Laurea magistrale in Management e finanza

Academic program

Course ID Course Teachers SSD Curriculum Site CFU Year
EA046 CORPORATE E INVESTMENT BANKING CAPIZZI Vincenzo SECS-P/11 FINANZA NOVARA 8 1
EA046 CORPORATE E INVESTMENT BANKING CAPIZZI Vincenzo SECS-P/11 MANAGEMENT E RISORSE UMANE NOVARA 8 1
EA061 ECONOMIA E GESTIONE DELLE IMPRESE AVANZATA FRAQUELLI Giovanni SECS-P/08 MANAGEMENT E RISORSE UMANE 8 1
EA061 ECONOMIA E GESTIONE DELLE IMPRESE AVANZATA FRAQUELLI Giovanni SECS-P/08 MANAGEMENT E RISORSE UMANE 8 1
EA061 ECONOMIA E GESTIONE DELLE IMPRESE AVANZATA ABRATE Graziano SECS-P/08 MANAGEMENT E RISORSE UMANE NOVARA 8 1
E0213 ECONOMIA E POLITICA MONETARIA CARABELLI Anna Maria SECS-P/01 FINANZA 8 1
E0213 ECONOMIA E POLITICA MONETARIA CARABELLI Anna Maria SECS-P/01 FINANZA 8 1
E0213 ECONOMIA E POLITICA MONETARIA CARABELLI Anna Maria SECS-P/01 FINANZA NOVARA 8 1
EC0013 Financial management ERBETTA Fabrizio SECS-P/08 All 8 1
EC0013 Financial management ERBETTA Fabrizio SECS-P/08 All NOVARA 8 1
E0315 INGLESE (L.M. I) IRVING-BELL Colin Stephen L-LIN/12 All 4 1
E0315 INGLESE (L.M. I) IRVING-BELL Colin Stephen L-LIN/12 All NOVARA 4 1
EC0019 Metodi quantitativi FUSAI Gianluca, CENTRONE Francesca, MAY Caterina SECS-S/06, SECS-S/01 FINANZA NOVARA 12 1
EC0019 Metodi quantitativi FUSAI Gianluca, CENTRONE Francesca, MAY Caterina SECS-S/06, SECS-S/01 MANAGEMENT E RISORSE UMANE NOVARA 12 1
E0277 TEORIA DELL'INFORMAZIONE E CONGIUNTURA ITALIANA E INTERNAZIONALE CARABELLI Anna Maria SECS-P/01 All 12 1
E0277 TEORIA DELL'INFORMAZIONE E CONGIUNTURA ITALIANA E INTERNAZIONALE CARABELLI Anna Maria, SONEDDA Daniela SECS-P/01 All NOVARA 12 1
E0146 VALUTAZIONI D'AZIENDA COMOLI Maurizio, BAVAGNOLI Francesco SECS-P/07 FINANZA NOVARA 8 1
E0146 VALUTAZIONI D'AZIENDA COMOLI Maurizio, BAVAGNOLI Francesco SECS-P/07 MANAGEMENT E RISORSE UMANE NOVARA 8 1
EA049 DIRITTO DEL GOVERNO DELLE IMPRESE IRRERA Maurizio IUS/04 All 6 2
EA049 DIRITTO DEL GOVERNO DELLE IMPRESE IRRERA Maurizio IUS/04 All NOVARA 6 2
E0161 FINAL EXAM PROFIN_S All 12 2
E0161 FINAL EXAM PROFIN_S All 12 2
EC0022 Finanza quantitativa FUSAI Gianluca SECS-S/06 FINANZA 8 2
EC0022 Finanza quantitativa FUSAI Gianluca, LONGO Giovanni SECS-S/06 FINANZA NOVARA 8 2
E0169 INTERNATIONAL ECONOMICS AMIGHINI Alessia SECS-P/01 FINANZA 6 2
E0169 INTERNATIONAL ECONOMICS AMIGHINI Alessia SECS-P/01 FINANZA NOVARA 6 2
E0048 LABOUR ECONOMICS BAICI Eliana SECS-P/02 MANAGEMENT E RISORSE UMANE 8 2
E0048 LABOUR ECONOMICS BAICI Eliana, FRANCESCONI Marco SECS-P/02 MANAGEMENT E RISORSE UMANE NOVARA 8 2
EA069 MARKETING AVANZATO MENOZZI Anna SECS-P/08 MANAGEMENT E RISORSE UMANE 6 2
EA069 MARKETING AVANZATO MENOZZI Anna SECS-P/08 MANAGEMENT E RISORSE UMANE NOVARA 6 2
EC0021 Mercati emergenti TADINI Marcello M-GGR/02 MANAGEMENT E RISORSE UMANE 6 2
EC0021 Mercati emergenti TADINI Marcello M-GGR/02 MANAGEMENT E RISORSE UMANE NOVARA 6 2
EA081 RISK MANAGEMENT VALLETTA Mario SECS-P/11 FINANZA NOVARA 6 2
E0317 STAGE NN All 8 2
E0317 STAGE NN All 8 2
EC0020 Selezione e motivazione del personale MORELLI Chiara SECS-P/10 MANAGEMENT E RISORSE UMANE NOVARA 6 2
EC0023 Tecnica e gestione delle imprese di assicurazione VALLETTA Mario SECS-P/11 FINANZA 6 2
EC0023 Tecnica e gestione delle imprese di assicurazione VALLETTA Mario, ZOCCHI Paola SECS-P/11 FINANZA NOVARA 6 2
CourseCORPORATE E INVESTMENT BANKING
Course IDEA046
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderCAPIZZI Vincenzo
TeachersCAPIZZI Vincenzo
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/11 - ECONOMIA DEGLI INTERMEDIARI FINANZIARI
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodSecondo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageEnglish
AbstractThe course is focused on the investment banking industry as a portfolio of services offered to corporate and institutional clients. The course deals with investment banking transactions and analyses the business models, production processes and economics of banks and other financial institutions when operating in the capital markets and offering to corporate clients non lending financial services. More in details, the course will provide tools, models and concrete examples required in order to design and implement the major typologies of corporate and investment banking transactions as well as to understand the nature of the advisory activity performed by banks and financial institutions.
Reference textsRequired textbook: Liaw K.T., The Business of Investment Banking: A Comprehensive overview. Third Edition, J. Wiley & Sons, New York, 2011. The instructors will provide articles, slides, case studies and working papers in order to deepen specific course topics. For further information, please make reference to the course official web page at the following link: https://eco.dir.unipmn.it/ Suggested readings: Capizzi V., (a cura di), L’investment banking in Italia, Bancaria, Roma, 2007. Capizzi V., (a cura di), Crisi d’impresa e ristrutturazione del debito, Egea, Milano, 2014. Fleuriet M., Investment Banking Explained: An Insider’s Guide to the Industry, McGraw-Hill, New York, 2008. Forestieri G., (a cura di), Corporate e investment banking, Terza Edizione, Egea, Milano, 2015. Iannotta G., Investment Banking: A Guide to Underwriting and Advisory Services, Springer-Verlag, Berlin, 2010. Rosenbaum J., Pearl J., Investment Banking: Valuation, Leveraged Buy-Outs and Mergers and Acquisitions. Second Edition, J. Wiley & Sons, New York, 2013. Stowell D., Investment Banking, Hedge Funds and Private Equity. Second Edition, Elsevier, Cambrigde, MA, 2012.
Teaching targets1.Knowledge and understanding: the basic knowledge necessary to understand the role and operations of banks and financial intermediaries in the investment banking industry. More in details, the capability to understand, design and implement major corporate and investment banking deals as well as the capability to understand the advisory nature of the business of investment banking. 2. Applying knowledge and understanding: the ability to apply theoretical knowledge in order to identify the real convenience and feasibility of investment banking transactions. 3. Making judgements: the ability to choose the right instruments and transactions in order to satisfy non-ordinary corporate financial needs. 4. Communication skills: the ability to use an appropriate technical language. 5. Learning skills: the ability to identify and solve corporate financial needs through investment banking tools, models and transactions. It is crucial to develop a problem solving aptitude, consistently with the expected requirements associated to investment bankers and advisors.
PrerequisitesNone.
Didattics MethodsTeaching methods 1. knowledge and understanding: face-to-face lessons, analysis and discussion of case studies. Lecturers and professionals coming from all over the world, with strong reputation in the field of investment banking, will be involved in class as guest speakers. 2. applying knowledge and understanding: face-to-face lessons, exercises. 3. making judgements: case studies proposed during the course aimed at stimulating students’ problem solving aptitude. 4. communication skills: during the course the lecturer applies and explains terms commonly used in the financial community. 5. learning skills: after theoretical lectures the lecturer provides questions, case studies and assignments that are subsequently illustrated and discussed during the course.
Other informationsClass participation is not compulsory. A specific “participant track” will allow attending students sustaining specific cases and assignments to gain some points, which will contribute to the final grade.
Grading rulesOne compulsory written exam (closed books closed notes) constituted of 10 closed question and 4 open questions with a 60 minutes duration, covering the whole course program, as faced in the required textbook. Students will have to give the exam in English. 1. knowledge and understanding: by written open questions and closed (multiple choice) questions. 2. applying knowledge and understanding: through exercises and closed questions. 3. making judgements: by written open and closed questions. 4. communication skills: by written open questions. 5. learning skills: by one mid term exam during the course.
Full arguments- The investment banking industry: origins and development. - Corporate needs and the demand for investment banking services - Identifying major business units in the corporate & investment banking industry. - Competences and skills required in the corporate & investment banking industry. - Corporate finance transactions: mergers, acquisitions, spin-offs, equity carve-outs. - The role of advisors in the M&A deals. - Defensive and offensive advisory services in the hostile takeovers. - The advisory role in IPOs and seasoned offerings. - Corporate bond issues: syndication, underwriting and placement. - Mezzanine finance: designing, placing and trading hybrid debt securities - Securitizations and other capital markets transactions. - Leveraged acquisitions: LBOs, MBOs, FBOs - Distressed companies and turnaround advisory services - The role of advisors in work-outs and legal debt restructuring procedures. - The merchant banking industry: venture capital and private equity. - The operations of closed-end funds: fundraising, investments, monitoring and way out. - Structured finance and project finance deals.
Course borrowed toAMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EA046 CORPORATE E INVESTMENT BANKING - NOVARA
MANAGEMENT E FINANZA (1407) - EA046 CORPORATE E INVESTMENT BANKING - NOVARA

