Management And Finance

Academic program

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Course DIRITTO DEL GOVERNO DELLE IMPRESE
Course ID EA049
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
Teaching leader FREGONARA ELENA
Teachers Fregonara Elena
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD IUS/04 - DIRITTO COMMERCIALE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 2
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti The corporate governance PARTNERSHIPS STOCK COMPANIES LISTED COMPANIES COMPANY LIMITED BY SHARES LIMITED LIABILITY COMPANY COOPERATIVES SUPERVISED COMPANIES PUBLIC COMPANY GROUPS OF COMPANIES
Testi di riferimento An updated version of the Civil Code is essential. Other recommended readings: AA.VV., Diritto del governo delle imprese, diretto da Maurizio Irrera, Giappichelli, Torino, 2016.
Obiettivi formativi The 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. At the end of the academic course the student will be able to interpret and to apply the rules of law with an appropriate critical thinking and an appropriate legal language.
Prerequisiti Students must have proven knowledge of Commercial Law.
Metodi didattici Lectures, with suggestions for further readings and discussion.
Altre informazioni Will be exempt from the following topics only - cooperatives, category of shares, groups of companies and "patti di famiglia" - everyone who has in the course of study the teaching of corporate governance law by 6 ECTS.
Modalità di verifica dell'apprendimento The exam is written. Students are given the option of taking two written mid-term exams. Specifically, the exam consists of essay questions aimed at verifying an in-depth knowledge of the rules of law, the ability to apply the knowledge of the legal institutes to concrete cases and the ability to critically interpret the rules of law.
Programma esteso Notion of corporate governance and the historical relationship between the general assembly and the board of directors: Part I: MANAGEMENT - COMPETENCES - APPOINTMENT - PERSONAL REQUIREMENTS - PROHIBITION OF COMPETITION - COMPANIES DIRECTORS - TERMINATION - REPLACEMENT - STRUCTURE AND FUNCTIONING - ORGANISATIONAL STRUCTURE - DUTIES - REMUNERATION - LEGAL REPRESENTATION - LIABILITY AND BUSINESS JUDGMENT RULE - GENERAL DIRECTOR Part II: CONTROL SYSTEMS AND ALTERNATE CORPORATE GOVERNANCE SYSTEMS - MEMBER' S RIGHT OF CONTROL - STATUTORY AUDITORS - AUDIT - EXTERNAL CONTROL - INTERNAL SYSTEM CONTROL - “ORGANISMO DI VIGILANZA” - ONE-TIER AND TWO-TIER SYSTEMS Part III: OWNERSHIP, GOVERNANCE AND GROUPS OF COMPANIES - MEMBER'S INTERFERENCE IN THE MANAGEMENT AND THEIR LIABILITY - CLASSES OF SHARES - “PATTI DI FAMIGLIA” - GOVERNANCE AND GROUPS OF COMPANIES
Course borrowed from AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EA049 DIRITTO DEL GOVERNO DELLE IMPRESE - NOVARA
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Course PEOPLE & IDEAS
Course ID EC0196
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
Teaching leader AINA CARMEN
Teachers Aina Carmen
CFU 2
Teaching duration (hours) 15
Individual study time 35
SSD NN -
Course type Attività formativa monodisciplinare
Course category D
Year 2
Period Annuale
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti The objective of the course is to analyse the economic principles that govern employment relations and company choices in the area of human capital, provision of incentives, careers, bonuses and personnel recruitment that companies implement in the new socio-economic context represented by a knowledge-based society. The course is designed to provide students with the knowledge for working with and managing personnel and human resources in all the various company phases. In addition, students will learn how to deal with changes needed in the organizational structures and they will acquire further skills on the theme of leadership and assertiveness.
Testi di riferimento - P. Milgron and J. Roberts, Economics, Organization and Management, Prentice Hall, ed. 1992. This book is available in the library: I II - lectures and case studies provided by the professor and posted on the course website https://eco.dir.uniupo.it/ - Pepi De Caleo – Brucchi Luchino, Manuale di Economia del Lavoro, Il Mulino, 2015 (only for students without team work) . Further information can be found on the web page of the course at the URL: https://eco.dir.uniupo.it/
Obiettivi formativi The course, for students who present a team work, is divided into three modules. The first module aims to provide an economic approach about the fundamental information useful in understanding the logic behind managing and developing personnel within the companies. The second and third module is based on lectures by experts and case studies from the business world during which students will apply concepts learned during the lectures (sections I and II). Finally, these two modules, at the end, require a team work. The course itself is dynamic and rewards the active participation of students.
Prerequisiti None
Metodi didattici Module I: - lectures Module II: - lectures; - case studies; - team work. Module III: - lectures; - case studies; - layer expert lectures; - team work.
Modalità di verifica dell'apprendimento For students who made the two team works the final course grade is composed by: - written examination on module I (60 minutes) counts 50% of the final grade; - each team work (one for the module II and one for the module III) counts 25% of the final grade (both 50%). This grade is valid until the autumn session (September 2018); For students WITHOUT any team work: - 2 questions on the entire programme for not attending students.
Programma esteso Programme for students who made the presentation: Module I - theories of coordination and motivation (MR chap. 5 and 6); - coordination, motivation, and management (MR chap. 10, 11, 12 and 13). Module II & III - lectures by experts; - case studies; - team works . Programme for students NOT attending the course: Module I - the conceptual framework (MR chap. 1-2); - theories of coordination and motivation (MR chap. 3, 4, 5 and 6); - coordination, motivation, and management (MR chap. 10, 11, 12 and 13). Module II - selection and training of workers (Pepi De Caleo: chap. 7); - incentives (Pepi De Caleo: chap. 8); - compensating wage differentials (Pepi De Caleo: chap. 12).
Course borrowed from AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EC0016 Economia del personale - NOVARA
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Course LEADERSHIP E ASSERTIVITA': UNA COMBINAZIONE VINCENTE
Course ID EC0197
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
Teaching leader AINA CARMEN
Teachers Aina Carmen
CFU 2
Teaching duration (hours) 15
Individual study time 35
SSD NN -
Course type Attività formativa monodisciplinare
Course category D
Year 2
Period Annuale
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti The objective of the course is to analyse the economic principles that govern employment relations and company choices in the area of human capital, provision of incentives, careers, bonuses and personnel recruitment that companies implement in the new socio-economic context represented by a knowledge-based society. The course is designed to provide students with the knowledge for working with and managing personnel and human resources in all the various company phases. In addition, students will learn how to deal with changes needed in the organizational structures and they will acquire further skills on the theme of leadership and assertiveness.
Testi di riferimento - P. Milgron and J. Roberts, Economics, Organization and Management, Prentice Hall, ed. 1992. This book is available in the library: I II - lectures and case studies provided by the professor and posted on the course website https://eco.dir.uniupo.it/ - Pepi De Caleo – Brucchi Luchino, Manuale di Economia del Lavoro, Il Mulino, 2015 (only for students without team work) . Further information can be found on the web page of the course at the URL: https://eco.dir.uniupo.it/
Obiettivi formativi The course, for students who present a team work, is divided into three modules. The first module aims to provide an economic approach about the fundamental information useful in understanding the logic behind managing and developing personnel within the companies. The second and third module is based on lectures by experts and case studies from the business world during which students will apply concepts learned during the lectures (sections I and II). Finally, these two modules, at the end, require a team work. The course itself is dynamic and rewards the active participation of students.
Prerequisiti None
Metodi didattici Module I: - lectures Module II: - lectures; - case studies; - team work. Module III: - lectures; - case studies; - layer expert lectures; - team work.
Modalità di verifica dell'apprendimento For students who made the two team works the final course grade is composed by: - written examination on module I (60 minutes) counts 50% of the final grade; - each team work (one for the module II and one for the module III) counts 25% of the final grade (both 50%). This grade is valid until the autumn session (September 2018); For students WITHOUT any team work: - 2 questions on the entire programme for not attending students.
Programma esteso Programme for students who made the presentation: Module I - theories of coordination and motivation (MR chap. 5 and 6); - coordination, motivation, and management (MR chap. 10, 11, 12 and 13). Module II & III - lectures by experts; - case studies; - team works . Programme for students NOT attending the course: Module I - the conceptual framework (MR chap. 1-2); - theories of coordination and motivation (MR chap. 3, 4, 5 and 6); - coordination, motivation, and management (MR chap. 10, 11, 12 and 13). Module II - selection and training of workers (Pepi De Caleo: chap. 7); - incentives (Pepi De Caleo: chap. 8); - compensating wage differentials (Pepi De Caleo: chap. 12).
Course borrowed from AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EC0016 Economia del personale - NOVARA
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Course FINANZA IMMOBILIARE
Course ID EC0198
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
Teaching leader VALLETTA Mario
Teachers Valletta Mario
CFU 2
Teaching duration (hours) 15
Individual study time 15
SSD NN -
Course type Attività formativa monodisciplinare
Course category D
Year 2
Period Primo Semestre
Site NOVARA
Grading type V
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Course TURNARAOUND E RISTRUTTURAZIONE DEL DEBITO
Course ID EC0199
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
CFU 2
Teaching duration (hours) 15
Individual study time 35
SSD NN -
Course type Attività formativa monodisciplinare
Course category D
Year 2
Period Secondo Semestre
Site NOVARA
Grading type V
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Course AMMINISTRAZIONE DEL PERSONALE
Course ID EC0200
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
CFU 2
Teaching duration (hours) 15
Individual study time 35
SSD NN -
Course type Attività formativa monodisciplinare
Course category D
Year 2
Period Secondo Semestre
Site NOVARA
Grading type V
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Course LE STRATEGIE CREDITIZIE NEL NUOVO CONTESTO REGOLAMENTARE
Course ID EC0201
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
CFU 2
Teaching duration (hours) 15
Individual study time 35
SSD NN -
Course type Attività formativa monodisciplinare
Course category D
Year 2
Period Annuale
Site NOVARA
Grading type V
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Course FAIR VALUATION DI CONTRATTI ASSICURATIVI
Course ID EC0202
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
CFU 2
Teaching duration (hours) 15
Individual study time 35
SSD NN -
Course type Attività formativa monodisciplinare
Course category D
Year 2
Period Secondo Semestre
Site NOVARA
Grading type V
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Course ELECTIVE IN FINANZA
Course ID EC0203
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
Teaching leader FUSAI Gianluca
Teachers Fusai Gianluca
CFU 2
Teaching duration (hours) 15
Individual study time 35
SSD NN -
Course type Attività formativa monodisciplinare
Course category D
Year 2
Period Primo Semestre
Site NOVARA
Grading type V
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Course ELECTIVE IN MANAGEMENT E RISORSE UMANE
Course ID EC0204
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
Teaching leader MORELLI CHIARA
Teachers Morelli Chiara
CFU 2
Teaching duration (hours) 15
Individual study time 35
SSD NN -
Course type Attività formativa monodisciplinare
Course category D
Year 2
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
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Course ELECTIVE IN MANAGEMENT I
Course ID EC0205
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
Teaching leader MENOZZI ANNA
Teachers Menozzi Anna
CFU 2
Teaching duration (hours) 15
Individual study time 35
SSD NN -
Course type Attività formativa monodisciplinare
Course category D
Year 2
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian.
Risultati di apprendimento attesi Students will develop the ability to hypothesise the effect that new regulations will have on future products and services. After completing the course, the students will have a knowledge of the future of money, markets and transactions, and possible future trends in fintech, regtech and proptech
Contenuti Technology, which has always been a driver of growth and innovation, has revolutionized the financial sector with positive effects in terms of efficiency in many other sectors. There are numerous cases of "startup" companies emerged on the fintech scene that have redesigned the boundaries of the industry and imposed new interpretative paradigms of the success factors of the companies. This course will provide students with a comprehensive understanding of the multiple aspects of financial technology, including: regtech, proptech and frontiers of financial innovation.
Testi di riferimento Slides and teacher's notes.
Obiettivi formativi The course aims to provide students with the needed tools to understand the "FinTech" sector and its stakeholders, the evolution of the entrepreneurial ecosystem and the role of the consumer.
Prerequisiti No particular prerequisite is needed.
Metodi didattici The course will use a balanced set of different teaching methods (lectures, analysis and resolution of case studies) in order to develop the students' problem setting and problem solving skills.
Altre informazioni The course is held by Stefano Valvano, Partner and Managing Director, The Boston Consulting Group. Reuters, 9 giugno 2017: “U.S. business schools embrace 'fintech' as students clamor for courses”: http://www.reuters.com/article/us-usa-students-fintech-idUSKBN18Z20C
Modalità di verifica dell'apprendimento Discussion of case studies with the teacher.
Programma esteso o The panorama of the fintech and start up: geography and business areas o Focus on fintech, digital attackers and new customer experiences o The start-up innovation process: from unmet needs, to the prototype, to go to market o Impacts on traditional businesses: opportunity or threat o Examples of "corporate startupper": the Enjoy case.
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Course ELECTIVE IN MANAGEMENT II
Course ID EC0206
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
Teaching leader MENOZZI ANNA
Teachers Menozzi Anna
CFU 2
Teaching duration (hours) 15
Individual study time 35
SSD NN -
Course type Attività formativa monodisciplinare
Course category D
Year 2
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian.
Risultati di apprendimento attesi Students will develop the ability to hypothesise the effect that new regulations will have on future products and services. After completing the course, the students will have a knowledge of the future of money, markets and transactions, and possible future trends in fintech, regtech and proptech
Contenuti Smart working is an important lever for the digital transformation of companies and the country. Adopting forms of flexible working means not only changing the culture of companies and managers, but also spreading more digital skills among its employees.
Testi di riferimento Slides and teacher's notes.
Obiettivi formativi The course aims to provide students with the needed tools to understand that new models of work organization are possible, based on results and not presence as such and, therefore, independently and remotely achievable. The concept of digital working will be developed in order to better define that of smart, or agile, or remote, working with a focus on technology.
Prerequisiti No particular prerequisite is needed.
Metodi didattici The course will use a balanced set of different teaching methods (lectures, analysis and resolution of case studies) in order to develop the students' problem setting and problem solving skills.
Modalità di verifica dell'apprendimento Discussion of case studies with the teacher.
Programma esteso ) Lavoro digitale, lavoro intelligente, lavoro agile; 2) Nuovi modelli di organizzazione delle risorse; 3) Quanto è importante la tecnologia nell'organizzazione delle risorse; 4) Conseguenze sul profitto aziendale, sul benessere pubblico e sull'utilità individuale.
