Contribution of the course to the overall degree programme goals
The instructional goal of the 12-ECTS course is acquiring the knowledge and competences to understand, manage and evaluate the issues and the quantitative models related to financial markets and valuation of financial assets and portfolio management.A set of theoretical tools and applied examples will be provided do develop the skills of an expert in financial economics.
Expected learning outcomes
Expected learning outcomes
1. Knowledge and understanding
1.1 - understanding of economic / financial phenomena concerning financial markets and investment choices with particular attention to portfolio management;
1.2 - Understanding of the mechanisms of price formation and of the returns of the shares starting from the theory of the portfolio through the classical pricing models such as the Capital Asset Pricing Model and the Arbitrage Pricing Theory;
1.3 understending of the causes of financial crises and the role of long term investors (Private and Pubblic)
2. Ability to apply knowledge and understanding
2.1 Identify the sources of information necessary to support investment choices.
2.2 Use and analyze financial databases such as Bloomberg to acquire time series of financial asset prices and then determine the yield, volatility and expected correlation.
2.3 Use Excel or other programming languages such as R, Stata, Gretel or Matlab to determine the efficient border.
2.4 Use Excel or other programming languages such as R, Stata or Matlab to estimate the beta of shares or equity portfolios
3. Ability to make judgements:
3.1 to interpret the functioning of financial markets in the light of investment choices and macroeconomic variables
3.2 to recognize the implications that portfolio choices have on price formation
3.3 To identify and evaluate risk factors and on potential or presumed arbitrage opportunities.
Students should be familiar with basic concepts of Microeconomics, Macroeconomics, statistics and Math (including financial mathematics).
The course is structured in two separate but complementary tracks: the first is devoted to a review and presentation of the standard theory of financial markets for long term investors; the second, develops examples of long term investments and a more applied and practical orientation. Analyses of policies and instruments to support financial markets and market economy in developed and emerging countries.
• Public intervention in the economy through the various phases of the economic cycle: the case of the recent economic and financial crisis.
• The demand for long term investments by households (pension funds)
• Exploiting the maturity structure of investments
• Pension Funds, Reverse Mortgages and other financial instruments
• The role of long term investment (LTI) and PPPs.
• National Promotional Banks, in Europe, Asia, Americas: role, features, instruments and management models.
• Sovereign Wealth Funds (SWFs): role and features.
• Principles of corporate governance for State Owned Enterprises (SOEs).
Bodie, Kane and Markus: "Investments", McGraw-Hill, 2011
Campbell, Lo, MacKinlay, “The Econometrics of Financial Markets” Princeton, 1997
Plus lecture notes and readings on:
Financial regulatory factors affecting the availability of long-term investment finance Report to G20 Finance Ministers and Central Bank Governors 2013
Long-Term Investment Financing for Growth and Development, Umbrella Paper 2013
Long-Term Financing of the European Economy, Commission Staff Working Document 2013
Long-term Finance and Economic Growth, Group of Thirty 2013
As for part 1: the assessment consists in a written exam of 90 minutes. The exam consists of about 10 multiple choice items plus two exercises and/or open-ended questions. The two questions or exercises could be substituted by two case studies. The multiple choice items assess students’ knowledge and understanding of the topics included in the program. The two questions aims to investigate students’ ability to apply the theoretical framework to real cases. In order to pass the exam, the final mark should be at least 18/30. The use of books, notes and electronic devices (with the only exception of a calculator) is not allowed during the examination. Oral exams are not possible.
Lectures plus interactive sessions and group work
Type of exam
2030 Agenda for Sustainable Development Goals
This subject deals with topics related to the macro-area "Cities, infrastructure and social capital" and contributes to the achievement of one or more goals of U. N. Agenda for Sustainable Development
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