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Course
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Credits
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Scientific Disciplinary Sector Code
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Contact Hours
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Exercise Hours
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Laboratory Hours
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Personal Study Hours
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Type of Activity
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Language
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21210035 -
CORPORATE GOVERNANCE AND BUSINESS SCENARIOS
(objectives)
In line with the educational objectives of the Master’ Degree Course in Business Administration, the course of Corporate Governance and business scenario aims to provide students with the knowledge and tools useful to understand the different topics of Corporate Governance. During the course, in fact, structures, behaviours and the role of the bodies of governance are analysed. The governance, in fact, is analysed under the theoretical and operational points of view. The course also what that students have the competencies about the development of the company, as well as to create value, in line with national and international laws. A lot of time is reserved to the Corporate Social Responsibility and at its implications.
At the end of the course, the student will have:
- familiarity with the different aspect of both ownership and governance, as well as they can analyse and compare them;
- acquired theoretical and practical notions to adopt specific management policies;
- developed a complex and articulated method of understanding corporate governance and its mechanisms.
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21210035-1 -
CORPORATE GOVERNANCE E SCENARI DI SETTORE DELLE IMPRESE - I MODULO
(objectives)
In line with the educational objectives of the Master’ Degree Course in Business Administration, the course of Corporate Governance and business scenario aims to provide students with the knowledge and tools useful to understand the different topics of Corporate Governance. During the course, in fact, structures, behaviours and the role of the bodies of governance are analysed. The governance, in fact, is analysed under the theoretical and operational points of view. The course also what that students have the competencies about the development of the company, as well as to create value, in line with national and international laws. A lot of time is reserved to the Corporate Social Responsibility and at its implications.
At the end of the course, the student will have:
- familiarity with the different aspect of both ownership and governance, as well as they can analyse and compare them;
- acquired theoretical and practical notions to adopt specific management policies;
- developed a complex and articulated method of understanding corporate governance and its mechanisms.
-
Derived from
21210035-1 CORPORATE GOVERNANCE E SCENARI DI SETTORE DELLE IMPRESE - I MODULO in Economia Aziendale LM-77 MATTEI GIORGIA, PAOLONI MAURO
( syllabus)
1° Unit (Prof. Mauro Paoloni/Dott.ssa Giorgia Mattei)
1. An overview of Corporate Governance
2. The Board of Corporate Governance and other bodies: structure, composition, roles and mood of operation
3. The Italian Governance systems
4. The structure, composition and the working mechanisms of the control bodies
5. Decision-making theories
6. Creating value for shareholders and stakeholders
7. The decision of dynamic equilibrium between the strategy of the firm, its legal form, the ownership structure, and the governance structures
8. The relation between strategy, ownership, and mechanism of govern
9. Case studies: Enron, Cirio, Parmalat
2° Unit (Prof. Salvatore Monni)
1. The Chinese economy
2. The Corporate Governance of Chinese enterprises
3. The cooperative
4. The Italian' cooperative
5. The Chinese' cooperative
6. Workers’ buyout
( reference books)
J. Solomon, A. Solomon (last edition), Corporate Governance, Wiley, UK (Chapter: 1; 2; 4; 7; 9; 10).
Zattoni, Alessandro (2020), Corporate governance: how to design good companies, Milano: Egea.
Bernardi, A (2016) “ G: Gung Ho” in Bernardi, A., Monni,S. (2016), The Co-operative Firm Keywords. Rome: Roma TrE-Press, Roma: 51-59.
Birchall, A (2016) “C: Control and Governance” in Bernardi, A., Monni,S. (2016) The Co-operative Firm Keywords. Rome: Roma TrE-Press, Roma: 29-32.
Bernardi, A., Monni,S. (2016) “Zeitgeist, Educating diversity ” in Bernardi, A., Monni,S. (2016),The Co-operative Firm Keywords. Rome: Roma TrE-PressRoma:167-175.
Monni, S., Novelli, G., Pera, L., Realini, A. (2017) “Workers’ buyout: l’esperienza italiana” in Demartini, P., Monni, S. (2017), Workers’ buyout Corporate Governance e sistemi di controllo. Rome: Roma TrE-Press, Roma: 16-29.
Monni, S., Novelli, G., Pera, L., Realini, A. (2017) “Workers’ buyout: definizioni e caratteristiche” in Demartini, P., Monni, S. (2017), Workers’ buyout Corporate Governance e sistemi di controllo. Rome: Roma TrE-Press, Roma: 8-15.
