- Associate Professor
- Innovative & Digital Finance
- Academic Director MSc FI
- Liechtenstein Business School
- Current Activity
- * Associate Professor for Finance* Head of Bachelor Specialization in International Financial Services* Teaching and Module Responsibility in the Bachelor- und Masterstudies* Coordination and Teaching in Continuing Education Seminars* Visiting Lecturer at the University of Innsbruck, the Ramkhamhaeng University Bangkok and the WIFI VorarlbergResearch Fields:* Experimental Finance: Value of Information, Trading Strategies, Financial Markets, Risk* Quantitative Finance: , Empirical Finance, Behavioral Finance, Risk
- Education
- 2008 — 2010
PHD, University of Innsbruck
- 2003 — 2008
Business Administration, University of Innsbruck
- Career
- 2008 — 2010
Project Assistant at the department of Banking and Finance, University of Innsbruck
- 2008 — 2010
Visiting Lecturer, University of Innsbruck
- Visiting Academic
- since 2009
Visiting Lecturer, Ramkhamhaeng University, Bangkok
- Awards
- since 2010
Hypo Tyrol Science Grant
- since 2009
Acatis Value Prize 2009, 2nd Prize for the best Diploma/Master Thesis
- since 2008
CFA Austria Prize 2008, 1st Prize for the best Diploma/Master Thesis or Dissertation in Finance/Investment
- since 2008
1st Commencement speaker at the graduation ceremony 06/2008
- 2007 — 2010
Research Grants 2007, 2008, 2009 and 2010, University of Innsbruck
- Schedule for WS 23/24
- Alternative Investments (Lecture) Menichetti, Angerer
- Bachelor's thesis: Process (Thesis)
- C20 Alternative Investments (Module)
- C20 Effective Communication (Module/Course/Examination)
- C20 Financial Markets (Module)
- C20 Master's thesis (Module)
- C21_Introduction to Business Administration - Lecture (Lecture) Brecht, Schenk, Angerer
- C21_Research Methods II (IFS) (Exercise) Angerer, Schenk, Kordsachia
- Financial Markets (Lecture) Angerer
- Research Greenhouse (Miscellaneous) Stöckl, Kordsachia, Hanke, Menichetti, Kordsachia, Papathanasiou, Kirn
- Research Seminar in International Financial Services (Module/Course/Examination)
- Scientific Writing (Lecture) Angerer
- Thesis Project (Thesis)
- ZS BF 23 Modul 1: Basics of Blockchain (Seminar) Angerer
- ZS BF 23 Modul 1: Basics of Blockchain (Module/Course/Examination)
- Non-Standard Financial Risk Drivers for Cryptocurrencies
- Preproposal PhD-Thesis, since February 2024
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, since February 2023
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 ...
- Three essays on digital capital raising
- Preproposal PhD-Thesis, since September 2022
The research focus lies in the intersection of the extensive theoretical and empirical studies in corporate finance and the nascent topics related to distributed ledger developments. Existing capital ... more ...
- Reputation and accountability mechanisms in the credit rating agency business
- FFF-Förderprojekt, January 2022 until December 2022 (finished)
For many decades, Standard & Poor's, Moody's and Fitch have dominated the credit rating indus-try and provided the global financial markets with ratings on the creditworthiness of issuers and their ... more ...
- Auction design settings and investor behavior of small and large token sales
- FFF-Förderprojekt, January 2022 until December 2022 (finished)
How to effectively and efficiently fund businesses has been an ongoing discussion for multiple decades. Cheap and convenient access to financial resources is key for young and innovative companies to ... more ...
- Virtual and hybrid learning environments
- ERASMUS, April 2021 until August 2023
Background: 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 ... more ...
- Tokenomics on Crypto Exchanges and Experimental Asset Markets
- PhD-Thesis, since February 2021
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 ...