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CourseCORPORATE E INVESTMENT BANKING
Course IDEA046
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderCAPIZZI Vincenzo
TeachersCAPIZZI Vincenzo
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/11 - ECONOMIA DEGLI INTERMEDIARI FINANZIARI
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodSecondo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageEnglish
AbstractThe course deals with investment banking transactions and presents the operations of banks and other financial institutions when operating in the capital markets and offering to corporate clients non lending financial services. More in details, the course will provide tools, models and concrete examples required in order to design and implement the major typologies of corporate and investment banking transactions as well as to understand the nature of the advisory activity performed by banks and financial institutions.
Reference textsRequired textbook: Liaw K.T., The Business of Investment Banking: A Comprehensive overview. Third Edition, J. Wiley & Sons, New York, 2011. The instructors will provide articles, slides, case studies and working papers in order to deepen specific course topics. For further information, please make reference to the course official web page at the following link: https://eco.dir.unipmn.it/ Suggested readings: Capizzi V., (a cura di), L’investment banking in Italia, Bancaria, Roma, 2007. Capizzi V., (a cura di), Crisi d’impresa e ristrutturazione del debito, Egea, Milano, 2014. Fleuriet M., Investment Banking Explained: An Insider’s Guide to the Industry, McGraw-Hill, New York, 2008. Forestieri G., (a cura di), Corporate e investment banking, Terza Edizione, Egea, Milano, 2015. Iannotta G., Investment Banking: A Guide to Underwriting and Advisory Services, Springer-Verlag, Berlin, 2010. Rosenbaum J., Pearl J., Investment Banking: Valuation, Leveraged Buy-Outs and Mergers and Acquisitions. Second Edition, J. Wiley & Sons, New York, 2013. Stowell D., Investment Banking, Hedge Funds and Private Equity. Second Edition, Elsevier, Cambrigde, MA, 2012.
Teaching targetsThe course is aimed at presenting: - the business areas of investment banking (capital markets, corporate finance, merchant banking, structured finance, asset management and risk management) - the business models, organizational structures and competitive strategies of investment banks - the operations and economics of investment banks - the non lending financial needs coming from large corporations and SMEs - the major technical, valuation and contractual features of investment banking deals
PrerequisitesNone
Didattics MethodsGiven its professional and applicative nature, the course instructor will use a balanced mix of different teaching methods (face-to-face lessons, exercises and simulations, business games and guest speakers), in order to contribute developing and improving participants’ problem solving aptitude.
Other informationsClass participation is not compulsory. A specific “participant track” will allow attending students sustaining specific cases and assignments to gain some points, which will contribute to the final grade.
Grading rulesOne compulsory written exam (closed books closed notes) constituted of 4 open question with a 60 minutes duration, covering the whole course program, as faced in the required textbook. Students will have to give the exam in English.
Full arguments- The investment banking industry: origins and development. - Corporate needs and the demand for investment banking services - Identifying major business units in the corporate & investment banking industry. - Competences and skills required in the corporate & investment banking industry. - Corporate finance transactions: mergers, acquisitions, spin-offs, equity carve-outs. - The role of advisors in the M&A deals. - Defensive and offensive advisory services in the hostile takeovers. - The advisory role in IPOs and seasoned offerings. - Corporate bond issues: syndication, underwriting and placement. - Mezzanine finance: designing, placing and trading hybrid debt securities - Securitizations and other capital markets transactions. - Leveraged acquisitions: LBOs, MBOs, FBOs - Distressed companies and turnaround advisory services - The role of advisors in work-outs and legal debt restructuring procedures. - The merchant banking industry: venture capital and private equity. - The operations of closed-end funds: fundraising, investments, monitoring and way out. - Structured finance and project finance deals.
Course borrowed fromMANAGEMENT E FINANZA (1407) - EA046 CORPORATE E INVESTMENT BANKING - NOVARA

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CourseECONOMIA E GESTIONE DELLE IMPRESE AVANZATA
Course IDEA061
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderFRAQUELLI Giovanni
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodPrimo Semestre
Grading typeFinal grade

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CourseECONOMIA E GESTIONE DELLE IMPRESE AVANZATA
Course IDEA061
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderFRAQUELLI Giovanni
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodPrimo Semestre
Grading typeFinal grade

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CourseECONOMIA E GESTIONE DELLE IMPRESE AVANZATA
Course IDEA061
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderABRATE Graziano
TeachersABRATE Graziano
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodPrimo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian
AbstractThe course provides some useful tools for firms in order to match the goals of growth, productivity and profitability. The first part of the course focuses on potential cost savings deriving from an increase of the firm size (scale economies) or associated to horizontal diversification and vertical integration. Firm growth implies a structural change that must be evaluated also in terms of impact on productivity. The second part of the course is oriented to understand the impact of pricing strategies on the profitability of a business unit. The economic principles behind the adoption of a suitable pricing strategy are analyzed, in relation with the type of product (or service) and the degree of market competition. A particular emphasis is given to the topic of revenue management.
Reference textsSlides, additional materials and readings are provided by the lecturer through the website, at the URL. https://www.dir.uniupo.it In addition, the following textbooks represent a valid support (all books are available in the library). Giovanni Fraquelli (1997, 2001, 2003), Elementi di Economia Manageriale. Costi, produttività, investimenti, Utet, Torino, par. 1.10, 2.3, 2.7, 2.8, 5.3, 5.4, 6.2, 6.4, 6.5, 7.3, 7.4. Giovanni Fraquelli. “Impresa, mercato e gestione del valore.” Utet, 2006, Cap. 5, 6. Hermann Simon, Danilo Zatta. “Strategie di pricing”, Hoepli, 2006, Cap. 1, 2, 3, 5, 7, 8, 9, 10, 11, 13. Kalyan T. Talluri, Garrett Van Ryzin. “The Theory and Practice of Revenue Management.” Springer, 2005, Cap 1.
Teaching targets- Understanding and evaluating the impact on firm performances of growth and diversification strategies - Understanding and formulating pricing and revenue management strategies.
PrerequisitesNone
Didattics MethodsLectures, exercises and group discussions
Grading rulesThe exam is written. For students who attend classes, the 25% of the final course grade (8 points) is based on individual and group works that will be proposed during the lectures. For students who do not attend classes, an additional question, based on specific readings, will be included in the written exams. The remaining 75% of the exam, for all students, consists of a theoretical part and an applied part. The theoretical part (maximum score 10 points) aims at verifying knowledge and understanding of the program. It is composed of both open-ended and closed-ended questions. The applied part (maximum score 14 points) tests the ability to apply knowledge and making judgments, through a problem set composed of several questions. The score of the written exam can be integrated with an optional oral examination, according to which the mark can be increased or reduced by a maximum of 3 points. The oral exam is only allowed on the scheduled date. The admission to oral exam is allowed only to students who have obtained in the written exam a mark equal to or greater than 18/30.
Full arguments- Growth and diversification strategies. - Economies of scale and horizontal and vertical scope economies. - Measures of productivity and managerial implications. - Benchmarking and empirical measure of firms’ efficiency. - The strategic role of price and its impact on profitability - Unique price and multiple prices. - Multiple products and pricing strategies. - Dynamic pricing strategies and internet pricing.

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CourseECONOMIA E POLITICA MONETARIA
Course IDE0213
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderCARABELLI Anna Maria
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/01 - ECONOMIA POLITICA
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryC - Affine o integrativo
Year1
PeriodSecondo Semestre
Grading typeFinal grade

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CourseECONOMIA E POLITICA MONETARIA
Course IDE0213
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderCARABELLI Anna Maria
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/01 - ECONOMIA POLITICA
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryC - Affine o integrativo
Year1
PeriodSecondo Semestre
Grading typeFinal grade

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CourseECONOMIA E POLITICA MONETARIA
Course IDE0213
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderCARABELLI Anna Maria
TeachersCARABELLI Anna Maria
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/01 - ECONOMIA POLITICA
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryC - Affine o integrativo
Year1
PeriodSecondo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian
AbstractThe course considers theories and economic policies through the examination of current events
Reference textsSole24ore
Teaching targetsThe scope of the course is to supply the fundamental tools of economic and monetary policy, tools which are necessary for an interpretation of current macroeconomic events
PrerequisitesPolitical economy, economic policy
Didattics MethodsLectures and reading of Sole24ore.
Other informationsAttendence of the course is highly recommended.
Grading rulesWritten esam and open questions from Sole24ore.
Full argumentsMoney. Money and wealth effect. Monetary market. Supply and demand for money. Classical approach. Keynesian approach. Liquidity preference. Central bank and the stability of prices. Trasmission mechanism. Financial markets and monetary policy. Money in and open economy. Mundell Fleming model.

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CourseFinancial management
Course IDEC0013
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
Teaching leaderERBETTA Fabrizio
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodSecondo Semestre
Grading typeFinal grade

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CourseFinancial management
Course IDEC0013
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
Teaching leaderERBETTA Fabrizio
TeachersERBETTA Fabrizio
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodPrimo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian
AbstractThe course provides a framework with regard to financial decision-making processes of firms and outlines a way of structuring the analysis that is functional to the resolution of financial problems. The first part of the course introduces to the concept of corporation and its features. The second part examines the theme of the time value of money and introduces the concept of discounted cash flows in order to arrive at comparability of cash flows. The third part of the course is oriented to deepen the theme of evaluation of industrial projects through several methodologies that are based on the concept of discounted cash flows. The fourth and last part, finally, puts the focus on the financial structure, and in particular the effect it exerts on business value, on investment decisions, on valuation of the cost of capital and risk determination, and finally on the relations between different stakeholder groups.
Reference textsBerk J., DeMarzo P., 2015, Finanza Aziendale I, Third Edizione, Pearson (chapters 1, 3, 4, 5, 6, 7, 8, 9, 14, 15, 16). It is an integral part of the program all course material (slides, exercises, insights) made available on the course page on D.I.R. Password: finman
Teaching targetsThe course aims to provide students with the necessary tools to understand the issues relating to financial aspects of companies, outlining at the same time a method of structuring the analysis functional to problem solving. The training path requires students to develop: - knowledge and understanding of some models to support industrial investment decisions, - the ability to apply financial models in interpreting the creation of corporate value through borrowing decisions, - the ability to interpret the effects of financial choices in terms of interaction between corporate stakeholders
PrerequisitesThe course assumes knowledge of the mechanisms of formation of the balance sheet
Didattics MethodsFrontal lectures and exercise, aimed at developing a "problem-solving"-type approach
Grading rulesThe exam is written, with a maximum score of 30/30 cum laude. The written examination consists of two parts. The theoretical part (maximum score 15 points) aims at verifying knowledge and understanding of the program. It is composed of both open-ended and closed-ended questions. The applied part (maximum score 17 points) tests the ability to apply knowledge and making judgments through a problem set, composed of several questions. The score of the written exam can be integrated with an optional oral examination, according to which the mark can be increased or reduced by a maximum of 2 points. The oral exam is only allowed on the scheduled date. The admission to oral exam is allowed only to students who have obtained in the written exam a mark equal to or greater than 18/30.
Full argumentsPart I - The types of firms - Ownership and control of the corporation - Arbitrage and Financial Decision Making Part II - The time value of money - Interest rates - Valuing bonds Part III - Investment decision rules - Fundamentals of capital budgeting - Valuing stocks Part IV - Capital structure in a perfect market - Debt and taxes - Financial Distress, Managerial Incentives, and Information
Course borrowed toAMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EC0013 Financial management - NOVARA

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CourseINGLESE (L.M. I)
Course IDE0315
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
Teaching leaderIRVING-BELL Colin Stephen
CFU4
Teaching duration (hours)32
Individual study time 68
SSDL-LIN/12 - LINGUA E TRADUZIONE - LINGUA INGLESE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryF - Stage e altre attività formative
Year1
PeriodSecondo Semestre
Grading typeFinal judgment

