General Info

SUBJECT	SEMESTER	CFU	SSD	LANGUAGE
15800 - INTERNAL AUDITING FABRIZIO ROSSIANASTASIO RECCHIA	First Semester	8	SECS-P/07		Learning objectives The course aims to provide the student with the theoretical and practical notions aimed at: - Understand the definition and analysis models of the internal control and risk management system of companies; - Know corporate governance rules regarding the internal control and risk management system. - Know international standards of the internal auditing profession - Develop critical analytical skills to improve corporate control processes. Teacher's Profile courseProgram Module 1 - The governance of internal controls Basic concept and definition Responsibilities, functions and deliverables of the actors of the ICS in corporate governance. Internal auditing in control governance International models of understanding, evaluation and analysis of ICS Methods and techniques for analyzing business processes and risks Module 2 - Internal auditing activities The internal auditing professional. The internal auditing activities and results. Methodologies and operational tools of the internal auditing activity. Case study. examMode Oral interview and possible evaluation of projects developed during the lessons. The student must demonstrate that he has understood the scope of the internal control and risk management system as well as the main internal auditing techniques. The evaluation of the oral interview is out of thirty. books The teaching material of the course is represented by the handouts made available by the teachers at the beginning of the course and available online on the course page. classRoomMode Attendance is NOT OBLIGATORY, but it is recommended to consolidate concepts and techniques also through practical examples. bibliography For further information CoSO Report - Internal Control - Integrated Framework (2013) CoSO Framework - Reading guide - ASSIREVI (2019) Corporate governance code - Borsa Italia (2020) International Professional Practices Framework (IPPF) - Internal Auditors Association Teacher's Profile courseProgram Module 1 - The governance of internal controls Basic concept and definition Responsibilities, functions and deliverables of the actors of the ICS in corporate governance. Internal auditing in control governance International models of understanding, evaluation and analysis of ICS Methods and techniques for analyzing business processes and risks Module 2 - Internal auditing activities The internal auditing professional. The internal auditing activities and results. Methodologies and operational tools of the internal auditing activity. Case study. examMode Oral interview and possible evaluation of projects developed during the lessons. The student must demonstrate that he has understood the scope of the internal control and risk management system as well as the main internal auditing techniques. The evaluation of the oral interview is out of thirty. books The teaching material of the course is represented by the handouts made available by the teachers at the beginning of the course and available online on the course page. mode Lectures and seminars classRoomMode Attendance is NOT OBLIGATORY, but it is recommended to consolidate concepts and techniques also through practical examples. bibliography For further information CoSO Report - Internal Control - Integrated Framework (2013) CoSO Framework - Reading guide - ASSIREVI (2019) Corporate governance code - Borsa Italia (2020) International Professional Practices Framework (IPPF) - Internal Auditors Association
15819 - OPTIONAL SUBJECT	First Semester	8
MODULE II	-	-	-	-
BUSINESS CRISIS AND INSOLVENCY LAW MASSIMO MELLARO	First Semester	8	IUS/04		Learning objectives The course will cover the basic rules governing bankruptcy law. The course aims to provide students with the tools necessary for a correct interpretation of the rules accompanied by an investigation of the reality to which rules must adapt or at least take into due account. Knowlodge and understanding: At the end of the course the student must have acquired full knowledge and understanding of the institutions covered by the course. Applying knowledge and understanding. At the end of the course the student must have acquired the fundamental tools to be able to develop the ability to interpret sources, doctrinal and jurisprudential orientations as well as the various application consequences of the latter. Making judgements The student must also be able to develop a critical approach to the discipline and the ability to orient himself even in the face of the change in the positive discipline in force. Communication skills The student must be able to simply illustrate the basic notions of bankruptcy law and the law of extraordinary business operations, as if addressing people who are not experts in the field; he must also be able to summarize in a precise but concise way the in-depth concepts, in any case using an appropriate technical-legal lexicon. The student is also encouraged to convey personal interpretations of the most debated topics studied with clarity and rigor. Learning skills The student must be able to update and broaden their knowledge, independently drawing on regulatory texts, scientific articles and jurisprudential rulings. They must also gradually acquire the ability to actively participate in specialized seminars, conferences and masters in the areas of interest of bankruptcy law and the law of extraordinary business operations. Teacher's Profile courseProgram 1. The historical evolution of crisis law, between domestic and European Union law 2. Traditional and new principles of crisis and insolvency law, early emergence of the crisis. 3. Objective and subjective scope of application of the Crisis Code 4. Jurisdiction, competence and cross-border procedures 5. Judicial liquidation 6. The arrangement with creditors 7. The negotiated settlement and simplified composition 8. Agreements in implementation of an attested reorganisation plan 9. Restructuring agreements and moratorium agreements 10. The restructuring plan subject to approval 11. The settlement of over-indebtedness: consumer restructuring, minor composition, family proceedings, controlled liquidation, exoneration of the incapable person 12. Judicial liquidation and composition with creditors in groups of companies 13. Extraordinary administration and administrative compulsory liquidation examMode The chosen method of assessment consists of the formulation of questions to the candidate, which are diversified and not monothematic. books Stefania PACCHI - Stefano AMBROSINI, Diritto della crisi e dell'insolvenza, III edizione, Zanichelli Editore, 2023 (con esclusione dei §§ da 5.8 a 5.10 del cap. V, dei §§ da 6.8 a 6.10 del cap. VI, del cap. IX, dei § 10.4.6.3, 10.7, 10.8, 10.9, 10.10, 10.14.3 del cap. X, dei §§ da 11.1.8 a 1.1.10 del cap. XI). Si consiglia agli Studenti di attendere l’eventuale uscita di una nuova edizione del testo in ragione dell’uscita imminente del decreto correttivo del Codice della Crisi d'Impresa e dell'Insolvenza. Si raccomanda la consultazione della versione più aggiornata del Codice della Crisi. oppure Alberto Jorio, Il diritto della crisi e dell'insolvenza, Giappichelli, 2023 (con esclusione dei §§ 4, 5 e 6.4 del cap. IV, 2.2 del cap. VI, 8.2.10 del cap. VIII, dei capp. X e XI, dei §§ 7 e 8 d classRoomMode attendance not compulsory bibliography see books Teacher's Profile courseProgram 1. The historical evolution of crisis law, between domestic and European Union law 2. Traditional and new principles of crisis and insolvency law, early emergence of the crisis. 3. Objective and subjective scope of application of the Crisis Code 4. Jurisdiction, competence and cross-border procedures 5. Judicial liquidation 6. The arrangement with creditors 7. The negotiated settlement and simplified composition 8. Agreements in implementation of an attested reorganisation plan 9. Restructuring agreements and moratorium agreements 10. The restructuring plan subject to approval 11. The settlement of over-indebtedness: consumer restructuring, minor composition, family proceedings, controlled liquidation, exoneration of the incapable person 12. Judicial liquidation and composition with creditors in groups of companies 13. Extraordinary administration and administrative compulsory liquidation examMode The chosen method of assessment consists of the formulation of questions to the candidate, which are diversified and not monothematic. books Stefania PACCHI - Stefano AMBROSINI, Diritto della crisi e dell'insolvenza, III edizione, Zanichelli Editore, 2023 (with exclusion §§ 5.8 to 5.10, ch. V; §§ 6.8 to 6.10, ch. VI;ch. IX, § 10.4.6.3, 10.7, 10.8, 10.9, 10.10, 10.14.3; ch. X; §§ 11.1.8 to 1.1.10, ch. XI). otherwise Alberto Jorio, Il diritto della crisi e dell'insolvenza, Giappichelli, 2023 (with exclusion §§ 4, 5 and 6.4 ch. IV, 2.2 ch. VI, 8.2.10 ch. VIII, ch. X and XI, §§ 7 and 8 ch. XIV). classRoomMode Not mandatory+ bibliography See textbooks
119239 - VALUATION OF COMPANIES AND EXTRAORDINARY TRANSACTIONS LUIGI FICI	First Semester	8	SECS-P/07		Learning objectives The course aims to provide adequate and up-to-date preparation on the valuation of companies and extraordinary operations. In particular, it aims to illustrate the main methods of evaluating companies and to make people understand which method is best suited to the different company realities and extraordinary operations that the company may find itself facing. Knowledge and Understanding: Students will gain a solid understanding of the main business valuation methods, developing the ability to differentiate between various techniques and their theoretical foundations. Applied Knowledge and Understanding: Students will be able to apply valuation methods to different business realities and extraordinary operations, assessing which method is most suitable for each specific context. Autonomy in Judgment: The course promotes autonomy in judgment, enabling students to critically analyze valuation methods and make informed decisions on the most appropriate approach for each situation. Communication Skills: Students will develop the ability to effectively and clearly communicate business valuation results, adapting technical language to the intended audience. Learning Ability: Students will acquire skills for independent learning, allowing them to continuously update themselves on evolving business valuation methods and practices in extraordinary operations. Teacher's Profile courseProgram The meaning of company valuation The role and activity of the expert The principles of valuation The levers of value: economic flows and financial flows The discount rate The time horizon Methods based on result flows The equity method Market methods The main extraordinary operations examMode The exam will be with oral questions books Manuale di valutazione d’azienda, Mc Graw Hill, Sidrea, 2020 mode Lessons will be in person classRoomMode Attendance is NOT OBLIGATORY bibliography see textbooks
MODULE II	-	-	-	-
PROFESSIONALIZING ACTIVITY	First Semester	8
PROFESSIONAL ACTIVITY	First Semester	4
SUSTAINABILITY, ACCOUNTING AND INTEGRATED REPORTING LABORATORY FRANCESCO PACCHERA	First Semester	4	SECS-P/13
120499 - FINANCIAL REPORTING AND CONTROL SYSTEMS IN THE PA VINCENZO SFORZA	First Semester	8	SECS-P/07		Learning objectives "The course aims to illustrate to the student the general characteristics of the “universal” company and the public administration. It is proposed, in particular, to identify the organizational and management logics of public administration, analyzing the main change processes that have involved the whole public administration in recent years. Dublin Descriptors: a) KNOWLEDGE AND UNDERSTANDING: knowledge and understanding of the concept of ""universal"" company and public company. b) APPLYING KNOWLEDGE AND UNDERSTANDING: ability to apply the knowledge acquired and to understand and solve problems relating to the management and accounting and budget information system of companies and public administrations (with particular reference to local authorities). c) MAKING JUDGEMENTS: ability to use the acquired knowledge on a conceptual and operational level with autonomous assessment skills and skills in the various application contexts. d) COMMUNICATION SKILLS: acquire clear and effective communication skills, thanks to technical language typical of the discipline e) LEARNING SKILLS: acquire adequate learning skills that allow you to independently address and deepen the main issues of the discipline. This ability will be developed through the active involvement of students through discussions in the classroom and exercises on specific topics related to the course. " Teacher's Profile courseProgram GENERAL SECTION 1) Introduction 2) Typical aspects of decision-making system, strategic planning, and management control in public sector entities 3) Accounting systems supporting financial statements disclosure and management control 4) Performance management e performance measurement MONOGRAPHIC SECTION 1) Management accounting in central administrations and local authorities 2) Management accounting in healthcare entities 3) Management accounting in higher education examMode The oral exam will ensure the acquisition of technical skills related to the parts covered in the program and the ability to apply them operationally in the context of public sector entities books Teaching materials available on the Moodle course website classRoomMode Lesson attendance is not compulsory. However, considering that teaching will be organized to ensure the centrality of the active role of the student, participation in classes is strongly recommended bibliography References for further studies AA.VV. Il declino del sistema dei controlli manageriali nelle pubbliche amministrazioni. Dal federalismo ai costi standard, FrancoAngeli, Milano, 2014 Angiola, Bianchi, Management pubblico. Una visione performance-based, FrancoAngeli, Milano, 2016 Bigoni, Programmazione e controllo dei gruppi pubblici locali. Dagli strumenti esistenti alle soluzioni innovative per la governance, Giuffrè, Milano, 2012 Deidda Gagliardo, Il valore pubblico. La nuova frontiera delle performance, Rirea, Roma, 2015 Del Bene, Lineamenti di pianificazione e controllo per le amministrazioni pubbliche, Giappichelli, Torino, 2008 Orelli, Visani, Analisi e gestione dei costi negli enti locali, FrancoAngeli, Milano, 2005 Paoloni, Grandis, La dimensione aziendale delle amministrazioni pubbliche, Giappichelli, Torino, 2007 Pavan A., Reginato E., Programmazione e controllo nelle amministrazioni pubbliche, Giuffrè, 2012 Sforza, Le competenze economico aziendali del manager pubblico, Giappichelli, Torino, 2015
15797 - INTERNATIONAL ACCOUNTING EGIDIO GIUSEPPE PERRONE	Second Semester	8	SECS-P/07		Learning objectives The course aims to lead the student to a significant knowledge of financial reporting regulated by international accounting standards and aims to make appreciate specificities and elements of distinction compared to other accounting regulations. By understanding the concepts that characterise financial reporting and analysing their regulation in terms of accounting standards, at the end of the course the student will have acquired an adequate level of knowledge of the criteria for forming financial reporting and its interpretation. Knowledge and understanding - At the end of the learning process the student will have the necessary knowledge to understand financial reporting prepared in compliance with accounting standards. Applied knowledge and understanding - The student should be able to understand accounting standards and to correctly interpret financial reporting prepared according to these standards. Autonomy of judgment - The student must be able to develop his own autonomy of judgment on the correctness of the assessments made on the basis of different accounting regulations. Teacher's Profile courseProgram The course proposes the study of the concepts and rules that govern the preparation of financial reporting in compliance with IAS/IFRS and carries out a comparative survey on accounting regulations in the USA and Europe. -introduction to international accounting; -worldwide accounting diversity; -accounting approaches; -international convergence of financial reporting; -IFRS financial reporting; -US GAAP financial reporting ; -accounting standards codification; -IFRS in the European Union; -IFRS in the United States; -comparative Accounting (America and Europe). examMode The exam is oral and consists of a series of questions aimed at verifying the knowledge of the financial reporting criteria regulated by international accounting standards and the student's ability to grasp specificities and elements of distinction with respect to other accounting regulations; students must demonstrate that they are able to understand accounting standards and correctly interpret financial reporting prepared according to these standards and that they have acquired adequate judgment on the assessments made under different accounting regulations. books - A.A.V.V., Il bilancio secondo i principi contabili internazionali IAS/IFRS, Giappichelli, 2016/2023. Books to learn more: -Wiley GAAP 2024, Interpretation and Application of Generally Accepted Accounting Principles. -IAS/IFRS (a cura di Dezzani, Biancone, Busso), quinta edizione-2020, Ipsoa Wolters Kluwer, 2019 -Memento Pratico. Principi contabili internazionali, Giuffré Francis Lefebvre, 2022. classRoomMode Attendance at the course is recommended, but it is optional. bibliography FASB, Accounting Standards Codification Online; Wiley 2023 Interpretation and Application of IFRS Standards, Wiley, 2023; IFRS Accounting Standards 2024 (Part A, Part B, Part C);
120410 - PROFESSIONAL ENGLISH FOR MARKETING AND BUSINESS FELICETTA RIPA	Second Semester	4	L-LIN/12		Learning objectives This course aims to prepare to know and use the English language with the aim of progressively achieving a level B eligibility. The comprehension and expression of oral language is privileged, without neglecting the linguistic competence required for a clear and correct written expression. For this purpose, the adopted text allows students to personalize what is highlighted in the classroom through further revision and self-learning systems. The technical linguistic area of exercise will concern marketing and administration, with appropriate formal lexical insights and drafting of special glossaries useful to the profession. Presentations of scientific topics, conversations, debates, analysis of experiences and personal research: all this converges to form and stimulate creative skills, inspired by the most current issues. Teacher's Profile
MODULE II	-	-	-	-
LABORATORY FOR BUSINESS CREATION VINCENZO SFORZA	First Semester	4	SECS-P/07		Learning objectives "LEARNING OBJECTIVES: In line with the objectives of the degree program in Administration, Finance, and Control, the laboratory aims to guide students in measuring the knowledge acquired in their previous studies, with particular reference to business administration in startup contexts. A collaborative program is presently in progress in conjunction with Joule—Eni’s School for Business, an institution dedicated to overseeing a specialized excellence initiative tailored for the nurturing and advancement of startup enterprises (https://www.eni.com/joule/it-IT/home.html). KNOWLEDGE AND UNDERSTANDING: The workshop will enable learners to focus on the dynamics of financing needs definition, strategic planning, cost analysis, and management support that companies live from their establishment phase. The collaboration with Joule will allow students to attend events/testimonials of prominent national and international company managers on administration, finance, and control issues. The discussion of the content of the events with the lecturer will lead to finalizing the analysis of critical factors related to projects for the development of new business ideas. APPLYING KNOWLEDGE AND UNDERSTANDING Through their active participation in the 'problem-solution fit' meetings with startup selections, students will be able to apply the knowledge they've acquired and identify reasonable technical solutions. MAKING JUDGEMENTS: At the end of the laboratory activities, the student can consider critical and operational aspects of the choices inherent in creating an enterprise. COMMUNICATION SKILLS: Students will acquire the expertise needed to evaluate a ""business idea's"" technical and economic viability and appraise it. LEARNING SKILLS: At the end of the laboratory activities, the student will be empowered to undertake, independently, subsequent studies on the topics addressed, further enhancing their understanding and skills. " Teacher's Profile courseProgram Practical workshop that guides participants through the essential stages of business creation, from the initial idea to defining the business model. It develops skills to face entrepreneurial challenges and launch a successful venture. examMode Pass or fail after verification of acquired skills books Any references will be communicated during the laboratory classRoomMode Attendance is not obligatory bibliography See textbooks
MODULE II	-	-	-	-
DEVELOPMENT ECONOMICS GIULIO GUARINI	First Semester	8	SECS-P/01		Learning objectives "A)EDUCATIONAL GOALS The provision of the basic analytical tools to understand, at macro, meso and micro level, the functioning of economic development and human development, according to the social and environmental sustainability, considering the economic science as a social science with a plurality of points of views. B) EXPECTED LEARNING OUTCOMES 1.Knowledge and understanding ability: the knowledge of theories and policies of development useful to understand the main issues of contemporary economy. 2.Capability to apply knowledge and understanding: the knowledge of concepts and methods to judge the main criticalities and opportunities of economic development. 3.Capability to approach the subject in a critical manner: the capability to identify the main relationships of the economic system to grasp its logic and explain it according to the different theoretical approaches and with a critical capacity. 4.Communication abilities: to knowledge of the analytical rigor through the use of formulas and graphs and with the illustration of logical links. 5.Learning ability: successful condition in learning is the ability to reconstruct autonomously and critically the introductory notions of development economics." Teacher's Profile courseProgram Growth, economic development, human development Capitalist development and its phases Origins and history of underdevelopment Developing and least developed countries Division of Labour and Economic Development Innovation and Economic Development in a Secular Perspective Labor productivity, economies of scale and External Economies Unemployment, Cyclical Development and Crisis Economic Development and Changes Economic Development and International Relations Human Development and Inequalities Ecological aspects of Development Innovative, Sustainable and Inclusive Growth Mainstream Growth Models PostKeynesian Growth Models The detailed program and any supplementary teaching material will be available during the course. examMode The assessment aims to verify students' acquisition of theoretical knowledge and analytical tools to understand today's economic reality. The exam consists of a written test and an oral interview. The written test consists of 3 open questions. In the oral interview the corrections made by the professor are illustrated and the topics of the written test can be studied in depth. books The teaching material with the lecture notes will be available during the course. classRoomMode During the lesson the theoretical concepts will be illustrated also through the proposal of numerical examples and real cases. bibliography The teaching material will be available during the course.
INTERNATIONAL MONETARY ECONOMICS AND POLICY CHIARA OLDANI	First Semester	8	SECS-P/02		Learning objectives Educational objectives: The course aims to provide advanced knowledge on economic and financial issues relating to the monetary and international economics. 1) Knowledge and understanding; at the end of the course the student will have to demonstrate that they have understood the main issues of international monetary economics (money, exchange rates, crises, innovations and policy and regulatory measures). 2) Applying knowledge and understanding; The student must be able to read and interpret papers and books on advanced financial economics, as well as evaluate their empirical and methodological contents. 3) Autonomy of judgment (making judgments); At the end of the course, the student will be able to independently read papers and books on advanced financial economics, implementing critical analysis in research. 4) Communication skills; Knowledge of the general part and of the special topics of the course will allow the student to acquire the technical language of the subject allowing them to effectively deal with the discussion of the topics covered 5) Ability to learn (learning skills). At the end of the course, the student will be able to undertake, even independently, subsequent in-depth studies regarding the topics addressed. Teacher's Profile courseProgram The course is divided into two compulsory parts: a. monetary policy and economics; exchange rate policy and economics; b. special topics in international monetary economics (Financial Literacy, Cryptocurrencies, AI and surveillance capitalism). Classes will be in Italian in 2024-25 and will be in English in 2025-26. examMode Enrolled students should attend classes and present in the second part of the course a written and oral synthesis of one out of the special topics (group assignment). The presentation should be sent to the prof. Oldani (coldani@unitus.it) at least 3 days before the presentation. The file of the presentation can be PPT or Latex. A latex file gives a 1 point bonus in the final exam. Information, manuals and software are available at https://www.latex-project.org/ The final exam will be oral on the entire program (i.e., textbook, files, etc.); the class presentation of the special topic will weight 30 per cent of the final mark. Students who do not attend classes and don't present any special topic will have their final exam on the programme, including one special topic to be agreed on with prof. Oldani; students who do not attend classes are not requested to provide any presentation file at the exam. books Reference for the first part of the course is the Textbook by P. Krugman M. Obstfeld M. Melitz, 2023, Economia Internazionale, vol. 2 Economia Monetaria Internazionale, Pearson, chapters 4, 8, 9, 10, 11; Papers we will use in the course are: Masciandaro D. 2018 Central banks and Monetary Policy. Economics and Politics. BAFFI Carefin Paper https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3178576 D. Mugge 2019 The Revenge of Political Arithmetick, FickleFormulas Working Paper 2/2019 https://t.co/VhVpfTpLmU References on special topics (https://moodle.unitus.it/moodle/course/view.php?id=1118) 1. Financial Literacy: LoPrete 2018; Lusardi, Mitchell, Curto 2010; Lusardi, Mitchell, 2014; Lusardi AER 2015; 2. Blockchain & cryptocurrencies: E. Hughes 1993 https://nakamotoinstitute.org/cypherpunk-manifesto/ S. Nakamoto 2009 https://nakamotoinstitute.org/bitcoin/ Auer, Torcero-Lucas 2021, Distrust or Speculation? The Socioeconomic Drivers of U.S. Cryptocurrency Investments, CESifo Working Paper No. 9287; Halaburda et al. 2020. The microeconomics of cryptocurrencies, NBER working paper n. 27477 http://www.nber.org/papers/w27477 Anhert et al 2022, The economics of central bank digital currency, working paper https://ssrn.com/abstract=4191600; Vollman S., F. Wening 2024. The impact fo CBDS on a deposit-dependent banking system, Journal of Financial Stability, https://doi.org/10.1016/j.jfs.2024.101283 3. Artificial intelligence & Surveillance capitalism; Hughes E. 1993 https://nakamotoinstitute.org/cypherpunk-manifesto/ Nakamoto S. 2009 https://nakamotoinstitute.org/bitcoin/ Zuboff S. 2015; Big other: surveillance capitalism and the prospects of an information civilization, Journal of Information Technology vol. 30, 75–89 Varian H. 2014; Beyond Big Data, Business Economics Vol. 49, No. 1 Acemoglu D. 2021, Harms of AI, CEPR discussion paper DP16524. Acemoglu D. 2024 A simple macroeconomics of AI, NBER working paper http://www.nber.org/papers/w32487 John J. Kirton, B. Warren, 2018, G20 Governance of Digitalization1 INTERNATIONAL ORGANISATIONS RESEARCH JOURNAL. Vol. 13. No 2 . mode Enrolled students should attend classes and present in the second part of the course a written and oral synthesis of one out of the special topics (group assignment). The presentation should be sent to the prof. Oldani (coldani@unitus.it) at least 3 days before the presentation. The file of the presentation can be PPT or Latex. A latex file gives a 1 point bonus in the final exam. Information, manuals and software are available at https://www.latex-project.org/ The final exam will be oral on the entire program (i.e., textbook, files, etc.); the class presentation of the special topic will weight 30 per cent of the final mark. Students who do not attend classes and don't present any special topic will have their final exam on the programme, including one special topic to be agreed on with prof. Oldani; students who do not attend classes are not requested to provide any presentation file at the exam. At the completion of this course, students will be able to: 1. Read an advanced paper in economics 2. Comment on economic and monetary theory 3. Present and discuss research in monetary economics classRoomMode Classes take place in person in Viterbo; students who cannot attend classes can have access to the classes recorder last year bibliography Reference for the first part of the course is the Textbook by P. Krugman M. Obstfeld M. Melitz, 2023, Economia Internazionale, vol. 2 Economia Monetaria Internazionale, Pearson, chapters 4, 8, 9, 10, 11; Papers we will use in the course are: Masciandaro D. 2018 Central banks and Monetary Policy. Economics and Politics. BAFFI Carefin Paper https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3178576 D. Mugge 2019 The Revenge of Political Arithmetick, FickleFormulas Working Paper 2/2019 https://t.co/VhVpfTpLmU References on special topics (https://moodle.unitus.it/moodle/course/view.php?id=1118) 1. Financial Literacy: LoPrete 2018; Lusardi, Mitchell, Curto 2010; Lusardi, Mitchell, 2014; Lusardi AER 2015; 2. Blockchain & cryptocurrencies: E. Hughes 1993 https://nakamotoinstitute.org/cypherpunk-manifesto/ S. Nakamoto 2009 https://nakamotoinstitute.org/bitcoin/ Auer, Torcero-Lucas 2021, Distrust or Speculation? The Socioeconomic Drivers of U.S. Cryptocurrency Investments, CESifo Working Paper No. 9287; Halaburda et al. 2020. The microeconomics of cryptocurrencies, NBER working paper n. 27477 http://www.nber.org/papers/w27477 Anhert et al 2022, The economics of central bank digital currency, working paper https://ssrn.com/abstract=4191600; Vollman S., F. Wening 2024. The impact fo CBDS on a deposit-dependent banking system, Journal of Financial Stability, https://doi.org/10.1016/j.jfs.2024.101283 3. Artificial intelligence & Surveillance capitalism; Hughes E. 1993 https://nakamotoinstitute.org/cypherpunk-manifesto/ Nakamoto S. 2009 https://nakamotoinstitute.org/bitcoin/ Zuboff S. 2015; Big other: surveillance capitalism and the prospects of an information civilization, Journal of Information Technology vol. 30, 75–89 Varian H. 2014; Beyond Big Data, Business Economics Vol. 49, No. 1 Acemoglu D. 2021, Harms of AI, CEPR discussion paper DP16524. Acemoglu D. 2024 A simple macroeconomics of AI, NBER working paper http://www.nber.org/papers/w32487 John J. Kirton, B. Warren, 2018, G20 Governance of Digitalization1 INTERNATIONAL ORGANISATIONS RESEARCH JOURNAL. Vol. 13. No 2 .
MODULE II	-	-	-	-
BALANCE ANALYSIS GIUSEPPE IANNIELLO	First Semester	8	SECS-P/07		Learning objectives The purpose of the course is to provide an overview of the role of accounting information in the perspective of its preparation and use by stakeholders. In particular, it is intended to provide the student with knowledge of two thematic areas: group formation and consolidated account and financial statements analysis to make different economic decisions. Learning Objectives 1) Knowledge and understanding Knowing the tools of analysis, about groups accounts and financial statements analysis both in their theoretical construction and in their implementation. Civil code regulation, national and international financial reporting standards. 2) Applied knowledge and understanding Learning of group analysis tools and interpreting financial statements. Analysis of case studies. 3) Autonomy of judgment To be able to apply instruments for analyzing business groups and financial statements in a critical and independent way in order to be able to write a report on financial position and performance of operations of a business entity. 4) Communication skills To be able to express the results of a financial statements analysis by preparing a report and accounting documents. 5) Ability to learn Reading published accounting information of business entities in order to express an assessment of the financial positions and performance evaluation Teacher's Profile courseProgram Part I : Consolidated accounts; Part II: financial statements analysis examMode Open questions and problems. On average there are two questions and two problems on consolidated accounts and finanncial statements analysis. The written final exam lasts about 75 minutes. The points to pass the exam is at least 18/30. books Textbooks will be available for spring 2024 mode Lectures and case studies classRoomMode Suggested, not mandatory bibliography see textbooks

