HSG graduation ceremony: Dare to make chance discoveries!

The graduation ceremony celebrates the completion of a formative stage in life. “When we celebrate great achievements, such as your doctorate today, we sometimes forget what success is based on. On effort, hard work, passion – and on the failed attempts that preceded them,” said President Prof. Dr Manuel Ammann, opening his speech. He went on to say that setbacks and failures are precisely what drive innovation and progress in science and business.

Allowing for chance

Before important milestones, many set themselves a clearly defined goal that they want to achieve. “We interpret even the slightest deviation from this as failure. But we have no idea where a path will lead us when we set out into the unknown,” said the president. On these detours, researchers discover new things that they weren't even looking for.

“The role of chance in science should not be underestimated,” he continued. This was the case, for example, with physicist and professor Wilhelm Conrad Röntgen when he discovered the X-rays named after him in 1895 – a revolution in medicine. But such chance discoveries are rare today. Nowadays, researchers narrow down their projects very strictly in terms of subject and method in order to minimise the risk of errors. The result is studies that are formally correct but often only create limited added value in terms of content, according to Manuel Ammann. 

Avoiding cognitive distortions

‘Statistical significance’ is considered the gold standard for assessing the quality and relevance of research,” said the president. Statistically significant research results are considered a success. Studies that cannot show significant results are less likely to be published and cited. These are disincentives on the part of publishers. For this reason, scientists rely on ‘p-hacking’ – only the most significant results are selected, weaker results are kept secret or sources that contradict one's own view are not cited at all, he explained. Such cognitive distortions have been known for decades and yet are still frequently encountered in science. 

What can each and every one of us do about it? He advised the doctors to repeatedly question their own research design for possible weaknesses. After all, the focus should be on gaining knowledge. “Of course, this also applies if you are not pursuing an academic career but are taking on a responsible role in business or society,” added Ammann. So be wary of overly perfect explanations and figures.

“Remain open-minded and curious about what lies ahead, and use your scientifically trained mind to avoid falling into thought traps in your everyday life,” said President Manuel Ammann, addressing the new doctors.

Bravely going your own way

The keynote address was given by HSG alumna Dr. Melanie Oschlies, global head of Strategy Development at Siemens Smart Infrastructure. She shared with the doctoral students her personal insight into the importance of still going your own way ‘in a world of wisdom’. “As you embark on the next chapter of your life, you will receive a wealth of advice and guidance from mentors, colleagues, friends, family members and experts. While this wisdom is an invaluable support, it is important to remember that the path you have already taken and will continue to shape yourself is uniquely your own,” emphasised Melanie Oschlies. 

9 prize winners, 60 doctoral candidates

At this graduation ceremony, several prizes were awarded: 

• The ‘Dr. Peter Werhahn Prize’ for outstanding scientific work in business administration and scientific theory went to Tiziana Gaito, who also received her doctorate at the ceremony.
  (‘Stakeholder engagement on the ‘dark side’ – a multimethod study exploring distrust and intractable conflict in stakeholder relationships’)
• The ‘Amicitia Prize’ for the best doctoral thesis in economic sciences went to Mateja Andric. 
  (‘The embeddedness of firms in the lives of entrepreneurs and CEOs’)
• The ‘Walther Hug Prize St.Gallen’ honours the best legal thesis. It was awarded to Désirée Klingler. 
  (‘Efficiency, quality, and sustainability in government contracting: A law and economics analysis’)
• The ‘Rudolf Mäder Prize’ is awarded for the best doctorate in law or political science; the ‘DIA Prize’ for the best dissertation in International Affairs. The president congratulated Amos Dossi for both prizes. 
  (‘Small can be beautiful – how military-technological trade-offs influence efficient project size in armaments acquisition’)
• The Doctoral Programme in Economics, Econometrics and Finance (GPEF) prize for the best dissertation was awarded to three winners: Philine Widmer, Florian Dendorfer and Jonas Romer.
  (‘Essays in political economics’ / 
  ‘Essays in industrial organization’ / 
  ‘Essays in corporate governance and ESG’) 
• The SMIF Prize of the Doctoral Programme in Economics and Finance for the best chapter in Quantitative Finance and Economics was awarded to Jan Serwart and Markus Faessler, who also received his doctorate at the ceremony. 
  (‘How to optimally select contemporary artists from an investment perspective’ / 
  ‘The Volga Effect – the HAR model with volatility of volatility’)

The 60 doctoral graduates received their doctoral certificates: 

• 34 in Business Administration,
• 6 in Economics and Finance,
• 1 in Economics and Econometrics,
• 4 in Finance,
• 4 in Social Sciences,
• 3 in Political Science,
• 5 in Law,
• 3 in Informatics.

Images: Foto Lautenschlager GmbH