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6
|
SECS-P/07
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40
|
-
|
-
|
-
|
Core compulsory activities
|
ITA |
|
21210035-2 -
CORPORATE GOVERNANCE E SCENARI DI SETTORE DELLE IMPRESE - II MODULO
(objectives)
In line with the educational objectives of the Master’ Degree Course in Business Administration, the course of Corporate Governance and business scenario aims to provide students with the knowledge and tools useful to understand the different topics of Corporate Governance. During the course, in fact, structures, behaviours and the role of the bodies of governance are analysed. The governance, in fact, is analysed under the theoretical and operational points of view. The course also what that students have the competencies about the development of the company, as well as to create value, in line with national and international laws. A lot of time is reserved to the Corporate Social Responsibility and at its implications.
At the end of the course, the student will have:
- familiarity with the different aspect of both ownership and governance, as well as they can analyse and compare them;
- acquired theoretical and practical notions to adopt specific management policies;
- developed a complex and articulated method of understanding corporate governance and its mechanisms.
|
3
|
SECS-P/01
|
20
|
-
|
-
|
-
|
Core compulsory activities
|
ITA |
Optional group:
2-BILANCIO, AUDIT E PERFORMANCE D'AZIENDA Orientamento unico 2° ANNO - STATISTICO-MATEMATICO - UN INSEGNAMENTO A SCELTA TRA: - (show)
 |
9
|
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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 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, 10th Edition, Pearson, 2017
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9
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SECS-S/06
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60
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-
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-
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-
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Core compulsory activities
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ITA |
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21201735 -
Insurance and Pensione Funds
(objectives)
The aim of the course is to provide students with the theoretical foundations of calculation in life insurance, with particular reference to premiums, mathematical reserves and the insurance profit, and with the theoretical bases for understanding pension models. Students will also be able to use a spreadsheet (Excel) to solve concrete cases.
-
Derived from
21201735 FINANZA DELL'ASSICURAZIONE E DEI FONDI PENSIONE in Finanza e impresa 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
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9
|
SECS-S/06
|
60
|
-
|
-
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-
|
Core compulsory activities
|
ITA |
|
|
Optional group:
3-BILANCIO, AUDIT E PERFORMANCE D'AZIENDA Orientamento unico 2° ANNO - AZIENDALE - UN INSEGNAMENTO A SCELTA TRA: - (show)
|
9
|
|
|
|
|
|
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|
|
21201513 -
FINANCIAL ANALYSIS
(objectives)
To provide theoretical concepts and practical tools for the analysis and evaluation of financial performance and risk of non-financial companies, industries and portfolios. In details, the course aims at developing competences and skills in critical analysis, interpretation and valuation-judgement in the following fields:
a) economic and financial performance of firms/industries in manufacturing and tertiary sector
b) financial dynamics and financial needs of non-financial firms
c) financial solvency, credit risk and cost of debt
d) risk and return of equity portfolios and mutual funds.
The course contents are applicable in two main areas:
1. decision making for resources allocation by managers, public decision-makers and financial analysts
2. fundamental analysis of shares/portfolios for asset management/financial investments.
-
Derived from
21201513 ANALISI FINANZIARIA in Economia L-33 VENANZI DANIELA
( syllabus)
Main topics:
1. Objectives, contents, uses and users of financial analysis
2. Main data-bases in economic and financial area (both national and international): objectives, scope, information structure (i.e. datasets Mediobanca-R&S and BACH-ESD)
3. Performance and risk of non financial companies:
a) financial ratios: definition and classification, economic meaning and diagnostic power, breakdown criteria and mutual relationships, benchmark for cross-sectional analysis, application problems.
b) comparison among firms and industries on available datasets.
4. Financial needs and their determinants. Financial dynamics and cash-flows statements
5. Financial viability, credit risk and cost of debt
a) definitions and measures of financial solvency
b) bonds: fundamentals, pricing, duration and CDS
c) corporate bonds, credit spread and probability of default
d) credit risk and scoring models
e) ratings.
