Assoz. Prof. Dr. Sebastian Stöckl

Financial Economics

Fünf Mitglieder der Professur für Finanzökonomie stehen vor einem Gebäude der Universität Liechtenstein, business-casual gekleidet, lächelnd und nach vorne gerichtet, Symbol für Teamarbeit in Forschung und Lehre.

Our research focuses on how financial markets, from stocks, bonds and derivatives to (crypto) currencies and interest rate structures, respond to various forms of uncertainty. We concentrate on risk premiums, volatilities and structural factors shaped by political, economic policy and macroeconomic developments.

We employ modern quantitative methods, machine learning and artificial intelligence to develop robust forecasts and decision support tools for investment, risk management and sustainable investment strategies.

Our professorship is internationally networked, interdisciplinary and strongly engaged in scientific continuing education as well as practice-oriented teaching at Bachelor’s, Master’s and PhD levels. We also work closely with practice partners in the Liechtenstein financial centre and develop digital simulation and analysis tools for research, teaching and transfer.

Research Focus Areas of the Professorship

Our teaching focuses on empirical capital market research, portfolio and risk management, as well as quantitative methods in finance, with a particular emphasis on programming with R.

We design our courses to be interactive and student-centred across all levels, from Bachelor’s to Master’s and PhD.

Special attention is given to innovative teaching formats, such as the competitive and interactive investment simulation (see projects) and interactive programming.

To support this, an RStudio server is operated at rstudio.uni.li for our students.

Our research examines how uncertainty, whether political, economic or structural, influences price formation in financial markets. We analyse returns, risk premiums and market reactions using modern econometric techniques and methods from artificial intelligence.

Our focus areas include:

Robust portfolio management under uncertainty
Improvement of asset pricing factors
Explanation and prediction of global and local factor premiums (including factor momentum)
Development of AI-based forecasting methods (factor premiums, returns, yield curves, cryptocurrencies)
Effects of events (political or economic) and populism on financial markets

For ongoing research, presentations, working papers and publications, please visit my website www.sebastianstoeckl.com.

Commitment to Bridging Science and Practice:

Innosuisse project “Timing Factor Risk and Factor Returns with AI” (from autumn 2025, in collaboration with Liechtensteinische Landesbank)
Innosuisse project “An ESG-based Investment Case for Absolute Return Funds” (2020–2023, in collaboration with Liechtensteinische Landesbank)
Erasmus+ project “Investment Management Game”: development of the online investment simulation Cesim Invest (2022–2025, in collaboration with Cesim Oy and the Free University of Bozen)
Erasmus+ projects UNPIE and USAVE on financial literacy (2017–2020, 2020–2023)

Sebastian Stöckl is the academic director of the Liechtenstein Undergraduate & Graduate School (LU&GS), chair of the doctoral commission and the LU&GS board, as well as the official representative of the University of Liechtenstein at AACSB. In this role, he is also active as a Peer Review Team (PRT) member in international accreditation procedures.

Further engagement for the academic community includes:

Organisation of the Finance Research Seminar (since 2017)
Organisation of the internal Research Colloquium Finance and Economics
Co-organisation of the Alpine Rhine Economic Policy Seminar
Co-founding of Alpine Finance and (co-)organisation of the annual Alpine Finance Summit, a small, high-profile finance conference held annually in different locations across the Alpine region.

Additional Activities in Research Communication and Academic Practice:

Regular speaking engagements on artificial intelligence in finance, including at professional conferences, corporate events and cross-university formats.
Co-initiator of the “KI kompakt” series, which presents current developments in AI in an accessible way for the general public and financial practice alike.
Co-organiser of the conference series “AI in Financial Practice”, held annually in cooperation with Plexus AG at the university (from 2025 onwards with an academic conference).

An important part of the work by Sebastian Stöckl and his team is the development and maintenance of scientific software tools used both in research and teaching. All packages are openly available and documented.

