CLEF Syllabi and module specifics (temporary)

First Level Degree / Bachelor’s
“Economics and Finance” (CLEF) University of Bologna, Italy
This document contains the syllabi of all subjects of the degree course as of February 2015.
Important: all information is temporary and is therefore subject to change.
The programme Coordinator
Prof. Giacomo Calzolari
First year
30 class hours, 0 credits
Learning outcomes
A very basic knowledge of algebra and logic is required. Once this is given, we will illustrate the
theory of sequences and series, in order to better understand the nature of numbers. Discrete
combinatorics, finite probability and introduction to limits will be the main outcomes. Summing
up, a short introduction to the elementary theory of numbers and discrete mathematics.
Prof. Federica Farneti
60 class hours, 8 credits
Learning outcomes
The aim of the course is to provide knowledge on accounting and, more specifically, on financial
accounting. At the end of the course, students will be able to understand financial statements and
the fact that these are the product of the financial accounting process. They represent the means
of communicating economic information about the organization to stakeholders who want to
make decisions and inform judgments about the entity's financial position. In addition, students
will be able to understand some fundamental financial statement analysis concepts and tools.
Furthermore, students will develop knowledge on non-financial information. To integrate the skills
and knowledge on sustainable reporting, students will examine and use guidelines for
sustainability reporting and its measures for guiding organizations to a more sustainable future,
understanding their economic, environmental and social impacts (as well as related
consequences). Finally, students will be introduced to the concepts of Managerial Accounting.
Course contents
The course will explore the following topics:
1. Introduction, syllabus, schedule and exam. Overview on Accounting: Financial Accounting,
Social and Environmental Accounting, Managerial Accounting and Auditing. Chapter 1
2. Financial statements and accounting concepts and principles. Chapter 2
3. Fundamental interpretations made from financial statements data: description of some of the
basic analytical tools that allow financial statement users to make fundamental interpretations
of a company's financial position and results of operations. Chapter 3 and 9
4. The bookkeeping process and transaction analysis. Chapter 4
5. Financial statement analysis. Chapter 11
6. Introduction to Social and Environmental Accounting: extended performance reporting (such
as sustainability reporting). Additional material will be provided.
7. Managerial Accounting and Cost-Volume-Profits Relationships. How, through Managerial
Accounting, economic and financial information are employed to support the management
decision-making process Chapter 12
Marshall, McManus and Viele, (2014), Accounting. What the numbers mean, 10th Edition, McGraw-Hill
International Edition. A short version of the book might be bought on line. (Details will be given on the first
day of class). Further material might be provided.
Teaching methods
The teaching approach is based on a combination of lectures, interactive classes, seminars,
exercises, discussion questions and case studies.
Assessment methods
Group Class presentation
This part of the assessment involves students working in group to research, prepare and present
to the class on a range of different topics. The class presentation should be undertaken in
PowerPoint format; a hard copy of your slides and the related report, should be submitted to the
lecturer for assessment purposes, as well as an electronic copy, by the 3 of December 2014. The
related report must be maximum 1500 words, further than tables. This examination is worth 6
points (1/5) of the final mark of this course.
End of term examinations
A final two-hour examination will be held at the end of each term and will consist of a number of
essay questions, multiple choices questions related to different elements of the syllabus, as well as
exercises. At the end of each term, the term examination is worth 12 points (2/5) of the final mark.
During class, a potential list of essay questions will be anticipated.
For students that will not attend the course there will be the option to sit a written four-hour
exam, worth 30 points.
Teaching tools
Books, exercises, case-studies, discussion points, etc.
Office hours
See the website of Farneti Federica
Prof. Alessandra Giovagnoli, Prof. Sander Dommers
90 class hours, 12 credits
Learning outcomes
Students will be able to master a number of mathematical techniques regarding functions and
matrices, useful in economics and finance. Of particular interest are:
1. Being able to describe the behavior of a function using graphs
2. Having a full understanding of the meaning of limits, continuity, differentiation and its
connections with optimization.
3. Understanding integration and its relation with areas.
4. Understanding infinite sums.
5. Understanding how to approximate a function.
6. Dealing with linear transformations in n-dimensional spaces.
Course contents
The course is organized in two parts, the Module in the first Semester (60 hrs) and the Module in
the second Semester (30 hrs).
In the first part, the topics covered are the following: Functions of one variable, Derivatives,
Graphs, Integrals, Sequences, Series, Functions of several variables. In the second part topics are
Linear Algebra, namely Vectors, Matrices, Determinants, Linear Systems, Eigenvalues.
A reference textbook is "Calculus: a Complete Course" by Robert Adams and Christopher Essex.
Publisher: Pearson Education Canada; 8th edition (2013).
A very detailed list of the topics on which the exam questions are based will be provided at the
end of each part of the course.
Teaching methods
Class Lecturing with the aid of blackboard and chalk, an overhead projector, and a computer. Each
week, the teacher will set some exercises as homework for the students. The students are
requested to get a copy of the book, as most of the material for the exercises of the course is to be
found in it.
Assessment methods
The exam consists of a set of written questions. The mark is out of 30 points, and the minimum
required to pass is 18/30. Only if necessary, the written part will be integrated by an oral exam.
Students are allowed to bring one copy of the book and personal notes in the exam. NO electronic
Teaching Tools
Standard lectures
Links to further information
Office hours
See the instructor’s web page.
Prof. Patrizia Battilani, Prof. Vera Negri
60 class hours, 8 credits
Learning outcomes
The course aims at providing students with an up-to-date understanding of the main aspects and
trends of the world economy during the 20th and early 21st centuries. At the end of the course,
students should understand the origin of the most important economic institutions and the
features of the economic cycles so far experienced by the world economy. Topics addressed in
more detail will include the failure of the command economies, the construction of the European
Union, the evolution and transformation of financial systems, the globalization.
