The Course aims to provide an overview of the role and the main activities carried out by the banks in the investment banking business; the influence of the regulation; the organizational and management aspects; the technical characteristics and economic profiles of the corporate finance transactions; the definition, measurement and management of the typical risks.

Forestieri G. (2015), Corporate and Investment Banking, third edition, Egea, Milan.

THE MULTIPLE LINEAR REGRESSION MODEL. INTERPRETATION AND COMPARISON OF REGRESSION MODELS. HETEROSCHEDASTICITY AND AUTOCORRELATION. ENDOGENITY AND INSTRUMENTAL VARIABLES.

MODELS WITH LIMITED DEPENDENT VARIABLES. BINARY CHOICE MODELS: PROBIT AND LOGIT MODELS. MULTIPLE-CHOICE MODELS: PROBIT AND LOGIT MODELS ORDERED, LOGIT MODEL MULTINOMIAL. MODELS FOR COUNTING DATA. TOBIT MODELS.
Seemingly Unrelated Regression (SUR): ESTIMATION AND TESTING METHODS.
SIMULTANEOUS EQUATIONS Model (SEM).
MODELS FOR PANEL DATA. THE STATIC LINEAR MODEL: FIXED EFFECT MODELS; RANDOM EFFECT MODELS. ESTIMATORS WITHIN AND BETWEEN. HETEROSCHEDASTICITY AND AUTOCORRELATION TESTS. DYNAMIC MODELS FOR PANEL DATA: THE ARELLANO-BOND ESTIMATOR.
MODELS WITH LAGGED VARIABLES: DYNAMIC REGRESSION MODELS, MODELS WITH DISTRIBUTED LAGS (DL, ARDL).

For the course program students can consult the following texts (the first three can be considered alternative among them)
1) Introduzione all'Econometria, J. H. Stock, M. W. Watson, Ed. Pearson
2) Econometrica, J. Johnston, Ed. Franco Angeli
3) Econometria, M. Verbeek, Ed. Zanichelli
4) Lectures on advanced econometrics, L. Pieraccini, Ed. Aracne
5) Introduction to Time Series Analysis and Forecasting, D. C. Montgomery, C. L. Jennings, M. Kulahci, Ed. Wiley

Some of the topics in the course can also be found in
Introductory Econometrics for Finance, C. Brooks, Cambridge University Press

For introductory references of statistical inference and algebra of matrices students can consult:
Fondamenti di Inferenza Statistica, L. Pieraccini, Ed. Giappichelli
Matrix Differential Calculus in Statistics and Econometrics, J. R. Magnus, H. Neudecker, Ed. Wiley Series in Probability and Statistics

For the laboratory course with R, students can consult one of the following texts:
Introductory Statistics with R, P. Dalgaard, Ed. Springer
An Introduction to Applied Multivariate Analysis with R, B. Everitt, T. Hothorn, Ed. Springer

The first part of the course is intended to illustrate the general system of bankruptcy proceedings in the Italian law.
The second part of the course is dedicated to procedures other than bankruptcy, such as arrangement with creditors, debt restructuring agreements, compulsory administrative liquidation, extraordinary administration of large firms in state of insolvency.

M. Sandulli, La crisi d’impresa, Giappichelli, Torino, 2009

ed inoltre
AA.VV., Il concordato preventivo e gli accordi di ristrutturazione dei debiti, Giappichelli, 2014 limitatamente ai commenti dei seguenti articoli della legge fallimentare:
Commento all'art. 160 (pagg. 1 – 37)
Commento all'art. 161 (pagg. 41 – 75)
Commento all'art. 162 (pagg. 76 – 87)
Commento all'art. 165 (pagg. 131 – 153)
Commento all'art. 167 (pagg. 159 – 174)
Commento all'art. 169 (pagg. 188 – 200)
Commento all'art. 169bis (pagg. 202 – 230)
Commento all'art. 173 (pagg. 252 – 266)
Commento all'art. 180 (pagg. 336 – 355)
Commento all'art. 182 (pagg. 366 – 390)
Commento all'art. 182bis (pagg. 395 – 429)
Commento all'art. 186 (pagg. 546 – 557)
Commento all'art. 186bis (pagg. 559 – 573)

Introduction to Linear Programming
Solving Linear Programming Problems: The Simplex Method
Duality Theory and Sensitivity Analysis
Other Algorithms for Linear Programming
The Transportation and Assignment Problems
Network Optimization Models
Project Management with PERT/CPM
Integer Programming
Nonlinear Programming
Inventory Theory

Hillier F.S., Lieberman G.j., “Introduction to operations research” 8th edition MC graw hill 2004. CHAPTER 1, CHAPTER 3, CHAPTER 4, CHAPTER 6, CHAPTER 7, CHAPTER 8, CHAPTER 9, CHAPTER 10, CHAPTER 12,CHAPTER 13,CHAPTER 19 (Only :19.1, 19.2, 19.3, 19.4)