6. Risk and return of equity portfolios and mutual funds
a) performance metrics (TWR vs MWR) and risk measures
b) risk adjusted measures of performance
c) performance attribution
d) the Italian mutual funds industry: trends, features, appropriate metr
( reference books)
BOOKS
1. Berk J. – De Marzo P., Finanza aziendale 1 - Fondamenti, IV Edition, Pearson, 2018, ch. 6
2. Berk J. – De Marzo P. – Morresi O., Venanzi D., Finanza aziendale 2 – Teoria e pratica della finanza moderna, IV Edition, Pearson, 2018, §§ 5.4, 12.5, 12.6, 12.7
3. Brunetti G., Coda V., Favotto F., Analisi, previsioni, simulazioni economico-finanziarie d’impresa, Etas Libri 1990, chs. 4-6-7-8
4. Coda V., Brunetti G., Barbato Bergamin M., Indici di bilancio e flussi finanziari, Etas Libri 1974, cap. 3 (download from the course website)
5. Feibel B. J., Investment performance measurement, Frank J. Fabozzi Series, Wiley 2003, chs. 3-4-5-7-9-10-11-12-13-14
6. Pavarani E., L’equilibrio finanziario, McGraw-Hill 2006, chs. 3 e 5 (Appendix included)
7. Resti A. – Sironi A., Rischio e valore nelle banche, Egea 2008, ch.14
ARTICLES
8. Treynor J.L., Mazuy K.K., 1966, “Can mutual funds outgess the Market?”, Harvard Business Review, 44 (4), pp. 131-136 (download from digital Roma Tre Library)
9. Venanzi D., 2016, “The performance of the Italian mutual funds: Does the metric matter?”, Research in International Business and Finance, 37, pp. 406-421 (download from the digital Roma Tre Library)
Other reference materials
Data, cases, slides, seminar materials, notes, etc., down-loadable from the course website (requested passwords are provided by the teacher).
All materials are available on Roma Tre University SBA.
|
9
|
SECS-P/09
|
60
|
-
|
-
|
-
|
Core compulsory activities
|
ITA |
|
|
Optional group:
4-BILANCIO, AUDIT E PERFORMANCE D'AZIENDA Orientamento unico 2° ANNO - GIURIDICO - UN INSEGNAMENTO A SCELTA TRA: - (show)
|
9
|
|
|
|
|
|
|
|
|
21201547 -
TAXATION LAW - ADVANCED COURSE
(objectives)
The course aims to provide students with a thorough preparation on the tax procedure (declarations, controls, assessment, collection and reimbursement) and on the main instruments of protection granted to the taxpayer, in administrative and jurisdictional matters, by the tax system, and in particular: l self-protection, interpellation, assessment with acceptance, tax mediation, the tax process, special proceedings.
The course also aims to provide students with knowledge of the general principles and rules of real estate taxation and international tax law and the tools necessary to assess the impact of taxation on mergers, divisions, transfers of companies and transfers.
-
Derived from
21201547 DIRITTO TRIBUTARIO - CORSO AVANZATO in Economia Aziendale LM-77 MARINI GIUSEPPE
( syllabus)
The tax report and its subjects
The statement and the accounting obligations
The contradictory
The questionnaires
The power of self-protection
The investigation
The notice of assessment
Abuse of tax law and tax avoidance
Tax collection and tax credits
Administrative and criminal penalties
The tax process
Real estate taxation
IRPEF and taxation of real estate owned in Italy and abroad
The flat rate on rent
IMU, TASI and TARI
Transnational taxation
Tax residence
The location of incomes
The conventions against double taxation
Credit for taxes paid abroad
The stable organization
Intercompany transfer prices (transfer price)
Foreign subsidiaries and associated companies (CFC rule)
Community taxation
European integration
The fundamental freedoms; the prohibition of restrictions and discrimination
Exceptions to fundamental freedoms
Free competition and state aid
The harmonization of indirect taxes
The approximation of direct taxes
The taxation of the main extraordinary transactions
The transfer and conferment of a company
The sale and transfer of investments
The merger and the division
The transformation
The liquidation
( reference books)
AA.VV., Fondamenti di diritto tributario, Wolters Kluwer, 2020 studiare da pag. 37 a 67; da pag. 217 a 235; da pag. 249 a 264; da pag. 337 a 568 (in particolare capitoli 3, 4 paragrafi 7 e 11, capitolo 6, 7, 8, capitolo 9, 10).
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9
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IUS/12
|
60
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
|
21210171 -
Banking and insurance law
|
|
21210171-1 -
Banking and insurance law I
-
Derived from
21210171-1 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI I in Finanza e impresa LM-16 Rispoli Vittorio
( syllabus)
The course aims to provide students with the tools to learn about the elements of banking and financial law. In particular, the module dedicated to banking law will deepen: the system of sources of banking law, both European and national; the European banking union, the notion of a bank and financial intermediary; the role of the Bank of Italy; the different types of banks; banking activities, banking products and complex products; banking transparency; contracts with customers, consumer credit, the role of the ABF; then, with regard to financial activities, credit discounting, customer protection and leasing activities are deepened.