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CourseINGLESE (L.M. I)
Course IDE0315
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
Teaching leaderIRVING-BELL Colin Stephen
TeachersIRVING-BELL Colin Stephen
CFU4
Teaching duration (hours)32
Individual study time 68
SSDL-LIN/12 - LINGUA E TRADUZIONE - LINGUA INGLESE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryF - Stage e altre attività formative
Year1
PeriodSecondo Semestre
SiteNOVARA
Grading typeFinal judgment
AbstractThe following topics will be at the core of the course: • The concept of the ever-changing state. • Current issues – Brexit, the aftermath, the European response. • The European Union – its structure, institutions, role and effectiveness. • The forming of modern Europe – the legacies of two World Wars. • The forming of the Welfare States in Europe. • The Thatcher & Blair legacies. • The Banking Sector and the City of London • Globalisation. • Immigration from outside the EU and from within. • The European Central Bank, the World Bank, the International Monetary Fund. • Corruption, acccountability and transparency. • Democracy - its limitations and importance. • The new Populist Politics.
Reference textsThere is no course textbook. Handouts will be supplied and later published on the student website. One or more of the following are essential background reading: Financial Times, Times, Guardian, Independent, European Voice, Economist , Sole 24 Ore. Any other serious political - economic journal.
Teaching targetsThe aims of the course are to confront students with a forum of discussion and explore the current issues in world politics and economics. Presented in English, the course will challenge, debate and analyse current political and economic thinking. Students will be required to participate in discussions and will be introduced to the skills of public speaking by making their own presentations in English.
PrerequisitesTo follow this course properly, students must have a B2 level of English. Since the objectives of the course are to discuss and scrutinize current world issues all of which are relevant to their other courses, students will need to develop their skills in skimming and scanning articles and be able to synthesize them into making coherent arguments. They will be required to develop their skills in making presentations and answering questions from an audience and to answer questions in a developed and intelligent way.
Didattics MethodsThe course will be a mixture of teacher - centred lecture/ discussion and student participation with the former being the norm in the first part and the latter in the second part of the course. In the second half, students may be required to give presentations and participate in debate/ discussions.
Grading rules• The exam will consist of a 2 hour written paper in which students will be invited to answer any two questions from a list of about 15. All questions will have been about topics covered during the course. The questions will require a full discursive answer presented in good English and developed into a coherent and clear argument. • There will be no oral exam for those students who pass the written part, but those who are borderline will be given the chance of an oral in order to pass. • The exam is ‘ Idoneo ‘ and carries 4 credits. International Certification. This course is judged not only on language ability but also on content and therefore international certification will not exempt anyone from doing the exam and neither will those who have done three months work experience abroad be exempt. The Department positively encourages students to take external examinations (such as the Cambridge exams ,TOEFL and IELTS) for their own value. They play a vital role in a student’s armoury for future job opportunities. Advice and assistance in enrolling and taking these exams is available at any time from me. The relevant exams to students at this level are : B2 – First Certificate of English ( FCE ), Business English Course – Vantage:C1 – Certificate of Advanced English ( CAE ), Business English Course (Higher ).B2/C1 - International Legal English Course (ILEC), International Certificate in Financial English (IFCE). International English Language Testing System (IELTS) and TOEFL.
Course borrowed fromAMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - E0315 INGLESE (L.M. I) - NOVARA

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CourseMetodi quantitativi
Course IDEC0019
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderFUSAI Gianluca
CFU12
Course typeAttività formativa integrata
Course mandatorietyMandatory course
Year1
PeriodAnnuale
SiteNOVARA
Grading typeFinal grade
Teaching languageFirsT and second: Italian
AbstractFirst: Two main topics will be studied: financial valuation and hedging with interest rate derivatives,and asset allocation models.ù Second: Probability theory and its applications for business and finance. Theory of sampling. Statistical inference methods: point estimation, confidence intervals, tests of hypothesis. Applications. Linear regression: significance and applications. Statistical quality control.
Reference textsFirst: G. Castellani, M. De Felice, F. Moriconi, Manuale di Finanza II, Teoria del portafoglio e Mercato Azionario. Il Mulino. 2005. C. Huang, R. H. Litzenberger. Foundations for Financial Economics. Prentice Hall. 1988. The above references are available in the library. Further teaching material prepared by the professor will be published on D.I.R. (https://eco.dir.unipmn.it/) Second: Giuseppe Cicchitelli. Statistica Principi e Metodi Pearson 2/ed (2012) Newbold, Carlson, Thorne. Statistica 2/ed. Pearson (2010) Douglas C. Montgomery. Controllo statistico della qualità 2/ed McGraw-Hill (2006) Giuseppe Cicchitelli. Probabilità e statistica Maggioli Editore (2001) Further teaching material prepared by the professor will be published on D.I.R. (https://eco.dir.unipmn.it/)
Teaching targetsFirst: The course provides to the student the quantitative tools for understanding and solving problems in management and finance in a context of uncertainty. Second: The goal of the course is the study of statistical inference and its applications to enterprise, business and finance.
PrerequisitesFirst: Contents of the following courses: Mathematical Methods I and II and Statistics. Second: Contents of the following courses: Mathematical Methods I and II and Statistics.
Didattics MethodsFirst: Lectures including both theory and exercises. Second: Lectures including both theory and exercises.
Other informationsFirst: Additional information will be made available during the course on D.I.R. (https://eco.dir.unipmn.it/) Second: Will be published during the course on D.I.R. (https://eco.dir.unipmn.it/)
Grading rulesFirst: Compulsory written examination plus optional oral examination. Second: Compulsory written examination plus optional oral examination.
Full argumentsFirst: 1. Advanced Financial Calculus (Prof. Fusai 4 CFU) − Review of basic financial calculus − The bootstrapping of the discount curve − How to choose between fixed and floating rate mortgages − How to hedge the interest rate risk with derivatives (FRA, Swaps, etc.) − Case Studies 2. Decisions under uncertainty (Prof.ssa Centrone 2 CFU) − Introduction to random variables and optimization − The Von Neumann Morgenstern expected utility framework − How to build a risky portfolio − The Markowitz mean-variance model − How to measure the risk premium: the CAPM − Case Studies Second: 1. Elements of probability: The random experiments and the probability space. Probability. Conditional probability and independence. Discrete and continuous random variables. Cumulative distribution function, mean, variance and moments. Models for distributions of discrete and continuous random variables. Random vectors: joint distribution, conditional distributions. Conditional mean and variance. Gaussian vectors. 2. Sampling and sampling distributions. Central limit theorem. 3. Statistical inference: Estimators and properties. Point estimation and confidence intervals. Parametric tests of hypothesis. Empirical distribution function. QQ-plot. Testing the normality of a distribution. 4. Applications to statistical process control for quality improvement. Control charts for variables and for attributes. 5. Linear regression model: inference and applications. Dummy variables.
Modules
Course ID Course SSD Teachers
EC0025 Metodi quantitativi I modulo SECS-S/06 - METODI MATEMATICI DELL'ECONOMIA E DELLE SCIENZE ATTUARIALI E FINANZIARIE FUSAI Gianluca, CENTRONE Francesca
EC0026 Metodi quantitativi II modulo SECS-S/01 - STATISTICA MAY Caterina

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CourseMetodi quantitativi I modulo
Course IDEC0025
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderFUSAI Gianluca
TeachersFUSAI Gianluca, CENTRONE Francesca
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-S/06 - METODI MATEMATICI DELL'ECONOMIA E DELLE SCIENZE ATTUARIALI E FINANZIARIE
Course typeModulo di sola Frequenza
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodPrimo Semestre
Grading typeFinal grade
Teaching languageItalian
AbstractFirst: Two main topics will be studied: financial valuation and hedging with interest rate derivatives,and asset allocation models.
Reference textsFirst: G. Castellani, M. De Felice, F. Moriconi, Manuale di Finanza II, Teoria del portafoglio e Mercato Azionario. Il Mulino. 2005. C. Huang, R. H. Litzenberger. Foundations for Financial Economics. Prentice Hall. 1988. The above references are available in the library. Further teaching material prepared by the professor will be published on D.I.R. (https://eco.dir.unipmn.it/)
Teaching targetsFirst: The course provides to the student the quantitative tools for understanding and solving problems in management and finance in a context of uncertainty.
PrerequisitesFirst: Contents of the following courses: Mathematical Methods I and II and Statistics.
Didattics MethodsFirst: Lectures including both theory and exercises.
Other informationsFirst: Additional information will be made available during the course on D.I.R. (https://eco.dir.unipmn.it/)
Grading rulesFirst: Compulsory written examination plus optional oral examination.
Full argumentsFirst: 1. Advanced Financial Calculus (Prof. Fusai 4 CFU) − Review of basic financial calculus − The bootstrapping of the discount curve − How to choose between fixed and floating rate mortgages − How to hedge the interest rate risk with derivatives (FRA, Swaps, etc.) − Case Studies 2. Decisions under uncertainty (Prof.ssa Centrone 2 CFU) − Introduction to random variables and optimization − The Von Neumann Morgenstern expected utility framework − How to build a risky portfolio − The Markowitz mean-variance model − How to measure the risk premium: the CAPM − Case Studies
Course borrowed fromMANAGEMENT E FINANZA (1407) - EC0025 Metodi quantitativi I modulo - NOVARA

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CourseMetodi quantitativi II modulo
Course IDEC0026
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderMAY Caterina
TeachersMAY Caterina
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-S/01 - STATISTICA
Course typeModulo di sola Frequenza
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodSecondo Semestre
Grading typeFinal grade
Teaching languageItalian.
AbstractProbability theory and its applications for business and finance. Theory of sampling. Statistical inference methods: point estimation, confidence intervals, tests of hypothesis. Applications. Linear regression: significance and applications. Statistical quality control.
Reference textsGiuseppe Cicchitelli. Statistica Principi e Metodi Pearson 2/ed (2012) Newbold, Carlson, Thorne. Statistica 2/ed. Pearson (2010) Douglas C. Montgomery. Controllo statistico della qualità 2/ed McGraw-Hill (2006) Giuseppe Cicchitelli. Probabilità e statistica Maggioli Editore (2001) Further teaching material prepared by the professor will be published on D.I.R. (https://eco.dir.unipmn.it/)
Teaching targetsThe goal of the course is the study of statistical inference and its applications to enterprise, business and finance.
PrerequisitesContents of the following courses: Mathematical Methods I and II and Statistics.
Didattics MethodsLectures including both theory and exercises.
Other informationsWill be published during the course on D.I.R. (https://eco.dir.unipmn.it/)
Grading rulesCompulsory written examination plus optional oral examination.
Full arguments1. Elements of probability: The random experiments and the probability space. Probability. Conditional probability and independence. Discrete and continuous random variables. Cumulative distribution function, mean, variance and moments. Models for distributions of discrete and continuous random variables. Random vectors: joint distribution, conditional distributions. Conditional mean and variance. Gaussian vectors. 2. Sampling and sampling distributions. Central limit theorem. 3. Statistical inference: Estimators and properties. Point estimation and confidence intervals. Parametric tests of hypothesis. Empirical distribution function. QQ-plot. Testing the normality of a distribution. 4. Applications to statistical process control for quality improvement. Control charts for variables and for attributes. 5. Linear regression model: inference and applications. Dummy variables. 1. Elements of probability: The random experiments and the probability space. Probability. Conditional probability and independence. Discrete and continuous random variables. Cumulative distribution function, mean, variance and moments. Models for distributions of discrete and continuous random variables. Random vectors: joint distribution, conditional distributions. Conditional mean and variance. Gaussian vectors. 2. Sampling and sampling distributions. Central limit theorem. 3. Statistical inference: Estimators and properties. Point estimation and confidence intervals. Parametric tests of hypothesis. Empirical distribution function. QQ-plot. Testing the normality of a distribution. 4. Applications to statistical process control for quality improvement. Control charts for variables and for attributes. 5. Linear regression model: inference and applications. Dummy variables. 1. Elements of probability: The random experiments and the probability space. Probability. Conditional probability and independence. Discrete and continuous random variables. Cumulative distribution function, mean, variance and moments. Models for distributions of discrete and continuous random variables. Random vectors: joint distribution, conditional distributions. Conditional mean and variance. Gaussian vectors. 2. Sampling and sampling distributions. Central limit theorem. 3. Statistical inference: Estimators and properties. Point estimation and confidence intervals. Parametric tests of hypothesis. Empirical distribution function. QQ-plot. Testing the normality of a distribution. 4. Applications to statistical process control for quality improvement. Control charts for variables and for attributes. 5. Linear regression model: inference and applications. Dummy variables.
Course borrowed fromMANAGEMENT E FINANZA (1407) - EC0026 Metodi quantitativi II modulo - NOVARA

