During the Academic Year 2019/2020 lessons have been entirely online. The course started on March 16th, during the strict lockdown: we did not have a single live lesson, not even one.
The lessons and class activities were not, however, subject of a deep rethinking, only the SSPLC program had a much smaller operational field (just payment systems).
We verified the raise of cyber attacks, surely related to the COVID-19 pandemic: given the billions of people globally that have been forced to stay at home, many transactions have shifted online. With employees largely working from home, attackers saw multiple areas of vulnerability: telecommunications, e-commerce and financial services industries have been increasingly impacted by COVID-19 online fraud, all have large digital adoption, financial information and payments at the center of their online experience, and fared relatively well compared to other industries during the pandemic.
Our objectives have been to understand deeply the scam mechanisms, collect technical information on how the frauds work. In terms of legal activity, our work was exclusively focused on giving legal advices, given the impossibility of in presential meeting with clients.

Specific aims of the SSPLC is to combine both the clinical approach and the ADR promotion.
In Italy, in fact, we have the Banking and Financial Ombudsman (Arbitro Bancario Finanziario, ABF), an out-of-court settlement scheme for disputes between customers and banks and other financial intermediaries, established in 2009 by the Bank of Italy to introduce an alternative mechanism that is faster and less expensive than civil litigation.

The theorical lessons (especially those at the beginning of the Course) are in fact integrated with the practical point of view, with the copresence in each lesson of the clinic counselor. So students work both under the academic teacher’s supervision, and the lawyer co-supervision.

Cases are assigned to team, variably of three/four students.
At the beginning of the course, individual work is preferred, since the team work requires an extra effort for the student. Accomplish a good team work skills in group assignments is considered one of the goals of the SSPLC.
A) Analysis of the case: especially, comprehension of the facts
First step is to verify that the clinic is competent Ratione materiae (consumer law); the parties involved fall under the definition of “consumer” and “trader”: Art. 2, par. 1, n. 1, Dir. 2011/83: «any natural person who, in contracts covered by this Directive, is acting for purposes which are outside his trade, business, craft or profession» « any natural person or any legal person, irrespective of whether privately or publicly owned, who is acting, including through any other person acting in his name or on his behalf, for purposes relating to his trade, business, craft or profession in relation to contracts covered by this Directive».
Then the second step is to really understand the facts: preparing legal strategies requires having, absorbing and comprehending large amounts of information (this involves ability to listen, ability to ask questions). Facts matter (standard burden of proof applies).

B) Methodology
Cases are analyzed according to a method which is determined by the clinical staff and the lawyer collaborating with the clinic.
Most of the time the first follow-up of the case is a request of advice by a national consumer association. The case is presented to the class by the clinical teacher and the lawyer.
Clinicians have first to check the legal basis. Then they determine whether the case has any merit and, if so, whether there are any viable defenses.
1) IDENTIFY THE PROBLEM (Theory):
A) FACTS:
i. Identify key information (which will set the context for the problem) and unclear terms and concepts (ensure that everyone understands the technical terms used; ensure that everyone has a similar understanding of the situation described in the problem: people have different modes of thinking about facts).
ii. Define the problem: investigate and organize facts.
iii. Analyze the problem (even with a critical point of view): «what really happened?»

B) LEGAL ANALYSIS:
i. Identify and qualify the legal issue: the client provides the clinicians with facts, not a list of legal theories
ii. Identify the applicable norms: the current legal framework in the consumers’ and small savers’ area is fragmented identify rules set by primary and sub-primary source; taking into account also rules other than consumer law (e.g.: banking law, EBA Opinions ecc.)
iii. Share the results with the rest of the clinicians. Cite the resources used. Discuss if there is a case.

2) POSSIBLE SOLUTIONS (Action: if there is a case)
i. Check the available evidence to support the client’s position (standard burden of proof applies).
ii. Try to settle (again: facts matter; better facts make for better settlements)
iii. Draft the claim (in groups): with participatory approaches and ICT-based methodologies
iv. Review of the claim by the lawyer

C) Drafting of the claim
Students will: (i) learn to use legal databases, which they were not previously familiar with (two lessons are entirely dedicated to teach students how to conduct a computer-assisted legal research); (ii) prepare written advice (iii) work in the class only with laptops (theirs or the ones provided by the Faculty), as they will learn to share document in clouds, use just one draft shared by the all class, mark it up and make it circulate by email;
-the entire ABF/ACF procedure is online, so that students will face with online dispute resolution (ODR).

Students will receive the relevant materials during class.

