Curriculum The PEF is divided into a coursework phase and a research phase. After successfully defending your thesis, you are awarded the degree of a Doctor of Philosophy - with specialisation in Economics, Econometrics or Finance - from the University of St.Gallen (Ph.D. HSG). Coursework Phase Research Phase During the coursework phase students achieve a broad and advanced knowledge of key areas of Economics and Finance, including theoretical and empirical research methodology. During the course phase students must complete compulsory courses, core elective courses and a research proposal. A maximum of four semesters is planned for this phase. However, the Programme Committee strongly recommends completing the course phase within two semesters. Compulsory Courses Students choose one of the three specialisations: Economics, Econometrics or Finance. For each specialisation there are three compulsory courses, each earning 4 ECTS credits. All compulsory courses are Master's level courses. Specialisation: Econometrics Courses Lecturer Semester Microeconometrics Prof. Michael Lechner Spring Time Series Econometrics Prof. Matthias Fengler Spring and one of the following: Advanced Microeconomics II Prof. Dennis Gärtner Autumn Advanced Macroeconomics II Prof. Winfried Koeniger Autumn Financial Volatility Prof. Francesco Audrino Spring Asset Pricing Prof. Matthias Fengler Spring Specialisation: Economics Courses Lecturer Semester Advanced Microeconomics II Prof. Dennis Gärtner Autumn Advanced Macroeconomics II Prof. Winfried Koeniger Autumn and one of the following: Microeconometrics Prof. Michael Lechner Spring Time Series Econometrics Prof. Matthias Fengler Spring Financial Volatility Prof. Francesco Audrino Spring Asset Pricing Prof. Matthias Fengler Spring Specialisation: Finance Courses Lecturer Semester Asset Pricing Prof. Mathias Fengler Spring Financial Volatility Prof. Francesco Audrino Spring and one of the following: Time Series Econometrics Prof. Matthias Fengler Spring Microeconometrics Prof. Michael Lechner Spring Advanced Microeconomics II Prof. Dennis Gärtner Autumn Advanced Macroeconomics II Prof. Winfried Koeniger Autumn For details check the online course directories. External courses may be credited. However, they have to be equivalent to the courses of the HSG Master's Programme in Quantitative Economics and Finance (MiQE/F) in terms of course content and methodological aspects. Detailed information about the crediting procedure can be found below. Core Elective Courses Students have to complete 6 core elective courses, each yielding 4 ECTS credits. Students need: at least 8 ECTS from core electives within their own specialisation, at least 8 ECTS from core electives offered in the complementary specialisations, i.e. students who specialise in "Economics" or "Finance" have to choose two elective courses from "Econometrics" and students who specialise in "Econometrics" have to choose two elective courses from "Economics" or "Finance, and 8 ECTS from courses freely chosen from any specialisation. Most of the courses are offered as two or three weeks blocks. There is an examination after each course. Specialisation: Econometrics Course Lecturer Semester (GSERM) Regression Analysis for Spatial Data Prof. Zeno Adams and Roland Füss Spring PIF/GSERM* (GSERM) Statistical Learning and Applications Prof. Christine De Mol Spring PEF / GSERM* (GSERM) Advanced Microeconometrics Prof. Markus Frölich Spring PEF / GSERM* (GSERM) Computational Statistics Prof. Francesco Audrino Spring PEF / GSERM* (GSERM) Econometrics of Big Data Prof. Martin Spindler Spring PEF / GSERM* Econometric Methods for Social Spillovers and Networks (not HS19) Prof. Bryan Graham Autumn (GSERM) Causal Machine Learning Prof.Michael Lechner Autumn PEF / GSERM* Specialisation: Economics Course Lecturer Semester Labor Markets, Immigration and the Welfare State (FS20) Prof. Josef Zweimüller Spring Topics in Economics Prof. Reto Föllmi and Prof. Winfried Koeniger Autumn Political Economics of Development Prof. Roland Hodler Autumn Empirical Evaluation of Economic Models (FS20) Prof. Conny Wunsch Autumn / Spring Specialisation: Finance Courses Lecturer Semester Quantitative Behavioural Finance with Applications Prof. Enrico De Giorgi Spring Topics in Insurance Economics Prof. Hato Schmeiser Spring Topics in Microstructure and Asset Pricing Prof. Thierry Foucault Spring Topics in Financial Intermediation (not FS20) Prof. Martin Brown Spring Empirical Asset Pricing (FS21) Prof. Paul Söderlind Spring Market Microstructure Prof. Angelo Ranaldo Autumn Time Series Methods in Financial Econometrics Prof. Patrick Gagliardini Autumn * External participants have to pay a fee for attending the courses offered together with GSERM (GSERM / PEF or GSERM / PIF courses) We regularly offer new courses. For more detailed information please check the online course directories. Please note that crediting courses from our Partner Programmes is possible: e.g. the University of Konstanz regularly offers courses in Econometrics and Finance that can be credited. Detailed information about crediting may be found below. 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. Thesis Committee The Thesis Committee typically consists of three members: the (main) supervisor, a member of the Programme Committee, and an (external) co-supervisor. The Programme Committee may decide on additional members. At the latest, students must have a Thesis Committee by the time they submit the research proposal. The Programme Committee may accept later additional members. Crediting Possibilities Students may credit courses from our partner programmes at the University of Frankfurt, the University of Konstanz and the University of Lugano. Crediting is also possible for courses from the NCCR FINRISK or the Gerzensee Programme (see below). Please note that not all courses get automatically credited! The courses have to be equivalent to PEF courses in terms of content and methodological aspects. The PEF Programme Committee decides on crediting of external courses. Please hand in your crediting request to the Executive Director with the following information: Course title, University / Programme, Lecturer 's name, Reading list of the course, Any other material that might be useful in for the evaluation of the quality of the course (e.g. exercise sheets, exam sheets, seminar papers, slides of lecture presentation etc.), Grade. Crediting Courses from the Gerzensee Programme 12 weeks of the Gerzensee Programme count as 12 weeks PEF courses, which means that six courses can be credited. Two additional PEF elective courses have to be completed. Moreover, the Gerzensee Programme substitutes any required supplementary work in Economics and/or Econometrics. By attending the whole programme you would earn 24 ECTS. The single tracks of the Gerzensee Programme may be credited: One track results in 8 ECTS and it always substitutes one compulsory course and one core elective course in the field of specialisation. During the research phase students spend most of their time writing their thesis, which is based on the research proposal. Students also have to attend Ph.D. and literature seminars. Ph.D. and literature seminars In the Ph.D. seminar students present their own preliminary thesis chapters in an advanced form (draft papers). They get feedback and comments on their work from faculty members and other students in the programme. The goal of the literature seminar is to learn and critically discuss recent relevant literature in economics, finance or econometrics. The two PEF seminars offer a forum for active scientific debate among students and the faculty. Students have to present three times in the Ph.D. and three times in the literature seminar. Ph.D. thesis and pre-defence The Ph.D. thesis has to be written in English. It usually consists of three research papers covering distinct research topics. At the end of the research phase, students have to submit the thesis and present it to the members of their Ph.D. Thesis Committee in a pre-defence examination. At this stage the Thesis Committee can ask for changes or corrections to the submitted manuscript. After having successfully passed the pre-defence, the final version of the thesis is submitted and the public defence is held. Public defence After the acceptance of the thesis, the dissertation is presented in a public Ph.D. defence which concludes the doctoral studies. Students who successfully had their public defense, are awarded the degree Doctor of Philosophy with a specialisation in Economics, Econometrics or Finance from the University of St.Gallen (Ph.D. HSG).