With reference, instead, to the part of insurance law, the other module concerns: the regulation of the insurance company, the insurance intermediaries, the insurance contracts, the sources, the insurance and reinsurance companies, the Directive c.d. "solvency II"; supervision of the insurance system, competition law and regulations of foreign companies; distribution of insurance products and various figures of intermediaries; non-life insurance classes; life insurance; forms of risk sharing in the insurance field with particular reinsurance analysis; co-insurance; compulsory insurance
( reference books)
. Bontempi, Diritto bancario e finanziario, Giuffré, ultima edizione: dal cap. I al cap. VIII compreso.
A. Donati-G. Volpe Putzolu, Manuale di diritto delle assicurazioni Milano, Giuffrè Editore, undicesima edizione aggiornata: parte I, dal cap. II al cap. V (da pag. 15 a pag. 45); parte I, dal cap. VII al cap. IX (da pag. 51 a pag. 67); parti II/III, dal cap. XI al cap. XXI (da pag. 77 a pag. 174); parte III, dal cap. XXIII (da pag. 181 a pag. 195) dal cap. XXVII al cap. XXIX (da pag. 223 a pag. 247).
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3
|
IUS/05
|
20
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
21210171-2 -
Banking and insurance law II
-
Derived from
21210171-2 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI II in Finanza e impresa LM-16 RABITTI MADDALENA
( syllabus)
The course aims to provide students with the tools to learn about the lines of banking and financial law. In particular, the module dedicated to banking law will deepen: the system of sources of banking law, both European and national; the European banking union, the notion of a bank and financial intermediary; the role of the Bank of Italy; the different types of banks; banking activities, banking products and complex products; banking transparency; contracts with customers, consumer credit, the role of the ABF; then, with regard to financial activities, credit discounting, customer protection and leasing activities are deepened.
With reference, instead, to the part of insurance law, the other module concerns: the regulation of the insurance company, the insurance intermediaries, the insurance contracts, the sources, the insurance and reinsurance companies, the Directive c.d. "solvency II"; supervision of the insurance system, competition law and regulations of foreign companies; distribution of insurance products and various figures of intermediaries; non-life insurance classes; life insurance; forms of risk sharing in the insurance field with particular reinsurance analysis; co-insurance; compulsory insurance.
( reference books)
P. Bontempi, Diritto bancario e finanziario, Giuffré, last edition: from the cap. I to the chap. VIII included.
A. Donati-G. Volpe Putzolu, Manual of insurance law, Milan, Giuffrè Editore, last edition, 2012: part I, from the cap. II to the chap. V (from page 15 to page 47); part I, from the cap. VII to chap. IX (from page 57 to page 68); parts II / III, from the cap. XI to the chap. XXI (from page 77 to page 178); part III, from the chap. XXIII (from page 185 to page 198); part III, from the chap. XXV to the chap. XXVI (from page 205 to page 222).
|
6
|
IUS/05
|
40
|
-
|
-
|
-
|
Related or supplementary learning activities
|
ITA |
|
|
Optional group:
Tirocinio - (show)
|
6
|
|
|
|
|
|
|
|
|
21210075 -
INTERNSHIP
|
6
|
|
-
|
-
|
-
|
-
|
Per stages e tirocini presso imprese, enti pubblici o privati, ordini professionali (art.10, comma 5, lettera e)
|
ITA |
|
21210076 -
INTERNSHIP I
|
3
|
|
-
|
-
|
-
|
-
|
Per stages e tirocini presso imprese, enti pubblici o privati, ordini professionali (art.10, comma 5, lettera e)
|
ITA |
|
21210077 -
INTERNSHIP II
|
3
|
|
-
|
-
|
-
|
-
|
Per stages e tirocini presso imprese, enti pubblici o privati, ordini professionali (art.10, comma 5, lettera e)
|
ITA |
|
|
Optional group:
SCELTA LIBERA - UN INSEGNAMENTO A SCELTA TRA - - (show)
|
9
|
|
|
|
|
|
|
|
|
21201513 -
FINANCIAL ANALYSIS
(objectives)
To provide theoretical concepts and practical tools for the analysis and evaluation of financial performance and risk of non-financial companies, industries and portfolios. In details, the course aims at developing competences and skills in critical analysis, interpretation and valuation-judgement in the following fields:
a) economic and financial performance of firms/industries in manufacturing and tertiary sector
b) financial dynamics and financial needs of non-financial firms
c) financial solvency, credit risk and cost of debt
d) risk and return of equity portfolios and mutual funds.
The course contents are applicable in two main areas:
1. decision making for resources allocation by managers, public decision-makers and financial analysts
2. fundamental analysis of shares/portfolios for asset management/financial investments.
