Optional group:
comune Orientamento unico 2 ANNO LM-77 - UN ESAME A SCELTA TRA: - (show)
 |
9
|
|
|
|
|
|
|
|
|
21201477 -
RISK AND ACCOUNTING
|
9
|
SECS-P/07
|
60
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
|
21201489 -
ECONOMY OF INSURANCE AND WELFARE COMPANIES
(objectives)
THE COURSE IS AN OVERVIEW OF THEORETICAL AND PRACTICAL ISSUES RELATED TO THE ECONOMICS OF INSURANCE AND PENSION FUNDS. THE FIRST PART IS DEVOTED TO ANALYZE THE PRINCIPLES OF RISK MANAGEMENT AND INSURANCE, PAYING ATTENTION ALSO TO PRICING MECHANISMS. THE SECOND PART OF THE COURSE EXPLORES THE MAIN FEATURES OF INSURANCE PRODUCTS, BOTH LIFE AND NON-LIFE, AS WELL AS THE SUPPLEMENTARY PENSION SCHEMES. FINALLY, THE COURSE DEALS WITH THE MANAGEMENT OF INSURANCE COMPANIES, THEIR COMPETITIVE STRATEGIES AND REGULATORY CONTRAINTS.
|
9
|
SECS-P/11
|
60
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
20101447 -
Political Economy of Social Welfare
-
Derived from
20101447 ECONOMIA POLITICA DELLA PREVIDENZA in SCIENZE DEI SERVIZI GIURIDICI (DM 270) L-14 N0 GINEBRI SERGIO
( syllabus)
THE COURSE IS DIVIDED IN TWO PARTS. THE FIRST PART IS INTRODUCTORY AND RETRACES THE HISTORY OF PUBLIC PENSION SYSTEMS. THE BIRTH AND DEVELOPMENT OF PUBLIC PENSION SYSTEMS HAS BEEN AT THE CENTRE OF SEVERAL THEORETICAL APPROACHES WITHIN THE FIELDS OF POLITICAL SCIENCE, SOCIOLOGY, ECONOMICS. THOSE THEORIES ARE SHORTLY SURVEYED. NEXT, THE MAIN FEATURES OF THE PUBLIC PENSION SYSTEMS ARE PRESENTED AND THE DIFFERENT TYPOLOGIES OF THOSE SYSTEMS ARE DEFINED AND ELABORATED. FINALLY, THE ITALIAN PENSION SYSTEM IS PRESENTED AND THE HISTORY OF THE REFORMS INTRODUCED IN THE LAST TWENTY YEARS IS RETRACED.
The second part of the course is more analytical and theoretical. Namely, some analytical frameworks used to analyse the individual demand of insurance and the social consequences of public supply of pensions are presented. The following issues will be dealt with: individual choices and pension systems, public pension systems and macro-economic risk sharing among generations, the individual return on pension saving in different PAYG systems, political support to pension policies.
OBJ: The focus of the course is on the supply of old age insurance by public sector. First, the economic justifications of public pension systems are presented. Second, the different typologies of pension systems are analysed and their consequences on social welfare are considered. Finally, public pension policies in Italy are retraced and evaluated.
Attendance to lectures is compulsory. Students will be asked to write short essays on the topics presented at lectures.
( reference books)
B. DOUGLAS BERNHEIM, MICHAEL D. WHINSTON, MICROECONOMIA. SECONDA EDIZIONE; MILANO: MCGRAW HILL; 2013. CAPITOLI 9, 10, 20.
NICHOLAS BARR, ECONOMICS OF THE WELFARE STATE; OXFORD: OXFORD UNIVERSITY PRESS; 2012. CAPITOLI 3, 4, 7.
PAOLO BOSI (A CURA DI), CORSO DI SCIENZA DELLE FINANZE. SESTA EDIZIONE; BOLOGNA: IL MULINO; 2012. CAPITOLI 1 E 8.
MAURIZIO FERRERA, VALERIA FARGION, MATTEO JESSOULA, ALLE RADICI DEL WELFARE ALL'ITALIANA. ORIGINI E FUTURO DI UN MODELLO SOCIALE SQUILIBRATO; VENEZIA: MARSILIO EDITORI. CAPITOLI 1, 2, 3, 5.
AN ADDITIONAL READING LIST WILL BE ISSUED DURING LECTURES.
