Research Phase During the research phase students spend most of their time writing their thesis, which is based on the research proposal. Sudents also have to attend Ph.D. and Literature seminars. Ph.D. and literature seminars In the Ph.D. seminar students present their own preliminary chapters of the thesis in an advanced form (draft papers), in order to get feedback and comments on their work from faculty members and other students in the programme. The goal of the literature seminar is to look more deeply and learn about recent key advanced research topics from the relevant literature in economics, finance or econometrics. In depth, critical discussion of important research questions plays a central role. Taken together, the two seminars offer a forum for active scientific debate among students and the faculty. Students have to present three times in the Ph.D. as well as in the literature seminars. Ph.D. thesis and pre-defence The Ph.D. thesis is written in English. It will usually consist of three separate research papers covering distinct research topics. At the end of the research phase, students firstly have to present their dissertation to the members of their Ph.D. Thesis Committee in a pre-defence examination. At this stage the 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 final version of the thesis has been accepted, the dissertation is presented in a public Ph.D. defence examination, which concludes the doctoral studies. Students who have successfully defended their thesis in the public Ph.D. defence are awarded with the Doctor of Philosophy degree with a specialisation in Economics, Econometrics or Finance from the University of St. Gallen (Ph.D. HSG).