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Course Finanza quantitativa
Course ID EC0022
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum FINANZA
Teaching leader FUSAI Gianluca
Teachers Fusai Gianluca, Kyriakou Ioannis
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-S/06 - METODI MATEMATICI DELL'ECONOMIA E DELLE SCIENZE ATTUARIALI E FINANZIARIE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 2
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento English
Contenuti There are three modules: Module 1 – Term structure of interest rates, interest rate risk management, Black&Scholes formula and pricing of some classic derivatives. (Prof. Gianluca Fusai) - 4 CFU Module 2 – Monte Carlo Simulation and application to option pricing and risk measures. (Prof. Ioannis Kyriakou) - 2 CFU Module 2 – Asset Allocation and market and credit risk measures. (Prof. Gianluca Fusai) - 2 CFU
Testi di riferimento Teaching materials prepared by the instructors teaching material prepared by the teachers is published on the course web site (www.dir.uniupo.it). Other useful books: 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. Glasserman, Monte Carlo Methods In Financial Engineering, Springer-Verlag New York, 2003.. Springer Text Module 3 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.
Obiettivi formativi Module 1: at the end of the couse students should be able to: bootstrap the interest rate curve from market data, measuring and managing the interest rate risk of a portfolio; price some classic equity and interest rate derivatives. Module 2: students should be able to simulate stock price paths according to the most important stochastic processes, such as arithmetic and geometric Brownian motion, mean-reverting Gaussian processes and pricing equity derivatives by Monte Carlo simulation Module 2: the module introduces the following subjets: risk premium evaluation, market and credit risk measures, pricing of some derivative products.
Prerequisiti It’s advisable to have passed the Metodi Quantitativi exam.
Metodi didattici Lectures including both theory and exercises. Parts of the lectures will be run in the computer laboratory
Altre informazioni Attendance of the lecture class is not compulsory but is strongly recommended.
Modalità di verifica dell'apprendimento Written 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.
Programma esteso Module 1 – Interest rate structure and derivatives (Prof. Gianluca Fusai) - 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 – Monte Carlo simulation (Prof. Ioannis Kyriakou) 2 CFU Simulating random variables. Simulating returns and stock price paths. Applications to option pricing. Measuring the simulation error. Variance reduction techniques. Case studies in option pricing. Module 3 – Asset Allocation and market risk measurement (Prof. Gianluca Fusai) – 2 CFU Measuring the risk of portfolios. Equity and bond portfolio management: yield and risk measurement (standard deviation, value at risk (VAR) and expected shortfall (ES), duration and basis point value). Quantitative models for the evaluation of VAR and Expected Shortfall. Introduction to credit risk.
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Course RISK MANAGEMENT
Course ID EA081
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum FINANZA
Teaching leader VALLETTA Mario
Teachers Valletta Mario
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/11 - ECONOMIA DEGLI INTERMEDIARI FINANZIARI
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 2
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian (30 hours) and English (15 hours)
Contenuti The 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.
Testi di riferimento o 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 ).
Obiettivi formativi 1. 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.
Prerequisiti None.
Metodi didattici 1. 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.
Altre informazioni Further information can be found in the Course official web page at the following link: https://eco.dir.unipmn.it The Course is compliant with the standards established by the Italian Association of Financial Industry Risk Managers (AIFIRM).
Modalità di verifica dell'apprendimento One compulsory written exam consisting of six questions (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
Programma esteso - 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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Course Tecnica e gestione delle imprese di assicurazione
Course ID EC0023
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum FINANZA
Teaching leader VALLETTA Mario
Teachers Valletta Mario, Zocchi Paola
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/11 - ECONOMIA DEGLI INTERMEDIARI FINANZIARI
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 2
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi By giving a written exam, students must show: KNOWLEDGE - to know the fundamental features of the insurance “mechanism”; - to know the characteristics of the main types of both insurance and occupational pension contracts; - to know the fundamental profiles of the regulation of insurance contracts and insurance undertakings; - to know the logic underlying the definition of premiums and the quantification of technical reserves; - to know the features of insurance undertakings’ economic equilibrium model; COMPETENCES - to be able to interpret the technical and economic features of both insurance and occupational pension contracts from the contractor’s point of view; - to be able to interpret the technical and economic features of both insurance and occupational pension contracts from the insurer’s point of view; - to be able to analyze and evaluate the main economic margins of insurance companies (life and nonlife); - to be able to interpret the managerial implications of Solvency II regulatory environment; TRANSVERSAL SKILLS - to be able to interconnect among each other’s topics faced in different chapters of the course; - to be able to present a set of clear and structured arguments dealing with insurance theory and the management of life and nonlife insurance undertakings; - to be acquainted with the technical terminology used in the insurance sector at both the domestic and the international level; - to be able to read, comprehend and comment technical material from books, financial journals or other sources.
Contenuti N.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.
Testi di riferimento o 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 ).
Obiettivi formativi 1.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.
Prerequisiti None.
Metodi didattici 1. 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.
Altre informazioni Further information can be found in the Course official web page at the following link: https://eco.dir.unipmn.it
Modalità di verifica dell'apprendimento One compulsory written exam consisting of six questions (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
Programma esteso - 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.
Course borrowed to MANAGEMENT E FINANZA (1407) - EC0133 INSURANCE - NOVARA
MANAGEMENT E FINANZA (1407) - EC0133 INSURANCE - NOVARA
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Course ECONOMIA INTERNAZIONALE
Course ID E0169
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum FINANZA
Teaching leader AMIGHINI Alessia
Teachers Amighini Alessia
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/01 - ECONOMIA POLITICA
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category C
Year 2
Period Secondo Semestre
Site NOVARA
Grading type V
Course borrowed to MANAGEMENT E FINANZA (1407) - EC0126 INTERNATIONALE TRADE - NOVARA
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Course TEORIA DELL'INFORMAZIONE E CONGIUNTURA ITALIANA E INTERNAZIONALE
Course ID E0277
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum FINANZA
Teaching leader CARABELLI Anna Maria
Teachers Carabelli Anna Maria
CFU 12
Teaching duration (hours) 96
Individual study time 204
SSD SECS-P/01 - ECONOMIA POLITICA
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Annuale
Grading type V
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Course ECONOMIA DEL LAVORO
Course ID E0048
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum MANAGEMENT E RISORSE UMANE
Teaching leader BAICI Eliana
Teachers Baici Eliana, Mira D'ercole Marco
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-P/02 - POLITICA ECONOMICA
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 2
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti This is an integrated course with a duration of one semester divided into two modules. The first module of the course (6 cfu), Economics of Human Capital, aims to analyse the role that human capital plays in the development of the economic systems, within firms and in the life of each individual. The module will also analyse the role that labour market dynamics, at the national and international level, exert on the accumulation of human capital and how economic policy affects the choices of individuals and firms in terms of investment in education and training. The second module of the course (2 cfu), GDP and beyond, is about measures of well-being "beyond GDP". Most economic discussions, at both the national and international level, take GDP growth as the single overarching goal of all policies. This part of the course will discuss the foundation of this assumption, and highlight some of the practical implications that would follow from broadening the 'objective function' of policy makers to a broader range of factors. The quest for measures of well-being "beyond GDP" has become topical in many countries and circles, following the release of the Stiglitz-Sen-Fitoussi Report in 2009, and the course will describe some of the key issues that come to the fore when moving "beyond GDP".
Testi di riferimento Module 1 – Human Capital Economics (6 CFU): 1. Claudia Goldin, Human Capital, in Handbook of Cliometrics, Springer-Verlag Berlin Heidelberg 2016 2. T.W. Schultz, Investment in Human Capital, The America Economic Review, Vol. 51, No. 1 (March 1961) 3. Word Economic Forum, The Global Human Capital Report 2017 4. Pepi De Caleo - Brucchi Luchino, Manuale di economia del lavoro, Il Mulino, Bologna, 2015, capp. IV, V, VI, XI e XIV 5. Brucchi Luchino, Manuale di economia del lavoro, Il Mulino, Bologna, 2001, capp. VIII, IX, X, XI 6. George J. Borjas, Economia del lavoro, Francesco Brioschi Editore, 2010, capp. 5, 6, 10, 12, 8. - Material suggested during the lectures For further information, please consult the course page on D.I.R.: https://www.dir.uniupo.it/ Module 2 – GDP and beyond (2 CFU) − OECD (2011), How's Life? Measuring Well-being, Chapter 1, OECD Publishing − Coyle D. (video 2015), GDP: a brief but affectionate hystory − A. Deaton (2013), The Great Escape, chapters 5 and 6, Princeton U. P − UNECE (2014), Conference of European Statisticians Recommendations of Measuring Sustainable Development − W. Nordhaus (1999), "Sustainability and Economic Accounting", Annex A in William D. Nordhaus and Edward C. Kokkelenberg, Nature's Numbers: Expanding the National Economic Accounts to Include the Environment, National Research Council
Obiettivi formativi Economics of Human Capital aims to ensure that students know, understand and are able to analyze, making autonomous judgments, the main issues related to human capital investment by individuals, firms and society. At the end of the course, they will know, understand and critically discuss the theoretical models that analyze how individuals and firms make their own decisions about the accumulation of human capital through education, training and development of skills and abilities. They will also be able to understand and critically assess the impact of those decisions on the whole society not only in terms of net wealth. A further objective of the course is to make students able to analyze the role of the institutions and discuss the main economic policy interventions as well as to reflect on the empirical evidence related to the main industrialized countries.
Prerequisiti Micro- and Macroeconomics
Metodi didattici To reach the objectives of the course, the following teaching methods will be adopted: • Lectures, to illustrate the main arguments that the students should know; • Exercises in order to deepen the understanding of students about course content; • Testimonials, so that students can meet and interact with innovators and/or experts to understand how the knowledge acquired during the course is met in practice; • Presentations by group of students (potentially in English) to verify their capacity of analysis, synthesis, critical judgement and communication.
Altre informazioni Class attendance is optional, but recommended. Students, who attend lectures will have, additional possibilities if they sit the exam at the end of the course.
Modalità di verifica dell'apprendimento The exam is written. Students have to answer to 4 open questions within 60 minutes (max 7,5 points per question). The examination questions want to check if the student knows, understands and is able to use the theoretical models, in order to analyze the main themes, object of the course, and comment on the empirical evidence. Students, which have actively attended most of the classes and sit the exam during the winter session, can substitute one question with a class presentation.
Programma esteso Module 1 – Economics of Human Capital (Prof.ssa Eliana Baici) - 6 CFU: 1. Definition and measurement of human capital 2. Investment in education 3. Investments in training 4. Returns on human capital investment 5. Compensatory wage differentials 6. Discrimination 7. The regulation of the labour market 8. The role of the unions 9. Job market imperfections and unemployment 10. Labour mobility and immigration 11. Welfare 12. Firms and welfare Module 2 - GDP and beyond (Prof. Marco Mira D’Ercole) - 2 CFU: 1. General introduction • Introduction and general goals • National Accounts principles • Limits of GDP as a welfare metric • The ‘economic problem’ and beyond • How to understand well-being, and why does it matter? 2. Dimensions of individual well-being • Econs; the traditional economist view of people’s well-being • Moving beyond Econs: Behavioural economics: how humans behave; Differences between commodities; Status and relative comparisons; Beyond commodities: functionings and capabilities; Subjective well-being • Universal dimensions of people’s well-being? • Operationalisation through indicators: scoreboards, single summary measures • What matters the most to people? 3. From individual well-being to social welfare: the role of inequalities • Social welfare and inequalities • Inequalities in income: concepts and measures, within- and across-countries, the global distribution of income, realities and perceptions • Other types of inequalities: wealth, health, skills; outcomes and opportunities • The low-end of the distribution • Drivers of income (and other) inequalities • Inequalities and policy making 4. Social welfare over time: sustainability [and wrapping-up] • The 'capital stock' approach to sustainability • Different types of capital: economic capital, human capital, social capital, natural capital • An overall assessment of sustainability? • Sustainability and policy making • Wrapping up: what have we discussed in these lessons? Experiences in policy use.
Course borrowed from MANAGEMENT E FINANZA (1407) - EC0155 ECONOMIA DEL CAPITALE UMANO - NOVARA
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Course Selezione e motivazione del personale
Course ID EC0020
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum MANAGEMENT E RISORSE UMANE
Teaching leader MORELLI CHIARA
Teachers Morelli Chiara
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/10 - ORGANIZZAZIONE AZIENDALE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category C
Year 2
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti Development of Human Resource Management Employee Recruitment and Selection Job descriptions and Person Specification Managing Performance Retention strategies Goal setting, performance evaluation and performance expectations
Testi di riferimento REBORA 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/
Obiettivi formativi The 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).
Prerequisiti None
Metodi didattici Different 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.
Altre informazioni Course attendance is facultative.
Modalità di verifica dell'apprendimento Final written exam (60 minutes/ 4 open questions)
Programma esteso Organizational 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
Course borrowed from MANAGEMENT E FINANZA (1407) - EC0162 ORGANIZZAZIONE E GESTIONE DELLE RISORSE UMANE - NOVARA
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Course Mercati emergenti
Course ID EC0021
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum MANAGEMENT E RISORSE UMANE
Teaching leader TADINI MARCELLO
Teachers Tadini Marcello
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD M-GGR/02 - GEOGRAFIA ECONOMICO-POLITICA
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category C
Year 2
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi Identifying Emerging Markets Ability to analyze and select emerging markets
Contenuti The 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.
Testi di riferimento During 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
Obiettivi formativi The 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.
Prerequisiti None.
Metodi didattici The teaching will be conducted through lectures, held by the teacher or by experts, and through exercises and group discussions.
Modalità di verifica dell'apprendimento The examination consists of a written test on the texts mentioned above and provides insights on the topics covered in class.
Programma esteso The 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
Course borrowed to MANAGEMENT E FINANZA (1407) - EC0136 MERCATI EMERGENTI - NOVARA
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Course MARKETING AVANZATO
Course ID EA069
Academic Year 2017/2018
Year of rule 2016/2017
Degree MANAGEMENT E FINANZA
Curriculum MANAGEMENT E RISORSE UMANE
Teaching leader MENOZZI ANNA
Teachers Menozzi Anna
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 2
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian.
Risultati di apprendimento attesi 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.
Contenuti Research in quantitative marketing, which variables to represent marketing objectives?, demand of goods and marketing strategies, models to represent consumer demand, hedonic prices, conjoint analysis, , digital marketing.
Testi di riferimento Wayne 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. Slides in Moodle. Possible further lectures distributed during the lessons and then made available in Moodle, with specific indication of their mandatory/optional nature as far as the final examination is concerned.
Obiettivi formativi Analysis 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.
Prerequisiti The course does not require any particular prerequisite.
Metodi didattici Teacher-led lessons (theory and exercises). Lessons will be held in Italian. As often as possible, lessons will take place in the computer classroom to allow the use of Excel.
Altre informazioni Useful 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.