- Setup and Management of a cryptocurrency fund
- Innosuisse, December 2019 until June 2022
Der "Digital and Physcial Gold Fund" - eine Liechtensteinische Erfolgsgeschichte Die Incrementum AG aus Schaan hat bereits 2018 damit begonnen einen Fonds zu entwickeln, der klassische Anlagen in ... more ...
- Analysis of ERC 20 ICO Token Sale Designs
- FFF-Förderprojekt, October 2019 until August 2020 (finished)
Zwischen 2016 und 2019 konnten über 31 Milliarden USD an Kapital über ICOs eingesammelt werden. ICOs oder Token Sales ist eine innovative Finanzierungsform für junge Unternehmen. Dabei werden ... more ...
- Information Dissemination in Financial Markets
- PhD-Thesis, February 2019 until January 2023 (finished)
The dissertation project consists of three studies that investigate how information disseminates in financial markets. Rather than limiting information dissemination strictly to market interaction, ... more ...
- Perception and processing of informative signals on financial markets
- FFF-Förderprojekt, June 2018 until December 2021 (finished)
Many decision-making models highlight the importance of informative signals as a relevant source of information on financial markets. However, although this importance is undisputed as such, we know ... more ...
- Understanding Pensions in Europe
- ERASMUS, September 2016 until August 2019 (finished)
The aim of this project is to develop online courses and software for individual pension planning targeted at two different audiences: a) Students in higher education programs. b) European citizens ... more ...
- A Risk Index for Global Private Investors
- internes Projekt, March 2016 until March 2019
In this project, we construct a series of risk indices for global private investors (a global, european, north american and asian version). These risk indices will reflect the overall risk of typical ... more ...
- Altersvorsorge in Liechtenstein
- FFF-Förderprojekt, February 2016 until September 2019 (finished)
Es liegt sowohl im Interesse jedes Einzelnen als auch im Interesse des Staates, dass seine Bürger im Alter finanziell gut versorgt sind. Die Vorsorgeeinheiten (bspw. Familien) unterliegen dabei ... more ...
- Grenzüberschreitendes Leben und Arbeiten - Cross-border Life and Work
- FFF-Förderprojekt, April 2015 until April 2019 (finished)
Emerging public policies and advanced information technologies (IT) have created new opportunities for work and life that thrive in global value chains and markets. Life, in general, and work, in ... more ...
- Nachweisbarkeit und Wirkung von menschlichen Verhaltensverzerrungen auf Finanzmärkten
- FFF-Förderprojekt, January 2015 until June 2017 (finished)
Das Forschungsprojekt siedelt sich interdisziplinär zwischen den Bereichen Finanzwirtschaft, Ökonomik und Psychologie an und untersucht die Auswirkungen von irrationalen (im Sinne von objektiv nicht ... more ...
- The influence of risk and return perception on financial risk taking
- FFF-Förderprojekt, June 2011 until February 2014 (finished)
We will investigate the role of risk taking in the human decision making process within the context of investments. A lot of theoretical and experimental research has been conducted in the last 50 ... more ...
Angerer, M., Neugebauer, T., & Shachat, J. (2023). Arbitrage bots in experimental asset markets. Journal of Economic Behavior & Organization, 206, 262-278. (ABDC_2022: A*; VHB_3: A)
moreAngerer, M., Herrmann-Romero, M., & Szymczak, W. (2022). Losing funds or losing face? Reputation and accountability in the credit rating industry. Journal of Economic Dynamics and Control, 143, 1-32. (ABDC_2022: A*; ABS_2021: 3; VHB_3: A)
moreAngerer, M., Hoffmann, C., Neitzert, F., & Kraus, S. (2021). Objective and Subjective Risks of Investing into Cryptocurrencies. Finance Research Letters, 40(101737). (ABDC_2022: A; ABS_2021: 2; VHB_3: B)
moreAngerer, M. (2020). Regulation of retail gasoline prices. Finance Research Letters, 36, 1-8. (ABDC_2022: A; ABS_2021: 2; VHB_3: B)
moreMaran, T., Ravet-Brown, T., Angerer, M., Furtner, M., & Huber, S. (2020). Intelligence Predicts Choice in Decision-Making Strategies. Journal of Behavioral and Experimental Economics, 84(101483). (ABDC_2022: A; ABS_2021: 2; VHB_3: B)
moreAngerer, M., Dünser, M., Kaiser, L., Peter, G., Stöckl, S., & Veress, A. (2019). What drives our Beer Consumption? In Search of Nutrition Habits and Demographic Patterns. Applied Economics, 51(41), 4539-4550. (ABDC_2022: A; ABS_2021: 2)
moreAngerer, M., & Szymczak, W. (2019). The impact of endogenous and exogenous cash inflows in experimental asset markets. Journal of Economic Behavior & Organization, 166, 216-238. (ABDC_2022: A*; VHB_3: A)
moreNiemand, T., Kraus, S., Angerer, M., Thies,Ferdinand, & Mas-Tur, A. (2019). More is not always better—non-linear effects in crowdfunding. International Journal of Quality Innovation, 5(6), 1-10.
