Research Stage During the research stage PiF students focus on writing their doctoral thesis. In addition, they are expected to give two presentations in the internal Brown-Bag seminar. The research stage lasts between four and six semesters. PiF Brown-Bag seminar 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. 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 Defense 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).