This course aims, first of all, to provide an overview of the role and the main activities carried out by the banks in the investment banking business. The central part of the course is dedicated to an analysis of the technical characteristics and of the economic and management profiles of the corporate finance transactions. Finally, the course presents the objectives as well as the organization and the behavioral models of bank intermediaries active in the market, also considering the role of regulation and supervision.
1. The segmentation of the banking market
2. The business of corporate & investment banking
3. The structured finance operations: the project finance
4. The leveraged buy-out
5. The securitization
6. The equity capital market services
7. The venture capital activity
8. The listing of companies and the role of financial intermediaries
9. The credit operations: from traditional formulas to complex structures
10. The bank-firm relationship

Fleuriet M. (2018), Investment banking explained: An insider’s guide to the industry, second edition, McGraw-Hill Education.

The course illustrates and debates the following main topics:
• Strategic and organizational changes in the Financial Services Industry (FSI)
• Regulation and technology: their impact on competitive strategies
• Theoretical frameworks to analyse strategic and organizational change: from
Industrial Organization to Strategic Management in FSI
• Business strategies in FSI: the basic strategies and their application (cost
leadership, differentiation, segmentation)
• Corporate strategies in FSI: diversification and competencies
• The emerging challenges of Fintech
• Alternative Finance and Crowdfunding
• Evidences from European Banking Industry

For attending students: presentations, cases, articles and papers put on the course web page after or before the
lectures
If you need a reference book about financial services strategies, you can read (it’s not
compulsory): For non attending students the assesment is based on oral test. For this test you must read:
Disruptive Technology in Banking and Finance: An International Perspective on FinTech (Palgrave Studies in Financial Services Technology) 1st ed. 2021 Edition
You can buy ebook here:
https://link.springer.com/book/10.1007/978-3-030-81835-7#about-book-content
About strategy analysis, you can read: R. Grant, Contemporary Strategy
Analysis, Wiley, 2010

For non attending students, it is compulsory this book: For non attending students the assesment is based on oral test. For this test you must read:
Disruptive Technology in Banking and Finance: An International Perspective on FinTech (Palgrave Studies in Financial Services Technology) 1st ed. 2021 Edition
You can buy ebook here:
https://link.springer.com/book/10.1007/978-3-030-81835-7#about-book-content

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

For attending students the texts are:

• D. Previati, Strategie competitive nei Servizi Finanziari, McGraw Hill, 2022
• Articles and other materials put on Moodle

For non attending students the assesment is based on oral test, based on the book D. Previati, Strategie competitive nei Servizi Finanziari, McGraw Hill, 2022
and the following articles (you can find them on Moodle):

• Banca d’Italia, Indagine Fintech nel sistema finanziario italiano, novembre 2021
• Di Antonio M., I processi di valutazione strategica nelle banche, 2022
• Fratini Passi L., Open banking: sfide nel mercato globale e prospettive per l’innovazione finanziaria, 2022
• Lucchini S., Il futuro delle banche, 2022
• Masera R., Nuovi rischi e regolazione delle criptovalute, 2022


• Suggested reading, not compulsory: V. Boscia, C. Schena, V. Stefanelli (a cura di), Digital Banking e Fin Tech, Bancaria Editrice, 2020
https://www.bancariaeditrice.it/digital-banking-e-fintech