Course contents
The course is organized in two parts, the first taught by Vera Negri Zamagni and the second by
Patrizia Battilani. In the first part, students will be offered a general overview of the evolution of
the world economy across the XIX and XX centuries, with special focus on Europe. The topics
covered are the following:
The pre-industrial economy and the preparation of the industrial take-off
The British industrial revolution and the process of imitation
The second industrial revolution, the rise of the Usa and the gold standard
World War I and its effects
The 1929 crisis and World War II
Reconstruction and the new international economic order: Bretton Woods, IMF, Gatt,
World Bank and the Marshall Plan
7. The golden age (1950s to 1973)
8. The process of economic integration in Europe
9. The return of instability and the “financialization” of the world
10. New protagonists: the rise of Asia.
In the second part, students will have the opportunity to deepen their understanding of specific
issues, including the impact of the three waves of globalization on world economy, the role of
state intervention in economic development, the relationship between economic growth and
financial systems. The topics covered are the following
The first globalization
The second e third globalization
The rising and fall of state-owned enterprises
The emergence of competition laws
The building of modern welfare systems
The developing of National Financial System
The capitals of capital: the rise of stock exchanges
8. Financial innovations and deregulation over the last decades
For the part taught by prof. Vera Zamagni: R. Cameron, L. Neal, The concise economic history of
the world, OUP, 2003, from ch. 5 onwards. For the part taught by Patrizia Battilani, a reading list
will available at the beginning of the course.
Assessment methods The exam - written, with six open questions - aims at evaluating the skills
and the critical abilities developed by students. It is not possible to bring books, personal notes or
electronic devices to the exam.
Office hours
See the website of Patrizia Battilani and Negri Vera
Prof. Luigi Marattin
60 class hours, 8 credits
Learning outcomes
Macroeconomics studies how economic aggregates (such as Gross Domestic Product, inflation,
unemployment, public debt, interest rates) are determined and how they evolve over time.
Typical questions that macroeconomics attempts to answer concern why and how countries
become rich over time, what causes recessions, what happens when Central Banks move the
interest rate, when public debt is sustainable, why inflation can be a problem.
This course aims at providing students with a solid and comprehensive understanding of the most
relevant macroeconomic issues, so that they can be fully familiar with the current policy debate.
At the end of the course, successful students will be fully able to understand and analyze:
• the behaviour of macroeconomic variables in the short-run and in the long-run.
• the functioning of monetary and fiscal policy
• the current policy debate, with particular reference to the European economic integration
process and the current Eurozone sovereign debt crisis.
A strong analytical approach will be at the basis of all learning activities. Also, there will be
frequent reference to policy events and to real-world examples.
Course contents
The course content is structured as follows:
FIRST PART: what are macroeconomic variables (definition and measurement) - week 1
SECOND PART: how macroeconomic variables evolve in the long-run (long-period analysis) - weeks
THIRD PART: how macroeconomic variables evolve in the short run (business cycle fluctuations) weeks 4-7
FOURTH PART: how policy affects them (Macroeconomic policy and European integration process)
- weeks 8-10
More specifically, here’s the fully detailed programme:
Course presentation and macroeconomic
20th variables
Real variables: output and real interest rate
and Ch.4
Aggregate demand: ISLM model
Aggregate demand: applications of ISLM model
First mid-term exam
(20th and 24th
Aggregate supply and inflation-unemployment Ch.13
Microfoundations of Macroeconomics: a Additional
Dynamic model of aggregate demand and supply material
Monetary policy
(27 April)
Fiscal policy
(4th and 8th May)
European integration
(11 and 15 May)
Course conclusions
22nd May
Second mid-term exam (or final exam)
+ add.mater.
Ch. 15
+ add.mater.
+ add.mater.
There will be additional classes where students will have the opportunity to practice on analytical
exercises with Dr. Gianluca Antonecchia ([email protected]) every Tuesday
(the website for times and venues). As these classes will cover typical exam questions, attendance
is strongly recommended.
The reference book is “Macroeconomics”, by Gregory Mankiw and Mark Taylor. However,
substantial part of the course (fourth module) will be covered by additional material. All material
is available on
Teaching methods
I do my best in making myself clear. Students are welcome to stop me if anything at all is not
crystal clear and don't let me continue until it is. Pretty brutal teaching method, but – believe me –
it works.
Assessment methods
Students’ evaluation will be based on the final exam whose structure is the following:
- First part: 10 multiple choice questions (1 point each)
- Second part : 1 analytical exercise (10 points)
- Third part: 2 short essay-type questions (5 points each)
There will also be mid-terms (check AlmaEsami for timetables). In week 9 there will also be a takehome assignment which will be taken into consideration for the final mark.
Office hours
See the Unibo website of Luigi Marattin and his personal webpage
Prof. Flavio Delbono
60 class hours, 8 credits
Learning outcomes
This is an introductory course in microeconomics. Some basic knowledge of calculus is welcome,
although the course is very much self-contained. Students with a modest mathematical
background are invited to grasp the content of the textbook Appendix.
At the end of the course, the student should be able to handle consumer and producer choices
within a perfectly competitive market as well as under monopoly. Moreover, the working of
demand and supply laws should become familiar. In addition, the student will learn how to tackle
the important issues arising when externalities and public goods are included into the market
picture. Both theory and examples presented in class will allow the student to acquire the ability
of solving exercises and discuss simple case studies.
Course contents
The Market. Budget Constraint. Preferences. Utility. Choice. Demand. Consumer's Surplus. Market
Demand. Equilibrium. Exchange. Technology. Profit Maximization. Cost Minimization. Cost Curves.
Firm Supply. Industry supply. Monopoly. Externalities. Public Goods.
Hal Varian, Intermediate Microeconomics, 9th edition, Norton, 2014. Chapters: 1-6, 14-16, 19-25,
32, 35, 37, Mathematical Appendix.