SUBJECT	SEMESTER	CFU	SSD	LANGUAGE
119239 - VALUATION OF COMPANIES AND EXTRAORDINARY TRANSACTIONS LUIGI FICILUIGI FICI	First Semester	8	SECS-P/07		Learning objectives The course aims to provide adequate and up-to-date preparation on the valuation of companies and extraordinary operations. In particular, it aims to illustrate the main methods of evaluating companies and to make people understand which method is best suited to the different company realities and extraordinary operations that the company may find itself facing. Knowledge and Understanding: Students will gain a solid understanding of the main business valuation methods, developing the ability to differentiate between various techniques and their theoretical foundations. Applied Knowledge and Understanding: Students will be able to apply valuation methods to different business realities and extraordinary operations, assessing which method is most suitable for each specific context. Autonomy in Judgment: The course promotes autonomy in judgment, enabling students to critically analyze valuation methods and make informed decisions on the most appropriate approach for each situation. Communication Skills: Students will develop the ability to effectively and clearly communicate business valuation results, adapting technical language to the intended audience. Learning Ability: Students will acquire skills for independent learning, allowing them to continuously update themselves on evolving business valuation methods and practices in extraordinary operations. Teacher's Profile courseProgram The meaning of company valuation The role and activity of the expert The principles of valuation The levers of value: economic flows and financial flows The discount rate The time horizon Methods based on result flows The equity method Market methods The main extraordinary operations examMode The exam will be with oral questions books Manuale di valutazione d’azienda, Mc Graw Hill, Sidrea, 2020 mode Lessons will be in person classRoomMode Attendance is NOT OBLIGATORY bibliography see textbooks Teacher's Profile courseProgram The meaning of company valuation The role and activity of the expert The principles of valuation The levers of value: economic flows and financial flows The discount rate The time horizon Methods based on result flows The equity method Market methods The main extraordinary operations examMode The exam will be with oral questions books Manuale di valutazione d’azienda, Mc Graw Hill, Sidrea, 2020 mode Lessons will be in person classRoomMode Attendance is NOT OBLIGATORY bibliography see textbooks
119240 - MANAGEMENT CONTROL AND BUSINESS PLAN MAURIZIO MASI	First Semester	8	SECS-P/07		Learning objectives "1. Knowledge and understanding of the financial statement analysis methodologies applied to management control in companies; 2. Knowledge and understanding of the techniques specific to financial statement analysis as tools for management control and functional to the construction of business plans; 3. Autonomy of judgment regarding the reliability of the information derived from the financial statement analysis and those used for the preparation of business plans; 4. Communication skills in the main terms and techniques of management control, particularly referring to the preparation and reading of business plans; 5. Ability to learn financial statement analysis techniques also supporting the preparation of business plans." Teacher's Profile courseProgram The course focuses on management control tools useful for the construction of business plans. In the first part, the course focuses on the reclassification models of financial statements, on indices and flows. In the second part, the course deals with the construction and analysis of the budget. This is a balance sheet drawn up by translating certain hypotheses of future management into economic and financial figures. The use of this tool allows you to recreate, as in a sort of laboratory, the operation of the company and to simulate the effects that different management policies are destined to produce in the future on the economic, financial and capital assets of the company. The logic of the budget has multiple fields of use. It applies, in fact: - to companies already in operation, to guide future management programs; - in project financing operations, which are increasingly numerous today, to judge the self-sustainability of the planned initiative; - to companies in the process of setting up or starting a new business unit (start up), to identify the most appropriate management structures; - to individual investment projects, to judge their feasibility and convenience. Summary of the arguments. Among the topics that will be dealt with in the budget analysis for the construction of the pro-forma, the following should be noted: • the logic of reclassification of the Balance Sheet and the Income Statement; • the logical scheme for the construction of the Cash Flow Statement; • the budgeting of EBITDA and MON; • the estimate of the commercial Net Working Capital (CCNc); • the estimate of operational self-financing; • the estimation of the Free Cash Flow (FCF); • the estimate of the Net Invested Capital (CIN); • the estimate of the Net Financial Position (NFP); • the budgeting of the Financial Requirement. Among the topics that will be dealt with in the context of the construction of the pro-forma and in its evaluation, the following should be noted: • the general logic and phases of the construction of the pro-forma; • the basic pro-forma model; • the development of the basic model: current operational management, structural operational investments and the financial structure; • the formulation of the assumptions: the forecast of sales, operating costs and net working capital, structural investments; • the assessment of the assumptions; • sensitivity analysis; • the financial sustainability of the budget and its "bankability". examMode The exam is oral. Attending students will have the opportunity to carry out practical exercises during the course that will be evaluated during the exam. Attending students will also have the opportunity to take a written test at the end of the course which contains about ten questions (open-ended) aimed at ascertaining the student's theoretical knowledge of the topics presented during the lessons; and a second written test aimed at solving a practical problem similar to those present in the textbook and addressed in the classroom. Even these tests, if concluded positively, can be evaluated during the examination. books To prepare for the exam, students have access to a textbook and other teaching materials prepared by the teacher that will be posted on the Moodle platform during the lessons. The textbook is: F. Giunta-M. Pisani, Analisi di bilancio, APOGEO, Maggioli Editore, 2016. Chapters of the book: 1. Fundamental analysis and intrinsic value of the company 2. The information base for fundamental analysis 3. Analysis of the competitive environment 4. Analysis of strategies 5. Verification of the accounting quality and the information collected 6. The management analysis model 10. Preparation of the Cash Flow Statement 16. The pro-forma financial statements: rationale, phases and necessary information 17. The pro-forma financial statements: hypotheses and calculation formulas 18. Evaluation of the pro-forma financial statements mode Lectures with classroom exercises, for a total of 48 hours. classRoomMode Attendance is NOT OBLIGATORY, but it is recommended to consolidate concepts and techniques also through practical examples bibliography C. PAROLINI, Business Planning. From the idea to the business project, Pearson Education Italia, 2016. W. C. KIM, R. MAUBORGNE, Blue Ocean Strategy, Etas, 2005. G. KAWASAKI, The Art of the Start, Penguin Group, 2004. B.R. BARRINGER, Preparing Effective Business Plans, Pearson Education, 2014.
MODULE II	-	-	-	-
COMMERCIAL CRIMINAL LAW AND CORPORATE LIABILITY LUCA DE ROSA	Second Semester	8	IUS/17		Learning objectives "1) Conoscenza e capacità di comprensione (knowledge and understanding); Il corso si propone di insegnare e fare comprendere lo stato dell'arte del diritto positivo in Italia ed europa - segnatamente di rilevanza penale - dei temi fondamentali del diritto penale commerciale e societario, dello studio delle Autorità Garanti di Vigilanza e della tutela del Mercato, senza tralasciare la parte riferita dalla ""Responsabilità d'Impresa"" afferente al Dlgs 231/01, in tutto il suo articolato. 2) Conoscenza e capacità di comprensione applicate (applying knowledge and understanding); Il taglio dinamico e pratico-giurisprudenziale, affronta la casistica dei singoli temi trattati in ottica di comprensione applicata della legge alle differenti realtà di fatto che si offrono all'interpretazione del giurista, in tutti i suoi ruoli. 3) Autonomia di giudizio (making judgements); l'impronta di analisi esegetica del dato normativo, consente di sviluppare quell'autonomia critica in chiave interpretativa che lo strudente ""giurista"" elabora nella comprensione delle dinamiche applicative degli istituti oggetto di insegnamento. 4) Abilità comunicative (communication skills); La comunicazione si avvarrà anche di seminari ""reali"" con collegamenti live ai mercati finanziari nell'ottica di implementare la conoscenza applicata e affinare l'interpretazione critica. 5) Capacità di apprendere (learning skills). L'apprendimento avverrà sulla base del ""fatto"", punto di partenza ineludibile nella materia penale, affinchè poi la sussunzione dello stesso alla fattispecie di riferimento, abbia compiutezza in riferimento alla dogmatica applicata in uno con la giurispridenza offerta anche in sede Europea." Teacher's Profile courseProgram I IL D.LGS. 231/01: LA RESPONSABILITÀ “PENALE” DELLE SOCIETÀ 1. Natura della responsabilità 2. Ambito di applicazione 3. Criteri di attribuzione della responsabilità dell’ente 4. Le sanzioni 5. Le misure cautelari 6. Le vicende modificative dell’ente II ELEMENTI DI DIRITTO PENALE III LE FATTISPECIE DI REATO a. i reati contro la pubblica amministrazione - Nuove regole per la prevenzione e la repressione della corruzione e della illegalità nella pubblica amministrazione: la L. 190/2012, il Piano Nazionale Anticorruzione, la delibera ANAC 8 giugno 2015, white list e rating di legalità, la norma iso 37001 f. i principali reati societari k. i reati in materia di sicurezza sul lavoro 1. Art. 25 septies del D.L.vo 231/01 2. I principali soggetti responsabili in materia di Sicurezza sul Lavoro a. il datore di lavoro b. il dirigente c. il preposto d. i lavoratori 3. Modelli di Organizzazione e Gestione ex art. 30 D.L.vo 81/2008 4. Le prime sentenze 231 in materia di Sicurezza sul Lavoro l. Focus: i reati in materia di riciclaggio o.: i reati ambientali r. reati tributari IV MODELLI DI ORGANIZZAZIONE GESTIONE E CONTROLLO 1. Attuazione del Modello Organizzativo 2. Rilevanza Processuale del Modello 3. Componenti del Modello 3.1 Modello Parte Generale 3.2 Modello Parte Speciale 3.3 Codice Etico 3.4 Organismo di Vigilanza a. requisiti b. poteri c. composizione d. Attività dell’OdV e. Il ruolo dell’OdV in materia di riciclaggio 4. Formalizzazione del Modello Organizzativo 5. Manutenzione del Modello Organizzativo 6. Diffusione del Modello Organizzativo 7. Formazione del Personale V LA RESPONSABILITÀ “PENALE” DELLE SOCIETÀ NEI GRUPPI VI LA RESPONSABILITÀ “PENALE” DELLE PERSONE GIURIDICHE NEI PAESI DI COMMON LAW E NEI PRINCIPALI ORDINAMENTI EUROPEI examMode The final examination consists of an oral test, in which the student will have to demonstrate awareness of the topics covered in the course. books the teaching material consists of the handouts distributed by the professor and available on Moodle portal. The student will be provided with a copy of the GUIDELINES FOR THE CONSTRUCTION OF THE MODELS OF ORGANIZATION, MANAGEMENT AND CONTROL ACCORDING TO LEGISLATIVE DECREE 8 JUNE 2001, N. 231 issued by Confisdustria also in order to analyze the practical case studies contained therein. Practical cases will be analyzed, the orientations of jurisprudence on the subject and national and international best practices will be analyzed classRoomMode frequency is not obligatory bibliography see textbooks
CORPORATE TAX LAW EDOARDO VALENTE	Second Semester	8	IUS/12		Learning objectives "The course aims to achieve the following objectives: Knowledge and understanding: Acquire in-depth knowledge of corporate tax law, including national and international tax regulations. Applied knowledge and understanding: Use theoretical knowledge to analyze and resolve practical tax issues faced by businesses. Autonomy of judgment: Critically evaluate and formulate independent judgments on tax strategies and tax decisions within a business context. Communication skills: Effectively communicate tax issues, explaining the fiscal implications of business decisions to colleagues, clients, and consultants. Learning ability: Develop a proactive approach to continuous learning in the field of tax law, enhancing understanding of tax laws and their practical application in a business context." Teacher's Profile courseProgram The course aims to provide students with an understanding of the general aspects of taxes, duties and contributions, with reference to the sources, constitutional principles, tax obligation, taxable subjects and declaration. Furthermore, again from a general profile, the principles of the tax procedure specifically applied to the corporate context will be explored in depth, covering all phases, with reference to the principles of administrative activity, investigation, assessment and tax controls. Furthermore, during the course the general principles of administrative and criminal sanctions will be examined, with notes on individual cases. The main protection tools for businesses will be examined, with notes on the process. The course also aims to equip students with fundamental knowledge on the rules and principles of tax law at both a national and international level, with a focus on the main taxes applicable to economic activities - exercised both individually and in corporate form - and , in particular on Irpef, Ires and VAT, as well as on individual income categories. Furthermore, an in-depth study will be dedicated to the categories of transnational income and the specific taxation criteria. Students will acquire critical tools to examine and evaluate massive system complexity and effectively apply theory to business practice. This integrated approach will help you understand how tax laws influence business decisions and manage the tax challenges that businesses regularly encounter. examMode The exam test is oral. books Compendio di Diritto Tributario” di Tesauro Francesco (nona edizione) – UTET Giuridica Dispense fornite dal docente classRoomMode 48 hours in lessons of 3 + 2.5 hours per week, divided into two days. bibliography see textbooks
119992 - LAW OF EXTRAORDINARY TRANSACTIONS ERMANNO LA MARCA	First Semester	8	IUS/04		Learning objectives "The course aims to achieve the following objectives: Knowledge and understanding: Acquire in-depth knowledge of the law related to extraordinary operations, such as mergers, acquisitions, and corporate restructurings. Applied knowledge and understanding: Use theoretical knowledge to analyze and solve practical cases in the context of extraordinary operations. Autonomy of judgment: Critically evaluate the legal and strategic implications of extraordinary operations and formulate independent judgments. Communication skills: Effectively communicate legal strategies and details of extraordinary operations to clients, colleagues, and other stakeholders. Learning ability: Develop a proactive approach to continuous learning and deepening of legal issues related to extraordinary operations." Teacher's Profile courseProgram 1. Extraordinary Transactions in Company Law 2. Transformations 3. Mergers 4. The division 5. The capital increase 6. Capital reductions 7. Transfer of controlling interest 8. The circulation of the firm 9. Extraordinary transactions in corporate crisis resolution procedures examMode The chosen method of assessment consists of an oral test, in the course of which the candidate is asked diversified and non-monothematic questions on the topics taught, in order to assess the candidate's knowledge and understanding, not limited to the theoretical approach of the questions, but also with reference to the applicative implications of the relevant notions and problems that practice presents to the jurist. books Recommended text for the study of the legal constructs involved in the programme: AA.VV., Diritto delle operazioni straordinarie, a cura di A. Nigro, Il Mulino, Bologna, 2022. classRoomMode Optional attendance. bibliography see textbooks
16428 - THESIS	Second Semester	12
119039 - ECONOMICS OF INTERNATIONAL TAXATION ANTONIO IORIO	Second Semester	8	SECS-P/03		Learning objectives Educational objectives Learning expected: knowledge of the main international tax regulations in order to allow individual and group work skills. The major problems of international taxation understanding. The development of judgment capacity and critical spirit to share, compare and question one's own ideas and those of others on international taxation and related evasive phenomena. Teacher's Profile courseProgram The course program is designed to provide a sufficiently comprehensive knowledge of the fundamental economic issues pertaining to international taxation. In this context, the basic and general economic and legal issues of taxation systems are preliminarily examined. Then having acquired the basic and indispensable knowledge, the most relevant aspects and effects of international taxation and the most topical issues are explored in depth. Topics developed: Income and taxes classification Taxes principles Progressivity and proportionality Personal income tax and companies taxation, in Italy and abroad Capital in international markets taxation and monitoring Double taxation and methods to avoid or limit it; tax credit for income generated abroad. Multinational companies taxation (Pillar) Indirect taxation in the transfer of goods and services in international markets (VAT in intra-EU relations: imports, exports and customs taxation) International tax avoidance and evasion in direct taxation (fictitious residences, tax inversions, transfer prices, CFCS, etc.) International tax evasion in indirect taxation (VAT fraud, etc.) International cooperations examMode The student's evaluation is carried with an oral exam on the program in order to identify subject learning and deepening. Critical spirit of each topics will be evaluated too. In the oral exam the student will have to at least demonstrate the knowledge of the main rules of national and international taxation and the major problems of international taxation. The critical spirit and the comparison with other subjects studied with respect to the problems of international taxation and related evasive phenomena are highly valued. books Lezioni di scienza delle finanze, Parte II. Bruno Bises, Giappichelli, capitoli 1, 2, 3, 6, 7, 8, 10 Manuale di fiscalità internazionale, a cura di A. Dragonetti, V. Piacentini, A. Sfondrini, Ipsoa Manuali As an alternative to the texts indicated above, the reference material (regulatory texts, official documents, in-depth articles, chapters of texts) dealt with during the lessons is made available to students. mode The course is conducted in face-to-face lectures, and each topic is treated in a concrete, practical context. Practical cases are then explored in depth in order to develop the student's sensitivity and critical judgment and to encourage discussion of both the practical case and any theories from which the case originates. classRoomMode Participation in the lessons is not compulsory but preferred, as it allows a greater involvement of the student in the problems addressed bibliography Corso di scienza delle finanze, PAOLO BOSI (A CURA DI) - IX Edizione - 2023 Fiscalità internazionale e dei gruppi, AVOLIO DIEGO (A CURA DI) - 2021 Fiscalità dell'Unione europea e internazionale (https://www.finanze.gov.it/) Osservatorio fiscalità internazionale (https://www.osservatorio-fiscalita.it/categoria/fonti-convenzionali-ocse/) European Commission, Annual report on taxation (2024)
119991 - STATISTICAL METHODS FOR THE ENTERPRISE MARCO BRANDI	Second Semester	8	SECS-S/03		Learning objectives "The goal of the course is to provide students with the fundamental skills for data analysis in business contexts, such as marketing, customer satisfaction, and user profile analysis, using statistical techniques and programming in R applied in real-world contexts. - Knowledge and Understanding: By the end of the course, students will be able to understand the fundamental data analysis techniques applied to business contexts, such as marketing, customer satisfaction, and user profile analysis. Additionally, they will have acquired practical knowledge of programming techniques in R necessary to implement these analyses. - Applying Knowledge and Understanding: Students will be able to apply data analysis and programming techniques in R to real business situations, using statistical tools to solve concrete problems. They will be capable of developing practical data-based solutions to enhance business strategies and operational decisions. - Making Judgements: Students will be able to critically evaluate the results obtained from data analyses, judging the quality, reliability, and relevance of the applied techniques. Moreover, they will be able to compare their solutions with those proposed by other researchers, developing a critical approach to seeking innovative solutions. - Communication Skills: Through the presentation and discussion in class of the final paper, students will be able to effectively communicate the results of their analyses, using appropriate technical language and clearly and convincingly illustrating the methodologies and results. - Learning Skills: Students will develop the ability to learn independently through research and critical comparison of different data analysis methodologies. They will be able to continuously update themselves on the latest techniques and adapt their knowledge to new problems and application contexts." Teacher's Profile

