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 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. 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). During the coursework stage PiF students submit a research proposal to their thesis committee. This proposal forms the basis for their own research. The proposal must be justified in a colloquium and accepted by the Ph.D. thesis committee. Note that reforms are currently underway that will affect students beginning in September 2021 or 2022 and thereafter. Please see this pdf-document for more details. 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 fall semester. Core Elective Courses PiF students have to complete six core electives. The course offering at the School of Finance is continuously updated. Currently, the following core electives are offered each year. In addition, the School of Finance regularly invites renowned guest professors who teach core elective courses in the PiF programme. Course Lecturer Semester Empirical Corporate Finance Prof. Markus Schmid Fall Econometrics for Finance Prof. Paul Söderlind Fall Market Microstrucutre Prof. Angelo Ranaldo Fall Topics in Asset Management Prof. Manuel Ammann / Prof. Markus Schmid Fall Quantitative Behavioural Finance Prof. Enrico De Giorgi Spring Spatial Econometrics Prof. Roland Füss / Dr. Zeno Adams Spring Topics in Financial Intermediation Prof. Martin Brown Spring Topics in Insurance Economics Prof. Hato Schmeiser Spring Students can credit up to four courses taken outside the PiF programme as core elective courses. Courses that can be credited may be courses from other Ph.D. programmes at the University of St. Gallen or courses taken elsewhere, for example from PEF (Ph.D. Programme in Economics and Finance) of the University of St.Gallen GSERM (Global Summer School in Empirical Research Methods) of the University of St.Gallen (advanced and research courses) SFI (Swiss Finance Institute) Gerzensee Study Programme other research universitites and doctoral summer schools. Courses from the University of St. Gallen that can be credited include the following, among many others: Course Lecturer Causal Inference Prof. Michael Lechner Time Series Methods in Financial Econometrics Prof. Patrick Gagliardini Computational Statistics Prof. Francesco Audrino Econometrics of Big Data Prof. Christian Hansen, / Prof. Martin Spindler Quantitative Behavioural Finance with Applications Prof. Enrico De Giorgi Resampling Methods and Forecasting Prof. Lorenzo Camponovo Statistical Learning and Applications Prof. Christine de Mol Research Proposal During the course phase students have to hand in a detailed research proposal for their Ph.D. thesis and present it to their thesis committee in a colloquium. In the research proposal, Ph.D. students provide the thesis outline and discuss preliminary results. 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. More details about the research proposal can be found in this document. During the research phase students spend most of their time conducting research and writing their thesis. Students also attend PiF Ph.D. seminars. Ph.D. students are encouraged to present their work in conferences during the research stage and receive financial support to do so. PiF Seminars In the PiF brown-bag seminar students present their research papers. They receive feedback from faculty and fellow Ph.D. students. The seminar offers a forum for an active scientific debate. The current schedule for the PiF Ph.D. seminars can be found here. 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 good 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. defence, which concludes the doctoral studies. Students who have successfully defended their thesis are awarded the Doctor of Philosophy degree in Finance of the University of St.Gallen.