GENERAL MATHEMATICS PROGRAM a.a 2024-2025
CHANNELS A-C e D-K

1) Logic, sets and numerical sets
Propositional logic. Propositions. Decidable propositions. Logical operations between propositions. Logical implication. Necessity, sufficiency and necessity and sufficiency. Truth tables. Theorem. Methods for proving a theorem. Sets. Operations between sets. Numerical sets:
natural numbers, relative numbers and rational numbers. Infimum and supremum of a numerical set. Irrationality of square root of 2 (with proof). Dedekind's axiom. The real numbers set. Real numbers and their representation on the straight line. Limited and non-limited sets. Maximum and minimum of a numerical set. Intervals and boundary of a point. Elements of line topology: isolated, boundary, internal and accumulation points. Open sets. Closed sets. A set is closed if and only if it contains all its accumulation points.
2) Sums
Definition of summation. Sum of the first natural n (with proof). Sum of the first n terms of a geometric progression (with proof). Summation properties.
3) Real functions of real variable
Real functions of real variable. The Cartesian plane and the graph of a function. Injective and surjective functions. Invertible functions. Even and odd functions. Increasing and decreasing functions. Link between monotony and injectivity. Inverse function. Inverse function graph. Elementary functions. Transformations of elementary functions. Compound function. Multi-law defined functions. Domain of a function.
4) Sequences and numerical series
Converging, diverging and indeterminate sequences. Limits of sequences. Definition of numerical series. Necessary condition for convergence
of a series (with proof). The character of the geometric series (with proof). Mengoli series and its value (with proof).
5) Limits of real functions of real variable
Definition of limits. Right-hand limit and left-hand limit. Vertical and horizontal asymptote. Oblique asymptote. Theorem on uniqueness of limit. (with proof). Theorems on sign permanence (with proof). Rational operations on limits. Indeterminate forms. Notable limits.
6) Infinites and infinitesimals
Definition of infinitesimal and infinite. Comparison between infinitesimal and infinite. Order of infinitesimal and infinite. Cancellation theorems (with proof). Order propagation.
7) Continuity
Definition of continuity in a point. Continuity in a set. Classification of discontinuity points. Continuity of elementary functions. Continuity
of the compound function. Continuity of functions defined by several laws. Theorem of zeros for continuous functions. Weierstrass's theorem. Darboux's theorem (with proof).
8) Differential calculus
Difference quotient. Derivative of a function in a point and its geometric meaning. Derivability implies continuity (with proof). Points of non-derivability.
Derivative function and derivatives of subsequent order. Derivative of elementary functions. The rules of derivation. Derivative of compound functions. De L’Hopital's theorem and its application to indeterminate forms. Taylor polynomial of order 1 and order 2 (with proof). The factorial of n. Taylor polynomial
of order n. Mc Laurin polynomial. Differential and its geometric meaning. First-order error theorem (with proof). Local maxima and minima. Fermat's theorem (with proof). Rolle's theorem (with proof). Lagrange's theorem (with proof). Corollaries to Lagrange's theorem (with proof). Relationship between the sign of the first derivative and the increasing / decreasing functions in an interval (with proof). Concavity and convexity in a point. Relationship between the sign of the second derivative and the convexity / concavity of a function in an interval (with proof). Flex points. Global concavity and convexity conditions.
9) Integral calculus
Primitive of a function. Indefinite integral. Properties of primitives (with proof). Property of the indefinite integral. Immediate indefinite integrals. Integration by parts (with proof). Area subtended by a curve. Superior and inferior integral sum. Definition of definited Riemann integral. Property
of the definite integral. Integral function. The integral mean value theorem (with proof). Torricelli-Barrow's theorem (with proof). Corollary to Torricelli-Barrow's theorem (with proof).
10) Linear algebra
Vectors and their geometric representation. Product of a vector for a scalar. Vectors addition. The vector space Rn: Linear combination of
vectors. Linearly dependent and independent vectors. Matrices. Matrix addition. Matrix multiplication. Determinant of a matrix. Matrix
inverse. Uniqueness of the inverse matrix (with proof). Necessary condition for the existence of the inverse matrix (with proof). Sufficient condition for the existence of the inverse matrix. Transposed matrix. Rank of a matrix. Linear equation systems. Cramer's theorem. Rouché-Capelli theorem. Homogeneous systems. Parametric systems

Carl P. Simon, Lawrence Blume, Mathematics for economists, W.W. Norton and Company, 2010.
Only: Chapter 2, Chapter 3, Chapter 4, Chapter 5, Chapter 6, Chapter 7, Appendix 4.
http://disa.uniroma3.it/didattica/lauree-triennali/matematica-generale-n-o-ii-canale-d-k/

1) Logic, sets and numerical sets
Propositional logic. Propositions. Decidable propositions. Logical operations between propositions. Logical implication. Necessity, sufficiency and necessity and sufficiency. Truth tables. Theorem. Methods for proving a theorem. Sets. Operations between sets.
Numerical sets: natural numbers, relative numbers and rational numbers. Infimum and supremum of a numerical set. Irrationality of square root of 2 (with proof). Dedekind's axiom. The real numbers set. Real numbers and their representation on the straight line. Limited and non-limited sets. Maximum and minimum of a numerical set. Intervals and boundary of a point. Elements of line topology: isolated, boundary, internal and accumulation points. Open sets. Closed sets. A set is closed if and only if it contains all its accumulation points.

2) Sums
Definition of summation. Sum of the first natural n (with proof). Sum of the first n terms of a geometric progression (with proof). Summation properties.

3) Real functions of real variable
Real functions of real variable. The Cartesian plane and the graph of a function. Injective and surjective functions. Invertible functions. Even and odd functions. Increasing and decreasing functions. Link between monotony and injectivity. Inverse function. Inverse function graph. Elementary functions. Transformations of elementary functions. Compound function. Multi-law defined functions. Domain of a function.

4) Sequences and numerical series
Converging, diverging and indeterminate sequences. Limits of sequences. Definition of numerical series. Necessary condition for convergence of a series (with proof). The character of the geometric series (with proof). Mengoli series and its value (with proof).

5) Limits of real functions of real variable
Definition of limits. Right-hand limit and left-hand limit. Vertical and horizontal asymptote. Oblique asymptote. Theorem on uniqueness of limit. (with proof). Theorems on sign permanence (with proof). Rational operations on limits. Indeterminate forms. Notable limits.

6) Infinites and infinitesimals
Definition of infinitesimal and infinite. Comparison between infinitesimal and infinite. Order of infinitesimal and infinite. Cancellation theorems (with proof). Order propagation.