-
Derived from
21201513 ANALISI FINANZIARIA in Economia L-33 VENANZI DANIELA
( syllabus)
Main topics:
1. Objectives, contents, uses and users of financial analysis
2. Main data-bases in economic and financial area (both national and international): objectives, scope, information structure (i.e. datasets Mediobanca-R&S and BACH-ESD)
3. Performance and risk of non financial companies:
a) financial ratios: definition and classification, economic meaning and diagnostic power, breakdown criteria and mutual relationships, benchmark for cross-sectional analysis, application problems.
b) comparison among firms and industries on available datasets.
4. Financial needs and their determinants. Financial dynamics and cash-flows statements
5. Financial viability, credit risk and cost of debt
a) definitions and measures of financial solvency
b) bonds: fundamentals, pricing, duration and CDS
c) corporate bonds, credit spread and probability of default
d) credit risk and scoring models
e) ratings.
6. Risk and return of equity portfolios and mutual funds
a) performance metrics (TWR vs MWR) and risk measures
b) risk adjusted measures of performance
c) performance attribution
d) the Italian mutual funds industry: trends, features, appropriate metr
( reference books)
BOOKS
1. Berk J. – De Marzo P., Finanza aziendale 1 - Fondamenti, IV Edition, Pearson, 2018, ch. 6
2. Berk J. – De Marzo P. – Morresi O., Venanzi D., Finanza aziendale 2 – Teoria e pratica della finanza moderna, IV Edition, Pearson, 2018, §§ 5.4, 12.5, 12.6, 12.7
3. Brunetti G., Coda V., Favotto F., Analisi, previsioni, simulazioni economico-finanziarie d’impresa, Etas Libri 1990, chs. 4-6-7-8
4. Coda V., Brunetti G., Barbato Bergamin M., Indici di bilancio e flussi finanziari, Etas Libri 1974, cap. 3 (download from the course website)
5. Feibel B. J., Investment performance measurement, Frank J. Fabozzi Series, Wiley 2003, chs. 3-4-5-7-9-10-11-12-13-14
6. Pavarani E., L’equilibrio finanziario, McGraw-Hill 2006, chs. 3 e 5 (Appendix included)
7. Resti A. – Sironi A., Rischio e valore nelle banche, Egea 2008, ch.14
ARTICLES
8. Treynor J.L., Mazuy K.K., 1966, “Can mutual funds outgess the Market?”, Harvard Business Review, 44 (4), pp. 131-136 (download from digital Roma Tre Library)
9. Venanzi D., 2016, “The performance of the Italian mutual funds: Does the metric matter?”, Research in International Business and Finance, 37, pp. 406-421 (download from the digital Roma Tre Library)
Other reference materials
Data, cases, slides, seminar materials, notes, etc., down-loadable from the course website (requested passwords are provided by the teacher).
All materials are available on Roma Tre University SBA.
|
9
|
SECS-P/09
|
60
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21210171 -
Banking and insurance law
|
|
21210171-1 -
Banking and insurance law I
-
Derived from
21210171-1 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI I in Finanza e impresa LM-16 Rispoli Vittorio
( syllabus)
The course aims to provide students with the tools to learn about the elements of banking and financial law. In particular, the module dedicated to banking law will deepen: the system of sources of banking law, both European and national; the European banking union, the notion of a bank and financial intermediary; the role of the Bank of Italy; the different types of banks; banking activities, banking products and complex products; banking transparency; contracts with customers, consumer credit, the role of the ABF; then, with regard to financial activities, credit discounting, customer protection and leasing activities are deepened.
With reference, instead, to the part of insurance law, the other module concerns: the regulation of the insurance company, the insurance intermediaries, the insurance contracts, the sources, the insurance and reinsurance companies, the Directive c.d. "solvency II"; supervision of the insurance system, competition law and regulations of foreign companies; distribution of insurance products and various figures of intermediaries; non-life insurance classes; life insurance; forms of risk sharing in the insurance field with particular reinsurance analysis; co-insurance; compulsory insurance
( reference books)
. Bontempi, Diritto bancario e finanziario, Giuffré, ultima edizione: dal cap. I al cap. VIII compreso.