moreShakina, E., & Angerer, M. (2018). Coordination and communication during bank runs. Journal of Behavioral and Experimental Finance, 20, 115-130. (ABDC_2022: A; ABS_2021: 1)
moreAngerer, M., Peter, G., Stöckl, S., Wachter, T., Bank, M., & Menichetti, M. (2018). Bid-Ask Spread Patterns and the Optimal Timing for Discretionary Liquidity Traders on Xetra. Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung (ZfbF), 70(3), 209-230. (VHB_3: B)
moreNiemand, T., Angerer, M., Thies, F., Kraus, S., & Hebenstreit, R. (2018). Equity crowdfunding across borders: A conjoint experiment. International Journal of Entrepreneurial Behavior & Research, 24(4), 911-932. (ABDC_2022: B; ABS_2021: 3; VHB_3: C)
moreKraus, S., Burtscher, J., Vallaster, C., & Angerer, M. (2018). Sustainable Entrepreneurship Orientation: A Reflection on Status-Quo Research on Factors Facilitating Responsible Managerial Practices. Sustainability, 10(2). (VHB_3: C)
moreAngerer, M., Niemand, T., Kraus, S., & Thies, F. (2018). Risk-reducing options in crowdinvesting: An experimental study. Journal of Small Business Strategy, 28(3), 1-17. (ABDC_2022: C; VHB_3: C)
moreSalahaldin, L., Angerer, M., Kraus, S., & Trabelsi, D. (2018). A duration-based model of crowdfunding project choice. Finance Research Letters, 29, 404-410. (ABDC_2022: A; ABS_2021: 2; VHB_3: B)
moreStöckl, S., Hanke, M., & Angerer, M. (2017). PRIX - A risk index for global private investors. The Journal of Risk Finance, 18(2), 214-231. (ABDC_2022: B; ABS_2021: 1; VHB_3: B)
moreAngerer, M., Brem, A., Kraus, S., & Peter, A. (2017). Start-up Funding via Equity Crowdfunding in Germany – A Qualitative Analysis of Success Factors. Journal of Entrepreneurial Finance (JEF), 19(1), 1-33.
moreAngerer, M., Huber, J., & Kirchler, M. (2013). Trader performance in a market experiment with human and computerized traders. Schmalenbach Business Review : ZFBF, 66(3), 224-244. (VHB_3: B)
moreHuber, J., Angerer, M., & Kirchler, M. (2011). Experimental Asset Markets with Endogenous Choice of Costly Asymmetric Information. Experimental Economics, 14(2), 223 - 240. (ABDC_2022: A*; ABS_2021: 3; VHB_3: A)
moreAngerer, M., Huber, J., Shubik, M., & Sunder, S. (2010). An Economy with Personal Currency: Theory and Evidence. Annals of Finance, 6(4), 475-509. (ABDC_2022: B; ABS_2021: 2)
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Angerer, M., & Nettekoven, M. (2015). Übungsbuch zu Grundlagen der Finanzierung ( 1 ed.). Wien: Linde Verlag.