SUBJECT	SEMESTER	CFU	SSD	LANGUAGE
15819 - OPTIONAL SUBJECT	First Semester	8
15812 - FINANCIAL INTERMEDIARIES LAW ANTONIO LONGOANTONIO LONGO	First Semester	8	IUS/04		Learning objectives "The course aims to achieve the following objectives: Knowledge and understanding: acquire in-depth knowledge on the regulation of financial intermediaries and the related national and international regulations. Applied knowledge and understanding: Use theoretical knowledge to analyze and interpret the legal implications of practical cases in the financial sector. Making judgements: Critically evaluate legal and regulatory issues and make independent judgments within financial intermediaries. Communication Skills: Effectively communicate complex legal issues related to financial intermediaries to colleagues, clients and industry professionals. Ability to learn: develop an autonomous and critical approach to the study and continuous in-depth analysis of the regulations and practices relating to financial intermediaries." Teacher's Profile courseProgram The sources of national and EU law concerning financial intermediaries and their evolution. Controls and supervision of financial intermediaries. Structure and activity of financial intermediaries. The asset management business. Corporate Governance of financial intermediaries, ownership structures, internal organization and general behavioral criteria. Institutional investors and Stewardship codes. The implications of sustainability and ESG factors in the activities of financial intermediaries. examMode The assessment test consists of an oral interview during which the candidate will have to demonstrate knowledge of the subjects contained in the exam program and what is presented during the lessons. The candidate must also demonstrate the ability to apply concretely, through examples or the illustration of practical cases, the legislation and legal principles relating to the exam programme. books Recommended Texts: La disciplina del mercato mobiliare, Filippo Annunziata, ed. Giappichelli (capitoli I-VI e VIII-X) Il mercato mobiliare, Renzo Costi, ed. Giappichelli. classRoomMode attendance recommended but not mandatory. bibliography see Texts Teacher's Profile courseProgram The sources of national and EU law concerning financial intermediaries and their evolution. Controls and supervision of financial intermediaries. Structure and activity of financial intermediaries. The asset management business. Corporate Governance of financial intermediaries, ownership structures, internal organization and general behavioral criteria. Institutional investors and Stewardship codes. The implications of sustainability and ESG factors in the activities of financial intermediaries. examMode The assessment test consists of an oral interview during which the candidate will have to demonstrate knowledge of the subjects contained in the exam program and what is presented during the lessons. The candidate must also demonstrate the ability to apply concretely, through examples or the illustration of practical cases, the legislation and legal principles relating to the exam programme. books Recommended Texts: La disciplina del mercato mobiliare, Filippo Annunziata, ed. Giappichelli (capitoli I-VI e VIII-X) Il mercato mobiliare, Renzo Costi, ed. Giappichelli. classRoomMode attendance recommended but not mandatory. bibliography see Texts
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PROFESSIONAL ACTIVITY	First Semester	4
119247 - PYTHON FOR FINANCE CRISTIANO BALDASSARI	First Semester	4	SECS-P/11		Learning objectives "The course ""Python for Finance"" aims to equip students with both basic and advanced skills in Python, with a particular focus on applications in the financial sector. Students will develop proficiency in using programming tools and techniques to address various aspects of financial analysis and management, supporting decision-making processes through the use of data and models. Dublin Descriptors: 1. Knowledge and understanding: Students will acquire a solid foundation in Python and its use in the financial sector, understanding the fundamental principles of programming and data analysis techniques applied to finance. 2. Applying knowledge and understanding: Students will be able to apply this knowledge to solve real-world financial problems, developing quantitative models and analytical tools to support financial decision-making. 3. Making Judgements: Students will develop the ability to critically evaluate the results of their analyses and models, interpreting data independently and making decisions based on them. 4. Communication skills: Students will be able to clearly and effectively present and explain the results of their analyses and models, using data visualization tools and appropriate technical language. 5. Learning skills: Students will demonstrate the ability to continue learning independently, updating their skills and adapting to new technological and methodological developments in finance and programming." Teacher's Profile courseProgram Fundamentals of Python Overview of advanced Python applications Use cases relevant to Finance examMode The evaluation method will be conducted through a single-answer multiple-choice test, where the correct answer must be selected from the given alternatives. books Course slides and exercises provided by the instructor. classRoomMode Attendance at lectures is not mandatory. However, given that the teaching approach will be structured to ensure the active engagement of students, participation in lectures is highly recommended. bibliography Course slides and exercises provided by the instructor.
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FINANCIAL INVESTMENTS ANNA MARIA D'ARCANGELIS	First Semester	8	SECS-P/11		Learning objectives "The course offers an introductory and analytical treatment of the fundamentals of valuation within the context of bond, equity, and derivative products in the management of a securities portfolio. In the bond segment, the course analyzes fixed-rate and variable-rate instruments, structured products, and linear derivatives, as well as their pricing with and without credit spreads. Regarding the equity segment, starting from the framework of Modern Portfolio Theory, the course examines the main instruments and techniques used in the equity sector, focusing on both basic instruments and convex derivatives. The topics are primarily covered in an applied manner, using Excel and Matlab. Learning Objectives Active participation in the course and diligent study will enable the student to: • Understand the institutional characteristics of the domestic and international bond and equity markets (knowledge and understanding). • Comprehend the basic concepts of return and risk within the context of interest rate models and mean-variance models (knowledge and understanding). • Calculate various measures of risk and return in the context of individual securities and portfolios (applying knowledge and understanding). • Understand the purpose and functioning of yield curve models and concave and linear frontiers (knowledge and understanding). • Understand the definition and use of both simple and complex derivatives (applying knowledge and understanding). • Estimate the price of plain vanilla options using the Black-Scholes model, the binomial model, and Monte Carlo simulation (applying knowledge and understanding). • Estimate the price of plain vanilla IRS (Interest Rate Swaps) (applying knowledge and understanding). Students will participate in exercises and be assigned two project works (one on bonds and one on equities) that will allow them to develop the ability to research data and information for processing, to develop advanced quantitative models, and to draw conclusions regarding the risk-return evaluation of financial products (making judgments). They will also develop teamwork skills, learn to organize and manage a project (learning skills), and communicate with the instructor; they will enhance their ability to present results, highlighting critical points and analyzing outputs with independent judgment (communication skills), while managing Excel and any necessary programming languages (communication skills)." Teacher's Profile courseProgram Obiettivi formativi in inglese The course offers an introductory and analytical treatment of the fundamentals of valuation within the context of bond, equity, and derivative products in the management of a securities portfolio. In the bond segment, the course analyzes fixed-rate and variable-rate instruments, structured products, and linear derivatives, as well as their pricing with and without credit spreads. Regarding the equity segment, starting from the framework of Modern Portfolio Theory, the course examines the main instruments and techniques used in the equity sector, focusing on both basic instruments and convex derivatives. The topics are primarily covered in an applied manner, using Excel and Matlab. Learning Objectives Active participation in the course and diligent study will enable the student to: • Understand the institutional characteristics of the domestic and international bond and equity markets (knowledge and understanding). • Comprehend the basic concepts of return and risk within the context of interest rate models and mean-variance models (knowledge and understanding). • Calculate various measures of risk and return in the context of individual securities and portfolios (applying knowledge and understanding). • Understand the purpose and functioning of yield curve models and concave and linear frontiers (knowledge and understanding). • Understand the definition and use of both simple and complex derivatives (applying knowledge and understanding). • Estimate the price of plain vanilla options using the Black-Scholes model, the binomial model, and Monte Carlo simulation (applying knowledge and understanding). • Estimate the price of plain vanilla IRS (Interest Rate Swaps) (applying knowledge and understanding). Students will participate in exercises and be assigned two project works (one on bonds and one on equities) that will allow them to develop the ability to research data and information for processing, to develop advanced quantitative models, and to draw conclusions regarding the risk-return evaluation of financial products (making judgments). They will also develop teamwork skills, learn to organize and manage a project (learning skills), and communicate with the instructor; they will enhance their ability to present results, highlighting critical points and analyzing outputs with independent judgment (communication skills), while managing Excel and any necessary programming languages (communication skills). examMode The exam consists of a written test and an oral examination. The final evaluation also takes into account the group work assignments completed during the course. books Anna Maria D'Arcangelis. Economia del Mercato Mobiliare. Copinfax. Anna Maria D'Arcangelis. Finance with Excel. Teaching notes. 2015 Slides and course materials distributed by the instructor and available at university copy shops. Bodie, Kane and Marcus, (BKM), Essentials of Investments, 9th edition, Irwin, 2013. classRoomMode Attendance is not mandatory for the course. Non-attending students should contact the instructor and will be guided in developing a customized non-attending study plan. Lecture recordings are available on Moodle. bibliography Bodie, Kane and Marcus, (BKM), Essentials of Investments, 9th edition, Irwin, 2013.
119246 - SERIES ANALYSIS FRANCESCO POLI	First Semester	8	SECS-S/03		Learning objectives Knowledge and Understanding: Students will gain a solid understanding of the fundamental concepts and techniques for analyzing time series and financial series, including stationarity, ARIMA and GARCH models, and the Box-Jenkins procedure. Applied Knowledge and Understanding: Students will be able to apply methods such as moving averages, ARIMA and GARCH models, and stationarity tests for analyzing time series and forecasting data, with a focus on financial series. Autonomy in Judgment: The course fosters autonomy in judgment, enabling students to select and apply the most appropriate analysis model based on the structure and nature of time series. Communication Skills: Students will develop the ability to clearly communicate the results of time series and financial series analysis in both academic and professional settings. Learning Ability: Students will acquire independent learning skills to stay updated on new models and techniques for analyzing time series and financial data. Teacher's Profile courseProgram Historical time series: - Introduction - Moving average - Stochastic process, stationarity, ACF, PACF - RW, MA, AR, ARMA models - Non-stationary processes - RW with constant or drift - ARIMA model - SARIMA model - Box-Jenkins procedure for model estimation - Forecast - Non-stationary models - DF and ADF tests Financial time series: - Introduction - Prices-returns relationship - Motivation and stylized facts - Financial time series characteristics - Normality and related tests - ARCH model - GARCH model - Estimation and examples examMode One analytical exercise and two or three open questions about theory and/or the interpretation of a carried out tutorial. books Tommaso Di Fonzo e Francesco Lisi (2005) Serie storiche economiche. Analisi statistiche e applicazioni. Roma, Carocci editore. mode The students who desire can follow the classes in the "aula 2". classRoomMode Frontal lessons: 38 hours. Tutorials with the R software: 10 hours. bibliography Further material available through Moodle.
15809 - MATHEMATICAL MODELS IN ECONOMICS AND FINANCE CARLO MARICRISTIANO BALDASSARI	Second Semester	8	SECS-S/06		Learning objectives "KNOWLEDGE AND UNDERSTANDING The course is in line with the general objective of the course of study to provide the mathematical techniques and economic skills for an adequate understanding of the economic system and the functioning of financial markets. The course, in particular, aims at equipping students with the mathematical tools necessary for understanding financial phenomena with the aim to formulate and solve basic problems of modern finance. The student is expected to assimilate the fundamental notions for understanding the functioning of financial markets and for analyzing economic and financial phenomena; to be able to correctly set and solve problems of modern finance; to be able to communicate effectively on economic and financial issues, using an appropriate technical language. APPLYING KNOWLEDGE AND UNDERSTANDING The student must be able to interpret the main economic and financial phenomena. In particular he/she must be able to build models to formulate and solve problems of modern finance on all the topics included in the course program. MAKING JUDGMENTS The student should be able to independently evaluate necessary information, conduct investigations and set up quantitative analyses of financial phenomena. COMMUNICATION SKILLS The student must be able to communicate effectively on economic and financial issues, using an appropriate technical language. The ability to communicate on a multidisciplinary level economic and financial topics is, in this respect, the main target of the course. LEARNING SKILLS The student must acquire significant analytical skills and a well-founded method of quantitative investigation in order to cope with subsequent teachings." Teacher's Profile courseProgram 1. Elementary stochastic calculus: Brownian motion; the Ito integral; Ito's Lemma; stochastic differential equations. 2. Monte Carlo simulation. 3. The Black-Scholes model and its applications in market finance and corporate finance. 4. Stochastic interest rate modeling. examMode The assessment of learning will be carried out passing a written test and an oral test. The written test involves the resolution of numerical exercises on the topics of the course. Students will be asked to illustrate the procedures followed in solving the exercises. Further details on how the tests will be conducted will be provided in the classroom. books J.C. Hull, “Options, Futures, and Other Derivatives”. Pearson (2021). P. Wilmott, “Quantitative Finance”. John Wiley and Sons, Ltd (2007). classRoomMode Attendance at the course is not mandatory but is strongly recommended. bibliography see textbooks Teacher's Profile
120413 - ASSET MANAGEMENT ANNA MARIA D'ARCANGELIS	Second Semester	8	SECS-P/11		Learning objectives "The course illustrates the issues, modeling and operational techniques of the segment of professional management of investment portfolios for institutional investors. The course analyzes all the techniques suitable for the definition of strategic and tactical asset allocation of portfolios, from the classical theory of Modern Portfolio Theory, implemented in order to solve the problem of estimation error, to Post Modern Portfolio Theory, to approaches related to risk budgeting, factor and smart beta investing. The course is completed by the operational techniques of asset allocation analysis, management styles, identification of factors for the purposes of multifactor portfolios, and the topics always examined from an operational perspective of climate investing and ESG. The course ends with a presentation of the basic techniques of machine learning in asset allocation. The course includes the use of Excel and Matlab. At the end of the Asset Allocation course, students will have acquired: (a) advanced knowledge regarding domestic and international portfolio management regulations (knowledge and understanding); b) knowledge of traditional and innovative issues in asset allocation, through textbooks and academic or professional articles (learning skills). c) knowledge of the main advanced models for measuring and managing securities portfolios, mainly from the perspective of management by institutional investors (knowledge and understanding) d) the ability to apply advanced models of measurement and management of securities portfolios (applying knowledge and understanding); Students are provided with exercises and are assigned a project work that allows them to develop the ability to search for data and information to be processed, to decide on the most useful modeling to answer research questions and to develop advanced quantitative models arriving at conclusions regarding the management of portfolios (making judgments); to work in a team and to organize and manage a project (learning skills) and communication with the teacher; to improve the ability to communicate results, revealing critical points and analyzing outputs using autonomy of judgment (communication skills), managing Excel and programming languages (communication skills). " Teacher's Profile courseProgram The course illustrates the issues, modeling and operational techniques of the segment of professional management of investment portfolios for institutional investors. The course analyzes all the techniques suitable for the definition of strategic and tactical asset allocation of portfolios, from the classical theory of Modern Portfolio Theory, implemented in order to solve the problem of estimation error, to Post Modern Portfolio Theory, to approaches related to risk budgeting, factor and smart beta investing. The course is completed by the operational techniques of asset allocation analysis, management styles, identification of factors for the purposes of multifactor portfolios, and the topics always examined from an operational perspective of climate investing and ESG. The course ends with a presentation of the basic techniques of machine learning in asset allocation. The course includes the use of Excel and Matlab. At the end of the Asset Allocation course, students will have acquired: (a) advanced knowledge regarding domestic and international portfolio management regulations (knowledge and understanding); b) knowledge of traditional and innovative issues in asset allocation, through textbooks and academic or professional articles (learning skills). c) knowledge of the main advanced models for measuring and managing securities portfolios, mainly from the perspective of management by institutional investors (knowledge and understanding) d) the ability to apply advanced models of measurement and management of securities portfolios (applying knowledge and understanding); Students are provided with exercises and are assigned a project work that allows them to develop the ability to search for data and information to be processed, to decide on the most useful modeling to answer research questions and to develop advanced quantitative models arriving at conclusions regarding the management of portfolios (making judgments); to work in a team and to organize and manage a project (learning skills) and communication with the teacher; to improve the ability to communicate results, revealing critical points and analyzing outputs using autonomy of judgment (communication skills), managing Excel and programming languages (communication skills). Part I Institutional Investors: Typologies, Roles and Products 1 Institutional Investors 2 Collective Investment Vehicles and Other Asset Management Products Part II Investment Management Policy 3 Stages of Investment Management Policy 4 Strategic Asset Allocation with Mean-Variance Optimisation 5 Methods and Tools for Portfolio Selection 6 Alternative Approaches to Traditional Mean-Variance Optimisation Part III Performance Evaluation for Traditional Investment Portfolios 7 Performance Evaluation 8 Returns-Based Style Analysis 9 Performance Attribution Part IV Portfolio Diversification Towards Alternative Asset Classes 10 Portfolio Diversification Policies: Alternative Asset Classes 11 Hedge Funds 12 Hedge Fund Performance 13 Private Equity 14 Real Estate 15 Commodities 16 Currency Overlay PART V - MANAGEMENT POLICIES OF MAJOR INSTITUTIONAL INVESTORS 17. The management policies of the various types of institutional investors PART VI - INNOVATIVE ASPECTS OF ASSET MANAGEMENT TECHNIQUES 18. Climate Finance - ESG 19. Smart Beta 20. Private Equity 21. Machine Learning in Asset Management (Python) examMode The acquisition of fundamental knowledge takes place through the presentation of project work in the classroom at the end of the course, followed by verification of technical knowledge through a written test and possible oral in the available calls. The passing with a positive evaluation of the project work is a necessary condition for the admission to the exam. The exam consists of a written and an oral test. The evaluation takes into account the group work tests assigned during the course. books AA.VV. (Basile-Ferrari) Asset Management and Institutional Investors, Pearson Editore, 2nd edition. Sole 24Ore in paper edition and in the online version. Teaching material by the teachers available on the course website in Moodle classRoomMode There is no mandatory attendance for this course. Non-attending students contact the instructor and are followed to develop an ad hoc non-attending course. Recordings of lectures are available in Moodle. bibliography see textbooks
120410 - PROFESSIONAL ENGLISH FOR MARKETING AND BUSINESS FELICETTA RIPA	Second Semester	4	L-LIN/12		Learning objectives This course aims to prepare to know and use the English language with the aim of progressively achieving a level B eligibility. The comprehension and expression of oral language is privileged, without neglecting the linguistic competence required for a clear and correct written expression. For this purpose, the adopted text allows students to personalize what is highlighted in the classroom through further revision and self-learning systems. The technical linguistic area of exercise will concern marketing and administration, with appropriate formal lexical insights and drafting of special glossaries useful to the profession. Presentations of scientific topics, conversations, debates, analysis of experiences and personal research: all this converges to form and stimulate creative skills, inspired by the most current issues. Teacher's Profile
MODULE II	-	-	-	-
MULTIVARIATE STATISTICAL ANALYSIS AND DATA MINING FEDERICO CRESCENZI	First Semester	8	SECS-S/03		Learning objectives "The objective is to provide students with theoretical knowledge of applied linear algebra and data mining, with particular emphasis on the decomposition of prediction errors in economic and social phenomena. Fundamental statistical concepts (e.g., regression, classification, inference) will be reviewed and presented with a more detailed technical level to provide a deeper theoretical understanding of data analysis. 2. Based on the theoretical knowledge acquired, students will be required to apply what they have learned in analyzing datasets on real or simulated data. Particular emphasis is placed on comparing different methods that can be used to achieve the same data analysis objective, in order to identify the most appropriate one. To this end, students will be required to master the R programming software at an intermediate/advanced level. 3. Based on what they have learned in theory and verified in practice, students must make a judgment on the quality of the data analysis performed. Particular emphasis is placed on highlighting the limitations and critical points of the data analysis performed, always keeping in mind whether the data analysis objective has been effectively achieved (where possible). 4. Students are required to communicate what they have learned theoretically and discovered empirically through data analysis by giving an oral presentation of their results. The presentation should balance the technical content of the work with a more informative nature of the insights gained from the data. 5. The student’s learning ability is tested through the data analysis itself. The in-class analyses, where students will learn the theory and test it, will always be necessarily educational, for example, with pre-selected and pre-processed datasets. The analysis of real data that students are exposed to will necessarily put them in a position to apply what they have learned in an innovative way and to learn new techniques. In general, the course will provide students with all the necessary elements to learn new concepts independently." Teacher's Profile courseProgram 1. Computational statistics - Introduction/recall to R - Basic statistics with R -.Data visualization 2. Introduction to linear algebra - Vectors - Matrices - Vector spaces 3. Regression - Parametric methods (linear regression, lasso, ridge) - Non-parametric methods (Regression trees, Bagging, Random Forest, Principal component regression) 4. Classification - Parametric methods (Logit model (logit ridge/lasso), Linear discriminant analysis, Non-parametric methods, Classification trees) 5. Unsupervised learning - Cluster analysis - Principal components examMode The assessment is done through the discussion of a project related to a data analysis carried out on a dataset chosen by the student on one or more methods illustrated in class. An oral exam will follow to verify the theoretical aspects of what has been discussed and the general skills acquired on the program. books Bertaccini, B. (2018). Introduzione alla statistica computazionale con R (p. 182). Firenze University Press. (Disponibile gratuitamente in pdf) Barabesi, L., & Fattorini, L. (2010). Introduzione all'algebra delle matrici. Giuffrè Editore. (Disponibile gratuitamente in pdf) James, G., Witten, D., Hastie, T., & Tibshirani, R. (2013). An introduction to statistical learning (Vol. 112, p. 18). New York: springer. (Disponibile gratuitamente in pdf in versione inglese) classRoomMode In classroom with possibility to follow remotely bibliography See textbooks
120456 - INTERNATIONAL MONETARY ECONOMICS AND POLICY CHIARA OLDANI	Second Semester	8	SECS-P/02		Learning objectives Educational objectives: The course aims to provide advanced knowledge on economic and financial issues relating to the monetary and international economics. 1) Knowledge and understanding; at the end of the course the student will have to demonstrate that they have understood the main issues of international monetary economics (money, exchange rates, crises, innovations and policy and regulatory measures). 2) Applying knowledge and understanding; The student must be able to read and interpret papers and books on advanced financial economics, as well as evaluate their empirical and methodological contents. 3) Autonomy of judgment (making judgments); At the end of the course, the student will be able to independently read papers and books on advanced financial economics, implementing critical analysis in research. 4) Communication skills; Knowledge of the general part and of the special topics of the course will allow the student to acquire the technical language of the subject allowing them to effectively deal with the discussion of the topics covered 5) Ability to learn (learning skills). At the end of the course, the student will be able to undertake, even independently, subsequent in-depth studies regarding the topics addressed. Teacher's Profile courseProgram The course is divided into two compulsory parts: a. monetary policy and economics; exchange rate policy and economics; b. special topics in international monetary economics (Financial Literacy, Cryptocurrencies, AI and surveillance capitalism). Classes will be in Italian in 2024-25 and will be in English in 2025-26. examMode Enrolled students should attend classes and present in the second part of the course a written and oral synthesis of one out of the special topics (group assignment). The presentation should be sent to the prof. Oldani (coldani@unitus.it) at least 3 days before the presentation. The file of the presentation can be PPT or Latex. A latex file gives a 1 point bonus in the final exam. Information, manuals and software are available at https://www.latex-project.org/ The final exam will be oral on the entire program (i.e., textbook, files, etc.); the class presentation of the special topic will weight 30 per cent of the final mark. Students who do not attend classes and don't present any special topic will have their final exam on the programme, including one special topic to be agreed on with prof. Oldani; students who do not attend classes are not requested to provide any presentation file at the exam. books Reference for the first part of the course is the Textbook by P. Krugman M. Obstfeld M. Melitz, 2023, Economia Internazionale, vol. 2 Economia Monetaria Internazionale, Pearson, chapters 4, 8, 9, 10, 11; Papers we will use in the course are: Masciandaro D. 2018 Central banks and Monetary Policy. Economics and Politics. BAFFI Carefin Paper https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3178576 D. Mugge 2019 The Revenge of Political Arithmetick, FickleFormulas Working Paper 2/2019 https://t.co/VhVpfTpLmU References on special topics (https://moodle.unitus.it/moodle/course/view.php?id=1118) 1. Financial Literacy: LoPrete 2018; Lusardi, Mitchell, Curto 2010; Lusardi, Mitchell, 2014; Lusardi AER 2015; 2. Blockchain & cryptocurrencies: E. Hughes 1993 https://nakamotoinstitute.org/cypherpunk-manifesto/ S. Nakamoto 2009 https://nakamotoinstitute.org/bitcoin/ Auer, Torcero-Lucas 2021, Distrust or Speculation? The Socioeconomic Drivers of U.S. Cryptocurrency Investments, CESifo Working Paper No. 9287; Halaburda et al. 2020. The microeconomics of cryptocurrencies, NBER working paper n. 27477 http://www.nber.org/papers/w27477 Anhert et al 2022, The economics of central bank digital currency, working paper https://ssrn.com/abstract=4191600; Vollman S., F. Wening 2024. The impact fo CBDS on a deposit-dependent banking system, Journal of Financial Stability, https://doi.org/10.1016/j.jfs.2024.101283 3. Artificial intelligence & Surveillance capitalism; Hughes E. 1993 https://nakamotoinstitute.org/cypherpunk-manifesto/ Nakamoto S. 2009 https://nakamotoinstitute.org/bitcoin/ Zuboff S. 2015; Big other: surveillance capitalism and the prospects of an information civilization, Journal of Information Technology vol. 30, 75–89 Varian H. 2014; Beyond Big Data, Business Economics Vol. 49, No. 1 Acemoglu D. 2021, Harms of AI, CEPR discussion paper DP16524. Acemoglu D. 2024 A simple macroeconomics of AI, NBER working paper http://www.nber.org/papers/w32487 John J. Kirton, B. Warren, 2018, G20 Governance of Digitalization1 INTERNATIONAL ORGANISATIONS RESEARCH JOURNAL. Vol. 13. No 2 . mode Enrolled students should attend classes and present in the second part of the course a written and oral synthesis of one out of the special topics (group assignment). The presentation should be sent to the prof. Oldani (coldani@unitus.it) at least 3 days before the presentation. The file of the presentation can be PPT or Latex. A latex file gives a 1 point bonus in the final exam. Information, manuals and software are available at https://www.latex-project.org/ The final exam will be oral on the entire program (i.e., textbook, files, etc.); the class presentation of the special topic will weight 30 per cent of the final mark. Students who do not attend classes and don't present any special topic will have their final exam on the programme, including one special topic to be agreed on with prof. Oldani; students who do not attend classes are not requested to provide any presentation file at the exam. At the completion of this course, students will be able to: 1. Read an advanced paper in economics 2. Comment on economic and monetary theory 3. Present and discuss research in monetary economics classRoomMode Classes take place in person in Viterbo; students who cannot attend classes can have access to the classes recorder last year bibliography Reference for the first part of the course is the Textbook by P. Krugman M. Obstfeld M. Melitz, 2023, Economia Internazionale, vol. 2 Economia Monetaria Internazionale, Pearson, chapters 4, 8, 9, 10, 11; Papers we will use in the course are: Masciandaro D. 2018 Central banks and Monetary Policy. Economics and Politics. BAFFI Carefin Paper https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3178576 D. Mugge 2019 The Revenge of Political Arithmetick, FickleFormulas Working Paper 2/2019 https://t.co/VhVpfTpLmU References on special topics (https://moodle.unitus.it/moodle/course/view.php?id=1118) 1. Financial Literacy: LoPrete 2018; Lusardi, Mitchell, Curto 2010; Lusardi, Mitchell, 2014; Lusardi AER 2015; 2. Blockchain & cryptocurrencies: E. Hughes 1993 https://nakamotoinstitute.org/cypherpunk-manifesto/ S. Nakamoto 2009 https://nakamotoinstitute.org/bitcoin/ Auer, Torcero-Lucas 2021, Distrust or Speculation? The Socioeconomic Drivers of U.S. Cryptocurrency Investments, CESifo Working Paper No. 9287; Halaburda et al. 2020. The microeconomics of cryptocurrencies, NBER working paper n. 27477 http://www.nber.org/papers/w27477 Anhert et al 2022, The economics of central bank digital currency, working paper https://ssrn.com/abstract=4191600; Vollman S., F. Wening 2024. The impact fo CBDS on a deposit-dependent banking system, Journal of Financial Stability, https://doi.org/10.1016/j.jfs.2024.101283 3. Artificial intelligence & Surveillance capitalism; Hughes E. 1993 https://nakamotoinstitute.org/cypherpunk-manifesto/ Nakamoto S. 2009 https://nakamotoinstitute.org/bitcoin/ Zuboff S. 2015; Big other: surveillance capitalism and the prospects of an information civilization, Journal of Information Technology vol. 30, 75–89 Varian H. 2014; Beyond Big Data, Business Economics Vol. 49, No. 1 Acemoglu D. 2021, Harms of AI, CEPR discussion paper DP16524. Acemoglu D. 2024 A simple macroeconomics of AI, NBER working paper http://www.nber.org/papers/w32487 John J. Kirton, B. Warren, 2018, G20 Governance of Digitalization1 INTERNATIONAL ORGANISATIONS RESEARCH JOURNAL. Vol. 13. No 2 .