A. Donati-G. Volpe Putzolu, Manuale di diritto delle assicurazioni Milano, Giuffrè Editore, undicesima edizione aggiornata: parte I, dal cap. II al cap. V (da pag. 15 a pag. 45); parte I, dal cap. VII al cap. IX (da pag. 51 a pag. 67); parti II/III, dal cap. XI al cap. XXI (da pag. 77 a pag. 174); parte III, dal cap. XXIII (da pag. 181 a pag. 195) dal cap. XXVII al cap. XXIX (da pag. 223 a pag. 247).
|
3
|
IUS/05
|
20
|
-
|
-
|
-
|
Elective activities
|
ITA |
21210171-2 -
Banking and insurance law II
-
Derived from
21210171-2 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI II in Finanza e impresa LM-16 RABITTI MADDALENA
( syllabus)
The course aims to provide students with the tools to learn about the lines of banking and financial law. In particular, the module dedicated to banking law will deepen: the system of sources of banking law, both European and national; the European banking union, the notion of a bank and financial intermediary; the role of the Bank of Italy; the different types of banks; banking activities, banking products and complex products; banking transparency; contracts with customers, consumer credit, the role of the ABF; then, with regard to financial activities, credit discounting, customer protection and leasing activities are deepened.
With reference, instead, to the part of insurance law, the other module concerns: the regulation of the insurance company, the insurance intermediaries, the insurance contracts, the sources, the insurance and reinsurance companies, the Directive c.d. "solvency II"; supervision of the insurance system, competition law and regulations of foreign companies; distribution of insurance products and various figures of intermediaries; non-life insurance classes; life insurance; forms of risk sharing in the insurance field with particular reinsurance analysis; co-insurance; compulsory insurance.
( reference books)
P. Bontempi, Diritto bancario e finanziario, Giuffré, last edition: from the cap. I to the chap. VIII included.
A. Donati-G. Volpe Putzolu, Manual of insurance law, Milan, Giuffrè Editore, last edition, 2012: part I, from the cap. II to the chap. V (from page 15 to page 47); part I, from the cap. VII to chap. IX (from page 57 to page 68); parts II / III, from the cap. XI to the chap. XXI (from page 77 to page 178); part III, from the chap. XXIII (from page 185 to page 198); part III, from the chap. XXV to the chap. XXVI (from page 205 to page 222).
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6
|
IUS/05
|
40
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21201547 -
TAXATION LAW - ADVANCED COURSE
(objectives)
The course aims to provide students with a thorough preparation on the tax procedure (declarations, controls, assessment, collection and reimbursement) and on the main instruments of protection granted to the taxpayer, in administrative and jurisdictional matters, by the tax system, and in particular: l self-protection, interpellation, assessment with acceptance, tax mediation, the tax process, special proceedings.
The course also aims to provide students with knowledge of the general principles and rules of real estate taxation and international tax law and the tools necessary to assess the impact of taxation on mergers, divisions, transfers of companies and transfers.
-
Derived from
21201547 DIRITTO TRIBUTARIO - CORSO AVANZATO in Economia Aziendale LM-77 MARINI GIUSEPPE
( syllabus)
The tax report and its subjects
The statement and the accounting obligations
The contradictory
The questionnaires
The power of self-protection
The investigation
The notice of assessment
Abuse of tax law and tax avoidance
Tax collection and tax credits
Administrative and criminal penalties
The tax process
Real estate taxation
IRPEF and taxation of real estate owned in Italy and abroad
The flat rate on rent
IMU, TASI and TARI
Transnational taxation
Tax residence
The location of incomes
The conventions against double taxation
Credit for taxes paid abroad
The stable organization
Intercompany transfer prices (transfer price)
Foreign subsidiaries and associated companies (CFC rule)
Community taxation
European integration
The fundamental freedoms; the prohibition of restrictions and discrimination
Exceptions to fundamental freedoms
Free competition and state aid
The harmonization of indirect taxes
The approximation of direct taxes
The taxation of the main extraordinary transactions
The transfer and conferment of a company
The sale and transfer of investments
The merger and the division
The transformation
The liquidation
( reference books)
AA.VV., Fondamenti di diritto tributario, Wolters Kluwer, 2020 studiare da pag. 37 a 67; da pag. 217 a 235; da pag. 249 a 264; da pag. 337 a 568 (in particolare capitoli 3, 4 paragrafi 7 e 11, capitolo 6, 7, 8, capitolo 9, 10).
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9
|
IUS/12
|
60
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21201404 -
ENVIRONMENTAL BUSINESS ECONOMICS AND SUSTAINABLE ENTERPRISE
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9
|
SECS-P/07
|
60
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21210082 -
INDUSTRIAL ECONOMICS - ADVANCED COURSE
(objectives)
The aim of the course is twofold. The analytical models of the main problems of industrial economics, with a particular focus on the strategic interaction between firms, are the core of the first module of the teaching.
The second module aims to provide students with the notions for a thorough analysis of the Italian productive system, taking into consideration issues related to firms’ organization and performance together with a close look at the specific industries’ main competitiveness indicators.