GitHub profile: github.com/sstoeckl

R Packages:

crypto2
Provides a revised, survivorship bias-free access to historical cryptocurrency data from CoinMarketCap. Ideal for empirical analyses without selection bias. CRAN / GitHub
ffdownload
Automated download of Fama-French factor data and portfolios directly from Kenneth French’s database. Useful for replications and custom tests. CRAN / GitHub
InvestigatoR
Developed jointly with students: an AI-based framework for AI-driven return forecasting and portfolio implementation, as well as direct AI-based optimisation of portfolio weights using deep learning. GitHub

Highlight

Cesim Invest: Competitive Online Investment Simulation

Finacial Economics Graphik mit Währungszeichen und Graphen

Cesim Invest is an interactive online simulation in which students take on the role of asset managers. They run their own wealth management firm, serve diverse client types with individual investment goals, and make strategic as well as tactical investment decisions, incorporating stocks, bonds, currencies and alternative investments.

Teams compete directly against each other, analysing markets, optimising portfolios with regard to risk and ESG criteria, while simultaneously organising their business operations. The simulation fosters strategic thinking, decision-making, teamwork and the application of quantitative methods in a realistic environment.

Cesim Invest was developed in collaboration with Cesim Oy and the Free University of Bolzano and is flexibly used at universities, schools and in professional education with practice partners.

Learning Objectives and Features:

Application of portfolio theory and asset pricing in realistic decision-making scenarios
ESG integration and sustainable investment strategies
Competitive, interactive learning format
Data-driven feedback and AI-supported performance analysis
Promotion of teamwork, reflection and strategic thinking

More information at: www.cesim.com/simulations/cesim-invest

Study Programmes

BSc 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.

Publications

M. Hanke & J. Huber (Eds.). (2008). Information, Interaction, and (In)Efficiency in Financial Markets. Wien: Linde.
More

Research Projects

Zur Rekonstruktion zirkulärer Bausysteme. Das Prinzip segmentierter Bohlenbinder nach Philibert de L’Orme.

SNF Project

April 2026 until April 2030

Das petit bois-Prinzip, das Prinzip segmentierter Bohlenbinder, von Philibert de l’Orme formuliert bereits im 16. Jahrhundert konstruktive Strategien, die zentrale Anforderungen des zirkulären Bauens ... More

Recording and evaluation of Re-use building components. Development of an assessment methodology

Preproposal PhD-Thesis

since February 2025

The reuse of building components is becoming increasingly important in the construction industry to reduce resource consumption and CO? emissions. Despite regulatory and technological advancements, ... More

Circular Building Systems: Segmented Construction Approaches à la Philibert de L'Orme Using the Example of the Caserne Rochambeau

PhD-Thesis

since September 2023

The segmented construction method developed by Philibert de L'Orme in the 16th century can be interpreted as an early example of circular building principles. By employing modular, disassemblable ... More

Buildings as digital material banks. BIM tools for construction material recovery in planning process and building disassembly.

PhD-Thesis

since September 2021

Transition from linear (take, make, dispose) towards circular economy (make, use, recycle) is a fundamental prerequisite for achieving a sustainable growth and limiting global warming. Digitalization ... More

Circular building systems: Segmented construction approaches a la Philibert de L'Orme (SNF Unterstützung)

FFF-Funding Project

June 2025 until October 2025 (Completed)

siehe SNF ... More

Patent and reciprocal support structures

Preproposal PhD-Thesis

September 2023 (Completed)

Today, there is almost no building without the use of patented construction elements and with the increase in technological progress, the patent is gaining in importance in terms of rationalization, ... More

Circular construction with modular building blocks. Potentials of reusability of components from patent applications 1877-1960

FFF-Funding Project

July 2023 until December 2024 (Completed)

The construction sector öfters the highest potential for reducing waste and resource depletion that arising environmental and climate challenge so urgently needs: Through enduring use instead of ... More

Questions about the Professorship?

Assoz. Prof. Dr. Sebastian Stöckl

Associate Professor - Financial Economics Academic Director - Liechtenstein Undergraduate and Graduate School Official Representative AACSB - University of Liechtenstein