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Prof. Dr. Martin Angerer

Innovative and Digital Finance

Person in Businesskleidung analysiert Finanzdiagramme auf Tablet.

Welcome to the website of the Professorship for Innovative and Digital Finance at the University of Liechtenstein, currently led by Prof. Dr. Martin Angerer.

 

Our professorship is dedicated to researching and shaping new financial solutions. We explore opportunities and challenges arising from digitalisation, new technologies, and societal developments for the financial world. These insights are brought into teaching and practical exchange.

 

Our focus areas include blockchain, cryptocurrencies, FinTech, innovative financial products, impact finance and financial education. Our work is interdisciplinary, internationally collaborative, and characterised by a strong commitment to scientific relevance and societal benefit.

 

Person in Businesskleidung analysiert Finanzdiagramme auf Tablet.

Our teaching focuses on research-driven content, current developments, and practice-oriented applications. Courses are interactive and student-centred across Bachelor’s, Master’s, and PhD programmes, as well as in professional education. 

 

Our teaching portfolio spans traditional topics such as financial markets, statistics, and academic writing, as well as crypto and innovative finance, FinTech, behavioural and experimental finance, and critical thinking. Through professional education programmes such as the CAS Blockchain and FinTech (supported by Bank Frick) and the Innovative Finance Workshop Series, we provide up-to-date expertise tailored to current needs in finance for students, professionals, and decision-makers. 

 

Further information: CAS Blockchain and FinTech

Our research addresses current trends and structural changes in the financial sector. We work empirically, experimentally and analytically, bringing together diverse perspectives from business, mathematics, technology and education.

 

Research Focus Areas:

  • Blockchain Technology & Cryptocurrency Markets
  • FinTech, Digital Finance & Innovative Financial Products
  • Impact Finance & Sustainable Financial Solutions
  • Behavioural & Experimental Finance
  • Mathematical & Empirical Finance
  • Financial Economics
  • Financial Education for Children and Youth

 

Our research aims to deepen understanding of new financial phenomena and to develop evidence-based recommendations for actors in academia, politics and business.

 

Further information: Research

Ongoing research projects address questions central to the digital and innovative development of financial markets. A selection of current topics:

 

  • Liquidity in crypto markets: evidence from intraday data
  • Reactions to technological upgrades of cryptocurrencies
  • Analysis of the effectiveness of financial education in Tanzania
  • Investor behaviour in markets for fractionalised assets
  • Unit of account in crypto markets: do traders think in fiat or crypto?
  • Risk premiums around events and non-convex volatility structures
  • Developments in currencies

 

Many of our projects arise from international collaborations and are funded by third-party grants or carried out in close cooperation with practice partners.

 

Further information: Research Projects

Knowledge and technology transfer is a core priority. In collaboration with partners from industry, the public sector, and society, we develop additional projects that complement our focus areas and combine practical relevance with scientific rigour.

 

Examples of current transfer projects:

  • Development of an app to strengthen financial literacy among children and youth (Erasmus+)
  • Analysis of the location attractiveness of Liechtenstein’s financial centre
  • Virtual & Hybrid Learning Environments (E+ project with Kapsch BusinessCom and the Frankfurt School of Finance and Management)
  • Strategy consulting in the context of blockchain regulation and FinTech innovation
  • Financial education programmes in schools in Tanzania (Erasmus+)

 

Our projects are often interdisciplinary, international and practice-oriented, aiming to create genuine added value for all involved.

Study Programmes

CAS Blockchain and FinTech
Eine Gruppe von vier Menschen, die um einen Tisch in einem modernen Büro sitzen und gemeinsam an einem Projekt arbeiten. Zwei Männer, eine Frau und ein weiterer Mann, der auf das Dokument zeigt, sind in eine Diskussion vertieft. Vor ihnen liegen Pläne und Dokumente, auf dem Tisch stehen Gläser mit Wasser. Die Atmosphäre wirkt konzentriert und kollaborativ.
Master in Innovative Finance
Masterstudierende im Studiengang Innovative Finance der Universität Liechtenstein im Austausch bei einer Gruppenarbeit mit Laptop in moderner Lernumgebung.

Research Labs

Since 2024, the professorship has been home to the Bank Frick Innovative Finance Lab. The aim of this cooperation is to promote education, professional education and research in the fields of innovative finance, blockchain and FinTech.

 

The collaboration was initiated jointly with Bank Frick in 2018 and has since linked academic quality with practical relevance. To date, over 120 professional education participants have been trained and more than two dozen academic theses supervised.

 

The lab regularly offers workshops, certificate courses and research impulses on current developments in digital finance. The Lab’s flagship program is the CAS in Blockchain and FinTech, complemented by the bi-yearly Smart Contracts Workshop.

 

The Mathematics and Statistics Lab, funded by the Palmary Foundation and led by Dr Wolfgang Schadner, provides support in quantitative methods for students, researchers and cooperation partners.

 

The lab serves as a point of contact for questions related to empirical analyses, econometric methods, financial mathematical modelling and algorithmic trading. In addition to supervising bachelor’s and master’s theses, it also offers support for independent research and transfer projects.

 

The lab holds open office hours every Tuesday from 1.00 to 3.00 p.m. (Room C.216) — no appointment necessary.

Competition Palmary Preise 2026 77.06 KB

The Youth Green Finance Initiative links digital financial solutions with sustainable development, especially in the context of young people.

 

The YGFI Lab, funded by UNICEF Switzerland & Liechtenstein, develops a programme in cooperation with the Liechtenstein Bankers Association (LBV), LLB and LGT Bank, the LIFE Climate Foundation Liechtenstein and other partners, which promotes financial education and entrepreneurial activities for youth, particularly in Sub-Saharan Africa.

 

The project is an example of impact-oriented research that addresses societal challenges and imparts concrete financial skills.

Highlight

Hand schreibt Notizen zu Finanzstatistiken vor geöffnetem Laptop mit Diagrammen und Tabellen.

A particular highlight is the close integration of research, teaching and practice. Current research findings flow directly into our courses and are tested in practice through projects such as the Bank Frick Lab, the Youth Green Finance Initiative and the Tanzania cooperation.

 

Through this integration, we succeed not only in academically examining future-relevant financial topics but also in concretely contributing to solving real-world challenges, locally and globally.

Hand schreibt Notizen zu Finanzstatistiken vor geöffnetem Laptop mit Diagrammen und Tabellen.

Publications

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

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

Understanding Financial Literacy Teaching in East Africa and Greater Europe

PhD-Thesis
since February 2023
The dissertation examines financial education for adolescents in East Africa and in Greater Europe. Its starting point are international initiatives such as the EU-OECD competence framework and the ... 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

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

Team Innovative and Digital Finance

Contact Us

Questions about the Professorship?

Prof. Dr. Martin Angerer
Professor - Innovative and Digital Finance Academic Director MSc IF - Liechtenstein Business School
Email » +423 265 11 57 » Contact Details »
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