Curriculum The PiF programme is divided into a coursework stage and a research stage. Successful students of the programme will be awarded the degree of a Ph.D. in Finance. Coursework stage Research stage The courses of of the coursework ensure that graduates have the necessary fundamental knowledge to pursue their own original research. The coursework stage lasts between two and four semesters during which candidates have to take two compulsory subjects (Asset Pricing and Corporate Finance) and six core electives. During the coursework stage PiF students submit a research proposal to their thesis committee. This proposal forms the basis for their own research. During the coursework stage PiF students achieve a broad knowledge in the frontier of financial research. Ph.D. candidates have to complete eight courses: two compulsory courses (asset pricing and corporate finance) and six core electives. As the compulsory courses are quantitatively very demanding, the programme offers a two-week intensive course in mathematics as preparation at the beginning of the Ph.D. studies (applicants without a strong mathematical background may be required to complete this course). At the end of the coursework stage students have to present a detailed research proposal for their Ph.D. thesis. The research proposal has to be accepted by the Ph.D. thesis commitee. The coursework stage lasts between two and four semesters. Compulsory Courses PiF students have to complete two compulsory courses. Course Lecturer Semester Asset Pricing Prof. Dr. Karl Frauendorfer Fall Corporate Finance Prof. Dr. Marc Arnold Fall The compulsory courses are mandatory and cannot be replaced by other courses. They take place in the first half of the fall semester. Core Elective Courses PiF students have to complete six core electives. The School of Finance offers the following core electives: Course Lecturer Semester Empirical Corporate Finance Prof. Dr. Markus Schmid Fall Empirical Asset Pricing Prof. Paul Söderlind, Ph.D. Fall Market Microstrucutre Prof. Dr. Angelo Ranaldo Fall Topics in Asset Management Prof. Dr. Manuel Ammann / Prof. Dr. Markus Schmid Fall Quantitative Behavioural Finance Prof. Dr. Enrico De Giorgi Spring Spatial Econometrics Prof. Dr. Roland Füss / Prof. Dr. Zeno Adams Spring Topics in Financial Intermediation Prof. Dr. Martin Brown Spring Topics in Insurance Economics Prof. Dr. Hato Schmeiser Spring Upon consultation with their supervisor, students can replace at most 4 core electives with advanced doctoral courses of the PEF (Ph.D. Programme in Economics and Finance) of the University of St. Gallen the GSERM (Global Summer School in Empirical Research Methods) of the University of St. Gallen (advanced and research courses) the SFI (Swiss Finance Institute) the Gerzensee Study Programme other credited research universitites and doctoral summer schools. Non-PiF credited courses from the University of St. Gallen include (but are not limited to): Course Lecturer Advanced Topic in Pricing and Hedging of Equity Derivatives Prof. Dr. Matthias Fengler Basics in Experimental Research Dr. Labinot Demaj Causal Inference Prof. Anthony Strittmatter, Ph.D. Time Series Methods in Financial Econometrics Prof. Dr. Patrick Gagliardini Computational Statistics Prof. Francesco Audrino, Ph.D. Econometrics of Big Data Prof. Christian Hansen, Ph.D. / Prof. Viktor Chernozhukov, Ph.D. Mathematical Methods in Finance Prof. Enrico De Giorgi, Ph.D. Resampling Methods and Forecasting Prof. Lorenzo Camponovo, Ph.D. Statistical Learning and Applications Prof. Christine de Mol, Ph.D. Research Proposal At the end of the course phase students have to present a detailed research proposal for their Ph.D. thesis. The research proposal has to be accepted by the Thesis Committee. In the research proposal, Ph.D. students provide the thesis outline and discuss preliminary results. To be accepted: a research proposal handed in during the third term must consist of at least three outlines of papers. a research proposal handed in later must consist of at least one paper and two outlines. The research proposal has to be presented in a colloquium in front of the Thesis Committee. The colloquium is not public. The research proposal is not graded, but it has to be accepted. Following the acceptance of the research proposal, students are admitted into the research phase. In the PiF brown-bag seminar students present the chapters of their doctoral thesis. They receive feedback on their research from the faculty and fellow Ph.D. students. The seminar offers a forum for an active scientific debate among Ph.D. students and the faculty. PiF Brown-Bag Seminar The Ph.D. thesis is written in English as a cumulative thesis. It consists of at least three articles that represent the quality standards of international refereed journals. At least one of the articles has to be single-authored by the Ph.D. candidate. Ph.D. Thesis The Ph.D. thesis is written in English as a cumulative thesis. It consists of at least three articles that represent the quality standards of international refereed journals. At least one of the articles has to be single-authored by the Ph.D. candidate. Public Defence After acceptance of the final version of the thesis, the dissertation is presented in a public Ph.D. defense examination, which concludes the doctoral studies. Students who have successfully defended their thesis in a public Ph.D. defense are awarded the Doctor of Philosophy degree in Finance of the University of St.Gallen (Ph.D. HSG).