7) Continuity
Definition of continuity in a point. Continuity in a set. Classification of discontinuity points. Continuity of elementary functions. Continuity of the compound function. Continuity of functions defined by several laws. Theorem of zeros for continuous functions. Weierstrass's theorem. Darboux's theorem (with proof).

8) Differential calculus
Difference quotient. Derivative of a function in a point and its geometric meaning. Derivability implies continuity (with proof). Points of non-derivability. Derivative function and derivatives of subsequent order. Derivative of elementary functions. The rules of derivation. Derivative of compound functions. De L’Hopital's theorem and its application to indeterminate forms. Taylor polynomial of order 1 and order 2 (with proof). The factorial of n. Taylor polynomial of order n. Mc Laurin polynomial. Differential and its geometric meaning. First-order error theorem (with proof). Local maxima and minima. Fermat's theorem (with proof). Rolle's theorem (with proof). Lagrange's theorem (with proof). Corollaries to Lagrange's theorem (with proof). Relationship between the sign of the first derivative and the increasing / decreasing functions in an interval (with proof). Concavity and convexity in a point. Relationship between the sign of the second derivative and the convexity / concavity of a function in an interval (with proof). Flex points. Global concavity and convexity conditions.

9) Integral calculus
Primitive of a function. Indefinite integral. Properties of primitives (with proof). Property of the indefinite integral. Immediate indefinite integrals. Integration by parts (with proof). Area subtended by a curve. Superior and inferior integral sum. Definition of definited Riemann integral. Property of the definite integral. Integral function. The integral mean value theorem (with proof). Torricelli-Barrow's theorem (with proof). Corollary to Torricelli-Barrow's theorem (with proof).

10) Linear algebra
Vectors and their geometric representation. Product of a vector for a scalar. Vectors addition. The vector space Rn: Linear combination of vectors. Linearly dependent and independent vectors. Matrices. Matrix addition. Matrix multiplication. Determinant of a matrix. Matrix inverse. Uniqueness of the inverse matrix (with proof). Necessary condition for the existence of the inverse matrix (with proof). Sufficient condition for the existence of the inverse matrix. Transposed matrix. Rank of a matrix. Linear equation systems. Cramer's theorem. Rouché-Capelli theorem. Homogeneous systems. Parametric systems.

Carl P. Simon, Lawrence Blume, Mathematics for economists, W.W. Norton and Company, 2010.
Only Chapter 2, Chapter 3, Chapter 4, Chapter 5, Chapter 6, Chapter 7, Appendix 4.

1) Logic, sets and numerical sets
Propositional logic. Propositions. Decidable propositions. Logical operations between propositions. Logical implication. Necessity, sufficiency and necessity and sufficiency. Truth tables. Theorem. Methods for proving a theorem. Sets. Operations between sets. Numerical sets:
natural numbers, relative numbers and rational numbers. Infimum and supremum of a numerical set. Irrationality of square root of 2 (with proof). Dedekind's axiom. The real numbers set. Real numbers and their representation on the straight line. Limited and non-limited sets. Maximum and minimum of a numerical set. Intervals and boundary of a point. Elements of line topology: isolated, boundary, internal and accumulation points. Open sets. Closed sets. A set is closed if and only if it contains all its accumulation points.
2) Sums
Definition of summation. Sum of the first natural n (with proof). Sum of the first n terms of a geometric progression (with proof). Summation properties.
3) Real functions of real variable
Real functions of real variable. The Cartesian plane and the graph of a function. Injective and surjective functions. Invertible functions. Even and odd functions. Increasing and decreasing functions. Link between monotony and injectivity. Inverse function. Inverse function graph. Elementary functions. Transformations of elementary functions. Compound function. Multi-law defined functions. Domain of a function.
4) Sequences and numerical series
Converging, diverging and indeterminate sequences. Limits of sequences. Definition of numerical series. Necessary condition for convergence
of a series (with proof). The character of the geometric series (with proof). Mengoli series and its value (with proof).
5) Limits of real functions of real variable
Definition of limits. Right-hand limit and left-hand limit. Vertical and horizontal asymptote. Oblique asymptote. Theorem on uniqueness of limit. (with proof). Theorems on sign permanence (with proof). Rational operations on limits. Indeterminate forms. Notable limits.
6) Infinites and infinitesimals
Definition of infinitesimal and infinite. Comparison between infinitesimal and infinite. Order of infinitesimal and infinite. Cancellation theorems (with proof). Order propagation.
7) Continuity
Definition of continuity in a point. Continuity in a set. Classification of discontinuity points. Continuity of elementary functions. Continuity
of the compound function. Continuity of functions defined by several laws. Theorem of zeros for continuous functions. Weierstrass's theorem. Darboux's theorem (with proof).
8) Differential calculus
Difference quotient. Derivative of a function in a point and its geometric meaning. Derivability implies continuity (with proof). Points of non-derivability.
Derivative function and derivatives of subsequent order. Derivative of elementary functions. The rules of derivation. Derivative of compound functions. De L’Hopital's theorem and its application to indeterminate forms. Taylor polynomial of order 1 and order 2 (with proof). The factorial of n. Taylor polynomial
of order n. Mc Laurin polynomial. Differential and its geometric meaning. First-order error theorem (with proof). Local maxima and minima. Fermat's theorem (with proof). Rolle's theorem (with proof). Lagrange's theorem (with proof). Corollaries to Lagrange's theorem (with proof). Relationship between the sign of the first derivative and the increasing / decreasing functions in an interval (with proof). Concavity and convexity in a point. Relationship between the sign of the second derivative and the convexity / concavity of a function in an interval (with proof). Flex points. Global concavity and convexity conditions.
9) Integral calculus
Primitive of a function. Indefinite integral. Properties of primitives (with proof). Property of the indefinite integral. Immediate indefinite integrals. Integration by parts (with proof). Area subtended by a curve. Superior and inferior integral sum. Definition of definited Riemann integral. Property
of the definite integral. Integral function. The integral mean value theorem (with proof). Torricelli-Barrow's theorem (with proof). Corollary to Torricelli-Barrow's theorem (with proof).
10) Linear algebra
Vectors and their geometric representation. Product of a vector for a scalar. Vectors addition. The vector space Rn: Linear combination of
vectors. Linearly dependent and independent vectors. Matrices. Matrix addition. Matrix multiplication. Determinant of a matrix. Matrix
inverse. Uniqueness of the inverse matrix (with proof). Necessary condition for the existence of the inverse matrix (with proof). Sufficient condition for the existence of the inverse matrix. Transposed matrix. Rank of a matrix. Linear equation systems. Cramer's theorem. Rouché-Capelli theorem. Homogeneous systems. Parametric systems.

