Syllabus - Università Roma Tre

First semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21201492 - PUBLIC ECONOMICS (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools.
21201492-1 - ECONOMIA PUBBLICA 1 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	6	SECS-P/03	40	-	-	-	Related or supplementary learning activities	ITA
21201492-2 - ECONOMIA PUBBLICA 2 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	3	SECS-P/03	20	-	-	-	Core compulsory activities	ITA
21210248 - Politica monetaria e mercati finanziari (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - Derived from 21210248 Politica monetaria e mercati finanziari in Scienze Economiche LM-56 SCARANO GIOVANNI (syllabus) Monetary theory Functions and forms of money. Value of money, monetary stability and inflation. Money and credit. Interest rate and rate of return on assets. The structure of interest rates. Interest rates, asset pricing and financial markets. Interest rates, exchange rates and movements of capital. Banks and money supply. Money demand and quantitative theory of money. Theories of endogenous money. Monetary policy and transmission mechanisms Effectiveness of monetary policy. Neutrality of money and dichotomy in the classical model. Monetary economy. Keynesian models. Monetarist models. The New Consensus in Macroeconomics and the IS-PC-MR model. The objectives of monetary policy. The instruments of monetary policy: mandatory reserves, interest rates, money supply and capital requirements of banks. The mechanisms and channels of transmission of monetary policy. European monetary policy The Maastricht Treaty. Independence and governance of the ECB. The ECB's strategy. The intervention instruments of the ECB. Credit risk regulation: from the Basel agreements to the European banking union. Regulation of financial markets and financial crises Stability and volatility of the financial markets. Currency crisis and financial crisis. Money and effective demand. Credit cycle and financial crises. The financial crisis of 2007 - 2009. Bank rescue and sovereign debt crisis. Risks of national default and euro crisis. Secular Stagnation and sterilization of monetary policies. Corporate Saving Glut. The excesses of liquidity and the instability of the financial markets. (reference books) Bain K., Howells P., Monetary Economics. Policy and its Theoretical Basis, Palgrave Macmillan, 2009. Bain K., Howells P., The Economics of Money, Banking and Finance. A European Text, Pearson Education, 2008. Mishkin F.S., The Economics of Money, Banking and Financial Markets, Pearson- Addison Wesley, 2004.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201731 - Banking and Insurance Law (objectives)

- RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

21201730 - Computational Finance (objectives)

- CESARONE FRANCESCO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

21201732 - Statistics for finance (objectives)

- Derived from 21210457 Metodi statistici per l'econometria e la finanza in Scienze Economiche LM-56 NACCARATO ALESSIA

9

SECS-S/01

60

-

Core compulsory activities

ITA

21210155 - IFRS AND FINANCIAL INFORMATION (objectives)

- Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA

9

SECS-P/07

60

-

Core compulsory activities

ITA

Optional group: Business English (idoneità) / Idoneità inglese- LM-16 - (show)

6

21201444 - BUSINESS ENGLISH (objectives) To acquire sufficient knowledge of the English language to allow to read, translate and understand Business English texts. The course allows the student to acquire the B2 level language skills of the CEFR (Common European Framework of Reference for the knowledge of languages) focused on Business English topics. Some of the goals include: • Writing e-mails and formal letters; • Mastering the vocabulary, expressions and grammar related to the field of work • Obtaining a degree of fluency in targeted conversations avoiding possible misunderstandings due to different cultural backgrounds. - Derived from 21201444 BUSINESS ENGLISH in Economia e Management LM-77 N0 Chiarella Morgan	6		80	-	-	-	Other activities	ENG
20202021 - ENGLISH LANGUAGE - PASS/FAIL CERTIFICATE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ITA

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives)

- STENTELLA LOPES FRANCESCO SAVERIO

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: FINANZA 2°ANNO LM-16 - ATTIVITÀ AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21201721 - Competitive Strategies in Financial Services (objectives)

- PREVIATI DANIELE ANGELO (syllabus) (reference books)

9

SECS-P/11

60

-

Related or supplementary learning activities

ITA

Optional group: SCELTA LIBERA LM-16 - UN ESAME A SCELTA TRA - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21210130 - Monetary theory, institutions and policy (objectives) The first module (30 hours) of the course aims to provide students with the tools needed to understand the functioning of monetary economy and the operative aspects of Central Bank monetary policies. It explains what money is, the debate on its origins, the different approaches to the determinants of the demand for money and its supply, monetary policy instruments and equilibrium in the assets markets. The lectures of this first module will be held in Italian. The second module (30 hours) concentrates on the relations between money, prices and outputs in the long and short run. It also analyses the debate on rules and discretion in monetary policies, the Taylor rule and the sustainability of public debt. These themes are developed according to both a traditional and heterodox approach. A knowledge of basic microeconomic and macroeconomic notions is a prerequisite for this second module. - Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) First Module 1. The debate on the origin of money 2. The supply of money and its endogeneity 3. The equilibrium of the financial sector 4. Conventional and unconventional monetary policies 5. The structure of the interest rates Second Module 6. Money, prices, and output in the traditional and post-Keynesian models 7. The transmission channels of the monetary policies 8. Monetary policy, capital movements, and the exchange rate 9. The price puzzle and the cost channel of monetary policy 10. Rules and discretion 11. Money and public finance (reference books) Bank of England, Quarterly Bulletin, Q1, 54, 1, 2014, pp. 4-28 (Module 1) N.S. Balke and K.M. Emery, “Understanding the price puzzle”, Economic Review— Fourth Quarter 1994, Federal Reserve Bank of Dallas, pp. 15-26 (Module 2) R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) B. Friedman, “Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits”, Brookings Papers on Economic Activity, 3:1978, pp. 599-603 and 609-620 (Module 2) C.A.E Goodhart, Money, information and uncertainty, Second edition, Macmillan, 1989, pp. 24-50, 51-57, 129-137 (Module 1) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) W. Poole, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model”, The Quarterly Journal of Economics, 84, 2, 1970), pp. 197-203 (Module 2) J. Smithin, The theory of interest rates, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 273-290 (Module 2) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C.E. Walsh, Monetary Theory and Policy, third edition, The Mit Press, 2010, pp. 21-24, 33-71, 134-162, 195-209, 465-475 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21201721 - Competitive Strategies in Financial Services (objectives) The course aims at illustrating the strategic and organizational choices of suppliers of financial services, with special regard to banking groups operating in different business lines. These choices are analyzed in the light of business strategy and banking academic literature. The suppliers of financial services are influenced by regulatory and technological changes, in a market that is more and more international. During the course different business lines are observed (retail banking, private and corporate banking, payment services), taking care of the bundling and unbundling of different kinds of intermediation activities. Besides supply, also demand of financial services is analyzed; a large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. - Derived from 21201721 STRATEGIE COMPETITIVE NEI SERVIZI FINANZIARI in Finanza e impresa LM-16 N0 PREVIATI DANIELE ANGELO (syllabus) The essential topics are: - Change and environment-strategy-structure relationship in the financial services industry - Competitive scenario: the relevance of regulation and ICT - Porter model applied to the financial services industry - The business strategies of financial institutions: environment, goals, tools - The diversification strategies of financial institutions: theoretical profiles - The diversification strategies of financial institutions: principal characteristics and execution - Supply side analysis. The relationships between concentration, competition, profitability and efficiency in financial institutions: from the S-C-P paradigm to the New Industrial organization - Demand side analysis in retail banking: segmentation criteria, financial investment decisions, role of financial literacy, social media use - Operations efficiency analysis: efficiency indicators, scale and scope economies - The diversification strategies: strategic alliances, M&A, bancassurance - The Fintech role on the strategic trends in financial services industry - The managerial roles for strategic management in banking groups (reference books) For 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	9	SECS-P/11	60	-	-	-	Elective activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201730 - Computational Finance (objectives)

- Derived from 21201730 FINANZA COMPUTAZIONALE in Finanza e impresa LM-16 CESARONE FRANCESCO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: FINANZA 2°ANNO LM-16 - ATTIVITÀ AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Related or supplementary learning 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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	9	SECS-P/09	60	-	-	-	Related or supplementary learning 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. - CARLEO ALESSANDRA (syllabus) STOCHASTIC CASH-FLOWS AND INSURANCE CONTRACTS Expected Value Criterion Utility Function Expected Utility Criterion BASIC DISTRIBUTION MODELS IN LIFE INSURANCE Random Future Lifetime of a Life aged x Life tables LIFE INSURANCE: PRICING Elementary life insurance products Survival benefits Death benefits Endowment insurance products Single premium and periodic premiums. Natural premiums LIFE INSURANCE: RESERVING Net Premium Reserve. Prospective Reserve Retrospective Reserve The time profile of the policy reserve Recursive equations. Risk and savings Homans’ Formula. Expected Profit EXPENSE LOADINGS The Expense-Loaded Premium Expense-Loaded Premium Reserves Counterinsurance --- PENSION PLANS Social security framework Contributions and benefits Funding system Benefits calculation Demographic risks System sustainability Contributions calculations Supplementary pension schemes Old-Age, Survivors and Disability Insurance (OASI/IV) scheme Exact Individual Trajectories (E.I.T.) (reference books) Annamaria Olivieri, Ermanno Pitacco Introduction to Insurance Mathematics Springer, 2011	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21201736 - QUANTITATIVE FINANCE AND DERIVATIVES (objectives) The course has the objective of providing foundations for the valuation of derivatives and for the analysis of quantitative finance problems. - 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, 2021	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Related or supplementary learning activities	ITA

Optional group: SCELTA LIBERA LM-16 - UN ESAME A SCELTA TRA - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - Derived from 21201489 ECONOMIA DELLE IMPRESE DI ASSICURAZIONE E DELLA PREVIDENZA in Finanza e impresa LM-16 N0 RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Elective activities	ITA
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria (reference books) Hull J.C. (2018) Options, Futures, and Other Derivatives (10th Edition) (Pearson).	6	SECS-S/06	40	-	-	-	Elective activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA (syllabus) (Actuarial Sciences) The Mathematics of Compound Interest The Future Lifetime of a Life Aged x Life Insurance Life Annuities Net Premiums Net Premium Reserves (reference books) (ACTUARIAL SCIENCES) Annamaria Olivieri, Ermanno Pitacco Introduction to Insurance Mathematics Springer Hans U. Gerber Life Insurance Mathematics Springer	3	SECS-S/06	20	-	-	-	Elective activities	ENG
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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	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	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	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, 2021	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Elective activities	ENG
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - Derived from 21210189 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Elective activities	ITA
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Elective activities	ENG

21210038 - FINAL EXAM

15

-

Final examination and foreign language test

ITA

First semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21201492 - PUBLIC ECONOMICS (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools.
21201492-1 - ECONOMIA PUBBLICA 1 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	6	SECS-P/03	40	-	-	-	Related or supplementary learning activities	ITA
21201492-2 - ECONOMIA PUBBLICA 2 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	3	SECS-P/03	20	-	-	-	Core compulsory activities	ITA
21210248 - Politica monetaria e mercati finanziari (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - Derived from 21210248 Politica monetaria e mercati finanziari in Scienze Economiche LM-56 SCARANO GIOVANNI (syllabus) Monetary theory Functions and forms of money. Value of money, monetary stability and inflation. Money and credit. Interest rate and rate of return on assets. The structure of interest rates. Interest rates, asset pricing and financial markets. Interest rates, exchange rates and movements of capital. Banks and money supply. Money demand and quantitative theory of money. Theories of endogenous money. Monetary policy and transmission mechanisms Effectiveness of monetary policy. Neutrality of money and dichotomy in the classical model. Monetary economy. Keynesian models. Monetarist models. The New Consensus in Macroeconomics and the IS-PC-MR model. The objectives of monetary policy. The instruments of monetary policy: mandatory reserves, interest rates, money supply and capital requirements of banks. The mechanisms and channels of transmission of monetary policy. European monetary policy The Maastricht Treaty. Independence and governance of the ECB. The ECB's strategy. The intervention instruments of the ECB. Credit risk regulation: from the Basel agreements to the European banking union. Regulation of financial markets and financial crises Stability and volatility of the financial markets. Currency crisis and financial crisis. Money and effective demand. Credit cycle and financial crises. The financial crisis of 2007 - 2009. Bank rescue and sovereign debt crisis. Risks of national default and euro crisis. Secular Stagnation and sterilization of monetary policies. Corporate Saving Glut. The excesses of liquidity and the instability of the financial markets. (reference books) Bain K., Howells P., Monetary Economics. Policy and its Theoretical Basis, Palgrave Macmillan, 2009. Bain K., Howells P., The Economics of Money, Banking and Finance. A European Text, Pearson Education, 2008. Mishkin F.S., The Economics of Money, Banking and Financial Markets, Pearson- Addison Wesley, 2004.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201731 - Banking and Insurance Law (objectives)

- Derived from 21201731 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI in Finanza e impresa LM-16 RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

21201730 - Computational Finance (objectives)

- Derived from 21201730 FINANZA COMPUTAZIONALE in Finanza e impresa LM-16 CESARONE FRANCESCO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

21201732 - Statistics for finance (objectives)

- Derived from 21210457 Metodi statistici per l'econometria e la finanza in Scienze Economiche LM-56 NACCARATO ALESSIA

9

SECS-S/01

60

-

Core compulsory activities

ITA

21210155 - IFRS AND FINANCIAL INFORMATION (objectives)

- Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA

9

SECS-P/07

60

-

Core compulsory activities

ITA

Optional group: Business English (idoneità) / Idoneità inglese- LM-77 - (show)

6

21201444 - BUSINESS ENGLISH (objectives) To acquire sufficient knowledge of the English language to allow to read, translate and understand Business English texts. The course allows the student to acquire the B2 level language skills of the CEFR (Common European Framework of Reference for the knowledge of languages) focused on Business English topics. Some of the goals include: • Writing e-mails and formal letters; • Mastering the vocabulary, expressions and grammar related to the field of work • Obtaining a degree of fluency in targeted conversations avoiding possible misunderstandings due to different cultural backgrounds. - Derived from 21201444 BUSINESS ENGLISH in Economia e Management LM-77 N0 Chiarella Morgan	6		80	-	-	-	Other activities	ENG
20202021 - ENGLISH LANGUAGE - PASS/FAIL CERTIFICATE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ENG

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives)

- Derived from 21210109 RISK MANAGEMENT E CREAZIONE DI VALORE NELLE BANCHE in Finanza e impresa LM-16 STENTELLA LOPES FRANCESCO SAVERIO

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: FINANZA 2° ANNO LM-77 - ATTIVITÀ AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21201721 - Competitive Strategies in Financial Services (objectives)

- Derived from 21201721 STRATEGIE COMPETITIVE NEI SERVIZI FINANZIARI in Finanza e impresa LM-16 N0 PREVIATI DANIELE ANGELO (syllabus) (reference books)

9

SECS-P/11

60

-

Related or supplementary learning activities

ITA

Optional group: SCELTA LIBERA LM-77 - UN ESAME A SCELTA TRA - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21210130 - Monetary theory, institutions and policy (objectives) The first module (30 hours) of the course aims to provide students with the tools needed to understand the functioning of monetary economy and the operative aspects of Central Bank monetary policies. It explains what money is, the debate on its origins, the different approaches to the determinants of the demand for money and its supply, monetary policy instruments and equilibrium in the assets markets. The lectures of this first module will be held in Italian. The second module (30 hours) concentrates on the relations between money, prices and outputs in the long and short run. It also analyses the debate on rules and discretion in monetary policies, the Taylor rule and the sustainability of public debt. These themes are developed according to both a traditional and heterodox approach. A knowledge of basic microeconomic and macroeconomic notions is a prerequisite for this second module. - Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) First Module 1. The debate on the origin of money 2. The supply of money and its endogeneity 3. The equilibrium of the financial sector 4. Conventional and unconventional monetary policies 5. The structure of the interest rates Second Module 6. Money, prices, and output in the traditional and post-Keynesian models 7. The transmission channels of the monetary policies 8. Monetary policy, capital movements, and the exchange rate 9. The price puzzle and the cost channel of monetary policy 10. Rules and discretion 11. Money and public finance (reference books) Bank of England, Quarterly Bulletin, Q1, 54, 1, 2014, pp. 4-28 (Module 1) N.S. Balke and K.M. Emery, “Understanding the price puzzle”, Economic Review— Fourth Quarter 1994, Federal Reserve Bank of Dallas, pp. 15-26 (Module 2) R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) B. Friedman, “Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits”, Brookings Papers on Economic Activity, 3:1978, pp. 599-603 and 609-620 (Module 2) C.A.E Goodhart, Money, information and uncertainty, Second edition, Macmillan, 1989, pp. 24-50, 51-57, 129-137 (Module 1) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) W. Poole, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model”, The Quarterly Journal of Economics, 84, 2, 1970), pp. 197-203 (Module 2) J. Smithin, The theory of interest rates, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 273-290 (Module 2) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C.E. Walsh, Monetary Theory and Policy, third edition, The Mit Press, 2010, pp. 21-24, 33-71, 134-162, 195-209, 465-475 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21201721 - Competitive Strategies in Financial Services (objectives) The course aims at illustrating the strategic and organizational choices of suppliers of financial services, with special regard to banking groups operating in different business lines. These choices are analyzed in the light of business strategy and banking academic literature. The suppliers of financial services are influenced by regulatory and technological changes, in a market that is more and more international. During the course different business lines are observed (retail banking, private and corporate banking, payment services), taking care of the bundling and unbundling of different kinds of intermediation activities. Besides supply, also demand of financial services is analyzed; a large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. - Derived from 21201721 STRATEGIE COMPETITIVE NEI SERVIZI FINANZIARI in Finanza e impresa LM-16 N0 PREVIATI DANIELE ANGELO (syllabus) The essential topics are: - Change and environment-strategy-structure relationship in the financial services industry - Competitive scenario: the relevance of regulation and ICT - Porter model applied to the financial services industry - The business strategies of financial institutions: environment, goals, tools - The diversification strategies of financial institutions: theoretical profiles - The diversification strategies of financial institutions: principal characteristics and execution - Supply side analysis. The relationships between concentration, competition, profitability and efficiency in financial institutions: from the S-C-P paradigm to the New Industrial organization - Demand side analysis in retail banking: segmentation criteria, financial investment decisions, role of financial literacy, social media use - Operations efficiency analysis: efficiency indicators, scale and scope economies - The diversification strategies: strategic alliances, M&A, bancassurance - The Fintech role on the strategic trends in financial services industry - The managerial roles for strategic management in banking groups (reference books) For 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	9	SECS-P/11	60	-	-	-	Elective activities	ITA
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Elective activities	ENG

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201730 - Computational Finance (objectives)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: FINANZA 2° ANNO LM-77 - ATTIVITÀ AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - Derived from 21201489 ECONOMIA DELLE IMPRESE DI ASSICURAZIONE E DELLA PREVIDENZA in Finanza e impresa LM-16 N0 RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Related or supplementary learning 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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	9	SECS-P/09	60	-	-	-	Related or supplementary learning 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	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21201736 - QUANTITATIVE FINANCE AND DERIVATIVES (objectives) The course has the objective of providing foundations for the valuation of derivatives and for the analysis of quantitative finance problems. - Derived from 21201736 FINANZA QUANTITATIVA E DERIVATI in Finanza e impresa 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, 2021	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - Derived from 21210189 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Related or supplementary learning activities	ITA

Optional group: SCELTA LIBERA LM-77 - UN ESAME A SCELTA TRA - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - Derived from 21201489 ECONOMIA DELLE IMPRESE DI ASSICURAZIONE E DELLA PREVIDENZA in Finanza e impresa LM-16 N0 RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Elective activities	ITA
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria (reference books) Hull J.C. (2018) Options, Futures, and Other Derivatives (10th Edition) (Pearson).	6	SECS-S/06	40	-	-	-	Elective activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA (syllabus) (Actuarial Sciences) The Mathematics of Compound Interest The Future Lifetime of a Life Aged x Life Insurance Life Annuities Net Premiums Net Premium Reserves (reference books) (ACTUARIAL SCIENCES) Annamaria Olivieri, Ermanno Pitacco Introduction to Insurance Mathematics Springer Hans U. Gerber Life Insurance Mathematics Springer	3	SECS-S/06	20	-	-	-	Elective activities	ENG
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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	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	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	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, 2021	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Elective activities	ENG
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - Derived from 21210189 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Elective activities	ITA

21210038 - FINAL EXAM

15

-

Final examination and foreign language test

ITA

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210039 - COMMERCIAL LAW - ADVANCED COURSE (objectives)

- Derived from 21210039 DIRITTO COMMERCIALE - CORSO AVANZATO in Economia Aziendale LM-77 SPAGNUOLO DOMENICO (reference books)

9

IUS/04

60

-

Elective activities

ITA

Optional group: 1-Diritto e Finanza 1° ANNO LM-16 - Economico - UN ESAME A SCELTA TRA: - (show)

9

Optional group: New group - (show)

9

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210117 - PUBLIC FINANCE (objectives)

- Derived from 21210117 SCIENZA DELLE FINANZE in Economia e gestione aziendale L-18 A - L DE SIMONE ELINA (syllabus) (reference books)

3

SECS-P/03

20

-

Core compulsory activities

6

SECS-P/03

40

-

Attività formative affini ed integrative

ITA

21210127 - STATISTICS (objectives)