SUBJECT	SEMESTER	CFU	SSD	LANGUAGE
119042 - ALESSANDRA ORTOLANOSILVIA PATACCHINI	First Semester	8	SECS-P/11		Learning objectives This course aims to provide students with knowledge and understanding of the main risk models faced by banking institutions. Specifically, the course involves the delivery of frontal lectures in which the theoretical foundations of modeling found in the literature are presented (knowledge and understanding), with the help of supplementary readings, especially of a scientific nature and also resorting to practical application through example exercises (applying knowledge and understanding). Specifically, in addition to analyzing traditional models of risk management, the course also pays attention to the evolution of risk analysis in light of Basel III and recent challenges permeating the financial system, such as the use of artificial intelligence and attention to ESG issues, particularly climate risk assessment (learning skills and sustainability). Students are provided with exercises to be carried out independently and in groups, so as to apply advanced modeling and be able to draw conclusions regarding risk management (applying knowledge and understanding and making judgements) and to communicate the results, revealing critical points and analyzing outputs using independent judgment (communication skills). Teacher's Profile courseProgram The course topics are located within the following macro-types of risk: credit risk, market risk and liquidity risk. Relevant program details are given below. CREDIT RISK.  Scoring models: linear discriminant analysis, regression models, inductive models;  Capital market-based models: corporate bond spread approach, structural models based on stock prices (Merton and KMV models);  Recovery Risk and Loss Given Default;  Rating systems: assignment process, quantification and validation;  Portfolio models: choice of time horizon and confidence level, migration approach (CreditMetrics), structural approach (Portfolio Manager), macroeconomic approach (Credit Portfolio View), marginal VaR;  Some applications of models for credit risk;  Counterparty risk in OTC and CVA markets;  Credit risk from an ESG perspective. MARKET RISK  Market Risk management;  Market risk. Definition, parametric VaR and empirical estimation of variances and covariances;  Simulation Models: Monte Carlo simulation, historical simulation;  Stress testing and Backtesting;  Evaluation of Var models: conditional and unconditional coverage tests, Lopez tests, and tests based on the entire distribution;  VaR limits and expected shortfall as an alternative risk measure;  Market Risk applications;  Historical volatility estimation and predictive volatility models (Garch), models for estimating implied volatility, and calibration of surfaces according to stochastic valuation models (Heston, SABR);  Quantitative insights for risk management. LIQUIDITY RISK  Definition of liquidity risk;  Liquidity Risk Framework: risk management, internal transfer rates, measurement;  Regulatory indicators: Liquidity Coverage Ratio, Net Stable Funding Ratio, Additional Liquidity Monitoring Metrics, Asset Encumbrance;  SREP and ILAAP. examMode Written test with open-ended questions and exercises plus oral integration. books Resti, A., & Sironi, A. (2007). Risk management and shareholders' value in banking: from risk measurement models to capital allocation policies. John Wiley & Sons Other material provided by the teacher. classRoomMode Recommended but not mandatory bibliography see textbooks Teacher's Profile courseProgram The course topics are located within the following macro-types of risk: credit risk, market risk and liquidity risk. Relevant program details are given below. CREDIT RISK.  Scoring models: linear discriminant analysis, regression models, inductive models;  Capital market-based models: corporate bond spread approach, structural models based on stock prices (Merton and KMV models);  Recovery Risk and Loss Given Default;  Rating systems: assignment process, quantification and validation;  Portfolio models: choice of time horizon and confidence level, migration approach (CreditMetrics), structural approach (Portfolio Manager), macroeconomic approach (Credit Portfolio View), marginal VaR;  Some applications of models for credit risk;  Counterparty risk in OTC and CVA markets;  Credit risk from an ESG perspective. MARKET RISK  Market Risk management;  Market risk. Definition, parametric VaR and empirical estimation of variances and covariances;  Simulation Models: Monte Carlo simulation, historical simulation;  Stress testing and Backtesting;  Evaluation of Var models: conditional and unconditional coverage tests, Lopez tests, and tests based on the entire distribution;  VaR limits and expected shortfall as an alternative risk measure;  Market Risk applications;  Historical volatility estimation and predictive volatility models (Garch), models for estimating implied volatility, and calibration of surfaces according to stochastic valuation models (Heston, SABR);  Quantitative insights for risk management. LIQUIDITY RISK  Definition of liquidity risk;  Liquidity Risk Framework: risk management, internal transfer rates, measurement;  Regulatory indicators: Liquidity Coverage Ratio, Net Stable Funding Ratio, Additional Liquidity Monitoring Metrics, Asset Encumbrance;  SREP and ILAAP. examMode Written test with open-ended questions and exercises plus oral integration. books Resti, A., & Sironi, A. (2007). Risk management and shareholders' value in banking: from risk measurement models to capital allocation policies. John Wiley & Sons Other material provided by the teacher. classRoomMode Recommended but not mandatory bibliography see textbooks
119239 - VALUATION OF COMPANIES AND EXTRAORDINARY TRANSACTIONS LUIGI FICILUIGI FICI	First Semester	8	SECS-P/07		Learning objectives The course aims to provide adequate and up-to-date preparation on the valuation of companies and extraordinary operations. In particular, it aims to illustrate the main methods of evaluating companies and to make people understand which method is best suited to the different company realities and extraordinary operations that the company may find itself facing. Knowledge and Understanding: Students will gain a solid understanding of the main business valuation methods, developing the ability to differentiate between various techniques and their theoretical foundations. Applied Knowledge and Understanding: Students will be able to apply valuation methods to different business realities and extraordinary operations, assessing which method is most suitable for each specific context. Autonomy in Judgment: The course promotes autonomy in judgment, enabling students to critically analyze valuation methods and make informed decisions on the most appropriate approach for each situation. Communication Skills: Students will develop the ability to effectively and clearly communicate business valuation results, adapting technical language to the intended audience. Learning Ability: Students will acquire skills for independent learning, allowing them to continuously update themselves on evolving business valuation methods and practices in extraordinary operations. Teacher's Profile courseProgram The meaning of company valuation The role and activity of the expert The principles of valuation The levers of value: economic flows and financial flows The discount rate The time horizon Methods based on result flows The equity method Market methods The main extraordinary operations examMode The exam will be with oral questions books Manuale di valutazione d’azienda, Mc Graw Hill, Sidrea, 2020 mode Lessons will be in person classRoomMode Attendance is NOT OBLIGATORY bibliography see textbooks Teacher's Profile courseProgram The meaning of company valuation The role and activity of the expert The principles of valuation The levers of value: economic flows and financial flows The discount rate The time horizon Methods based on result flows The equity method Market methods The main extraordinary operations examMode The exam will be with oral questions books Manuale di valutazione d’azienda, Mc Graw Hill, Sidrea, 2020 mode Lessons will be in person classRoomMode Attendance is NOT OBLIGATORY bibliography see textbooks
15812 - FINANCIAL INTERMEDIARIES LAW ANTONIO LONGOANTONIO LONGO	First Semester	8	IUS/04		Learning objectives "The course aims to achieve the following objectives: Knowledge and understanding: acquire in-depth knowledge on the regulation of financial intermediaries and the related national and international regulations. Applied knowledge and understanding: Use theoretical knowledge to analyze and interpret the legal implications of practical cases in the financial sector. Making judgements: Critically evaluate legal and regulatory issues and make independent judgments within financial intermediaries. Communication Skills: Effectively communicate complex legal issues related to financial intermediaries to colleagues, clients and industry professionals. Ability to learn: develop an autonomous and critical approach to the study and continuous in-depth analysis of the regulations and practices relating to financial intermediaries." Teacher's Profile courseProgram The sources of national and EU law concerning financial intermediaries and their evolution. Controls and supervision of financial intermediaries. Structure and activity of financial intermediaries. The asset management business. Corporate Governance of financial intermediaries, ownership structures, internal organization and general behavioral criteria. Institutional investors and Stewardship codes. The implications of sustainability and ESG factors in the activities of financial intermediaries. examMode The assessment test consists of an oral interview during which the candidate will have to demonstrate knowledge of the subjects contained in the exam program and what is presented during the lessons. The candidate must also demonstrate the ability to apply concretely, through examples or the illustration of practical cases, the legislation and legal principles relating to the exam programme. books Recommended Texts: La disciplina del mercato mobiliare, Filippo Annunziata, ed. Giappichelli (capitoli I-VI e VIII-X) Il mercato mobiliare, Renzo Costi, ed. Giappichelli. classRoomMode attendance recommended but not mandatory. bibliography see Texts Teacher's Profile courseProgram The sources of national and EU law concerning financial intermediaries and their evolution. Controls and supervision of financial intermediaries. Structure and activity of financial intermediaries. The asset management business. Corporate Governance of financial intermediaries, ownership structures, internal organization and general behavioral criteria. Institutional investors and Stewardship codes. The implications of sustainability and ESG factors in the activities of financial intermediaries. examMode The assessment test consists of an oral interview during which the candidate will have to demonstrate knowledge of the subjects contained in the exam program and what is presented during the lessons. The candidate must also demonstrate the ability to apply concretely, through examples or the illustration of practical cases, the legislation and legal principles relating to the exam programme. books Recommended Texts: La disciplina del mercato mobiliare, Filippo Annunziata, ed. Giappichelli (capitoli I-VI e VIII-X) Il mercato mobiliare, Renzo Costi, ed. Giappichelli. classRoomMode attendance recommended but not mandatory. bibliography see Texts
18487 - REPORTING AND CONTROL OF FINANCIAL INTERMEDIARIES ALESSANDRO FRASCA	Second Semester	8	SECS-P/07		Learning objectives LEARNING OUTCOMES: The course aims to provide students with the tools they need to know how to read the consolidated financial statements of credit and financial intermediaries as well as the documents produced to fulfill the obligations of the third Basel capital agreement with the supervisory authorities (ICAAP, supervisory reports harmonized and non-harmonized) and to external parties (Public disclosure). The course also aims to provide an all-round overview of issues related to the issues of programming and control of financial and credit intermediaries. KNOWLEDGE AND UNDERSTANDING: At the end of the training the student must have understood aspects of an eminently theoretical nature useful for solving operational problems. APPLYING KNOWLEDGE AND UNDERSTANDING: The distinctly operational cut of the course must allow the student to have the necessary skills to understand the business reality of an intermediary, by reading his annual report, other documents subject to mandatory disclosure and the main documents of management control. MAKING JUDGEMENTS: The analysis of a consolidated annual report of a credit intermediary will allow the student to apply all the knowledge acquired in the classroom, to be able to understand the economic and financial balance sheet, the risks assumed, the assets of his economy. The analysis of a dashboard of management control indicators will allow the assessment of the strategic effectiveness and operating efficiency of the credit intermediary to which those data refer. COMMUNICATION SKILLS: Both the theoretical and operational part of the course will enable the student to acquire the technical language of the subject and to be able to aspire to managerial tasks both within the credit and financial intermediaries and within the companies that provide consulting services and of revision. LEARNING SKILLS: In addition to knowing how to read the financial statements of credit intermediaries, the documents subject to mandatory disclosure, those produced to fulfill reporting obligations and internal reports of management control, the student will be able to understand techniques, manuals, scientific publications of dissemination or research that have as their object the reporting of the banks. Teacher's Profile
16428 - THESIS	Second Semester	12
MODULE II	-	-	-	-
PAOLA NASCENZI	Second Semester	8	SECS-P/09		Learning objectives "EDUCATIONAL OBJECTIVES. This course provides the basic knowledge of corporate finance and the tools to analyze and understand the financial decisions of industrial and service enterprises, with reference to investment policy, financial structure choices, and the determination of the cost of capital. KNOWLEDGE AND UNDERSTANDING SKILLS The student will come to know and understand with advanced modes of analysis for business financial evaluation and planning. ABILITY TO APPLY KNOWLEDGE AND UNDERSTANDING The student will be able to understand business financial management issues and apply theoretically acquired skills practically through analysis of business cases. AUTONOMY OF JUDGMENT By the end of the course, students will have acquired the skills to critically evaluate major corporate financial decisions. COMMUNICATION SKILLS. Students will be encouraged to communicate their skills through active participation in the course and project work. LEARNING SKILLS. Upon completion of the course, the student will acquire course skills through a proper approach to individual study and guided development of practical applications." Teacher's Profile courseProgram Part I Why Corporate Finance for Long-Term Value? 2 Integrated Value Creation 3 Corporate Governance Part II Discount Rates and Valuation Methods 4. Discounting Integrated Capital. 5 Calculating Social and Environmental Value. 6 Investment Decision Rules. 7 Capital Budgeting 8 Valuing Bonds 9 Valuing Public Equity 10 Valuing Private Equity . 11 Integrated Valuation: Inditex Part III Risk, Return and Impact 13 Cost of Capital Part IV Corporate Financial Policies 14 Capital Structure examMode The assessment will aim to verify whether students have acquired mastery of the theoretical concepts included in the course program. For attending students, the assessment of preparation focuses on the assessment of the group paper and the oral interview. For non-attending students, the assessment of preparation will be the subject of the oral interview and will consist of questions relating to all the topics of the program. books Slides and cases used by the professor during classes are available on the moodle classRoomMode A teaching methodology aimed at stimulating active participation of students will be used. During the course, the teacher may provide materials and bibliographical references (supplementary handouts, texts and web addresses). bibliography see textbooks
15809 - MATHEMATICAL MODELS IN ECONOMICS AND FINANCE CARLO MARI	Second Semester	8	SECS-S/06		Learning objectives "KNOWLEDGE AND UNDERSTANDING The course is in line with the general objective of the course of study to provide the mathematical techniques and economic skills for an adequate understanding of the economic system and the functioning of financial markets. The course, in particular, aims at equipping students with the mathematical tools necessary for understanding financial phenomena with the aim to formulate and solve basic problems of modern finance. The student is expected to assimilate the fundamental notions for understanding the functioning of financial markets and for analyzing economic and financial phenomena; to be able to correctly set and solve problems of modern finance; to be able to communicate effectively on economic and financial issues, using an appropriate technical language. APPLYING KNOWLEDGE AND UNDERSTANDING The student must be able to interpret the main economic and financial phenomena. In particular he/she must be able to build models to formulate and solve problems of modern finance on all the topics included in the course program. MAKING JUDGMENTS The student should be able to independently evaluate necessary information, conduct investigations and set up quantitative analyses of financial phenomena. COMMUNICATION SKILLS The student must be able to communicate effectively on economic and financial issues, using an appropriate technical language. The ability to communicate on a multidisciplinary level economic and financial topics is, in this respect, the main target of the course. LEARNING SKILLS The student must acquire significant analytical skills and a well-founded method of quantitative investigation in order to cope with subsequent teachings." Teacher's Profile courseProgram 1. Elementary stochastic calculus: Brownian motion; the Ito integral; Ito's Lemma; stochastic differential equations. 2. Monte Carlo simulation. 3. The Black-Scholes model and its applications in market finance and corporate finance. 4. Stochastic interest rate modeling. examMode The assessment of learning will be carried out passing a written test and an oral test. The written test involves the resolution of numerical exercises on the topics of the course. Students will be asked to illustrate the procedures followed in solving the exercises. Further details on how the tests will be conducted will be provided in the classroom. books J.C. Hull, “Options, Futures, and Other Derivatives”. Pearson (2021). P. Wilmott, “Quantitative Finance”. John Wiley and Sons, Ltd (2007). classRoomMode Attendance at the course is not mandatory but is strongly recommended. bibliography see textbooks