Carl P. Simon, Lawrence Blume, Mathematics for economists, W.W. Norton and Company, 2010.
Only: Chapter 2, Chapter 3, Chapter 4, Chapter 5, Chapter 6, Chapter 7, Appendix 4.

Module I - The theory of financial statements

Introduction to the study of financial statements.
The basic functions of financial statements.
The nature of operating income and working capital.
The purposes that can be assigned to financial statements.
Relationship between income, valuation criteria and purposes of financial statements.
The purposes of the financial statements in the business doctrine: the "alpha" and "beta" purposes.

Module II - The Financial Statements in the Civil Code

The documents of the balance sheet - Structure and content (art. 2423-ter - 2425 Civil Code)
The general clause and the principles for drawing up the financial statements (articles 2423 - 2423-bis Civil Code)
Special valuation criteria (art. 2426 Civil Code)
Tangible fixed assets
Intangible fixed assets
Securities and Equity Investments
Receivables
Assets and liabilities in foreign currency
Inventories (Lifo, Fifo, Cmp)
Contract work in progress
The contents of the Explanatory Notes and the Management Report on Operations

Module III - Accounting

Closing entries, general closing and reopening of accounts
Fixed assets - Accounting based on amortization, depreciation, write-downs and reinstatement of value
Equity investments - Accounting with the historical cost method and equity method
Foreign currency transactions - Accounting treatment
Inventories and contract work in progress - Accounting treatment

Module IV - Fundamentals of financial statement analysis

Modules I e II: Tutino M. (2017), Bilancio e nuovi OIC, Cedam
Module III: Paoloni M., Celli M. (2012), Introduzione alla contabilità generale, Cedam.
Module IV: Paolucci G. (2016), Analisi di bilancio, Hoepli.

Teaching materials available to students on the course web pages

Module I - The theory of financial statements

Introduction to the study of financial statements.
The basic functions of financial statements.
The nature of operating income and working capital.
The purposes that can be assigned to financial statements.
Relationship between income, valuation criteria and purposes of financial statements.
The purposes of the financial statements in the business doctrine: the "alpha" and "beta" purposes.

Module II - The Financial Statements in the Civil Code

The documents of the balance sheet - Structure and content (art. 2423-ter - 2425 Civil Code)
The general clause and the principles for drawing up the financial statements (articles 2423 - 2423-bis Civil Code)
Special valuation criteria (art. 2426 Civil Code)
Tangible fixed assets
Intangible fixed assets
Securities and Equity Investments
Receivables
Assets and liabilities in foreign currency
Inventories (Lifo, Fifo, Cmp)
Contract work in progress
The contents of the Explanatory Notes and the Management Report on Operations

Module III - Accounting

Closing entries, general closing and reopening of accounts
Fixed assets - Accounting based on amortization, depreciation, write-downs and reinstatement of value
Equity investments - Accounting with the historical cost method and equity method
Foreign currency transactions - Accounting treatment
Inventories and contract work in progress - Accounting treatment

Module IV - Fundamentals of financial statement analysis

Modules I e II: Tutino M. (2017), Bilancio e nuovi OIC, Cedam
Module III: Paoloni M., Celli M. (2012), Introduzione alla contabilità generale, Cedam.
Module IV: Paolucci G. (2016), Analisi di bilancio, Hoepli.