- Derived from 21210113 STATISTICA in Economia e gestione aziendale L-18 A - C Matta Carlo

9

SECS-S/01

60

-

Core compulsory activities

ITA

Optional group: 1-Diritto e Finanza 1° ANNO LM-16 - Economico - UN ESAME A SCELTA TRA: - (show)

9

Optional group: New group - (show)

9

21201731 - Banking and Insurance Law (objectives)

- Derived from 21201731 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI in Finanza e impresa LM-16 RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

Optional group: 3-DIRITTO E FINANZA Idoneità lingua - LM-16 - (show)

6

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21201486 - FINANCIAL INTERMEDIATION AND MARKETS (objectives)

Group: A - L

- Derived from 21201486 ECONOMIA DEGLI INTERMEDIARI FINANZIARI in Economia e gestione aziendale L-18 A - D CARATELLI MASSIMO (syllabus) (reference books)

Group: M - Z

- Derived from 21201486 ECONOMIA DEGLI INTERMEDIARI FINANZIARI in Economia e gestione aziendale L-18 P - Z STENTELLA LOPES FRANCESCO SAVERIO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: Diritto e Finanza 2 ANNO LM-16 - MAT-AZIEN - UN ESAME A SCELTA TRA: - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG
21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives) The main objectives of the course are: (i) to develop knowledge to define, measure and manage the main types of risks faced by banks; (ii) to analyze the constraints deriving from regulation to the risk measurement procedure and capital quantification; (iii) to analyze and evaluate the creation of value. - Derived from 21210109 RISK MANAGEMENT E CREAZIONE DI VALORE NELLE BANCHE in Finanza e impresa LM-16 STENTELLA LOPES FRANCESCO SAVERIO	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201494 - FINANCIAL MATHEMATICS (objectives)

Group: A - L

- Derived from 21201494 MATEMATICA FINANZIARIA in Economia e gestione aziendale L-18 A - D MOTTURA CARLO DOMENICO (syllabus) (reference books)

Group: M - Z

- Derived from 21201494 MATEMATICA FINANZIARIA in Economia e gestione aziendale L-18 E - O CARLEO ALESSANDRA (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: Diritto e Finanza 2 ANNO LM-16 - AZIENDALE - UN ESAME A SCELTA TRA: - (show)

9

21210155 - IFRS AND FINANCIAL INFORMATION (objectives) To give students advanced knowledge of Financial Accounting according to International Accounting Standards issued by IASB. A link between accounting and risk is also analysed and the importance of disclosure is highlighted. - Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA	9	SECS-P/07	60	-	-	-	Core compulsory activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Core compulsory activities	ENG

Optional group: Diritto e Finanza 2 ANNO LM-16 MAT-STAT-INF - UN ESAME A SCELTA TRA: - (show)

9

21201499 - DERIVATIVES AND PORTFOLIO THEORY (objectives) In line with the educational objectives of the Degree in Economia e Gestione Aziendale (CLEGA), the course has the objective of providing basic foundations for portfolio selection, real estate investments, and derivative contracts valuation. At the end of the course students will have developed a solid knowledge of models and methods for portfolio selection, for the evaluation of real estate investments, for the evaluation of derivatives. - Derived from 21201499 TEORIA DEL PORTAFOGLIO E DEI CONTRATTI DERIVATI in Economia e gestione aziendale L-18 N0 GHENO ANDREA (syllabus) PART I: BOND PORTFOLIO Theory of bond portfolios. Bond market structure. Semi-deterministic theories of immunization. STOCK PORTFOLIO Financial decision theory in conditions of uncertainty. The logic of choosing between risky alternatives. The theory of expected utility. Insurance contracts and utility theory. The mean-variance analysis. The market and portfolio choices. The second-order characteristics of the portfolio. Average-variance optimization. The determination of averages and covariance. Diversification and risk measures. The Capital Asset Pricing Model. General considerations on expectations and risk in efficient markets. CAPM as a model of balance. Measurement and estimation issues. Extensions and applications. REAL ESTATE INVESTMENT Real estate investments. Characteristics of the real estate market. Selection and management of real estate portfolios. PART II: DERIVATIVES Forward contracts. Forward contracts and markets. The arbitrage relationship between spot and forward prices. Spot exchange and forward exchange. Futures contracts. Features. Daily readjustment mechanism. Futures and spot prices. Hedging and speculation with futures contracts. Futures on stock indices and on bonds. Financial options. The logic of the options. Call and put options. European and American options. Arbitrage restrictions for the option price. The binomial model. The risk-neutral evaluation. The evaluation of American options. More general options. (reference books) Luenberger, D., Investment Science, OUP, 2013	9	SECS-S/06	60	-	-	-	Core compulsory activities	ITA
21210182 - FINANCIAL VALUATION AND RISK MANAGEMENT (objectives) The course is aimed to provide the students with the fundamental aspects of financial valuation and risk management. More specifically, - financial valuation methods and models - principles and strategies for semi-deterministic and stochastic financial immunization - risk measures for the maximum potential loss, also in the context of banking and insurance regulation and supervision, are discussed. - MOTTURA CARLO DOMENICO (syllabus) 1 – FINANCIAL VALUATION METHODS AND MODELS The value and risk categories. Financial valuation methods. Discounted certainty equivalent approach. Discounted certainty equivalent models. On the choice between risky alternatives. Expected utility hypothesis. Option pricing theory. Risk-adjusted discounting method. Risk-adjusted discounting models. Mixed methods. 2 – RISK MANAGEMENT: CRITERIA AND RULES Formal scheme. Sources and forms of risk. Market risk and credit risk. Stochastic models for market risk: (a brief review of) equity and currency risk, interest rate risk. Interest rate risk management and control. Semi-deterministic financial immunization theory. Stochastic financial immunization theory and hedging logic. Risk measures for the maximum potential loss (VAR, Risk Capital). Banking and insurance regulation and supervision, and risk culture: Basilea 2 and Solvency 2. (reference books) Handouts from teacher.	9	SECS-S/06	60	-	-	-	Core compulsory activities	ITA

Optional group: Diritto e Finanza 2 ANNO LM-16 - MAT-AZIEN - UN ESAME A SCELTA TRA: - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria	6	SECS-S/06	40	-	-	-	Related or supplementary learning activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA	3	SECS-S/06	20	-	-	-	Related or supplementary learning activities	ENG
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	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210155 - IFRS AND FINANCIAL INFORMATION (objectives) To give students advanced knowledge of Financial Accounting according to International Accounting Standards issued by IASB. A link between accounting and risk is also analysed and the importance of disclosure is highlighted. - Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA	9	SECS-P/07	60	-	-	-	Related or supplementary learning activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Related or supplementary learning activities	ENG
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG
21201499 - DERIVATIVES AND PORTFOLIO THEORY (objectives) In line with the educational objectives of the Degree in Economia e Gestione Aziendale (CLEGA), the course has the objective of providing basic foundations for portfolio selection, real estate investments, and derivative contracts valuation. At the end of the course students will have developed a solid knowledge of models and methods for portfolio selection, for the evaluation of real estate investments, for the evaluation of derivatives. - Derived from 21201499 TEORIA DEL PORTAFOGLIO E DEI CONTRATTI DERIVATI in Economia e gestione aziendale L-18 N0 GHENO ANDREA (syllabus) PART I: BOND PORTFOLIO Theory of bond portfolios. Bond market structure. Semi-deterministic theories of immunization. STOCK PORTFOLIO Financial decision theory in conditions of uncertainty. The logic of choosing between risky alternatives. The theory of expected utility. Insurance contracts and utility theory. The mean-variance analysis. The market and portfolio choices. The second-order characteristics of the portfolio. Average-variance optimization. The determination of averages and covariance. Diversification and risk measures. The Capital Asset Pricing Model. General considerations on expectations and risk in efficient markets. CAPM as a model of balance. Measurement and estimation issues. Extensions and applications. REAL ESTATE INVESTMENT Real estate investments. Characteristics of the real estate market. Selection and management of real estate portfolios. PART II: DERIVATIVES Forward contracts. Forward contracts and markets. The arbitrage relationship between spot and forward prices. Spot exchange and forward exchange. Futures contracts. Features. Daily readjustment mechanism. Futures and spot prices. Hedging and speculation with futures contracts. Futures on stock indices and on bonds. Financial options. The logic of the options. Call and put options. European and American options. Arbitrage restrictions for the option price. The binomial model. The risk-neutral evaluation. The evaluation of American options. More general options. (reference books) Luenberger, D., Investment Science, OUP, 2013	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210182 - FINANCIAL VALUATION AND RISK MANAGEMENT (objectives) The course is aimed to provide the students with the fundamental aspects of financial valuation and risk management. More specifically, - financial valuation methods and models - principles and strategies for semi-deterministic and stochastic financial immunization - risk measures for the maximum potential loss, also in the context of banking and insurance regulation and supervision, are discussed. - Derived from 21210182 VALUTAZIONE FINANZIARIA E GESTIONE DEL RISCHIO in Finanza e impresa LM-16 MOTTURA CARLO DOMENICO (syllabus) 1 – FINANCIAL VALUATION METHODS AND MODELS The value and risk categories. Financial valuation methods. Discounted certainty equivalent approach. Discounted certainty equivalent models. On the choice between risky alternatives. Expected utility hypothesis. Option pricing theory. Risk-adjusted discounting method. Risk-adjusted discounting models. Mixed methods. 2 – RISK MANAGEMENT: CRITERIA AND RULES Formal scheme. Sources and forms of risk. Market risk and credit risk. Stochastic models for market risk: (a brief review of) equity and currency risk, interest rate risk. Interest rate risk management and control. Semi-deterministic financial immunization theory. Stochastic financial immunization theory and hedging logic. Risk measures for the maximum potential loss (VAR, Risk Capital). Banking and insurance regulation and supervision, and risk culture: Basilea 2 and Solvency 2. (reference books) Handouts from teacher.	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA

21210038 - FINAL EXAM

15

-

Final examination and foreign language test

ITA

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210039 - COMMERCIAL LAW - ADVANCED COURSE (objectives)

- Derived from 21210039 DIRITTO COMMERCIALE - CORSO AVANZATO in Economia Aziendale LM-77 SPAGNUOLO DOMENICO (reference books)

9

IUS/04

60

-

Elective activities

ITA

Optional group: 1-Diritto e Finanza 1° ANNO LM-77 - Economico - UN ESAME A SCELTA TRA: - (show)

9

Optional group: New group - (show)

9

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210117 - PUBLIC FINANCE (objectives)

- Derived from 21210117 SCIENZA DELLE FINANZE in Economia e gestione aziendale L-18 A - L DE SIMONE ELINA (syllabus) (reference books)

3

SECS-P/03

20

-

Core compulsory activities

6

SECS-P/03

40

-

Attività formative affini ed integrative

ITA

21210127 - STATISTICS (objectives)

- Derived from 21210113 STATISTICA in Economia e gestione aziendale L-18 A - C Matta Carlo

9

SECS-S/01

60

-

Core compulsory activities

ITA

Optional group: 1-Diritto e Finanza 1° ANNO LM-77 - Economico - UN ESAME A SCELTA TRA: - (show)

9

Optional group: New group - (show)

9

21201731 - Banking and Insurance Law (objectives)

- Derived from 21201731 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI in Finanza e impresa LM-16 RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

Optional group: 3-DIRITTO E FINANZA Idoneità lingua - LM-77 - (show)

6

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21201486 - FINANCIAL INTERMEDIATION AND MARKETS (objectives)

Group: A - L

- Derived from 21201486 ECONOMIA DEGLI INTERMEDIARI FINANZIARI in Economia e gestione aziendale L-18 A - D CARATELLI MASSIMO (syllabus) (reference books)

Group: M - Z

- Derived from 21201486 ECONOMIA DEGLI INTERMEDIARI FINANZIARI in Economia e gestione aziendale L-18 P - Z STENTELLA LOPES FRANCESCO SAVERIO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: Diritto e Finanza 2 ANNO LM-77 - MAT-AZIEN - UN ESAME A SCELTA TRA: - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG
21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives) The main objectives of the course are: (i) to develop knowledge to define, measure and manage the main types of risks faced by banks; (ii) to analyze the constraints deriving from regulation to the risk measurement procedure and capital quantification; (iii) to analyze and evaluate the creation of value. - Derived from 21210109 RISK MANAGEMENT E CREAZIONE DI VALORE NELLE BANCHE in Finanza e impresa LM-16 STENTELLA LOPES FRANCESCO SAVERIO	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ITA
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201494 - FINANCIAL MATHEMATICS (objectives)

Group: A - L

- Derived from 21201494 MATEMATICA FINANZIARIA in Economia e gestione aziendale L-18 A - D MOTTURA CARLO DOMENICO (syllabus) (reference books)

Group: M - Z

- Derived from 21201494 MATEMATICA FINANZIARIA in Economia e gestione aziendale L-18 E - O CARLEO ALESSANDRA (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: Diritto e Finanza 2 ANNO - LM-77 - AZIENDALE - UN ESAME A SCELTA TRA: - (show)

9

21210155 - IFRS AND FINANCIAL INFORMATION (objectives) To give students advanced knowledge of Financial Accounting according to International Accounting Standards issued by IASB. A link between accounting and risk is also analysed and the importance of disclosure is highlighted. - Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA	9	SECS-P/07	60	-	-	-	Core compulsory activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Core compulsory activities	ENG

Optional group: Diritto e Finanza 2 ANNO LM-77 - STAT-MAT - UN ESAME A SCELTA TRA: - (show)

9

21201499 - DERIVATIVES AND PORTFOLIO THEORY (objectives) In line with the educational objectives of the Degree in Economia e Gestione Aziendale (CLEGA), the course has the objective of providing basic foundations for portfolio selection, real estate investments, and derivative contracts valuation. At the end of the course students will have developed a solid knowledge of models and methods for portfolio selection, for the evaluation of real estate investments, for the evaluation of derivatives. - Derived from 21201499 TEORIA DEL PORTAFOGLIO E DEI CONTRATTI DERIVATI in Economia e gestione aziendale L-18 N0 GHENO ANDREA (syllabus) PART I: BOND PORTFOLIO Theory of bond portfolios. Bond market structure. Semi-deterministic theories of immunization. STOCK PORTFOLIO Financial decision theory in conditions of uncertainty. The logic of choosing between risky alternatives. The theory of expected utility. Insurance contracts and utility theory. The mean-variance analysis. The market and portfolio choices. The second-order characteristics of the portfolio. Average-variance optimization. The determination of averages and covariance. Diversification and risk measures. The Capital Asset Pricing Model. General considerations on expectations and risk in efficient markets. CAPM as a model of balance. Measurement and estimation issues. Extensions and applications. REAL ESTATE INVESTMENT Real estate investments. Characteristics of the real estate market. Selection and management of real estate portfolios. PART II: DERIVATIVES Forward contracts. Forward contracts and markets. The arbitrage relationship between spot and forward prices. Spot exchange and forward exchange. Futures contracts. Features. Daily readjustment mechanism. Futures and spot prices. Hedging and speculation with futures contracts. Futures on stock indices and on bonds. Financial options. The logic of the options. Call and put options. European and American options. Arbitrage restrictions for the option price. The binomial model. The risk-neutral evaluation. The evaluation of American options. More general options. (reference books) Luenberger, D., Investment Science, OUP, 2013	9	SECS-S/06	60	-	-	-	Core compulsory activities	ITA
21210182 - FINANCIAL VALUATION AND RISK MANAGEMENT (objectives) The course is aimed to provide the students with the fundamental aspects of financial valuation and risk management. More specifically, - financial valuation methods and models - principles and strategies for semi-deterministic and stochastic financial immunization - risk measures for the maximum potential loss, also in the context of banking and insurance regulation and supervision, are discussed. - Derived from 21210182 VALUTAZIONE FINANZIARIA E GESTIONE DEL RISCHIO in Finanza e impresa LM-16 MOTTURA CARLO DOMENICO (syllabus) 1 – FINANCIAL VALUATION METHODS AND MODELS The value and risk categories. Financial valuation methods. Discounted certainty equivalent approach. Discounted certainty equivalent models. On the choice between risky alternatives. Expected utility hypothesis. Option pricing theory. Risk-adjusted discounting method. Risk-adjusted discounting models. Mixed methods. 2 – RISK MANAGEMENT: CRITERIA AND RULES Formal scheme. Sources and forms of risk. Market risk and credit risk. Stochastic models for market risk: (a brief review of) equity and currency risk, interest rate risk. Interest rate risk management and control. Semi-deterministic financial immunization theory. Stochastic financial immunization theory and hedging logic. Risk measures for the maximum potential loss (VAR, Risk Capital). Banking and insurance regulation and supervision, and risk culture: Basilea 2 and Solvency 2. (reference books) Handouts from teacher.	9	SECS-S/06	60	-	-	-	Core compulsory activities	ITA

Optional group: Diritto e Finanza 2 ANNO LM-77 - MAT-AZIEN - UN ESAME A SCELTA TRA: - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria	6	SECS-S/06	40	-	-	-	Related or supplementary learning activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA	3	SECS-S/06	20	-	-	-	Related or supplementary learning activities	ENG
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	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210155 - IFRS AND FINANCIAL INFORMATION (objectives) To give students advanced knowledge of Financial Accounting according to International Accounting Standards issued by IASB. A link between accounting and risk is also analysed and the importance of disclosure is highlighted. - Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA	9	SECS-P/07	60	-	-	-	Related or supplementary learning activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Related or supplementary learning activities	ENG
21201499 - DERIVATIVES AND PORTFOLIO THEORY (objectives) In line with the educational objectives of the Degree in Economia e Gestione Aziendale (CLEGA), the course has the objective of providing basic foundations for portfolio selection, real estate investments, and derivative contracts valuation. At the end of the course students will have developed a solid knowledge of models and methods for portfolio selection, for the evaluation of real estate investments, for the evaluation of derivatives. - Derived from 21201499 TEORIA DEL PORTAFOGLIO E DEI CONTRATTI DERIVATI in Economia e gestione aziendale L-18 N0 GHENO ANDREA (syllabus) PART I: BOND PORTFOLIO Theory of bond portfolios. Bond market structure. Semi-deterministic theories of immunization. STOCK PORTFOLIO Financial decision theory in conditions of uncertainty. The logic of choosing between risky alternatives. The theory of expected utility. Insurance contracts and utility theory. The mean-variance analysis. The market and portfolio choices. The second-order characteristics of the portfolio. Average-variance optimization. The determination of averages and covariance. Diversification and risk measures. The Capital Asset Pricing Model. General considerations on expectations and risk in efficient markets. CAPM as a model of balance. Measurement and estimation issues. Extensions and applications. REAL ESTATE INVESTMENT Real estate investments. Characteristics of the real estate market. Selection and management of real estate portfolios. PART II: DERIVATIVES Forward contracts. Forward contracts and markets. The arbitrage relationship between spot and forward prices. Spot exchange and forward exchange. Futures contracts. Features. Daily readjustment mechanism. Futures and spot prices. Hedging and speculation with futures contracts. Futures on stock indices and on bonds. Financial options. The logic of the options. Call and put options. European and American options. Arbitrage restrictions for the option price. The binomial model. The risk-neutral evaluation. The evaluation of American options. More general options. (reference books) Luenberger, D., Investment Science, OUP, 2013	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210182 - FINANCIAL VALUATION AND RISK MANAGEMENT (objectives) The course is aimed to provide the students with the fundamental aspects of financial valuation and risk management. More specifically, - financial valuation methods and models - principles and strategies for semi-deterministic and stochastic financial immunization - risk measures for the maximum potential loss, also in the context of banking and insurance regulation and supervision, are discussed. - MOTTURA CARLO DOMENICO (syllabus) 1 – FINANCIAL VALUATION METHODS AND MODELS The value and risk categories. Financial valuation methods. Discounted certainty equivalent approach. Discounted certainty equivalent models. On the choice between risky alternatives. Expected utility hypothesis. Option pricing theory. Risk-adjusted discounting method. Risk-adjusted discounting models. Mixed methods. 2 – RISK MANAGEMENT: CRITERIA AND RULES Formal scheme. Sources and forms of risk. Market risk and credit risk. Stochastic models for market risk: (a brief review of) equity and currency risk, interest rate risk. Interest rate risk management and control. Semi-deterministic financial immunization theory. Stochastic financial immunization theory and hedging logic. Risk measures for the maximum potential loss (VAR, Risk Capital). Banking and insurance regulation and supervision, and risk culture: Basilea 2 and Solvency 2. (reference books) Handouts from teacher.	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA

21210038 - FINAL EXAM

15

-

Final examination and foreign language test

ITA

First semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21210247 - COMPARING FINANCIAL SYSTEMS (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. - SCARANO GIOVANNI (syllabus) 1. Introduction (2 hours) 1.1 Premises for a comparative study 1.2 Forms of fund channelling 1.3 Classification of financial systems 2. The Historical Development of Financial Systems (2 hours) 2.1 The first stages of financial systems 2.2 Credit vs mutual aid 2.3 Early Financial Systems 2.4 The birth of modern financial systems 3. Today’s financial institutions and financial markets (4 hours) 3.1 Money capital and interest bearing capital 3.2Kinds of financial institutions 3.3 Banks and creation of liquidity 3.4 Banking and maturity transformation 3.5 Shadow banking 3.6 Mutual and pension funds 3.7 Major changes in today’s financial systems 4. Interest bearing capital and the conflict between industrial profit and financial rents (2 hours) 5. Central banks, money markets and monetary policies (2 hours) 5.1 The evolution of central banks 5.2 Different kinds of financial regulation 5.3 Money markets and monetary policy 6. Intertemporal choices and The ADM model (2 hours) 7. The Limitations of Markets (2 hours) 8. The role of Corporate Governance (4 hours) 9. Self-financing (2 hours) 10. Corporate saving (2 hours) 11. Financialisation of NFCs (4 hours) 12. Liquidity holding and financial crises (2 hours) 13. Bubbles, crises and other financial troubles (6 hours) 14. Market-oriented systems (8 hours) 14.1 The UK financial system 14.2 The US financial system 15. Bank-oriented Systems (8 hours) 15.1 The German financial system 15.2 The French financial system 15.3 The Eurozone and the Banking Union 15.4 The Japanese financial system 16. Financial systems in emerging countries (8 hours) (reference books) Scarano G., Financialisation and Macroeconomics. The impact on Social welfare in Advanced Economies, Routledge, 2023. Allen F., Gale D, Comparing Financial Systems, MIT Press, 2000.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ENG
21210172 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS
21210172-1 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I - Iannaccone Roberto	3	SECS-P/01	20	-	-	-	Core compulsory activities	ENG
21210172-2 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II - ZURLO DAVIDE	6	SECS-S/01	40	-	-	-	Related or supplementary learning activities	ENG
21210097 - STATISTICS FOR FINANCE - Di Consiglio Loredana	9	SECS-S/01	60	-	-	-	Core compulsory activities	ENG

Second semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21210095 - EUROPEAN BANKING AND FINANCIAL LAW (objectives) In recent decades, the volume of EU legislation on financial law has increased exponentially. Banks, insurers, pension funds, investment firms and other financial institutions all are increasingly subject to European regulatory rules, as are day to day financial transactions. Serving as a comprehensive and authoritative introduction to European banking and financial law, the course is organized around the three economic themes that are central to the financial industry: (i) financial markets; (ii) financial institutions; and (iii) financial transactions. It covers not only regulatory law, but also commercial law that is relevant for the most important financial transactions. - SACCO GINEVRI ANDREA (syllabus) The course deals with the following contents: - Preliminary introduction on the main Italian and European business laws and regulations, with particular focus on banks, listed companies and other financial institutions; - Financial markets’ dynamics, principles, players and main rules; - Regulation on banks and other financial intermediaries; - Regulation on the issuers of listed financial instruments; - Corporate control and direction and coordination activity; - Regulation on takeovers bids; - Regulation on withdrawal right and analysis of the relevant case law; - Related parties’ transactions and conflict of interests; - Market abuse regulation and insider trading; - Extraordinary transactions; - Cross-border transactions; - Golden powers and foreign direct investments screening regulation; - Corporate governance rules and best practices in the banking and financial sector; - Italian and European banking, corporate and securities law: trends and perspectives. (reference books) VV. AA., Commentaries and Cases on Italian Business Law, directed by A.Sacco Ginevri, II ed., CEDAM, 2021	9	IUS/05	60	-	-	-	Core compulsory activities	ENG
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Ricci Jacopo Maria (reference books) Hull J.C. (2018) Options, Futures, and Other Derivatives (10th Edition) (Pearson).	6	SECS-S/06	40	-	-	-	Core compulsory activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - CARLEO ALESSANDRA (syllabus) (Actuarial Sciences) The Mathematics of Compound Interest The Future Lifetime of a Life Aged x Life Insurance Life Annuities Net Premiums Net Premium Reserves (reference books) (ACTUARIAL SCIENCES) Annamaria Olivieri, Ermanno Pitacco Introduction to Insurance Mathematics Springer Hans U. Gerber Life Insurance Mathematics Springer	3	SECS-S/06	20	-	-	-	Core compulsory activities	ENG
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Core compulsory activities	ENG
21210104 - EUROPEAN LANGUAGE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ENG

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201722 - RISK MANAGEMENT IN BANKING (objectives)

- FIORDELISI FRANCO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ENG

Optional group: New group - (show)

9

21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - CARBONI MARIKA (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition - CALICE GIOVANNI (syllabus) Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Core compulsory activities	ENG
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Core compulsory activities	ENG

Optional group: FINANCE 2 ANNO LM-16 - ATTIVITA' AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Related or supplementary learning activities	ENG

Optional group: New group - (show)

9

21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210099 - FINANCIAL MODELING (objectives)

9

SECS-S/06

60

-

Core compulsory activities

ENG

Optional group: FINANCE 2 ANNO LM-16 - ATTIVITA' AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21210159 - ALGORITHMS IN FINTECH (objectives) Main goal: become familiar with mathematical programming techniques and algorithms to address problems in finance and data analysis. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of mathematical programming theory and algorithms as support to decision making in finance and data analysis. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming tools and methods, and computer software to practically address real-world problems in finance and data analysis. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210159 ALGORITHMS IN FINTECH in Finanza e impresa LM-16 LAMPARIELLO LORENZO (syllabus) The course focuses on the fundamental aspects of mathematical programming theory and algorithms. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (30 hours) 1.a (15 hours) Modeling techniques through mathematical programming in the context of financial problems and data analysis. 1.b (15 hours) How to practically solve problems’ models via Python. Unit 2 - Theory (30 hours) 2.a Theoretical properties concerning linear and convex nonlinear programming problems. 2.b Main algorithms for linear and convex nonlinear programming problems. (reference books) Brinkhuis J., Tikhomirov V. (2005) Optimization: insights and applications (Princeton University Press) Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education) Cherkassky V., Mulier F.M. (2007) Learning from data: concepts, theory, and methods (John Wiley & Sons) Cornuejols G., Tütüncü R. (2006) Optimization methods in finance (Cambridge University Press)	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ENG
21210122 - MATHEMATICS OF DECISION MAKING (objectives) Main goal: develop skills and background to - understand and formulate real-world problems; - construct mathematical models that abstract the essence of real-world problems; - solve the mathematical models of real-world problems. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of quantitative methods involving operations research, mathematical programming and analytics as support to decision making. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming techniques and computer software (e.g., Microsoft Excel) to practically address real-world problems in economics. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210122 MATHEMATICS OF DECISION MAKING in Economia e Management LM-77 Ricci Jacopo Maria (syllabus) The course focuses on the fundamental aspects of operations research, mathematical programming and analytics. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (40 hours) 1.a (20 hours) Modeling techniques through mathematical programming, and case study analyses (e.g., planning, logistics, capital budgeting, transportation, assignment problems, portfolio selection, …) 1.b (20 hours) How to solve problems’ models: algorithms and computer software Microsoft Excel solver Unit 2 - Theory (20 hours) Mathematical programming problems properties. More specifically, - linear programming: logic and geometry of linear programming, duality, sensitivity analysis; - basic aspects of integer programming; - a glimpse of nonlinear programming. Textbooks adopted: Taha H.A. (2017) Operations Research: An Introduction (Pearson)   Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education)   Notes provided by the teacher (reference books) Taha H.A. (2017) Operations Research: An Introduction (Pearson). Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education).	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ENG
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG

Optional group: New group - (show)

9

21210159 - ALGORITHMS IN FINTECH (objectives) Main goal: become familiar with mathematical programming techniques and algorithms to address problems in finance and data analysis. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of mathematical programming theory and algorithms as support to decision making in finance and data analysis. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming tools and methods, and computer software to practically address real-world problems in finance and data analysis. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210159 ALGORITHMS IN FINTECH in Finanza e impresa LM-16 LAMPARIELLO LORENZO (syllabus) The course focuses on the fundamental aspects of mathematical programming theory and algorithms. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (30 hours) 1.a (15 hours) Modeling techniques through mathematical programming in the context of financial problems and data analysis. 1.b (15 hours) How to practically solve problems’ models via Python. Unit 2 - Theory (30 hours) 2.a Theoretical properties concerning linear and convex nonlinear programming problems. 2.b Main algorithms for linear and convex nonlinear programming problems. (reference books) Brinkhuis J., Tikhomirov V. (2005) Optimization: insights and applications (Princeton University Press) Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education) Cherkassky V., Mulier F.M. (2007) Learning from data: concepts, theory, and methods (John Wiley & Sons) Cornuejols G., Tütüncü R. (2006) Optimization methods in finance (Cambridge University Press)	9	SECS-S/06	60	-	-	-	Elective activities	ENG
21210122 - MATHEMATICS OF DECISION MAKING (objectives) Main goal: develop skills and background to - understand and formulate real-world problems; - construct mathematical models that abstract the essence of real-world problems; - solve the mathematical models of real-world problems. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of quantitative methods involving operations research, mathematical programming and analytics as support to decision making. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming techniques and computer software (e.g., Microsoft Excel) to practically address real-world problems in economics. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210122 MATHEMATICS OF DECISION MAKING in Economia e Management LM-77 Ricci Jacopo Maria (syllabus) The course focuses on the fundamental aspects of operations research, mathematical programming and analytics. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (40 hours) 1.a (20 hours) Modeling techniques through mathematical programming, and case study analyses (e.g., planning, logistics, capital budgeting, transportation, assignment problems, portfolio selection, …) 1.b (20 hours) How to solve problems’ models: algorithms and computer software Microsoft Excel solver Unit 2 - Theory (20 hours) Mathematical programming problems properties. More specifically, - linear programming: logic and geometry of linear programming, duality, sensitivity analysis; - basic aspects of integer programming; - a glimpse of nonlinear programming. Textbooks adopted: Taha H.A. (2017) Operations Research: An Introduction (Pearson)   Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education)   Notes provided by the teacher (reference books) Taha H.A. (2017) Operations Research: An Introduction (Pearson). Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education).	9	SECS-S/06	60	-	-	-	Elective activities	ENG
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Elective activities	ENG

21210092 - FINAL THESIS

15

-

Final examination and foreign language test

ENG

First semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21210247 - COMPARING FINANCIAL SYSTEMS (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. - Derived from 21210247 COMPARING FINANCIAL SYSTEMS in Finanza e impresa LM-16 SCARANO GIOVANNI (syllabus) 1. Introduction (2 hours) 1.1 Premises for a comparative study 1.2 Forms of fund channelling 1.3 Classification of financial systems 2. The Historical Development of Financial Systems (2 hours) 2.1 The first stages of financial systems 2.2 Credit vs mutual aid 2.3 Early Financial Systems 2.4 The birth of modern financial systems 3. Today’s financial institutions and financial markets (4 hours) 3.1 Money capital and interest bearing capital 3.2Kinds of financial institutions 3.3 Banks and creation of liquidity 3.4 Banking and maturity transformation 3.5 Shadow banking 3.6 Mutual and pension funds 3.7 Major changes in today’s financial systems 4. Interest bearing capital and the conflict between industrial profit and financial rents (2 hours) 5. Central banks, money markets and monetary policies (2 hours) 5.1 The evolution of central banks 5.2 Different kinds of financial regulation 5.3 Money markets and monetary policy 6. Intertemporal choices and The ADM model (2 hours) 7. The Limitations of Markets (2 hours) 8. The role of Corporate Governance (4 hours) 9. Self-financing (2 hours) 10. Corporate saving (2 hours) 11. Financialisation of NFCs (4 hours) 12. Liquidity holding and financial crises (2 hours) 13. Bubbles, crises and other financial troubles (6 hours) 14. Market-oriented systems (8 hours) 14.1 The UK financial system 14.2 The US financial system 15. Bank-oriented Systems (8 hours) 15.1 The German financial system 15.2 The French financial system 15.3 The Eurozone and the Banking Union 15.4 The Japanese financial system 16. Financial systems in emerging countries (8 hours) (reference books) Scarano G., Financialisation and Macroeconomics. The impact on Social welfare in Advanced Economies, Routledge, 2023. Allen F., Gale D, Comparing Financial Systems, MIT Press, 2000.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ENG
21210172 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS
21210172-1 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I - Derived from 21210172-1 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I in Finanza e impresa LM-16 Iannaccone Roberto	3	SECS-P/01	20	-	-	-	Core compulsory activities	ENG
21210172-2 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II - Derived from 21210172-2 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II in Finanza e impresa LM-16 ZURLO DAVIDE	6	SECS-S/01	40	-	-	-	Related or supplementary learning activities	ENG
21210097 - STATISTICS FOR FINANCE - Derived from 21210097 STATISTICS FOR FINANCE in Finanza e impresa LM-16 Di Consiglio Loredana, Chianella Diego	9	SECS-S/01	60	-	-	-	Core compulsory activities	ENG

Second semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21210095 - EUROPEAN BANKING AND FINANCIAL LAW (objectives) In recent decades, the volume of EU legislation on financial law has increased exponentially. Banks, insurers, pension funds, investment firms and other financial institutions all are increasingly subject to European regulatory rules, as are day to day financial transactions. Serving as a comprehensive and authoritative introduction to European banking and financial law, the course is organized around the three economic themes that are central to the financial industry: (i) financial markets; (ii) financial institutions; and (iii) financial transactions. It covers not only regulatory law, but also commercial law that is relevant for the most important financial transactions. - Derived from 21210095 EUROPEAN BANKING AND FINANCIAL LAW in Finanza e impresa LM-16 SACCO GINEVRI ANDREA (syllabus) The course deals with the following contents: - Preliminary introduction on the main Italian and European business laws and regulations, with particular focus on banks, listed companies and other financial institutions; - Financial markets’ dynamics, principles, players and main rules; - Regulation on banks and other financial intermediaries; - Regulation on the issuers of listed financial instruments; - Corporate control and direction and coordination activity; - Regulation on takeovers bids; - Regulation on withdrawal right and analysis of the relevant case law; - Related parties’ transactions and conflict of interests; - Market abuse regulation and insider trading; - Extraordinary transactions; - Cross-border transactions; - Golden powers and foreign direct investments screening regulation; - Corporate governance rules and best practices in the banking and financial sector; - Italian and European banking, corporate and securities law: trends and perspectives. (reference books) VV. AA., Commentaries and Cases on Italian Business Law, directed by A.Sacco Ginevri, II ed., CEDAM, 2021	9	IUS/05	60	-	-	-	Core compulsory activities	ENG
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria	6	SECS-S/06	40	-	-	-	Core compulsory activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA	3	SECS-S/06	20	-	-	-	Core compulsory activities	ENG
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Core compulsory activities	ENG
21210104 - EUROPEAN LANGUAGE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ENG

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201722 - RISK MANAGEMENT IN BANKING (objectives)

- Derived from 21201722 RISK MANAGEMENT IN BANKING in Finanza e impresa LM-16 FIORDELISI FRANCO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ENG

Optional group: New group - (show)

9

21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Core compulsory activities	ENG
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Core compulsory activities	ENG

Optional group: FINANCE 2 ANNO LM-77 - ATTIVITA' AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Related or supplementary learning activities	ENG

Optional group: New group - (show)

9

21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners.	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210099 - FINANCIAL MODELING (objectives)

- Derived from 21210099 FINANCIAL MODELING in Finanza e impresa LM-16 (docente da definire)

9

SECS-S/06

60

-

Core compulsory activities

ENG

Optional group: FINANCE 2 ANNO LM-77 - ATTIVITA' AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21210159 - ALGORITHMS IN FINTECH (objectives) Main goal: become familiar with mathematical programming techniques and algorithms to address problems in finance and data analysis. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of mathematical programming theory and algorithms as support to decision making in finance and data analysis. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming tools and methods, and computer software to practically address real-world problems in finance and data analysis. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - LAMPARIELLO LORENZO (syllabus) The course focuses on the fundamental aspects of mathematical programming theory and algorithms. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (30 hours) 1.a (15 hours) Modeling techniques through mathematical programming in the context of financial problems and data analysis. 1.b (15 hours) How to practically solve problems’ models via Python. Unit 2 - Theory (30 hours) 2.a Theoretical properties concerning linear and convex nonlinear programming problems. 2.b Main algorithms for linear and convex nonlinear programming problems. (reference books) Brinkhuis J., Tikhomirov V. (2005) Optimization: insights and applications (Princeton University Press) Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education) Cherkassky V., Mulier F.M. (2007) Learning from data: concepts, theory, and methods (John Wiley & Sons) Cornuejols G., Tütüncü R. (2006) Optimization methods in finance (Cambridge University Press)	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ENG
21210122 - MATHEMATICS OF DECISION MAKING (objectives) Main goal: develop skills and background to - understand and formulate real-world problems; - construct mathematical models that abstract the essence of real-world problems; - solve the mathematical models of real-world problems. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of quantitative methods involving operations research, mathematical programming and analytics as support to decision making. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming techniques and computer software (e.g., Microsoft Excel) to practically address real-world problems in economics. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210122 MATHEMATICS OF DECISION MAKING in Economia e Management LM-77 Ricci Jacopo Maria (syllabus) The course focuses on the fundamental aspects of operations research, mathematical programming and analytics. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (40 hours) 1.a (20 hours) Modeling techniques through mathematical programming, and case study analyses (e.g., planning, logistics, capital budgeting, transportation, assignment problems, portfolio selection, …) 1.b (20 hours) How to solve problems’ models: algorithms and computer software Microsoft Excel solver Unit 2 - Theory (20 hours) Mathematical programming problems properties. More specifically, - linear programming: logic and geometry of linear programming, duality, sensitivity analysis; - basic aspects of integer programming; - a glimpse of nonlinear programming. Textbooks adopted: Taha H.A. (2017) Operations Research: An Introduction (Pearson)   Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education)   Notes provided by the teacher (reference books) Taha H.A. (2017) Operations Research: An Introduction (Pearson). Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education).	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ENG
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG

Optional group: New group - (show)

9

21210159 - ALGORITHMS IN FINTECH (objectives) Main goal: become familiar with mathematical programming techniques and algorithms to address problems in finance and data analysis. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of mathematical programming theory and algorithms as support to decision making in finance and data analysis. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming tools and methods, and computer software to practically address real-world problems in finance and data analysis. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - LAMPARIELLO LORENZO (syllabus) The course focuses on the fundamental aspects of mathematical programming theory and algorithms. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (30 hours) 1.a (15 hours) Modeling techniques through mathematical programming in the context of financial problems and data analysis. 1.b (15 hours) How to practically solve problems’ models via Python. Unit 2 - Theory (30 hours) 2.a Theoretical properties concerning linear and convex nonlinear programming problems. 2.b Main algorithms for linear and convex nonlinear programming problems. (reference books) Brinkhuis J., Tikhomirov V. (2005) Optimization: insights and applications (Princeton University Press) Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education) Cherkassky V., Mulier F.M. (2007) Learning from data: concepts, theory, and methods (John Wiley & Sons) Cornuejols G., Tütüncü R. (2006) Optimization methods in finance (Cambridge University Press)	9	SECS-S/06	60	-	-	-	Elective activities	ENG
21210122 - MATHEMATICS OF DECISION MAKING (objectives) Main goal: develop skills and background to - understand and formulate real-world problems; - construct mathematical models that abstract the essence of real-world problems; - solve the mathematical models of real-world problems. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of quantitative methods involving operations research, mathematical programming and analytics as support to decision making. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming techniques and computer software (e.g., Microsoft Excel) to practically address real-world problems in economics. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210122 MATHEMATICS OF DECISION MAKING in Economia e Management LM-77 Ricci Jacopo Maria (syllabus) The course focuses on the fundamental aspects of operations research, mathematical programming and analytics. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (40 hours) 1.a (20 hours) Modeling techniques through mathematical programming, and case study analyses (e.g., planning, logistics, capital budgeting, transportation, assignment problems, portfolio selection, …) 1.b (20 hours) How to solve problems’ models: algorithms and computer software Microsoft Excel solver Unit 2 - Theory (20 hours) Mathematical programming problems properties. More specifically, - linear programming: logic and geometry of linear programming, duality, sensitivity analysis; - basic aspects of integer programming; - a glimpse of nonlinear programming. Textbooks adopted: Taha H.A. (2017) Operations Research: An Introduction (Pearson)   Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education)   Notes provided by the teacher (reference books) Taha H.A. (2017) Operations Research: An Introduction (Pearson). Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education).	9	SECS-S/06	60	-	-	-	Elective activities	ENG
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments.	9	SECS-P/11	60	-	-	-	Elective activities	ENG