SUBJECT	SEMESTER	CFU	SSD	LANGUAGE
15800 - INTERNAL AUDITING FABRIZIO ROSSIFABRIZIO ROSSIANASTASIO RECCHIAANASTASIO RECCHIA	First Semester	8	SECS-P/07		Learning objectives The course aims to provide the student with the theoretical and practical notions aimed at: - Understand the definition and analysis models of the internal control and risk management system of companies; - Know corporate governance rules regarding the internal control and risk management system. - Know international standards of the internal auditing profession - Develop critical analytical skills to improve corporate control processes. Teacher's Profile courseProgram Module 1 - The governance of internal controls Basic concept and definition Responsibilities, functions and deliverables of the actors of the ICS in corporate governance. Internal auditing in control governance International models of understanding, evaluation and analysis of ICS Methods and techniques for analyzing business processes and risks Module 2 - Internal auditing activities The internal auditing professional. The internal auditing activities and results. Methodologies and operational tools of the internal auditing activity. Case study. examMode Oral interview and possible evaluation of projects developed during the lessons. The student must demonstrate that he has understood the scope of the internal control and risk management system as well as the main internal auditing techniques. The evaluation of the oral interview is out of thirty. books The teaching material of the course is represented by the handouts made available by the teachers at the beginning of the course and available online on the course page. mode Lectures and seminars classRoomMode Attendance is NOT OBLIGATORY, but it is recommended to consolidate concepts and techniques also through practical examples. bibliography For further information CoSO Report - Internal Control - Integrated Framework (2013) CoSO Framework - Reading guide - ASSIREVI (2019) Corporate governance code - Borsa Italia (2020) International Professional Practices Framework (IPPF) - Internal Auditors Association Teacher's Profile courseProgram Module 1 - The governance of internal controls Basic concept and definition Responsibilities, functions and deliverables of the actors of the ICS in corporate governance. Internal auditing in control governance International models of understanding, evaluation and analysis of ICS Methods and techniques for analyzing business processes and risks Module 2 - Internal auditing activities The internal auditing professional. The internal auditing activities and results. Methodologies and operational tools of the internal auditing activity. Case study. examMode Oral interview and possible evaluation of projects developed during the lessons. The student must demonstrate that he has understood the scope of the internal control and risk management system as well as the main internal auditing techniques. The evaluation of the oral interview is out of thirty. books The teaching material of the course is represented by the handouts made available by the teachers at the beginning of the course and available online on the course page. classRoomMode Attendance is NOT OBLIGATORY, but it is recommended to consolidate concepts and techniques also through practical examples. bibliography For further information CoSO Report - Internal Control - Integrated Framework (2013) CoSO Framework - Reading guide - ASSIREVI (2019) Corporate governance code - Borsa Italia (2020) International Professional Practices Framework (IPPF) - Internal Auditors Association Teacher's Profile courseProgram Module 1 - The governance of internal controls Basic concept and definition Responsibilities, functions and deliverables of the actors of the ICS in corporate governance. Internal auditing in control governance International models of understanding, evaluation and analysis of ICS Methods and techniques for analyzing business processes and risks Module 2 - Internal auditing activities The internal auditing professional. The internal auditing activities and results. Methodologies and operational tools of the internal auditing activity. Case study. examMode Oral interview and possible evaluation of projects developed during the lessons. The student must demonstrate that he has understood the scope of the internal control and risk management system as well as the main internal auditing techniques. The evaluation of the oral interview is out of thirty. books The teaching material of the course is represented by the handouts made available by the teachers at the beginning of the course and available online on the course page. mode Lectures and seminars classRoomMode Attendance is NOT OBLIGATORY, but it is recommended to consolidate concepts and techniques also through practical examples. bibliography For further information CoSO Report - Internal Control - Integrated Framework (2013) CoSO Framework - Reading guide - ASSIREVI (2019) Corporate governance code - Borsa Italia (2020) International Professional Practices Framework (IPPF) - Internal Auditors Association Teacher's Profile courseProgram Module 1 - The governance of internal controls Basic concept and definition Responsibilities, functions and deliverables of the actors of the ICS in corporate governance. Internal auditing in control governance International models of understanding, evaluation and analysis of ICS Methods and techniques for analyzing business processes and risks Module 2 - Internal auditing activities The internal auditing professional. The internal auditing activities and results. Methodologies and operational tools of the internal auditing activity. Case study. examMode Oral interview and possible evaluation of projects developed during the lessons. The student must demonstrate that he has understood the scope of the internal control and risk management system as well as the main internal auditing techniques. The evaluation of the oral interview is out of thirty. books The teaching material of the course is represented by the handouts made available by the teachers at the beginning of the course and available online on the course page. mode Lectures and seminars classRoomMode Attendance is NOT OBLIGATORY, but it is recommended to consolidate concepts and techniques also through practical examples. bibliography For further information CoSO Report - Internal Control - Integrated Framework (2013) CoSO Framework - Reading guide - ASSIREVI (2019) Corporate governance code - Borsa Italia (2020) International Professional Practices Framework (IPPF) - Internal Auditors Association
15819 - OPTIONAL SUBJECT	First Semester	8
18484 - ECONOMETRIA ILARIA BENEDETTI	First Semester	8	SECS-S/03		Learning objectives The econometrics course aims to provide students with a deep understanding of theoretical concepts and practical techniques used in the analysis of economic data. The educational objectives include the development of advanced analytical skills to tackle complex data, the application of econometric methods through the use of statistical software and computer tools, as well as the ability to interpret the results obtained. Additionally, the course aims to equip students with the ability to conduct empirical research and write thesis papers based on econometric data analysis. The ultimate goal is to prepare students for further postgraduate studies or careers that require advanced skills in statistical and economic analysis. In essence, the econometrics course aims to provide a solid theoretical and practical foundation for the analysis of economic phenomena through the use of econometric methods. Teacher's Profile courseProgram 1. AVAILABILITY AND PRODUCTION OF STATISTICAL INFORMATION FOR ECONOMIC PURPOSES a. Definition of Economic Statistics b. Quality of the statistical information c. Sources of Statistical information d. Primary and secondary data sources e. Sampling design methods and applications f. Questionnaire g. Italians survey on household consumption and market labour 2. STATISTICAL ANALYSIS OF ECONOMIC REPORTS a. Hypothesis Testing b. Test on one mean , proportion and variance c. Test on two means and two proportions d. Analysis of Variance e. Correlation and Regression f. Linear regression g. Multiple regression 3. INTERPRETATION AND COMPARISON OF DATA REFERRED TO ECONOMIC-BUSINESS PHENOMENA a. Statistical reports. b. The construction of index numbers. c. Simple index numbers and complex index numbers. d. Some index numbers published by ISTAT. e. Interpretation of synthetic indexes and breakdown of changes over time. examMode Written and oral examination. The written examination consists of two practical exercises and one theoretical exercise to be completed in 60 minutes. The use of a calculator and statistical tables is permitted. The oral test will take place following the written test. Only those students who score sufficiently well in the written test will be admitted to the oral test. Examples of questions: a) Estimate the elasticity in a multiple log-linear regression model. b) Test for the presence of endogeneity in a multiple linear regression model. c) Identify the best specification between the fixed effects panel model and the random effects panel model. books Materials provided by the instructor during the course • Introduzione all'econometria, Stock Watson (Pearson) • Statistica per le decisioni aziendali - 2/Ed. – Pearson Autori: Luigi Biggeri - Matilde Bini - Alessandra Coli - Laura Grassini - Mauro Maltagliati mode Lectures with the aid of material provided by the teacher, attendance is not compulsory classRoomMode Lectures with the aid of material provided by the teacher, attendance is not compulsory bibliography • Introduzione all'econometria, Stock Watson (Pearson) • Statistica per le decisioni aziendali - 2/Ed. – Pearson Autori: Luigi Biggeri - Matilde Bini - Alessandra Coli - Laura Grassini - Mauro Maltagliati - Statistica per le decisioni economico-aziendali , Apogeo Anderson David, Sweeney Dennis, Williams Thomas.
118636 - INDUSTRIAL AND NETWORK ECONOMICS LUCA CORREANI	First Semester	8	SECS-P/06		Learning objectives knowledge and understanding: Industrial organization is concerned with the workings of markets and industries, in particular the way firms compete with each other. Interactions between firms strategies and pubic policy (antitrust) are also analysed. Applying knowledge and understanding: The aim of this course is to provide students the ability to manage simple mathematical models about firm's strategic behavior. Making Judgements: Students will be able to analyse markets in an autonomous and critical way. Communication skills: Students will be able to represents formally and with mathematical rigor real strategic contexts Learning skills: At the end of the course, students will be able to develop simple games to study markets and the strategic behavior of firms Teacher's Profile courseProgram Elements of microeconomics: firms and consumers, profit maximisation, utility maximisation Perfect competition, monopoly, monopolistic competition Market power Game theory Static games with complete information Dynamic games with complete information Oligopolistic competition Cournot Bertrand Stackelberg Hotelling Salop Firm's strategic behaviour Pricing and market segmentation Product differentiation Advertising Collusion Vertically related markets and vertical restraints Mergers Entry and exit Technological innovation R&D spillovers, absorptive capacity Oligopoly and R\&D Networks Industrial policy: Regulation, antitrust and privatization examMode The written test consists of a minimum of three questions (theory and exercises). During the course we will carry out simulations of the exam. The oral test is optional. books Main text Industrial economics: 1. - Cabral L. (2018) Economia Industriale. Carocci editore. 2. - Belleflamme P., Peitz M. (2015) Industrial Organization: Markets and Strategies. Cambridge University Press. From text 1. the main topics of the course are studied. The more technical text 2. delves into the main mathematical models Game Theory: - Robert Gibbons (2005) Teoria dei giochi. Il Mulino Other useful reference texts: - Motta M., Polo M. (2005) Antitrust: politiche per la concorrenza. Il Mulino mode Lectures. Exercises are carried out during the lectures classRoomMode Lectures will be face-to-face. It will be possible to follow the lectures via streaming but the lectures will not be recorded bibliography Main text Industrial economics: 1. - Cabral L. (2018) Economia Industriale. Carocci editore. 2. - Belleflamme P., Peitz M. (2015) Industrial Organization: Markets and Strategies. Cambridge University Press. From text 1. the main topics of the course are studied. The more technical text 2. delves into the main mathematical models Game Theory: - Robert Gibbons (2005) Teoria dei giochi. Il Mulino Other useful reference texts: - Motta M., Polo M. (2005) Antitrust: politiche per la concorrenza. Il Mulino
119246 - SERIES ANALYSIS FRANCESCO POLI	First Semester	8	SECS-S/03		Learning objectives Knowledge and Understanding: Students will gain a solid understanding of the fundamental concepts and techniques for analyzing time series and financial series, including stationarity, ARIMA and GARCH models, and the Box-Jenkins procedure. Applied Knowledge and Understanding: Students will be able to apply methods such as moving averages, ARIMA and GARCH models, and stationarity tests for analyzing time series and forecasting data, with a focus on financial series. Autonomy in Judgment: The course fosters autonomy in judgment, enabling students to select and apply the most appropriate analysis model based on the structure and nature of time series. Communication Skills: Students will develop the ability to clearly communicate the results of time series and financial series analysis in both academic and professional settings. Learning Ability: Students will acquire independent learning skills to stay updated on new models and techniques for analyzing time series and financial data. Teacher's Profile courseProgram Historical time series: - Introduction - Moving average - Stochastic process, stationarity, ACF, PACF - RW, MA, AR, ARMA models - Non-stationary processes - RW with constant or drift - ARIMA model - SARIMA model - Box-Jenkins procedure for model estimation - Forecast - Non-stationary models - DF and ADF tests Financial time series: - Introduction - Prices-returns relationship - Motivation and stylized facts - Financial time series characteristics - Normality and related tests - ARCH model - GARCH model - Estimation and examples examMode One analytical exercise and two or three open questions about theory and/or the interpretation of a carried out tutorial. books Tommaso Di Fonzo e Francesco Lisi (2005) Serie storiche economiche. Analisi statistiche e applicazioni. Roma, Carocci editore. mode The students who desire can follow the classes in the "aula 2". classRoomMode Frontal lessons: 38 hours. Tutorials with the R software: 10 hours. bibliography Further material available through Moodle.
MODULE II	-	-	-	-
PROFESSIONAL ACTIVITY	First Semester	4
PROFESSIONALIZING ACTIVITY	First Semester	8
DIGITAL SKILLS LAB: DATA ANALYTICS WITH R FILIPPO BIANCHINI	First Semester	4	ING-INF/05		Learning objectives "The course introduces students tho the fundamentals of R language and of the data analysis environments for R. The laboratory is designed for students who have no, or limited, previous knowledge on R. During the laboratory the students will familiarise with the basic features of the R language, the R and RStudio working environment, and the basic operations for data management and manipulation. Knowledge and understanding Know the capabilities and the potential application domains of R Know how to use R together with other data analysis software (Excel and Stata) for data import and export Know the basic data objects managed by R and be able to manipulate them Be able to perform basic math and logical operations on data in R, basic data manipulation activities, and basic descriptive statistics analysis Know how to graphically represent data in R Applying knowledge and understanding Be able to recognise the application domain of the features of R Starting from a dataset, be able to identify the possible analysis and data manipulation that can be performed on it Making judgements Be able to interpret the results of the main data manipulation and analysis activities Be able to interpret the meaning of error messages provided by the R environment and be able to fix the problems autonomously Communication skills Be able to present data in the form of reports or presentations automatically generated by R scripts combining textual descriptive parts, data tables, charts, and results of data analysis Learning skills Be able to learn in an autonomous and self-managed way Teacher's Profile courseProgram THEORETICAL PART -Introduction to statistics, basic concepts (sample, statistical unit, modality), descriptive statistics, frequency distribution (absolute frequencies, relative frequencies, cumulative frequency, percentage, cumulative percentage, amplitude, density); -Measures of central tendency (mean, median, mode, quartiles, percentiles), measures of variability (variance, standard deviation, coefficient of variation, interquartile range); -Basic graphs (histograms, bar charts, box plots, pie charts). -Random variables, introduction to probability distributions, confidence intervals. -Introduction to hypothesis testing (one-tailed, two-tailed, with known variance), understanding test results, concept of p-value. PRACTICAL PART -Introduction to R, installation of R and RStudio, using the console (dynamic programming with basic operations, creating vectors, simple operations between vectors). -Loading data, visualizing data, concept of a dataset, row, column, basic R functions, data cleaning and organization. -Using R to calculate frequency distributions and plot histograms. -Using R to calculate measures of central tendency and measures of variability. -Using R for graphical representation of data. -Using R to calculate confidence intervals and perform preliminary tests on data distribution. -Using R to perform hypothesis testing. examMode The student’s knowledge will be assessed through two methods: 1) Written exam: multiple-choice questions covering the theoretical part and fundamental concepts of R. There will be a total of 10 questions: -6 on the theoretical part -4 on R functionality. Each correct answer is worth 1 point, while incorrect or unanswered questions receive 0 points. 2) Practical project: the student must submit a project that includes both descriptive and inferential analysis of a dataset. This project should be presented in a brief report, showcasing and commenting on the results obtained and the R functions used. The practical project will be evaluated according to the following criteria, each graded from 1 to 5: -Accuracy of results -Accuracy of code -Clarity of writing -Completeness The student will pass the course if they score at least 6/10 on the written exam and a minimum of 12/20 on the practical project. books The slides and materials provided during the lectures will be more than sufficient for completing the course. classRoomMode Students can attend either synchronously, (preferably) in person or online, or asynchronously through the recorded sessions. Teacher's Profile courseProgram THEORETICAL PART -Introduction to statistics, basic concepts (sample, statistical unit, modality), descriptive statistics, frequency distribution (absolute frequencies, relative frequencies, cumulative frequency, percentage, cumulative percentage, amplitude, density); -Measures of central tendency (mean, median, mode, quartiles, percentiles), measures of variability (variance, standard deviation, coefficient of variation, interquartile range); -Basic graphs (histograms, bar charts, box plots, pie charts). -Random variables, introduction to probability distributions, confidence intervals. -Introduction to hypothesis testing (one-tailed, two-tailed, with known variance), understanding test results, concept of p-value. PRACTICAL PART -Introduction to R, installation of R and RStudio, using the console (dynamic programming with basic operations, creating vectors, simple operations between vectors). -Loading data, visualizing data, concept of a dataset, row, column, basic R functions, data cleaning and organization. -Using R to calculate frequency distributions and plot histograms. -Using R to calculate measures of central tendency and measures of variability. -Using R for graphical representation of data. -Using R to calculate confidence intervals and perform preliminary tests on data distribution. -Using R to perform hypothesis testing. examMode The student’s knowledge will be assessed through two methods: 1) Written exam: multiple-choice questions covering the theoretical part and fundamental concepts of R. There will be a total of 10 questions: -6 on the theoretical part -4 on R functionality. Each correct answer is worth 1 point, while incorrect or unanswered questions receive 0 points. 2) Practical project: the student must submit a project that includes both descriptive and inferential analysis of a dataset. This project should be presented in a brief report, showcasing and commenting on the results obtained and the R functions used. The practical project will be evaluated according to the following criteria, each graded from 1 to 5: -Accuracy of results -Accuracy of code -Clarity of writing -Completeness The student will pass the course if they score at least 6/10 on the written exam and a minimum of 12/20 on the practical project. books The slides and materials provided during the lectures will be more than sufficient for completing the course. classRoomMode Students can attend either synchronously, (preferably) in person or online, or asynchronously through the recorded sessions.
STATISTICAL AND ECONOMETRIC ANALYSES ILARIA BENEDETTI	First Semester	4	SECS-S/03		Learning objectives The course aims to provide advanced tools for the analysis of structured and unstructured data in application contexts related to economics, finance, and corporate control. The educational objectives and expected learning outcomes are as follows: • Knowledge and Understanding: Acquisition of basic programming knowledge to enable the student to independently perform statistical analyses on shared databases. • Applied Knowledge and Understanding: The student must be able to apply computer science and data analysis knowledge to solve problems related to new or unfamiliar topics, within broader contexts. • Autonomy of Judgment: The student must be capable of critically analyzing the proposed algorithm for problem-solving, highlighting its weaknesses and strengths. • Communication Skills: The student must acquire proficiency in the technical language of the computer science/statistics area. • Learning Ability: The student must be able to tackle new topics not covered in the lessons, using the knowledge and skills acquired independently. Teacher's Profile courseProgram The course program is divided into two modules: MODULE 1: Elements of Programming (2 CFU: 12 hours) The basic elements of programming will be introduced, in particular data types, arithmetic and data operations, data representation, graphical display, loops and control instructions and function definitions will be explained. These elements will be explored through their application using RStudio software and/or Jupyter notebooks (Python). MODULE 2: Statistical and Econometric Analysis (2 CFU: 12 hours) The concepts of statistics will be applied through RStudio software and/or Jupyter notebooks (Python) and real test cases will be analyzed. Subsequently, some econometric models will be introduced. examMode The student must demonstrate sufficient theoretical knowledge of the topics covered in the two modules and must be able to solve practical exercises in the environments analyzed during the course. The verification of learning is done through a practical exercise and a theoretical question. The exam is passed if the candidate answers sufficiently to all questions. books Texts and materials In order to have a complete knowledge for the passing of the exam, in addition to the material provided by the teacher, we recommend consulting the following sources: • R and Rstudio https://cran.r-project.org/doc/contrib/Paradis-rdebuts_en.pdf https://cran.r-project.org/doc/manuals/r-release/R-intro.pdf • Python: https://wesmckinney.com/book/data-analysis-examples.html mode The classes will be held in presence (DEIM). The use of the personal computer is required during the classes The course consists of theoretical-practical lessons with the aid of R and Phyton statistical software. During the class, the lecturer will show the material prepared for the theoretical and practical part of the course. Class attendance is not compulsory. classRoomMode Class attendance is not compulsory. The use of the personal computer is required during the classes The course consists of theoretical-practical lessons with the aid of R and Phyton statistical software. During the class, the lecturer will show the material prepared for the theoretical and practical part of the course. bibliography Texts and materials In order to have a complete knowledge for the passing of the exam, in addition to the material provided by the teacher, we recommend consulting the following sources: • R and Rstudio https://cran.r-project.org/doc/contrib/Paradis-rdebuts_en.pdf https://cran.r-project.org/doc/manuals/r-release/R-intro.pdf • Python: https://wesmckinney.com/book/data-analysis-examples.html
119237 - MULTIVARIATE STATISTICAL ANALYSIS AND DATA MINING FEDERICO CRESCENZI	Second Semester	8	SECS-S/03		Learning objectives "The objective is to provide students with theoretical knowledge of applied linear algebra and data mining, with particular emphasis on the decomposition of prediction errors in economic and social phenomena. Fundamental statistical concepts (e.g., regression, classification, inference) will be reviewed and presented with a more detailed technical level to provide a deeper theoretical understanding of data analysis. 2. Based on the theoretical knowledge acquired, students will be required to apply what they have learned in analyzing datasets on real or simulated data. Particular emphasis is placed on comparing different methods that can be used to achieve the same data analysis objective, in order to identify the most appropriate one. To this end, students will be required to master the R programming software at an intermediate/advanced level. 3. Based on what they have learned in theory and verified in practice, students must make a judgment on the quality of the data analysis performed. Particular emphasis is placed on highlighting the limitations and critical points of the data analysis performed, always keeping in mind whether the data analysis objective has been effectively achieved (where possible). 4. Students are required to communicate what they have learned theoretically and discovered empirically through data analysis by giving an oral presentation of their results. The presentation should balance the technical content of the work with a more informative nature of the insights gained from the data. 5. The student’s learning ability is tested through the data analysis itself. The in-class analyses, where students will learn the theory and test it, will always be necessarily educational, for example, with pre-selected and pre-processed datasets. The analysis of real data that students are exposed to will necessarily put them in a position to apply what they have learned in an innovative way and to learn new techniques. In general, the course will provide students with all the necessary elements to learn new concepts independently." Teacher's Profile courseProgram 1. Computational statistics - Introduction/recall to R - Basic statistics with R -.Data visualization 2. Introduction to linear algebra - Vectors - Matrices - Vector spaces 3. Regression - Parametric methods (linear regression, lasso, ridge) - Non-parametric methods (Regression trees, Bagging, Random Forest, Principal component regression) 4. Classification - Parametric methods (Logit model (logit ridge/lasso), Linear discriminant analysis, Non-parametric methods, Classification trees) 5. Unsupervised learning - Cluster analysis - Principal components examMode The assessment is done through the discussion of a project related to a data analysis carried out on a dataset chosen by the student on one or more methods illustrated in class. An oral exam will follow to verify the theoretical aspects of what has been discussed and the general skills acquired on the program. books Bertaccini, B. (2018). Introduzione alla statistica computazionale con R (p. 182). Firenze University Press. (Disponibile gratuitamente in pdf) Barabesi, L., & Fattorini, L. (2010). Introduzione all'algebra delle matrici. Giuffrè Editore. (Disponibile gratuitamente in pdf) James, G., Witten, D., Hastie, T., & Tibshirani, R. (2013). An introduction to statistical learning (Vol. 112, p. 18). New York: springer. (Disponibile gratuitamente in pdf in versione inglese) classRoomMode In classroom with possibility to follow remotely bibliography See textbooks
119273 - BUSINESS, COMPETITION AND THE MARKET RAFFAELE CROCERAFFAELE CROCE	Second Semester	8	IUS/04		Learning objectives Knowledge and Understanding: Students will understand antitrust, competition, and industrial property regulations, with a focus on consumer protection. Applied Knowledge and Understanding: Students will apply acquired knowledge to analyze and resolve practical cases on unfair competition and intellectual property rights. Autonomy in Judgment: The course fosters autonomy in judgment to critically evaluate market situations and consumer protection issues. Communication Skills: Students will acquire the ability to effectively communicate complex legal matters in various contexts. Learning Ability: Students will develop skills for independent learning and continuous updating on evolving business law regulations. Teacher's Profile courseProgram enterprise and entrepreneur competition distinctive signs consumer protection copyright and industrial property rights business contracts analysis of practical cases books Manuale di diritto commerciale in uso (Ferri o Campobasso) classRoomMode Attendance is not mandatory bibliography See textbooks Teacher's Profile courseProgram enterprise and entrepreneur competition distinctive signs consumer protection copyright and industrial property rights business contracts analysis of practical cases books Manuale di diritto commerciale in uso (Ferri o Campobasso) classRoomMode Attendance is not mandatory bibliography See textbooks
119043 - PROFESSIONAL ENGLISH FOR MARKETING AND ADMINISTRATION	Second Semester	4	L-LIN/12		Learning objectives This course aims to prepare to know and use the English language with the aim of progressively achieving a level B eligibility. The comprehension and expression of oral language is privileged, without neglecting the linguistic competence required for a clear and correct written expression. For this purpose, the adopted text allows students to personalize what is highlighted in the classroom through further revision and self-learning systems. The technical linguistic area of exercise will concern marketing and administration, with appropriate formal lexical insights and drafting of special glossaries useful to the profession. Presentations of scientific topics, conversations, debates, analysis of experiences and personal research: all this converges to form and stimulate creative skills, inspired by the most current issues.
120454 - DEVELOPMENT ECONOMICS GIULIO GUARINI	Second Semester	8	SECS-P/01		Learning objectives "A)EDUCATIONAL GOALS The provision of the basic analytical tools to understand, at macro, meso and micro level, the functioning of economic development and human development, according to the social and environmental sustainability, considering the economic science as a social science with a plurality of points of views. B) EXPECTED LEARNING OUTCOMES 1.Knowledge and understanding ability: the knowledge of theories and policies of development useful to understand the main issues of contemporary economy. 2.Capability to apply knowledge and understanding: the knowledge of concepts and methods to judge the main criticalities and opportunities of economic development. 3.Capability to approach the subject in a critical manner: the capability to identify the main relationships of the economic system to grasp its logic and explain it according to the different theoretical approaches and with a critical capacity. 4.Communication abilities: to knowledge of the analytical rigor through the use of formulas and graphs and with the illustration of logical links. 5.Learning ability: successful condition in learning is the ability to reconstruct autonomously and critically the introductory notions of development economics." Teacher's Profile courseProgram Growth, economic development, human development Capitalist development and its phases Origins and history of underdevelopment Developing and least developed countries Division of Labour and Economic Development Innovation and Economic Development in a Secular Perspective Labor productivity, economies of scale and External Economies Unemployment, Cyclical Development and Crisis Economic Development and Changes Economic Development and International Relations Human Development and Inequalities Ecological aspects of Development Innovative, Sustainable and Inclusive Growth Mainstream Growth Models PostKeynesian Growth Models The detailed program and any supplementary teaching material will be available during the course. examMode The assessment aims to verify students' acquisition of theoretical knowledge and analytical tools to understand today's economic reality. The exam consists of a written test and an oral interview. The written test consists of 3 open questions. In the oral interview the corrections made by the professor are illustrated and the topics of the written test can be studied in depth. books The teaching material with the lecture notes will be available during the course. classRoomMode During the lesson the theoretical concepts will be illustrated also through the proposal of numerical examples and real cases. bibliography The teaching material will be available during the course.