Modalità di verifica dell'apprendimento The exam takes different forms depending on whether the student has attended the course or not. A student is said to be “attending” if he/she prepared a presentation in team and presented it in front of the class both the Adidas and the Panini cases (see part 1 and part 2 of the exam for attending students). Students who will attend the “Fintech and Startup” course (Stefano Valvano) will be granted 2 additional points. a. Attending students The final exam consists of three parts: 1. Presentation of the Panini case (10/30); 2. Presentation of the Adidas case (10/30); 3. Written exam (12/30). The two presentations (of about 20’ each) must be prepared in team of at least 3 and no more than 5 persons. The presentations could be given and written in English or Italian. The presentations will be based on the lessons given by the Adidas’ expert and by the Panini’s experts (see calendar). The grade obtained in each presentation is unique and will be assigned to all team 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 both presentations: 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. 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). Students can take up to 3 consecutive written tests during the exams sessions of June/July 2018, September 2018, January/February 2019. 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). Students can take up to 3 consecutive written tests during the exams sessions of June/July 2018, September 2018, January/February 2019.
Programma esteso 1. 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. Introduction to the concept of elasticity. 12. The elasticity of demand to price, cross elasticity of demand, income elasticity of demand. 13. Conjoint analysis. 14. Digital marketing.
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Course STRATEGIE E POLITICHE D'IMPRESA
Course ID EC0134
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader MAGGI Davide
Teachers Maggi Davide, Seddio Pasquale
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/07 - ECONOMIA AZIENDALE
Course type Attività formativa monodisciplinare
Course mandatoriety OPZ
Course category C
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Course borrowed from MANAGEMENT E FINANZA (1407) - EC0157 STRATEGIE, POLITICHE D'IMPRESA E PEOPLE STRATEGY - NOVARA
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Course BUSINESS INFORMATION MANAGEMENT
Course ID EC0129
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader CANDIOTTO Roberto
Teachers Candiotto Roberto, Gandini Silvia
CFU 4
Teaching duration (hours) 30
Individual study time 70
SSD NN -
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category F
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi At the end of the course, students will be able to: 1) implement personal and interpersonal skills to strengthen individual performance in the workplace; 2) apply technical skills to address business applications of emerging technologies.
Contenuti Data processing, visualization, and analysisData simulation modelsDatabase managementBusiness Intelligence applicationsWhat-if analysisData management for decision-making processes
Testi di riferimento F. Borazzo - R. Candiotto, Applicazioni aziendali con Excel, Apogeo, 2013R. Candiotto, Analisi di bilancio con Excel, Apogeo, 2010Walkenbach J., Excel 2016 Bible, John Wiley & Sons, 2015
Obiettivi formativi The course aims to develop skills for the evaluation of opportunities arising from the use of Information Technology in companies and the management of software applications, useful for collecting and organizing data in accordance with business needs. Students will be able to analyze and processing data in order to produce appropriate information to support decision-making processes.In particular, the course is aimed to:develop sophisticated spreadsheets to effectively communicate quantitative informationcollect and process data to produce meaningful informationvisualize data with appropriate graphs and chartscommunicate information clearly and efficientlyinspect data with the goal of discovering useful information and effective conclusionsmodel data to support decision-making processesformulate a database and perform data manipulation, including sorting and extraction of datause several sets of values in one or more formulas to explore different resultstrim down time normally consumed by repetitive tasks that involve complex calculationssupport management activities by importing external data in Excel
Metodi didattici Lessons will provide the theoretical basis for developing targeted exercises, based on the main functionalities of Ict tools.Lessons and exercises will take place in the computer lab.
Modalità di verifica dell'apprendimento Final exam will check students’ ability to use Ict productivity tools.During the course, attending students perform excercises in the computer lab and, for the final exam, they can finalize their preparation using files posted on DIR.Non-attending students, in view of ordinary exams, can finalize their preparation developing skills on the text F. Borazzo - R. Candiotto, Applicazioni aziendali con Excel, Apogeo, 2013
Programma esteso - Fundamental aspects of data presentations- Advanced formulas and functionalities- Advanced graphic features - Pivot tables- What-if tables - Scenarios- Solver and goal seek- Spreadsheets for problem solving activities- Data management and query on external databases- Dashboards- Macro Recording
Course borrowed to MANAGEMENT E FINANZA (1407) - EC0129 BUSINESS INFORMATION MANAGEMENT - NOVARA
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Course SERVITIZATION STRATEGY
Course ID EC0131
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/07 - ECONOMIA AZIENDALE
Course type Attività formativa monodisciplinare
Course mandatoriety OPZ
Course category C
Year 1
Period Annuale
Grading type V
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Course ECONOMIA DELL'INNOVAZIONE
Course ID EC0132
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teachers Zagler Martin
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/06 - ECONOMIA APPLICATA
Course type Attività formativa monodisciplinare
Course mandatoriety OPZ
Course category C
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian and English.
Contenuti The grade in Labour Economics and Economics of Innovation (12 CFU) is the arithmetic mean of the two separate exams. For each module: Non participants: o Written exam (45 min) (max 30 points) Participants: o Written exam (45 min): (max 20 points) o Active participation in class (max 4 points) o Presentation (max 8 points) Students attending the module of Labour Economics will be given an additional exam at the end of this course.
Testi di riferimento Modulo 2 – Economics of innovation (Prof. Martin Zagler) – 6 CFU - Fagerberg, J., D. C. Mowery and R. R. Nelson (2007), Innovazione, Carocci, Roma. [0 – 3; 5; 7; 8] - Malerba, F. (2000), Economia dell’innovazione, Carocci, Roma. [1, 13, 14] - Garavaglia, C. (2010), Economia Industriale: Esercizi e Applicazioni, Carocci, Roma. [13] - Florio, A. (2003), Il finanziamento alle imprese innovative: Quale ruolo per il sistema bancario? [p. 1 - 9] - Slides at http://sites.google.com/site/upodisei/ [.] indicates chapters for the June and September 2016 exams for participating students.
Obiettivi formativi The module on the economics of innovation aims to illustrate the concepts of growth and innovation in an economic system. The students will know the sources of economic growth in the long run. In addition, they will learn the reasons for the innovative activities, elements that support research and development, and the peculiarities of the functioning of markets in innovative environment.
Prerequisiti Micro and Macroeconomics
Metodi didattici To reach the objectives which the course on the Economics of Innovation has established, the following didactical methods will be adopted: • Lectures, where the main arguments that the students should apprehend will be illustrated; • Exercises in order to deepen the understanding of students the material discussed during lectures; • Testimonials, so that students can meet and interact with innovators and/or experts in the field of innovation, so that students understand how the knowledge acquired during the course is met in practice; • Group presentations of students (potentially in English) to verify their capacity of analysis, synthesis, critical judgement and communication.
Altre informazioni Attendance is voluntary, but suggested. Students that attend will have a separate exam in the summer session.
Modalità di verifica dell'apprendimento The grade in Labour Economics and Economics of Innovation (12 CFU) is the arithmetic mean of the two separate exams. The exam for Economics of Innovation is written. Students which have participated in less than 75% of classes (to be verified through an attendance list) have to reply to 3 open questions within 45 minutes (max 10 points per question). Students which have participated in at least 75% of classes (to be verified through an attendance list) and give the exam during the summer session can substitute one question with active participation and a presentation during class. In this case the final grade is determined in the following way: • max 10 points for the presentation; • max 9 points for each of the 2 questions; • max 3 points for active participation in class.
Programma esteso 1. INNOVATION o Definitions o Empirical Facts 2. THEORY OF INNOVATION o Schumpeter 1 o Schumpeter 2 o Neoclassical theory o Evolutionary theory 3. THE INNOVATIVE FIRM o Market structure o The innovative firm 4. INTELLECTUAL PROPERTY o Patents 5. THE INNOVATIVE SYSTEM o Institutions o The education system o The financing of innovation o Sectorial innovation systems 6. COMPETITIVNESS 7. ECONOMIC POLICY
Course borrowed from AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EC0028 Economia dell'innovazione - NOVARA
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Course INSURANCE
Course ID EC0133
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader VALLETTA Mario
Teachers Valletta Mario, Zocchi Paola
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/11 - ECONOMIA DEGLI INTERMEDIARI FINANZIARI
Course type Attività formativa monodisciplinare
Course mandatoriety OPZ
Course category C
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi By giving a written exam, students must show: KNOWLEDGE - to know the fundamental features of the insurance “mechanism”; - to know the characteristics of the main types of both insurance and occupational pension contracts; - to know the fundamental profiles of the regulation of insurance contracts and insurance undertakings; - to know the logic underlying the definition of premiums and the quantification of technical reserves; - to know the features of insurance undertakings’ economic equilibrium model; COMPETENCES - to be able to interpret the technical and economic features of both insurance and occupational pension contracts from the contractor’s point of view; - to be able to interpret the technical and economic features of both insurance and occupational pension contracts from the insurer’s point of view; - to be able to analyze and evaluate the main economic margins of insurance companies (life and nonlife); - to be able to interpret the managerial implications of Solvency II regulatory environment; TRANSVERSAL SKILLS - to be able to interconnect among each other’s topics faced in different chapters of the course; - to be able to present a set of clear and structured arguments dealing with insurance theory and the management of life and nonlife insurance undertakings; - to be acquainted with the technical terminology used in the insurance sector at both the domestic and the international level; - to be able to read, comprehend and comment technical material from books, financial journals or other sources.
Contenuti N.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.
Testi di riferimento o 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 ).
Obiettivi formativi 1.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.
Prerequisiti None.
Metodi didattici 1. 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.
Altre informazioni Further information can be found in the Course official web page at the following link: https://eco.dir.unipmn.it
Modalità di verifica dell'apprendimento One compulsory written exam consisting of six questions (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
Programma esteso - 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.
Course borrowed from MANAGEMENT E FINANZA (1407) - EC0023 Tecnica e gestione delle imprese di assicurazione - NOVARA
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Course FONDAMENTI DI BUSINESS ANALYTICS
Course ID EC0135
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader FUSAI Gianluca
Teachers Fusai Gianluca
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-S/06 - METODI MATEMATICI DELL'ECONOMIA E DELLE SCIENZE ATTUARIALI E FINANZIARIE
Course type Attività formativa monodisciplinare
Course mandatoriety OPZ
Course category C
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti Aims of the course are to give to corporate decision-makers the ability 1. to assess the profitability of their decisions 2. which avenue of expansion or investment to go down and, crucially, when to take that leap 3. how to implement the theory to maximize investment opportunities by utilizing uncertainty as an asset and reducing downside risk. The course is a journey through real options, from the basics to more advanced topics such as options and game theory. The course is also strongly suggested to students with a major in Management & Finance
Testi di riferimento Guthrie, Graeme. 2009. Real Options in Theory and Practice, New York: Oxford University Press.
Obiettivi formativi By the end of this course, students should be able to: • demonstrate an understanding of the real options approach to decision making • estimate the values of the parameters needed to implement this approach • identify the most important options embedded in a decision problem and represent them using a decision tree, via softward like Matlab and Excel • use dynamic programming and modern theories of asset valuation to derive an optimal decision rule • interpret observed firm behaviour in terms of the real options embedded in decision problems • communicate the results of real options analysis at a level that senior decision makers can understand
Prerequisiti None
Metodi didattici Lectures including both theory and exercises. Excel and Matlab will be used
Altre informazioni Additional 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.
Modalità di verifica dell'apprendimento Individual or Group Coursework with discussion, 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.
Programma esteso Material will be drawn from the following list: • The modelling framework • Valuing single-period cash flows • Valuing multi-period cash flows • Monte Carlo simulation and scenario analysis • Combining valuation and decision making; options that do not affect the state of a project • Simple timing options • Compound timing options; uber-compound timing options; switching options • Learning options • Calibration using spot and futures price data • Calibrating trees of alternative state variables • Case studies: forestry management and valuation; developing a gas field; commercial real estate development • Excel e Matlab will largely used in the course. Lectures on how to use them will be also given.
Course borrowed from AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EC0069 Fondamenti di Business Analytics - NOVARA
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Course VALUTAZIONE E STRATEGIE DI INVESTIMENTO
Course ID EC0122
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader ERBETTA Fabrizio
Teachers Erbetta Fabrizio
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi - Knowledge and understanding: at the end of the course, the student will have to acquire knowledge about the financial principles of valuation of industrial investments. - Ability to apply knowledge and understanding: at the end of the course, the student will have acquired the ability to implement industrial investment assessment models by adopting a "problem solving" approach, by selecting appropriate variables for the purpose of decision making. - Cross-skills: Judgment autonomy: the student will have acquired the ability to collect and re-elaborate information useful to the investment selection process; Communicative Skills: The student will have acquired the ability to communicate and interact with his / her interlocutors using a suitable financial language; Learning Skills: The student will have cognitive and analytical tools that will enable him/her to deal with decision-making problems autonomously
Contenuti The course describes the theory and practice of decision making processes in capital budgeting, ie in the field of industrial investment choices. In particular, the course compares different methodologies used in investment decisions. A particular focus will then be devoted to the appropriate calibration of the models based on the inherent risk of the projects being analyzed.
Testi di riferimento Brealey R.A., Myers S.C., Allen F., sandri S. (2015) "Capital Budgeting", Forth Edition, McGraw-Hill, Milan with the exclusion of paragraph 5.4, of chapters 6 and 13.
Obiettivi formativi The course aims at providing students with the tools they need to understand the issues related to some aspects of industrial investment decisions, while delineating a method of structuring analysis functional to the problem solving. The training course requires students to develop: - knowledge and understanding of models for strategic and operational analysis in support of industrial investment decision-making; - the ability to apply the proposed models in specific problems of managerial and entrepreneurial decisions; - the ability to interpret and evaluate the effects of managerial choices on value creation for the company and its shareholders.
Prerequisiti No prerequisite
Metodi didattici Frontal lessons and exercises, oriented to developing a "problem-solving" approach.
Modalità di verifica dell'apprendimento The exam is written and also alows to obtain the laude. The written exam consists of two parts: - The theoretical part, which allows a maximum score of 15 points, is intended to verify the understanding of the issues addressed and is made up of questions that can be both open and closed. - The applied part, which allows a maximum score of 17 points, aims to verify the ability to apply knowledge through a stylized case where some issues related to investment decisions are formulated. The written vote can be supplemented with an optional oral test, according to which the written vote can be increased (but also reduced) by up to 3 points. The oral examination, in which questions may have both a theoretical and applied nature, may be supported only on the date fixed for the registration of the votes of the written examination. Only students who have obtained a sufficient grade (higher than or equal to 18/30) are eligible for oral examination.
Programma esteso - Part I. Introduction to Finance and industrial investment issues: the role of financial manager. - Part II. Financial analysis and planning: financial planning models. - Part III. Financial and short term planning: construction and analysis of financial statements. - Part IV. Present Value: introduction of the Present Value concept and calculation mode; role of cost-opportunity of capital. - Part V. Determining the Present Value of constant and growing rents, perpetual and non-perpetual. - Part VI. Comparison between different valuation methodologies (Net Present Value, Internal Rate of Return, Recovery Period, Profitability Index). - Part VII. Practical issues in the area of ​​investment assessment using the Net Present Value method. - Part VIII. Introduction to Risk, Performance and Cost-Opportunities of Capital - Part IX. Methods for determining the fair expected return on risky investment projects. - Part X. Risk and Capital Budgeting. Determination of weighted average cost of capital - Part XI. Sensitivity analysis and real options associated with investment decisions.