21210092 - FINAL THESIS

15

-

Final examination and foreign language test

ENG

First semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21201492 - PUBLIC ECONOMICS (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools.
21201492-1 - ECONOMIA PUBBLICA 1 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	6	SECS-P/03	40	-	-	-	Related or supplementary learning activities	ITA
21201492-2 - ECONOMIA PUBBLICA 2 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	3	SECS-P/03	20	-	-	-	Core compulsory activities	ITA
21210248 - Politica monetaria e mercati finanziari (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - Derived from 21210248 Politica monetaria e mercati finanziari in Scienze Economiche LM-56 SCARANO GIOVANNI (syllabus) Monetary theory Functions and forms of money. Value of money, monetary stability and inflation. Money and credit. Interest rate and rate of return on assets. The structure of interest rates. Interest rates, asset pricing and financial markets. Interest rates, exchange rates and movements of capital. Banks and money supply. Money demand and quantitative theory of money. Theories of endogenous money. Monetary policy and transmission mechanisms Effectiveness of monetary policy. Neutrality of money and dichotomy in the classical model. Monetary economy. Keynesian models. Monetarist models. The New Consensus in Macroeconomics and the IS-PC-MR model. The objectives of monetary policy. The instruments of monetary policy: mandatory reserves, interest rates, money supply and capital requirements of banks. The mechanisms and channels of transmission of monetary policy. European monetary policy The Maastricht Treaty. Independence and governance of the ECB. The ECB's strategy. The intervention instruments of the ECB. Credit risk regulation: from the Basel agreements to the European banking union. Regulation of financial markets and financial crises Stability and volatility of the financial markets. Currency crisis and financial crisis. Money and effective demand. Credit cycle and financial crises. The financial crisis of 2007 - 2009. Bank rescue and sovereign debt crisis. Risks of national default and euro crisis. Secular Stagnation and sterilization of monetary policies. Corporate Saving Glut. The excesses of liquidity and the instability of the financial markets. (reference books) Bain K., Howells P., Monetary Economics. Policy and its Theoretical Basis, Palgrave Macmillan, 2009. Bain K., Howells P., The Economics of Money, Banking and Finance. A European Text, Pearson Education, 2008. Mishkin F.S., The Economics of Money, Banking and Financial Markets, Pearson- Addison Wesley, 2004.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201731 - Banking and Insurance Law (objectives)

- Derived from 21201731 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI in Finanza e impresa LM-16 RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

21201730 - Computational Finance (objectives)

- Derived from 21201730 FINANZA COMPUTAZIONALE in Finanza e impresa LM-16 CESARONE FRANCESCO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

21201732 - Statistics for finance (objectives)

- Derived from 21210457 Metodi statistici per l'econometria e la finanza in Scienze Economiche LM-56 NACCARATO ALESSIA

9

SECS-S/01

60

-

Core compulsory activities

ITA

21210155 - IFRS AND FINANCIAL INFORMATION (objectives)

- Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA

9

SECS-P/07

60

-

Core compulsory activities

ITA

Optional group: Business English (idoneità) / Idoneità inglese- LM-16 - (show)

6

21201444 - BUSINESS ENGLISH (objectives) To acquire sufficient knowledge of the English language to allow to read, translate and understand Business English texts. The course allows the student to acquire the B2 level language skills of the CEFR (Common European Framework of Reference for the knowledge of languages) focused on Business English topics. Some of the goals include: • Writing e-mails and formal letters; • Mastering the vocabulary, expressions and grammar related to the field of work • Obtaining a degree of fluency in targeted conversations avoiding possible misunderstandings due to different cultural backgrounds. - Derived from 21201444 BUSINESS ENGLISH in Economia e Management LM-77 N0 Chiarella Morgan	6		80	-	-	-	Other activities	ENG
20202021 - ENGLISH LANGUAGE - PASS/FAIL CERTIFICATE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ITA

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives)

- Derived from 21210109 RISK MANAGEMENT E CREAZIONE DI VALORE NELLE BANCHE in Finanza e impresa LM-16 STENTELLA LOPES FRANCESCO SAVERIO

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: FINANZA 2°ANNO LM-16 - ATTIVITÀ AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21201721 - Competitive Strategies in Financial Services (objectives)

- PREVIATI DANIELE ANGELO (syllabus) (reference books)

9

SECS-P/11

60

-

Related or supplementary learning activities

ITA

Optional group: SCELTA LIBERA LM-16 - UN ESAME A SCELTA TRA - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21210130 - Monetary theory, institutions and policy (objectives) The first module (30 hours) of the course aims to provide students with the tools needed to understand the functioning of monetary economy and the operative aspects of Central Bank monetary policies. It explains what money is, the debate on its origins, the different approaches to the determinants of the demand for money and its supply, monetary policy instruments and equilibrium in the assets markets. The lectures of this first module will be held in Italian. The second module (30 hours) concentrates on the relations between money, prices and outputs in the long and short run. It also analyses the debate on rules and discretion in monetary policies, the Taylor rule and the sustainability of public debt. These themes are developed according to both a traditional and heterodox approach. A knowledge of basic microeconomic and macroeconomic notions is a prerequisite for this second module. - Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) First Module 1. The debate on the origin of money 2. The supply of money and its endogeneity 3. The equilibrium of the financial sector 4. Conventional and unconventional monetary policies 5. The structure of the interest rates Second Module 6. Money, prices, and output in the traditional and post-Keynesian models 7. The transmission channels of the monetary policies 8. Monetary policy, capital movements, and the exchange rate 9. The price puzzle and the cost channel of monetary policy 10. Rules and discretion 11. Money and public finance (reference books) Bank of England, Quarterly Bulletin, Q1, 54, 1, 2014, pp. 4-28 (Module 1) N.S. Balke and K.M. Emery, “Understanding the price puzzle”, Economic Review— Fourth Quarter 1994, Federal Reserve Bank of Dallas, pp. 15-26 (Module 2) R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) B. Friedman, “Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits”, Brookings Papers on Economic Activity, 3:1978, pp. 599-603 and 609-620 (Module 2) C.A.E Goodhart, Money, information and uncertainty, Second edition, Macmillan, 1989, pp. 24-50, 51-57, 129-137 (Module 1) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) W. Poole, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model”, The Quarterly Journal of Economics, 84, 2, 1970), pp. 197-203 (Module 2) J. Smithin, The theory of interest rates, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 273-290 (Module 2) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C.E. Walsh, Monetary Theory and Policy, third edition, The Mit Press, 2010, pp. 21-24, 33-71, 134-162, 195-209, 465-475 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21201721 - Competitive Strategies in Financial Services (objectives) The course aims at illustrating the strategic and organizational choices of suppliers of financial services, with special regard to banking groups operating in different business lines. These choices are analyzed in the light of business strategy and banking academic literature. The suppliers of financial services are influenced by regulatory and technological changes, in a market that is more and more international. During the course different business lines are observed (retail banking, private and corporate banking, payment services), taking care of the bundling and unbundling of different kinds of intermediation activities. Besides supply, also demand of financial services is analyzed; a large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. - Derived from 21201721 STRATEGIE COMPETITIVE NEI SERVIZI FINANZIARI in Finanza e impresa LM-16 N0 PREVIATI DANIELE ANGELO (syllabus) The essential topics are: - Change and environment-strategy-structure relationship in the financial services industry - Competitive scenario: the relevance of regulation and ICT - Porter model applied to the financial services industry - The business strategies of financial institutions: environment, goals, tools - The diversification strategies of financial institutions: theoretical profiles - The diversification strategies of financial institutions: principal characteristics and execution - Supply side analysis. The relationships between concentration, competition, profitability and efficiency in financial institutions: from the S-C-P paradigm to the New Industrial organization - Demand side analysis in retail banking: segmentation criteria, financial investment decisions, role of financial literacy, social media use - Operations efficiency analysis: efficiency indicators, scale and scope economies - The diversification strategies: strategic alliances, M&A, bancassurance - The Fintech role on the strategic trends in financial services industry - The managerial roles for strategic management in banking groups (reference books) For 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	9	SECS-P/11	60	-	-	-	Elective activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201730 - Computational Finance (objectives)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: FINANZA 2°ANNO LM-16 - ATTIVITÀ AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Related or supplementary learning 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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	9	SECS-P/09	60	-	-	-	Related or supplementary learning 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. - CARLEO ALESSANDRA (syllabus) STOCHASTIC CASH-FLOWS AND INSURANCE CONTRACTS Expected Value Criterion Utility Function Expected Utility Criterion BASIC DISTRIBUTION MODELS IN LIFE INSURANCE Random Future Lifetime of a Life aged x Life tables LIFE INSURANCE: PRICING Elementary life insurance products Survival benefits Death benefits Endowment insurance products Single premium and periodic premiums. Natural premiums LIFE INSURANCE: RESERVING Net Premium Reserve. Prospective Reserve Retrospective Reserve The time profile of the policy reserve Recursive equations. Risk and savings Homans’ Formula. Expected Profit EXPENSE LOADINGS The Expense-Loaded Premium Expense-Loaded Premium Reserves Counterinsurance --- PENSION PLANS Social security framework Contributions and benefits Funding system Benefits calculation Demographic risks System sustainability Contributions calculations Supplementary pension schemes Old-Age, Survivors and Disability Insurance (OASI/IV) scheme Exact Individual Trajectories (E.I.T.) (reference books) Annamaria Olivieri, Ermanno Pitacco Introduction to Insurance Mathematics Springer, 2011	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21201736 - QUANTITATIVE FINANCE AND DERIVATIVES (objectives) The course has the objective of providing foundations for the valuation of derivatives and for the analysis of quantitative finance problems. - 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, 2021	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Related or supplementary learning activities	ITA

Optional group: SCELTA LIBERA LM-16 - UN ESAME A SCELTA TRA - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - Derived from 21201489 ECONOMIA DELLE IMPRESE DI ASSICURAZIONE E DELLA PREVIDENZA in Finanza e impresa LM-16 N0 RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Elective activities	ITA
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria (reference books) Hull J.C. (2018) Options, Futures, and Other Derivatives (10th Edition) (Pearson).	6	SECS-S/06	40	-	-	-	Elective activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA (syllabus) (Actuarial Sciences) The Mathematics of Compound Interest The Future Lifetime of a Life Aged x Life Insurance Life Annuities Net Premiums Net Premium Reserves (reference books) (ACTUARIAL SCIENCES) Annamaria Olivieri, Ermanno Pitacco Introduction to Insurance Mathematics Springer Hans U. Gerber Life Insurance Mathematics Springer	3	SECS-S/06	20	-	-	-	Elective activities	ENG
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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	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	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	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, 2021	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Elective activities	ENG
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - Derived from 21210189 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Elective activities	ITA
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Elective activities	ENG

Optional group: FINANZA - DIRITTO E FINANZA - FINANZA E TECNOLOGA - Tirocinio - LM-16 - (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

21210081 - FINAL EXAM

9

-

Final examination and foreign language test

ITA

First semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21201492 - PUBLIC ECONOMICS (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools.
21201492-1 - ECONOMIA PUBBLICA 1 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	6	SECS-P/03	40	-	-	-	Related or supplementary learning activities	ITA
21201492-2 - ECONOMIA PUBBLICA 2 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	3	SECS-P/03	20	-	-	-	Core compulsory activities	ITA
21210248 - Politica monetaria e mercati finanziari (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - Derived from 21210248 Politica monetaria e mercati finanziari in Scienze Economiche LM-56 SCARANO GIOVANNI (syllabus) Monetary theory Functions and forms of money. Value of money, monetary stability and inflation. Money and credit. Interest rate and rate of return on assets. The structure of interest rates. Interest rates, asset pricing and financial markets. Interest rates, exchange rates and movements of capital. Banks and money supply. Money demand and quantitative theory of money. Theories of endogenous money. Monetary policy and transmission mechanisms Effectiveness of monetary policy. Neutrality of money and dichotomy in the classical model. Monetary economy. Keynesian models. Monetarist models. The New Consensus in Macroeconomics and the IS-PC-MR model. The objectives of monetary policy. The instruments of monetary policy: mandatory reserves, interest rates, money supply and capital requirements of banks. The mechanisms and channels of transmission of monetary policy. European monetary policy The Maastricht Treaty. Independence and governance of the ECB. The ECB's strategy. The intervention instruments of the ECB. Credit risk regulation: from the Basel agreements to the European banking union. Regulation of financial markets and financial crises Stability and volatility of the financial markets. Currency crisis and financial crisis. Money and effective demand. Credit cycle and financial crises. The financial crisis of 2007 - 2009. Bank rescue and sovereign debt crisis. Risks of national default and euro crisis. Secular Stagnation and sterilization of monetary policies. Corporate Saving Glut. The excesses of liquidity and the instability of the financial markets. (reference books) Bain K., Howells P., Monetary Economics. Policy and its Theoretical Basis, Palgrave Macmillan, 2009. Bain K., Howells P., The Economics of Money, Banking and Finance. A European Text, Pearson Education, 2008. Mishkin F.S., The Economics of Money, Banking and Financial Markets, Pearson- Addison Wesley, 2004.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201731 - Banking and Insurance Law (objectives)

- Derived from 21201731 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI in Finanza e impresa LM-16 RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

21201730 - Computational Finance (objectives)

- Derived from 21201730 FINANZA COMPUTAZIONALE in Finanza e impresa LM-16 CESARONE FRANCESCO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

21201732 - Statistics for finance (objectives)

- Derived from 21210457 Metodi statistici per l'econometria e la finanza in Scienze Economiche LM-56 NACCARATO ALESSIA

9

SECS-S/01

60

-

Core compulsory activities

ITA

21210155 - IFRS AND FINANCIAL INFORMATION (objectives)

- Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA

9

SECS-P/07

60

-

Core compulsory activities

ITA

Optional group: Business English (idoneità) / Idoneità inglese- LM-77 - (show)

6

21201444 - BUSINESS ENGLISH (objectives) To acquire sufficient knowledge of the English language to allow to read, translate and understand Business English texts. The course allows the student to acquire the B2 level language skills of the CEFR (Common European Framework of Reference for the knowledge of languages) focused on Business English topics. Some of the goals include: • Writing e-mails and formal letters; • Mastering the vocabulary, expressions and grammar related to the field of work • Obtaining a degree of fluency in targeted conversations avoiding possible misunderstandings due to different cultural backgrounds. - Derived from 21201444 BUSINESS ENGLISH in Economia e Management LM-77 N0 Chiarella Morgan	6		80	-	-	-	Other activities	ENG
20202021 - ENGLISH LANGUAGE - PASS/FAIL CERTIFICATE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ENG

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives)

- Derived from 21210109 RISK MANAGEMENT E CREAZIONE DI VALORE NELLE BANCHE in Finanza e impresa LM-16 STENTELLA LOPES FRANCESCO SAVERIO

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: FINANZA 2° ANNO LM-77 - ATTIVITÀ AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21201721 - Competitive Strategies in Financial Services (objectives)

- Derived from 21201721 STRATEGIE COMPETITIVE NEI SERVIZI FINANZIARI in Finanza e impresa LM-16 N0 PREVIATI DANIELE ANGELO (syllabus) (reference books)

9

SECS-P/11

60

-

Related or supplementary learning activities

ITA

Optional group: SCELTA LIBERA LM-77 - UN ESAME A SCELTA TRA - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21210130 - Monetary theory, institutions and policy (objectives) The first module (30 hours) of the course aims to provide students with the tools needed to understand the functioning of monetary economy and the operative aspects of Central Bank monetary policies. It explains what money is, the debate on its origins, the different approaches to the determinants of the demand for money and its supply, monetary policy instruments and equilibrium in the assets markets. The lectures of this first module will be held in Italian. The second module (30 hours) concentrates on the relations between money, prices and outputs in the long and short run. It also analyses the debate on rules and discretion in monetary policies, the Taylor rule and the sustainability of public debt. These themes are developed according to both a traditional and heterodox approach. A knowledge of basic microeconomic and macroeconomic notions is a prerequisite for this second module. - Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) First Module 1. The debate on the origin of money 2. The supply of money and its endogeneity 3. The equilibrium of the financial sector 4. Conventional and unconventional monetary policies 5. The structure of the interest rates Second Module 6. Money, prices, and output in the traditional and post-Keynesian models 7. The transmission channels of the monetary policies 8. Monetary policy, capital movements, and the exchange rate 9. The price puzzle and the cost channel of monetary policy 10. Rules and discretion 11. Money and public finance (reference books) Bank of England, Quarterly Bulletin, Q1, 54, 1, 2014, pp. 4-28 (Module 1) N.S. Balke and K.M. Emery, “Understanding the price puzzle”, Economic Review— Fourth Quarter 1994, Federal Reserve Bank of Dallas, pp. 15-26 (Module 2) R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) B. Friedman, “Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits”, Brookings Papers on Economic Activity, 3:1978, pp. 599-603 and 609-620 (Module 2) C.A.E Goodhart, Money, information and uncertainty, Second edition, Macmillan, 1989, pp. 24-50, 51-57, 129-137 (Module 1) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) W. Poole, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model”, The Quarterly Journal of Economics, 84, 2, 1970), pp. 197-203 (Module 2) J. Smithin, The theory of interest rates, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 273-290 (Module 2) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C.E. Walsh, Monetary Theory and Policy, third edition, The Mit Press, 2010, pp. 21-24, 33-71, 134-162, 195-209, 465-475 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21201721 - Competitive Strategies in Financial Services (objectives) The course aims at illustrating the strategic and organizational choices of suppliers of financial services, with special regard to banking groups operating in different business lines. These choices are analyzed in the light of business strategy and banking academic literature. The suppliers of financial services are influenced by regulatory and technological changes, in a market that is more and more international. During the course different business lines are observed (retail banking, private and corporate banking, payment services), taking care of the bundling and unbundling of different kinds of intermediation activities. Besides supply, also demand of financial services is analyzed; a large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. - Derived from 21201721 STRATEGIE COMPETITIVE NEI SERVIZI FINANZIARI in Finanza e impresa LM-16 N0 PREVIATI DANIELE ANGELO (syllabus) The essential topics are: - Change and environment-strategy-structure relationship in the financial services industry - Competitive scenario: the relevance of regulation and ICT - Porter model applied to the financial services industry - The business strategies of financial institutions: environment, goals, tools - The diversification strategies of financial institutions: theoretical profiles - The diversification strategies of financial institutions: principal characteristics and execution - Supply side analysis. The relationships between concentration, competition, profitability and efficiency in financial institutions: from the S-C-P paradigm to the New Industrial organization - Demand side analysis in retail banking: segmentation criteria, financial investment decisions, role of financial literacy, social media use - Operations efficiency analysis: efficiency indicators, scale and scope economies - The diversification strategies: strategic alliances, M&A, bancassurance - The Fintech role on the strategic trends in financial services industry - The managerial roles for strategic management in banking groups (reference books) For 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	9	SECS-P/11	60	-	-	-	Elective activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201730 - Computational Finance (objectives)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: FINANZA 2° ANNO LM-77 - ATTIVITÀ AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - Derived from 21201489 ECONOMIA DELLE IMPRESE DI ASSICURAZIONE E DELLA PREVIDENZA in Finanza e impresa LM-16 N0 RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Related or supplementary learning 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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	9	SECS-P/09	60	-	-	-	Related or supplementary learning 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	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21201736 - QUANTITATIVE FINANCE AND DERIVATIVES (objectives) The course has the objective of providing foundations for the valuation of derivatives and for the analysis of quantitative finance problems. - Derived from 21201736 FINANZA QUANTITATIVA E DERIVATI in Finanza e impresa 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, 2021	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - Derived from 21210189 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Related or supplementary learning activities	ITA

Optional group: SCELTA LIBERA LM-77 - UN ESAME A SCELTA TRA - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - Derived from 21201489 ECONOMIA DELLE IMPRESE DI ASSICURAZIONE E DELLA PREVIDENZA in Finanza e impresa LM-16 N0 RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Elective activities	ITA
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria (reference books) Hull J.C. (2018) Options, Futures, and Other Derivatives (10th Edition) (Pearson).	6	SECS-S/06	40	-	-	-	Elective activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA (syllabus) (Actuarial Sciences) The Mathematics of Compound Interest The Future Lifetime of a Life Aged x Life Insurance Life Annuities Net Premiums Net Premium Reserves (reference books) (ACTUARIAL SCIENCES) Annamaria Olivieri, Ermanno Pitacco Introduction to Insurance Mathematics Springer Hans U. Gerber Life Insurance Mathematics Springer	3	SECS-S/06	20	-	-	-	Elective activities	ENG
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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	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	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	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, 2021	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Elective activities	ENG
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - Derived from 21210189 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Elective activities	ITA
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Elective activities	ENG

Optional group: FINANZA - DIRITTO E FINANZA - FINANZA E TECNOLOGA - Tirocinio - LM-77 - (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

21210081 - FINAL EXAM

9

-

Final examination and foreign language test

ITA

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210039 - COMMERCIAL LAW - ADVANCED COURSE (objectives)

- Derived from 21210039 DIRITTO COMMERCIALE - CORSO AVANZATO in Economia Aziendale LM-77 SPAGNUOLO DOMENICO (reference books)

9

IUS/04

60

-

Elective activities

ITA

Optional group: 1-Diritto e Finanza 1° ANNO LM-16 - Economico - UN ESAME A SCELTA TRA: - (show)

9

Optional group: New group - (show)

9

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210117 - PUBLIC FINANCE (objectives)

- Derived from 21210117 SCIENZA DELLE FINANZE in Economia e gestione aziendale L-18 A - L DE SIMONE ELINA (syllabus) (reference books)

3

SECS-P/03

20

-

Core compulsory activities

6

SECS-P/03

40

-

Attività formative affini ed integrative

ITA

21210127 - STATISTICS (objectives)

- Derived from 21210113 STATISTICA in Economia e gestione aziendale L-18 A - C Matta Carlo

9

SECS-S/01

60

-

Core compulsory activities

ITA

Optional group: 1-Diritto e Finanza 1° ANNO LM-16 - Economico - UN ESAME A SCELTA TRA: - (show)

9

Optional group: New group - (show)

9

21201731 - Banking and Insurance Law (objectives)

- Derived from 21201731 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI in Finanza e impresa LM-16 RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

Optional group: 3-DIRITTO E FINANZA Idoneità lingua - LM-16 - (show)