SUBJECT	SEMESTER	CFU	SSD	LANGUAGE
119240 - MANAGEMENT CONTROL AND BUSINESS PLAN MAURIZIO MASI	First Semester	8	SECS-P/07		Learning objectives "1. Knowledge and understanding of the financial statement analysis methodologies applied to management control in companies; 2. Knowledge and understanding of the techniques specific to financial statement analysis as tools for management control and functional to the construction of business plans; 3. Autonomy of judgment regarding the reliability of the information derived from the financial statement analysis and those used for the preparation of business plans; 4. Communication skills in the main terms and techniques of management control, particularly referring to the preparation and reading of business plans; 5. Ability to learn financial statement analysis techniques also supporting the preparation of business plans." Teacher's Profile courseProgram The course focuses on management control tools useful for the construction of business plans. In the first part, the course focuses on the reclassification models of financial statements, on indices and flows. In the second part, the course deals with the construction and analysis of the budget. This is a balance sheet drawn up by translating certain hypotheses of future management into economic and financial figures. The use of this tool allows you to recreate, as in a sort of laboratory, the operation of the company and to simulate the effects that different management policies are destined to produce in the future on the economic, financial and capital assets of the company. The logic of the budget has multiple fields of use. It applies, in fact: - to companies already in operation, to guide future management programs; - in project financing operations, which are increasingly numerous today, to judge the self-sustainability of the planned initiative; - to companies in the process of setting up or starting a new business unit (start up), to identify the most appropriate management structures; - to individual investment projects, to judge their feasibility and convenience. Summary of the arguments. Among the topics that will be dealt with in the budget analysis for the construction of the pro-forma, the following should be noted: • the logic of reclassification of the Balance Sheet and the Income Statement; • the logical scheme for the construction of the Cash Flow Statement; • the budgeting of EBITDA and MON; • the estimate of the commercial Net Working Capital (CCNc); • the estimate of operational self-financing; • the estimation of the Free Cash Flow (FCF); • the estimate of the Net Invested Capital (CIN); • the estimate of the Net Financial Position (NFP); • the budgeting of the Financial Requirement. Among the topics that will be dealt with in the context of the construction of the pro-forma and in its evaluation, the following should be noted: • the general logic and phases of the construction of the pro-forma; • the basic pro-forma model; • the development of the basic model: current operational management, structural operational investments and the financial structure; • the formulation of the assumptions: the forecast of sales, operating costs and net working capital, structural investments; • the assessment of the assumptions; • sensitivity analysis; • the financial sustainability of the budget and its "bankability". examMode The exam is oral. Attending students will have the opportunity to carry out practical exercises during the course that will be evaluated during the exam. Attending students will also have the opportunity to take a written test at the end of the course which contains about ten questions (open-ended) aimed at ascertaining the student's theoretical knowledge of the topics presented during the lessons; and a second written test aimed at solving a practical problem similar to those present in the textbook and addressed in the classroom. Even these tests, if concluded positively, can be evaluated during the examination. books To prepare for the exam, students have access to a textbook and other teaching materials prepared by the teacher that will be posted on the Moodle platform during the lessons. The textbook is: F. Giunta-M. Pisani, Analisi di bilancio, APOGEO, Maggioli Editore, 2016. Chapters of the book: 1. Fundamental analysis and intrinsic value of the company 2. The information base for fundamental analysis 3. Analysis of the competitive environment 4. Analysis of strategies 5. Verification of the accounting quality and the information collected 6. The management analysis model 10. Preparation of the Cash Flow Statement 16. The pro-forma financial statements: rationale, phases and necessary information 17. The pro-forma financial statements: hypotheses and calculation formulas 18. Evaluation of the pro-forma financial statements mode Lectures with classroom exercises, for a total of 48 hours. classRoomMode Attendance is NOT OBLIGATORY, but it is recommended to consolidate concepts and techniques also through practical examples bibliography C. PAROLINI, Business Planning. From the idea to the business project, Pearson Education Italia, 2016. W. C. KIM, R. MAUBORGNE, Blue Ocean Strategy, Etas, 2005. G. KAWASAKI, The Art of the Start, Penguin Group, 2004. B.R. BARRINGER, Preparing Effective Business Plans, Pearson Education, 2014.
MODULE II	-	-	-	-
DIGITAL ECONOMY DAVIDE SUSA	Second Semester	8	SECS-P/03		Learning objectives The course aims to provide students with an overview of the Digital Economy, analyzing the role of information and communication technologies (ICT) in the contemporary economy and the main economic, social, political and organizational aspects related to digital innovation. Knowledge and understanding: Understand the theoretical foundations of the Digital Economy and its impacts on society and culture. Understand the challenges and opportunities of the digital economy for business, work and innovation. Ability to apply knowledge and understanding: Apply the acquired knowledge to analyze and evaluate the economic, social and political implications of digital technologies. Develop innovative solutions to face the challenges of the Digital Economy. Making judgements: Develop critical and evaluation skills with respect to the different theories and practices of the Digital Economy. Understand the impacts of the Digital Economy on work, society and the environment. Communication skills: Clearly and effectively communicate concepts and results of the analysis of the Digital Economy to different audiences. Ability to learn: Continue to learn and update their subject knowledge and skills independently. Teacher's Profile courseProgram COURSE CONTENTS: • Introduction and foundations of the Digital Economy • Definition and characteristics of the Digital Economy • Business models of the Digital Economy • Information and communication technologies • Protection of personal data and copyright in the digital market • Fiscal aspects of the Digital Economy • Antitrust regulation for the Digital Economy • Sharing Economy and service platforms • Internet Governance and Digital Economy examMode Final written exam: 12 multiple choice questions and 2 open questions in one hour. The student will then be asked to develop the presentation of a short research project on some topics proposed by the teacher. This test will be averaged with the final evaluation. Non-attending students are invited to contact the teacher about this. books REFERENCE TEXT: De Laurentis, Rodolfo (2021) “Economia digitale: Una regolamentazione da innovare”. Edizioni Giappichelli, ISBN: 9788892140035. Osterwalder, Alexander, Pigneur, Yves (2019) “Creare modelli di business”. Edizioni LSWR, ISBN: 978-8868957377 classRoomMode Attendance is not mandatory but highly recommended. However, the project to be developed independently is mandatory, so non-attending students are invited to contact the teacher before taking the written exam. bibliography See textbooks
119246 - SERIES ANALYSIS FRANCESCO POLIFRANCESCO POLI	First Semester	8	SECS-S/03		Learning objectives Knowledge and Understanding: Students will gain a solid understanding of the fundamental concepts and techniques for analyzing time series and financial series, including stationarity, ARIMA and GARCH models, and the Box-Jenkins procedure. Applied Knowledge and Understanding: Students will be able to apply methods such as moving averages, ARIMA and GARCH models, and stationarity tests for analyzing time series and forecasting data, with a focus on financial series. Autonomy in Judgment: The course fosters autonomy in judgment, enabling students to select and apply the most appropriate analysis model based on the structure and nature of time series. Communication Skills: Students will develop the ability to clearly communicate the results of time series and financial series analysis in both academic and professional settings. Learning Ability: Students will acquire independent learning skills to stay updated on new models and techniques for analyzing time series and financial data. Teacher's Profile courseProgram Historical time series: - Introduction - Moving average - Stochastic process, stationarity, ACF, PACF - RW, MA, AR, ARMA models - Non-stationary processes - RW with constant or drift - ARIMA model - SARIMA model - Box-Jenkins procedure for model estimation - Forecast - Non-stationary models - DF and ADF tests Financial time series: - Introduction - Prices-returns relationship - Motivation and stylized facts - Financial time series characteristics - Normality and related tests - ARCH model - GARCH model - Estimation and examples examMode One analytical exercise and two or three open questions about theory and/or the interpretation of a carried out tutorial. books Tommaso Di Fonzo e Francesco Lisi (2005) Serie storiche economiche. Analisi statistiche e applicazioni. Roma, Carocci editore. classRoomMode Frontal lessons: 38 hours. Tutorials with the R software: 10 hours. Teacher's Profile courseProgram Historical time series: - Introduction - Moving average - Stochastic process, stationarity, ACF, PACF - RW, MA, AR, ARMA models - Non-stationary processes - RW with constant or drift - ARIMA model - SARIMA model - Box-Jenkins procedure for model estimation - Forecast - Non-stationary models - DF and ADF tests Financial time series: - Introduction - Prices-returns relationship - Motivation and stylized facts - Financial time series characteristics - Normality and related tests - ARCH model - GARCH model - Estimation and examples examMode One analytical exercise and two or three open questions about theory and/or the interpretation of a carried out tutorial. books Tommaso Di Fonzo e Francesco Lisi (2005) Serie storiche economiche. Analisi statistiche e applicazioni. Roma, Carocci editore. mode The students who desire can follow the classes in the "aula 2". classRoomMode Frontal lessons: 38 hours. Tutorials with the R software: 10 hours. bibliography Further material available through Moodle.
119030 - DIGITAL BUSINESS ORGANIZATION ALESSIO MARIA BRACCINIALESSIO MARIA BRACCINI	First Semester	8	SECS-P/10		Learning objectives "he course addresses the topic of digital transformation of organisations, and the consequent impacts on the way modern organisations work and operate. The course invites students to reflect on the changes, opportunities, risks, and consequences on the use of digital technologies in organisational design and change processes, and on the implications for organisational decision making and operational processes. The course aims at transferring to the students theoretical knowledge and practical skills on the role of digital technologies in organisations, and on the competences and the processes necessary by individuals and organisations to govern this process. During the course the students will be engaged in learning activities, both theoretical and practical ones, as individuals and in groups. The participation to the course will stimulate in students the development of the following capabilities. Knowledge and comprehension Understand the nature and impact of organisational change produced by the introduction of digital technologies in individual and groups behaviour. Know the main information systems used in organisations. Know the tools to analyse processes and guide the transformation processes through digital technologies. Know the tools and the processes for analysing the information needs and for the design of or data analysis and presentation. Applied knowledge Being able to identify potential areas of application of digital technologies to solve organisational problems. Being able to understand and govern the analysis of business processes and their re-engineering in the digital transformation. Know how to identify and analyse the information needs of an organisation and how to design data analytics tools to satisfy such needs. Know how to manage a digital transformation process through planning activities and estimating the effort, and know how to control the process using project management tools and techniques Judgement capabilities Know the main variables influencing the digital transformation process, know how to analyse them, and be able to judge if and when digital technologies can be used for organisational innovation and change. Communication capabilities During the course the students will practice the capabilities of presenting and discussing their ideas on the role of digital technologies in the transformation process of organisations. Know how to learn Being able to learn in an autonomous and self-management way. " Teacher's Profile courseProgram The syllabus of the course is divided in two parts: a first theoretical part and a second practical part. The theoretical part of the course deepens the topic of digital transformation and the impact that it has on organisations. The syllabus deepens the main changes introduced by the digital transformation process, the main development trends currently in action, and their future developments. The students will also learn the main information systems used by companies to manage the digital transformation initiatives, to analyse the business processes, to re-engineer them, and to identify the information needs of organizations. The theoretical concepts included in the course syllabus cover the following areas: - Changes and trends of the digital transformation process - The socio-technical systems theory - The fundamental organizational processes: sense making, decision making, and knowing - The enterprise information systems: ERP, CRM, KMS, and DSS - The business intelligence systems for data mining: big data, datawarehouse and artificial intelligence - Cloud computing, privacy and cyber security - Planning and managing digital transformation processes - Analysing and re-engineering business processes The practical part of the course concerns the development of actionable skills to control and govern the digital transformation process in organisations. The practical skills learned during the course cover three aspects: - Management of digital innovation projects: identification of objectives of a digital transformation process, identification of the necessary resources, planning and management of a project through the work breakdown structure, the RACI matrix, the PERT, the critical path method analysis, and the GANTT diagram - Digital transformation of business processes: modelling and analysis of both inter- and intra-organisational processes through the Business Process Modelling Notation (BPMN) - Business intelligence: analysis of the information need, map of information sources with information needs, design and development of data presentation and analysis dashboard with Microsoft Power BI examMode The exam will verify whether the students acquired the theoretical concepts in the syllabus of the course and are able to apply them into real life organizational contexts, in processes, and in project management. For students attending the course, the exam will be composed by the discussion of the project work and an oral exam. For students not attending the course, the exam will be composed by five questions spanning over the different topics in the syllabus, including business process management and project management techniques. books To study for the exam students must refer to: - Management of Information Systems - Course compendium written by Braccini Alessio Maria - Piccoli, G., & Pigni, F. (2016). Information Systems for Managers with Cases Slides and cases used by the professor during classes are available on the http://moodle.unitus.it e-learning platform classRoomMode A teaching methodology aimed at stimulating active student participation will be used. The students will be divided into groups and will engage in a project-based activity focused on process analysis, information needs analysis for decision-making processes, and the design and development of interactive dashboards for data analysis. Each group of students will work on their project in parallel with the course lessons. The final work produced by the groups will be graded. Students non attending the course will not work on a group project work activity. During the course, the instructor may provide materials and bibliographic references (supplementary handouts, texts, and web addresses). bibliography To study for the exam students must refer to: - Management of Information Systems - Course compendium written by Braccini Alessio Maria - Piccoli, G., & Pigni, F. (2016). Information Systems for Managers with Cases Slides and cases used by the professor during classes are available on the http://moodle.unitus.it e-learning platform Teacher's Profile courseProgram The syllabus of the course is divided in two parts: a first theoretical part and a second practical part. The theoretical part of the course deepens the topic of digital transformation and the impact that it has on organisations. The syllabus deepens the main changes introduced by the digital transformation process, the main development trends currently in action, and their future developments. The students will also learn the main information systems used by companies to manage the digital transformation initiatives, to analyse the business processes, to re-engineer them, and to identify the information needs of organizations. The theoretical concepts included in the course syllabus cover the following areas: - Changes and trends of the digital transformation process - The socio-technical systems theory - The fundamental organizational processes: sense making, decision making, and knowing - The enterprise information systems: ERP, CRM, KMS, and DSS - The business intelligence systems for data mining: big data, datawarehouse and artificial intelligence - Cloud computing, privacy and cyber security - Planning and managing digital transformation processes - Analysing and re-engineering business processes The practical part of the course concerns the development of actionable skills to control and govern the digital transformation process in organisations. The practical skills learned during the course cover three aspects: - Management of digital innovation projects: identification of objectives of a digital transformation process, identification of the necessary resources, planning and management of a project through the work breakdown structure, the RACI matrix, the PERT, the critical path method analysis, and the GANTT diagram - Digital transformation of business processes: modelling and analysis of both inter- and intra-organisational processes through the Business Process Modelling Notation (BPMN) - Business intelligence: analysis of the information need, map of information sources with information needs, design and development of data presentation and analysis dashboard with Microsoft Power BI examMode The exam will verify whether the students acquired the theoretical concepts in the syllabus of the course and are able to apply them into real life organizational contexts, in processes, and in project management. For students attending the course, the exam will be composed by the discussion of the project work and an oral exam. For students not attending the course, the exam will be composed by five questions spanning over the different topics in the syllabus, including business process management and project management techniques. books To study for the exam students must refer to: - Management of Information Systems - Course compendium written by Braccini Alessio Maria - Piccoli, G., & Pigni, F. (2016). Information Systems for Managers with Cases Slides and cases used by the professor during classes are available on the http://moodle.unitus.it e-learning platform mode Face to face teaching in classroom with real-time broadcasting on Zoom classRoomMode A teaching methodology aimed at stimulating active student participation will be used. The students will be divided into groups and will engage in a project-based activity focused on process analysis, information needs analysis for decision-making processes, and the design and development of interactive dashboards for data analysis. Each group of students will work on their project in parallel with the course lessons. The final work produced by the groups will be graded. Students non attending the course will not work on a group project work activity. During the course, the instructor may provide materials and bibliographic references (supplementary handouts, texts, and web addresses). bibliography To study for the exam students must refer to: - Management of Information Systems - Course compendium written by Braccini Alessio Maria - Piccoli, G., & Pigni, F. (2016). Information Systems for Managers with Cases Slides and cases used by the professor during classes are available on the http://moodle.unitus.it e-learning platform
MODULE II	-	-	-	-
FINANCIAL ECONOMICS PATRIZIO MORGANTI	Second Semester	8	SECS-P/01		Learning objectives A. OBJECTIVE. The goal of the course is to provide students with knowledge and understanding of the theoretical and practical tools that explain how the financial system works, as well as its interactions with the real economy, both at the macro- and micro-level, by focusing on the behavior of financial intermediaries in transferring funds from surplus units (savers) to deficit units (investors). B. EXPECTED LEARNING OUTCOMES 1. KNOWLEDGE AND UNDERSTANDING Acquire knowledge and tools, both theoretical and practical, that allow students to understand theories of financial economics. Such knowledge will be acquired through frontal lectures supported by advanced textbooks and journal articles reading, and participation to thematic seminars. 2. APPLYING KNOWLEDGE AND UNDERSTANDING Students will be able to apply the acquired knowledge and methodology to practical examples in a way to assess the main concerns and opportunities of the modern financial system. Such skills will be developed mainly through exercises and an active debate in the classroom. 3. MAKING JUDGEMENTS Ability to identify and explain the relationships among the agents of the financial sector, as well as their interaction with the real side of the economy. Students will be able to identify, collect and interpret relevant data on the financial indicators, in connection with real variables, in order to i) provide a comparative analysis with respect to other economic indicators from a global perspective, and to ii) stimulate reflections on issues related to financial economics. Active discussions among students will be encouraged. 4. COMMUNICATIONS Students will acquire the ability to present the issues of the course with adequate language and appropriate analytical skills (formulae, graphics, and explanation of causal links). Such ability will be implemented through exercises. Students will be able to communicate with peers and supervisors about their understanding on basic topics of financial economics. 5. LEARNING SKILLS Students must be able to reconstruct autonomously the main notions of financial economics so that to undertake possible further studies with a high degree of autonomy. Teacher's Profile courseProgram 1. General aspects. The financial system: markets, intermediaries, instruments, and supervisory authorities Efficiency of financial markets The link between non-financial and financial accounts: financial accounts of institutional sectors 2. Financial structure, financial development, and the real economy. “Direct” and “indirect” finance “Bank-based” and “market-based” systems Effects on economic growth 3. Theoretical analysis of agents’ choices. Intertemporal choices Choices under uncertainty Expected utility theory Risk attitude Equilibrium Demand for insurance Investment in financial assets Investment in risky assets Optimal portfolio’s allocation (Markovitz) The CAPM 4. Financial innovation and non-bank financial intermediation Securitization Securities financing transactions Mutual funds Shadow banking examMode The final exam consists of an oral test aimed to assess the acquired knowledge and the ability to solve practical exercises. To pass the exam students must be able, at least sufficiently, to reconstruct autonomously the main notions of financial economics so that to undertake possible further studies with a high degree of autonomy. books Teaching material provided by the instructor and available on Moodle. Suggested textbooks: - Varian H., “Intermediate Microeconomics”, Norton, Eight Edition or previous ones, only Chapters on “Intertemporal Choices” and on “Uncertainty”; - Bodie Z., Kane A., and Markus A. J., “Investments”, McGraw Hill (2014), Chap. 6 (only parr. 6.1, 6.2, 6.4, 6.5), 7 (excluding par. 7.5), 9 (only par. 9.1); - Mishkin, and Eakins, “Financial Markets and Institutions”, Pearson, 2019, Ninth Ed. or previous ones, Chapters 1, 2, 3, 4, 5, 7, 9, 11, 14.4, 18, 19, 20, 21. classRoomMode No mandatory attendance. Students unable to attend classes are strongly encouraged to contact the teacher to have detailed information about the syllabus. bibliography - Varian H., “Intermediate Microeconomics”, Norton, Eight Edition or previous ones - Bodie Z., Kane A., and Markus A. J., “Investments”, McGraw Hill (2014) - Mishkin, and Eakins, “Financial Markets and Institutions”, Pearson, 2019
119039 - ECONOMICS OF INTERNATIONAL TAXATION ANTONIO IORIO	Second Semester	8	SECS-P/03		Learning objectives Educational objectives Learning expected: knowledge of the main international tax regulations in order to allow individual and group work skills. The major problems of international taxation understanding. The development of judgment capacity and critical spirit to share, compare and question one's own ideas and those of others on international taxation and related evasive phenomena. Teacher's Profile courseProgram The course program is designed to provide a sufficiently comprehensive knowledge of the fundamental economic issues pertaining to international taxation. In this context, the basic and general economic and legal issues of taxation systems are preliminarily examined. Then having acquired the basic and indispensable knowledge, the most relevant aspects and effects of international taxation and the most topical issues are explored in depth. Topics developed: Income and taxes classification Taxes principles Progressivity and proportionality Personal income tax and companies taxation, in Italy and abroad Capital in international markets taxation and monitoring Double taxation and methods to avoid or limit it; tax credit for income generated abroad. Multinational companies taxation (Pillar) Indirect taxation in the transfer of goods and services in international markets (VAT in intra-EU relations: imports, exports and customs taxation) International tax avoidance and evasion in direct taxation (fictitious residences, tax inversions, transfer prices, CFCS, etc.) International tax evasion in indirect taxation (VAT fraud, etc.) International cooperations examMode The student's evaluation is carried with an oral exam on the program in order to identify subject learning and deepening. Critical spirit of each topics will be evaluated too. In the oral exam the student will have to at least demonstrate the knowledge of the main rules of national and international taxation and the major problems of international taxation. The critical spirit and the comparison with other subjects studied with respect to the problems of international taxation and related evasive phenomena are highly valued. books Lezioni di scienza delle finanze, Parte II. Bruno Bises, Giappichelli, capitoli 1, 2, 3, 6, 7, 8, 10 Manuale di fiscalità internazionale, a cura di A. Dragonetti, V. Piacentini, A. Sfondrini, Ipsoa Manuali As an alternative to the texts indicated above, the reference material (regulatory texts, official documents, in-depth articles, chapters of texts) dealt with during the lessons is made available to students. mode The course is conducted in face-to-face lectures, and each topic is treated in a concrete, practical context. Practical cases are then explored in depth in order to develop the student's sensitivity and critical judgment and to encourage discussion of both the practical case and any theories from which the case originates. classRoomMode Participation in the lessons is not compulsory but preferred, as it allows a greater involvement of the student in the problems addressed bibliography Corso di scienza delle finanze, PAOLO BOSI (A CURA DI) - IX Edizione - 2023 Fiscalità internazionale e dei gruppi, AVOLIO DIEGO (A CURA DI) - 2021 Fiscalità dell'Unione europea e internazionale (https://www.finanze.gov.it/) Osservatorio fiscalità internazionale (https://www.osservatorio-fiscalita.it/categoria/fonti-convenzionali-ocse/) European Commission, Annual report on taxation (2024)
16428 - THESIS	Second Semester	12

Learning objectives

The course will cover the basic rules governing bankruptcy law.
The course aims to provide students with the tools necessary for a correct interpretation of the rules accompanied by an investigation of the reality to which rules must adapt or at least take into due account.