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|
|
21210082-1 -
ECONOMIA INDUSTRIALE - CORSO AVANZATO I MODULO
(objectives)
The aim of the course is twofold. The analytical models of the main problems of industrial economics, with a particular focus on the strategic interaction between firms, are the core of the first module of the teaching.The second module aims to provide students with the notions for a thorough analysis of the Italian productive system, taking into consideration issues related to firms’ organization and performance together with a close look at the specific industries’ main competitiveness indicators.
|
6
|
SECS-P/01
|
40
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21210082-2 -
ECONOMIA INDUSTRIALE - CORSO AVANZATO II MODULO
(objectives)
The aim of the course is twofold. The analytical models of the main problems of industrial economics, with a particular focus on the strategic interaction between firms, are the core of the first module of the teaching.The second module aims to provide students with the notions for a thorough analysis of the Italian productive system, taking into consideration issues related to firms’ organization and performance together with a close look at the specific industries’ main competitiveness indicators.
|
3
|
SECS-P/01
|
20
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21210146 -
Advanced Corporate Finance
(objectives)
To complete and deepen/improve the theoretical and practical fundamentals of corporate finance provided in the under-graduate course of Corporate Finance, in order to develop competences and skills for understanding the capital markets functioning, the investment and financing decisions of non-financial firms, their ownership structure and their corporate governance systems. The course includes the following items:
1. the decision theory under uncertainty and the measurement of risk premium
2. financial options: definitions, typologies, fundamentals and pricing
3. contingent claim theory applied to corporate finance:
a. models à la Merton for estimating the credit risk
b. options and agency costs
c. real options for evaluating investments/companies
d. credit derivatives and CDS
4. economics and finance of M&As
5. beyond the Capital Asset Pricing Model: advanced formulations and multifactor models for estimating the cost of capital
6. determinants of capital structure choice: theories and empirical evidence
7. financial structure of the Italian firms, in comparison with European and US companies
8. IPOs and relevant implications
9. systems of corporate governance in Italy, Continental Europe and USA/World: international comparisons
10. finance of small business.
-
Derived from
21210146 Finanza aziendale - corso avanzato in Scienze Economiche LM-56 VENANZI DANIELA
( syllabus)
A) Investment decisions
1. decision theory under uncertainty and risk premium measures
2. financial options: theory, pricing models, risk-return
3. contingency theory analysis applied to corporate finance: a) corporate capital in terms of options, betas and debt agency costs; b) risk-credit models à la Merton; c) credit derivatives and credit default swap (CDS)
4. real options: types (growth, scope-down, downsizing, defer-learn, etc.), valuation techniques and examples in evaluation of investment projects and firms
5. mergers and acquisitions: theory, determinants, international empirical evidence, performance
B) Capital market
1. CAPM in imperfect markets: taxes, transitional costs, not homogeneous expectations
2. how to empirically test CAPM
3. beyond CAPM: multi-factor models (Fama-French approach)
C) Financing decisions
1. key determinants of the capital structure choice
2. international empirical evidence: research strands and main empirical findings
3. international comparisons on real corporate financial structure, worldwide
4. IPOs and main features
5. dividend policy: theories and financing relationships
D) Ownership models and corporate governance
1. types of ownership and CG system
2. cross-country and trend comparative analysis about CG systems in USA, Europe and World and respective empirical evidence
3. the finance of small business.
( reference books)
1. Berk J., De Marzo P., 2017, Finanza aziendale 1, IV Edition, Pearson, ch.17 and §§ 13.1, 13.6, 13.7 (pp.496-497)
2. Berk J., De Marzo P., Morresi O., Venanzi D., 2018, Finanza aziendale 2 –Teoria e pratica della finanza moderna, IV Edition, Pearson, chs. 1-2-3-4-6-7-10-11-13-14 e § 12.8.
In addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.
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9
|
SECS-P/09
|
60
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21201735 -
Insurance and Pensione Funds
(objectives)
The aim of the course is to provide students with the theoretical foundations of calculation in life insurance, with particular reference to premiums, mathematical reserves and the insurance profit, and with the theoretical bases for understanding pension models. Students will also be able to use a spreadsheet (Excel) to solve concrete cases.