T. D. Bergstrom, H. Varian, Workouts (accompanying Intermediate Microeconomics by H. Varian),
9th edition, Norton, 2014.
Teaching methods
Traditional front teaching.
Assessment methods
Written exams including questions and especially exercises.
Teaching tools
Textbook + exercises.
Office hours
See the website of Flavio Delbono
Prof. Enrico Al Mureden
45 class hours, 6 credits
Learning outcomes
Students will engage with the fundamental issues of Private Law, with particular focus on legal
obligations and contracts, in order to better understand the means through rights over goods
(owned by third parties) are acquired, as well as the rendering of services by third parties.
Particular attention will be paid to property law, legal obligations, contracts and tort law.
The main purpose of the course is to provide students with a thorough knowledge of the core
concepts of Private Law, not only from a national perspective but also from the perspective of the
harmonization of European Union Law. The aim of the course is to train students to gradually
develop a systematic knowledge of Private Law terminology and logic, in order for them to handle
Private Law issues and cases efficiently.
Course Contents:
Key features of European Union private law
The historical evolution of European private law
European Private Law and the comparative method
The role of the conflict of laws in European private law
Competence and European private law
Language and terminology
European private law by directives: approach and challenges
The European Court of Justice as a motor of private law
European contract law: the Common Frame of Reference and beyond ;
The way forward in European consumer contract law: optional instrument instead of further
deconstruction of national private laws
Commercial contracts and European private law
European tort law: features of a diverse landscape
European Union property law;
Information obligations and withdrawal rights
Unfair contract terms
Unfair commercial practices and European private law
Consumer sales and associated guarantees
Product liability
Commercial agency in European Union private law
EU competition law and European private law
Non-discrimination and European private law
Financial services in European Union private law
CHRISTIAN TWIGG-FLESNER, The Cambridge Companion to European Union Private Law,
Cambridge, 2010.
Teaching methods
Students' learning will be encouraged by continual references to case law
Assessment methods
Students who satisfy the attendance requirements will be allowed to take exams in all sessions.
Teaching tools
In order to facilitate learning, some of the topics covered in class will be supported by power point
presentations. Other supporting materials (legal cases, documents, legal texts) will be available to
students on the teacher’s website.
Office hours
See the website of Enrico Al Mureden
65065 - PUBLIC LAW
Prof. Daniele Senzani
68 hours, 9 credits
Learning outcomes
The aim of the course is to provide students with the fundamentals of public law
Course contents
Introduction to the course. Law and legal system. Juridical systems. Public law and private Law.
The State. The constitutive elements of the State (people, territory, sovereign power).
The Italian legal system.
The international legal order.
European Union law. Profiles of European Constitutional Law. Freedom of the Treaty (TEU –
TFEU); and the protection of competition (outline).
Forms of State and forms of government. Classification of forms of State based on
relations sovereignty-people (Absolute State, Liberal State, Socialist State and Constitutional
State) and sovereignty-territory (Unitary State, Regional State, Federal State).
Classification of forms of government (Constitutional monarchy, Presidential system,
Parliamentary system, Semi-presidential system). In particular: the parliamentary form of
government in Italy.
The sources of law. Source, disposition, rule.
The Constitution. The sources of economy law. The individuals and legal situations subjective.
The inviolable rights of the person and the fulfillment of the fundamental duties of political,
economic and social solidarity. The principle of equality. The freedoms: positive and negative
freedom (outline). Civil relations: rights and duties. Ethical and social relations and social
groups. Economic relations. Political relations.
The juridical situations: rights and legitimate interests.
The constitutional amendment and constitutional laws. Amending article 81 Const. (public
The process of constitutional revision and for constitutional law. Limits to the constitutional
amendment. The constitutional revision in practice.
The Community sources. The TEU/TFEU. Legislation. Directives and Regulations. Non-legislative
acts. The supremacy of Community law over national law. The distribution of competences
between Community and Member States. The regional law and Community law. Economic
principles and the effect on local authority.
The primary sources. Laws of the State. The reserve law.
The legislative process of the formation of law. The preparatory phase (legislative initiative).
The deployment phase. The legislative Committees. The additional phase efficacy.
Measure having the force of law. Force of law. The legislative decree. Legislative Decree. Other
acts with the force of law and the autonomy sources.
Regional laws. Legislative power of the regions.
Regulations of Chambers; Regulations of other constitutional bodies.
The referendum as a source of law and as an instrument of direct democracy.
Regulations such as secondary sources of law. The discipline of the executive regulations
(implementing, for implementation, integration, independent, organization, deregulation - the
process of training). Adoption procedure of the executive regulations.
Regulation acts (acts of independent authorities).
The regulations of the regions and local authorities. The power to legislate of Municipalities,
Provinces, University and other public entities.
The custom and the constitutional convention.
Criteria for resolution of the antinomies: criteria of importance, chronological, expertise and
specialty. The shortcomings of the legal system: the interpretation and application by analogy.
The teleological criteria. European Law and national law: coordination, supremacy, automatic
transposing order in the Member State Law.
Electoral system and electoral body. Constitutional principles in terms of voting. Electoral
Systems. Institutions of direct democracy.
Parliament. Parliament as a forum of political representation. The bicameral. The joint sitting
of Parliament. The internal organization of Parliament. Autonomy of Houses. The role of the
parliamentary: representation of the Nation and no binding mandate. Prerogatives of
parliamentary. The allowance of the members of Parliament. Decision rules. The parliamentary
immunity. The law formally. Budget law and fiscal consolidation. The cognitive activity of each
House. The inquiries. Amnesty and pardon laws. The function relating the form of government.
The functions of information and control. Law on approval of budgets and accounts. The Court
of Auditors' control. The deliberation of the state of war. The ratification of international
treaties authorized by law. The functions relating the EU.
The Government. Composition: the Presidency, Council of Ministers, the Ministries.