6

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21201486 - FINANCIAL INTERMEDIATION AND MARKETS (objectives)

Group: A - L

- Derived from 21201486 ECONOMIA DEGLI INTERMEDIARI FINANZIARI in Economia e gestione aziendale L-18 A - D CARATELLI MASSIMO (syllabus) (reference books)

Group: M - Z

- Derived from 21201486 ECONOMIA DEGLI INTERMEDIARI FINANZIARI in Economia e gestione aziendale L-18 P - Z STENTELLA LOPES FRANCESCO SAVERIO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: Diritto e Finanza 2 ANNO LM-16 - MAT-AZIEN - UN ESAME A SCELTA TRA: - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG
21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives) The main objectives of the course are: (i) to develop knowledge to define, measure and manage the main types of risks faced by banks; (ii) to analyze the constraints deriving from regulation to the risk measurement procedure and capital quantification; (iii) to analyze and evaluate the creation of value. - Derived from 21210109 RISK MANAGEMENT E CREAZIONE DI VALORE NELLE BANCHE in Finanza e impresa LM-16 STENTELLA LOPES FRANCESCO SAVERIO	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201494 - FINANCIAL MATHEMATICS (objectives)

Group: A - L

- Derived from 21201494 MATEMATICA FINANZIARIA in Economia e gestione aziendale L-18 A - D MOTTURA CARLO DOMENICO (syllabus) (reference books)

Group: M - Z

- Derived from 21201494 MATEMATICA FINANZIARIA in Economia e gestione aziendale L-18 E - O CARLEO ALESSANDRA (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: Diritto e Finanza 2 ANNO LM-16 - AZIENDALE - UN ESAME A SCELTA TRA: - (show)

9

21210155 - IFRS AND FINANCIAL INFORMATION (objectives) To give students advanced knowledge of Financial Accounting according to International Accounting Standards issued by IASB. A link between accounting and risk is also analysed and the importance of disclosure is highlighted. - Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA	9	SECS-P/07	60	-	-	-	Core compulsory activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Core compulsory activities	ENG

Optional group: Diritto e Finanza 2 ANNO LM-16 MAT-STAT-INF - UN ESAME A SCELTA TRA: - (show)

9

21201499 - DERIVATIVES AND PORTFOLIO THEORY (objectives) In line with the educational objectives of the Degree in Economia e Gestione Aziendale (CLEGA), the course has the objective of providing basic foundations for portfolio selection, real estate investments, and derivative contracts valuation. At the end of the course students will have developed a solid knowledge of models and methods for portfolio selection, for the evaluation of real estate investments, for the evaluation of derivatives. - Derived from 21201499 TEORIA DEL PORTAFOGLIO E DEI CONTRATTI DERIVATI in Economia e gestione aziendale L-18 N0 GHENO ANDREA (syllabus) PART I: BOND PORTFOLIO Theory of bond portfolios. Bond market structure. Semi-deterministic theories of immunization. STOCK PORTFOLIO Financial decision theory in conditions of uncertainty. The logic of choosing between risky alternatives. The theory of expected utility. Insurance contracts and utility theory. The mean-variance analysis. The market and portfolio choices. The second-order characteristics of the portfolio. Average-variance optimization. The determination of averages and covariance. Diversification and risk measures. The Capital Asset Pricing Model. General considerations on expectations and risk in efficient markets. CAPM as a model of balance. Measurement and estimation issues. Extensions and applications. REAL ESTATE INVESTMENT Real estate investments. Characteristics of the real estate market. Selection and management of real estate portfolios. PART II: DERIVATIVES Forward contracts. Forward contracts and markets. The arbitrage relationship between spot and forward prices. Spot exchange and forward exchange. Futures contracts. Features. Daily readjustment mechanism. Futures and spot prices. Hedging and speculation with futures contracts. Futures on stock indices and on bonds. Financial options. The logic of the options. Call and put options. European and American options. Arbitrage restrictions for the option price. The binomial model. The risk-neutral evaluation. The evaluation of American options. More general options. (reference books) Luenberger, D., Investment Science, OUP, 2013	9	SECS-S/06	60	-	-	-	Core compulsory activities	ITA
21210182 - FINANCIAL VALUATION AND RISK MANAGEMENT (objectives) The course is aimed to provide the students with the fundamental aspects of financial valuation and risk management. More specifically, - financial valuation methods and models - principles and strategies for semi-deterministic and stochastic financial immunization - risk measures for the maximum potential loss, also in the context of banking and insurance regulation and supervision, are discussed. - MOTTURA CARLO DOMENICO (syllabus) 1 – FINANCIAL VALUATION METHODS AND MODELS The value and risk categories. Financial valuation methods. Discounted certainty equivalent approach. Discounted certainty equivalent models. On the choice between risky alternatives. Expected utility hypothesis. Option pricing theory. Risk-adjusted discounting method. Risk-adjusted discounting models. Mixed methods. 2 – RISK MANAGEMENT: CRITERIA AND RULES Formal scheme. Sources and forms of risk. Market risk and credit risk. Stochastic models for market risk: (a brief review of) equity and currency risk, interest rate risk. Interest rate risk management and control. Semi-deterministic financial immunization theory. Stochastic financial immunization theory and hedging logic. Risk measures for the maximum potential loss (VAR, Risk Capital). Banking and insurance regulation and supervision, and risk culture: Basilea 2 and Solvency 2. (reference books) Handouts from teacher.	9	SECS-S/06	60	-	-	-	Core compulsory activities	ITA

Optional group: Diritto e Finanza 2 ANNO LM-16 - MAT-AZIEN - UN ESAME A SCELTA TRA: - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria	6	SECS-S/06	40	-	-	-	Related or supplementary learning activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA	3	SECS-S/06	20	-	-	-	Related or supplementary learning activities	ENG
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	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210155 - IFRS AND FINANCIAL INFORMATION (objectives) To give students advanced knowledge of Financial Accounting according to International Accounting Standards issued by IASB. A link between accounting and risk is also analysed and the importance of disclosure is highlighted. - Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA	9	SECS-P/07	60	-	-	-	Related or supplementary learning activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Related or supplementary learning activities	ENG
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG
21201499 - DERIVATIVES AND PORTFOLIO THEORY (objectives) In line with the educational objectives of the Degree in Economia e Gestione Aziendale (CLEGA), the course has the objective of providing basic foundations for portfolio selection, real estate investments, and derivative contracts valuation. At the end of the course students will have developed a solid knowledge of models and methods for portfolio selection, for the evaluation of real estate investments, for the evaluation of derivatives. - Derived from 21201499 TEORIA DEL PORTAFOGLIO E DEI CONTRATTI DERIVATI in Economia e gestione aziendale L-18 N0 GHENO ANDREA (syllabus) PART I: BOND PORTFOLIO Theory of bond portfolios. Bond market structure. Semi-deterministic theories of immunization. STOCK PORTFOLIO Financial decision theory in conditions of uncertainty. The logic of choosing between risky alternatives. The theory of expected utility. Insurance contracts and utility theory. The mean-variance analysis. The market and portfolio choices. The second-order characteristics of the portfolio. Average-variance optimization. The determination of averages and covariance. Diversification and risk measures. The Capital Asset Pricing Model. General considerations on expectations and risk in efficient markets. CAPM as a model of balance. Measurement and estimation issues. Extensions and applications. REAL ESTATE INVESTMENT Real estate investments. Characteristics of the real estate market. Selection and management of real estate portfolios. PART II: DERIVATIVES Forward contracts. Forward contracts and markets. The arbitrage relationship between spot and forward prices. Spot exchange and forward exchange. Futures contracts. Features. Daily readjustment mechanism. Futures and spot prices. Hedging and speculation with futures contracts. Futures on stock indices and on bonds. Financial options. The logic of the options. Call and put options. European and American options. Arbitrage restrictions for the option price. The binomial model. The risk-neutral evaluation. The evaluation of American options. More general options. (reference books) Luenberger, D., Investment Science, OUP, 2013	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210182 - FINANCIAL VALUATION AND RISK MANAGEMENT (objectives) The course is aimed to provide the students with the fundamental aspects of financial valuation and risk management. More specifically, - financial valuation methods and models - principles and strategies for semi-deterministic and stochastic financial immunization - risk measures for the maximum potential loss, also in the context of banking and insurance regulation and supervision, are discussed. - Derived from 21210182 VALUTAZIONE FINANZIARIA E GESTIONE DEL RISCHIO in Finanza e impresa LM-16 MOTTURA CARLO DOMENICO (syllabus) 1 – FINANCIAL VALUATION METHODS AND MODELS The value and risk categories. Financial valuation methods. Discounted certainty equivalent approach. Discounted certainty equivalent models. On the choice between risky alternatives. Expected utility hypothesis. Option pricing theory. Risk-adjusted discounting method. Risk-adjusted discounting models. Mixed methods. 2 – RISK MANAGEMENT: CRITERIA AND RULES Formal scheme. Sources and forms of risk. Market risk and credit risk. Stochastic models for market risk: (a brief review of) equity and currency risk, interest rate risk. Interest rate risk management and control. Semi-deterministic financial immunization theory. Stochastic financial immunization theory and hedging logic. Risk measures for the maximum potential loss (VAR, Risk Capital). Banking and insurance regulation and supervision, and risk culture: Basilea 2 and Solvency 2. (reference books) Handouts from teacher.	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA

Optional group: FINANZA - DIRITTO E FINANZA - FINANZA E TECNOLOGA - Tirocinio - LM-16 - (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

21210081 - FINAL EXAM

9

-

Final examination and foreign language test

ITA

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210039 - COMMERCIAL LAW - ADVANCED COURSE (objectives)

- Derived from 21210039 DIRITTO COMMERCIALE - CORSO AVANZATO in Economia Aziendale LM-77 SPAGNUOLO DOMENICO (reference books)

9

IUS/04

60

-

Elective activities

ITA

Optional group: 1-Diritto e Finanza 1° ANNO LM-77 - Economico - UN ESAME A SCELTA TRA: - (show)

9

Optional group: New group - (show)

9

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210117 - PUBLIC FINANCE (objectives)

- Derived from 21210117 SCIENZA DELLE FINANZE in Economia e gestione aziendale L-18 A - L DE SIMONE ELINA (syllabus) (reference books)

3

SECS-P/03

20

-

Core compulsory activities

6

SECS-P/03

40

-

Attività formative affini ed integrative

ITA

21210127 - STATISTICS (objectives)

- Derived from 21210113 STATISTICA in Economia e gestione aziendale L-18 A - C Matta Carlo

9

SECS-S/01

60

-

Core compulsory activities

ITA

Optional group: 1-Diritto e Finanza 1° ANNO LM-77 - Economico - UN ESAME A SCELTA TRA: - (show)

9

Optional group: New group - (show)

9

21201731 - Banking and Insurance Law (objectives)

- Derived from 21201731 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI in Finanza e impresa LM-16 RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

Optional group: 3-DIRITTO E FINANZA Idoneità lingua - LM-77 - (show)

6

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21201486 - FINANCIAL INTERMEDIATION AND MARKETS (objectives)

Group: A - L

- Derived from 21201486 ECONOMIA DEGLI INTERMEDIARI FINANZIARI in Economia e gestione aziendale L-18 A - D CARATELLI MASSIMO (syllabus) (reference books)

Group: M - Z

- Derived from 21201486 ECONOMIA DEGLI INTERMEDIARI FINANZIARI in Economia e gestione aziendale L-18 P - Z STENTELLA LOPES FRANCESCO SAVERIO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: Diritto e Finanza 2 ANNO LM-77 - MAT-AZIEN - UN ESAME A SCELTA TRA: - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG
21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives) The main objectives of the course are: (i) to develop knowledge to define, measure and manage the main types of risks faced by banks; (ii) to analyze the constraints deriving from regulation to the risk measurement procedure and capital quantification; (iii) to analyze and evaluate the creation of value. - Derived from 21210109 RISK MANAGEMENT E CREAZIONE DI VALORE NELLE BANCHE in Finanza e impresa LM-16 STENTELLA LOPES FRANCESCO SAVERIO	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201494 - FINANCIAL MATHEMATICS (objectives)

Group: A - L

- Derived from 21201494 MATEMATICA FINANZIARIA in Economia e gestione aziendale L-18 A - D MOTTURA CARLO DOMENICO (syllabus) (reference books)

Group: M - Z

- Derived from 21201494 MATEMATICA FINANZIARIA in Economia e gestione aziendale L-18 E - O CARLEO ALESSANDRA (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: Diritto e Finanza 2 ANNO - LM-77 - AZIENDALE - UN ESAME A SCELTA TRA: - (show)

9

21210155 - IFRS AND FINANCIAL INFORMATION (objectives) To give students advanced knowledge of Financial Accounting according to International Accounting Standards issued by IASB. A link between accounting and risk is also analysed and the importance of disclosure is highlighted. - Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA	9	SECS-P/07	60	-	-	-	Core compulsory activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Core compulsory activities	ENG

Optional group: Diritto e Finanza 2 ANNO LM-77 - STAT-MAT - UN ESAME A SCELTA TRA: - (show)

9

21201499 - DERIVATIVES AND PORTFOLIO THEORY (objectives) In line with the educational objectives of the Degree in Economia e Gestione Aziendale (CLEGA), the course has the objective of providing basic foundations for portfolio selection, real estate investments, and derivative contracts valuation. At the end of the course students will have developed a solid knowledge of models and methods for portfolio selection, for the evaluation of real estate investments, for the evaluation of derivatives. - Derived from 21201499 TEORIA DEL PORTAFOGLIO E DEI CONTRATTI DERIVATI in Economia e gestione aziendale L-18 N0 GHENO ANDREA (syllabus) PART I: BOND PORTFOLIO Theory of bond portfolios. Bond market structure. Semi-deterministic theories of immunization. STOCK PORTFOLIO Financial decision theory in conditions of uncertainty. The logic of choosing between risky alternatives. The theory of expected utility. Insurance contracts and utility theory. The mean-variance analysis. The market and portfolio choices. The second-order characteristics of the portfolio. Average-variance optimization. The determination of averages and covariance. Diversification and risk measures. The Capital Asset Pricing Model. General considerations on expectations and risk in efficient markets. CAPM as a model of balance. Measurement and estimation issues. Extensions and applications. REAL ESTATE INVESTMENT Real estate investments. Characteristics of the real estate market. Selection and management of real estate portfolios. PART II: DERIVATIVES Forward contracts. Forward contracts and markets. The arbitrage relationship between spot and forward prices. Spot exchange and forward exchange. Futures contracts. Features. Daily readjustment mechanism. Futures and spot prices. Hedging and speculation with futures contracts. Futures on stock indices and on bonds. Financial options. The logic of the options. Call and put options. European and American options. Arbitrage restrictions for the option price. The binomial model. The risk-neutral evaluation. The evaluation of American options. More general options. (reference books) Luenberger, D., Investment Science, OUP, 2013	9	SECS-S/06	60	-	-	-	Core compulsory activities	ITA
21210182 - FINANCIAL VALUATION AND RISK MANAGEMENT (objectives) The course is aimed to provide the students with the fundamental aspects of financial valuation and risk management. More specifically, - financial valuation methods and models - principles and strategies for semi-deterministic and stochastic financial immunization - risk measures for the maximum potential loss, also in the context of banking and insurance regulation and supervision, are discussed. - Derived from 21210182 VALUTAZIONE FINANZIARIA E GESTIONE DEL RISCHIO in Finanza e impresa LM-16 MOTTURA CARLO DOMENICO (syllabus) 1 – FINANCIAL VALUATION METHODS AND MODELS The value and risk categories. Financial valuation methods. Discounted certainty equivalent approach. Discounted certainty equivalent models. On the choice between risky alternatives. Expected utility hypothesis. Option pricing theory. Risk-adjusted discounting method. Risk-adjusted discounting models. Mixed methods. 2 – RISK MANAGEMENT: CRITERIA AND RULES Formal scheme. Sources and forms of risk. Market risk and credit risk. Stochastic models for market risk: (a brief review of) equity and currency risk, interest rate risk. Interest rate risk management and control. Semi-deterministic financial immunization theory. Stochastic financial immunization theory and hedging logic. Risk measures for the maximum potential loss (VAR, Risk Capital). Banking and insurance regulation and supervision, and risk culture: Basilea 2 and Solvency 2. (reference books) Handouts from teacher.	9	SECS-S/06	60	-	-	-	Core compulsory activities	ITA

Optional group: Diritto e Finanza 2 ANNO LM-77 - MAT-AZIEN - UN ESAME A SCELTA TRA: - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria	6	SECS-S/06	40	-	-	-	Related or supplementary learning activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA	3	SECS-S/06	20	-	-	-	Related or supplementary learning activities	ENG
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	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210155 - IFRS AND FINANCIAL INFORMATION (objectives) To give students advanced knowledge of Financial Accounting according to International Accounting Standards issued by IASB. A link between accounting and risk is also analysed and the importance of disclosure is highlighted. - Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA	9	SECS-P/07	60	-	-	-	Related or supplementary learning activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Related or supplementary learning activities	ENG
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG
21201499 - DERIVATIVES AND PORTFOLIO THEORY (objectives) In line with the educational objectives of the Degree in Economia e Gestione Aziendale (CLEGA), the course has the objective of providing basic foundations for portfolio selection, real estate investments, and derivative contracts valuation. At the end of the course students will have developed a solid knowledge of models and methods for portfolio selection, for the evaluation of real estate investments, for the evaluation of derivatives. - Derived from 21201499 TEORIA DEL PORTAFOGLIO E DEI CONTRATTI DERIVATI in Economia e gestione aziendale L-18 N0 GHENO ANDREA (syllabus) PART I: BOND PORTFOLIO Theory of bond portfolios. Bond market structure. Semi-deterministic theories of immunization. STOCK PORTFOLIO Financial decision theory in conditions of uncertainty. The logic of choosing between risky alternatives. The theory of expected utility. Insurance contracts and utility theory. The mean-variance analysis. The market and portfolio choices. The second-order characteristics of the portfolio. Average-variance optimization. The determination of averages and covariance. Diversification and risk measures. The Capital Asset Pricing Model. General considerations on expectations and risk in efficient markets. CAPM as a model of balance. Measurement and estimation issues. Extensions and applications. REAL ESTATE INVESTMENT Real estate investments. Characteristics of the real estate market. Selection and management of real estate portfolios. PART II: DERIVATIVES Forward contracts. Forward contracts and markets. The arbitrage relationship between spot and forward prices. Spot exchange and forward exchange. Futures contracts. Features. Daily readjustment mechanism. Futures and spot prices. Hedging and speculation with futures contracts. Futures on stock indices and on bonds. Financial options. The logic of the options. Call and put options. European and American options. Arbitrage restrictions for the option price. The binomial model. The risk-neutral evaluation. The evaluation of American options. More general options. (reference books) Luenberger, D., Investment Science, OUP, 2013	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA
21210182 - FINANCIAL VALUATION AND RISK MANAGEMENT (objectives) The course is aimed to provide the students with the fundamental aspects of financial valuation and risk management. More specifically, - financial valuation methods and models - principles and strategies for semi-deterministic and stochastic financial immunization - risk measures for the maximum potential loss, also in the context of banking and insurance regulation and supervision, are discussed. - MOTTURA CARLO DOMENICO (syllabus) 1 – FINANCIAL VALUATION METHODS AND MODELS The value and risk categories. Financial valuation methods. Discounted certainty equivalent approach. Discounted certainty equivalent models. On the choice between risky alternatives. Expected utility hypothesis. Option pricing theory. Risk-adjusted discounting method. Risk-adjusted discounting models. Mixed methods. 2 – RISK MANAGEMENT: CRITERIA AND RULES Formal scheme. Sources and forms of risk. Market risk and credit risk. Stochastic models for market risk: (a brief review of) equity and currency risk, interest rate risk. Interest rate risk management and control. Semi-deterministic financial immunization theory. Stochastic financial immunization theory and hedging logic. Risk measures for the maximum potential loss (VAR, Risk Capital). Banking and insurance regulation and supervision, and risk culture: Basilea 2 and Solvency 2. (reference books) Handouts from teacher.	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA

Optional group: FINANZA - DIRITTO E FINANZA - FINANZA E TECNOLOGA - Tirocinio - LM-77 - (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