Teaching materials available to students on the course web pages

First Part
The theory of Financial Reporting
Introduction
The goal of Financial Reporting
Capital and Income
Traditional Italian Theories on Income and Financial Reporting
Second Part
Introduction to Italian Accounting Standards and Laws on Financial Reporting
Balance Sheet, Income Statement, Cash Flows Statements and the Notes
The objective of general purpose financial reporting: the true and fair view
The exceptions to the application of the laws
The qualitative characteristics of useful financial information
The assets and liabilities measurement:
- Plants and equipment;
- The Depreciation process;
- The Impairment process;
- Intangible Assets;
- Goodwill;
- Interests in parent companies;
- Receivables and payables (expressed in Euro and in foreign currencies);
- Stocks;
- Financial Activities and Financial Derivatives.
Third Part
Financial Reporting for listed public companies.
The International Harmonisation of Accounting Standards
The Conceptual Framework for Financial Reporting
The Sustainability Reporting

T.R. Ittelson, Financial Statements, Careers Pr. Inc, 2022.

The course aims, first of all, to provide an overview of the role and the main functions of the financial system. The central part of the course is dedicated to an analysis of the technical characteristics and of the economic and management profiles of financial instruments and markets. Finally, the course presents the objectives as well as the organization and the behavioral models of financial intermediaries, also considering the role of regulation and supervision.
1. Real economy, financial system and financial intermediation
2. Theory of financial intermediation
3. Financial instruments
4. Financial markets
5. Banking
6. Investment services and asset management
7. Insurance
8. Payment systems
9. Risks in financial intermediation
10. Regulation and supervision
11. Monetary policy

Mishkin F.S., Eakins S.G. (2023), Financial Markets and Institutions, tenth edition, Pearson.

The main contents of the course are:

1. The financial system, the real system and intermediation
2. Theories of financial intermediation
3. The typical risks of financial intermediation
4. Financial instruments
5. Financial markets
6. Credit intermediation
7. Securities brokerage
8. Insurance intermediation
9. Strategy and organization of financial intermediation activities
10. Regulation in the financial system
11. Protection of consumers of financial services
12. Monetary policy and credit control
13. Payment systems
14. Fintech

Nadotti L., Porzio C., Previati D. (2022), Economia degli Intermediari Finanziari, quarta edizione, McGraw-Hill Education.

The course aims, first of all, to provide an overview of the role and the main functions of the financial system. The central part of the course is dedicated to an analysis of the technical characteristics and of the economic and management profiles of financial instruments and markets. Finally, the course presents the objectives as well as the organization and the behavioral models of financial intermediaries, also considering the role of regulation and supervision.
1. Real economy, financial system and financial intermediation
2. Theory of financial intermediation
3. Financial instruments
4. Financial markets
5. Banking
6. Investment services and asset management
7. Insurance
8. Payment systems
9. Risks in financial intermediation
10. Regulation and supervision
11. Monetary policy

Mishkin F.S., Eakins S.G. (2023), Financial Markets and Institutions, tenth edition, Pearson.

LAW AND HUMANITIES 2023/’24



COURSE DESCRIPTION:
The course will first provide an introduction to the law and the humanities movement in general and then focus on several different, even if strictly connected, fields of study: e.g. law and literature, law and music, law and fiction, law and history, law and religion, law and truth, law and society. The course will question the traditional isolation of legal studies in analyzing law with reference to the other social sciences and, more generally, to a larger cultural context. Texts, symbols and representations, which have greatly influenced popular understanding of law, will be discussed in thematic weeks by professors coming from different parts of Italy and of the world.

COURSE LEARNING OBJECTIVES:
- to introduce students to the law and the humanities movement.
- to investigate the benefits of interdisciplinary studies.
- to develop a critical approach to legal texts.
- to understand law in the wider context of social sciences
- to stress the importance of the cultural context for a better understanding of law in the past as well as the present

ASSESSMENT TOOLS:
Final grades will be based on:
• Participation in class
• Midterm written work
• Final, oral exam

ATTENDANCE POLICY:
Attendance in class is compulsory to be admitted to the final examination, which will cover all the topics discussed during the course.

READING MATERIAL:
Every thematic week will be associated to introductory papers which will be progressively uploaded on the ‘Roma Tre’ e-learning platform.

Lessons will start on Tuesday 3 October 2023 at 2.15 p.m. From the following week, the course will be held every Monday, Tuesday and Wednesday from 2.15 to 4 p.m. and will end on Wednesday 6/12/2023.