Course borrowed to AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EC0013 Financial management - NOVARA
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Course METHODS OF OPERATIONS MANAGEMENT
Course ID EC0121
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader SALINELLI Ernesto
Teachers Salinelli Ernesto, Gambaro Anna Maria
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-S/06 - METODI MATEMATICI DELL'ECONOMIA E DELLE SCIENZE ATTUARIALI E FINANZIARIE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti Linear programming, project management, queueing theory, inventory management.
Testi di riferimento - Bellenzier L., Grassi R., Stefani S., Torriero A., Metodi quantitativi per il Management, Esculapio, 2012. - Hillier S., Lieberman G.J., Ricerca Operativa, 9/ed., McGraw Hill, 2010 (please follow the instructions published on the DIR site)
Obiettivi formativi At the end of the course, the student should know the technical instruments of operation management, in order to solve simple management problems using a quantitative approach. They should learn concepts and terminology of some optimization procedure techniques and project management. They should also be able to apply quantitative methods to simple problems also using Excel and to justify in a sufficiently rigorous way the implemented solutions.
Prerequisiti Solution of Linear Algebraic systems. Notions of random variable and probability distribution. Basic differential calculus in one or more variables.
Metodi didattici Lectures and practise exercise and computer laboratory.
Modalità di verifica dell'apprendimento One written exam and an optional oral exam. Written exam: - three exercises to verify the ability of applying the studied techniques to practical problems and/or to discuss the results, - one theoretical question to assess the knowledge level and the technical language. Oral exam: - theoretical questions to test communication skills - analysis of practical problems to test the reasoning ability. The exam can be replace by one mid-term exam plus one final exam the week after the end of the course.
Programma esteso Linear programming: examples, definitions, simplex algorithm and its implementation in Excel. Duality, sensitivity analysis with exemplifications in Excel, Integer Linear Programming (HINT). Project management: project graphs, Gantt chart, CPM and PERT. Queueing theory: definition and properties of a queueing system, Markovian queue. Inventory management: Economic order quantity model with deterministic demand, one period model with random demand, basic idea of the dynamic programming technique.
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Course PRICE MANAGEMENT
Course ID EC0123
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader ABRATE Graziano
Teachers Abrate Graziano
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi - Understanding the role of pricing strategies within business management. - Understanding the economic, psychological and operational principles behind pricing decision. - Ability to evaluate and formulate pricing decisions in specific context.
Contenuti Price is one of the most significant marketing mix components and has a significant impact on business profitability in the short and long term. 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 most innovative pricing strategies, price management on the web, dynamic pricing strategies, and revenue management.
Testi di riferimento Slides, 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. 1) H. Simon, D. Zatta, M. Fassnacht (2013). Price management: Strategia, analisi e determinazione del prezzo. Franco Angeli Editore. 2) K. Talluri & G. Van Rizin (2004). The Theory and Practice of Revenue Management. Springer. Chapter 1. 3) J. Raju, Z.J. Zhang (2010). Smart Pricing: How Google, Priceline, and Leading Businesses Use Pricing Innovation for Profitability. Pearson Prenctice Hall.
Obiettivi formativi Understanding and formulating pricing strategies, coherently with the value delivered to consumers.
Prerequisiti None
Metodi didattici Lectures, exercises and group discussions.
Modalità di verifica dell'apprendimento The 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.
Programma esteso -The strategic role of price and its impact on profitability - The basic elements of pricing decisions: costs, market demand and competition. From the cost-based approach to the value-based approach: benefits and complexity. - Economic analysis: willingness to pay and demand elasticity. Competition, market power and strategic reactions. - Psychological aspects of consumer behavior. The contribution of prospect theory. - Price optimization for individual products and multiple products. - Market segmentation and price differentiation. Analysis of specific pricing strategies: nonlinear prices, price bundling, versioning. - Managing price variations over time: strategic and tactical decisions. - Skimming and penetration strategies. - Peak load pricing: static and dynamic approach. - Short-term price management. Revenue management and dynamic pricing strategies. Applications to specific industries. - Internet pricing management. The role of online platforms. The relationship between pricing strategies and online reputation (E-WOM). - Pricing and the sharing economy. - Empirical models for estimating the willingness to pay. The "hedonic" pricing model. The role of reputational quality.
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Course CONGIUNTURA ITALIANA ED INTERNAZIONALE ED INTERNATIONAL TRADE
Course ID EC0124
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader AMIGHINI Alessia
Teachers Carabelli Anna Maria, Amighini Alessia
CFU 12
SSD SECS-P/01 - ECONOMIA POLITICA, SECS-P/02 - POLITICA ECONOMICA
Course type Attività formativa integrata
Course mandatoriety OBB
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Modules
Course ID Course SSD Teachers Agenda web
EC0125CONGIUNTURA ITALIANA ED INTERNAZIONALE SECS-P/01 - ECONOMIA POLITICA Carabelli Anna Maria
EC0126INTERNATIONALE TRADE SECS-P/02 - POLITICA ECONOMICA Amighini Alessia
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Course CONGIUNTURA ITALIANA ED INTERNAZIONALE ED INTERNATIONAL TRADE: CONGIUNTURA ITALIANA ED INTERNAZIONALE
Course ID EC0125
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader CARABELLI Anna Maria
Teachers Carabelli Anna Maria
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/01 - ECONOMIA POLITICA
Course type Modulo di sola Frequenza
Course mandatoriety OBB
Course category B
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Course borrowed to MANAGEMENT E FINANZA (1407) - EC0125 CONGIUNTURA ITALIANA ED INTERNAZIONALE - NOVARA
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Course CONGIUNTURA ITALIANA ED INTERNAZIONALE ED INTERNATIONAL TRADE: INTERNATIONALE TRADE
Course ID EC0126
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader AMIGHINI Alessia
Teachers Amighini Alessia
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/02 - POLITICA ECONOMICA
Course type Modulo di sola Frequenza
Course mandatoriety OBB
Course category B
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Course borrowed from MANAGEMENT E FINANZA (1407) - E0169 ECONOMIA INTERNAZIONALE - NOVARA
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Course MANAGERIAL INCENTIVES
Course ID EC0127
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader MENOZZI ANNA
Teachers Menozzi Anna
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi At the end of the course, the student will be able to: 1.Define the firm as a focal point for a set of contracts. 2.Identify important owner-manager conflicts, as well as other potential stakeholder conflicts. 3.Explain how contracts can be used to help control incentive problems. 4.List the important trade-offs in effective compensation plans. 5.Identify the various forms of incentive pay and discuss the controversy surrounding incentive pay. 6.Describe the decision authority and incentives of shareholders, boards of directors, and top management of large corporations. 7.Explain how market forces contribute to corporate governance.
Contenuti In recent years, a number of corporate problems around the world have reinforced the perception that managers are unwatched. The course starts by emphasizing the importance of managerial accountability. Then, the course offers a review of the various instruments and factors that help align managerial incentives with those of firm. A special attention is devoted to the objective of the firm, namely, whom managers should be accountable to.
Testi di riferimento Brickely, Smith, Zimmerman - Managerial Economics and Organizational Brickely, Smith, Zimmerman - Managerial Economics and Organizational Architecture. Irvin McGraw Hill, sesta edizione (capitoli X, XV, XVII) Tirole. The Theory of Corporate Finance. Princeton University Press (chapter I). For non-attending student only: 1) Andonov, A., Yael V. Hochberg and Joshua D. Rauh (2017), "Political Representation and Governance: Evidence from the Investment Decisions of Public Pension Funds", forthcoming, Journal of Finance; 2) Adams, Renée B. and Ragunathan, Vanitha (2014). “Lehman Sisters”. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2380036. 3) Renée B. Adams, Ali C. Akyol, and Patrick Verwijmeren (2017), "Director skill sets". https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2365748
Obiettivi formativi Comprehension of the managerial incentives systems and problems in relation to firm objectives and performance.
Prerequisiti The course does not require any particular prerequisite.
Metodi didattici Teacher-led lessons (theory and exercises).
Altre informazioni Course attendance is not mandatory but it is highly recommended. Useful 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)
Modalità di verifica dell'apprendimento The exam takes different forms depending on whether the student has attended the course or not. A student is said to be “attending” if he/she prepared a presentation in team and presented it in front of the (see part 1 of the exam for attending students). a. Attending students The final exam consists of two parts: 1. Presentation in front of the class (10/30); 2. Written exam (22/30). The presentation (of about 20’) must be prepared in team of at least 3 and no more than 5 persons. The presentations may be given and written in English or Italian. The presentation will be based on one or more scientific articles chosen by the students among the ones proposed by the teacher in the dedicated section in Moodle. The presentation will focus on a subject included in the course arguments. The grade obtained in the presentation is unique and will be assigned to all team 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 last 2 hours and will consist of 5/6 short questions and 1/2 exercises. Examples of questions and exercises included in the written exam can be found in the "Self-evaluation problems" and "Review questions" sections at the end of each chapter of Brikley, Smith, Zimmerman (sixth edition). 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). Students can take up to 3 consecutive written tests during the exams sessions of June/July 2018, September 2018, January/February 2019. 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 written exam will last 2 hours and will consist of 7/8 short questions and 1/2 exercises. Examples of questions and exercises included in the written exam can be found in the "Self-evaluation problems" and "Review questions" sections at the end of each chapter of Brikley, Smith, Zimmerman (sixth edition). 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). Students can take up to 3 consecutive written tests during the exams sessions of June/July 2018, September 2018, January/February 2019.
Programma esteso 1) The separation of ownership and control 2) Dysfunctional corporate governance 2.1 Lack of transparency 2.2 Runaway compensation 2.3 Tenous link between performance and compensation 3) Managerial incentives: an overview 3.1 Monetary incentives 3.2 Implicit incentives 3.3 Monitoring 3.4 Product-market competition 4) The board of directors 4.1 Reforming the board 4.2 What link from performance to board compensation? 4.3 Do codes matter? 5) Shareholder Value or Stakeholder Society? 5.1 The Corporate Social Responsibility View 5.2 The Stakeholder Society: incentives and control issues 5.3 Implicit incentives and managerial missions 6) Anecdotes and empirical regularities on managerial incentives and corporate performance.
Course borrowed to MANAGEMENT E FINANZA (1407) - EC0127 MANAGERIAL INCENTIVES - NOVARA
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Course COST MANAGEMENT AND PERFORMANCE MANAGEMENT
Course ID EC0128
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Marketing and Operations Management
Teaching leader SONGINI LUCREZIA
Teachers Songini Lucrezia, Riva Patrizia, Vola Paola
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-P/07 - ECONOMIA AZIENDALE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category C
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi Al termine del corso gli studenti saranno in grado: 1. di utilizzare in modo autonomo sia gli strumenti a supporto della pianificazione e gestione del livello dei costi futuri, sia i meccanismi volti a misurare e valutare i costi e le performance aziendali in ottica non solo strategica, ma anche di sostenibilità; 2. di progettare, comprendere e utilizzare sistemi di misurazione delle performance aziendali bilanciati 3. di leggere e comprendere il bilancio integrato.
Contenuti The course is divided into three integrated didactic modules, closely linked to each other. The current competitive context, characterized by consumption and information economy and lean enterprise approach, requires companies to adopt consistent and innovative managerial mechanisms. Among them, cost management and performance management tools are particularly relevant. These tools are represented by the entire set of managerial mechanisms that, supporting company’s strategies, deal with cost planning and management, and, ultimately, profitability. The course presents tools and methodologies supporting the planning of future costs level and profitability both under firm’s performance and sustainability point of view. The focus is not only on corporate performance but also on strategic units and functions. Moreover, the course tackles the issue of managers’ evaluation based on cost management and performance management tools. Then, a specific module is dedicated to non-financial communication for both internal and external stakeholders. Integrated reporting techniques are in-depth presented. Teaching methods include case studies discussion and companies’ presentations.
Testi di riferimento Adopted books, both for attending and non-attending students, are: - Songini L. “Target Costing: pianificazione e gestione dela redditività”, Milano, EGEA. - Pistoni A., Songini L. “Reporting e valore. Misurazione delle performance aziendali”, Milano, EGEA, first part – chap. from 1 to 4. - Songini L., Pistoni A. “Sustainability Disclosure: State of the Art and new directions”, Emerald, 2015. - Paola Vola “La pianificazione strategica per il family business: mappa strategica e balanced scorecard”, Aracne Editrice, 2012, chap. 2 - Paola Vola, in L. Brusa, “Sistemi Manageriali di programmazione e controllo” Giuffrè, seconda edizione, 2012, chap. 7, par 7.4 – L’Activity Based Management – e chap. 2, par. 2.19. – Altri approcci di cost accountig: cenni – - Riva P. “Le misure non finanziarie nel Sistema di bilancio. Comunicare le misure di performance” EGEA, chap. 1, 2 e 3, 2001. Only some parts of the cited texts have to be studied by students. Some texts will be available to students in pdf formt. Both for attending and non-attending students, didactic material includes also slides, case studies and papers made available by teachers. A part of didactic material is in English. Didactic material is available on DIR course web site at https://www.dir.uniupo.it
Obiettivi formativi The course aims at presenting design criteria and operating modes of cost management and performance management tools, making students able to use them in different contexts. Consequently, course objectives are: 1. Learning of cost management and performance management tools; 2. Developing skills to use acquired knowledge; 3. Developing skills to exploit cost management and performance management tools in different contexts; 4. Developing skills to implement cost management systems, balanced scorecards, and integrated reports including all non-financial measures.
Prerequisiti None
Metodi didattici The course exploits three different teaching methods: 1. Traditional lessons, in which issues, problems, solutions and tools are presented to students; 2. Case studies, that present theoretical issues in practical and real situations (also multi-media case studies will be used); 3. Companies /professionals presentations by entrepreneurs, managers, foreign professors, and experts. 4. Students’ direct involvement with teamwork case studies presentations, and “role games”. The course is highly interactive considering students’ involvement through teamwork, monographic insights and real case studies discussions. Teamwork will focus on course issues in order to put into practise principles, methodologies, and techniques presented during traditional lessons. Course attendance is not mandatory but is highly recommended.