Auxiliary Bodies: The National Council for Economics and Labour; Council of State; The Court of
Auditors. The confidence relationship between Parliament and Government. The formation of
the government. The motion of no confidence. The responsibility of the Government. The
relationship between Government and other constitutional bodies.
The President of the Italian Republic in the constitutional order. Election of the President.
Term of office and termination of the office. Incapacity and substitution. Duties relating to the
legislature. Duties relating to the executive. Powers relating to the judiciary. Irresponsibility of
the President and ministerial countersignature. Classification of presidential acts.
Jurisdiction. The constitutional principles. The judicial function. The autonomy and the
independency of the Judiciary branch. Irrevocability of judges. Responsibility (disciplinary, civil,
criminal). Composition of Judicial branch. The High Council of the Judiciary and the Court of
Cassation. Administrative jurisdiction. The bodies of administrative jurisdiction. Other
jurisdictions (outline).
The constitutional justice and the Italian Constitutional Court. Constitutional control.
Composition and functions of Constitutional Court.
Constitutional legitimacy judgment. Conflicts arising from allocation of powers of the State and
those powers allocated to State and Regions, and between Regions. Impeachment of the
President of the Republic. Judgement of admissibility of abrogative referendum. Types of
decisions of the Constitutional Court.
Regions. The Local Governments. Form of government. Legislative, regulatory and statutory
power. Administrative autonomy. Revenue and expenditure. Autonomy. Financial autonomy.
The local autonomies.
The public administration. Administrative function and administrative activity. The
constitutional principles of administrative organization and administrative activity. The respect
of European Union law principles. The autonomy, the autarchy and self-defense.
Administrative decentralization and the principle of subsidiarity. Administrative organisation.
Legal capacity and the bodies. The competence. Organisational relations. Subjectivity public.
The bodies and instruments of the function. The administrative pluralism. Legal persons in
public law. State administrations. Territorial administrations. The State company, bodies
governed by public law, public enterprises. Independent authorities.
The Economic Constitution. Administration and economic relations. Private-sector economic
initiative. Private property.
Essential public service, monopoly and operation of services of general economic interest. The
competition and market rules. The principle of an open market economy and of free
competition. Free movements. Privatization process.
Administrative instruments. Public goods. Financial instruments. DEF. The law of stability. The
budget and the profiles of reform. The financial autonomy of local authorities and the
coordination of public finance.
Administrative function. Administrative measures, acts, acts of negotiation, atypical activities.
The negotiation activity. Measures and general characteristics. The legal position. The
administrative discretion.
The administrative procedure. Constitutional and general principles. The charge of
proceedings. Stages of the proceedings. The conference service. The procedural agreements.
Participation and right of access. The silence of public administration. The effectiveness and
implementation of administrative measures.
The pathology of the proceedings. The vices of administrative acts. The self-defense decision
making. The remedies.
The concept of administrative justice. General principles and judicial bodies (ordinary judge
and administrative judge). Recourse to ordinary courts against the Public Administration. The
administrative court and other specialized courts. The judicial protection against the Public
Administration. The protection in administrative matters. Administrative appeals.
The ratio of office and working relationships with civil servants. Rights and duty of the civil
servant. The responsibility and judgments of responsibility. Legal status of the responsibility of
public administration. Elements of responsibility. Civil, accounting, criminal and disciplinary
Giuseppe Franco Ferrari, Introduction to Italian public law, Giuffrè, 2008.
Other readings will be recommended during the course.
Teaching methods
Frontal lessons.
Assessment methods
Oral exam, whose aim is to verify the knowledge acquired, the understanding of the topics and
reasoning abilities of the students. There will be mid-terms (only for attending students) and three
total exam possibilities.
To attend the exam, each student must sign up via AlmaEsami within the deadline. Those who
cannot sign up must immediately (before the official closing of the subscription lists) inform the
Programme Coordinator or Tutor of the problem. Deciding whether or not to allow not enrolled
students to attend the exam is up to the teacher. The teacher will register the final mark on the
date set and indicated in AlmaEsami.
Teaching tools
Office hours
See the website of Daniele Senzani
Second year
Prof. Alessandro Pomelli
60 class hours, 8 credits
Learning outcomes
At the end of the teaching activities, students will have a comprehensive understanding of the
main institutions regulating corporations and firms, focusing on their basic characteristics and
tasks. Furthermore, students will be able to acquire and grasp basic notions about all the different
types of firms, consortiums and lobbies, in order to assess and verify how these organizations,
which are widespread in the Italian Economic scenario, could be profitably used for the practice of
the economic activity (principles, structures and organizations).
The International approach to the course sets the platform for a continuous comparative
evaluation between Italian commercial law and Industrial legislation, versus the international
directives on this very field (with a special focus on EU regulation on the subject). International
agreements and basic concepts of commercial and industrial law will be tackled, taking into careful
consideration the antitrust legislation, regulation of particularities and all creative activities,
regulation of know-how and of technologies, as well as unfair competition and practices like
dumping, misleading communication.
Course contents
1. Introduction: A Brief Account of the History of Italian and European Commercial Law.
2. Partnerships under Italian, European and United States laws.
3. Private Companies under Italian, European and United States laws with particular regard to
formation, organizational changes, capital structure and fund raising, corporate
4. Public Companies under Italian, European and United States laws with particular regard to
formation, organizational changes, capital structure and fund raising, corporate
governance, mergers and acquisitions.
5. Securities markets.
6. Mutual Companies.
7. Group of Companies.
8. Agency Problems, Conflict of Interests within Companies and Legal Strategies to address
Kraakman, Armour et Al., The Anatomy of Corporate Law, Oxford University Press, 2nd Edition:
Chapers 1 to 8.
Whish and Bailey, Competition Law, 7th edition, Oxford University Press, 2012.
Presentations, readings and other materials as indicated in class at the beginning and during
the course.