THE PASSIVE SUBJECTS
ADMINISTRATIVE ACTION
THE STATEMENT
The INVESTIGATION
ASSESSMENT NOTICE
The aVOIDANCE
COLLECTION
REFUNDS
TAX CREDITS
SANCTIONS
THE TAX PROCESS
PRINCIPLES AND RULES OF INTERNATIONAL TAX LAW
THE TAXATION OF EXTRAORDINARY TRANSACTIONS (THE FISCALITY OF THE MERGER, THE DIVISION, THE ASSIGNMENT OF THE COMPANY AND THE PROVISION OF THE COMPANY)

F. TESAURO, ISTITUZIONI DI DIRITTO TRIBUTARIO, VOL. 1 PARTE GENERALE, UTET, NONA EDIZIONE, 2009 (DAL SETTIMO AL DICIASSETTESIMO CAPITOLO)
L.TOSI- R. BAGGIO, LINEAMENTI DI DIRITTO TRIBUTARIO INTERNAZIONALE, CEDAM, 2008
E. DELLA VALLE- V. FICARI- G. MARINI, LA FISCALITÀ DELLE OPERAZIONI STRAORDINARIE, GIAPPICHELLI, 2009

Risk and Control
Corporate Governance
Enterprise Risk Management (ERM) and Internal Control System (ICS): an introduction
Risk Assessment
ICS: the CoSO Report 1992-2013
The Internal Auditing (IA)
IA in Corporate Governance
The international professional practice standards
The legislative decree 231/2001
IA and Corporate Groups
ERM e Audit Plan
Business Processes and examples of ICS and IA
IT Audit
Fraud Audit
The ICS from the CEO standpoint
SCI e RI in cooperative entities
Business Experience

C.A. Dittmeier, Internal Auditing. Chiave per la corporate governance, EGEA, 2011
G. Troina, Le revisioni aziendali, Franco Angeli, ult. edizione

GLI ARGOMENTI DEL CORSO SONO:
1. OBIETTIVI, CONTENUTI, UTILIZZI E UTILIZZATORI DELL’ANALISI FINANZIARIA
2. PRINCIPALI BASI-DATI ECONOMICO-FINANZIARIE (NAZIONALI E INTERNAZIONALI): OBIETTIVI, STRUTTURA, MODELLI LOGICI, TECNICHE DI ELABORAZIONE.
3. PERFORMANCE E RISCHIO DELL’IMPRESA:
A) METRICHE:
 CONTABILI (INDICI DI BILANCIO)
 VALUE-BASED (EVA, CFROI, SVA, EM, CVA)
B) DELLE METRICHE SARANNO ANALIZZATI:
 CRITERI DI MISURAZIONE
 CONTENUTI INFORMATIVI E DIAGNOSTICI
 MODELLI LOGICI/ANALITICI DI COLLEGAMENTO E SCOMPOSIZIONE
 TERMINI DI CONFRONTO PER ANALISI CROSS-SECTIONAL
 COERENZA CON VALUE CREATION E CON MISURE DI MERCATO
 DISTORSIONI NEI SISTEMI PREMIANTI E DI INCENTIVO MANAGERIALI
 PROBLEMATICHE APPLICATIVE E ESEMPI DI BIAS/MORAL HAZARD (CASO PARMALAT)
C) ANALISI/COMPARAZIONE DI SETTORI/IMPRESE SU DATI REALI (DA BASI DATI DISPONIBILI)
4. FABBISOGNO FINANZIARIO E SUE DETERMINANTI. ANALISI DELLA DINAMICA FINANZIARIA E RENDICONTI FINANZIARI: FLUSSI DI CAPITALE CIRCOLANTE NETTO (VARIE CONFIGURAZIONI) E DI CASSA
5. SOLVIBILITÀ FINANZIARIA, RISCHIO DI CREDITO E MODELLI DI RATING/SCORING
6. FATTIBILITÀ FINANZIARIA DELLE STRATEGIE
7. GESTIONE DEL CAPITALE CIRCOLANTE: A) GESTIONE DEL CREDITO/DEBITO DI FORNITURA; B) MODELLI DI GESTIONE DELLE SCORTE; C) MODELLI DI GESTIONE DELLA LIQUIDITÀ.