Altre informazioni None
Modalità di verifica dell'apprendimento Per tutti gli studenti, frequentanti e non frequentanti, l’esame consiste in una prova scritta. Tale prova prevede sia domande aperte, volte a verificare l’apprendimento delle conoscenze trasmesse nel corso, sia l’analisi e discussione critica di un caso aziendale, al fine di verificare il livello di sviluppo, da parte dello studente, di capacità di applicare le conoscenze e di giudicare e affrontare in modo autonomo e critico uno specifico contesto aziendale. Nel caso di partecipazione al lavoro di gruppo, al voto ottenuto nella prova scritta si sommerà il punteggio ottenuto nel lavoro di gruppo. Tale punteggio considererà in particolare le capacità e abilità di comprensione di un contesto aziendale, di applicazione critica di modelli e strumenti di comunicazione dei risultati proposti in modo efficace (tramite, ad esempio, presentazioni in PowerPoint strutturate). Non è possibile sostenere l’esame dei tre moduli in date d’appello diverse, in quanto la prova d’esame si intende unitaria.
Programma esteso The topic of the course are the following: FIRST PART –PROF.SSSA SONGINI 1. The new economic context. Information economy and lean enterprise: managerial challenges; 2. Company’s profitability determinants; 3. Strategic cost management and performance management: general framework; 4. Strategic cost management and profitability methodologies and tools: target costing, life cycle costing, interorganizational cost management systems. SECOND PART – PROF.SSA VOLA 5. Costs improvement methodologies and tools: activity based costing and activity based management, kaizen costing, etc; 6. Strategy implementation: methodologies and tools for the evaluation of firm performance (balanced scorecard, performance pyramid, etc) THIRD PART – PROF.SSA RIVA 7. Non-financial measures, as primary issues to be communicated to stakeholders; 8. The historical path from balance sheet to integrated report; 9. Reading and drafting integrated report.
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Course VALUTAZIONI D'AZIENDA E IFRS 3
Course ID EC0143
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Finanza
Teachers Comoli Maurizio, Bavagnoli Francesco, Campra Maura
CFU 10
SSD SECS-P/07 - ECONOMIA AZIENDALE
Course type Attività formativa integrata
Course mandatoriety OBB
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Modules
Course ID Course SSD Teachers Agenda web
EC0144VALUTAZIONI D'AZIENDA SECS-P/07 - ECONOMIA AZIENDALE Comoli Maurizio, Bavagnoli Francesco
EC0145IFRS 3 SECS-P/07 - ECONOMIA AZIENDALE Campra Maura
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Course VALUTAZIONI D'AZIENDA E IFRS 3: VALUTAZIONI D'AZIENDA
Course ID EC0144
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Finanza
Teachers Comoli Maurizio, Bavagnoli Francesco
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-P/07 - ECONOMIA AZIENDALE
Course type Modulo di sola Frequenza
Course mandatoriety OBB
Course category B
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti The 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 valuation in special contexts (Prof. Bavagnoli) – 4 CFU Rules of thumb and market data Market multiples and comparable transactions A deeper examination of multiples From firm’s equity value to the value of an investment Control premium and minority discount Brand valuation Business valuation reporting – structure and content.
Testi di riferimento L. 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/
Obiettivi formativi 1. Knowledge and understanding: The students will know and understand the methods, tools and main problems related to business valuation in the context of their specific purposes: merger and acquisitions, asset deals or stock deals, valuation of a control or a minority stock, measurement of company’s performance, valuations for financial reporting, brand valuation. Frontal teaching activity and team working will allow the students to realize which are the most appropriate valuation methods. Moreover the students will be able to understand the relationships between strategy, valuation and value creation or destruction. 2. Applying knowledge and understanding: The students will acquire the capacity to apply the acquired knowledge and the principles of business valuation. Discussion of case studies will allow students to professionally deal with valuation assignments, performing a proper fundamental analysis and eventually finalizing the valuation. 3. Making judgements: The students will develop independent judgement capacity, critical thinking and ability to relate theoretical topics to applications. In comparing theoretical tools and practical applications, the students will acquire capacity of reflection and interpretation of information needed to manage the valuation process. Building on these knowledge and understanding they will be able to deliver professional valuations in real situations, building their own judgement on strong economic, financial and ethical foundations. 4. Communication skills: The students will acquire mastership of expression and proper technical language for business valuations. The development of these communication skills will make the students capable of articulating in a proper format professional valuations. 5. Learning skills: The students will acquire a high level of learning ability that will make them autonomous in developing their own technical and practical knowledge. Specifically the students will be able to face the upcoming challenges in their professional careers and in the rest of their academic life, also being able to individually analyse in depth specific topics related to business valuation.
Prerequisiti None
Metodi didattici Lectures, exercises, case studies.
Altre informazioni Class attendance is voluntary (not mandatory).
Modalità di verifica dell'apprendimento The outcome of the learning process is checked through written exams, whereby the students will be required to articulate relevant topics discussed in the course, providing evidence of the acquired knowledge by means of answers to open questions of theoretical and/or applied nature. The students can pass the exam through two different procedures: - two written partial tests which are held, the first at the end of the first half of the course, and the second at the end of it (the second test can be taken only by students who have passed the first one with the score at least of 18/30). Students who positively pass both written tests automatically get the final grade (determined as an arithmetic average of the scores of the two tests). - general all-inclusive test (covering all of the course’s contents). If the students don’t pass one of the two partial tests or if they choose the general test, they will take a written exam covering all of the course’s contents.
Course borrowed from AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - E0146 VALUTAZIONI D'AZIENDA - NOVARA
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Course VALUTAZIONI D'AZIENDA E IFRS 3: IFRS 3
Course ID EC0145
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Finanza
Teaching leader CAMPRA Maura
Teachers Campra Maura
CFU 2
Teaching duration (hours) 15
Individual study time 30
SSD SECS-P/07 - ECONOMIA AZIENDALE
Course type Modulo di sola Frequenza
Course mandatoriety OBB
Course category C
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Teaching language: Italian
Contenuti Course content: The International Financial Reporting Standard IFRS 3. Accounting for business combinations according to IFRS 3, with a specific focus on mergers. Scope of the IFRS 3, the acquisition method: identifying the acquirer and the consideration paid, the net asset value of the acquired assets and liabilities of the acquiree, the difference between the two amounts and its accounting treatment.
Testi di riferimento Reference material: Principio contabile internazionale IFRS 3. A.A.V.V. – IAS/IFRS – Ipsoa Editore – Gruppo Wolters Kluwer Italia, Milano, last edition, cap. XXX – IFRS3. Other material provided by the lecturer.
Obiettivi formativi Educational aims: The course aims at providing knowledge and understanding of business combinations in the perspective of international accounting standards IAS/IFRS.
Prerequisiti Prerequisites: None
Metodi didattici Teaching methods: The course includes 15 hours of lessons in class (2ECTS). To facilitate the learning process, the sessions in class (essential to successfully pass the exam) will be distributed among theoretical lessons and practical interactive exercises, which aim at providing the understanding of the concepts stated in the standards. Outside of the class, the students are required to individually study the subjects discussed and to practice with exercises that will be indicated by the lecturer, in order to evaluate the effective learning of the students. The course includes frontal lessons, interactive applications, and case studies.
Altre informazioni Other information: Class attendance is voluntary (not mandatory) and recommended.
Modalità di verifica dell'apprendimento Examination: Written exam. For this part of the course 1 or more case studies will be assigned, which will include exercises and open questions. The assessment of the exams is rendered with grades in a 30-point scale. Depending on the difficulty of the assignments the time available for the students to complete the tasks may vary between 20 and 45 minutes.
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Course PRICING DI DERIVATI E TEORIA DEL PORTAFOGLIO
Course ID EC0142
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Finanza
Teaching leader LONGO Giovanni
Teachers Longo Giovanni, Centrone Francesca
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-S/06 - METODI MATEMATICI DELL'ECONOMIA E DELLE SCIENZE ATTUARIALI E FINANZIARIE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi Module 1 - By the end of the couse students should be able to price and replicate forward contracts; to bootstrap the interest rate curve from market data, to price and use swaps both for curve construction and hedging instrument; to know how to boostrap the interest rate curve with the Nelson&Siegel model and to use it for measuring and hedging interest rate risk. To know how to construct a binomial model for stochastic evolution of underlying assets and to use it for pricing and hedging some classic derivatives. To know the Black&Scholes formula (as a limit of the binomial model) and to use it both for pricing and hedging. To know the Black formula for pricing some classic interest rate derivatives. To know how to decompose a structured contract and, with the skills got during the course, to price and hedge them.
Contenuti There are two modules 4 CFU each: Module 1 – Prof. Giovanni Longo – Forward contract, term structure of interest rates, FRA, swap, bootstrapping by Nelson&Siegel model, interest rate risk management, binomial model, Black&Scholes and Black formulas, pricing of some classic derivatives and structured products. Module 2 – Prof.ssa Francesca Centrone The main notions and problems concerning classical Portfolio Theory (Markowitz model, CAPM, APT) are presented and discussed, and the most important result derived analitically. The main features and problems in Portfolio Theory are faced. Basic notions about Risk measures theory ad Risk Parity are also introduced.
Testi di riferimento Module 1 - Teaching material downloadable on the course web site (www.dir.uniupo.it). Other useful books (available at the library): 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 1) G. Castellani, M. De Felice, F. Moriconi, Manuale di Finanza II, Teoria del portafoglio e Mercato Azionario. Il Mulino. 2005. 2) C. Huang, R. H. Litzenberger. Foundations for Financial Economics. Prentice Hall. 1988. All the textbooks can be found in the Department library. 3) Supplementary material (slides) is provided on the course page on www.dir.uniupo.it
Obiettivi formativi Module 1 - By the end of the couse students should be able to price and replicate forward contracts; to bootstrap the interest rate curve from market data, to price and use swaps both for curve construction and hedging instrument; to know how to boostrap the interest rate curve with the Nelson&Siegel model and to use it for measuring and hedging interest rate risk. To know how to construct a binomial model for stochastic evolution of underlying assets and to use it for pricing and hedging some classic derivatives. To know the Black&Scholes formula (as a limit of the binomial model) and to use it both for pricing and hedging. To know the Black formula for pricing some classic interest rate derivatives. To know how to decompose a structured contract and, with the skills got during the course, to price and hedge them. Modulo 2 - By the end of the module, the student should have acquired a suitable knowledge of the quantitative tools to understand the main themes in Portfolio Theory in a critical way. The student should also have developped the right sensibility and comprehension skills to solve problems in this context.
Prerequisiti Contents of the courses of Metodi Matematici I, II and Statistics. To know how to use Excel.
Metodi didattici Lectures including both theory and exercises. Parts of the lectures will be run in the computer laboratory.
Altre informazioni Attendance of the lecture class is not compulsory but is strongly recommended.
Modalità di verifica dell'apprendimento Module 1 - Written exam in italian. The exam will require the solution of advanced problems on a pc. 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 some complex and structured problems. Modulo 2 - A compulsory written exam and a facultative oral exam, both in italian. The written exam is composed by 4 exercises intended to check the ability to solve short problems concerning Decision Theory under uncertainty and Portfolio Theory, and a long exercises intended to test the knowledge and the critical understanding of the models presented, The oral exam is intended to check a deeper critical comprehension of the presented topics and can be substained only if one obtains a grade equal or greater than 18/30 in the written exam. To obtain the laude it is compulsory to substain the oral exam. Note: It is compulsory to enroll in the exams via the infobox platform. Exceptions will not be accepted. Exams of the two modules are independent. They can be taken in different sessions and without having to respect any order. The exam of the single module is considered passed if the vote is not less than 15/30. If accepted on the infobox platform, it will remain valid for 2 years, otherwise it is lost. The whole exam is passed when both modules are passed and the average result of not less than 18/30 (also the result of the last module has to be accepted on the infobox). The record of the whole exam is done by “appelli verbalizzanti” fixed at the end of each session. Also for them it is necessary to enroll through infobox, indicating in the notes the date of the passed modules (with acceptance of the votes).
Programma esteso Module 1 – Forward contracts. Characteristics of the contract, long and short positions, replicating portfolio, with dividend, and/or costs. Value of a forward contract. Interest rate construction from market data, FRA and Swaps. Linear interpolation and bootstrapping through Nelson&Siegel. Use of the model for sensitivity analysis and hedging of interest rate instruments. 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. Module 2 - Portfolio Theory Random variables and optimization: refresh. Basic notions of Decision Theory under Uncertainty. The problem of the construction of a portfolio of risky assets. The Markowitx mean-varianze problem, the efficient frontier sithout and with a riskless asset. Problems connected with the estimation of the paramenters. Sharpe index and risk premium. CAPM and APT. Introduction to risk measures and risk parity. Black and Littermann model. Case studies.
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Course STATISTICA PER LA FINANZA
Course ID EC0147
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Finanza
Teaching leader GOIA Aldo
Teachers Goia Aldo
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-S/01 - STATISTICA
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti The course introduces to the analysis of financial data and simulation techniques in the financial framework by using some hoc softwares.
Testi di riferimento Lecture notes. References: - R. Carmona (2014). Statistical Analysis of Financial Data in R. Springer. - S.T.Rachev, M. Hochestotter, F.J.Fabozzi, S.M. Focardi (2010) Probability and Statistics for Finance. Wiley.
Obiettivi formativi The aim of the course is the knowledge and the mastery of inferential methods and main forecasting techniques. Moreover, the course aims to provide the ability to apply these techniques autonomously in a financial context and to present the results effectively.
Prerequisiti Linear algebra, calculus, elements of probability and statistics.
Metodi didattici Lectures, exercises, computer lab lessons.
Modalità di verifica dell'apprendimento The evaluation is based on a compulsory written and oral exam including: - theoretical questions whose scope is to verify the knowledge level, - exercises to verify the abilities in applying the introduced numerical tools, - structured problems to test abilities in providing coherent comments on the results and communicating them with a proper statistical language.
Programma esteso 1. Elements of probability. Random variables and distributions. Generating functions. Random Vectors. 2. Statistical Inference. Empirical estimates and maximum likelihood method. Confidence interval. 3. Testing hypothesis. Errors of I and II type. Critical region. Power of a test. P-value. Parametric tests. Goodness-of-fit tests. 4. Multiple linear regression. OLS principle. Test on coefficients and test F. 5. Credit Risk models and forecasting. Logistic regression. 6 Intoduction to stochastic processes. Weak stationarity. AR and MA models. Brownian motion. Simulation of a random process.
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Course INVESTMENT BANKING
Course ID EC0146
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Finanza
Teaching leader CAPIZZI Vincenzo
Teachers Capizzi Vincenzo
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-P/11 - ECONOMIA DEGLI INTERMEDIARI FINANZIARI
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento English
Risultati di apprendimento attesi By giving a written exam, students must show: KNOWLEDGE - To be aware of the role and operations of investment banks and financial advisors. - To know the accounting, appraisal, legal and tax issues underlying an investment banking deal COMPETENCES - To be able to evaluate the feasibility of an investment banking deal - To be able to design the structure of an investment banking deal - To be able to identify the investment bank or the advisor to get access to originate and implement an investment banking deal TRANSVERSAL SKILLS - To be able to interconnect among each other’s topics faced in different chapters of the course - To be able to present a set of clear and structured arguments dealing with the design and structure of a giving investment bank deal - To know the technical terminology used by professionals, advisors and investment bankers at both the domestic and the international level - To be able to read, comprehend and comment technical material from books, financial journals or other source
Contenuti The 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
Testi di riferimento Required 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.uniupo.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. Third Edition, Elsevier, Cambrigde, MA, 2018
Obiettivi formativi 1.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
Prerequisiti None
Metodi didattici 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
Altre informazioni Class 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
Modalità di verifica dell'apprendimento One 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.