Knowlodge and understanding:
At the end of the course the student must have acquired full knowledge and understanding of the institutions covered by the course.

Applying knowledge and understanding.
At the end of the course the student must have acquired the fundamental tools to be able to develop the ability to interpret sources, doctrinal and jurisprudential orientations as well as the various application consequences of the latter.

Making judgements
The student must also be able to develop a critical approach to the discipline and the ability to orient himself even in the face of the change in the positive discipline in force.

Communication skills
The student must be able to simply illustrate the basic notions of bankruptcy law and the law of extraordinary business operations, as if addressing people who are not experts in the field; he must also be able to summarize in a precise but concise way the in-depth concepts, in any case using an appropriate technical-legal lexicon. The student is also encouraged to convey personal interpretations of the most debated topics studied with clarity and rigor.

Learning skills
The student must be able to update and broaden their knowledge, independently drawing on regulatory texts, scientific articles and jurisprudential rulings. They must also gradually acquire the ability to actively participate in specialized seminars, conferences and masters in the areas of interest of bankruptcy law and the law of extraordinary business operations.

Teacher's Profile

courseProgram

1. The historical evolution of crisis law, between domestic and European Union law
2. Traditional and new principles of crisis and insolvency law, early emergence of the crisis.
3. Objective and subjective scope of application of the Crisis Code
4. Jurisdiction, competence and cross-border procedures
5. Judicial liquidation
6. The arrangement with creditors
7. The negotiated settlement and simplified composition
8. Agreements in implementation of an attested reorganisation plan
9. Restructuring agreements and moratorium agreements
10. The restructuring plan subject to approval
11. The settlement of over-indebtedness: consumer restructuring, minor composition, family proceedings, controlled liquidation, exoneration of the incapable person
12. Judicial liquidation and composition with creditors in groups of companies
13. Extraordinary administration and administrative compulsory liquidation

examMode

The chosen method of assessment consists of the formulation of questions to the candidate, which are diversified and not monothematic.

books

Stefania PACCHI - Stefano AMBROSINI, Diritto della crisi e dell'insolvenza, III edizione, Zanichelli Editore, 2023 (con esclusione dei §§ da 5.8 a 5.10 del cap. V, dei §§ da 6.8 a 6.10 del cap. VI, del cap. IX, dei § 10.4.6.3, 10.7, 10.8, 10.9, 10.10, 10.14.3 del cap. X, dei §§ da 11.1.8 a 1.1.10 del cap. XI). Si consiglia agli Studenti di attendere l’eventuale uscita di una nuova edizione del testo in ragione dell’uscita imminente del decreto correttivo del Codice della Crisi d'Impresa e dell'Insolvenza. Si raccomanda la consultazione della versione più aggiornata del Codice della Crisi.

oppure
Alberto Jorio, Il diritto della crisi e dell'insolvenza, Giappichelli, 2023 (con esclusione dei §§ 4, 5 e 6.4 del cap. IV, 2.2 del cap. VI, 8.2.10 del cap. VIII, dei capp. X e XI, dei §§ 7 e 8 d

classRoomMode

attendance not compulsory

bibliography

see books

Teacher's Profile

courseProgram

examMode

The chosen method of assessment consists of the formulation of questions to the candidate, which are diversified and not monothematic.

books

Stefania PACCHI - Stefano AMBROSINI, Diritto della crisi e dell'insolvenza, III edizione, Zanichelli Editore, 2023 (with exclusion §§ 5.8 to 5.10, ch. V; §§ 6.8 to 6.10, ch. VI;ch. IX, § 10.4.6.3, 10.7, 10.8, 10.9, 10.10, 10.14.3; ch. X; §§ 11.1.8 to 1.1.10, ch. XI).

otherwise
Alberto Jorio, Il diritto della crisi e dell'insolvenza, Giappichelli, 2023 (with exclusion §§ 4, 5 and 6.4 ch. IV, 2.2 ch. VI, 8.2.10 ch. VIII, ch. X and XI, §§ 7 and 8 ch. XIV).

classRoomMode

Not mandatory+

bibliography

See textbooks

Learning objectives

"LEARNING OBJECTIVES: In line with the objectives of the degree program in Administration, Finance, and Control, the laboratory aims to guide students in measuring the knowledge acquired in their previous studies, with particular reference to business administration in startup contexts. A collaborative program is presently in progress in conjunction with Joule—Eni’s School for Business, an institution dedicated to overseeing a specialized excellence initiative tailored for the nurturing and advancement of startup enterprises (https://www.eni.com/joule/it-IT/home.html).
KNOWLEDGE AND UNDERSTANDING: The workshop will enable learners to focus on the dynamics of financing needs definition, strategic planning, cost analysis, and management support that companies live from their establishment phase. The collaboration with Joule will allow students to attend events/testimonials of prominent national and international company managers on administration, finance, and control issues. The discussion of the content of the events with the lecturer will lead to finalizing the analysis of critical factors related to projects for the development of new business ideas.
APPLYING KNOWLEDGE AND UNDERSTANDING Through their active participation in the 'problem-solution fit' meetings with startup selections, students will be able to apply the knowledge they've acquired and identify reasonable technical solutions.
MAKING JUDGEMENTS: At the end of the laboratory activities, the student can consider critical and operational aspects of the choices inherent in creating an enterprise.
COMMUNICATION SKILLS: Students will acquire the expertise needed to evaluate a ""business idea's"" technical and economic viability and appraise it.
LEARNING SKILLS: At the end of the laboratory activities, the student will be empowered to undertake, independently, subsequent studies on the topics addressed, further enhancing their understanding and skills.
"

Teacher's Profile

courseProgram

Practical workshop that guides participants through the essential stages of business creation, from the initial idea to defining the business model. It develops skills to face entrepreneurial challenges and launch a successful venture.

examMode

Pass or fail after verification of acquired skills

books

Any references will be communicated during the laboratory

classRoomMode

Attendance is not obligatory

bibliography

See textbooks

Learning objectives

"A)EDUCATIONAL GOALS

The provision of the basic analytical tools to understand, at macro, meso and micro level, the functioning of economic development and human development, according to the social and environmental sustainability, considering the economic science as a social science with a plurality of points of views.

B) EXPECTED LEARNING OUTCOMES

1.Knowledge and understanding ability: the knowledge of theories and policies of development useful to understand the main issues of contemporary economy.

2.Capability to apply knowledge and understanding: the knowledge of concepts and methods to judge the main criticalities and opportunities of economic development.

3.Capability to approach the subject in a critical manner: the capability to identify the main relationships of the economic system to grasp its logic and explain it according to the different theoretical approaches and with a critical capacity.

4.Communication abilities: to knowledge of the analytical rigor through the use of formulas and graphs and with the illustration of logical links.

5.Learning ability: successful condition in learning is the ability to reconstruct autonomously and critically the introductory notions of development economics."

Teacher's Profile

courseProgram

Growth, economic development, human development
Capitalist development and its phases
Origins and history of underdevelopment
Developing and least developed countries
Division of Labour and Economic Development
Innovation and Economic Development in a Secular Perspective
Labor productivity, economies of scale and External Economies
Unemployment, Cyclical Development and Crisis
Economic Development and Changes
Economic Development and International Relations
Human Development and Inequalities
Ecological aspects of Development
Innovative, Sustainable and Inclusive Growth
Mainstream Growth Models
PostKeynesian Growth Models
The detailed program and any supplementary teaching material will be available during the course.

examMode

The assessment aims to verify students' acquisition of theoretical knowledge and analytical tools to understand today's economic reality.
The exam consists of a written test and an oral interview.
The written test consists of 3 open questions.
In the oral interview the corrections made by the professor are illustrated and the topics of the written test can be studied in depth.

books

The teaching material with the lecture notes will be available during the course.

classRoomMode

During the lesson the theoretical concepts will be illustrated also through the proposal of numerical examples and real cases.

bibliography

The teaching material will be available during the course.

Learning objectives

Educational objectives: The course aims to provide advanced knowledge on economic and financial issues relating to the monetary and international economics.
1) Knowledge and understanding; at the end of the course the student will have to demonstrate that they have understood the main issues of international monetary economics (money, exchange rates, crises, innovations and policy and regulatory measures).
2) Applying knowledge and understanding; The student must be able to read and interpret papers and books on advanced financial economics, as well as evaluate their empirical and methodological contents.
3) Autonomy of judgment (making judgments); At the end of the course, the student will be able to independently read papers and books on advanced financial economics, implementing critical analysis in research.
4) Communication skills; Knowledge of the general part and of the special topics of the course will allow the student to acquire the technical language of the subject allowing them to effectively deal with the discussion of the topics covered
5) Ability to learn (learning skills). At the end of the course, the student will be able to undertake, even independently, subsequent in-depth studies regarding the topics addressed.

Teacher's Profile

courseProgram

The course is divided into two compulsory parts:
a. monetary policy and economics; exchange rate policy and economics;
b. special topics in international monetary economics (Financial Literacy, Cryptocurrencies, AI and surveillance capitalism).

Classes will be in Italian in 2024-25 and will be in English in 2025-26.

examMode

Enrolled students should attend classes and present in the second part of the course a written and oral synthesis of one out of the special topics (group assignment). The presentation should be sent to the prof. Oldani (coldani@unitus.it) at least 3 days before the presentation. The file of the presentation can be PPT or Latex. A latex file gives a 1 point bonus in the final exam.
Information, manuals and software are available at https://www.latex-project.org/
The final exam will be oral on the entire program (i.e., textbook, files, etc.); the class presentation of the special topic will weight 30 per cent of the final mark.
Students who do not attend classes and don't present any special topic will have their final exam on the programme, including one special topic to be agreed on with prof. Oldani; students who do not attend classes are not requested to provide any presentation file at the exam.

books

Reference for the first part of the course is the Textbook by P. Krugman M. Obstfeld M. Melitz, 2023, Economia Internazionale, vol. 2 Economia Monetaria Internazionale, Pearson, chapters 4, 8, 9, 10, 11;
Papers we will use in the course are:
Masciandaro D. 2018 Central banks and Monetary Policy. Economics and Politics. BAFFI Carefin Paper https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3178576
D. Mugge 2019 The Revenge of Political Arithmetick, FickleFormulas Working Paper 2/2019 https://t.co/VhVpfTpLmU

References on special topics (https://moodle.unitus.it/moodle/course/view.php?id=1118)
1. Financial Literacy:
LoPrete 2018; Lusardi, Mitchell, Curto 2010; Lusardi, Mitchell, 2014; Lusardi AER 2015;

2. Blockchain & cryptocurrencies:
E. Hughes 1993 https://nakamotoinstitute.org/cypherpunk-manifesto/
S. Nakamoto 2009 https://nakamotoinstitute.org/bitcoin/
Auer, Torcero-Lucas 2021, Distrust or Speculation? The Socioeconomic Drivers of U.S. Cryptocurrency Investments, CESifo Working Paper No. 9287;
Halaburda et al. 2020. The microeconomics of cryptocurrencies, NBER working paper n. 27477 http://www.nber.org/papers/w27477
Anhert et al 2022, The economics of central bank digital
currency, working paper https://ssrn.com/abstract=4191600;
Vollman S., F. Wening 2024. The impact fo CBDS on a deposit-dependent banking system, Journal of Financial Stability, https://doi.org/10.1016/j.jfs.2024.101283

3. Artificial intelligence & Surveillance capitalism;
Hughes E. 1993 https://nakamotoinstitute.org/cypherpunk-manifesto/
Nakamoto S. 2009 https://nakamotoinstitute.org/bitcoin/
Zuboff S. 2015; Big other: surveillance capitalism and the
prospects of an information civilization, Journal of Information Technology vol. 30, 75–89
Varian H. 2014; Beyond Big Data, Business Economics
Vol. 49, No. 1
Acemoglu D. 2021, Harms of AI, CEPR discussion paper DP16524.
Acemoglu D. 2024 A simple macroeconomics of AI, NBER working paper http://www.nber.org/papers/w32487
John J. Kirton, B. Warren, 2018, G20 Governance of Digitalization1
INTERNATIONAL ORGANISATIONS RESEARCH JOURNAL. Vol. 13. No 2 .

mode

classRoomMode

Classes take place in person in Viterbo; students who cannot attend classes can have access to the classes recorder last year

bibliography

Learning objectives

The purpose of the course is to provide an overview of the role of accounting information in the perspective of its preparation and use by stakeholders. In particular, it is intended to provide the student with knowledge of two thematic areas: group formation and consolidated account and financial statements analysis to make different economic decisions.
Learning Objectives
1) Knowledge and understanding Knowing the tools of analysis, about groups accounts and financial statements analysis both in their theoretical construction and in their implementation. Civil code regulation, national and international financial reporting standards.
2) Applied knowledge and understanding Learning of group analysis tools and interpreting financial statements. Analysis of case studies.
3) Autonomy of judgment To be able to apply instruments for analyzing business groups and financial statements in a critical and independent way in order to be able to write a report on financial position and performance of operations of a business entity.
4) Communication skills To be able to express the results of a financial statements analysis by preparing a report and accounting documents.
5) Ability to learn Reading published accounting information of business entities in order to express an assessment of the financial positions and performance evaluation

Teacher's Profile

courseProgram

Part I : Consolidated accounts; Part II: financial statements analysis

examMode

Open questions and problems. On average there are two questions and two problems on consolidated accounts and finanncial statements analysis. The written final exam lasts about 75 minutes. The points to pass the exam is at least 18/30.

books

Textbooks will be available for spring 2024

mode

Lectures and case studies

classRoomMode

Suggested, not mandatory

bibliography

see textbooks

Learning objectives

"1) Conoscenza e capacità di comprensione (knowledge and understanding);

Il corso si propone di insegnare e fare comprendere lo stato dell'arte del diritto positivo in Italia ed europa - segnatamente di rilevanza penale - dei temi fondamentali del diritto penale commerciale e societario, dello studio delle Autorità Garanti di Vigilanza e della tutela del Mercato, senza tralasciare la parte riferita dalla ""Responsabilità d'Impresa"" afferente al Dlgs 231/01, in tutto il suo articolato.

2) Conoscenza e capacità di comprensione applicate (applying knowledge and understanding);

Il taglio dinamico e pratico-giurisprudenziale, affronta la casistica dei singoli temi trattati in ottica di comprensione applicata della legge alle differenti realtà di fatto che si offrono all'interpretazione del giurista, in tutti i suoi ruoli.

3) Autonomia di giudizio (making judgements);

l'impronta di analisi esegetica del dato normativo, consente di sviluppare quell'autonomia critica in chiave interpretativa che lo strudente ""giurista"" elabora nella comprensione delle dinamiche applicative degli istituti oggetto di insegnamento.

4) Abilità comunicative (communication skills);

La comunicazione si avvarrà anche di seminari ""reali"" con collegamenti live ai mercati finanziari nell'ottica di implementare la conoscenza applicata e affinare l'interpretazione critica.

5) Capacità di apprendere (learning skills).

L'apprendimento avverrà sulla base del ""fatto"", punto di partenza ineludibile nella materia penale, affinchè poi la sussunzione dello stesso alla fattispecie di riferimento, abbia compiutezza in riferimento alla dogmatica applicata in uno con la giurispridenza offerta anche in sede Europea."

Teacher's Profile

courseProgram

I IL D.LGS. 231/01: LA RESPONSABILITÀ “PENALE” DELLE SOCIETÀ
1. Natura della responsabilità
2. Ambito di applicazione
3. Criteri di attribuzione della responsabilità dell’ente
4. Le sanzioni
5. Le misure cautelari
6. Le vicende modificative dell’ente

II ELEMENTI DI DIRITTO PENALE

III LE FATTISPECIE DI REATO
a. i reati contro la pubblica amministrazione
- Nuove regole per la prevenzione e la repressione della corruzione e della illegalità nella pubblica amministrazione: la L. 190/2012, il Piano Nazionale Anticorruzione, la delibera ANAC 8 giugno 2015, white list e rating di legalità, la norma iso 37001
f. i principali reati societari
k. i reati in materia di sicurezza sul lavoro
1. Art. 25 septies del D.L.vo 231/01
2. I principali soggetti responsabili in materia di Sicurezza sul Lavoro
a. il datore di lavoro
b. il dirigente
c. il preposto
d. i lavoratori
3. Modelli di Organizzazione e Gestione ex art. 30 D.L.vo 81/2008
4. Le prime sentenze 231 in materia di Sicurezza sul Lavoro
l. Focus: i reati in materia di riciclaggio
o.: i reati ambientali
r. reati tributari

IV MODELLI DI ORGANIZZAZIONE GESTIONE E CONTROLLO
1. Attuazione del Modello Organizzativo
2. Rilevanza Processuale del Modello
3. Componenti del Modello
3.1 Modello Parte Generale
3.2 Modello Parte Speciale
3.3 Codice Etico
3.4 Organismo di Vigilanza
a. requisiti
b. poteri
c. composizione
d. Attività dell’OdV
e. Il ruolo dell’OdV in materia di riciclaggio
4. Formalizzazione del Modello Organizzativo
5. Manutenzione del Modello Organizzativo
6. Diffusione del Modello Organizzativo
7. Formazione del Personale

V LA RESPONSABILITÀ “PENALE” DELLE SOCIETÀ NEI GRUPPI

VI LA RESPONSABILITÀ “PENALE” DELLE PERSONE GIURIDICHE NEI PAESI DI COMMON LAW E NEI PRINCIPALI ORDINAMENTI EUROPEI

examMode

The final examination consists of an oral test, in which the student will have to demonstrate awareness of the topics covered in the course.

books

the teaching material consists of the handouts distributed by the professor and available on Moodle portal.

The student will be provided with a copy of the GUIDELINES FOR THE CONSTRUCTION OF THE MODELS OF ORGANIZATION, MANAGEMENT AND CONTROL ACCORDING TO LEGISLATIVE DECREE 8 JUNE 2001, N. 231 issued by Confisdustria also in order to analyze the practical case studies contained therein. Practical cases will be analyzed, the orientations of jurisprudence on the subject and national and international best practices will be analyzed

classRoomMode

frequency is not obligatory

bibliography

see textbooks

Learning objectives

"The course aims to achieve the following objectives:
Knowledge and understanding: Acquire in-depth knowledge of corporate tax law, including national and international tax regulations.
Applied knowledge and understanding: Use theoretical knowledge to analyze and resolve practical tax issues faced by businesses.
Autonomy of judgment: Critically evaluate and formulate independent judgments on tax strategies and tax decisions within a business context.
Communication skills: Effectively communicate tax issues, explaining the fiscal implications of business decisions to colleagues, clients, and consultants.
Learning ability: Develop a proactive approach to continuous learning in the field of tax law, enhancing understanding of tax laws and their practical application in a business context."

Teacher's Profile

courseProgram

The course aims to provide students with an understanding of the general aspects of taxes, duties and contributions, with reference to the sources, constitutional principles, tax obligation, taxable subjects and declaration. Furthermore, again from a general profile, the principles of the tax procedure specifically applied to the corporate context will be explored in depth, covering all phases, with reference to the principles of administrative activity, investigation, assessment and tax controls. Furthermore, during the course the general principles of administrative and criminal sanctions will be examined, with notes on individual cases.
The main protection tools for businesses will be examined, with notes on the process. The course also aims to equip students with fundamental knowledge on the rules and principles of tax law at both a national and international level, with a focus on the main taxes applicable to economic activities -
exercised both individually and in corporate form - and , in particular on Irpef, Ires and VAT, as well as on individual income categories. Furthermore, an in-depth study will be dedicated to the categories of transnational income and the specific taxation criteria. Students will acquire critical tools to examine and evaluate massive system complexity and effectively apply theory to business practice. This integrated approach will help you understand how tax laws influence business decisions and manage the tax challenges that businesses regularly encounter.

examMode

The exam test is oral.

books

Compendio di Diritto Tributario” di Tesauro Francesco (nona edizione) – UTET Giuridica
Dispense fornite dal docente

classRoomMode

48 hours in lessons of 3 + 2.5 hours per week, divided into two days.

bibliography

see textbooks

Learning objectives

"The course offers an introductory and analytical treatment of the fundamentals of valuation within the context of bond, equity, and derivative products in the management of a securities portfolio. In the bond segment, the course analyzes fixed-rate and variable-rate instruments, structured products, and linear derivatives, as well as their pricing with and without credit spreads. Regarding the equity segment, starting from the framework of Modern Portfolio Theory, the course examines the main instruments and techniques used in the equity sector, focusing on both basic instruments and convex derivatives. The topics are primarily covered in an applied manner, using Excel and Matlab.
Learning Objectives
Active participation in the course and diligent study will enable the student to:
• Understand the institutional characteristics of the domestic and international bond and equity markets (knowledge and understanding).
• Comprehend the basic concepts of return and risk within the context of interest rate models and mean-variance models (knowledge and understanding).
• Calculate various measures of risk and return in the context of individual securities and portfolios (applying knowledge and understanding).
• Understand the purpose and functioning of yield curve models and concave and linear frontiers (knowledge and understanding).
• Understand the definition and use of both simple and complex derivatives (applying knowledge and understanding).
• Estimate the price of plain vanilla options using the Black-Scholes model, the binomial model, and Monte Carlo simulation (applying knowledge and understanding).
• Estimate the price of plain vanilla IRS (Interest Rate Swaps) (applying knowledge and understanding).
Students will participate in exercises and be assigned two project works (one on bonds and one on equities) that will allow them to develop the ability to research data and information for processing, to develop advanced quantitative models, and to draw conclusions regarding the risk-return evaluation of financial products (making judgments). They will also develop teamwork skills, learn to organize and manage a project (learning skills), and communicate with the instructor; they will enhance their ability to present results, highlighting critical points and analyzing outputs with independent judgment (communication skills), while managing Excel and any necessary programming languages (communication skills)."