A) LIBRI
1. BERK J. – DE MARZO P., FINANZA AZIENDALE 2, PEARSON-ADDISON WESLEY, 2008, CAPITOLO 7
2. BRUNETTI G., CODA V., FAVOTTO F., ANALISI, PREVISIONI, SIMULAZIONI ECONOMICO-FINANZIARIE D’IMPRESA, ETAS LIBRI 1990, CAPP. 4-6-7-8
3. HORNGREN C.., FOSTER G., DATAR S.M., CONTABILITÀ PER LA DIREZIONE, ISEDI 1998, CAPITOLO 21
4. PAVARANI E., L’EQUILIBRIO FINANZIARIO, MCGRAW-HILL 2006, CAPITOLI 3 E 5
5. PAVARANI E., TAGLIAVINI G., PIANIFICAZIONE FINANZIARIA, MCGRAW-HILL 2006, CAPITOLI 5 E 11
6. VENANZI D., FINANCIAL PERFORMANCE MEASURES AND VALUE CREATION: THE STATE OF THE ART, SPRINGER 2012 (HTTP://WWW.SPRINGER.COM/BUSINESS+%26+MANAGEMENT/FINANCE/BOOK/978-88-470-2450-2)

B) ARTICOLI/DISPENSE
7. CLINTON B.D., CHEN S., “DO NEW PERFORMANCE MEASURES MEASURE UP?”, MANAGEMENT ACCOUNTING, OCTOBER 1998 (COPIA CARTACEA DISPONIBILE IN BIBLIOTECA)
8. MORRESI O., I MODELLI DI GESTIONE DELLA LIQUIDITÀ AZIENDALE – DISPENSA, 2010 (DOWNLOAD DAL SITO WEB DEL CORSO)
9. SIRONI A., “I RATING INTERNI E I MODELLI PER LA GESTIONE DEL RISCHIO DI CREDITO”, IN BANCA D’ITALIA, MODELLI PER LA GESTIONE DEL RISCHIO DI CREDITO – I RATINGS INTERNI, TEMATICHE ISTITUZIONALI, BANCA D’ITALIA, 2000 (DOWNLOAD DAL SITO WEB HTTP://WWW.BANCADITALIA.IT/PUBBLICAZIONI/TEMIST/MODELLI)

C) MATERIALI APPLICATIVI E DI COMPLETAMENTO
DATI, CASI, SLIDES, MATERIALI DEI SEMINARI, ECC., RESI DISPONIBILI DAL DOCENTE SUL SITO WEB DEL CORSO (ACCESSIBILI PER GLI STUDENTI DEL CORSO – FREQUENTANTI E NO – TRAMITE PASSWORD; LE PASSWORD DI ACCESSO SARANNO COMUNICATE DURANTE LE LEZIONI. GLI STUDENTI NON FREQUENTANTI POSSONO RICHIEDERLE AL DOCENTE VIA EMAIL).

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 non attending students the assesment is based on oral test, based on the book Paolo Mottura, Banche, Egea, 2011, one compulsory reading (Strategia e organizzazione, file at disposal on the website of the course)and one reading in English (Haldane, 2016, file at disposal on the website of the course)
For attending students assessment is based on some chapters of the book Paolo Mottura, Banche, Egea, 2011, and other materials at disposal on the website of the course (slides, readings) at http://disa.uniroma3.it/

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

Introduction to Linear Programming
Solving Linear Programming Problems: The Simplex Method
Duality Theory and Sensitivity Analysis
Other Algorithms for Linear Programming
The Transportation and Assignment Problems
Network Optimization Models
Project Management with PERT/CPM
Integer Programming
Nonlinear Programming
Inventory Theory

Hillier F.S., Lieberman G.j., “Introduction to operations research” 8th edition MC graw hill 2004. CHAPTER 1, CHAPTER 3, CHAPTER 4, CHAPTER 6, CHAPTER 7, CHAPTER 8, CHAPTER 9, CHAPTER 10, CHAPTER 12,CHAPTER 13,CHAPTER 19 (Only :19.1, 19.2, 19.3, 19.4)

THE PASSIVE SUBJECTS
ADMINISTRATIVE ACTION
THE STATEMENT
The INVESTIGATION
ASSESSMENT NOTICE
The aVOIDANCE
COLLECTION
REFUNDS
TAX CREDITS
SANCTIONS
THE TAX PROCESS
PRINCIPLES AND RULES OF INTERNATIONAL TAX LAW
THE TAXATION OF EXTRAORDINARY TRANSACTIONS (THE FISCALITY OF THE MERGER, THE DIVISION, THE ASSIGNMENT OF THE COMPANY AND THE PROVISION OF THE COMPANY)

F. TESAURO, ISTITUZIONI DI DIRITTO TRIBUTARIO, VOL. 1 PARTE GENERALE, UTET, NONA EDIZIONE, 2009 (DAL SETTIMO AL DICIASSETTESIMO CAPITOLO)
L.TOSI- R. BAGGIO, LINEAMENTI DI DIRITTO TRIBUTARIO INTERNAZIONALE, CEDAM, 2008
E. DELLA VALLE- V. FICARI- G. MARINI, LA FISCALITÀ DELLE OPERAZIONI STRAORDINARIE, GIAPPICHELLI, 2009