HOW TO ENROL:
To enrol in the course, please send an e-mail to the teacher at the following address: sara.menzinger@uniroma3.it

SCHEDULE OF LESSONS:

7-9 October 2024: course presentation and first thematic week on “Law and Fiction” (prof. Sara Menzinger)

14-16 October 2024: “Law and Italian Literature” (prof. Sara Menzinger, prof. Justin Steinberg, University of Chicago)

21-23 October 2024: “Law and Medieval English Literature” (prof. Sara Menzinger, Dr. Chen Cui, University of Padua)

29-30 October 2024, h. 12.00-13.30 p.m.: Midterm Exam (written test): students will have to answer three/four open-ended questions on the previous 3 weeks topics

4-6 November 2024: "Law and Theology" (prof. Sara Menzinger, prof. Raphaël Eckert, Université de Strasbourg)

11-13 November 2024: “Law and Truth” (prof. Sara Menzinger, Dr. Andrew Cecchinato, University of Nottingham)

18-20 November 2024: “Law and Slavery” (prof. Sara Menzinger, Dr. Marjorie Carvalho de Souza, University of Salento )

25-27 November 2024: "Law and Music" (prof. Sara Menzinger, prof. Giorgio Resta and prof. Emanuele Conte, University of 'Roma Tre')

2-4 December 2024: final interviews for the Law and Humanities course

Every thematic week will be associated to introductory papers which will be progressively uploaded on the ‘Roma Tre’ Moodle platform.

Basic concepts in risk management and insurance
Insurance regulation
Insurance Company Operations
Life Insurance
Property and casualty insurance

George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)

1. PRELIMINARY CONCEPTS Money, time and risks. Present and future value, principal and interest. Contracts, exchange, prices. The risks.

2. FOUNDATIONS OF FINANCIAL CONTRACTS EVALUATION
2.1 EVALUATION IN CERTAINTY CONDITIONS Financial laws in certainty conditions. The exponential law. Annuities and mortgages. Internal rate of return on a financial transaction. Theory of financial equivalence laws.
2.2 FINANCIAL OPERATIONS IN THE MARKET. Value function and market price. The term structure. Duration indices and variability indices. Arbitrage valuations of floating rate notes. Interest Rate Swap. Term structure measurement. Term structure evolution. Introduction to financial options. Basic elements on equity options. Basic elements on traditional life insurance contracts.

David G. Luenberger
Investment Science
Oxford University Press (any edition)

Annamaria Olivieri, Ermanno Pitacco
Introduction to Insurance Mathematics
Springer, 2011

1. PRELIMINARY CONCEPTS Money, time and risks. Present and future value, principal and interest. Contracts, exchange, prices. The risks.

2. FOUNDATIONS OF FINANCIAL CONTRACTS VALUATION
2.1 VALUATION IN CERTAINTY CONDITIONS Financial laws under certainty conditions. The exponential law. Annuities and mortgages. Internal rate of return of a financial transaction. Theory of financial laws.
2.2 FINANCIAL OPERATIONS IN THE MARKET. Value function and market price. The term structure. Duration indices and variability indices. Arbitrage valuation of floating rate notes. Interest Rate Swap. Term structure measurement. Term structure evolution. Introduction to financial options. Basic elements on equity options. Basic elements on traditional life insurance contracts.

David G. Luenberger
Investment Science
Oxford University Press (any edition)

Annamaria Olivieri, Ermanno Pitacco
Introduction to Insurance Mathematics
Springer, 2011

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

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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.)

Annamaria Olivieri, Ermanno Pitacco
Introduction to Insurance Mathematics
Springer, 2011

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.

Hull, J., Options, Futures, and Other Derivatives, 10th Edition, Pearson, 2021

Course description:
The “International Humanitarian Law Legal Clinic” (IHL Legal Clinic) has been established in 2016 to permit students to acquire a sound knowledge on international humanitarian law, cooperate on a pro bono basis on projects with leading international and national institutions operating in this area and develop significant skills and a humanitarian-oriented approach beneficial for their competences, future professional activities and civil awareness. The IHL Legal Clinic is an optional course (7 CFU) opens to students from Roma Tre and those involved in exchange programmes (eg. Erasmus) qualifying for a final mark. The working language is English (students can also qualify for ‘Lingua giuridica’).

So far students involved in the Roma Tre IHL Legal Clinic have provided support to some of the most relevant international and domestic stakeholders as: The International Committee of the Red Cross (ICRC); Amnesty International; NATO (Allied Command Operations Legal Office at SHAPE); Geneva Call; the Italian Red Cross, IHL Commission; the International Federation of Red Cross and Red Crescent Societies (see below ‘Past Projects’).