21210081 - FINAL EXAM

9

-

Final examination and foreign language test

ITA

First semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21210247 - COMPARING FINANCIAL SYSTEMS (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. - Derived from 21210247 COMPARING FINANCIAL SYSTEMS in Finanza e impresa LM-16 SCARANO GIOVANNI (syllabus) 1. Introduction (2 hours) 1.1 Premises for a comparative study 1.2 Forms of fund channelling 1.3 Classification of financial systems 2. The Historical Development of Financial Systems (2 hours) 2.1 The first stages of financial systems 2.2 Credit vs mutual aid 2.3 Early Financial Systems 2.4 The birth of modern financial systems 3. Today’s financial institutions and financial markets (4 hours) 3.1 Money capital and interest bearing capital 3.2Kinds of financial institutions 3.3 Banks and creation of liquidity 3.4 Banking and maturity transformation 3.5 Shadow banking 3.6 Mutual and pension funds 3.7 Major changes in today’s financial systems 4. Interest bearing capital and the conflict between industrial profit and financial rents (2 hours) 5. Central banks, money markets and monetary policies (2 hours) 5.1 The evolution of central banks 5.2 Different kinds of financial regulation 5.3 Money markets and monetary policy 6. Intertemporal choices and The ADM model (2 hours) 7. The Limitations of Markets (2 hours) 8. The role of Corporate Governance (4 hours) 9. Self-financing (2 hours) 10. Corporate saving (2 hours) 11. Financialisation of NFCs (4 hours) 12. Liquidity holding and financial crises (2 hours) 13. Bubbles, crises and other financial troubles (6 hours) 14. Market-oriented systems (8 hours) 14.1 The UK financial system 14.2 The US financial system 15. Bank-oriented Systems (8 hours) 15.1 The German financial system 15.2 The French financial system 15.3 The Eurozone and the Banking Union 15.4 The Japanese financial system 16. Financial systems in emerging countries (8 hours) (reference books) Scarano G., Financialisation and Macroeconomics. The impact on Social welfare in Advanced Economies, Routledge, 2023. Allen F., Gale D, Comparing Financial Systems, MIT Press, 2000.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ENG
21210172 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS
21210172-1 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I - Derived from 21210172-1 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I in Finanza e impresa LM-16 Iannaccone Roberto	3	SECS-P/01	20	-	-	-	Core compulsory activities	ENG
21210172-2 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II - Derived from 21210172-2 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II in Finanza e impresa LM-16 ZURLO DAVIDE	6	SECS-S/01	40	-	-	-	Related or supplementary learning activities	ENG
21210097 - STATISTICS FOR FINANCE - Derived from 21210097 STATISTICS FOR FINANCE in Finanza e impresa LM-16 Di Consiglio Loredana, Chianella Diego	9	SECS-S/01	60	-	-	-	Core compulsory activities	ENG

Second semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21210095 - EUROPEAN BANKING AND FINANCIAL LAW (objectives) In recent decades, the volume of EU legislation on financial law has increased exponentially. Banks, insurers, pension funds, investment firms and other financial institutions all are increasingly subject to European regulatory rules, as are day to day financial transactions. Serving as a comprehensive and authoritative introduction to European banking and financial law, the course is organized around the three economic themes that are central to the financial industry: (i) financial markets; (ii) financial institutions; and (iii) financial transactions. It covers not only regulatory law, but also commercial law that is relevant for the most important financial transactions. - Derived from 21210095 EUROPEAN BANKING AND FINANCIAL LAW in Finanza e impresa LM-16 SACCO GINEVRI ANDREA (syllabus) The course deals with the following contents: - Preliminary introduction on the main Italian and European business laws and regulations, with particular focus on banks, listed companies and other financial institutions; - Financial markets’ dynamics, principles, players and main rules; - Regulation on banks and other financial intermediaries; - Regulation on the issuers of listed financial instruments; - Corporate control and direction and coordination activity; - Regulation on takeovers bids; - Regulation on withdrawal right and analysis of the relevant case law; - Related parties’ transactions and conflict of interests; - Market abuse regulation and insider trading; - Extraordinary transactions; - Cross-border transactions; - Golden powers and foreign direct investments screening regulation; - Corporate governance rules and best practices in the banking and financial sector; - Italian and European banking, corporate and securities law: trends and perspectives. (reference books) VV. AA., Commentaries and Cases on Italian Business Law, directed by A.Sacco Ginevri, II ed., CEDAM, 2021	9	IUS/05	60	-	-	-	Core compulsory activities	ENG
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria	6	SECS-S/06	40	-	-	-	Core compulsory activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA	3	SECS-S/06	20	-	-	-	Core compulsory activities	ENG
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Core compulsory activities	ENG
21210104 - EUROPEAN LANGUAGE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ENG

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201722 - RISK MANAGEMENT IN BANKING (objectives)

- Derived from 21201722 RISK MANAGEMENT IN BANKING in Finanza e impresa LM-16 FIORDELISI FRANCO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ENG

Optional group: New group - (show)

9

21210101 - FINANCIAL SERVICES STRATEGIES (objectives)

- Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ENG

Optional group: FINANCE 2 ANNO LM-16 - ATTIVITA' AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Related or supplementary learning activities	ENG

Optional group: New group - (show)

9

21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210099 - FINANCIAL MODELING (objectives)

- Derived from 21210099 FINANCIAL MODELING in Finanza e impresa LM-16 (docente da definire)

9

SECS-S/06

60

-

Core compulsory activities

ENG

Optional group: New group - (show)

9

21210469 - SUSTAINABLE FINANCE (objectives)

- CARBONI MARIKA (syllabus) (reference books)

- CALICE GIOVANNI (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ENG

Optional group: FINANCE 2 ANNO LM-16 - ATTIVITA' AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21210159 - ALGORITHMS IN FINTECH (objectives) Main goal: become familiar with mathematical programming techniques and algorithms to address problems in finance and data analysis. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of mathematical programming theory and algorithms as support to decision making in finance and data analysis. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming tools and methods, and computer software to practically address real-world problems in finance and data analysis. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210159 ALGORITHMS IN FINTECH in Finanza e impresa LM-16 LAMPARIELLO LORENZO (syllabus) The course focuses on the fundamental aspects of mathematical programming theory and algorithms. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (30 hours) 1.a (15 hours) Modeling techniques through mathematical programming in the context of financial problems and data analysis. 1.b (15 hours) How to practically solve problems’ models via Python. Unit 2 - Theory (30 hours) 2.a Theoretical properties concerning linear and convex nonlinear programming problems. 2.b Main algorithms for linear and convex nonlinear programming problems. (reference books) Brinkhuis J., Tikhomirov V. (2005) Optimization: insights and applications (Princeton University Press) Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education) Cherkassky V., Mulier F.M. (2007) Learning from data: concepts, theory, and methods (John Wiley & Sons) Cornuejols G., Tütüncü R. (2006) Optimization methods in finance (Cambridge University Press)	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ENG
21210122 - MATHEMATICS OF DECISION MAKING (objectives) Main goal: develop skills and background to - understand and formulate real-world problems; - construct mathematical models that abstract the essence of real-world problems; - solve the mathematical models of real-world problems. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of quantitative methods involving operations research, mathematical programming and analytics as support to decision making. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming techniques and computer software (e.g., Microsoft Excel) to practically address real-world problems in economics. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210122 MATHEMATICS OF DECISION MAKING in Economia e Management LM-77 Ricci Jacopo Maria (syllabus) The course focuses on the fundamental aspects of operations research, mathematical programming and analytics. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (40 hours) 1.a (20 hours) Modeling techniques through mathematical programming, and case study analyses (e.g., planning, logistics, capital budgeting, transportation, assignment problems, portfolio selection, …) 1.b (20 hours) How to solve problems’ models: algorithms and computer software Microsoft Excel solver Unit 2 - Theory (20 hours) Mathematical programming problems properties. More specifically, - linear programming: logic and geometry of linear programming, duality, sensitivity analysis; - basic aspects of integer programming; - a glimpse of nonlinear programming. Textbooks adopted: Taha H.A. (2017) Operations Research: An Introduction (Pearson)   Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education)   Notes provided by the teacher (reference books) Taha H.A. (2017) Operations Research: An Introduction (Pearson). Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education).	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ENG
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG

Optional group: New group - (show)

9

21210159 - ALGORITHMS IN FINTECH (objectives) Main goal: become familiar with mathematical programming techniques and algorithms to address problems in finance and data analysis. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of mathematical programming theory and algorithms as support to decision making in finance and data analysis. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming tools and methods, and computer software to practically address real-world problems in finance and data analysis. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210159 ALGORITHMS IN FINTECH in Finanza e impresa LM-16 LAMPARIELLO LORENZO (syllabus) The course focuses on the fundamental aspects of mathematical programming theory and algorithms. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (30 hours) 1.a (15 hours) Modeling techniques through mathematical programming in the context of financial problems and data analysis. 1.b (15 hours) How to practically solve problems’ models via Python. Unit 2 - Theory (30 hours) 2.a Theoretical properties concerning linear and convex nonlinear programming problems. 2.b Main algorithms for linear and convex nonlinear programming problems. (reference books) Brinkhuis J., Tikhomirov V. (2005) Optimization: insights and applications (Princeton University Press) Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education) Cherkassky V., Mulier F.M. (2007) Learning from data: concepts, theory, and methods (John Wiley & Sons) Cornuejols G., Tütüncü R. (2006) Optimization methods in finance (Cambridge University Press)	9	SECS-S/06	60	-	-	-	Elective activities	ENG
21210122 - MATHEMATICS OF DECISION MAKING (objectives) Main goal: develop skills and background to - understand and formulate real-world problems; - construct mathematical models that abstract the essence of real-world problems; - solve the mathematical models of real-world problems. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of quantitative methods involving operations research, mathematical programming and analytics as support to decision making. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming techniques and computer software (e.g., Microsoft Excel) to practically address real-world problems in economics. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210122 MATHEMATICS OF DECISION MAKING in Economia e Management LM-77 Ricci Jacopo Maria (syllabus) The course focuses on the fundamental aspects of operations research, mathematical programming and analytics. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (40 hours) 1.a (20 hours) Modeling techniques through mathematical programming, and case study analyses (e.g., planning, logistics, capital budgeting, transportation, assignment problems, portfolio selection, …) 1.b (20 hours) How to solve problems’ models: algorithms and computer software Microsoft Excel solver Unit 2 - Theory (20 hours) Mathematical programming problems properties. More specifically, - linear programming: logic and geometry of linear programming, duality, sensitivity analysis; - basic aspects of integer programming; - a glimpse of nonlinear programming. Textbooks adopted: Taha H.A. (2017) Operations Research: An Introduction (Pearson)   Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education)   Notes provided by the teacher (reference books) Taha H.A. (2017) Operations Research: An Introduction (Pearson). Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education).	9	SECS-S/06	60	-	-	-	Elective activities	ENG
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Elective activities	ENG

Optional group: Finance Internship - LM-16 - (show)

6

21210078 - INTERNSHIP	6	-	-	-	-	Per stages e tirocini presso imprese, enti pubblici o privati, ordini professionali (art.10, comma 5, lettera e)	ENG
21210079 - INTERNSHIP I	3	-	-	-	-	Per stages e tirocini presso imprese, enti pubblici o privati, ordini professionali (art.10, comma 5, lettera e)	ENG
21210080 - INTERNSHIP II	3	-	-	-	-	Per stages e tirocini presso imprese, enti pubblici o privati, ordini professionali (art.10, comma 5, lettera e)	ENG

21210093 - FINAL THESIS

9

-

Final examination and foreign language test

ENG

First semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21210247 - COMPARING FINANCIAL SYSTEMS (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. - Derived from 21210247 COMPARING FINANCIAL SYSTEMS in Finanza e impresa LM-16 SCARANO GIOVANNI (syllabus) 1. Introduction (2 hours) 1.1 Premises for a comparative study 1.2 Forms of fund channelling 1.3 Classification of financial systems 2. The Historical Development of Financial Systems (2 hours) 2.1 The first stages of financial systems 2.2 Credit vs mutual aid 2.3 Early Financial Systems 2.4 The birth of modern financial systems 3. Today’s financial institutions and financial markets (4 hours) 3.1 Money capital and interest bearing capital 3.2Kinds of financial institutions 3.3 Banks and creation of liquidity 3.4 Banking and maturity transformation 3.5 Shadow banking 3.6 Mutual and pension funds 3.7 Major changes in today’s financial systems 4. Interest bearing capital and the conflict between industrial profit and financial rents (2 hours) 5. Central banks, money markets and monetary policies (2 hours) 5.1 The evolution of central banks 5.2 Different kinds of financial regulation 5.3 Money markets and monetary policy 6. Intertemporal choices and The ADM model (2 hours) 7. The Limitations of Markets (2 hours) 8. The role of Corporate Governance (4 hours) 9. Self-financing (2 hours) 10. Corporate saving (2 hours) 11. Financialisation of NFCs (4 hours) 12. Liquidity holding and financial crises (2 hours) 13. Bubbles, crises and other financial troubles (6 hours) 14. Market-oriented systems (8 hours) 14.1 The UK financial system 14.2 The US financial system 15. Bank-oriented Systems (8 hours) 15.1 The German financial system 15.2 The French financial system 15.3 The Eurozone and the Banking Union 15.4 The Japanese financial system 16. Financial systems in emerging countries (8 hours) (reference books) Scarano G., Financialisation and Macroeconomics. The impact on Social welfare in Advanced Economies, Routledge, 2023. Allen F., Gale D, Comparing Financial Systems, MIT Press, 2000.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ENG
21210172 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS
21210172-1 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I - Derived from 21210172-1 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I in Finanza e impresa LM-16 Iannaccone Roberto	3	SECS-P/01	20	-	-	-	Core compulsory activities	ENG
21210172-2 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II - Derived from 21210172-2 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II in Finanza e impresa LM-16 ZURLO DAVIDE	6	SECS-S/01	40	-	-	-	Related or supplementary learning activities	ENG
21210097 - STATISTICS FOR FINANCE - Derived from 21210097 STATISTICS FOR FINANCE in Finanza e impresa LM-16 Di Consiglio Loredana, Chianella Diego	9	SECS-S/01	60	-	-	-	Core compulsory activities	ENG

Second semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21210095 - EUROPEAN BANKING AND FINANCIAL LAW (objectives) In recent decades, the volume of EU legislation on financial law has increased exponentially. Banks, insurers, pension funds, investment firms and other financial institutions all are increasingly subject to European regulatory rules, as are day to day financial transactions. Serving as a comprehensive and authoritative introduction to European banking and financial law, the course is organized around the three economic themes that are central to the financial industry: (i) financial markets; (ii) financial institutions; and (iii) financial transactions. It covers not only regulatory law, but also commercial law that is relevant for the most important financial transactions. - Derived from 21210095 EUROPEAN BANKING AND FINANCIAL LAW in Finanza e impresa LM-16 SACCO GINEVRI ANDREA (syllabus) The course deals with the following contents: - Preliminary introduction on the main Italian and European business laws and regulations, with particular focus on banks, listed companies and other financial institutions; - Financial markets’ dynamics, principles, players and main rules; - Regulation on banks and other financial intermediaries; - Regulation on the issuers of listed financial instruments; - Corporate control and direction and coordination activity; - Regulation on takeovers bids; - Regulation on withdrawal right and analysis of the relevant case law; - Related parties’ transactions and conflict of interests; - Market abuse regulation and insider trading; - Extraordinary transactions; - Cross-border transactions; - Golden powers and foreign direct investments screening regulation; - Corporate governance rules and best practices in the banking and financial sector; - Italian and European banking, corporate and securities law: trends and perspectives. (reference books) VV. AA., Commentaries and Cases on Italian Business Law, directed by A.Sacco Ginevri, II ed., CEDAM, 2021	9	IUS/05	60	-	-	-	Core compulsory activities	ENG
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria	6	SECS-S/06	40	-	-	-	Core compulsory activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA	3	SECS-S/06	20	-	-	-	Core compulsory activities	ENG
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Core compulsory activities	ENG
21210104 - EUROPEAN LANGUAGE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ENG

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201722 - RISK MANAGEMENT IN BANKING (objectives)

- Derived from 21201722 RISK MANAGEMENT IN BANKING in Finanza e impresa LM-16 FIORDELISI FRANCO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ENG

Optional group: New group - (show)

9

21210101 - FINANCIAL SERVICES STRATEGIES (objectives)

- Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ENG

Optional group: FINANCE 2 ANNO LM-77 - ATTIVITA' AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Related or supplementary learning activities	ENG

Optional group: New group - (show)

9

21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners.	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210099 - FINANCIAL MODELING (objectives)

- Derived from 21210099 FINANCIAL MODELING in Finanza e impresa LM-16 (docente da definire)

9

SECS-S/06

60

-

Core compulsory activities

ENG

Optional group: New group - (show)

9

21210469 - SUSTAINABLE FINANCE (objectives)

- Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ENG

Optional group: FINANCE 2 ANNO LM-77 - ATTIVITA' AFFINI - UN ESAME A SCELTA TRA: - (show)

9

21210159 - ALGORITHMS IN FINTECH (objectives) Main goal: become familiar with mathematical programming techniques and algorithms to address problems in finance and data analysis. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of mathematical programming theory and algorithms as support to decision making in finance and data analysis. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming tools and methods, and computer software to practically address real-world problems in finance and data analysis. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - LAMPARIELLO LORENZO (syllabus) The course focuses on the fundamental aspects of mathematical programming theory and algorithms. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (30 hours) 1.a (15 hours) Modeling techniques through mathematical programming in the context of financial problems and data analysis. 1.b (15 hours) How to practically solve problems’ models via Python. Unit 2 - Theory (30 hours) 2.a Theoretical properties concerning linear and convex nonlinear programming problems. 2.b Main algorithms for linear and convex nonlinear programming problems. (reference books) Brinkhuis J., Tikhomirov V. (2005) Optimization: insights and applications (Princeton University Press) Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education) Cherkassky V., Mulier F.M. (2007) Learning from data: concepts, theory, and methods (John Wiley & Sons) Cornuejols G., Tütüncü R. (2006) Optimization methods in finance (Cambridge University Press)	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ENG
21210122 - MATHEMATICS OF DECISION MAKING (objectives) Main goal: develop skills and background to - understand and formulate real-world problems; - construct mathematical models that abstract the essence of real-world problems; - solve the mathematical models of real-world problems. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of quantitative methods involving operations research, mathematical programming and analytics as support to decision making. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming techniques and computer software (e.g., Microsoft Excel) to practically address real-world problems in economics. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210122 MATHEMATICS OF DECISION MAKING in Economia e Management LM-77 Ricci Jacopo Maria (syllabus) The course focuses on the fundamental aspects of operations research, mathematical programming and analytics. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (40 hours) 1.a (20 hours) Modeling techniques through mathematical programming, and case study analyses (e.g., planning, logistics, capital budgeting, transportation, assignment problems, portfolio selection, …) 1.b (20 hours) How to solve problems’ models: algorithms and computer software Microsoft Excel solver Unit 2 - Theory (20 hours) Mathematical programming problems properties. More specifically, - linear programming: logic and geometry of linear programming, duality, sensitivity analysis; - basic aspects of integer programming; - a glimpse of nonlinear programming. Textbooks adopted: Taha H.A. (2017) Operations Research: An Introduction (Pearson)   Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education)   Notes provided by the teacher (reference books) Taha H.A. (2017) Operations Research: An Introduction (Pearson). Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education).	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ENG
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Related or supplementary learning activities	ENG

Optional group: New group - (show)

9

21210159 - ALGORITHMS IN FINTECH (objectives) Main goal: become familiar with mathematical programming techniques and algorithms to address problems in finance and data analysis. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of mathematical programming theory and algorithms as support to decision making in finance and data analysis. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming tools and methods, and computer software to practically address real-world problems in finance and data analysis. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - LAMPARIELLO LORENZO (syllabus) The course focuses on the fundamental aspects of mathematical programming theory and algorithms. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (30 hours) 1.a (15 hours) Modeling techniques through mathematical programming in the context of financial problems and data analysis. 1.b (15 hours) How to practically solve problems’ models via Python. Unit 2 - Theory (30 hours) 2.a Theoretical properties concerning linear and convex nonlinear programming problems. 2.b Main algorithms for linear and convex nonlinear programming problems. (reference books) Brinkhuis J., Tikhomirov V. (2005) Optimization: insights and applications (Princeton University Press) Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education) Cherkassky V., Mulier F.M. (2007) Learning from data: concepts, theory, and methods (John Wiley & Sons) Cornuejols G., Tütüncü R. (2006) Optimization methods in finance (Cambridge University Press)	9	SECS-S/06	60	-	-	-	Elective activities	ENG
21210122 - MATHEMATICS OF DECISION MAKING (objectives) Main goal: develop skills and background to - understand and formulate real-world problems; - construct mathematical models that abstract the essence of real-world problems; - solve the mathematical models of real-world problems. Specific goals are detailed next according to Dublin descriptors. - Knowledge and understanding: at the end of the course, students are expected to know the fundamental aspects of quantitative methods involving operations research, mathematical programming and analytics as support to decision making. - Applying knowledge and understanding: at the end of the course, students are expected to know how to rely on mathematical programming techniques and computer software (e.g., Microsoft Excel) to practically address real-world problems in economics. - Making judgements: the whole course is organized so as to make the students ask (themselves) the “right” questions. To achieve this objective, computer lab activities, exercise sessions, homework assignments, case study analyses are resorted to in a flipped classroom context. - Communication: students are continuously invited to lead lectures and participate directly and actively in the learning process in flipped classroom schemes. - Lifelong learning skills: lectures are devised to encourage self-motivated pursuit of knowledge. In fact, as detailed above, but also in the light of an ongoing evaluation approach, students are urged to develop a leading role during the lectures in a cooperative, as well as competitive environment. - Derived from 21210122 MATHEMATICS OF DECISION MAKING in Economia e Management LM-77 Ricci Jacopo Maria (syllabus) The course focuses on the fundamental aspects of operations research, mathematical programming and analytics. Main topics are organized according to the following learning units. Unit 1 - Applied Aspects (40 hours) 1.a (20 hours) Modeling techniques through mathematical programming, and case study analyses (e.g., planning, logistics, capital budgeting, transportation, assignment problems, portfolio selection, …) 1.b (20 hours) How to solve problems’ models: algorithms and computer software Microsoft Excel solver Unit 2 - Theory (20 hours) Mathematical programming problems properties. More specifically, - linear programming: logic and geometry of linear programming, duality, sensitivity analysis; - basic aspects of integer programming; - a glimpse of nonlinear programming. Textbooks adopted: Taha H.A. (2017) Operations Research: An Introduction (Pearson)   Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education)   Notes provided by the teacher (reference books) Taha H.A. (2017) Operations Research: An Introduction (Pearson). Hillier F.S., Lieberman G.J. (2015) Introduction to Operations Research (McGraw-Hill Education).	9	SECS-S/06	60	-	-	-	Elective activities	ENG
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments.	9	SECS-P/11	60	-	-	-	Elective activities	ENG