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CourseMetodi quantitativi
Course IDEC0019
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderFUSAI Gianluca
CFU12
Course typeAttività formativa integrata
Course mandatorietyMandatory course
Year1
PeriodAnnuale
SiteNOVARA
Grading typeFinal grade
Teaching languageFirst and second: Italian.
AbstractFirst: Two main topics will be studied: financial valuation and hedging with interest rate derivatives,and asset allocation models.
Reference textsFirst: G. Castellani, M. De Felice, F. Moriconi, Manuale di Finanza II, Teoria del portafoglio e Mercato Azionario. Il Mulino. 2005. C. Huang, R. H. Litzenberger. Foundations for Financial Economics. Prentice Hall. 1988. The above references are available in the library. Further teaching material prepared by the professor will be published on D.I.R. (https://eco.dir.unipmn.it/) Second: Probability theory and its applications for business and finance. Theory of sampling. Statistical inference methods: point estimation, confidence intervals, tests of hypothesis. Applications. Linear regression: significance and applications. Statistical quality control.
Teaching targetsFirst: The course provides to the student the quantitative tools for understanding and solving problems in management and finance in a context of uncertainty. Second: Giuseppe Cicchitelli. Statistica Principi e Metodi Pearson 2/ed (2012) Newbold, Carlson, Thorne. Statistica 2/ed. Pearson (2010) Douglas C. Montgomery. Controllo statistico della qualità 2/ed McGraw-Hill (2006) Giuseppe Cicchitelli. Probabilità e statistica Maggioli Editore (2001) Further teaching material prepared by the professor will be published on D.I.R. (https://eco.dir.unipmn.it/) Second: The goal of the course is the study of statistical inference and its applications to enterprise, business and finance.
PrerequisitesFirst: Contents of the following courses: Mathematical Methods I and II and Statistics. Second: Contents of the following courses: Mathematical Methods I and II and Statistics.
Didattics MethodsFirst: Lectures including both theory and exercises. Second: Lectures including both theory and exercises.
Other informationsFirst: Additional information will be made available during the course on D.I.R. (https://eco.dir.unipmn.it/) Second: Will be published during the course on D.I.R. (https://eco.dir.unipmn.it/)
Grading rulesFirst: Compulsory written examination plus optional oral examination. Second: Compulsory written examination plus optional oral examination.
Full argumentsFirst: 1. Advanced Financial Calculus (Prof. Fusai 4 CFU) − Review of basic financial calculus − The bootstrapping of the discount curve − How to choose between fixed and floating rate mortgages − How to hedge the interest rate risk with derivatives (FRA, Swaps, etc.) − Case Studies 2. Decisions under uncertainty (Prof.ssa Centrone 2 CFU) − Introduction to random variables and optimization − The Von Neumann Morgenstern expected utility framework − How to build a risky portfolio − The Markowitz mean-variance model − How to measure the risk premium: the CAPM − Case Studies Second: 1. Elements of probability: The random experiments and the probability space. Probability. Conditional probability and independence. Discrete and continuous random variables. Cumulative distribution function, mean, variance and moments. Models for distributions of discrete and continuous random variables. Random vectors: joint distribution, conditional distributions. Conditional mean and variance. Gaussian vectors. 2. Sampling and sampling distributions. Central limit theorem. 3. Statistical inference: Estimators and properties. Point estimation and confidence intervals. Parametric tests of hypothesis. Empirical distribution function. QQ-plot. Testing the normality of a distribution. 4. Applications to statistical process control for quality improvement. Control charts for variables and for attributes. 5. Linear regression model: inference and applications. Dummy variables.
Modules
Course ID Course SSD Teachers
EC0025 Metodi quantitativi I modulo SECS-S/06 - METODI MATEMATICI DELL'ECONOMIA E DELLE SCIENZE ATTUARIALI E FINANZIARIE FUSAI Gianluca, CENTRONE Francesca
EC0026 Metodi quantitativi II modulo SECS-S/01 - STATISTICA MAY Caterina

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CourseMetodi quantitativi I modulo
Course IDEC0025
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderFUSAI Gianluca
TeachersFUSAI Gianluca, CENTRONE Francesca
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-S/06 - METODI MATEMATICI DELL'ECONOMIA E DELLE SCIENZE ATTUARIALI E FINANZIARIE
Course typeModulo di sola Frequenza
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodPrimo Semestre
Grading typeFinal grade
Teaching languageItalian
AbstractTwo main topics will be studied: financial valuation and hedging with interest rate derivatives, and asset allocation models.
Reference textsG. Castellani, M. De Felice, F. Moriconi, Manuale di Finanza II, Teoria del portafoglio e Mercato Azionario. Il Mulino. 2005. C. Huang, R. H. Litzenberger. Foundations for Financial Economics. Prentice Hall. 1988. The above books are available in the library. Further teaching material prepared by the teachers is published on the course web site (www.dir.uniupo.it)
Teaching targetsThe course provides to the student the quantitative tools for understanding and solving problems in management and finance both in a context of certainty and uncertainty.
PrerequisitesContents of the following courses: Mathematical Methods I and II and Statistics. Programs and materials are available on the course web page (www.dir.uniupo.it)
Didattics MethodsLectures including both theory and exercises. The detailed references for the program of the lectures and the exercises are published on the course web page (www.dir.uniupo.it)
Other informationsAdditional information will be made available during the course on the course web page (www.dir.uniupo.it). Attendance of the course lessons is strongly recommended.
Grading rulesA compulsory written examination and an optional oral examination. Written exam: Is composed by 1. four short open questions, to test comprehension and ability to use the principal basic concepts exposed during the lessons. 2. two longer exercises, possibly theoretical, to test the comprehension of the more advanced topics, and the skill of applying the acquired knowledges in order to analyse more complex and structured problems. Oral exam: Questions in order to test the comprehension and the critical skill acquired about the various topics treated. Through the questions, the autonomous reasoning level of the student is also verified.
Full arguments1. Advanced Financial Calculus (Prof. Fusai 4 CFU) − Review of basic financial calculus − The bootstrapping of the discount curve − How to choose between fixed and floating rate mortgages − How to hedge the interest rate risk with derivatives (FRA, Swaps, etc.) − Case Studies 2. Decisions under uncertainty (Prof. Centrone 2 CFU) − Introduction to random variables and optimization − The Von Neumann Morgenstern expected utility framework − How to build a risky portfolio − The Markowitz mean-variance model with just risky assets as well as with the introduction of the risk free asset. − Laboratory with exercises.
Course borrowed toMANAGEMENT E FINANZA (1407) - EC0025 Metodi quantitativi I modulo - NOVARA

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CourseMetodi quantitativi II modulo
Course IDEC0026
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderMAY Caterina
TeachersMAY Caterina
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-S/01 - STATISTICA
Course typeModulo di sola Frequenza
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodSecondo Semestre
Grading typeFinal grade
Teaching languageItalian.
AbstractProbability theory and its applications for business and finance. Theory of sampling. Statistical inference methods: point estimation, confidence intervals, tests of hypothesis. Applications. Linear regression: significance and applications. Statistical quality control.
Reference textsGiuseppe Cicchitelli. Statistica Principi e Metodi Pearson 2/ed (2012) Newbold, Carlson, Thorne. Statistica 2/ed. Pearson (2010) Douglas C. Montgomery. Controllo statistico della qualità 2/ed McGraw-Hill (2006) Giuseppe Cicchitelli. Probabilità e statistica Maggioli Editore (2001) Further teaching material prepared by the professor will be published on D.I.R. (https://eco.dir.unipmn.it/)
Teaching targetsThe goal of the course is the study of statistical inference and its applications to enterprise, business and finance.
PrerequisitesContents of the following courses: Mathematical Methods I and II and Statistics.
Didattics MethodsLectures including both theory and exercises.
Other informationsWill be published during the course on D.I.R. (https://eco.dir.unipmn.it/)
Grading rulesCompulsory written examination plus optional oral examination.
Full arguments1. Elements of probability: The random experiments and the probability space. Probability. Conditional probability and independence. Discrete and continuous random variables. Cumulative distribution function, mean, variance and moments. Models for distributions of discrete and continuous random variables. Random vectors: joint distribution, conditional distributions. Conditional mean and variance. Gaussian vectors. 2. Sampling and sampling distributions. Central limit theorem. 3. Statistical inference: Estimators and properties. Point estimation and confidence intervals. Parametric tests of hypothesis. Empirical distribution function. QQ-plot. Testing the normality of a distribution. 4. Applications to statistical process control for quality improvement. Control charts for variables and for attributes. 5. Linear regression model: inference and applications. Dummy variables. 1. Elements of probability: The random experiments and the probability space. Probability. Conditional probability and independence. Discrete and continuous random variables. Cumulative distribution function, mean, variance and moments. Models for distributions of discrete and continuous random variables. Random vectors: joint distribution, conditional distributions. Conditional mean and variance. Gaussian vectors. 2. Sampling and sampling distributions. Central limit theorem. 3. Statistical inference: Estimators and properties. Point estimation and confidence intervals. Parametric tests of hypothesis. Empirical distribution function. QQ-plot. Testing the normality of a distribution. 4. Applications to statistical process control for quality improvement. Control charts for variables and for attributes. 5. Linear regression model: inference and applications. Dummy variables.
Course borrowed toAMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EC0024 Metodi statistici per l'impresa - NOVARA
MANAGEMENT E FINANZA (1407) - EC0026 Metodi quantitativi II modulo - NOVARA

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CourseTEORIA DELL'INFORMAZIONE E CONGIUNTURA ITALIANA E INTERNAZIONALE
Course IDE0277
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
Teaching leaderCARABELLI Anna Maria
CFU12
Teaching duration (hours)96
Individual study time 204
SSDSECS-P/01 - ECONOMIA POLITICA
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodAnnuale
Grading typeFinal grade