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Angerer, M., Hanke, M., Kirn, T., Preiner, C., Wenz, M., & Amann, M. (2023). Cross-Border Wealth Management. In P. Droege (Ed.), Cross-Border Life and Work. Cham: Springer.
moreAngerer, M. (2023). Crowdfunding in German-Speaking Countries: A Literature Review from an Economics and Legal Perspective. In P. Droege (Ed.), Cross-Border Life and Work (pp. 93-118): Springer.
moreKraus, S., Burtscher, J., Vallaster, C., & Angerer, M. (2018). Sustainable Entrepreneurship Orientation: A Reflection on Status-Quo Research on Factors Facilitating Responsible Managerial Practices Improving Performances of European Crowdfunding Projects. In A. Lindgreen, C. Vallaster, F. Maon, S. Yousafzai & B. Palacios Florencio (Eds.), Sustainable Entrepreneurship: Discovering, Creating and Seizing Opportunities for Blended Value Generation (1 ed., pp. 354): CRC Press Taylor & Francis Group.
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Herrmann-Romero, M., Liegl, S., Angerer M., & Stöckl, T. (2022). Golden Eye - How Traders Screen Information. Presented at the World Finance, Turin, Italy.
moreHerrmann-Romero, M., Liegl, S., Angerer M., & Stöckl, T. (2022). Golden Eye - How Traders Screen Information. Presented at the 37. AWG, Klagenfurt, Austria.
moreHerrmann-Romero, M., Angerer, M., & Szymczak, W. (2022). Ally or Rival - Information Sharing in Trading Networks. Presented at the World Finance, University of Turin.
moreHerrmann-Romero, M., Angerer, M., & Szymczak, W. (2022). Ally or Rival - Information Sharing in Trading Networks. Presented at the Experimental Finance Conference, University of Bonn.
moreGramlich, M., Angerer, M., & Hanke, M. (2022). Order Book Liquidity on Crypto Exchanges. Presented at the World Finance Conference, Torino, Italy.
moreHerrmann-Romero, M., Angerer, M., & Szymczak, W. (2021). Ally or Rival - Information Sharing in Trading Networks. Presented at the 36. AWG, Universität Graz.
moreGramlich, M., Angerer, M., & Hanke, M. (2021). Order Book Liquidity on Crypto Exchanges. Presented at the The 3rd Crypto Asset Lab Conference, Milan, Italy.
moreGramlich, M., Angerer, M., & Hanke, M. (2021). Order Book Liquidity on Crypto Exchanges. Presented at the AWG 2021, University of Graz, Austria.
moreHerrmann-Romero, M., Angerer, M., & Szymczak, W. (2020). To trust, or not to trust? Information Sharing in Trading Networks. Presented at the 35. AWG Workshop, Universität Graz.
moreAngerer, M., Hanke, M., Shakina, E., & Szymczak, W. (2019). Income uncertainty and retirement savings in different pension systems: An experimental study. Presented at the Experimental Finance 2019, Copenhagen, Denmark.
moreAngerer, M., Neugebauer, T., & Schachat, J. (2018). Arbitrage bots in experimental asset markets. Presented at the Fifth International Meeting on Experimental and Behavioral Social Sciences, Florence, Italy.
moreAngerer, M., Hanke, M., Shakina, E., & Szymczak, W. (2018). Income uncertainty and retirement savings in different pension systems: An experimental study. Presented at the ESA World Meeting 2018, Berlin, Germany.
moreAngerer, M., Neugebauer, T., & Schachat, J. (2018). Arbitrage bots in experimental asset markets. Presented at the Experimental Finance 2018, Heidelberg, Germany.
moreAngerer, M., Neugebauer, T., & Schachat, J. (2018). Arbitrage bots in experimental asset markets. Presented at the Invitation only Workshop on Algorithmic Trading: Impact on Market Behavior.