-
Derived from
20101447 ECONOMIA POLITICA DELLA PREVIDENZA in SCIENZE DEI SERVIZI GIURIDICI (DM 270) L-14 N0 GINEBRI SERGIO
( syllabus)
THE COURSE IS DIVIDED IN TWO PARTS. THE FIRST PART IS INTRODUCTORY AND RETRACES THE HISTORY OF PUBLIC PENSION SYSTEMS. THE BIRTH AND DEVELOPMENT OF PUBLIC PENSION SYSTEMS HAS BEEN AT THE CENTRE OF SEVERAL THEORETICAL APPROACHES WITHIN THE FIELDS OF POLITICAL SCIENCE, SOCIOLOGY, ECONOMICS. THOSE THEORIES ARE SHORTLY SURVEYED. NEXT, THE MAIN FEATURES OF THE PUBLIC PENSION SYSTEMS ARE PRESENTED AND THE DIFFERENT TYPOLOGIES OF THOSE SYSTEMS ARE DEFINED AND ELABORATED. FINALLY, THE ITALIAN PENSION SYSTEM IS PRESENTED AND THE HISTORY OF THE REFORMS INTRODUCED IN THE LAST TWENTY YEARS IS RETRACED.
The second part of the course is more analytical and theoretical. Namely, some analytical frameworks used to analyse the individual demand of insurance and the social consequences of public supply of pensions are presented. The following issues will be dealt with: individual choices and pension systems, public pension systems and macro-economic risk sharing among generations, the individual return on pension saving in different PAYG systems, political support to pension policies.
OBJ: The focus of the course is on the supply of old age insurance by public sector. First, the economic justifications of public pension systems are presented. Second, the different typologies of pension systems are analysed and their consequences on social welfare are considered. Finally, public pension policies in Italy are retraced and evaluated.
Attendance to lectures is compulsory. Students will be asked to write short essays on the topics presented at lectures.
( reference books)
B. DOUGLAS BERNHEIM, MICHAEL D. WHINSTON, MICROECONOMIA. SECONDA EDIZIONE; MILANO: MCGRAW HILL; 2013. CAPITOLI 9, 10, 20.
NICHOLAS BARR, ECONOMICS OF THE WELFARE STATE; OXFORD: OXFORD UNIVERSITY PRESS; 2012. CAPITOLI 3, 4, 7.
PAOLO BOSI (A CURA DI), CORSO DI SCIENZA DELLE FINANZE. SESTA EDIZIONE; BOLOGNA: IL MULINO; 2012. CAPITOLI 1 E 8.
MAURIZIO FERRERA, VALERIA FARGION, MATTEO JESSOULA, ALLE RADICI DEL WELFARE ALL'ITALIANA. ORIGINI E FUTURO DI UN MODELLO SOCIALE SQUILIBRATO; VENEZIA: MARSILIO EDITORI. CAPITOLI 1, 2, 3, 5.
AN ADDITIONAL READING LIST WILL BE ISSUED DURING LECTURES.
|
9
|
SECS-P/01
|
60
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
|
21201718 -
ADVANCED CORPORATE FINANCE
(objectives)
IL CORSO SI PROPONE DI COMPLETARE E APPROFONDIRE LE BASI DI TEORIA E PRATICA DELLA CORPORATE FINANCE (SVILUPPATE NEL CORSO DEL TRIENNIO), UTILI PER COMPRENDERE IL FUNZIONAMENTO DEI MERCATI DEI CAPITALI, LE DECISIONI DI INVESTIMENTO E FINANZIAMENTO DELLE IMPRESE INDUSTRIALI E DI SERVIZI, I LORO ASSETTI PROPRIETARI E DI GOVERNANCE, NEL QUADRO DELLE RECIPROCHE INTERRELAZIONI CON IL SISTEMA FINANZIARIO.