Assessment methods
Written examinations in the form of mid-term exams and full exams. Mid-term exams contribute
to the final grade by a third each to the extent that each of them is taken at the relevant dates and
passed with a grade not lower than 18. Full exams will be based on the whole course program and
all the relevant materials (presentations, slides, textbooks and/or additional readings).
Office hours
Check the website of Alessandro Pomelli
30 class hours, 4 credits
Learning outcomes
On completion of the course, students will have learnt how to write a report, as requested to a
junior economic and financial analyst, and how to effectively describe it. They will earn essential
abilities such as:
1. finding and organizing data, text-based and graphical information which will be used to
write the report;
2. handle data and information;
3. abstract and simplify complex problems;
4. apply knowledge and skills to the solution of theoretical and applied problems in
economics and finance;
5. design a report;
6. rhetoric and strategy for writing and presenting a report;
7. oral presentation skills.
All these competencies will provide solid grounds for many career paths such as in economic,
financial and strategy consulting and for policy evaluations.
Course contents
The instructors will be mainly professionals working in the consulting sector, experts in market
analysis and reporting. They will explain students how to plan, design and deliver economic and
financial reports.
Students will play an active role and will be required to apply their knowledge in economics and
finance, together with the specific skills of the current course. After choosing the topic from a list,
they will prepare and write their own report and then deliver it in public seminars.
Class material.
Teaching methods
Teaching will combine traditional lecturing by experts in economic and financial reporting, and
students’ presentations to the class.
Assessment methods
Evaluation of students will be based on their written report (60%) and its oral presentation (40%).
Teaching Tools
This is a “hands-on” course where students involvement is essential.
Links to further information
Office hours
Prof. Giuseppe Torluccio
60 class hours, 8 credits
Learning outcomes
The course aims to provide insights into and understanding of the major theories and practices
related to financial intermediation, and the risk management issues currently in use in major
banks around the world.
Course contents
This course addresses the main issues related to financial intermediation and financial risk
management, and provides the tools to analyze issues in asset pricing and market finance.
The course ties together the mainstream topics of risk measurement and management with the
downstream issues of the risk management process. While traditional risk management focused
on a bank’s banking book (i.e. on-balance sheet assets and liabilities), modern risk management is
concerned with both the banking book and the trading book, which mainly consists of off-balance
sheet financial instruments.
Saunders, A. and M.M. Cornett Financial Institutions Management: A Risk Management Approach.
(New York: McGraw Hill)
Teaching methods
- lectures (6 hours per week);
- self-study in computer labs (doing home assignments using Excel);
- self-study with literature.
Assessment methods
Two-hour written examination.
Teaching Tools
Class lectures, handouts and computer lab. Students are also expected to read financial journal
articles (FT, WSJ, Bloomberg)
Further information
Good command of methods of calculus, general probability theory and mathematical statistics are
also required for the course.
Office hours
See the website of Giuseppe Torluccio
Prof. Silvia Romagnoli
45 class hours, 30 credits
Learning outcomes
The student will be able to understand, formalize and evaluate a complex financial transaction,
distinguishing its primary components. A critical discussion on the evaluation techniques and the
alternative procedures will make students completely awake on their ability in the financial field
and represents the final goal of the course.
Course contents
Simple and Compound interest and discount
Annuities certain
Sinking funds and amortization
Constitution of a capital
Valuation of bonds in a no-arbitrage setting
Term structure of interest rates
Valuation of index-linked bonds: floater, reverse floater and swap
The concept of risk: basic principles of immunization
Capinski-Zastawniak, Mathematics for Finance, Springer
Janssen-Manca-Volpe, Mathematical Finance, Wiley
[email protected]
Prof. Paola Bortot
90 class hours, 12 credits
Learning outcomes
At the end of the course, students will have acquired knowledge of the main statistical techniques
for exploratory data analysis and for inference of population parameters from random samples.
The learnt techniques cover graphical tools, summary measures for single and multiple variables,
estimation and hypothesis testing for Gaussian and Binomial populations. Students will also be
able to implement the learnt procedures through the statistical software R. Skills to solve
elementary probability problems will be developed.
Course contents
The course program is organized in four parts as described below.
1. Descriptive Statistics
Graphical tools for data presentation. Frequency tables. Frequency distributions. Summary
measures of position and dispersion. Two-way tables. Joint, marginal and conditional distributions.
Independence. Association and chi-squared index. Linear dependence and correlation.
2. Probability Theory
Approaches to Probability Theory. Axiomatic approach to probability. Sets and Events. Conditional
probability. Independent events. Bayes theorem and total probability theorem. Random variables.
Mean, quantiles and variance. Discrete and Continuous Uniform distribution. Binomial
distribuiton. Gaussian distribution. Independent variables. Sums of random variables. Central limit
theorem and Law of large numbers. Chi-squared and t distributions.
3. Inferential Statistics
Random sampling. Parametric statistical models. Sampling distributions. Point estimation. Bias and
mean squared error. Confidence intervals for the mean of a Gaussian population. Approximate
confidence interval for a probability. Confidence interval for the difference between the means of
two Gaussian populations. Approximate confidence interval for the difference of two probabilities.
Hypothesis testing on the mean of a Gaussian population. p-value. Approximate test on a
probability. Test on the difference between the means of two Gaussian populations. Approximate
test for the difference of two probabilities. Approximate test of independence on a two-way table.
4. Computer programming
Some lectures will be held in the computer laboratory. Students will be introduced to the
software R that will be used to apply the statistical techniques that they have learnt to real-life
Newbold, P., Carlson, W.L. and Thorne, B. (2013), Statistics for Business and Economics,
Pearson-Prentice Hall.
Lecture notes.
Teaching methods
Traditional lectures and computer laboratory sessions.
