numerous dissertations, two habilitations (the highest academic qualification certifying eligibility for a professorship) have also emerged in recent years.

Degree Programmes

Bachelor in Business Administration
Studierende des Bachelorstudiums Betriebswirtschaftslehre der Universität Liechtenstein beteiligen sich aktiv an einer Vorlesung mit Fragerunde in moderner Hörsaalatmosphäre.
Master in Innovative Finance
Masterstudierende im Studiengang Innovative Finance der Universität Liechtenstein im Austausch bei einer Gruppenarbeit mit Laptop in moderner Lernumgebung.
Doctoral Programme in Business Economics
PhD Studierende der Universität Liechtenstein arbeiten mit Virtual Reality Technologie im Forschungslabor für Information Systems.

Research Projects

Understanding Financial Literacy in East Africa

FFF-Funding Project
The internationally recognized TFL test, developed in the United States (Walstad & Rebeck, 2017), is a standardized instrument for measuring the financial knowledge and competence of high school ... More

Promoting Financial Literacy among the Young - Development of Specifications for an Educational App

FFF-Funding Project
November 2025 until January 2028
The objective of the project is to promote financial literacy among the young by developing the basis for an (educational) app that helps users to acquire financial knowledge, skills, attitudes and ... More

Promoting Financial Literacy among the Young - Development of Specifications for an Educational App

Erasmus
February 2025 until January 2028
The project aims to promote financial literacy among young people by preparing the development of an app as a learning platform. This app is intended to provide young users financial knowledge and ... More

Reactions to Technological Upgrades in Cryptocurrency Markets

FFF-Funding Project
September 2024 until August 2026
How do various technological upgrades in cryptocurrencies affect their price, volatility, and trading volume, and what role does investor attention play in these reactions? A better understanding of ... More

Essays on Cryptocurrency Market Dynamics: Market Structure, Sentiment, and Connectedness

PhD-Thesis
since February 2024
The proposed dissertation is centered on the following overarching research question: To what extent do cryptocurrency prices respond to risks associated with their underlying technological design? ... More

What Drives Liquidity in Crypto Markets? - Evidence from Intraday Data

FFF-Funding Project
July 2024 until December 2024 (Completed)
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 ... More

Non-Standard Financial Risk Drivers for Cryptocurrencies

Preproposal PhD-Thesis
February 2024 (Completed)
The public interest in cryptocurrencies has been rapidly increasing with the release of the digital currency known as Bitcoin. Since the introduction of Bitcoin, many other digital currencies have ... More

Standard and Non-standard Monetary Policy Measures in the Age of Decentralized and Centralized Trustworthy Services Claiming their Place in the Financial Markets' Infrastructure

Preproposal PhD-Thesis
February 2023 (Completed)
Combing blockchain and monetary policy procedures, I investigate the effects of the introduction of decentralized and centralized trustworthy services (e.g., blockchain-based currency) on standard ... More

Virtual and hybrid learning environments

Erasmus
April 2021 until August 2023 (Completed)
Higher education and especially small and private universities have been hit hard by the COVID-19 pandemic. Traditionally, university study programs have been taught in a physical classroom setting ... More

Tokenomics on Crypto Exchanges and Experimental Asset Markets

PhD-Thesis
February 2021 until June 2025 (Completed)
The rapid development of blockchains and cryptocurrencies leads to an increasing amount of research and practical applications within the field of innovative finance. Decentralized exchanges and ... More

Publications

Team Finance

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Prof. Dr. Michael Hanke
Professor - Finance
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Dr. rer. oec. Merlin Bartel
Postdoc - Finance
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Philine Berninger M.Sc.
Research Assistant / PhD Student - Finance
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Yvonne Domig
Leitende Koordinatorin - Dean's Office Liechtenstein Business School
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Janina Nicole Rischka B.A., M.A.
Assistant - Dean's Office Liechtenstein Business School
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Nicole Narobe
Assistant - Dean's Office Liechtenstein Business School
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Natalie Moosleithner B.A. M.Sc.
Assistant - Dean's Office Liechtenstein Business School
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Contact Us

Questions about the Professorship?

Prof. Dr. Michael Hanke
Professor - Finance
Email » +423 265 11 55 » Contact Details »
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