In 2024/2025 students of the IHL Legal Clinic will:
A) Acquire a sound knowledge of international humanitarian law through introductory lectures.
B) Be involved in research and practice-oriented projects commissioned by relevant stakeholders as International Committee of the Red Cross (ICRC) and Geneva Call (TBC). See below for further details: ‘2024-2025 Projects’;
C) Be involved in dissemination activities after the completion of the clinical project with relevant stakeholders and partner institutions.

A selection process will permit to identify interested students due to some limits related to the management of the IHL Legal Clinic – eg. max. around 10/12 students (see below ‘relevant dates and application process’). Any student enrolled at the Department of Law (including Erasmus students or other foreign students involved in exchange projects) are invited to join the selection process.

Course Learning Objectives
• To provide students with a proper understanding of international humanitarian law and its relevance in the regulation of armed conflicts. A preliminary set of lectures managed by Prof. Bartolini will permit students to get familiar with international humanitarian law and issues of public international law relevant for this course. It is not required for students to have previously attended courses on public international law or international humanitarian law.
• To permit students to professionally interact with international institutions acting in the area of international humanitarian law through the participation in research projects and clinical activities commissioned by organizations partners to the Roma Tre IHL Legal Clinic
• The IHL Legal Clinic is inspired by a ‘learning by doing’ approach permitting students to develop their competences in legal research, drafting, writing and organization of activities, to facilitate the transfer of theoretical analysis into a practical and humanitarian-oriented perspective.

Course Learning Activities:
To achieve the above objectives, students will have to:
• Actively participate in the projects of the IHL Legal Clinic;
• Acquire a sound knowledge of international humanitarian law also through the textbook.
• Engage in class discussions/debates.

Assessment tools and attendance policy:
Students will be assessed on the basis of their contribution to the projects carried out the IHL Legal Clinic. Projects developed by the IHL Legal Clinic also require students to prepare draft reports and other preliminary material to be presented in class. Students are expected to participate in all classes as attendance is mandatory.

2024/2025 Projects and activities of the IHL Legal Clinic:
The IHL Legal Clinic will be managed in two phases:
A) Students will get familiar with international humanitarian law: Prof. Bartolini will manage
a series of lectures aimed to make students familiar with international humanitarian law (October-mid November 2024 see calendar below). Presentations by external speakers as officers of the Armed Forces will also be arranged. Students will be required to get familiar with the textbook: Nils Melzer, International Humanitarian Law. A Comprehensive Introduction (downloadable for free here). Relevant sections of the textbook will be discussed in class.

B) Clinical activities: From mid-November onwards, students will start to manage research projects involving relevant stakeholders.
In particular students will work on:
- Partnership with the International Committee of the Red Cross: “International Humanitarian Law in Action” database (https://ihl-in-action.icrc.org/). Students elaborate reports aimed at identifying real case-studies on compliance with international by States and organized armed groups based on open-access information. The ICRC has received positive feed-backs on this new instrument, to be used in training and dissemination activities for armed forces/organized armed groups, students and civil society, and has made reference to it in the 2018 statement to the UN Security Council open debate on protection of civilians in armed conflict.

- Cooperation with the International Committee of the Red Cross on ‘Test and train a large-language model on international humanitarian law’. Artificial intelligence (AI) holds the potential to assist ICRC legal advisers in finding relevant information and providing summaries and initial analysis based on pre-defined sources (‘datasets’). Thus, the ICRC has started collaborating with the Ecole Polytechnique Fédérale de Lausanne (EPFL) Essential Tech Centre to explore the development and assess the performance of an ICRC internal, non-public IHL-trained large-language model (LLM). As part of this process, the ICRC is seeking support from IHL students to test, evaluate, and train the LLM.

Relevant Dates and Application Process:
Students are invited to apply for the IHL Legal Clinic according to information provided below.
- A preliminary informal meeting to present the activities of the IHL Legal Clinic and provide relevant information will take place on Monday 23rd September 2024 at 12:00. The meeting will be held on-line through Teams. Please use this link to connect through Teams

- Students interested to take part in the IHL Legal Clinic are required to send an email to giulio.bartolini@uniroma3.it by Wednesday 25th September 2024 at 15:00 (earlier submissions are kindly encouraged). In this email students are kindly invited to provide: a) a letter of motivation for their interest to take part in the IHL legal clinic; b) as well as relevant information (e.g. through a CV) on: Their academic career (year of study, number of passed exams, average grade); Previous exams related to international law issues or legal clinics; Languages known.
- The selection process will imply an interview to be carried out in-presence (Room 1, Via Ostiense 161) or on-line on Thursday 26th September at 14.30. The interview will permit to assess the interest and capacity of candidates to take part in this innovative project also based on information provided above.
The selection will be held in-presence or on-line through Teams. Please use this LINK to connect through Teams.

Nils Melzer, International Humanitarian Law. A Comprehensive Introduction (free download)