Is it okay to list a PhD student as corresponding author? A colleague and I are both PhD students. We have conducted a project together that is unrelated to our respective theses. The project involved a bioinformatics analysis of public datasets, so we are not presenting any new experimental data (i.e., there was no overhead associated with the experiments). However, we have generated some very interesting results that we believe are suitable for publication.

A question that has arisen while preparing the manuscript is who to list as corresponding author. Our supervisors were not involved in the project. I designed the majority of the experiments, but my colleague and I are both concerned that listing myself as corresponding author despite the fact that I am a PhD student would be (a) improper or unethical, (b) likely to draw the ire of the university for listing it as our affiliation, as we do not have faculty appointments, and/or (c) likely to cause reviewers to dismiss the work. What is the appropriate course of action?
At least in my field (theoretical computer science), the corresponding author is often (but not necessarily) the person who did most of the work and prepared the final version of the paper. It is therefore completely normal to have PhD students as corresponding authors.