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CourseTEORIA DELL'INFORMAZIONE E CONGIUNTURA ITALIANA E INTERNAZIONALE
Course IDE0277
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
Teaching leaderCARABELLI Anna Maria
TeachersCARABELLI Anna Maria, SONEDDA Daniela
CFU12
Teaching duration (hours)96
Individual study time 204
SSDSECS-P/01 - ECONOMIA POLITICA
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year1
PeriodAnnuale
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian. Seminars held in the Economics of Information could be in english.
AbstractThe module of the Economics of Information aims at presenting a variety of economic models in presence of asymmetric information. Two are the main topics considered, consistently with the students' profile: one related to the analysis of financial intermediation, money and credit markets and one related to the study of human resources issues. The content varies according to the changing economic trends.
Reference textsEconomics of Information: Diamond (1984) “Financial Intermediation and Delegated Monitoring” Review of Economic Studies, 51, pp.393-414 Diamond and Dybvig (1983), “Bank runs, deposit insurance and liquidity” Journal of Political Economy, 91, pp. 401-419. Diamond (2007) “Banks and Liquidity Creation: A Simple Exposition of the Diamond-Dybvig Model”, Federal Reserve Bank of Richmond Economic Quarterly, 93, pp. 189–200 Diamond (1996), “Financial Intermediation as Delegated Monitoring: A Simple Example”, Federal Reserve Bank of Richmond Economic Quarterly, 82, pp 51-66. A. Nicita e V. Scoppa (NS), Economia dei Contratti, Carocci, 2005 A. Baglioni (B), “Informazione e incertezza nella teoria finanziaria”, Hoepli Frank, H. MICROECONOMIA – Università degli Studi del Piemonte Orientale, McGraw-Hill Higher Education, 2014, ISBN: 9781308066325 The newspaper Il Sole24ORE (in Italian)
Teaching targetsThe module of Economics of Information aims at analyzing economic models in presence of asymmetric information. The main objective of the lectures and the students' seminars is to provide the instruments for interpreting economic models and the mechanisms behind them. Seminars are intended to foster students' comunicative skills. The course examines Italian and International current economic situation; in particular it pays attention to the recent financial and real economic crisis and supplies theoretical tools to understand current economic trends.
PrerequisitesEconomics (basic modules of microeconomics and macroeconomics), Political economy
Didattics MethodsLectures and seminars Lectures and reading/interpretation of Il Sole24ore
Other informationsFurther informations about the module of Economics of Information can be found in the web page of the course at https://www.dir.uniupo.it CONGIUNTURA: The attendance to the course is highly recommended. For those who cannot attend the course, please note that there is no textbook, in particular the newspaper il SOLE24ORE is used as a main text. The student who can’t attend the course should therefore read this newspaper by him/herself and be able to apply the theoretical macroeconomic models to the analysis/interpretation of current macroeconomic trends. The macroeconomic models used are those studied in the courses of political economy/macroeconomics and economic policy.
Grading rulesEconomics of Information: Two essays on the issues described in the course program. Written examination.
Full arguments1. Introduction to the Economics of Information 2. Risk, uncertainty and asymmetric information: Chap. 13 (LC) 3. The 1984 Diamond’s model: Chap 7 Par 7.2 (B) 4. The Diamond and Dybvig’s model: Chap 7 Par 7.3 (B) 5. Contract theory and the principal-agent model: Chap. 2 (NS) 6. Empirical Evidence on Contract Theory: Chap. 2 (NS) 7. Main drawbacks of the agency model: Chap. 2 (NS) 8. Adverse Selection and signalling, the Spence’s Model: Chap. 5 (NS) 9. The relationship between quality and prices: Chap 5 Par. 5.2.2 (NS) 10. Credit rationing: Chap 5 Par 5.3.2 (NS) and Chap 7 (B) 11. A multi agent perspective: Chap 3 (NS) 12. The rationale for measuring performance: Chap 3 (NS)

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CourseVALUTAZIONI D'AZIENDA
Course IDE0146
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderCOMOLI Maurizio
TeachersCOMOLI Maurizio, BAVAGNOLI Francesco
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/07 - ECONOMIA AZIENDALE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryC - Affine o integrativo
Year1
PeriodSecondo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian
AbstractThe course is divided in two parts. Part 1 – Introduction to Business Valuation and generally accepted valuation methods (Prof. Comoli) – 4 CFU Business valuation: overview The principles of value measurement: the difference between price and value The most appropriate valuation methods according to the academy and used in practice The valuation process Methods based on the analytical valuation of assets and liabilities Net asset value Net asset value adjusted for intangibles The Intangibles: introductory concepts and definitions Methods based on income or cash flow streams The income-based approach The estimate of discount rates The discounted cash flow method (DCF): underlying assumptions and implementation Forecasting cash flows, terminal value and the impact of financial structure Mixed valuation criteria U.E.C. method Part 2 – Market Multiples and special issues (Prof. Bavagnoli) – 4 CFU Rules of thumb and market data Stock exchange multiples and comparable transactions A deeper examination of multiples From firm’s equity value to the value of the investment in the firm Control premium and minority discount Brand valuation Business valuation reporting – structure and content.
Reference textsL. Guatri – M. Bini, Nuovo trattato sulla valutazione delle aziende, EGEA, Milano, 2009 Further material (slides, case studies, articles) and information can be found in the web page of the course at the URL: https://eco.dir.unipmn.it/
Teaching targetsThe course aims to develop an understanding of: • the criteria, tools and main issues related to business valuation, for such purposes as: mergers and acquisitions, valuation of control or minority stakes, business performance valuation and valuation for financial reporting; • the connection between strategy and valuation; • the income approach, discounted cash flow analysis (DCF), valuation of intangibles and market multiples.
PrerequisitesNone
Didattics MethodsLectures, exercises, case studies.
Other informationsClass attendance is voluntary (not mandatory).
Grading rulesA written examination will be performed on the scheduled dates.
Course borrowed fromAMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - E0146 VALUTAZIONI D'AZIENDA - NOVARA

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CourseVALUTAZIONI D'AZIENDA
Course IDE0146
Academic Year2015/2016
Year of rule2015/2016
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderCOMOLI Maurizio
TeachersCOMOLI Maurizio, BAVAGNOLI Francesco
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/07 - ECONOMIA AZIENDALE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryC - Affine o integrativo
Year1
PeriodSecondo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian
AbstractThe course is divided in two parts. Part 1 – Introduction to Business Valuation and generally accepted valuation methods (Prof. Comoli) – 4 CFU Business valuation: overview The principles of value measurement: the difference between price and value The most appropriate valuation methods according to the academy and used in practice The valuation process Methods based on the analytical valuation of assets and liabilities Net asset value Net asset value adjusted for intangibles The Intangibles: introductory concepts and definitions Methods based on income or cash flow streams The income-based approach The estimate of discount rates The discounted cash flow method (DCF): underlying assumptions and implementation Forecasting cash flows, terminal value and the impact of financial structure Mixed valuation criteria U.E.C. method Part 2 – Market Multiples and special issues (Prof. Bavagnoli) – 4 CFU Rules of thumb and market data Stock exchange multiples and comparable transactions A deeper examination of multiples From firm’s equity value to the value of the investment in the firm Control premium and minority discount Brand valuation Business valuation reporting – structure and content.
Reference textsL. Guatri – M. Bini, Nuovo trattato sulla valutazione delle aziende, EGEA, Milano, 2009 Further material (slides, case studies, articles) and information can be found in the web page of the course at the URL: https://eco.dir.unipmn.it/
Teaching targetsThe course aims to develop an understanding of: • the criteria, tools and main issues related to business valuation, for such purposes as: mergers and acquisitions, valuation of control or minority stakes, business performance valuation and valuation for financial reporting; • the connection between strategy and valuation; • the income approach, discounted cash flow analysis (DCF), valuation of intangibles and market multiples.
PrerequisitesNone
Didattics MethodsLectures, exercises, case studies.
Other informationsClass attendance is voluntary (not mandatory).
Grading rulesA written examination will be performed on the scheduled dates.
Course borrowed fromAMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - E0146 VALUTAZIONI D'AZIENDA - NOVARA

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CourseDIRITTO DEL GOVERNO DELLE IMPRESE
Course IDEA049
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
Teaching leaderIRRERA Maurizio
CFU6
Teaching duration (hours)48
Individual study time 102
SSDIUS/04 - DIRITTO COMMERCIALE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year2
PeriodPrimo Semestre
Grading typeFinal grade

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CourseDIRITTO DEL GOVERNO DELLE IMPRESE
Course IDEA049
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
TeachersIRRERA Maurizio
CFU6
Teaching duration (hours)48
Individual study time 102
SSDIUS/04 - DIRITTO COMMERCIALE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year2
PeriodPrimo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian
AbstractThe corporate governance
Reference textsAn updated version of the Civil Code is essential. Other recommended readings: M. IRRERA, Profili di corporate governance della società per azioni tra responsabilità, controlli e bilancio, Giuffré, Milano, 2009. M.CIAN (a cura di), Diritto Commerciale, vol. II, Giappichelli, Torino, 2013; cap. 37 (sez. IV – par. 3); cap. 38; cap. 39; da pag. 67 a pag. 72; cap. 40 (sez. III – par. 4, 5, 6 e 7); cap. 41; cap. 42 (sez. I); cap. 42 (sez. I); cap. 43 (sez. I e II); cap. 44; cap. 45; cap.46 (sez. IV); cap. 49 (sez. II e III); cap. 53; cap. 54 (sez. I, II e IV); cap. 55; cap. 56; cap. 57;cap. 58; cap. 60; cap. 61 ( sez. II – par. 2 e 3; sez. III e V); cap. 62; sez. 63; cap. 66; cap. 68 (sez. I, III e IV); cap. 81 (sez. I e V). E. FREGONARA, La governance nelle c.d. casseforti di famiglia, in Il nuovo diritto delle società, 22/2010. All the material listed above is available at the Library of the Department. Other material and further bibliographical references will be provided during the lectures
Teaching targetsThe course will delve into all corporate law notions which are essential to an in-depth understanding of corporate governance. In particular, it will focus on company bodies, their relationships and responsibilities, especially those of the board of directors.
PrerequisitesStudents must have proven knowledge of Commercial Law.
Didattics MethodsLectures, with suggestions for further readings and discussion.
Grading rulesThe exam is written. Students are given the option of taking two written mid-term exams. Please note: Will be exempt from the following topics only - listed companies and groups of companies -everyone who has in the course of study the teaching of corporate governance law by 6 ECTS.
Full argumentsNotion of corporate governance and the historical relationship between the general assembly and the board of directors: Partnerships: - Administration and representation; different models: conjunctive, disjunctive, mixed collegiality. - Exclusion, withdrawal and death (clauses) - Paying off quotas; the disposal of quotas and responsibilities - Non-partner director; company partner of a partnership - Amendments to the articles of association; statutory scheme and conventional collegiality - Position of the limited partner, the prohibition of “ immistione” Stock Companies: - Empirical reality of the board of directors and collegiality - System of appointment of directors and the voting list; the terms of appointment; the directors appointed by the State or public bodies - Directors: removal, resignation, disqualification, co-optation; statutory provisions - Duties of directors; the business judgment rule - Internal control system; the supervisory board in Legislative Decree no. 231/2001 - Executive directors and their relationship - Board of directors: procedures and invalidity in the proceedings - Statutory auditors and audit - Dualistic system and monistic system - Shareholder Agreements; preemption; voting block and consultation Groups of companies: - Responsibility; compensatory benefits Listed companies: - Propulsive function in corporate governance; self-discipline in Italy and abroad - Election and composition of the board of directors; committees; information flows between the bodies - Statutory auditors: functions, statutory auditor appointed by the minority; Audit: the position and duration; - Chief Financial Officer: duties and responsibilities Cooperatives: - Particularities Company limited by shares: - Directors-members; use of the model ("family safe") Limited Liability Company: - Typical features; flexibility and rigidity of the model - Right of control of members who are not directors - Decisions of members and their models; "interference" with regards to directors’ decisions - Directors; models: collegiality, conjunctive, disjunctive - Statutory Auditors (if any) and Auditors - Liability of directors, the various actions, the removal of directors
Course borrowed fromAMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EA049 DIRITTO DEL GOVERNO DELLE IMPRESE - NOVARA