Optional group: Finance Internship - LM-77 - (show)

6

21210078 - INTERNSHIP	6	-	-	-	-	Per stages e tirocini presso imprese, enti pubblici o privati, ordini professionali (art.10, comma 5, lettera e)	ENG
21210079 - INTERNSHIP I	3	-	-	-	-	Per stages e tirocini presso imprese, enti pubblici o privati, ordini professionali (art.10, comma 5, lettera e)	ENG
21210080 - INTERNSHIP II	3	-	-	-	-	Per stages e tirocini presso imprese, enti pubblici o privati, ordini professionali (art.10, comma 5, lettera e)	ENG

21210093 - FINAL THESIS

9

-

Final examination and foreign language test

ENG

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

20810227 - DATABASES (objectives)

- Derived from 20801686 BASI DI DATI in Ingegneria Informatica e dell'Intelligenza Artificiale L-8 ATZENI PAOLO, MERIALDO PAOLO

9

ING-INF/05

60

-

Related or supplementary learning activities

ITA

21210172 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS

21210172-1 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I

- Derived from 21210172-1 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I in Finanza e impresa LM-16 Iannaccone Roberto

3

SECS-P/01

20

-

Core compulsory activities

ENG

21210172-2 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II

- Derived from 21210172-2 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II in Finanza e impresa LM-16 ZURLO DAVIDE

6

SECS-S/01

40

-

Related or supplementary learning activities

ENG

Optional group: FINANZA E TECNOLOGIA - LM 16 - opzionale 1°anno - un esame a scelta tra - (show)

9

21201492 - PUBLIC ECONOMICS (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools.
21201492-1 - ECONOMIA PUBBLICA 1 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	6	SECS-P/03	40	-	-	-	Core compulsory activities	ITA
21201492-2 - ECONOMIA PUBBLICA 2 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	3	SECS-P/03	20	-	-	-	Core compulsory activities	ITA
21210248 - Politica monetaria e mercati finanziari (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - Derived from 21201717 POLITICA MONETARIA E MERCATI FINANZIARI in Scienze Economiche LM-56 (docente da definire)	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201731 - Banking and Insurance Law (objectives)

- Derived from 21201731 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI in Finanza e impresa LM-16 RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

21201730 - Computational Finance (objectives)

- Derived from 21201730 FINANZA COMPUTAZIONALE in Finanza e impresa LM-16 CESARONE FRANCESCO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

21210155 - IFRS AND FINANCIAL INFORMATION (objectives)

- Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA

9

SECS-P/07

60

-

Core compulsory activities

ITA

Optional group: Business English (idoneità) / Idoneità inglese- LM-16 - (show)

6

21201444 - BUSINESS ENGLISH (objectives) To acquire sufficient knowledge of the English language to allow to read, translate and understand Business English texts. The course allows the student to acquire the B2 level language skills of the CEFR (Common European Framework of Reference for the knowledge of languages) focused on Business English topics. Some of the goals include: • Writing e-mails and formal letters; • Mastering the vocabulary, expressions and grammar related to the field of work • Obtaining a degree of fluency in targeted conversations avoiding possible misunderstandings due to different cultural backgrounds. - Derived from 21201444 BUSINESS ENGLISH in Economia e Management LM-77 N0 Chiarella Morgan	6		80	-	-	-	Other activities	ENG
20202021 - ENGLISH LANGUAGE - PASS/FAIL CERTIFICATE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ITA

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives)

- Derived from 21210109 RISK MANAGEMENT E CREAZIONE DI VALORE NELLE BANCHE in Finanza e impresa LM-16 STENTELLA LOPES FRANCESCO SAVERIO

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: SCELTA LIBERA LM-16 - UN ESAME A SCELTA TRA - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21210130 - Monetary theory, institutions and policy (objectives) The first module (30 hours) of the course aims to provide students with the tools needed to understand the functioning of monetary economy and the operative aspects of Central Bank monetary policies. It explains what money is, the debate on its origins, the different approaches to the determinants of the demand for money and its supply, monetary policy instruments and equilibrium in the assets markets. The lectures of this first module will be held in Italian. The second module (30 hours) concentrates on the relations between money, prices and outputs in the long and short run. It also analyses the debate on rules and discretion in monetary policies, the Taylor rule and the sustainability of public debt. These themes are developed according to both a traditional and heterodox approach. A knowledge of basic microeconomic and macroeconomic notions is a prerequisite for this second module. - Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) First Module 1. The debate on the origin of money 2. The supply of money and its endogeneity 3. The equilibrium of the financial sector 4. Conventional and unconventional monetary policies 5. The structure of the interest rates Second Module 6. Money, prices, and output in the traditional and post-Keynesian models 7. The transmission channels of the monetary policies 8. Monetary policy, capital movements, and the exchange rate 9. The price puzzle and the cost channel of monetary policy 10. Rules and discretion 11. Money and public finance (reference books) Bank of England, Quarterly Bulletin, Q1, 54, 1, 2014, pp. 4-28 (Module 1) N.S. Balke and K.M. Emery, “Understanding the price puzzle”, Economic Review— Fourth Quarter 1994, Federal Reserve Bank of Dallas, pp. 15-26 (Module 2) R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) B. Friedman, “Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits”, Brookings Papers on Economic Activity, 3:1978, pp. 599-603 and 609-620 (Module 2) C.A.E Goodhart, Money, information and uncertainty, Second edition, Macmillan, 1989, pp. 24-50, 51-57, 129-137 (Module 1) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) W. Poole, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model”, The Quarterly Journal of Economics, 84, 2, 1970), pp. 197-203 (Module 2) J. Smithin, The theory of interest rates, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 273-290 (Module 2) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C.E. Walsh, Monetary Theory and Policy, third edition, The Mit Press, 2010, pp. 21-24, 33-71, 134-162, 195-209, 465-475 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21201721 - Competitive Strategies in Financial Services (objectives) The course aims at illustrating the strategic and organizational choices of suppliers of financial services, with special regard to banking groups operating in different business lines. These choices are analyzed in the light of business strategy and banking academic literature. The suppliers of financial services are influenced by regulatory and technological changes, in a market that is more and more international. During the course different business lines are observed (retail banking, private and corporate banking, payment services), taking care of the bundling and unbundling of different kinds of intermediation activities. Besides supply, also demand of financial services is analyzed; a large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. - Derived from 21201721 STRATEGIE COMPETITIVE NEI SERVIZI FINANZIARI in Finanza e impresa LM-16 N0 PREVIATI DANIELE ANGELO (syllabus) The essential topics are: - Change and environment-strategy-structure relationship in the financial services industry - Competitive scenario: the relevance of regulation and ICT - Porter model applied to the financial services industry - The business strategies of financial institutions: environment, goals, tools - The diversification strategies of financial institutions: theoretical profiles - The diversification strategies of financial institutions: principal characteristics and execution - Supply side analysis. The relationships between concentration, competition, profitability and efficiency in financial institutions: from the S-C-P paradigm to the New Industrial organization - Demand side analysis in retail banking: segmentation criteria, financial investment decisions, role of financial literacy, social media use - Operations efficiency analysis: efficiency indicators, scale and scope economies - The diversification strategies: strategic alliances, M&A, bancassurance - The Fintech role on the strategic trends in financial services industry - The managerial roles for strategic management in banking groups (reference books) For 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	9	SECS-P/11	60	-	-	-	Elective activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210159 - ALGORITHMS IN FINTECH (objectives)

- LAMPARIELLO LORENZO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ENG

21201730 - Computational Finance (objectives)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: SCELTA LIBERA LM-16 - UN ESAME A SCELTA TRA - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - Derived from 21201489 ECONOMIA DELLE IMPRESE DI ASSICURAZIONE E DELLA PREVIDENZA in Finanza e impresa LM-16 N0 RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Elective activities	ITA
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria (reference books) Hull J.C. (2018) Options, Futures, and Other Derivatives (10th Edition) (Pearson).	6	SECS-S/06	40	-	-	-	Elective activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA (syllabus) (Actuarial Sciences) The Mathematics of Compound Interest The Future Lifetime of a Life Aged x Life Insurance Life Annuities Net Premiums Net Premium Reserves (reference books) (ACTUARIAL SCIENCES) Annamaria Olivieri, Ermanno Pitacco Introduction to Insurance Mathematics Springer Hans U. Gerber Life Insurance Mathematics Springer	3	SECS-S/06	20	-	-	-	Elective activities	ENG
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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	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	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	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, 2021	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Elective activities	ENG
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - Derived from 21210189 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Elective activities	ITA
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Elective activities	ENG

21210038 - FINAL EXAM

15

-

Final examination and foreign language test

ITA

First semester

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Scientific Disciplinary Sector Code

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Laboratory Hours

Personal Study Hours

Type of Activity

Language

20810227 - DATABASES (objectives)

- Derived from 20801686 BASI DI DATI in Ingegneria Informatica e dell'Intelligenza Artificiale L-8 ATZENI PAOLO, MERIALDO PAOLO

9

ING-INF/05

60

-

Related or supplementary learning activities

ITA

21210172 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS

21210172-1 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I

- Derived from 21210172-1 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I in Finanza e impresa LM-16 Iannaccone Roberto

3

SECS-P/01

20

-

Core compulsory activities

ENG

21210172-2 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II

- Derived from 21210172-2 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II in Finanza e impresa LM-16 ZURLO DAVIDE

6

SECS-S/01

40

-

Related or supplementary learning activities

ENG

Optional group: FINANZA E TECNOLOGIA - LM 77 - opzionale 1°anno - un esame a scelta tra - (show)

9

21201492 - PUBLIC ECONOMICS (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools.
21201492-1 - ECONOMIA PUBBLICA 1 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	6	SECS-P/03	40	-	-	-	Core compulsory activities	ITA
21201492-2 - ECONOMIA PUBBLICA 2 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	3	SECS-P/03	20	-	-	-	Core compulsory activities	ITA
21210248 - Politica monetaria e mercati finanziari (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - Derived from 21201717 POLITICA MONETARIA E MERCATI FINANZIARI in Scienze Economiche LM-56 (docente da definire)	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201731 - Banking and Insurance Law (objectives)

- Derived from 21201731 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI in Finanza e impresa LM-16 RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

21201730 - Computational Finance (objectives)

- Derived from 21201730 FINANZA COMPUTAZIONALE in Finanza e impresa LM-16 CESARONE FRANCESCO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

21210155 - IFRS AND FINANCIAL INFORMATION (objectives)

- Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA

9

SECS-P/07

60

-

Core compulsory activities

ITA

Optional group: Business English (idoneità) / Idoneità inglese- LM-77 - (show)

6

21201444 - BUSINESS ENGLISH (objectives) To acquire sufficient knowledge of the English language to allow to read, translate and understand Business English texts. The course allows the student to acquire the B2 level language skills of the CEFR (Common European Framework of Reference for the knowledge of languages) focused on Business English topics. Some of the goals include: • Writing e-mails and formal letters; • Mastering the vocabulary, expressions and grammar related to the field of work • Obtaining a degree of fluency in targeted conversations avoiding possible misunderstandings due to different cultural backgrounds. - Derived from 21201444 BUSINESS ENGLISH in Economia e Management LM-77 N0 Chiarella Morgan	6		80	-	-	-	Other activities	ENG
20202021 - ENGLISH LANGUAGE - PASS/FAIL CERTIFICATE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ENG

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives)

- Derived from 21210109 RISK MANAGEMENT E CREAZIONE DI VALORE NELLE BANCHE in Finanza e impresa LM-16 STENTELLA LOPES FRANCESCO SAVERIO

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: SCELTA LIBERA LM-77 - UN ESAME A SCELTA TRA - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21210130 - Monetary theory, institutions and policy (objectives) The first module (30 hours) of the course aims to provide students with the tools needed to understand the functioning of monetary economy and the operative aspects of Central Bank monetary policies. It explains what money is, the debate on its origins, the different approaches to the determinants of the demand for money and its supply, monetary policy instruments and equilibrium in the assets markets. The lectures of this first module will be held in Italian. The second module (30 hours) concentrates on the relations between money, prices and outputs in the long and short run. It also analyses the debate on rules and discretion in monetary policies, the Taylor rule and the sustainability of public debt. These themes are developed according to both a traditional and heterodox approach. A knowledge of basic microeconomic and macroeconomic notions is a prerequisite for this second module. - Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) First Module 1. The debate on the origin of money 2. The supply of money and its endogeneity 3. The equilibrium of the financial sector 4. Conventional and unconventional monetary policies 5. The structure of the interest rates Second Module 6. Money, prices, and output in the traditional and post-Keynesian models 7. The transmission channels of the monetary policies 8. Monetary policy, capital movements, and the exchange rate 9. The price puzzle and the cost channel of monetary policy 10. Rules and discretion 11. Money and public finance (reference books) Bank of England, Quarterly Bulletin, Q1, 54, 1, 2014, pp. 4-28 (Module 1) N.S. Balke and K.M. Emery, “Understanding the price puzzle”, Economic Review— Fourth Quarter 1994, Federal Reserve Bank of Dallas, pp. 15-26 (Module 2) R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) B. Friedman, “Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits”, Brookings Papers on Economic Activity, 3:1978, pp. 599-603 and 609-620 (Module 2) C.A.E Goodhart, Money, information and uncertainty, Second edition, Macmillan, 1989, pp. 24-50, 51-57, 129-137 (Module 1) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) W. Poole, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model”, The Quarterly Journal of Economics, 84, 2, 1970), pp. 197-203 (Module 2) J. Smithin, The theory of interest rates, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 273-290 (Module 2) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C.E. Walsh, Monetary Theory and Policy, third edition, The Mit Press, 2010, pp. 21-24, 33-71, 134-162, 195-209, 465-475 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21201721 - Competitive Strategies in Financial Services (objectives) The course aims at illustrating the strategic and organizational choices of suppliers of financial services, with special regard to banking groups operating in different business lines. These choices are analyzed in the light of business strategy and banking academic literature. The suppliers of financial services are influenced by regulatory and technological changes, in a market that is more and more international. During the course different business lines are observed (retail banking, private and corporate banking, payment services), taking care of the bundling and unbundling of different kinds of intermediation activities. Besides supply, also demand of financial services is analyzed; a large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. - Derived from 21201721 STRATEGIE COMPETITIVE NEI SERVIZI FINANZIARI in Finanza e impresa LM-16 N0 PREVIATI DANIELE ANGELO (syllabus) The essential topics are: - Change and environment-strategy-structure relationship in the financial services industry - Competitive scenario: the relevance of regulation and ICT - Porter model applied to the financial services industry - The business strategies of financial institutions: environment, goals, tools - The diversification strategies of financial institutions: theoretical profiles - The diversification strategies of financial institutions: principal characteristics and execution - Supply side analysis. The relationships between concentration, competition, profitability and efficiency in financial institutions: from the S-C-P paradigm to the New Industrial organization - Demand side analysis in retail banking: segmentation criteria, financial investment decisions, role of financial literacy, social media use - Operations efficiency analysis: efficiency indicators, scale and scope economies - The diversification strategies: strategic alliances, M&A, bancassurance - The Fintech role on the strategic trends in financial services industry - The managerial roles for strategic management in banking groups (reference books) For 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	9	SECS-P/11	60	-	-	-	Elective activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210159 - ALGORITHMS IN FINTECH (objectives)

- LAMPARIELLO LORENZO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ENG

21201730 - Computational Finance (objectives)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: SCELTA LIBERA LM-77 - UN ESAME A SCELTA TRA - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - Derived from 21201489 ECONOMIA DELLE IMPRESE DI ASSICURAZIONE E DELLA PREVIDENZA in Finanza e impresa LM-16 N0 RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Elective activities	ITA
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria (reference books) Hull J.C. (2018) Options, Futures, and Other Derivatives (10th Edition) (Pearson).	6	SECS-S/06	40	-	-	-	Elective activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA (syllabus) (Actuarial Sciences) The Mathematics of Compound Interest The Future Lifetime of a Life Aged x Life Insurance Life Annuities Net Premiums Net Premium Reserves (reference books) (ACTUARIAL SCIENCES) Annamaria Olivieri, Ermanno Pitacco Introduction to Insurance Mathematics Springer Hans U. Gerber Life Insurance Mathematics Springer	3	SECS-S/06	20	-	-	-	Elective activities	ENG
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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	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	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	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, 2021	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Elective activities	ENG
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - Derived from 21210189 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Elective activities	ITA
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Elective activities	ENG

21210038 - FINAL EXAM

15

-

Final examination and foreign language test

ITA

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

20810227 - DATABASES (objectives)

- Derived from 20801686 BASI DI DATI in Ingegneria Informatica e dell'Intelligenza Artificiale L-8 ATZENI PAOLO, MERIALDO PAOLO

9

ING-INF/05

60

-

Related or supplementary learning activities

ITA

21210172 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS

21210172-1 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I

- Derived from 21210172-1 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I in Finanza e impresa LM-16 Iannaccone Roberto

3

SECS-P/01

20

-

Core compulsory activities

ENG

21210172-2 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II

- Derived from 21210172-2 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II in Finanza e impresa LM-16 ZURLO DAVIDE

6

SECS-S/01

40

-

Related or supplementary learning activities

ENG

Optional group: FINANZA E TECNOLOGIA - LM 16 - opzionale 1°anno - un esame a scelta tra - (show)

9

21201492 - PUBLIC ECONOMICS (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools.
21201492-1 - ECONOMIA PUBBLICA 1 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	6	SECS-P/03	40	-	-	-	Core compulsory activities	ITA
21201492-2 - ECONOMIA PUBBLICA 2 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	3	SECS-P/03	20	-	-	-	Core compulsory activities	ITA
21210248 - Politica monetaria e mercati finanziari (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - Derived from 21201717 POLITICA MONETARIA E MERCATI FINANZIARI in Scienze Economiche LM-56 (docente da definire)	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201731 - Banking and Insurance Law (objectives)

- Derived from 21201731 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI in Finanza e impresa LM-16 RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

21201730 - Computational Finance (objectives)

- Derived from 21201730 FINANZA COMPUTAZIONALE in Finanza e impresa LM-16 CESARONE FRANCESCO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

21210155 - IFRS AND FINANCIAL INFORMATION (objectives)

- Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA

9

SECS-P/07

60

-

Core compulsory activities

ITA

Optional group: Business English (idoneità) / Idoneità inglese- LM-16 - (show)

6

21201444 - BUSINESS ENGLISH (objectives) To acquire sufficient knowledge of the English language to allow to read, translate and understand Business English texts. The course allows the student to acquire the B2 level language skills of the CEFR (Common European Framework of Reference for the knowledge of languages) focused on Business English topics. Some of the goals include: • Writing e-mails and formal letters; • Mastering the vocabulary, expressions and grammar related to the field of work • Obtaining a degree of fluency in targeted conversations avoiding possible misunderstandings due to different cultural backgrounds. - Derived from 21201444 BUSINESS ENGLISH in Economia e Management LM-77 N0 Chiarella Morgan	6		80	-	-	-	Other activities	ENG
20202021 - ENGLISH LANGUAGE - PASS/FAIL CERTIFICATE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ITA

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives)

- Derived from 21210109 RISK MANAGEMENT E CREAZIONE DI VALORE NELLE BANCHE in Finanza e impresa LM-16 STENTELLA LOPES FRANCESCO SAVERIO