Programma esteso 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 to AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EA046 CORPORATE E INVESTMENT BANKING - NOVARA
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Course BUSINESS INTELLIGENCE FOR FINANCE
Course ID EC0149
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Finanza
Teaching leader GAMBARO ANNA MARIA
Teachers Gambaro Anna Maria
CFU 4
Teaching duration (hours) 30
Individual study time 70
SSD NN -
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category F
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti The main objective of the course is to provide students with the basic IT tools used in quantitative finance. The course will mainly be applicative with numerous examples and exercises using Matlab and Excel programs. The course is at the introductory level and will be the basis for further study in the following curriculum courses.
Testi di riferimento Slides and handouts distributed during classes, with support of Mathworks online tutorial (https://it.mathworks.com/services/training/online.html).
Obiettivi formativi Basic knowledge of the Matlab programming language and some applications for quantitative finance purposes. Computer algorithms will be accompanied by theoretical references where necessary. During the course, students will learn to correctly apply the numerical algorithms studied, knowing their functionalities and limits and acquiring an autonomous evaluation capacity. In addition, students will acquire the typical technical language of computer programming and will also develop the ability to comment and justify the implemented solutions.
Metodi didattici Classes in computer laboratory.
Modalità di verifica dell'apprendimento Qualifying examination (no mark). Three exercises will be proposed. In order to pass the examination two of them have to be correct.
Programma esteso 1. Introduction to Matlab: variables, for loop and if logical operator, functions, plots, read data from Excel sheet, write data to Excel sheet. 2. Matrices in Matlab: calculus with matrices, inverse, determinant, solution of linear systems. 3. Quadratic programming in Matlab (quadprog) with theory. 4. Solutions of non linear systems in Matlab ( fzero and/or fsolve) with theory. 5. Optimization in Matlab (fminunc) with theory. 6. Some basic applications in Finance and Statistics.
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Course DIRITTO DEI MERCATI FINANZIARI
Course ID EC0150
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Finanza
Teaching leader FREGONARA ELENA
Teachers Fregonara Elena
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD IUS/04 - DIRITTO COMMERCIALE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti The corporate governance PARTNERSHIPS STOCK COMPANIES LISTED COMPANIES COMPANY LIMITED BY SHARES LIMITED LIABILITY COMPANY COOPERATIVES SUPERVISED COMPANIES PUBLIC COMPANY GROUPS OF COMPANIES
Testi di riferimento An updated version of the Civil Code is essential. Other recommended readings: AA.VV., Diritto del governo delle imprese, diretto da Maurizio Irrera, Giappichelli, Torino, 2016.
Obiettivi formativi The 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. At the end of the academic course the student will be able to interpret and to apply the rules of law with an appropriate critical thinking and an appropriate legal language.
Prerequisiti Students must have proven knowledge of Commercial Law.
Metodi didattici Lectures, with suggestions for further readings and discussion.
Altre informazioni Will be exempt from the following topics only - cooperatives, category of shares, groups of companies and "patti di famiglia" - everyone who has in the course of study the teaching of corporate governance law by 6 ECTS.
Modalità di verifica dell'apprendimento The exam is written. Students are given the option of taking two written mid-term exams. Specifically, the exam consists of essay questions aimed at verifying an in-depth knowledge of the rules of law, the ability to apply the knowledge of the legal institutes to concrete cases and the ability to critically interpret the rules of law.
Programma esteso Notion of corporate governance and the historical relationship between the general assembly and the board of directors: Part I: MANAGEMENT - COMPETENCES - APPOINTMENT - PERSONAL REQUIREMENTS - PROHIBITION OF COMPETITION - COMPANIES DIRECTORS - TERMINATION - REPLACEMENT - STRUCTURE AND FUNCTIONING - ORGANISATIONAL STRUCTURE - DUTIES - REMUNERATION - LEGAL REPRESENTATION - LIABILITY AND BUSINESS JUDGMENT RULE - GENERAL DIRECTOR Part II: CONTROL SYSTEMS AND ALTERNATE CORPORATE GOVERNANCE SYSTEMS - MEMBER' S RIGHT OF CONTROL - STATUTORY AUDITORS - AUDIT - EXTERNAL CONTROL - INTERNAL SYSTEM CONTROL - “ORGANISMO DI VIGILANZA” - ONE-TIER AND TWO-TIER SYSTEMS Part III: OWNERSHIP, GOVERNANCE AND GROUPS OF COMPANIES - MEMBER'S INTERFERENCE IN THE MANAGEMENT AND THEIR LIABILITY - CLASSES OF SHARES - “PATTI DI FAMIGLIA” - GOVERNANCE AND GROUPS OF COMPANIES
Course borrowed from AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EA049 DIRITTO DEL GOVERNO DELLE IMPRESE - NOVARA
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Course TEORIA DELL'INFORMAZIONE ED ECONOMIA E POLITICA MONETARIA
Course ID EC0148
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Finanza
Teaching leader SONEDDA Daniela
Teachers Carabelli Anna Maria, Sonedda Daniela
CFU 14
Teaching duration (hours) 105
Individual study time 245
SSD SECS-P/01 - ECONOMIA POLITICA
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Annuale
Site NOVARA
Grading type V
Lingua insegnamento Italian
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Course ORGANIZZAZIONE E GESTIONE DELLE RISORSE UMANE
Course ID EC0162
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader MORELLI CHIARA
Teachers Morelli Chiara
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-P/10 - ORGANIZZAZIONE AZIENDALE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti Development of Human Resource Management Employee Recruitment and Selection Job descriptions and Person Specification Managing Performance Retention strategies Goal setting, performance evaluation and performance expectations
Testi di riferimento REBORA 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/
Obiettivi formativi The 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).
Prerequisiti None
Metodi didattici Different 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.
Altre informazioni Course attendance is facultative.
Modalità di verifica dell'apprendimento Final written exam (60 minutes/ 4 open questions)
Programma esteso Organizational 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
Course borrowed to MANAGEMENT E FINANZA (1407) - EC0020 Selezione e motivazione del personale - NOVARA
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Course INSURANCE
Course ID EC0133
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader VALLETTA Mario
Teachers Valletta Mario, Zocchi Paola
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/11 - ECONOMIA DEGLI INTERMEDIARI FINANZIARI
Course type Attività formativa monodisciplinare
Course mandatoriety OPZ
Course category C
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi By giving a written exam, students must show: KNOWLEDGE - to know the fundamental features of the insurance “mechanism”; - to know the characteristics of the main types of both insurance and occupational pension contracts; - to know the fundamental profiles of the regulation of insurance contracts and insurance undertakings; - to know the logic underlying the definition of premiums and the quantification of technical reserves; - to know the features of insurance undertakings’ economic equilibrium model; COMPETENCES - to be able to interpret the technical and economic features of both insurance and occupational pension contracts from the contractor’s point of view; - to be able to interpret the technical and economic features of both insurance and occupational pension contracts from the insurer’s point of view; - to be able to analyze and evaluate the main economic margins of insurance companies (life and nonlife); - to be able to interpret the managerial implications of Solvency II regulatory environment; TRANSVERSAL SKILLS - to be able to interconnect among each other’s topics faced in different chapters of the course; - to be able to present a set of clear and structured arguments dealing with insurance theory and the management of life and nonlife insurance undertakings; - to be acquainted with the technical terminology used in the insurance sector at both the domestic and the international level; - to be able to read, comprehend and comment technical material from books, financial journals or other sources.
Contenuti N.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.
Testi di riferimento o 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 ).
Obiettivi formativi 1.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.
Prerequisiti None.
Metodi didattici 1. 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.
Altre informazioni Further information can be found in the Course official web page at the following link: https://eco.dir.unipmn.it
Modalità di verifica dell'apprendimento One compulsory written exam consisting of six questions (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
Programma esteso - 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.
Course borrowed from MANAGEMENT E FINANZA (1407) - EC0023 Tecnica e gestione delle imprese di assicurazione - NOVARA
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Course ECONOMIA DEL CAPITALE UMANO
Course ID EC0155
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader BAICI Eliana
Teachers Baici Eliana, Mira D'ercole Marco
CFU 8
Teaching duration (hours) 60
Individual study time 140
SSD SECS-P/02 - POLITICA ECONOMICA
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti This is an integrated course with a duration of one semester divided into two modules. The first module of the course (6 cfu), Economics of Human Capital, aims to analyse the role that human capital plays in the development of the economic systems, within firms and in the life of each individual. The module will also analyse the role that labour market dynamics, at the national and international level, exert on the accumulation of human capital and how economic policy affects the choices of individuals and firms in terms of investment in education and training. The second module of the course (2 cfu), GDP and beyond, is about measures of well-being "beyond GDP". Most economic discussions, at both the national and international level, take GDP growth as the single overarching goal of all policies. This part of the course will discuss the foundation of this assumption, and highlight some of the practical implications that would follow from broadening the 'objective function' of policy makers to a broader range of factors. The quest for measures of well-being "beyond GDP" has become topical in many countries and circles, following the release of the Stiglitz-Sen-Fitoussi Report in 2009, and the course will describe some of the key issues that come to the fore when moving "beyond GDP".
Testi di riferimento Module 1 – Human Capital Economics (6 CFU): 1. Claudia Goldin, Human Capital, in Handbook of Cliometrics, Springer-Verlag Berlin Heidelberg 2016 2. T.W. Schultz, Investment in Human Capital, The America Economic Review, Vol. 51, No. 1 (March 1961) 3. Word Economic Forum, The Global Human Capital Report 2017 4. Pepi De Caleo - Brucchi Luchino, Manuale di economia del lavoro, Il Mulino, Bologna, 2015, capp. IV, V, VI, XI e XIV 5. Brucchi Luchino, Manuale di economia del lavoro, Il Mulino, Bologna, 2001, capp. VIII, IX, X, XI 6. George J. Borjas, Economia del lavoro, Francesco Brioschi Editore, 2010, capp. 5, 6, 10, 12, 8. - Material suggested during the lectures For further information, please consult the course page on D.I.R.: https://www.dir.uniupo.it/ Module 2 – GDP and beyond (2 CFU) − OECD (2011), How's Life? Measuring Well-being, Chapter 1, OECD Publishing − Coyle D. (video 2015), GDP: a brief but affectionate hystory − A. Deaton (2013), The Great Escape, chapters 5 and 6, Princeton U. P − UNECE (2014), Conference of European Statisticians Recommendations of Measuring Sustainable Development − W. Nordhaus (1999), "Sustainability and Economic Accounting", Annex A in William D. Nordhaus and Edward C. Kokkelenberg, Nature's Numbers: Expanding the National Economic Accounts to Include the Environment, National Research Council
Obiettivi formativi Economics of Human Capital aims to ensure that students know, understand and are able to analyze, making autonomous judgments, the main issues related to human capital investment by individuals, firms and society. At the end of the course, they will know, understand and critically discuss the theoretical models that analyze how individuals and firms make their own decisions about the accumulation of human capital through education, training and development of skills and abilities. They will also be able to understand and critically assess the impact of those decisions on the whole society not only in terms of net wealth. A further objective of the course is to make students able to analyze the role of the institutions and discuss the main economic policy interventions as well as to reflect on the empirical evidence related to the main industrialized countries.
Prerequisiti Micro- and Macroeconomics
Metodi didattici To reach the objectives of the course, the following teaching methods will be adopted: • Lectures, to illustrate the main arguments that the students should know; • Exercises in order to deepen the understanding of students about course content; • Testimonials, so that students can meet and interact with innovators and/or experts to understand how the knowledge acquired during the course is met in practice; • Presentations by group of students (potentially in English) to verify their capacity of analysis, synthesis, critical judgement and communication.
Altre informazioni Class attendance is optional, but recommended. Students, who attend lectures will have, additional possibilities if they sit the exam at the end of the course.
Modalità di verifica dell'apprendimento The exam is written. Students have to answer to 4 open questions within 60 minutes (max 7,5 points per question). The examination questions want to check if the student knows, understands and is able to use the theoretical models, in order to analyze the main themes, object of the course, and comment on the empirical evidence. Students, which have actively attended most of the classes and sit the exam during the winter session, can substitute one question with a class presentation.
Programma esteso Module 1 – Economics of Human Capital (Prof.ssa Eliana Baici) - 6 CFU: 1. Definition and measurement of human capital 2. Investment in education 3. Investments in training 4. Returns on human capital investment 5. Compensatory wage differentials 6. Discrimination 7. The regulation of the labour market 8. The role of the unions 9. Job market imperfections and unemployment 10. Labour mobility and immigration 11. Welfare 12. Firms and welfare Module 2 - GDP and beyond (Prof. Marco Mira D’Ercole) - 2 CFU: 1. General introduction • Introduction and general goals • National Accounts principles • Limits of GDP as a welfare metric • The ‘economic problem’ and beyond • How to understand well-being, and why does it matter? 2. Dimensions of individual well-being • Econs; the traditional economist view of people’s well-being • Moving beyond Econs: Behavioural economics: how humans behave; Differences between commodities; Status and relative comparisons; Beyond commodities: functionings and capabilities; Subjective well-being • Universal dimensions of people’s well-being? • Operationalisation through indicators: scoreboards, single summary measures • What matters the most to people? 3. From individual well-being to social welfare: the role of inequalities • Social welfare and inequalities • Inequalities in income: concepts and measures, within- and across-countries, the global distribution of income, realities and perceptions • Other types of inequalities: wealth, health, skills; outcomes and opportunities • The low-end of the distribution • Drivers of income (and other) inequalities • Inequalities and policy making 4. Social welfare over time: sustainability [and wrapping-up] • The 'capital stock' approach to sustainability • Different types of capital: economic capital, human capital, social capital, natural capital • An overall assessment of sustainability? • Sustainability and policy making • Wrapping up: what have we discussed in these lessons? Experiences in policy use.