Teacher's Profile

courseProgram

Obiettivi formativi in inglese
The course offers an introductory and analytical treatment of the fundamentals of valuation within the context of bond, equity, and derivative products in the management of a securities portfolio. In the bond segment, the course analyzes fixed-rate and variable-rate instruments, structured products, and linear derivatives, as well as their pricing with and without credit spreads. Regarding the equity segment, starting from the framework of Modern Portfolio Theory, the course examines the main instruments and techniques used in the equity sector, focusing on both basic instruments and convex derivatives. The topics are primarily covered in an applied manner, using Excel and Matlab.
Learning Objectives
Active participation in the course and diligent study will enable the student to:
• Understand the institutional characteristics of the domestic and international bond and equity markets (knowledge and understanding).
• Comprehend the basic concepts of return and risk within the context of interest rate models and mean-variance models (knowledge and understanding).
• Calculate various measures of risk and return in the context of individual securities and portfolios (applying knowledge and understanding).
• Understand the purpose and functioning of yield curve models and concave and linear frontiers (knowledge and understanding).
• Understand the definition and use of both simple and complex derivatives (applying knowledge and understanding).
• Estimate the price of plain vanilla options using the Black-Scholes model, the binomial model, and Monte Carlo simulation (applying knowledge and understanding).
• Estimate the price of plain vanilla IRS (Interest Rate Swaps) (applying knowledge and understanding).
Students will participate in exercises and be assigned two project works (one on bonds and one on equities) that will allow them to develop the ability to research data and information for processing, to develop advanced quantitative models, and to draw conclusions regarding the risk-return evaluation of financial products (making judgments). They will also develop teamwork skills, learn to organize and manage a project (learning skills), and communicate with the instructor; they will enhance their ability to present results, highlighting critical points and analyzing outputs with independent judgment (communication skills), while managing Excel and any necessary programming languages (communication skills).

examMode

The exam consists of a written test and an oral examination. The final evaluation also takes into account the group work assignments completed during the course.

books

Anna Maria D'Arcangelis. Economia del Mercato Mobiliare. Copinfax.
Anna Maria D'Arcangelis. Finance with Excel. Teaching notes. 2015
Slides and course materials distributed by the instructor and available at university copy shops.
Bodie, Kane and Marcus, (BKM), Essentials of Investments, 9th edition, Irwin, 2013.

classRoomMode

Attendance is not mandatory for the course. Non-attending students should contact the instructor and will be guided in developing a customized non-attending study plan. Lecture recordings are available on Moodle.

bibliography

Bodie, Kane and Marcus, (BKM), Essentials of Investments, 9th edition, Irwin, 2013.

Learning objectives

"The objective is to provide students with theoretical knowledge of applied linear algebra and data mining, with particular emphasis on the decomposition of prediction errors in economic and social phenomena. Fundamental statistical concepts (e.g., regression, classification, inference) will be reviewed and presented with a more detailed technical level to provide a deeper theoretical understanding of data analysis.
2. Based on the theoretical knowledge acquired, students will be required to apply what they have learned in analyzing datasets on real or simulated data. Particular emphasis is placed on comparing different methods that can be used to achieve the same data analysis objective, in order to identify the most appropriate one. To this end, students will be required to master the R programming software at an intermediate/advanced level.
3. Based on what they have learned in theory and verified in practice, students must make a judgment on the quality of the data analysis performed. Particular emphasis is placed on highlighting the limitations and critical points of the data analysis performed, always keeping in mind whether the data analysis objective has been effectively achieved (where possible).
4. Students are required to communicate what they have learned theoretically and discovered empirically through data analysis by giving an oral presentation of their results. The presentation should balance the technical content of the work with a more informative nature of the insights gained from the data.
5. The student’s learning ability is tested through the data analysis itself. The in-class analyses, where students will learn the theory and test it, will always be necessarily educational, for example, with pre-selected and pre-processed datasets. The analysis of real data that students are exposed to will necessarily put them in a position to apply what they have learned in an innovative way and to learn new techniques. In general, the course will provide students with all the necessary elements to learn new concepts independently."

Teacher's Profile

courseProgram

1. Computational statistics
- Introduction/recall to R
- Basic statistics with R
-.Data visualization
2. Introduction to linear algebra
- Vectors
- Matrices
- Vector spaces
3. Regression
- Parametric methods (linear regression, lasso, ridge)
- Non-parametric methods (Regression trees, Bagging, Random Forest, Principal component regression)
4. Classification
- Parametric methods (Logit model (logit ridge/lasso), Linear discriminant analysis, Non-parametric methods, Classification trees)
5. Unsupervised learning
- Cluster analysis
- Principal components

examMode

The assessment is done through the discussion of a project related to a data analysis carried out on a dataset chosen by the student on one or more methods illustrated in class. An oral exam will follow to verify the theoretical aspects of what has been discussed and the general skills acquired on the program.

books

Bertaccini, B. (2018). Introduzione alla
statistica computazionale con R (p. 182).
Firenze University Press. (Disponibile
gratuitamente in pdf)

Barabesi, L., & Fattorini, L.
(2010). Introduzione all'algebra delle matrici.
Giuffrè Editore. (Disponibile gratuitamente in
pdf)

James, G., Witten, D., Hastie, T., & Tibshirani,
R. (2013). An introduction to statistical
learning (Vol. 112, p. 18). New York: springer.
(Disponibile gratuitamente in pdf in versione
inglese)

classRoomMode

In classroom with possibility to follow remotely

bibliography

See textbooks

Learning objectives

"EDUCATIONAL OBJECTIVES.
This course provides the basic knowledge of corporate finance and the tools to analyze and understand the financial decisions of industrial and service enterprises, with reference to investment policy, financial structure choices, and the determination of the cost of capital.
KNOWLEDGE AND UNDERSTANDING SKILLS
The student will come to know and understand with advanced modes of analysis for business financial evaluation and planning.
ABILITY TO APPLY KNOWLEDGE AND UNDERSTANDING
The student will be able to understand business financial management issues and apply theoretically acquired skills practically through analysis of business cases.
AUTONOMY OF JUDGMENT
By the end of the course, students will have acquired the skills to critically evaluate major corporate financial decisions.
COMMUNICATION SKILLS.
Students will be encouraged to communicate their skills through active participation in the course and project work.
LEARNING SKILLS.
Upon completion of the course, the student will acquire course skills through a proper approach to individual study and guided development of practical applications."

Teacher's Profile

courseProgram

Part I Why Corporate Finance for Long-Term Value?
2 Integrated Value Creation
3 Corporate Governance
Part II Discount Rates and Valuation Methods
4. Discounting Integrated Capital.
5 Calculating Social and Environmental Value.
6 Investment Decision Rules.
7 Capital Budgeting
8 Valuing Bonds
9 Valuing Public Equity
10 Valuing Private Equity .
11 Integrated Valuation: Inditex
Part III Risk, Return and Impact
13 Cost of Capital
Part IV Corporate Financial Policies
14 Capital Structure

examMode

The assessment will aim to verify whether students have acquired mastery of the theoretical concepts included in the course program.

For attending students, the assessment of preparation focuses on the assessment of the group paper and the oral interview.

For non-attending students, the assessment of preparation will be the subject of the oral interview and will consist of questions relating to all the topics of the program.

books

Slides and cases used by the professor during classes are available on the moodle

classRoomMode

A teaching methodology aimed at stimulating active participation of students will be used. During the course, the teacher may provide materials and bibliographical references (supplementary handouts, texts and web addresses).

bibliography

see textbooks

Learning objectives

"The course introduces students tho the fundamentals of R language and of the data analysis environments for R. The laboratory is designed for students who have no, or limited, previous knowledge on R. During the laboratory the students will familiarise with the basic features of the R language, the R and RStudio working environment, and the basic operations for data management and manipulation.

Knowledge and understanding
Know the capabilities and the potential application domains of R
Know how to use R together with other data analysis software (Excel and Stata) for data import and export
Know the basic data objects managed by R and be able to manipulate them
Be able to perform basic math and logical operations on data in R, basic data manipulation activities, and basic descriptive statistics analysis
Know how to graphically represent data in R

Applying knowledge and understanding
Be able to recognise the application domain of the features of R
Starting from a dataset, be able to identify the possible analysis and data manipulation that can be performed on it

Making judgements
Be able to interpret the results of the main data manipulation and analysis activities
Be able to interpret the meaning of error messages provided by the R environment and be able to fix the problems autonomously

Communication skills
Be able to present data in the form of reports or presentations automatically generated by R scripts combining textual descriptive parts, data tables, charts, and results of data analysis

Learning skills
Be able to learn in an autonomous and self-managed way

Teacher's Profile

courseProgram

The course introduces students tho the fundamentals of R language and of the data analysis environments for R. The laboratory is designed for students who have no, or limited, previous knowledge on R. During the laboratory the students will familiarise with the basic features of the R language, the R and RStudio working environment, and the basic operations for data management and manipulation.

Knowledge and understanding
Know the capabilities and the potential application domains of R
Know how to use R together with other data analysis software (Excel and Stata) for data import and export
Know the basic data objects managed by R and be able to manipulate them
Be able to perform basic math and logical operations on data in R, basic data manipulation activities, and basic descriptive statistics analysis
Know how to graphically represent data in R

Applying knowledge and understanding
Be able to recognise the application domain of the features of R
Starting from a dataset, be able to identify the possible analysis and data manipulation that can be performed on it

Making judgements
Be able to interpret the results of the main data manipulation and analysis activities
Be able to interpret the meaning of error messages provided by the R environment and be able to fix the problems autonomously

Communication skills
Be able to present data in the form of reports or presentations automatically generated by R scripts combining textual descriptive parts, data tables, charts, and results of data analysis

Learning skills
Be able to learn in an autonomous and self-managed way

examMode

Every student will need to submit a data analysis project.

books

Materials available on the Moodle learnig platform

Teacher's Profile

courseProgram

THEORETICAL PART
-Introduction to statistics, basic concepts (sample, statistical unit, modality), descriptive statistics, frequency distribution (absolute frequencies, relative frequencies, cumulative frequency, percentage, cumulative percentage, amplitude, density);
-Measures of central tendency (mean, median, mode, quartiles, percentiles), measures of variability (variance, standard deviation, coefficient of variation, interquartile range);
-Basic graphs (histograms, bar charts, box plots, pie charts).
-Random variables, introduction to probability distributions, confidence intervals.
-Introduction to hypothesis testing (one-tailed, two-tailed, with known variance), understanding test results, concept of p-value.

PRACTICAL PART
-Introduction to R, installation of R and RStudio, using the console (dynamic programming with basic operations, creating vectors, simple operations between vectors).
-Loading data, visualizing data, concept of a dataset, row, column, basic R functions, data cleaning and organization.
-Using R to calculate frequency distributions and plot histograms.
-Using R to calculate measures of central tendency and measures of variability.
-Using R for graphical representation of data.
-Using R to calculate confidence intervals and perform preliminary tests on data distribution.
-Using R to perform hypothesis testing.

examMode

The student’s knowledge will be assessed through two methods:
1) Written exam: multiple-choice questions covering the theoretical part and fundamental concepts of R. There will be a total of 10 questions:
-6 on the theoretical part
-4 on R functionality.
Each correct answer is worth 1 point, while incorrect or unanswered questions receive 0 points.

2) Practical project: the student must submit a project that includes both descriptive and inferential analysis of a dataset. This project should be presented in a brief report, showcasing and commenting on the results obtained and the R functions used. The practical project will be evaluated according to the following criteria, each graded from 1 to 5:
-Accuracy of results
-Accuracy of code
-Clarity of writing
-Completeness

The student will pass the course if they score at least 6/10 on the written exam and a minimum of 12/20 on the practical project.

books

The slides and materials provided during the lectures will be more than sufficient for completing the course.

classRoomMode

Students can attend either synchronously, (preferably) in person or online, or asynchronously through the recorded sessions.

Learning objectives

The course aims to provide advanced tools for the analysis of structured and unstructured data in application contexts related to economics, finance, and corporate control. The educational objectives and expected learning outcomes are as follows:
• Knowledge and Understanding: Acquisition of basic programming knowledge to enable the student to independently perform statistical analyses on shared databases.
• Applied Knowledge and Understanding: The student must be able to apply computer science and data analysis knowledge to solve problems related to new or unfamiliar topics, within broader contexts.
• Autonomy of Judgment: The student must be capable of critically analyzing the proposed algorithm for problem-solving, highlighting its weaknesses and strengths.
• Communication Skills: The student must acquire proficiency in the technical language of the computer science/statistics area.
• Learning Ability: The student must be able to tackle new topics not covered in the lessons, using the knowledge and skills acquired independently.

Teacher's Profile

courseProgram

The course program is divided into two modules:
MODULE 1: Elements of Programming (2 CFU: 12 hours)
The basic elements of programming will be introduced, in particular data types, arithmetic and data operations, data representation, graphical display, loops and control instructions and function definitions will be explained. These elements will be explored through their application using RStudio software and/or Jupyter notebooks (Python).
MODULE 2: Statistical and Econometric Analysis (2 CFU: 12 hours)
The concepts of statistics will be applied through RStudio software and/or Jupyter notebooks (Python) and real test cases will be analyzed. Subsequently, some econometric models will be introduced.

examMode

The student must demonstrate sufficient theoretical knowledge of the topics covered in the two modules and must be able to solve practical exercises in the environments analyzed during the course. The verification of learning is done through a practical exercise and a theoretical question. The exam is passed if the candidate answers sufficiently to all questions.

books

Texts and materials
In order to have a complete knowledge for the passing of the exam, in addition to the material provided by the teacher, we recommend consulting the following sources:
• R and Rstudio
https://cran.r-project.org/doc/contrib/Paradis-rdebuts_en.pdf
https://cran.r-project.org/doc/manuals/r-release/R-intro.pdf

• Python:
https://wesmckinney.com/book/data-analysis-examples.html

mode

The classes will be held in presence (DEIM).
The use of the personal computer is required during the classes
The course consists of theoretical-practical lessons with the aid of R and Phyton statistical software.
During the class, the lecturer will show the material prepared for the theoretical and practical part of the course.
Class attendance is not compulsory.

classRoomMode

Class attendance is not compulsory.
The use of the personal computer is required during the classes
The course consists of theoretical-practical lessons with the aid of R and Phyton statistical software.
During the class, the lecturer will show the material prepared for the theoretical and practical part of the course.

bibliography

Learning objectives

The course aims to provide students with an overview of the Digital Economy, analyzing the role of information and communication technologies (ICT) in the contemporary economy and the main economic, social, political and organizational aspects related to digital innovation.

Knowledge and understanding: Understand the theoretical foundations of the Digital Economy and its impacts on society and culture. Understand the challenges and opportunities of the digital economy for business, work and innovation.

Ability to apply knowledge and understanding: Apply the acquired knowledge to analyze and evaluate the economic, social and political implications of digital technologies. Develop innovative solutions to face the challenges of the Digital Economy.

Making judgements: Develop critical and evaluation skills with respect to the different theories and practices of the Digital Economy. Understand the impacts of the Digital Economy on work, society and the environment.

Communication skills: Clearly and effectively communicate concepts and results of the analysis of the Digital Economy to different audiences.

Ability to learn: Continue to learn and update their subject knowledge and skills independently.

Teacher's Profile

courseProgram

COURSE CONTENTS:

• Introduction and foundations of the Digital Economy

• Definition and characteristics of the Digital Economy

• Business models of the Digital Economy

• Information and communication technologies

• Protection of personal data and copyright in the digital market

• Fiscal aspects of the Digital Economy

• Antitrust regulation for the Digital Economy

• Sharing Economy and service platforms

• Internet Governance and Digital Economy

examMode

Final written exam: 12 multiple choice questions and 2 open questions in one hour.

The student will then be asked to develop the presentation of a short research project on some topics proposed by the teacher. This test will be averaged with the final evaluation. Non-attending students are invited to contact the teacher about this.

books

REFERENCE TEXT:
De Laurentis, Rodolfo (2021) “Economia digitale: Una regolamentazione da innovare”. Edizioni Giappichelli, ISBN: 9788892140035.
Osterwalder, Alexander, Pigneur, Yves (2019) “Creare modelli di business”. Edizioni LSWR, ISBN: 978-8868957377

classRoomMode

Attendance is not mandatory but highly recommended.
However, the project to be developed independently is mandatory, so non-attending students are invited to contact the teacher before taking the written exam.

bibliography

See textbooks

Learning objectives

A. OBJECTIVE.
The goal of the course is to provide students with knowledge and understanding of the theoretical and practical tools that explain how the financial system works, as well as its interactions with the real economy, both at the macro- and micro-level, by focusing on the behavior of financial intermediaries in transferring funds from surplus units (savers) to deficit units (investors).

B. EXPECTED LEARNING OUTCOMES
1. KNOWLEDGE AND UNDERSTANDING
Acquire knowledge and tools, both theoretical and practical, that allow students to understand theories of financial economics. Such knowledge will be acquired through frontal lectures supported by advanced textbooks and journal articles reading, and participation to thematic seminars.

2. APPLYING KNOWLEDGE AND UNDERSTANDING
Students will be able to apply the acquired knowledge and methodology to practical examples in a way to assess the main concerns and opportunities of the modern financial system. Such skills will be developed mainly through exercises and an active debate in the classroom.

3. MAKING JUDGEMENTS
Ability to identify and explain the relationships among the agents of the financial sector, as well as their interaction with the real side of the economy. Students will be able to identify, collect and interpret relevant data on the financial indicators, in connection with real variables, in order to i) provide a comparative analysis with respect to other economic indicators from a global perspective, and to ii) stimulate reflections on issues related to financial economics. Active discussions among students will be encouraged.

4. COMMUNICATIONS
Students will acquire the ability to present the issues of the course with adequate language and appropriate analytical skills (formulae, graphics, and explanation of causal links). Such ability will be implemented through exercises. Students will be able to communicate with peers and supervisors about their understanding on basic topics of financial economics.

5. LEARNING SKILLS
Students must be able to reconstruct autonomously the main notions of financial economics so that to undertake possible further studies with a high degree of autonomy.

Teacher's Profile

courseProgram

1. General aspects.
The financial system: markets, intermediaries, instruments, and supervisory authorities
Efficiency of financial markets
The link between non-financial and financial accounts: financial accounts of institutional sectors

2. Financial structure, financial development, and the real economy.
“Direct” and “indirect” finance
“Bank-based” and “market-based” systems
Effects on economic growth

3. Theoretical analysis of agents’ choices.
Intertemporal choices
Choices under uncertainty
Expected utility theory
Risk attitude
Equilibrium
Demand for insurance
Investment in financial assets
Investment in risky assets
Optimal portfolio’s allocation (Markovitz)
The CAPM

4. Financial innovation and non-bank financial intermediation
Securitization
Securities financing transactions
Mutual funds
Shadow banking

examMode

The final exam consists of an oral test aimed to assess the acquired knowledge and the ability to solve practical exercises. To pass the exam students must be able, at least sufficiently, to reconstruct autonomously the main notions of financial economics so that to undertake possible further studies with a high degree of autonomy.

books

Teaching material provided by the instructor and available on Moodle.
Suggested textbooks:
- Varian H., “Intermediate Microeconomics”, Norton, Eight Edition or previous ones, only Chapters on “Intertemporal Choices” and on “Uncertainty”;
- Bodie Z., Kane A., and Markus A. J., “Investments”, McGraw Hill (2014), Chap. 6 (only parr. 6.1, 6.2, 6.4, 6.5), 7 (excluding par. 7.5), 9 (only par. 9.1);
- Mishkin, and Eakins, “Financial Markets and Institutions”, Pearson, 2019, Ninth Ed. or previous ones, Chapters 1, 2, 3, 4, 5, 7, 9, 11, 14.4, 18, 19, 20, 21.

classRoomMode

No mandatory attendance. Students unable to attend classes are strongly encouraged to contact the teacher to have detailed information about the syllabus.

bibliography

- Varian H., “Intermediate Microeconomics”, Norton, Eight Edition or previous ones
- Bodie Z., Kane A., and Markus A. J., “Investments”, McGraw Hill (2014)
- Mishkin, and Eakins, “Financial Markets and Institutions”, Pearson, 2019

CHOICE GROUPS	YEAR/SEMESTER	CFU	SSD	LANGUAGE
MODULE II	-	8	-	-
119029 - BUSINESS CRISIS AND INSOLVENCY LAW MASSIMO MELLARO	First Year / First Semester	8	IUS/04
MODULE II	-	8	-	-
16417 - PROFESSIONALIZING ACTIVITY	First Year / First Semester	8
119045 - PROFESSIONAL ACTIVITY	First Year / First Semester	4
120674 - SUSTAINABILITY, ACCOUNTING AND INTEGRATED REPORTING LABORATORY FRANCESCO PACCHERA	First Year / First Semester	4	SECS-P/13
120411 - LABORATORY FOR BUSINESS CREATION VINCENZO SFORZA	First Year / Second Semester	4	SECS-P/07
MODULE II	-	8	-	-
120454 - DEVELOPMENT ECONOMICS GIULIO GUARINI	First Year / Second Semester	8	SECS-P/01
120456 - INTERNATIONAL MONETARY ECONOMICS AND POLICY CHIARA OLDANI	First Year / Second Semester	8	SECS-P/02
MODULE II	-	8	-	-
119242 - BALANCE ANALYSIS GIUSEPPE IANNIELLO	First Year / Second Semester	8	SECS-P/07
MODULE II	-	8	-	-
119244 - COMMERCIAL CRIMINAL LAW AND CORPORATE LIABILITY LUCA DE ROSA	Second Year / First Semester	8	IUS/17
119990 - CORPORATE TAX LAW EDOARDO VALENTE	Second Year / First Semester	8	IUS/12
MODULE II	-	4	-	-
119045 - PROFESSIONAL ACTIVITY	First Year / First Semester	4
MODULE II	-	8	-	-
120414 - FINANCIAL INVESTMENTS ANNA MARIA D'ARCANGELIS	First Year / First Semester	8	SECS-P/11
119237 - MULTIVARIATE STATISTICAL ANALYSIS AND DATA MINING FEDERICO CRESCENZI	First Year / Second Semester	8	SECS-S/03
MODULE II	-	8	-	-
119250 - PAOLA NASCENZI	Second Year / Second Semester	8	SECS-P/09
MODULE II	-	8	-	-
119045 - PROFESSIONAL ACTIVITY	First Year / First Semester	4
16417 - PROFESSIONALIZING ACTIVITY	First Year / First Semester	8
120409 - DIGITAL SKILLS LAB: DATA ANALYTICS WITH R FILIPPO BIANCHINI	First Year / First Semester	4	ING-INF/05
120493 - STATISTICAL AND ECONOMETRIC ANALYSES ILARIA BENEDETTI	First Year / First Semester	4	SECS-S/03
MODULE II	-	8	-	-
119278 - DIGITAL ECONOMY DAVIDE SUSA	Second Year / First Semester	8	SECS-P/03
15805 - FINANCIAL ECONOMICS PATRIZIO MORGANTI	Second Year / Second Semester	8	SECS-P/01

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