IN PARTICOLARE, NEL CORSO SARANNO TRATTATI I SEGUENTI ARGOMENTI:
TEORIA DELLA SCELTA IN CONDIZIONI DI INCERTEZZA
EFFICIENZA DEI MERCATI DEI CAPITALI E COMPORTAMENTO DEGLI INVESTITORI
IL CAPITAL ASSET PRICING MODEL (CAPM): MODELLI ESTESI E VERIFICA EMPIRICA
OLTRE IL CAPM PER LA STIMA DEL COSTO DEL CAPITALE: MODELLI ALTERNATIVI
OPZIONI FINANZIARIE E APPLICAZIONI ALLA CORPORATE FINANCE
OPZIONI REALI PER LA VALUTAZIONE DI INVESTIMENTI/IMPRESE
MODELLI DI MERCATO PER LA STIMA DEL RISCHIO DI CREDITO E CDS
ECONOMIA E FINANZA DELLE FUSIONI E ACQUISIZIONI
LE DETERMINANTI DELLA STRUTTURA FINANZIARIA DELLE IMPRESE: TEORIE ED EVIDENZA EMPIRICA INTERNAZIONALE
LA STRUTTURA FINANZIARIA DELLE IMPRESE ITALIANE: COMPARAZIONI INTERNAZIONALI
POLITICA DEI DIVIDENDI
MODELLI E STRUMENTI DI CORPORATE GOVERNANCE IN ITALIA, EUROPA E MONDO.
|
|
|
21201718-1 -
ADVANCED CORPORATE FINANCE
|
5
|
SECS-P/09
|
30
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
|
21201718-2 -
ADVANCED CORPORATE FINANCE
|
4
|
SECS-P/09
|
30
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
21201721 -
Competitive Strategies in Financial Services
-
Derived from
21201721 STRATEGIE COMPETITIVE NEI SERVIZI FINANZIARI in FINANZA E IMPRESA (DM 270) LM-16 N0 PREVIATI DANIELE ANGELO
( syllabus)
The essential topics are:
- Change and environment-strategy-structure relationship in the financial services industry
- Competitive scenario: the relevance of regulation and ICT
- Porter model applied to the financial services industry
- The business strategies of financial institutions: environment, goals, tools
- The diversification strategies of financial institutions: theoretical profiles
- The diversification strategies of financial institutions: principal characteristics and execution
- Supply side analysis. The relationships between concentration, competition, profitability and efficiency in financial institutions: from the S-C-P paradigm to the New Industrial organization
- Demand side analysis in retail banking: segmentation criteria, financial investment decisions, role of financial literacy, social media use
- Operations efficiency analysis: efficiency indicators, scale and scope economies
- The diversification strategies: strategic alliances, M&A, bancassurance
- The Fintech role on the strategic trends in financial services industry
- The managerial roles for strategic management in banking groups
( reference books)
For non attending students the assesment is based on oral test, based on the book Paolo Mottura, Banche, Egea, 2011, one compulsory reading (Strategia e organizzazione, file at disposal on the website of the course)and one reading in English (Haldane, 2016, file at disposal on the website of the course)
For attending students assessment is based on some chapters of the book Paolo Mottura, Banche, Egea, 2011, and other materials at disposal on the website of the course (slides, readings) at http://disa.uniroma3.it/
|
9
|
SECS-P/11
|
60
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
|
21201724 -
BANK MANAGEMENT
|
9
|
SECS-P/11
|
60
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
21201729 -
MATHEMATICAL FINANCE
-
MASTROENI LORETTA CLARA LETIZIA
( syllabus)
-The completeness and incompleteness of the markets
-The assumptions underlying the Black-Scholes-Merton model and the alternative valuation models
-Arbitrage and hedging techniques
-The Greeks
-Value at Risk and its generalizations
-Volatility smiles
-Insurance derivatives
-Risk management in energy markets
-Atmospheric derivatives
-Swaps
-Interest rate derivatives (standard models, short-term rate models, advanced models)
-Real Options
-Exotic Options
-Credit derivatives
( reference books)
HULL Opzioni , Futures e altri derivati. Ediz. Mylab. 2018
|
9
|
SECS-S/06
|
60
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
21201735 -
Insurance and Pensione Funds
-
Derived from
21201735 FINANZA DELL'ASSICURAZIONE E DEI FONDI PENSIONE in FINANZA E IMPRESA (DM 270) LM-16 N0 CARLEO ALESSANDRA
( syllabus)
STOCHASTIC CASH-FLOWS AND INSURANCE CONTRACTS
Expected Value Criterion
Utility Function
Expected Utility Criterion
BASIC DISTRIBUTION MODELS IN LIFE INSURANCE
Random Future Lifetime of a Life aged x
Life tables
LIFE INSURANCE: PRICING
Elementary life insurance products
Survival benefits
Death benefits
Endowment insurance products
Single premium and periodic premiums. Natural premiums
LIFE INSURANCE: RESERVING
Net Premium Reserve. Prospective Reserve
Retrospective Reserve
The time profile of the policy reserve
Recursive equations. Risk and savings
Homans’ Formula. Expected Profit
EXPENSE LOADINGS
The Expense-Loaded Premium
Expense-Loaded Premium Reserves
Counterinsurance
---
PENSION PLANS
Social security framework
Contributions and benefits
Funding system
Benefits calculation
Demographic risks
System sustainability
Contributions calculations
Supplementary pension schemes
Old-Age, Survivors and Disability Insurance (OASI/IV) scheme
Exact Individual Trajectories (E.I.T.)
