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.

Interest rate risk: repricing gap, duration gap e clumping
Liquidity risk
Market Risk di: Value at Risk (VaR) parametric and simulation and Expected Shortfall
Credit risk: Scoring, Market based models, Portfolio models
Credit risk: Recovery rate, Loss Given Default
Internal rating models
Reputational risk
Operational risk
Cyber Risk
Systemic risk
Banking regulation: Basel I and Basel III

A. Resti e A. Sironi, Risk management and value creation in banks, Milano, EGEA, 2008 (RS)

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 2021-2022
I CHANNEL

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.

Mathematics for economists Carl P. Simon, Lawrence Blume- W.W. Norton and Company, Inc.
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.

I. GENERAL PART - 1. Justice, jurisdiction, trial. - 2. Courts, judges, judicial offices. - 3. The rule of civil procedure. - 4. Judicial protection of rights. -5. The application for judicial protection and the defense in court. - 6. The trial. - 7. The documents of the civil trial. - 8. The nullity of the procedural documents. - 9. The parties. - 10. The number of parties. 11. Amendments concerning the parties. - 12. The public minister. - 13. Abstention, objection and liability of Judges and other judicial bodies. - 14. The limits of the jurisdiction of the ordinary court in civil matters. - 15. The competence of the ordinary courts in civil matters. - 16. The judge and the facts. - 17. The judge, the rules of law and fairness. - 18. The outcome of the trial.

II. CONSENSUAL JUSTICE AND THE PROCESS OF COGNITION - 1. Consensual justice. - 2. Models of the process of cognition. - 3. The ordinary process of cognition. - 4. The simplified process of cognition. 5. The process of labor. - 6. The trial concerning persons, minors and family. 7. Advance and decision-making convictions. - 8. The trial in absentia. 9. Suspension, interruption and termination of proceedings. 10. Correction of measures. 11. Appeals in general. 12. Appeal. 13. Cassation appeal. 14. The revocation. - 15. The rules of jurisdiction. - 16. The revocation. - 17. Third party opposition.

G. RUFFINI (a cura di), Diritto processuale civile, Il Mulino, Bologna 2023-2024, volumi I e II.

The consultation of an updated edition of the code of civil procedure including special legislation is essential.

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)

Descriptive statistics:
variables and their measurement, univariate distributions, describing data with tables and graphs, measures of position, variability.
Bivariate descriptive statistics: independence, association, correlation, probability distributions for discrete and continuous variables, sampling distributions
Inference: estimation, hypothesis test, regression

A. Agresti, B. Finlay. Statistical methods for the social sciences. Pearson International Edition-4th edition (2009)

Descriptive statistics:
variables and their measurement, univariate distributions, describing data with tables and graphs, measures of position, variability, regression.
Bivariate descriptive statistics: independence, association, correlation, probability distributions for discrete and continuous variables, sampling distributions
Inference: estimation, hypothesis test.

A. Agresti, B. Finlay. Statistical methods for the social sciences. Pearson International Edition-4th edition (2009)

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

---

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

G. D'ATTORRE, Manuale di diritto della crisi e dell'insolvenza, ed. II, Giappichelli, Torino, 2022.