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CourseFINAL EXAM
Course IDE0161
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
CFU12
Teaching duration (hours)96
Course typeAttività formativa monodisciplinare
Course categoryE - Prova finale e lingua straniera
Year2
PeriodSecondo Semestre
Grading typeFinal grade

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CourseFINAL EXAM
Course IDE0161
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
CFU12
Course typeAttività formativa monodisciplinare
Course categoryE - Prova finale e lingua straniera
Year2
Grading typeFinal grade

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CourseFinanza quantitativa
Course IDEC0022
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderFUSAI Gianluca
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-S/06 - METODI MATEMATICI DELL'ECONOMIA E DELLE SCIENZE ATTUARIALI E FINANZIARIE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year2
PeriodPrimo Semestre
Grading typeFinal grade

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CourseFinanza quantitativa
Course IDEC0022
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderFUSAI Gianluca
TeachersLONGO Giovanni, FUSAI Gianluca
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-S/06 - METODI MATEMATICI DELL'ECONOMIA E DELLE SCIENZE ATTUARIALI E FINANZIARIE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year2
PeriodPrimo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageEnglish
AbstractThere are two modules: Module 1 – Term structure of interest rates, interest rate risk management, Black&Scholes formula and pricing of some classic derivatives. (Prof. Giovanni Longo) - 4 CFU Module 2 – Asset Allocation and market and credit risk measures. (Prof. Gianluca Fusai) - 4 CFU
Reference textsTeaching materials prepared by the teachers and available on the web page of the course: https://eco.dir.unipmn.it/ Other useful books (available in the department library): Module 1: J. Hull, Options, Futures and Other Derivatives, 7th ed., Pearson Prentice-Hall International, 2014, including Exercise book. R. Jarrow e Turnbull, Derivative Securities, South Western, 1994. Module 2 P. Jorion, Value at Risk, 3rd edition, Mc-Graw Hill. P. Christoffersen, Elements of Financial Risk Management Academic Press. The above books are available in the library. Further teaching material prepared by the teachers is published on the course web site (www.dir.uniupo.it)
Teaching targetsModule 1: at the end of the couse students should be able to bootstrap the interest rate curve from market data, to manage the interest rate risk of a portfolio and to price some classic derivatives of both interest rates and equities Module 2: the module introduces the following subjets: risk premium evaluation, market and credit risk measures, pricing of some derivative products.
PrerequisitesIt’s advisable to have passed the Metodi Quantitativi exam.
Didattics MethodsLectures including both theory and exercises. Parts of the lectures will be run in the computer laboratory
Other informationsAttendance of the lecture class is not compulsory but is strongly recommended.
Grading rulesWritten exam in english. Part of the exam will require the solution of advanced problems on a pc (mainly using Excel). The structure of the exam aims to test the comprehension of the more advanced topics presented in the course, the skill of applying the acquired knowledges in order to analyse more complex and structured problems. During the course some individual or groupal coursework can be assigned to the students in order to integrate the final marking.
Full argumentsModule 1 – Interest rate structure and derivatives (Prof. Giovanni Longo) - 4 CFU Forward contracts. Characteristics of the contract, long and short positions, replicating portfolio, with dividend, and/or costs. Forward contracts on interest rates. Financial options. Features of a standard contracts: call and put options, American and European. Variables that affect the price of the options. Restrictions on option prices. Modeling of the evolution of the underlying with binomial trees. Risk neutral probability. Pricing of an option with the binomial model. Delta of an option. Replicating portfolio (dynamic). The case of American options. The Black & Scholes model. Dynamic hedging. Limits of the Black-Scholes model. Some outlines to the Black model for rates, caps and floors. Introduction to Monte Carlo simulation and the pricing of derivatives. Module 2 – Asset Allocation and market risk measurement (Prof. Gianluca Fusai) – 4 CFU Markowitz model. Capital Asset Pricing Model and measuring the risk on equities. The beta. Capital market line. An arbitrage free model of the expected yield of a share: Arbitrage Pricing Theory. Relations between APT and CAPM. Roll’s criticizms and the problem of performance measurement. Equity and bond portfolio management: yield and risk measurement (standard deviation, value at risk (VAR) and expected shortfall (ES), duration and basis point value). Models for the evaluation of VAR and Expected Shortfall. Introduction to credit risk.

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CourseINTERNATIONAL ECONOMICS
Course IDE0169
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderAMIGHINI Alessia
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-P/01 - ECONOMIA POLITICA
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryC - Affine o integrativo
Year2
PeriodPrimo Semestre
Grading typeFinal grade

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CourseINTERNATIONAL ECONOMICS
Course IDE0169
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderAMIGHINI Alessia
TeachersAMIGHINI Alessia
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-P/01 - ECONOMIA POLITICA
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryC - Affine o integrativo
Year2
PeriodSecondo Semestre
SiteNOVARA
Grading typeFinal grade

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CourseLABOUR ECONOMICS
Course IDE0048
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderBAICI Eliana
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/02 - POLITICA ECONOMICA
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year2
PeriodPrimo Semestre
Grading typeFinal grade

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CourseLABOUR ECONOMICS
Course IDE0048
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderBAICI Eliana
TeachersBAICI Eliana, FRANCESCONI Marco
CFU8
Teaching duration (hours)64
Individual study time 136
SSDSECS-P/02 - POLITICA ECONOMICA
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year2
PeriodPrimo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian and english
AbstractThe course of Labour Economics seeks to analyze the functioning and the dynamics of labour markets through the interaction of workers and employers.
Reference texts- Pepi De Caleo - Brucchi Luchino, Manuale di economia del lavoro, Il Mulino, Bologna, 2015. - Material suggested during the lectures - For further information, please consult the course page on moodle D.I.R.: https://eco.dir.unipmn.it/
Teaching targetsThe course of Labour Economics seeks to analyse the functioning and the dynamics of labour markets through the interaction of workers and employers. The main objectives of the course are the following: 1. students should know, understand and be able to analyse how workers and employers take their major decisions about labour supply, labour demand and investment in human capital; 2. they should understand how those decisions influence the equilibrium of the labour market in terms of wages and employment; 3. it is also important that students know the role of institutions, understand how the policy maker can influence the performance of the labour market and evaluate the measures through which those objectives are pursued; 4. eventually students must be able to analyse the actual evolution of the labour market using the theoretical models they know.
PrerequisitesMicro and macroeconomics
Didattics Methods- Lectures - Case studies - Exercises - Seminars and Testimonials - Presentations by students.
Other informationsParticipation is voluntary, but suggested.
Grading rulesStudents not attending al least 75% of the lessons: o Written exam (60 min) (max 30 points) Students attending al least 75% of the lessons: o Written exam (60 min): (max 21 points) o Active participation in class (max 3 points) o Presentation (max 8 points)
Full arguments1. Labour supply 2. Labour demand 3. Perfect competition 4. Imperfections in the labour market and unemployment 5. The regulation of the labour market, wage differentials 6. Economics Personnel: selection and training of workers 7. Systems of incentive wages 8. Discrimination: what it is, when it is present, how to measure it and prevent it 9. Income inequality and mobility 10. Immigration and the labour market 11. Economic Analysis of illegal behaviour
Course borrowed toAMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EC0027 Economia del lavoro - NOVARA

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CourseMARKETING AVANZATO
Course IDEA069
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderMENOZZI Anna
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year2
PeriodSecondo Semestre
Grading typeFinal grade