Course borrowed to AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EC0027 Economia del lavoro - NOVARA
MANAGEMENT E FINANZA (1407) - E0048 ECONOMIA DEL LAVORO - NOVARA
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Course DIRITTO DEL LAVORO, RELAZIONI INDUSTRIALI E PARI OPPORTUNITA'
Course ID EC0159
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader GARDELLA Bianca
Teachers Pacchiana Parravicini Giovanna, Gardella Bianca, Betancur Restrepo Laura
CFU 8
SSD IUS/07 - DIRITTO DEL LAVORO, IUS/02 - DIRITTO PRIVATO COMPARATO
Course type Attività formativa integrata
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Modules
Course ID Course SSD Teachers Agenda web
EC0160DIRITTO DEL LAVORO E RELAZIONI INDUSTRIALI IUS/07 - DIRITTO DEL LAVORO Pacchiana Parravicini Giovanna
EC0161PARI OPPORTUNITA' IUS/02 - DIRITTO PRIVATO COMPARATO Gardella Bianca, Betancur Restrepo Laura
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Course DIRITTO DEL LAVORO, RELAZIONI INDUSTRIALI E PARI OPPORTUNITA': DIRITTO DEL LAVORO E RELAZIONI INDUSTRIALI
Course ID EC0160
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader PACCHIANA PARRAVICINI Giovanna
Teachers Pacchiana Parravicini Giovanna
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD IUS/07 - DIRITTO DEL LAVORO
Course type Modulo di sola Frequenza
Course mandatoriety OBB
Course category B
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti collective barganing employment law
Testi di riferimento Carinci, De Luca Tamajo, Tosi, Treu – il diritto del lavoro – vol. 1 Il diritto sindacale – UTET 2015 – 7° edizione – cap. 1, 2, 4, 5, 6, 7, 9, 10, 12, 13 Carinci, De Luca Tamajo, Tosi, Treu – il diritto del lavoro – vol. 1 Il rapporto di lavoro subordinato – UTET 2016 – 7° edizione – cap. 1, 2 (endin with par. 6 included), 3 (paragraph C only), 4 only il par. B, 5, 6, 7, 8 (par. A excluded), 9, 10 only par. A, 11, 12, 13 only par. A
Obiettivi formativi basic kwonledge regardin industrial relationship and employment law
Prerequisiti private law exam
Metodi didattici frontal teaching
Modalità di verifica dell'apprendimento oral final exam intermediate test
Programma esteso collective bargaining, strike, unions, private employment law, contract of employment, change of job, individual and collective dismissals, transfer of undertaking, sick leave, maternity leave, disciplinary procedure
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Course DIRITTO DEL LAVORO, RELAZIONI INDUSTRIALI E PARI OPPORTUNITA': PARI OPPORTUNITA'
Course ID EC0161
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader GARDELLA Bianca
Teachers Gardella Bianca, Betancur Restrepo Laura
CFU 2
Teaching duration (hours) 15
Individual study time 35
SSD IUS/02 - DIRITTO PRIVATO COMPARATO
Course type Modulo di sola Frequenza
Course mandatoriety OBB
Course category C
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
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Course MERCATI EMERGENTI
Course ID EC0136
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader TADINI MARCELLO
Teachers Tadini Marcello
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD M-GGR/02 - GEOGRAFIA ECONOMICO-POLITICA
Course type Attività formativa monodisciplinare
Course mandatoriety OPZ
Course category C
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi Identifying Emerging Markets Ability to analyze and select emerging markets
Contenuti The 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.
Testi di riferimento During 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
Obiettivi formativi The 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.
Prerequisiti None.
Metodi didattici The teaching will be conducted through lectures, held by the teacher or by experts, and through exercises and group discussions.
Modalità di verifica dell'apprendimento The examination consists of a written test on the texts mentioned above and provides insights on the topics covered in class.
Programma esteso The 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
Course borrowed from MANAGEMENT E FINANZA (1407) - EC0021 Mercati emergenti - NOVARA
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Course FONDAMENTI DI BUSINESS ANALYTICS
Course ID EC0135
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader FUSAI Gianluca
Teachers Fusai Gianluca
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-S/06 - METODI MATEMATICI DELL'ECONOMIA E DELLE SCIENZE ATTUARIALI E FINANZIARIE
Course type Attività formativa monodisciplinare
Course mandatoriety OPZ
Course category C
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti Aims of the course are to give to corporate decision-makers the ability 1. to assess the profitability of their decisions 2. which avenue of expansion or investment to go down and, crucially, when to take that leap 3. how to implement the theory to maximize investment opportunities by utilizing uncertainty as an asset and reducing downside risk. The course is a journey through real options, from the basics to more advanced topics such as options and game theory. The course is also strongly suggested to students with a major in Management & Finance
Testi di riferimento Guthrie, Graeme. 2009. Real Options in Theory and Practice, New York: Oxford University Press.
Obiettivi formativi By the end of this course, students should be able to: • demonstrate an understanding of the real options approach to decision making • estimate the values of the parameters needed to implement this approach • identify the most important options embedded in a decision problem and represent them using a decision tree, via softward like Matlab and Excel • use dynamic programming and modern theories of asset valuation to derive an optimal decision rule • interpret observed firm behaviour in terms of the real options embedded in decision problems • communicate the results of real options analysis at a level that senior decision makers can understand
Prerequisiti None
Metodi didattici Lectures including both theory and exercises. Excel and Matlab will be used
Altre informazioni Additional 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.
Modalità di verifica dell'apprendimento Individual or Group Coursework with discussion, 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.
Programma esteso Material will be drawn from the following list: • The modelling framework • Valuing single-period cash flows • Valuing multi-period cash flows • Monte Carlo simulation and scenario analysis • Combining valuation and decision making; options that do not affect the state of a project • Simple timing options • Compound timing options; uber-compound timing options; switching options • Learning options • Calibration using spot and futures price data • Calibrating trees of alternative state variables • Case studies: forestry management and valuation; developing a gas field; commercial real estate development • Excel e Matlab will largely used in the course. Lectures on how to use them will be also given.
Course borrowed from AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EC0069 Fondamenti di Business Analytics - NOVARA
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Course DIRITTO DEL GOVERNO DELLE IMPRESE
Course ID EC0163
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader FREGONARA ELENA
Teachers Fregonara Elena
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD IUS/04 - DIRITTO COMMERCIALE
Course type Attività formativa monodisciplinare
Course mandatoriety OPZ
Course category C
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti The corporate governance PARTNERSHIPS STOCK COMPANIES LISTED COMPANIES COMPANY LIMITED BY SHARES LIMITED LIABILITY COMPANY COOPERATIVES SUPERVISED COMPANIES PUBLIC COMPANY GROUPS OF COMPANIES
Testi di riferimento An updated version of the Civil Code is essential. Other recommended readings: AA.VV., Diritto del governo delle imprese, diretto da Maurizio Irrera, Giappichelli, Torino, 2016.
Obiettivi formativi The 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. At the end of the academic course the student will be able to interpret and to apply the rules of law with an appropriate critical thinking and an appropriate legal language.
Prerequisiti Students must have proven knowledge of Commercial Law.
Metodi didattici Lectures, with suggestions for further readings and discussion.
Altre informazioni Will be exempt from the following topics only - cooperatives, category of shares, groups of companies and "patti di famiglia" - everyone who has in the course of study the teaching of corporate governance law by 6 ECTS.
Modalità di verifica dell'apprendimento The exam is written. Students are given the option of taking two written mid-term exams. Specifically, the exam consists of essay questions aimed at verifying an in-depth knowledge of the rules of law, the ability to apply the knowledge of the legal institutes to concrete cases and the ability to critically interpret the rules of law.
Programma esteso Notion of corporate governance and the historical relationship between the general assembly and the board of directors: Part I: MANAGEMENT - COMPETENCES - APPOINTMENT - PERSONAL REQUIREMENTS - PROHIBITION OF COMPETITION - COMPANIES DIRECTORS - TERMINATION - REPLACEMENT - STRUCTURE AND FUNCTIONING - ORGANISATIONAL STRUCTURE - DUTIES - REMUNERATION - LEGAL REPRESENTATION - LIABILITY AND BUSINESS JUDGMENT RULE - GENERAL DIRECTOR Part II: CONTROL SYSTEMS AND ALTERNATE CORPORATE GOVERNANCE SYSTEMS - MEMBER' S RIGHT OF CONTROL - STATUTORY AUDITORS - AUDIT - EXTERNAL CONTROL - INTERNAL SYSTEM CONTROL - “ORGANISMO DI VIGILANZA” - ONE-TIER AND TWO-TIER SYSTEMS Part III: OWNERSHIP, GOVERNANCE AND GROUPS OF COMPANIES - MEMBER'S INTERFERENCE IN THE MANAGEMENT AND THEIR LIABILITY - CLASSES OF SHARES - “PATTI DI FAMIGLIA” - GOVERNANCE AND GROUPS OF COMPANIES
Course borrowed from AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EA049 DIRITTO DEL GOVERNO DELLE IMPRESE - NOVARA
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Course CONGIUNTURA ITALIANA ED INTERNAZIONALE
Course ID EC0125
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader CARABELLI Anna Maria
Teachers Carabelli Anna Maria
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/01 - ECONOMIA POLITICA
Course type Attività formativa monodisciplinare
Course mandatoriety OPZ
Course category C
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Course borrowed from MANAGEMENT E FINANZA (1407) - EC0125 CONGIUNTURA ITALIANA ED INTERNAZIONALE - NOVARA
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Course HR ANALYTICS
Course ID EC0156
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader GOIA Aldo
Teachers Goia Aldo, May Caterina
CFU 10
Teaching duration (hours) 75
Individual study time 175
SSD SECS-S/01 - STATISTICA
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian and English
Contenuti The course aims to present the basic methodology of Data and Predictive Analytics for human resource management with the support of ad hoc IT tools.
Testi di riferimento Fitz-enz, J., & Mattox, J. (2014). Predictive Analytics for Human Resources. Wiley. Martin R. Edwards, Kirsten Edwards (2016). Predictive HR Analytics: Mastering the HR Metric. KoganPage. Alan Agresti, Barbara Finlay (2017). Metodi statistici di base e avanzati per le scienze sociali. Pearson. Further: teaching material prepared by the professors.
Obiettivi formativi The course objectives are divided into three levels: 1. methodological: knowledge of the main tools of HR Analytics, their conscious use, critical reading of results; 2. computational: analysis of some useful software in empirical analysis, understanding of their potential and their limits; 3. team-working: develop the ability to work in teams on specific issues and communicate results effectively.
Prerequisiti Contents of basic Statistics and of basic Mathematics in economics (see E0252, E0362 and EA007).
Metodi didattici Classroom ectures, laboratory exercises, seminar activities by HR experts, team exercises.
Altre informazioni Part of the course (30 hours) will be held by Dr. David Conradie of Deloitte Consulting srl.
Modalità di verifica dell'apprendimento An assessment is based on: 1. written essays consisting in - theoretical questions to test the knowledge of the concepts and the mastery of the language; - numerical exercises to test abilities acquired in the use of calculation algorithms; - structured data-based problems and commentary on the results in order to assess autonomy in statistical analysis. 2. Oral discussion of a real-case application to test the skills gained in group experience. Alternatively, an oral test is scheduled during formal appeals on the topics covered in the textbook.
Programma esteso 1. Analytics for Human Resources 2. Conjugate analytic models with business processes 3. Who is the owner of the data? Which business processes / functions are provided? 4. Data formats, computer tools 5. Importance of data quality: data cleaning and data pre-processing. Exploration and data display. 6. KPIs Identification 7. Probability and statistical inference. 8. Survey Methods: statistical sampling and data collection techniques. Layered sampling, multi-stage sampling, cluster sampling. 9. Matrix representation of multidimensional data: data matrix, covariance and correlation matrix, dissimilar matrices. 10. Main data mining techniques for managing large data arrays: a. Hierarchical cluster analysis and k-means method. Segmentation methods; b. Factorial techniques: principal components analysis. 11. Linear regression models and logistic regression. 12. Introduction to Machine-Learning and Big-Data. 13. Foresee the future: Predictive Analytics for Human Capital
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Course DESIGN E COMPORTAMENTO ORGANIZZATIVO
Course ID EC0158
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader MORELLI CHIARA
Teachers Morelli Chiara
CFU 6
Teaching duration (hours) 45
Individual study time 105
SSD SECS-P/10 - ORGANIZZAZIONE AZIENDALE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Contenuti Organizational Design: a step-by-step methodology which identifies dysfunctional aspects of work flow, procedures, structures. Organisational behaviour: the study of human behavior in organizational settings.
Testi di riferimento Design Organizzativo: Scienza dell’Organizzazione. Il Design di strutture, processi e ruoli. Carocci Editore _Cap.4,5,6 Comportamento Organizzativo: Comportamento Organizzativo. Conoscere e sviluppare competenze organizzative. Pearson Editore_ Cap.4,8,9,11,13,14,15. 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://dir.uniupo.it/
Obiettivi formativi The purpose of the course is to equip students with the necessary knowledge, skills and abilities to identify dysfunctional aspects of work flow, procedures, structures and systems, realigns them to fit current business realities/goals and then develops plans to implement the new changes.
Prerequisiti None
Metodi didattici Different 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.
Altre informazioni Course attendance is facultative
Modalità di verifica dell'apprendimento Final written exam (60 minutes/ 4 open questions)
Programma esteso ORGANIZATIONAL DESIGN: • Principles of designing organizations • Issues of implementation of various design strategies and interventions. ORGANIZATIONAL BEHAVIOUR: communications, motivation, group dynamics, leadership, power, and organizational design and development.
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Course BUSINESS INFORMATION MANAGEMENT
Course ID EC0129
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader CANDIOTTO Roberto
Teachers Candiotto Roberto, Gandini Silvia
CFU 4
Teaching duration (hours) 30
Individual study time 70
SSD NN -
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category F
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi At the end of the course, students will be able to: 1) implement personal and interpersonal skills to strengthen individual performance in the workplace; 2) apply technical skills to address business applications of emerging technologies.
Contenuti Data processing, visualization, and analysisData simulation modelsDatabase managementBusiness Intelligence applicationsWhat-if analysisData management for decision-making processes
Testi di riferimento F. Borazzo - R. Candiotto, Applicazioni aziendali con Excel, Apogeo, 2013R. Candiotto, Analisi di bilancio con Excel, Apogeo, 2010Walkenbach J., Excel 2016 Bible, John Wiley & Sons, 2015
Obiettivi formativi The course aims to develop skills for the evaluation of opportunities arising from the use of Information Technology in companies and the management of software applications, useful for collecting and organizing data in accordance with business needs. Students will be able to analyze and processing data in order to produce appropriate information to support decision-making processes.In particular, the course is aimed to:develop sophisticated spreadsheets to effectively communicate quantitative informationcollect and process data to produce meaningful informationvisualize data with appropriate graphs and chartscommunicate information clearly and efficientlyinspect data with the goal of discovering useful information and effective conclusionsmodel data to support decision-making processesformulate a database and perform data manipulation, including sorting and extraction of datause several sets of values in one or more formulas to explore different resultstrim down time normally consumed by repetitive tasks that involve complex calculationssupport management activities by importing external data in Excel
Metodi didattici Lessons will provide the theoretical basis for developing targeted exercises, based on the main functionalities of Ict tools.Lessons and exercises will take place in the computer lab.