Assessment methods
Written exam
Teaching Tools
R software
Links to further information
[email protected]
Prof. Emanuela Carbonara
60 contact hours, 8 credits
Course description:
This one-semester course covers basic issues in public finance and public policy, stemming from
the design of tax and social insurance policies to federalism and the regulation of natural
monopolies. The course tries to provide the theoretical foundations of optimal public policy, with
emphasis on second-best theories. Empirical evidence in support of the theories will also be
presented. Topics include incidence of taxation, income taxation, transfer and welfare programs,
public goods and externalities, optimal social insurance, health markets.
Course Content:
1) What justifies public intervention in economics. Welfare economics
2) Market failures: public goods and externalities
3) The theory of collective choices: political economy and political decision making
4) Income redistribution
5) The welfare state.
6) Social Security
7) Health Care
8) Expenditure programs for the poor
9) Taxation and Income Distribution
10) Taxation and Efficiency
11) Efficient and Equitable taxation
12) Personal income tax and corporation tax
13) Federalism and public finance
14) Regulation: natural monopolies
Rosen and Gayer: Public Finance, 10th edition (2013). McGraw Hill
Other readings will be indicated in class.
Two elective modules among the following:
Industrial Organization
International Trade
Labor Economics
Prof. Giacomo Calzolari, Prof. Davide Dragone
60 class hours, 8 credits
Learning outcomes
On completion of the course, students will have a basic and broad knowledge of the modern
Industrial Organization: about how firms operate in markets, their strategies, different modes of
competition and how firms interact with consumers. In particular, students will be able to describe
imperfectly competitive markets, understand and evaluate strategies by firms in real-world
industries, assess the effects of market structure and firms’ behavior on profitability and welfare,
assess the role of public policies, interpret the evolution of real-world industries. Students will also
learn the basic tools of strategy and game theory.
The course will be “hands-on” and students will thus learn practical skills, developing oral and
written communication skills and how microeconomic analysis can be applied to specific
industries. All this will provide solid ground for many career paths such as in economic, financial
and strategy consulting and in policy evaluation.
Course contents
The first part of the course will firstly quickly cover some basic tools in microeconomics, then
move on illustrating the classic forms of market structure and competition from monopoly to
perfect competition, but mainly focusing on imperfect competition. Special attention will be
devoted to the analysis of product differentiation and price discrimination and related strategies
such as bundling and tying. This first part will also introduce the basic tools of strategy and game
The second part will cover more advanced and applied topics, such as vertical relations,
advertising, networks and intermediaries, the role of information in markets and R&D strategies
for innovation.
The last part will deal with the issue of collusion, will illustrate the role of competition policy and
the activity of antitrust authorities and will cover the area of industrial policy and regulation.
Pepall, Lynne; Richards, Dan; Norman, George Industrial Organization: Theory and Applications,
5th Edition | 978-1-118-25030-3 ISBN-13: 9781118250303 Wiley. Also available at CourseSmart.
Teaching methods
Teaching will combine traditional lecturing, active classroom learning (“flipping the classroom”)
and participation to a “role-playing game” (Competitive Strategy Game) requiring students to setup their own enterprise and operate in virtual markets, earning profits (or making losses!).
Assessment methods
Assessment of students will be based on a written closed-book exam (70%), class participation
(5%), outcome and presentation for the Competitive Strategy Game (25%).
Links to further information
Office hours
See the website of Giacomo Calzolari and Davide Dragone
Prof. Alireza J. Naghavi; Prof. Gianmarco I. P. Ottaviano
60 class hours, 8 credits
Learning outcomes
The course consists of four parts. The aim of the first part is to introduce students to the debate
on globalization from the viewpoint of international trade in goods and services. The aim of the
second and third parts is to give students a better understanding of the causes and consequences
of international trade, and of the effects of trade policies respectively. The aim of the fourth part is
to equip students with the main approaches to the analysis of international factor movement and
multinational operations, and to discuss the role of the World Trade Organization. Upon
completing the course, students will have acquired a theoretical framework to understand the
complex issues raised by the economic interdependence of nations and to analyze them in a
systematic way.
Course contents
1) Globalization and its discontents
a) Key concepts and key facts
b) Opposite views
2) Cause and Consequences of International Trade
a) North-South Trade: The Comparative Advantage Theory
The Ricardian Model
The Specific Factors Model
The Factor Proportions Model
b) North-North Trade: Economies of Scale and Imperfect Competition
3) Trade Policy
a) The Instruments of Trade Policies
b) The Political Economy of Trade Policies
4) International Factor Movements, Globalization, and Developing Countries
Foreign direct investment and migration
Offshoring, outsourcing, and licensing
Trade policy in developing countries
Controversies about the WTO and globalization (intellectual property rights, labor
standards, trade and environment)
P. Krugman, M. Obstfeld, M. Melitz, "International Trade: Theory and Policy”, 10th Edition,
Pearson, 2014.
R. Feenstra, A. Taylor, "International Economics", 3rd Edition, Macmillan, 2013.
Teaching methods
During the 60 teaching hours, topics will be tackled in the order indicated in the program. After
the presentation of the underlying theory behind the topic under study, the political economy
applications of each and relevant exercises will be carried out.
Assessment methods
Written examination.
Teaching Tools
22 lectures (44 hours); 8 exercises/discussions (16 hours)
[email protected]
[email protected]
Prof. Giulio Zanella
60 contact hours, 8 credits
Learning outcomes
In this module you will learn how the labor market works, why the government regulates it by
setting up specific institutions, and what are the effects of these institutions on workers’ behavior,
employers’ behavior, and market equilibrium. The labor market is a very specific market because
the services that are exchanged there for pay (labor services) are embodied into people. Think of a
non-specific market such as the market of apples: apples of a given variety are all equal or almost
so, they do not make choices about whether to show up on the market or remain on the tree, they
do not complain or decide to taste worse if their price is too low. Not so people. People differ from
each other in many relevant respects and respond to incentives. At the end of the course you will
be able to understand labor markets from an economic perspective and to participate in a nonideological way to the public debate about labor issues.