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: SCELTA LIBERA LM-16 - UN ESAME A SCELTA TRA - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21210130 - Monetary theory, institutions and policy (objectives) The first module (30 hours) of the course aims to provide students with the tools needed to understand the functioning of monetary economy and the operative aspects of Central Bank monetary policies. It explains what money is, the debate on its origins, the different approaches to the determinants of the demand for money and its supply, monetary policy instruments and equilibrium in the assets markets. The lectures of this first module will be held in Italian. The second module (30 hours) concentrates on the relations between money, prices and outputs in the long and short run. It also analyses the debate on rules and discretion in monetary policies, the Taylor rule and the sustainability of public debt. These themes are developed according to both a traditional and heterodox approach. A knowledge of basic microeconomic and macroeconomic notions is a prerequisite for this second module. - Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) First Module 1. The debate on the origin of money 2. The supply of money and its endogeneity 3. The equilibrium of the financial sector 4. Conventional and unconventional monetary policies 5. The structure of the interest rates Second Module 6. Money, prices, and output in the traditional and post-Keynesian models 7. The transmission channels of the monetary policies 8. Monetary policy, capital movements, and the exchange rate 9. The price puzzle and the cost channel of monetary policy 10. Rules and discretion 11. Money and public finance (reference books) Bank of England, Quarterly Bulletin, Q1, 54, 1, 2014, pp. 4-28 (Module 1) N.S. Balke and K.M. Emery, “Understanding the price puzzle”, Economic Review— Fourth Quarter 1994, Federal Reserve Bank of Dallas, pp. 15-26 (Module 2) R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) B. Friedman, “Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits”, Brookings Papers on Economic Activity, 3:1978, pp. 599-603 and 609-620 (Module 2) C.A.E Goodhart, Money, information and uncertainty, Second edition, Macmillan, 1989, pp. 24-50, 51-57, 129-137 (Module 1) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) W. Poole, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model”, The Quarterly Journal of Economics, 84, 2, 1970), pp. 197-203 (Module 2) J. Smithin, The theory of interest rates, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 273-290 (Module 2) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C.E. Walsh, Monetary Theory and Policy, third edition, The Mit Press, 2010, pp. 21-24, 33-71, 134-162, 195-209, 465-475 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21201721 - Competitive Strategies in Financial Services (objectives) The course aims at illustrating the strategic and organizational choices of suppliers of financial services, with special regard to banking groups operating in different business lines. These choices are analyzed in the light of business strategy and banking academic literature. The suppliers of financial services are influenced by regulatory and technological changes, in a market that is more and more international. During the course different business lines are observed (retail banking, private and corporate banking, payment services), taking care of the bundling and unbundling of different kinds of intermediation activities. Besides supply, also demand of financial services is analyzed; a large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. - Derived from 21201721 STRATEGIE COMPETITIVE NEI SERVIZI FINANZIARI in Finanza e impresa LM-16 N0 PREVIATI DANIELE ANGELO (syllabus) The essential topics are: - Change and environment-strategy-structure relationship in the financial services industry - Competitive scenario: the relevance of regulation and ICT - Porter model applied to the financial services industry - The business strategies of financial institutions: environment, goals, tools - The diversification strategies of financial institutions: theoretical profiles - The diversification strategies of financial institutions: principal characteristics and execution - Supply side analysis. The relationships between concentration, competition, profitability and efficiency in financial institutions: from the S-C-P paradigm to the New Industrial organization - Demand side analysis in retail banking: segmentation criteria, financial investment decisions, role of financial literacy, social media use - Operations efficiency analysis: efficiency indicators, scale and scope economies - The diversification strategies: strategic alliances, M&A, bancassurance - The Fintech role on the strategic trends in financial services industry - The managerial roles for strategic management in banking groups (reference books) For 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	9	SECS-P/11	60	-	-	-	Elective activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210159 - ALGORITHMS IN FINTECH (objectives)

- Derived from 21210159 ALGORITHMS IN FINTECH in Finanza e impresa LM-16 LAMPARIELLO LORENZO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ENG

21201730 - Computational Finance (objectives)

- Derived from 21201730 FINANZA COMPUTAZIONALE in Finanza e impresa LM-16 CESARONE FRANCESCO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: SCELTA LIBERA LM-16 - UN ESAME A SCELTA TRA - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - Derived from 21201489 ECONOMIA DELLE IMPRESE DI ASSICURAZIONE E DELLA PREVIDENZA in Finanza e impresa LM-16 N0 RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Elective activities	ITA
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria (reference books) Hull J.C. (2018) Options, Futures, and Other Derivatives (10th Edition) (Pearson).	6	SECS-S/06	40	-	-	-	Elective activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA (syllabus) (Actuarial Sciences) The Mathematics of Compound Interest The Future Lifetime of a Life Aged x Life Insurance Life Annuities Net Premiums Net Premium Reserves (reference books) (ACTUARIAL SCIENCES) Annamaria Olivieri, Ermanno Pitacco Introduction to Insurance Mathematics Springer Hans U. Gerber Life Insurance Mathematics Springer	3	SECS-S/06	20	-	-	-	Elective activities	ENG
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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	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	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	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, 2021	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Elective activities	ENG
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - Derived from 21210189 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Elective activities	ITA
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Elective activities	ENG

Optional group: FINANZA - DIRITTO E FINANZA - FINANZA E TECNOLOGA - Tirocinio - LM-16 - (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

21210081 - FINAL EXAM

9

-

Final examination and foreign language test

ITA

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

20810227 - DATABASES (objectives)

- Derived from 20801686 BASI DI DATI in Ingegneria Informatica e dell'Intelligenza Artificiale L-8 ATZENI PAOLO, MERIALDO PAOLO

9

ING-INF/05

60

-

Related or supplementary learning activities

ITA

21210172 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS

21210172-1 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I

- Derived from 21210172-1 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS I in Finanza e impresa LM-16 Iannaccone Roberto

3

SECS-P/01

20

-

Core compulsory activities

ENG

21210172-2 - QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II

- Derived from 21210172-2 QUANTITATIVE METHODS IN FINANCIAL ECONOMICS II in Finanza e impresa LM-16 ZURLO DAVIDE

6

SECS-S/01

40

-

Related or supplementary learning activities

ENG

Optional group: FINANZA E TECNOLOGIA - LM 77 - opzionale 1°anno - un esame a scelta tra - (show)

9

21201492 - PUBLIC ECONOMICS (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools.
21201492-1 - ECONOMIA PUBBLICA 1 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	6	SECS-P/03	40	-	-	-	Core compulsory activities	ITA
21201492-2 - ECONOMIA PUBBLICA 2 (objectives) The aim of the course is to provide theoretical and empirical tools for the analysis of the structure and the impact of the welfare state, of the public debt, of the State regulation of public utilities, and of the fiscal federalism. The analysis will be carried out using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 LIBERATI PAOLO (syllabus) The course will focus on the fundamental problems of public economics in their domestic and European dimension. In particular, the following will be studied: 1. Public expenditure for the welfare state, with reference to the following topics: pension systems; healthcare; instruction; assistance; anti-poverty programmes; 2. Public intervention in public utility services of an industrial nature and market regulation mechanisms; 3. Fiscal policy in the Economic and Monetary Union 4. The decentralization of taxes and spending powers (reference books) 1. Bosi P. (2023), Corso di scienza delle finanze, ninth edition, Il Mulino, Bologna. Capitoli I, IV, V, VI, VII, VIII 2. For attending students, additional material may be distributed by the teacher during the lessons	3	SECS-P/03	20	-	-	-	Core compulsory activities	ITA
21210248 - Politica monetaria e mercati finanziari (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - Derived from 21201717 POLITICA MONETARIA E MERCATI FINANZIARI in Scienze Economiche LM-56 (docente da definire)	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201731 - Banking and Insurance Law (objectives)

- Derived from 21201731 DIRITTO DELLE BANCHE E DELLE ASSICURAZIONI in Finanza e impresa LM-16 RABITTI MADDALENA (syllabus) (reference books)

9

IUS/05

60

-

Core compulsory activities

ITA

21201730 - Computational Finance (objectives)

- Derived from 21201730 FINANZA COMPUTAZIONALE in Finanza e impresa LM-16 CESARONE FRANCESCO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

21210155 - IFRS AND FINANCIAL INFORMATION (objectives)

- Derived from 21210155 PRINCIPI CONTABILI INTERNAZIONALI E INFORMATIVA FINANZIARIA in Economia Aziendale LM-77 PUCCI SABRINA

9

SECS-P/07

60

-

Core compulsory activities

ITA

Optional group: Business English (idoneità) / Idoneità inglese- LM-77 - (show)

6

21201444 - BUSINESS ENGLISH (objectives) To acquire sufficient knowledge of the English language to allow to read, translate and understand Business English texts. The course allows the student to acquire the B2 level language skills of the CEFR (Common European Framework of Reference for the knowledge of languages) focused on Business English topics. Some of the goals include: • Writing e-mails and formal letters; • Mastering the vocabulary, expressions and grammar related to the field of work • Obtaining a degree of fluency in targeted conversations avoiding possible misunderstandings due to different cultural backgrounds. - Derived from 21201444 BUSINESS ENGLISH in Economia e Management LM-77 N0 Chiarella Morgan	6		80	-	-	-	Other activities	ENG
20202021 - ENGLISH LANGUAGE - PASS/FAIL CERTIFICATE (objectives) Refer to 'University Language Centre' http://www.cla.uniroma3.it/	6		80	-	-	-	Other activities	ENG

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201542 - CORPORATE AND INVESTMENT BANKING (objectives)

- Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) (reference books)

9

SECS-P/11

60

-

Core compulsory activities

ITA

21210109 - RISK MANAGEMENT AND VALUE CREATION IN BANKING (objectives)

- Derived from 21210109 RISK MANAGEMENT E CREAZIONE DI VALORE NELLE BANCHE in Finanza e impresa LM-16 STENTELLA LOPES FRANCESCO SAVERIO

9

SECS-P/11

60

-

Core compulsory activities

ITA

Optional group: SCELTA LIBERA LM-77 - UN ESAME A SCELTA TRA - (show)

9

21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210101 - FINANCIAL SERVICES STRATEGIES (objectives) The course aims at opening the black box of managerial decisions connected with the strategy making process in the financial services industry nowadays. This main goal is pursued with lectures, seminars, case discussions and project works. By the end of this course students should be able to understand the main competitive strategies of traditional and new suppliers in the financial services industry, at corporate and at business areas level. A large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. Lectures and seminars are carried out by Professor Previati and other academics and practitioners. - Derived from 21210101 FINANCIAL SERVICES STRATEGIES in Economia Aziendale LM-77 PREVIATI DANIELE ANGELO (syllabus) 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 (reference books) 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	9	SECS-P/11	60	-	-	-	Elective activities	ENG
21210236 - Game Theory (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. Special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210236 Game Theory in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) Part I – Games of complete information. 1. Static games: Normal form games. Solution concepts. Nash equilibrium in pure and mixed strategies. Dominance solvable games. Applications. 2. Dynamic games: Games in extensive form. Nash equilibria. Backward induction and Subgame Perfect Nash Equilibria. Applications. Repeated games. Applications. Part II – Games of incomplete information. 3. Static games. Normal form representation. Bayesian-Nash equilibrium. Applications. (reference books) Martin J. Osborne, An Introduction to Game Theory, Oxford University Press. 2003 or later editions.	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21210130 - Monetary theory, institutions and policy (objectives) The first module (30 hours) of the course aims to provide students with the tools needed to understand the functioning of monetary economy and the operative aspects of Central Bank monetary policies. It explains what money is, the debate on its origins, the different approaches to the determinants of the demand for money and its supply, monetary policy instruments and equilibrium in the assets markets. The lectures of this first module will be held in Italian. The second module (30 hours) concentrates on the relations between money, prices and outputs in the long and short run. It also analyses the debate on rules and discretion in monetary policies, the Taylor rule and the sustainability of public debt. These themes are developed according to both a traditional and heterodox approach. A knowledge of basic microeconomic and macroeconomic notions is a prerequisite for this second module. - Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) First Module 1. The debate on the origin of money 2. The supply of money and its endogeneity 3. The equilibrium of the financial sector 4. Conventional and unconventional monetary policies 5. The structure of the interest rates Second Module 6. Money, prices, and output in the traditional and post-Keynesian models 7. The transmission channels of the monetary policies 8. Monetary policy, capital movements, and the exchange rate 9. The price puzzle and the cost channel of monetary policy 10. Rules and discretion 11. Money and public finance (reference books) Bank of England, Quarterly Bulletin, Q1, 54, 1, 2014, pp. 4-28 (Module 1) N.S. Balke and K.M. Emery, “Understanding the price puzzle”, Economic Review— Fourth Quarter 1994, Federal Reserve Bank of Dallas, pp. 15-26 (Module 2) R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) B. Friedman, “Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits”, Brookings Papers on Economic Activity, 3:1978, pp. 599-603 and 609-620 (Module 2) C.A.E Goodhart, Money, information and uncertainty, Second edition, Macmillan, 1989, pp. 24-50, 51-57, 129-137 (Module 1) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) W. Poole, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model”, The Quarterly Journal of Economics, 84, 2, 1970), pp. 197-203 (Module 2) J. Smithin, The theory of interest rates, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 273-290 (Module 2) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C.E. Walsh, Monetary Theory and Policy, third edition, The Mit Press, 2010, pp. 21-24, 33-71, 134-162, 195-209, 465-475 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	60	-	-	-	Elective activities	ENG
21201721 - Competitive Strategies in Financial Services (objectives) The course aims at illustrating the strategic and organizational choices of suppliers of financial services, with special regard to banking groups operating in different business lines. These choices are analyzed in the light of business strategy and banking academic literature. The suppliers of financial services are influenced by regulatory and technological changes, in a market that is more and more international. During the course different business lines are observed (retail banking, private and corporate banking, payment services), taking care of the bundling and unbundling of different kinds of intermediation activities. Besides supply, also demand of financial services is analyzed; a large part of the the course is dedicated to Fintech, focussing on competitive strategic choices of newcomers (FinTech and BigTech) and of traditional financial institutions (incumbents). Traditional lectures, seminars, business cases and project works are the teaching methods used. - Derived from 21201721 STRATEGIE COMPETITIVE NEI SERVIZI FINANZIARI in Finanza e impresa LM-16 N0 PREVIATI DANIELE ANGELO (syllabus) The essential topics are: - Change and environment-strategy-structure relationship in the financial services industry - Competitive scenario: the relevance of regulation and ICT - Porter model applied to the financial services industry - The business strategies of financial institutions: environment, goals, tools - The diversification strategies of financial institutions: theoretical profiles - The diversification strategies of financial institutions: principal characteristics and execution - Supply side analysis. The relationships between concentration, competition, profitability and efficiency in financial institutions: from the S-C-P paradigm to the New Industrial organization - Demand side analysis in retail banking: segmentation criteria, financial investment decisions, role of financial literacy, social media use - Operations efficiency analysis: efficiency indicators, scale and scope economies - The diversification strategies: strategic alliances, M&A, bancassurance - The Fintech role on the strategic trends in financial services industry - The managerial roles for strategic management in banking groups (reference books) For 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	9	SECS-P/11	60	-	-	-	Elective activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210159 - ALGORITHMS IN FINTECH (objectives)

- Derived from 21210159 ALGORITHMS IN FINTECH in Finanza e impresa LM-16 LAMPARIELLO LORENZO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ENG

21201730 - Computational Finance (objectives)

- Derived from 21201730 FINANZA COMPUTAZIONALE in Finanza e impresa LM-16 CESARONE FRANCESCO (syllabus) (reference books)

9

SECS-S/06

60

-

Core compulsory activities

ITA

Optional group: SCELTA LIBERA LM-77 - UN ESAME A SCELTA TRA - (show)

9

21201489 - ECONOMY OF INSURANCE AND WELFARE COMPANIES (objectives) In line with the learning objectives of the Master’s degree in “Finanza e Impresa”, the course aims at providing an in-depth treatment of major insurance and pension funds topics. After a discussion of basic concepts of risk management and insurance, the course focuses on main life, non-life and pension products. The economics of insurance companies is then examined considering both the managerial and the regulatory perspectives. At the end of the course, the students will have developed: • An in-depth knowledge of insurance markets, life and non-life policies, as well as the main pension products; • A basic knowledge of the regulation applicable to insurance and pension funds; • The ability to interpret the main performance and solvency measures of insurance companies; • The ability to critically analyse the main strategic choices of insurance companies. - Derived from 21201489 ECONOMIA DELLE IMPRESE DI ASSICURAZIONE E DELLA PREVIDENZA in Finanza e impresa LM-16 N0 RICCI ORNELLA (syllabus) Basic concepts in risk management and insurance Insurance regulation Insurance Company Operations Life Insurance Property and casualty insurance (reference books) George E. Rejda, Michael McNamara (2013) Principles of Risk Management and Insurance (12th Edition) (Pearson Series in Finance)	9	SECS-P/11	60	-	-	-	Elective activities	ITA
21210096 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences. The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging. The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves.
21210096-1 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-1 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 Ricci Jacopo Maria (reference books) Hull J.C. (2018) Options, Futures, and Other Derivatives (10th Edition) (Pearson).	6	SECS-S/06	40	-	-	-	Elective activities	ENG
21210096-2 - FINANCIAL AND ACTUARIAL SCIENCES (objectives) The course is structured in two modules: Financial Sciences and Actuarial Sciences.The objective of the Financial Sciences module is to explore topics for which the basic course on Financial mathematics has already laid the foundations. In this module three main areas will be covered: basic stochastic calculus, derivatives pricing, and derivatives hedging.The objective of the Actuarial Sciences module is to introduce to life contingencies, the theory behind the actuarial work around life insurance and pension funds and will appeal to the student who likes applied mathematics. In addition to model of life contingencies, various forms of life insurance and their mechanism are discussed in their basic model and it is shown how to calculate net premium and reserves. - Derived from 21210096-2 FINANCIAL AND ACTUARIAL SCIENCES in Finanza e impresa LM-16 CARLEO ALESSANDRA (syllabus) (Actuarial Sciences) The Mathematics of Compound Interest The Future Lifetime of a Life Aged x Life Insurance Life Annuities Net Premiums Net Premium Reserves (reference books) (ACTUARIAL SCIENCES) Annamaria Olivieri, Ermanno Pitacco Introduction to Insurance Mathematics Springer Hans U. Gerber Life Insurance Mathematics Springer	3	SECS-S/06	20	-	-	-	Elective activities	ENG
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) 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 C) How to measure the cost of capital 1. CAPM 2. impact of indebtedness 3. extension of CAPM in imperfect markets and how to empirically test CAPM 3. beyond CAPM: multi-factor models D) Ownership models and corporate governance systems 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., 2018, Finanza aziendale 1, IV edizione, Pearson, capp.17 (incluse le Appendici), 18 e §§ 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, Pearson, capp. 1-2 (solo §§ 2.1, 2.3, 2.5, 2.6, 2.7)-3-4-6-7-10-13-14 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.	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	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Scienze Economiche LM-56 MASTROENI LORETTA CLARA LETIZIA	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, 2021	9	SECS-S/06	60	-	-	-	Elective activities	ITA
21210098 - RISK AND ACCOUNTING (objectives) The course focuses on the relationship between governance, risk management and financial disclosure, the aim of putting the students in the condition to evaluate the way that related company decisions are made and presented. This course moves from the idea that financial statements, together with other reporting published by the companies (i.e. the sustainability reporting), are a mean to communicate the overall state of health of the company and provide useful information regarding the measurement of different kinds of risks. In this view the purpose of the course is to assist students in analysis the financial of information published by the companies to understand the company’s financial results in the light of existent specific risks and how they are managed. - Derived from 21210098 RISK AND ACCOUNTING in Finanza e impresa LM-16 DEMARTINI PAOLA (syllabus) Specific topics covered during the course: INTRODUCTION The stakeholders and the company’s disclosure (financial statements and sustainability information) Governance and Risk Disclosure TYPES OF RISKS, GOVERNANCE & RISK, RISK MANAGEMENT Risk definition, Governance & risk: the new code of Governance The basic processes of Risk Management Approaches, methods and techniques used to manage risk The different kinds of risk Strategic risks, operational risks, financial risks, credit risks, liquidity risks Financial and Non-financial risks Insurance risk and other risks, RISKS ANALYSIS BY FINANCIAL INFORMATION The Italian jurisdiction about financial statements (Civil Code and IAS/IFRS), structure of the Financial Reporting by different companies ( i.e. Hight Tech Co.; Banks) and in different jurisdictions, risks disclosure in financial statements: risks reports RISKS ANALYSIS BY SUSTAINABILITY INORMATION CSR and sustainaibility disclosure environmental, social and governance (ESG) and climate change-related information Non-financial statement: scope, content and publication, European Commission Action Plan Non-financial key performance indicators and main standards ESG ratings Specific topics: ITC, cyber security (reference books) Slides and links to other sources will be available on the website.	9	SECS-P/07	60	-	-	-	Elective activities	ENG
21210189 - HISTORY OF FINANCE (objectives) This course is designed to illustrate the formation and evolution of monetary and financial systems in industrialised economies by using a comparative approach looking at an extended period covering the principle events between the eighteenth and twentieth centuries. - Derived from 21210189 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015; V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014; F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011.	9	SECS-P/12	60	-	-	-	Elective activities	ITA
21210469 - SUSTAINABLE FINANCE (objectives) According to the objectives of the Master Degree in Finance (Corso di Laurea in Finanza e Impresa), this course aims to define the main elements of sustainable finance, with a particular emphasis on the topic of sustainability in banking. Specifically, the following will be analysed: (i) the main features of sustainable finance; (ii) the ESG ratings, ESG indices, sustainable financial products and the main ESG investment strategies; (iii) the main guidelines and European regulation on sustainable finance. At the end of the course, students should have developed a solid understanding of sustainable finance also considering the recent regulatory developments. - Derived from 21210469 SUSTAINABLE FINANCE in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI (syllabus) The main contents of the course are: Climate change and changing world Building a sustainable financial system: global responses Green and sustainable finance: monitoring, measuring and reporting Climate, enviromental and sustainability risks The role of banking Green and sustainable bonds Central and development banks Responsible and sustainable investment The role of insurance Green and sustainable FinTech Studies on sustainable banking (reference books) Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition	9	SECS-P/11	60	-	-	-	Elective activities	ENG

Optional group: FINANZA - DIRITTO E FINANZA - FINANZA E TECNOLOGA - Tirocinio - LM-77 - (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

21210081 - FINAL EXAM

9

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Final examination and foreign language test

ITA

Università Roma Tre

Degree Course: Finance and business Syllabus for A.Y. 2024/2025

Italian version