( reference books)
Annamaria Olivieri, Ermanno Pitacco
Introduction to Insurance Mathematics
Springer, 2011
|
9
|
SECS-S/06
|
60
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
|
21201736 -
QUANTITATIVE FINANCE AND DERIVATIVES
(objectives)
The course has the objective of providing foundations for the valuation of derivatives and for the analysis of quantitative finance problems.
-
Derived from
21201736 FINANZA QUANTITATIVA E DERIVATI in FINANZA E IMPRESA (DM 270) LM-16 N0 GHENO ANDREA
( syllabus)
Introduction. Mechanics of Futures Markets. Hedging Strategies Using Futures. Interest Rates. Determination of Forward and Futures Prices. Interest Rate Futures. Swaps. Securitization and the Credit Crisis of 2007. OIS Discounting, Credit Issues, and Funding Costs. Mechanics of Options Markets. Properties of Stock Options. Trading Strategies Involving Options. Binomial Trees. Wiener Processes and Ito’s Lemma. The Black-Scholes-Merton Model. Employee Stock Options. Options on Stock Indices and Currencies. Options on Futures. Greek Letters. Volatility Smiles. Basic Numerical Procedures. Value at Risk. Estimating Volatilities and Correlations for Risk Management. Credit Risk. Credit Derivatives. Exotic Options. More on Models and Numerical Procedures. Martingales and Measures. Interest Rate Derivatives: The Standard Market Models. Convexity, Timing and Quanto Adjustments. Interest Rate Derivatives: Models of the Short Rate. HJM, LMM, and Multiple Zero Curves. Swaps Revisited. Energy and Commodity Derivatives. Real Options.
( reference books)
Hull, J., Options, Futures, and Other Derivatives
|
9
|
SECS-S/06
|
60
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
|
21210019 -
STORIA DELLA FINANZA
(objectives)
Il corso si propone di tracciare un quadro della formazione e dell’evoluzione dei sistemi finanziari nelle economie industrializzate in un’ottica comparata e di lungo periodo, ripercorrendone le fasi salienti tra i secoli XIX-XX.
Gli argomenti trattati durante il corso si articolano intorno ai seguenti nuclei tematici: il ruolo delle banche nel processo di industrializzazione; l’evoluzione dei sistemi monetari dal Gold Standard alla crisi del sistema di Bretton Woods; la nascita dello SME; la crescita della spesa pubblica.
Buona parte delle lezioni è dedicata all’approfondimento del caso italiano, di cui si focalizzano alcuni temi riguardanti l’evoluzione del sistema bancario, l’emergere delle forme di impresa pubblica e l’evoluzione dei rapporti banca-industria dall’Unità fino alle recenti privatizzazioni degli anni ’90.
-
D'ERRICO RITA MARIA MICHELA
( syllabus)
The role of capital in the industrial revolution
– Bank oriented and market oriented systems
– The evolution of the relationship between banks and industry in Italy from the period of Italian Unification until the banking legislation of 1936
– The IMI and IRI banks and the birth of the ‘State as businessman’
– The international gold standard (1870-1914)
– Decentralisation and financial instability between the two world wars
– The Great Depression of 1929
– The Bretton Woods system (1944-1971)
– From fluctuating exchange rates to the birth of the European Monetary System
– The evolution of public finances
– The system of state-controlled companies in Italy from the post-Second World War to privatisations in the 1990s
( reference books)
L. NEAL, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015,
B. EICHENGREEN, Globalizing Capital: A History of the International Monetary System, PUP, 2008
V. TANZI, Government versus Markets. The Changing Economic Role of the State, CUP, 2014
|
9
|
SECS-P/12
|
60
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
|
Università Roma Tre