Course contents
Labor supply: how people allocate their time between labor market activity (searching for a job,
working at that job when they get it) and other activities such as working at home, how they solve
the problem of division of labor within the household, how they choose where to supply labor
services (migration)
Labor demand: how firms look for workers, hire and motivate them, fire them
Human capital: how people acquire the skills they need to increase their value on the labor
market, via formal education, on-the-job training, and learning by doing.
Market equilibrium: how this process generates equilibrium wages, employment rates,
unemployment, discrimination, earnings inequality.
Labor market institutions: how governments regulate labor markets via unemployment insurance,
job protection legislation, minimum wages, collective bargaining, etc.
One of the following (to be decided): G. Borjas, Labor Economics; or R. Ehrenberg and R. Smith,
Modern Labor Economics: Theory and Public Policy
Teaching methods
Assessment methods
Written exam
Links to further information
[email protected]
Third year
Learning outcomes
This course aims to provide the students with the fundamental concepts, principles and
approaches of corporate finance, enabling them in solving related problems. The perspective is
the corporate market value maximization. The course focuses on principles that guide corporate
managers in taking investing and financing decisions; in addition provides students with the
standard quantitative analysis techniques commonly used in portfolio management and assetallocation. After taking this course, students are expected to be able to fully understand the basic
theory and techniques which lead investors and financial managers to take decisions, and
ultimately critically analyze these latters in light of shareholders wealth maximization.
Course contents
Topics covered in this course include:
- Computing and interpreting financial ratios, analyzing balance sheet in a financial perspective
- Security valuation (bond and stocks)
- Corporate value creation: project evaluation and capital budgeting
- Firm evaluation
- Cost of capital, measuring risk and return
- Determinants of capital structure decision
- Dividend policy and buybacks
- WACC and APV
- Options theory applied to corporate finance.
Brealey R., Myers S. and F. Allen, Principles of Corporate Finance, 11/e, 2014, McGraw-Hill, ISBN13: 978-0077151560 (Global Edition - without Connect Plus option).
Supplementary study material such as papers and exercises will be available from time to time on
the instructor website.
Teaching methods
Lectures and class exercises on the different topics covered in the course. Students are strongly
advised to (actively) attend all the lectures.
Assessment methods
The course grade will be based on a standard written final exam. A Mid-term exam is also planned.
Exams will be indicatively made of exercises, and multiple choices. Students may voluntarily take
an oral examination in order to improve their grades.
Teaching tools
Slides, exercises and applications.
Prof. Renzo Orsi
60 contact hours, 8 credits
Learning outcomes
This course focuses on techniques for estimating regression models, on problems commonly
encountered in estimating such models, and on interpreting the estimates from these models. The
goal of the course is to teach you the basics of the theory and practice of econometrics and to give
you experience in estimating econometric models with actual data.
By the end of this class, students should be able to:
Critically appraise work in the area of applied economics.
Analyse and make use of empirical data in economics to solve a variety of problems.
Make use of econometric software package GRETL as tools of quantitative and statistical
analysis to compute empirical results.
Understand the assumptions behind the models that are used and the limitations of the results
Develop a good intuitive and theoretical grasp of the dangers, pitfalls and problems
encountered in undertaking applied modelling.
Basically, at the end of this class students will know how to do basic empirical research using
economic data.
Course contents
• Review of Mathematics and Statistics
• Introduction to econometrics
• The Simple Regression Model
• Multiple Regression Analysis: Estimation and testing
• Multiple Regression Analysis: Further Issues
• Autocorrelation and Heteroskedasticity
• More on Specification and Data Problems
• Multiple Regression Analysis with Qualitative Information: Binary Variables
• Introduction to Time Series Data: stationarity and ergodicity
• Dynamic Models and Multiple Regression Dynamic Specificatrion
• Testing for stationarity and cointegration
• Model evaluation
J. M. Wooldridge; “Introductory Econometrics: A Modern Approach”; 5th edition (2013), SouthWestern.
J. H. Stock and M. W. Watson; “Introduction to Econometrics”; 3rd edition (2010); AddisonWesley Series
Teaching methods
- Lectures
- Practice sessions in computer lab
- Self-study in computer lab (doing home assignments using GRETL, working with economic
data, doing research on the web)
Self-study with literature
Assessment methods
Three exams sessions will be available: the first two at the end of the semester and a retake in
September. The exam may be organized in two mid-term exams at the end of each term, or a
cumulative final exam. Details will be given during lectures.
Teaching Tools
The statistical software package GRETL will be used for estimation and testing. Lab sessions will
consist of instruction and examples helpful in completing the homework assignments, and other
[email protected]
Prof. Giorgio Bellettini
60 hours, 8 credits
Learning outcomes
In this course will examine the major theoretical and policy issues in open-economy
macroeconomics and international finance. Students will learn the determinants of exchange rates
dynamics, balance of payments developments, and open economy macroeconomic policy. Special
attention will be devoted to exchange rate arrangements and monetary unions, with strong
emphasis on the euro area, and to speculative attacks on currencies.
Course contents
Basic concepts in international finance: the balance of payments
Basic concepts in international finance: the foreign exchange market
Spot and forward exchange rates
Alternative exchange rate regimes and monetary policy
Exchange rate determination: the purchasing power parity
Exchange rates, interest rates and the trade balance
Economic policies and exchange rate regimes
The debate on fixed vs. flexible exchange-rate regimes
The European Monetary Union. Monetary policy and the European Central Bank
Currency crises
R. C. Feenstra and A. M. Taylor, International Macroeconomics, MacMillan, third edition.
Teaching methods
Assessment methods
Mid-terms and final written exams
Office hours
See the website of Giorgio Bellettini
Prof. Gabriella Chiesa
60 class hours, 8 credits
Learning outcomes
At the end of the course, students should have acquired sufficient knowledge to understand the
functioning of financial markets, their interactions with the macro-economy and the functioning
and role of monetary policy. More specifically: i) the principles that govern risk management and
the allocation of risk; ii) asset price formation, and the concepts (models) of market liquidity,
liquidity risk and price informativeness; iii) money creation in the modern economy, the
functioning of monetary policy, the transmission mechanism of monetary policy and its
interactions with the state of financial markets.