-
Derived from
21201735 FINANZA DELL'ASSICURAZIONE E DEI FONDI PENSIONE in Finanza e impresa 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
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9
|
SECS-S/06
|
60
|
-
|
-
|
-
|
Elective 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 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, 10th Edition, Pearson, 2017
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9
|
SECS-S/06
|
60
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21201465 -
APPLIED ECONOMICS LABORATORY
(objectives)
Acquisition of methodological and technical knowledge and development of professional skills in applied economics, through an educational program that alternates lectures, practical classes and thematic seminars with external experts; practical classes introduce to the statistical and information sources for applied economic analysis and train for data elaborations and reporting activities; seminars are addressed, year by year, to relevant topics for the Italian economy and allow to get in touch with applied professional economists working in the private sector and in public institutions; at the end of the training process students are required to draft a research report and to discuss it during the final examination.
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|
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21201465-2 -
LABORATORIO DI ECONOMIA APPLICATA 2
(objectives)
Acquisition of methodological and technical knowledge and development of professional skills in applied economics, through an educational program that alternates lectures, practical classes and thematic seminars with external experts; practical classes introduce to the statistical and information sources for applied economic analysis and train for data elaborations and reporting activities; seminars are addressed, year by year, to relevant topics for the Italian economy and allow to get in touch with applied professional economists working in the private sector and in public institutions; at the end of the training process students are required to draft a research report and to discuss it during the final examination.
|
4,5
|
SECS-P/02
|
30
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21201465-1 -
LABORATORIO DI ECONOMIA APPLICATA 1
(objectives)
Acquisition of methodological and technical knowledge and development of professional skills in applied economics, through an educational program that alternates lectures, practical classes and thematic seminars with external experts; practical classes introduce to the statistical and information sources for applied economic analysis and train for data elaborations and reporting activities; seminars are addressed, year by year, to relevant topics for the Italian economy and allow to get in touch with applied professional economists working in the private sector and in public institutions; at the end of the training process students are required to draft a research report and to discuss it during the final examination.
|
4,5
|
SECS-P/01
|
30
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21210074 -
PLANNING AND CONTROL FOR PUBLIC ADMINISTRATIONS
(objectives)
In line with the educational objectives of the Master’ Degree Course in Business Administration, the course of Planning and Control in the Public Administrations aims to provide students with the knowledge and tools useful to understand the different processes of planning and control of the entities that belong to the public sector. During the course, in fact, the peculiarities of the public administrations are analysed, starting from the history of these entities, as well as decisional theories most used to study these, with the aim to provide to students knowledge and competences about the P&C systems, adopted in Italy and in the rest of the world.
At the end of the course, the student will have:
- Knowledge and familiarity with the characteristics of entities belonging to the public sector;
- acquired theoretical and practical notions to adopt specific management policies;
- developed a complex and articulated method of understanding public dynamics.
-
Derived from
21210074 PROGRAMMAZIONE E CONTROLLO DELLE AMMINISTRAZIONI PUBBLICHE in Economia Aziendale LM-77 GRANDIS FABIO GIULIO, MATTEI GIORGIA
( syllabus)
1- Introduction to the public sector entities
2- Public sector accounting systems and the peculiarities of the public sector
3- Methods, theories and issues in public sector accounting research
4- Public entities organisation and governance
5- Efficiency and effectiveness
6- The reform of public sector management
7- Strategy and performance
8- Strategic outsourcing
9- Public sector auditing
( reference books)
Course books:
Sections: 1, 4, 5 and 9- Paoloni, M., & Grandis F.G. (2007). La dimensione aziendale delle amministrazioni pubbliche. Giappichelli (Chapters: 2, 4, 10, 11)
Sections: 6, 7 e 8 - Cepiku, D. (2018). Strategia e performance nelle amministrazioni pubbliche. Egea (Chapters: 2,4, 6)
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9
|
SECS-P/07
|
60
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21210036 -
CORPORATE ADVISORY AND RESTRUCTURING
(objectives)
The course aims to provide students with the knowledge and useful tools to understand the techniques and tools used in the contexts of restructuring and reorganization of companies.
|
|
|
21210036-1 -
TECNICHE E RISTRUTTURAZIONE D'IMPRESA - I MODULO
(objectives)
The course aims to provide students with the knowledge and useful tools to understand the techniques and tools used in the contexts of restructuring and reorganization of companies.
|
6
|
SECS-P/07
|
40
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21210036-2 -
TECNICHE E RISTRUTTURAZIONE D'IMPRESA - II MODULO
(objectives)
The course aims to provide students with the knowledge and useful tools to understand the techniques and tools used in the contexts of restructuring and reorganization of companies.
|
3
|
SECS-P/07
|
20
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
|
21210081 -
FINAL EXAM
|
9
|
|
-
|
-
|
-
|
-
|
Final examination and foreign language test
|
ITA |
Università Roma Tre