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CourseMARKETING AVANZATO
Course IDEA069
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderMENOZZI Anna
TeachersMENOZZI Anna
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year2
PeriodSecondo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian (50%) and English (50%).
AbstractResearch in quantitative marketing, which variables to represent marketing objectives?, demand of goods and marketing strategies, models to represent consumer demand, hedonic prices, conjoint analysis.
Reference textsWayne L. Winston, 2014. Marketing Analytics. Data-driven Techniques with Microsoft Excel. John Wiley & Sons Inc. Franses, Paap, 2001. Quantitative models in marketing research. Cambridge, chapters 1 and 2. Abrate, G., Piacenza, M., Vannoni, D., 2009. The impact of Integrated Tariff Systems on public transport demand: Evidence from Italy. Regional Science and Urban Economics 39, 120-127 Benfratello, L., Piacenza, M., Sacchetto, S., 2009. Taste or reputation: what drives market prices in the wine industry? Estimation of a hedonic model for Italian premium wines. Applied Economics 41(17), 2197-2209. Slides in Moodle. Possible further lectures distributed during the lessons, with specific indication of their mandatory/optional nature as far as the final examination is concerned. Further lectures Brasini, Freo, Tassinari, Tassinari, 2010. Marketing e pubblicità - Metodi di analisi statistica. Il Mulino. For further information, please check over the course on D.I.R. at: https://www.dir.uniupo.it/course/view.php?id=2110
Teaching targetsAnalysis of marketing policies and tools by means of data-driven techniques using real data. The course content is mainly applied, with immediate verification of theoretical premises through the application of software-based methodologies by students. At the end of the course, students will be able to describe the specific characteristics of marketing strategies, to indicate the necessary information and the most appropriate models to assess their effectiveness and measure their impact on business performance.
PrerequisitesThe course does not require any particular prerequisite.
Didattics MethodsTeacher-led lessons (theory and exercises). Lessons will be held in Italian (50%) and in English (50%: lessons focused on the analysis of scientific articles and the discussion of data analysis). As often as possible, lessons will take place in the computer classroom to allow the use of Excel.
Other informationsUseful resources: https://ideas.repec.org/ http://www.ssrn.com/en/ www.scholar.google.com www.scopus.com (from a University’s PC) http://apps.webofknowledge.com/UA_GeneralSearch_input.do?product=UA&search_mode=GeneralSearch&SID=Z1PHRcE6xJX5IyMyunz&preferencesSaved= (from a University’s PC) Attendance: Course attendance is not mandatory but it is highly recommended.
Grading rulesThe exam takes different forms depending on whether the student has attended the course or not. a. Attending students: The final exam consists of two parts. The first one is a presentation of 20’ that students must prepare in groups of at least 3 and no more than 5 persons. The presentation could be given and written in English or Italian. The presentation will be based on one or more scientific articles chosen by the students with the teacher’s help and upon her approval. The presentation will focus on a subject included in the course arguments. The teacher will provide useful information about the sources where the articles could be searched for (see section “Useful resources” of this Syllabus). The search for articles is subject to evaluation by the teacher. The presentation (including the search for articles) will count for 4/30 (as a maximum: possible grades are 0/30, 1/30, 2/30 or 4/30) of the final grade. The grade obtained in the presentation is unique and will be assigned to all group members; it will be taken into account and added to the grade obtained in any future written exam. In order to obtain a grade for the presentation, the student must attend the day of the presentation: the participation to the presentation’s preparatory works will not be evaluated and does not grant any right to the students who will not present in class to receive a grade for the presentation itself. The second part of the exam is in writing (in Italian) and will focus on all the material mentioned in the "Course texts" session, including the slides in Moodle but excluding the Moodle section dedicated to non-attending students. The written exam will count for 28/30 of the final grade. Students who had obtained a final grade equal to or greater than 18/30, can also take an optional, oral exam and get a supplementary grade (up to +/-2/30). During the written exam, students can leave the class within the first 30 minutes but if they don’t, any previous mark obtained in written exams will be cancelled. Students can take up to 4 consecutive written tests during the exams sessions of the academic year. b. Non-attending students: The exam is in writing (in Italian) and will focus on all the material mentioned in the "Course texts" session, including the slides in Moodle and the section dedicated to non-attending students. The maximum grade attainable at the written exam is 32/30 (“trenta e lode”). Students who had obtained a final grade equal to or greater than 18/30, can also take an optional, oral exam and get a supplementary grade (up to +/-2/30). During the written exam, students can leave the class within the first 30 minutes but if they don’t, any previous mark obtained in written exams will be cancelled. Students can take up to 4 consecutive written tests during the exams sessions of the academic year.
Full arguments1. Quantitative analysis in the marketing research. Variables. 2. Continuous variables for representing marketing performance and their representation. 3. Representation of variables: discrete binomial and multinomial variables. Examples. 4. Ordered and unordered multinomial variables. Only partially observed variables. Duration variables. 5. Representation of multinomial variables and duration. Examples: the donation to a non-profit organization. Interpurchase time. 6. Continuous variables. The linear regression model. 7. Economic model for the representation of continuous variables. Food expenditure. 8. The estimation of a linear regression model. The ordinary least squares method. Interpretation of the estimated coefficients. 9. Construction of dummy variables. Seasonality and trend. 10. Nonlinear relationship between prices and sales, and between advertising and sales. Interaction variables. 11. Example: demand for coffee. Interpretation of the coefficients of the estimated model. Introduction to the concept of elasticity. 12. The elasticity of demand to price, cross elasticity of demand, income elasticity of demand. Example: estimated demand for cigarettes. Interpretation of parameters and strategy and policy considerations. 13. Estimated demand for insurance policies. 14. Estimation of local public transport demand (first part). Short and long-term elasticity. 15. The local public transport demand (continued). 16. Conjoint analysis. Introduction and fundamentals. 17. Estimation of a conjoint analysis model. The relevant attribute. 18. Conjoint analysis. Alternatively codification of the variables. Partial and modified partial utilities. Attribute relative importance. 19. Conjoint analysis. Simulation. Alternative scenarios. 20. Conjoint analysis: conjoint models. 21. Conjoint analysis: models of preferences, applications. 22. Hedonic prices.

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CourseMercati emergenti
Course IDEC0021
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderTADINI Marcello
CFU6
Teaching duration (hours)48
Individual study time 102
SSDM-GGR/02 - GEOGRAFIA ECONOMICO-POLITICA
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryC - Affine o integrativo
Year2
PeriodPrimo Semestre
Grading typeFinal grade

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CourseMercati emergenti
Course IDEC0021
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderTADINI Marcello
TeachersTADINI Marcello
CFU6
Teaching duration (hours)48
Individual study time 102
SSDM-GGR/02 - GEOGRAFIA ECONOMICO-POLITICA
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryC - Affine o integrativo
Year2
PeriodPrimo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian
AbstractThe course provides the basic knowledge that are preparatory to the analysis and interpretation of the markets. In particular, the course aims to deepen such countries can be considered emerging markets and what is the role played by them globally, in terms of competitiveness, investment attractiveness and contribution to development. Some of these markets are considered as case studies.
Reference textsDuring lectures will be distributed handouts The course texts (available at the Department’s Library) are: 1. Dematteis G., Lanza C., Nano F., Vanolo A. (2010), Geografia dell’economia mondiale, Quarta edizione, Utet, Torino, chap. 2-7 2. Caroli M. (2012), Gestione delle imprese internazionali, McGraw-Hill, Milano, chap. 1-2-3-7 3. Bursi T, Galli G. (2012), Marketing internazionale, McGraw-Hill, Milano, chap. 1-3-4-5-6 4. Cassia F. (2008), Analisi strategica e marketing per i mercati emergenti, LED – Edizioni Universitarie di Lettere Economia e Diritto, Milano 5. Vigolo V. (2011), Mercati emergenti per i prodotti italiani: prospettive dal Sud Africa, Giuffrè, Milano, chap. 1
Teaching targetsThe course aims to provide students with the basic knowledge to identify and explore emerging markets and interpret recent evolutionary dynamics. At the end of the course the student: − will understand the current global system of production; − will be able to identify emerging markets and to analyse their characteristics; − will evaluate and select possible alternative locations of enterprise; − will evaluate and select potential markets (emerging) of entry and how.
PrerequisitesNone.
Didattics MethodsThe teaching will be conducted through lectures, held by the teacher or by experts, and through exercises and group discussions.
Grading rulesThe examination consists of a written test on the texts mentioned above and provides insights on the topics covered in class.
Full argumentsThe course is divided into lessons of two hours, whose contents are listed below. • Internationalization and foreign markets entry modes • Multinationals corporations and foreign direct investment • The criteria for analysing localization in foreign markets • Some useful indexes for market analysis • The world system • Emerging markets: definition and representations • Emerging markets: key features • BRIC • Investments in and from emerging markets • Multinational corporations: cases and strategies • Country cases and investment opportunities: Brazil, South Korea, Poland • The role of emerging markets in sectors of economic activity: some evidence

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CourseRISK MANAGEMENT
Course IDEA081
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderVALLETTA Mario
TeachersVALLETTA Mario
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-P/11 - ECONOMIA DEGLI INTERMEDIARI FINANZIARI
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year2
PeriodPrimo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian (32 hours) and English (16 hours)
AbstractThe Course provides an in-depth insight about the features of the variuos types of risks to which financial intermediaries are exposed as well as of the main methods used in order to measure and evaluate such risks. A considerable attention is dedicated to both the organizational requirements and implications of these activities and the impact of EU and national regulation. Furthermore, the Course provides the knowledges needed to understand the meaning and the objectives of different risk-adjusted performance measures, as well as the logic and the managerial problems of the capital allocation process at banks.
Reference textso Resti A. e A. Sironi, Rischio e valore nelle banche, EGEA, Milano, 2008 (2° edizione). The textbook is available at the Library of the Department. The whole volume with the following exceptions: chapters 7 and 8; paragraph 12.3 and Annexes B e C; paragraphs from 15.4 to 15.9 (pp. 518-544); chapters 17 and 22; paragraphs 23.3 e 23.4 (pp. 808-826); paragraph 25.4 (pp. 886- 892). o The textbook is available at the Library of the Department. o The instructor will provide articles, working papers and reports in order to deepen specific course topics by the course official web page at the following link: https://eco.dir.unipmn.it . The login to the web page requires a password; please contact the instructor to get it ( mario.valletta@uniupo.it ).
Teaching targets1. Knowledge and understanding: the students will acquire the knowledge about: the different risks to which financial intermediaries are exposed, the main methods for the analysis, the measurement and the evaluation of such risks, paying a particular attention to the organizational implications of these methods, and the role of Risk Management in the decision-making processes at financial intermediaries, in view of an effective capital allocation and an adequate value creation. 2. Applying knowledge and understanding: the course aims at developing the students’ ability to apply the knowledges in order to correctly analyze and evaluate the nature and the dimension of the different activities undertaken by a financial intermediary, so that their respective contribution to the overall managerial equilibrium of the firm, in terms of risk-adjusted performance, can be adequately evaluated. 3. Making judgments: the students will be able to apply the knowledge acquired, on both a theoretical and an operational basis, in order to make autonomous judgements about the profitability and riskiness of various types of activities comprising the business of financial intermediaries. 4. Communication skills: the students will acquire the ability to use the technical language used by professionals in the field of risk management. The knowledge of the most important information sources will make them able to better support their arguments. 5. Learning skills: the students will become familiar with the most important information sources, web sites (financial markets, supervision authorities, research centers) and free databases.
PrerequisitesNone.
Didattics Methods1. Knowledge and understanding: traditional face-to-face lessons and self-study based on teaching materials. During the Course some qualified guest speakers will be invited to share with the class their professional experience. 2. Applying knowledge and understanding: exercises carried-out by the teacher during the course and exercises based on previous written exams carried-out by the students (homework based on materials published on the course’s webpage). 3. Making judgments: students will be stimulated to make ajudgemets on relevant cases, also through assignments and presentations. 4. Communication skills: the meaning of the terms used by professionals in the field of risk management will be adequately explained. 5. Learning skills: every topic will be discussed beginning from the illustration of the problem and then analyzing the various possible solutions.
Other informationsFurther information can be found in the Course official web page at the following link: https://eco.dir.unipmn.it
Grading rulesOne compulsory written exam (closed books and closed notes), covering the whole course syllabus and including exercises, with a 60-minute duration. During the period of teaching, all students may sit for a mid-term written exam covering the first part of the course contents. o knowledge and understanding: by written open questions. o applying knowledge and understanding: through exercise. o making judgements: by written open questions. o communication skills: by written open questions. o learning skills: by a mid-term exam during the course
Full arguments- Introduction on the course: objectives, program, assessment. - The role of Risk Management for an effective control of risks: lessons from the crisis - The types of risks faced by financial intermediaries. - Analysis, measurement and valuation of the interest rate risk: the repricing gap model, the duration gap model, models based on cash-flow mapping, internal transfer rates. - The market liquidity risk and the funding risk - Analysis, measurement and valuation of market risks: the variance-covariance approach, VAR models: applications and limitations. - Analysis, measurement and valuation of the credit risk: probability of default, exposure at default, loss given default, credit scoring models, recovery risk and loss given default. - Rating models. - Loan pricing models. - The basic features of operational risk. - Risk management, capital requirements and prudential supervision of banks: from Basel 1 to Basel 3. - The process of capital allocation in banks. - Risk-adjusted performance measures. - Cost of capital and value creation in banks.