The goal of this course is to provide the tools for understanding deeply: 1) the functioning of
financial markets; 2) their interactions with macro-economy and the role played by monetary
policy. The course analyses the role of financial markets in the inter-temporal allocation of
resources, risk allocation, and information aggregation. It provides the tools for risk evaluation,
asset portfolios, asset price formation, and the analysis of monetary policy. These concepts will
then be used for the analysis of the macro-economy, with particular attention to the key aspects
of the financial crisis.
The course is structured in two parts:
Part 1 : Economics of financial markets
The role of financial markets in the inter-temporal allocation of resources
Risk management:
- Decisions under uncertainty
- Expected utility : concepts and applications
- Certainty equivalent: concept and applications
and risk
Portfolio theory
- Portfolio feasibility and efficiency
- Efficient frontier without a risk free asset, and the two mutual fund theorem
- The risk free asset, the tangency portfolio and the efficient frontier
- Capital Asset Pricing Model (CAPM) – and the assumptions required
• Market equilibrium and asset prices
• Empirical evidence on CAPM
• Asset market liquidity and asset prices
- Funding liquidity and market liquidity
- Theory and empirical evidence
Part 2 : Monetary economics in financial- market - based economies
Central bank’s balance sheet : static balance sheet and intertemporal balance sheet
Seignorage: modelling seignorage and limits to seignorage (Laffer curve)
Monetary policy at work:
- Instruments
- Intermediate targets
- Ultimate objectives
• The transmission mechanism of monetary policy
- The role played by financial markets’ liquidity in the transmission mechanism:
empirical evidence
• Financial markets’ liquidity and monetary policy:
- Quantitative easing
- Qualitative easing
- Empirical evidence: Central banks’ balance sheets pre and post crises
• Focus on the Eurosystem
Lecture notes made available (downloadable) on Ams Campus Unibo
Mishkin, F. (2013) “The Economics of Money, Banking and Financial Markets”, Pearson,
The Monetary Policy of the ECB, Editore: BCE, 2011
“Global Economics View, Looking into the Deep Pockets of the ECB”, W.Buiter e E.
Rahbari, Citigroup Global Markets, 27 February 2012
Global Economics View, Why Does The ECB Not Put Its Mouth Where Its Money Is? The
ECB As Lender Of Last Resort For Euro Area Sovereigns And Banks”, W.Buiter e E.
Rahbari, Citigroup Global Markets, 27 February 2012.
[email protected]
Prof. Maria Bigoni
60 hours, 8 credits
Learning outcomes
At the end of the course, students will have a basic knowledge of the tools of experimental
economics and of the main results produced during the last three decades of research in
experimental and behavioral economics.
Course contents
During the last three decades, economics has been progressively permeated by behavioral
considerations. Researchers have investigated whether and under which conditions theoretical
models are able to predict how people actually make decisions. When a detachment between the
theoretical predictions and the observed behavior emerged, new models have been proposed,
aimed at an increase of the descriptive accuracy, which preserved the analytical tractability. The
process gave rise to completely new streams of literature, in the fields of game theory, law and
economics, finance, and industrial organization. The empirical approach adopted in behavioral
economics is largely based on laboratory experiments, aimed at studying behavior in markets,
games and other strategic situations, under strictly controlled environmental conditions.
This course is designed to offer an introductory overview both of the tools adopted, and of the
most established results that have emerged within this broad strand of literature.
Holt, Charles A. “Markets, games, and strategic behavior: recipes for interactive learning”, Pearson
Addison Wesley, 2006.
Teaching methods
Teaching will combine participation in mock-experiments, active classroom learning exercises, and
traditional lecturing.
Assessment methods
Assessment of students will be based on one short essay on a topic of their choice, among those
discussed in the course (40% of the module’s final mark), plus a final exam (60% of the module’s
final mark) which will include a set of questions covering both the mathematical/analytical aspects
of the models discussed in class and their interpretation. In the final exam students may use
calculators (but not other electronic devices), but they may not consult notes, books, or other
written material (including their classmates' exam papers).
Teaching Tools
During the course, students will be involved in mock experiments, which should provide them with
a more vivid idea of the issues to be examined later during the lecture, and active participation to
the in-class discussion will be encouraged.
Links to further information
Office hours
See the website of Maria Bigoni
One elective module among the following:
Behavioral Economics
Economic Analysis
Financial Instruments and Financial Markets
Credits: 8, 60 class hours
Learning outcomes
On completion of this course, students will know about the main types of product used in the
financial markets, such as debt and equity tools both in retail and wholesale markets, and their
risk-reward properties. Students will also command a critical and theoretical knowledge of
financing decisions, the different financial instruments, and how these allow to meet players’
needs from the point of view of firms and of institutional investors.
Course contents
• Mechanics of different financial instruments for raising and investing funds from the view
point of different users.
• Concepts of Time Value of Money, “required rate of return”.
• Cash Capital Market Instruments and the functioning of major physical capital markets.
• Yield Curve and Market-Determined Interest Rates.
• Bond Markets.
• Equity markets.
• Derivative Instruments.
• Commodities and other asset classes.
Handouts and material from manuals on Capital Markets Instruments.
Teaching methods
Class teaching with students’ active participation. Case studies and “hands-on” activities by
Assessment methods
Exam, problem sets and performance at “hands-on” activities.
Teaching Tools
Traditional plus analysis with spreadsheets and financial software.
Links to further information
Office hours
See the website of the instructor.