moreAngerer, M., & Shakina, E. (2017). Withdrawal behaviour of depositors during economic crisis of a bank: An experimental study. Presented at the Fourth International Meeting on Experimental and Behavioral Social Sciences, Barcelona, Spain.
moreAngerer, M., & Shakina, E. (2017). Withdrawal behaviour of depositors during economic crisis of a bank: An experimental study. Presented at the Experimental Finance 2017, Nice, France.
moreAngerer, M., & Shakina, E. (2017). Withdrawal behaviour of depositors during economic crisis of a bank: An experimental study. Presented at the ESA World Conference, Vienne, Austria.
moreAngerer, M., & Peter, G. (2016). Regulation of gasoline prices. Presented at the 7th Southern European Experimental Team (SEET) Conference, St. Julians, Malta.
moreAngerer, M., & Peter, G. (2016). Regulation of gasoline prices. Presented at the Third International Meeting on Experimental and Behavioral Social Sciences, Rome.
moreAngerer, M., & Szymczak, W. (2016). The endowment effect on experimental asset markets. Presented at the Experimental Finance 2016, Mannheim, Germany.
moreSzymczak, W., & Angerer, M. (2016). Information display and complexity on experimental asset markets. Presented at the Experimental Finance 2016, Mannheim, Germany.
moreSzymczak, W., & Angerer, M. (2016). Information display and complexity on experimental asset markets. Presented at the Southern Europe Experimental Team’s Meeting, Malta.
moreSzymczak, W., & Angerer, M. (2016). Information display and complexity on experimental asset markets. Presented at the Nordic Conference on Behavioral and Experimental Economics, Oslo.
moreAngerer, M., & Szymczak, W. (2016). The endowment effect on experimental asset markets. Presented at the Nordic Conference on Behavioral and Experimental Economics, Oslo, Norway.
moreAngerer, M., & Peter, G. (2014). Regulation of gasoline price. Presented at the Experimental Finance 2014, Zurich.
moreStöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Presented at the 20th Forecasting Financial Markets 2013, Hannover (Germany).
moreStöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Presented at the Finance & Economics Conference 2013, Frankfurt (Germany).
moreStöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Presented at the 8th EEEcon Workshop 2013, Innsbruck (Austria).
moreStöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Presented at the World Finance & Banking Symposium 2013, Bejing (China).
moreAngerer, M., Dünser, M., Kaiser, L., Peter G., Stöckl, S., & Veress, A. (2013). What drives our beer consumption? - In search of nutrition habits and demographic patterns. Presented at the 3rd Beeronomics Conference 2013, York (United Kingdom).
moreAngerer, M. (2010). The merits and perils of active information processing. Presented at the Economic Science Association World Meeting, Copenhagen, Denmark.
moreAngerer, M. (2010). Experimental Asset Markets with Endogenous Choice of Costly Information. Presented at the Symposium Experimental Finance, Gothenburg, Sweden.
moreAngerer, M. (2009). An Economy with Personal Currency: Theory and Evidence. Presented at the Campus for Finance, Research Conference, Vallendar, Germany.
moreAngerer, M. (2009). Experimental Asset Markets with Endogenous Choice of Costly Information. Presented at the MAFIN Managing Financial Instability, Reykjavik, Iceland.
moreAngerer, M. (2009). Experimental Asset Markets with Endogenous Choice of Costly Information. Presented at the Economic Science Association - European Meeting, Innsbruck, Austria.
moreAngerer, M. (2009). Endogenous Choice of Information Levels and their Impact on Returns in Experimental Financial Markets. Presented at the Acatis Value Seminar, Frankfurt, Germany.
moreAngerer, M. (2009). Experimental Asset Markets with Endogenous Choice of Costly Information. Presented at the 4th Nordic Conference on Behavioral and Experimental Economics, Oslo, Norway.
moreAngerer, M. (2008). An Economy with Personal Currency: Theory and Evidence. Presented at the 3rd Nordic Conference on Behavioral and Experimental Economics, Copenhagen, Denmark.
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