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CourseSTAGE
Course IDE0317
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
CFU8
Teaching duration (hours)64
Course typeAttività formativa monodisciplinare
Course categoryS - Insegnamento di sede
Year2
PeriodSecondo Semestre
Grading typeFinal judgment

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CourseSTAGE
Course IDE0317
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumCORSO GENERICO
CFU8
Course typeAttività formativa monodisciplinare
Course categoryS - Insegnamento di sede
Year2
Grading typeFinal judgment

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CourseSelezione e motivazione del personale
Course IDEC0020
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumMANAGEMENT E RISORSE UMANE
Teaching leaderMORELLI Chiara
TeachersMORELLI Chiara
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-P/10 - ORGANIZZAZIONE AZIENDALE
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryC - Affine o integrativo
Year2
PeriodSecondo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian
AbstractDevelopment of Human Resource Management Employee Recruitment and Selection Job descriptions and Person Specification Managing Performance Retention strategies Goal setting, performance evaluation and performance expectations
Reference textsREBORA G., La Direzione del Personale, Etas, 2009 This book is available in the library For attending and non-attending students, reference material (slides, case studies, articles) produced by the lecturers will be made available in the web page of the course at the URL: https://eco.dir.unipmn.it/
Teaching targetsThe purpose of the course is to equip students with the necessary knowledge, skills and abilities to manage human resources effectively in organizations. This course provides an overview of basic human resource management functions: recruitment, total rewards, compensation and benefits, training and development, and organizational behavior. This course examines how human resource managers promote the company's goals through Human Resource Development (HRD).
PrerequisitesNone
Didattics MethodsDifferent teaching tools will be used: a) traditional lessons in class; b) case studies, where the theories are presented in real business situations; c) guest speakers. The course is interactive and may involve carrying out simulations, guest speakers, real case studies discussions and group assignments.
Other informationsCourse attendance is facultative
Grading rulesFinal written exam both for attending and non-attending students.
Full argumentsOrganizational environment and people management Strategy and its relationship to people management Tools/inputs for HR decision making Planning for optimal utilization of people and talent Recruitment and selection Orientation and training Managing and enhancing performance Compensation issues and components Employee relations and worker issues Global companies and diversity challenges

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CourseTecnica e gestione delle imprese di assicurazione
Course IDEC0023
Academic Year2015/2016
Year of rule2013/2014
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
Teaching leaderVALLETTA Mario
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-P/11 - ECONOMIA DEGLI INTERMEDIARI FINANZIARI
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year2
PeriodSecondo Semestre
Grading typeFinal grade
Teaching languageItalian
AbstractN.B. Topics, teaching goals, teaching materials and the Course evaluation described below only apply to students whose undergraduate curriculum did not include any Course dealing with Insurance. In all other cases, students should complete an ad hoc syllabus agreed upon with the instructors. The Course deals with the role, the functions and the activities performed by insurance companies in the financial system and provides an in-depth insight about the functioning of the “insurance device” and the economic and technical characteristics of insurance contracts and private retirement plans. Furthermore, it aims at developing the knowledge of the different aspects of the management of insurance companies, from the underwriting process to asset-and-liability management, paying due attention to the EU and national regulatory framework. Both the nature and the dynamic of the need for private retirement plans are finally analysed.
Reference textso C. Porzio, D. Previati, R. Cocozza, S. Miani, R. Pisani, Economia delle imprese assicurative, McGraw-Hill, Milano, 2011. The textbook is available at the Library of the Department. o The instructors will provide articles, working papers and reports in order to deepen specific course topics by the course official web page at the following link: https://eco.dir.unipmn.it . The login to the web page requires a password; please contact the instructors to get it ( mario.valletta@uniupo.it or paola.zocchi@uniupo.it ).
Teaching targets1.Knowledge and understanding: the students will acquire the knowledges needed to understand: the features of the various types of “pure” risks as well as of the different techniques aimed at managing them; the features of the “insurance device”, including the conditions for the insurability of pure risks, the importance of mutuality, the logic underlying the pricing of insurance coverage, the nature and functions of technical reserves; the characteristics of insurance products and private retirement plans; the equilibrium conditions in the management of insurance companies and pension funds. 2. Applying knowledge and understanding: the ability to evaluate insurance and pension products by applying theoretical knowledges, and to evaluate the conditions of managerial equilibrium of insurance companies. 3. Making judgements: the ability of choosing the instruments best suited to satisfy insurance and pension needs and to evaluate their risks. 4. Communication skills: the students will acquire the ability to use the technical language used by professionals in the field at issue. The knowledge of the most important information sources will make them able to better support their arguments. 5. Learning skills: the students will become familiar with the most important information sources, web sites (financial markets, supervision authorities, research centers) and free databases. They will acquire the ability to analyze the characteristics and the risks of insurance products for personal or professional needs.
PrerequisitesNone.
Didattics Methods1. Knowledge and understanding: traditional face-to-face lessons and self-study based on teaching materials. During the Course some qualified guest speakers will be invited to share with the class their professional experience. 2. Applying knowledge and understanding: exercises carried-out by the teacher during the course and exercises based on previous written exams carried-out by the students (homework based on materials published on the course’s webpage). 3. Making judgments: students will be stimulated to make a judgemets on relevant cases, also through assignments and presentations. 4. Communication skills: the meaning of the terms used by professionals in the field of insurance will be adequately explained. 5. Learning skills: every topic will be discussed beginning from the illustration of the problem and then analyzing the various possible solutions.
Other informationsFurther information can be found in the Course official web page at the following link: https://eco.dir.unipmn.it
Grading rulesOne compulsory written exam (closed books and closed notes), covering the whole course syllabus and including exercises, with a 60-minute duration. During the period of teaching, all students may sit for a mid-term written exam covering the first part of the course contents. o knowledge and understanding: by written open questions. o applying knowledge and understanding: through exercise. o making judgements: by written open questions. o communication skills: by written open questions. o learning skills: by a mid-term exam during the course
Full arguments- Introduction on the course: objectives, program, assessment. - Risk and uncertainty. Pure risks vs. financial risks. - Methods of managing pure risks. - The features of the “insurance device” and elements of insurable risks. - Activities and functions performed by insurance companies. - The operational and economic characteristics of insurance contracts. - Life insurance: basic pricing methods, technical reserves, traditional contracts, unit- and index-linked contracts. - Property and Liability Insurance: basic pricing methods, technical reserves, types of contracts. - The management of insurance companies: the underwriting process and the financial aspects of insurance. - Coinsurance and reinsurance. - The business model of insurance companies and their balance sheet. - Capital requirements for insurance companies: from Solvency I to Solvency II. - The distribution of insurance products. - The need for private finance retirement products. - Types of private retirement products.

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CourseTecnica e gestione delle imprese di assicurazione
Course IDEC0023
Academic Year2015/2016
Year of rule2014/2015
Degree1407 - MANAGEMENT E FINANZA
CurriculumFINANZA
TeachersVALLETTA Mario, ZOCCHI Paola
CFU6
Teaching duration (hours)48
Individual study time 102
SSDSECS-P/11 - ECONOMIA DEGLI INTERMEDIARI FINANZIARI
Course typeAttività formativa monodisciplinare
Course mandatorietyMandatory course
Course categoryB - Caratterizzante
Year2
PeriodSecondo Semestre
SiteNOVARA
Grading typeFinal grade
Teaching languageItalian
AbstractN.B. Topics, teaching goals, teaching materials and the Course evaluation described below only apply to students whose undergraduate curriculum did not include any Course dealing with Insurance. In all other cases, students should complete an ad hoc syllabus agreed upon with the instructors. The Course deals with the role, the functions and the activities performed by insurance companies in the financial system and provides an in-depth insight about the functioning of the “insurance device” and the economic and technical characteristics of insurance contracts and private retirement plans. Furthermore, it aims at developing the knowledge of the different aspects of the management of insurance companies, from the underwriting process to asset-and-liability management, paying due attention to the EU and national regulatory framework. Both the nature and the dynamic of the need for private retirement plans are finally analysed.
Reference textso C. Porzio, D. Previati, R. Cocozza, S. Miani, R. Pisani, Economia delle imprese assicurative, McGraw-Hill, Milano, 2011. The textbook is available at the Library of the Department. o The instructors will provide articles, working papers and reports in order to deepen specific course topics by the course official web page at the following link: https://eco.dir.unipmn.it . The login to the web page requires a password; please contact the instructors to get it ( mario.valletta@uniupo.it or paola.zocchi@uniupo.it ).
Teaching targets1.Knowledge and understanding: the students will acquire the knowledges needed to understand: the features of the various types of “pure” risks as well as of the different techniques aimed at managing them; the features of the “insurance device”, including the conditions for the insurability of pure risks, the importance of mutuality, the logic underlying the pricing of insurance coverage, the nature and functions of technical reserves; the characteristics of insurance products and private retirement plans; the equilibrium conditions in the management of insurance companies and pension funds. 2. Applying knowledge and understanding: the ability to evaluate insurance and pension products by applying theoretical knowledges, and to evaluate the conditions of managerial equilibrium of insurance companies. 3. Making judgements: the ability of choosing the instruments best suited to satisfy insurance and pension needs and to evaluate their risks. 4. Communication skills: the students will acquire the ability to use the technical language used by professionals in the field at issue. The knowledge of the most important information sources will make them able to better support their arguments. 5. Learning skills: the students will become familiar with the most important information sources, web sites (financial markets, supervision authorities, research centers) and free databases. They will acquire the ability to analyze the characteristics and the risks of insurance products for personal or professional needs.
PrerequisitesNone.
Didattics Methods1. Knowledge and understanding: traditional face-to-face lessons and self-study based on teaching materials. During the Course some qualified guest speakers will be invited to share with the class their professional experience. 2. Applying knowledge and understanding: exercises carried-out by the teacher during the course and exercises based on previous written exams carried-out by the students (homework based on materials published on the course’s webpage). 3. Making judgments: students will be stimulated to make a judgemets on relevant cases, also through assignments and presentations. 4. Communication skills: the meaning of the terms used by professionals in the field of insurance will be adequately explained. 5. Learning skills: every topic will be discussed beginning from the illustration of the problem and then analyzing the various possible solutions.
Other informationsFurther information can be found in the Course official web page at the following link: https://eco.dir.unipmn.it
Grading rulesOne compulsory written exam (closed books and closed notes), covering the whole course syllabus and including exercises, with a 60-minute duration. During the period of teaching, all students may sit for a mid-term written exam covering the first part of the course contents. 1. knowledge and understanding: by written open questions. 2. applying knowledge and understanding: through exercise. 3. making judgements: by written open questions. 4. communication skills: by written open questions. 5. learning skills: by a mid-term exam during the course
Full arguments- Introduction on the course: objectives, program, assessment. - Risk and uncertainty. Pure risks vs. financial risks. - Methods of managing pure risks. - The features of the “insurance device” and elements of insurable risks. - Activities and functions performed by insurance companies. - The operational and economic characteristics of insurance contracts. - Life insurance: basic pricing methods, technical reserves, traditional contracts, unit- and index-linked contracts. - Property and Liability Insurance: basic pricing methods, technical reserves, types of contracts. - The management of insurance companies: the underwriting process and the financial aspects of insurance. - Coinsurance and reinsurance. - The business model of insurance companies and their balance sheet. - Capital requirements for insurance companies: from Solvency I to Solvency II. - The distribution of insurance products. - The need for private finance retirement products. - Types of private retirement products.

Close course details

Data synched: 11/10/2017, 12:07