Modalità di verifica dell'apprendimento Final exam will check students’ ability to use Ict productivity tools.During the course, attending students perform excercises in the computer lab and, for the final exam, they can finalize their preparation using files posted on DIR.Non-attending students, in view of ordinary exams, can finalize their preparation developing skills on the text F. Borazzo - R. Candiotto, Applicazioni aziendali con Excel, Apogeo, 2013
Programma esteso - Fundamental aspects of data presentations- Advanced formulas and functionalities- Advanced graphic features - Pivot tables- What-if tables - Scenarios- Solver and goal seek- Spreadsheets for problem solving activities- Data management and query on external databases- Dashboards- Macro Recording
Course borrowed from MANAGEMENT E FINANZA (1407) - EC0129 BUSINESS INFORMATION MANAGEMENT - NOVARA
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Course MANAGERIAL INCENTIVES
Course ID EC0127
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader MENOZZI ANNA
Teachers Menozzi Anna
CFU 6
Teaching duration (hours) 60
Individual study time 105
SSD SECS-P/08 - ECONOMIA E GESTIONE DELLE IMPRESE
Course type Attività formativa monodisciplinare
Course mandatoriety OPZ
Course category C
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Lingua insegnamento Italian
Risultati di apprendimento attesi At the end of the course, the student will be able to: 1.Define the firm as a focal point for a set of contracts. 2.Identify important owner-manager conflicts, as well as other potential stakeholder conflicts. 3.Explain how contracts can be used to help control incentive problems. 4.List the important trade-offs in effective compensation plans. 5.Identify the various forms of incentive pay and discuss the controversy surrounding incentive pay. 6.Describe the decision authority and incentives of shareholders, boards of directors, and top management of large corporations. 7.Explain how market forces contribute to corporate governance.
Contenuti In recent years, a number of corporate problems around the world have reinforced the perception that managers are unwatched. The course starts by emphasizing the importance of managerial accountability. Then, the course offers a review of the various instruments and factors that help align managerial incentives with those of firm. A special attention is devoted to the objective of the firm, namely, whom managers should be accountable to.
Testi di riferimento Brickely, Smith, Zimmerman - Managerial Economics and Organizational Brickely, Smith, Zimmerman - Managerial Economics and Organizational Architecture. Irvin McGraw Hill, sesta edizione (capitoli X, XV, XVII) Tirole. The Theory of Corporate Finance. Princeton University Press (chapter I). For non-attending student only: 1) Andonov, A., Yael V. Hochberg and Joshua D. Rauh (2017), "Political Representation and Governance: Evidence from the Investment Decisions of Public Pension Funds", forthcoming, Journal of Finance; 2) Adams, Renée B. and Ragunathan, Vanitha (2014). “Lehman Sisters”. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2380036. 3) Renée B. Adams, Ali C. Akyol, and Patrick Verwijmeren (2017), "Director skill sets". https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2365748
Obiettivi formativi Comprehension of the managerial incentives systems and problems in relation to firm objectives and performance.
Prerequisiti The course does not require any particular prerequisite.
Metodi didattici Teacher-led lessons (theory and exercises).
Altre informazioni Course attendance is not mandatory but it is highly recommended. Useful 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)
Modalità di verifica dell'apprendimento The exam takes different forms depending on whether the student has attended the course or not. A student is said to be “attending” if he/she prepared a presentation in team and presented it in front of the (see part 1 of the exam for attending students). a. Attending students The final exam consists of two parts: 1. Presentation in front of the class (10/30); 2. Written exam (22/30). The presentation (of about 20’) must be prepared in team of at least 3 and no more than 5 persons. The presentations may be given and written in English or Italian. The presentation will be based on one or more scientific articles chosen by the students among the ones proposed by the teacher in the dedicated section in Moodle. The presentation will focus on a subject included in the course arguments. The grade obtained in the presentation is unique and will be assigned to all team 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 last 2 hours and will consist of 5/6 short questions and 1/2 exercises. Examples of questions and exercises included in the written exam can be found in the "Self-evaluation problems" and "Review questions" sections at the end of each chapter of Brikley, Smith, Zimmerman (sixth edition). 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). Students can take up to 3 consecutive written tests during the exams sessions of June/July 2018, September 2018, January/February 2019. 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 written exam will last 2 hours and will consist of 7/8 short questions and 1/2 exercises. Examples of questions and exercises included in the written exam can be found in the "Self-evaluation problems" and "Review questions" sections at the end of each chapter of Brikley, Smith, Zimmerman (sixth edition). 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). Students can take up to 3 consecutive written tests during the exams sessions of June/July 2018, September 2018, January/February 2019.
Programma esteso 1) The separation of ownership and control 2) Dysfunctional corporate governance 2.1 Lack of transparency 2.2 Runaway compensation 2.3 Tenous link between performance and compensation 3) Managerial incentives: an overview 3.1 Monetary incentives 3.2 Implicit incentives 3.3 Monitoring 3.4 Product-market competition 4) The board of directors 4.1 Reforming the board 4.2 What link from performance to board compensation? 4.3 Do codes matter? 5) Shareholder Value or Stakeholder Society? 5.1 The Corporate Social Responsibility View 5.2 The Stakeholder Society: incentives and control issues 5.3 Implicit incentives and managerial missions 6) Anecdotes and empirical regularities on managerial incentives and corporate performance.
Course borrowed from MANAGEMENT E FINANZA (1407) - EC0127 MANAGERIAL INCENTIVES - NOVARA
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Course STRATEGIE, POLITICHE D'IMPRESA E PEOPLE STRATEGY
Course ID EC0157
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum Risorse Umane
Teaching leader MAGGI Davide
Teachers Maggi Davide, Seddio Pasquale
CFU 10
Teaching duration (hours) 75
Individual study time 175
SSD SECS-P/07 - ECONOMIA AZIENDALE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category B
Year 1
Period Primo Semestre
Site NOVARA
Grading type V
Course borrowed to AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - EC0010 Strategie, politiche d'impresa e deontologia professionale - NOVARA
MANAGEMENT E FINANZA (1407) - EC0134 STRATEGIE E POLITICHE D'IMPRESA - NOVARA
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Course LINGUA INGLESE
Course ID EC0130
Academic Year 2017/2018
Year of rule 2017/2018
Degree MANAGEMENT E FINANZA
Curriculum CORSO GENERICO
Teaching leader IRVING-BELL COLIN STEPHEN
Teachers Irving-bell Colin Stephen
CFU 4
Teaching duration (hours) 30
Individual study time 70
SSD L-LIN/12 - LINGUA E TRADUZIONE - LINGUA INGLESE
Course type Attività formativa monodisciplinare
Course mandatoriety OBB
Course category F
Year 1
Period Secondo Semestre
Site NOVARA
Grading type V
Contenuti The 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.
Testi di riferimento There 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.
Obiettivi formativi The 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.
Prerequisiti To 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.
Metodi didattici The 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.
Modalità di verifica dell'apprendimento • 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 from AMMINISTRAZIONE, CONTROLLO E PROFESSIONE (1406) - E0315 INGLESE (L.M. I) - NOVARA
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Year Course ID Course Teachers SSD Curriculum Site CFU
1 EC0129 BUSINESS INFORMATION MANAGEMENT Candiotto Roberto, Gandini Silvia NN Marketing And Operations Management NOVARA 4
1 EC0129 BUSINESS INFORMATION MANAGEMENT Candiotto Roberto, Gandini Silvia NN Risorse Umane NOVARA 4
1 EC0149 BUSINESS INTELLIGENCE FOR FINANCE Gambaro Anna Maria NN Finanza NOVARA 4
1 EC0125 CONGIUNTURA ITALIANA ED INTERNAZIONALE Carabelli Anna Maria SECS-P/01 Risorse Umane NOVARA 6
1 EC0124 CONGIUNTURA ITALIANA ED INTERNAZIONALE ED INTERNATIONAL TRADE Carabelli Anna Maria, Amighini Alessia SECS-P/01, SECS-P/02 Marketing And Operations Management NOVARA 12
1 EC0128 COST MANAGEMENT AND PERFORMANCE MANAGEMENT Songini Lucrezia, Riva Patrizia, Vola Paola SECS-P/07 Marketing And Operations Management NOVARA 8
1 EC0158 DESIGN E COMPORTAMENTO ORGANIZZATIVO Morelli Chiara SECS-P/10 Risorse Umane NOVARA 6
1 EC0150 DIRITTO DEI MERCATI FINANZIARI Fregonara Elena IUS/04 Finanza NOVARA 6
1 EC0163 DIRITTO DEL GOVERNO DELLE IMPRESE Fregonara Elena IUS/04 Risorse Umane NOVARA 6
1 EC0159 DIRITTO DEL LAVORO, RELAZIONI INDUSTRIALI E PARI OPPORTUNITA' Pacchiana Parravicini Giovanna, Gardella Bianca, Betancur Restrepo Laura IUS/07, IUS/02 Risorse Umane NOVARA 8
1 EC0155 ECONOMIA DEL CAPITALE UMANO Baici Eliana, Mira D'ercole Marco SECS-P/02 Risorse Umane NOVARA 8
1 EC0132 ECONOMIA DELL'INNOVAZIONE Zagler Martin SECS-P/06 Marketing And Operations Management NOVARA 6
1 EC0135 FONDAMENTI DI BUSINESS ANALYTICS Fusai Gianluca SECS-S/06 Marketing And Operations Management NOVARA 6
1 EC0135 FONDAMENTI DI BUSINESS ANALYTICS Fusai Gianluca SECS-S/06 Risorse Umane NOVARA 6
1 EC0156 HR ANALYTICS Goia Aldo, May Caterina SECS-S/01 Risorse Umane NOVARA 10
1 EC0133 INSURANCE Valletta Mario, Zocchi Paola SECS-P/11 Marketing And Operations Management NOVARA 6
1 EC0133 INSURANCE Valletta Mario, Zocchi Paola SECS-P/11 Risorse Umane NOVARA 6
1 EC0146 INVESTMENT BANKING Capizzi Vincenzo SECS-P/11 Finanza NOVARA 8
1 EC0130 LINGUA INGLESE Irving-bell Colin Stephen L-LIN/12 All NOVARA 4
1 EC0127 MANAGERIAL INCENTIVES Menozzi Anna SECS-P/08 Risorse Umane NOVARA 6
1 EC0127 MANAGERIAL INCENTIVES Menozzi Anna SECS-P/08 Marketing And Operations Management NOVARA 6
1 EC0136 MERCATI EMERGENTI Tadini Marcello M-GGR/02 Risorse Umane NOVARA 6
1 EC0121 METHODS OF OPERATIONS MANAGEMENT Salinelli Ernesto, Gambaro Anna Maria SECS-S/06 Marketing And Operations Management NOVARA 8
1 EC0162 ORGANIZZAZIONE E GESTIONE DELLE RISORSE UMANE Morelli Chiara SECS-P/10 Risorse Umane NOVARA 8
1 EC0123 PRICE MANAGEMENT Abrate Graziano SECS-P/08 Marketing And Operations Management NOVARA 8
1 EC0142 PRICING DI DERIVATI E TEORIA DEL PORTAFOGLIO Longo Giovanni, Centrone Francesca SECS-S/06 Finanza NOVARA 8
1 EC0131 SERVITIZATION STRATEGY SECS-P/07 Marketing And Operations Management 6
1 EC0147 STATISTICA PER LA FINANZA Goia Aldo SECS-S/01 Finanza NOVARA 8
1 EC0134 STRATEGIE E POLITICHE D'IMPRESA Maggi Davide, Seddio Pasquale SECS-P/07 Marketing And Operations Management NOVARA 6
1 EC0157 STRATEGIE, POLITICHE D'IMPRESA E PEOPLE STRATEGY Maggi Davide, Seddio Pasquale SECS-P/07 Risorse Umane NOVARA 10
1 E0277 TEORIA DELL'INFORMAZIONE E CONGIUNTURA ITALIANA E INTERNAZIONALE Carabelli Anna Maria SECS-P/01 Finanza 12
1 EC0148 TEORIA DELL'INFORMAZIONE ED ECONOMIA E POLITICA MONETARIA Carabelli Anna Maria, Sonedda Daniela SECS-P/01 Finanza NOVARA 14
1 EC0122 VALUTAZIONE E STRATEGIE DI INVESTIMENTO Erbetta Fabrizio SECS-P/08 Marketing And Operations Management NOVARA 8
1 EC0143 VALUTAZIONI D'AZIENDA E IFRS 3 Comoli Maurizio, Bavagnoli Francesco, Campra Maura SECS-P/07 Finanza NOVARA 10
2 EC0200 AMMINISTRAZIONE DEL PERSONALE NN All NOVARA 2
2 EA049 DIRITTO DEL GOVERNO DELLE IMPRESE Fregonara Elena IUS/04 All NOVARA 6
2 EC0203 ELECTIVE IN FINANZA Fusai Gianluca NN All NOVARA 2
2 EC0204 ELECTIVE IN MANAGEMENT E RISORSE UMANE Morelli Chiara NN All NOVARA 2
2 EC0205 ELECTIVE IN MANAGEMENT I Menozzi Anna NN All NOVARA 2
2 EC0206 ELECTIVE IN MANAGEMENT II Menozzi Anna NN All NOVARA 2
2 EC0202 FAIR VALUATION DI CONTRATTI ASSICURATIVI NN All NOVARA 2
2 EC0198 FINANZA IMMOBILIARE Valletta Mario NN All NOVARA 2
2 EC0022 Finanza quantitativa Fusai Gianluca, Kyriakou Ioannis SECS-S/06 Finanza NOVARA 8
2 E0169 INTERNATIONAL ECONOMICS Amighini Alessia SECS-P/01 Finanza NOVARA 6
2 E0048 LABOUR ECONOMICS Baici Eliana, Mira D'ercole Marco SECS-P/02 Management E Risorse Umane NOVARA 8
2 EC0201 LE STRATEGIE CREDITIZIE NEL NUOVO CONTESTO REGOLAMENTARE NN All NOVARA 2
2 EC0197 LEADERSHIP E ASSERTIVITA': UNA COMBINAZIONE VINCENTE Aina Carmen NN All NOVARA 2
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 NOVARA 6
2 EC0196 PEOPLE & IDEAS Aina Carmen NN All NOVARA 2
2 EA081 RISK MANAGEMENT Valletta Mario SECS-P/11 Finanza NOVARA 6
2 EC0020 Selezione e motivazione del personale Morelli Chiara SECS-P/10 Management E Risorse Umane NOVARA 6
2 EC0199 TURNARAOUND E RISTRUTTURAZIONE DEL DEBITO NN All NOVARA 2
2 EC0023 Tecnica e gestione delle imprese di assicurazione Valletta Mario, Zocchi Paola SECS-P/11 Finanza NOVARA 6
Data synched: 18/10/2019, 12:44