ECONOMICS OF FINANCIAL MARKETS
There are no explicit prerequisites. A good understanding of basic Principles of “Economics of Financial Intermediaries” is however recommended.
The students who have already had “Economics of financial markets”, “Securities markets A” (or similar exams) during their Undergraduate degree, have to refer to the program “Economics of financial markets – Advanced course”.
The course aims at illustrating the role of financial markets, institutional factors and financial intermediaries; besides it focus the attention on the evaluation of financial instruments (equities, bonds, financial derivatives) and trading process.
At the end of the course the student will be able to know and understand the regulation and the main economic and financial variables used to evaluate different type of financial instruments.
Results should be analysed by the student in order to make a judgment related to the acceptability of investment decisions.
ASSESSMENT:
Final written test, which lasts an hour and a half, divided in 5 questions.
For the purpose of passing the exam is necessary to achieve a rating of at least 18 points over 30.
The student who achieves a grade lower than 15 out of 30 in the written test cannot sit for the next written test within the same exam session.
BASIC COURSE:
1.The functions of the securities market.
2.Primary and secondary market.
3.Organizational forms of securities markets.
4.Supervisory bodies and regulation of Stock Market: the impacts on the organizational structure of securities markets.
5.Taxonomy, economic functions and technical characteristics of financial instruments.
6.Methodologies for the evaluation of financial instruments.
7.Reasons for the listing of financial instruments on the Stock Exchange. Organization and operational structure of the main Italian regulated markets: trading, settlement and guarantee systems.
8.The activities and the role of the financial intermediaries involved in the securities market:
8.1.The services:
a)the intervention of intermediaries in the primary markets (capital increases, the placement of securities, public offerings of shares – IPO);
b)the trading services offered by traditional and alternative trading systems;
c)advisory services and asset management: management of property assets and management of investment funds;
8.2.Rules of conduct, operational characteristics and types of securities firms and institutional investors.
9.An analysis of Italian securities markets data.
ADVANCED COURSE:
Advanced knowledge in raising capital and listing of Italian SMEs.
BASIC COURSE:
1.AA.VV., Il nuovo Come si legge il Sole 24 Ore, Ed. 2011, cap. 7 (Il mercato valutario).
2.AA.VV., La crescita delle PMI attraverso gli strumenti di finanza innovativa, FrancoAngeli Editore, Milano, 2014, capitoli 3 e 4.
3.Banca d'Italia, Relazione annuale 2015, Roma maggio 2016, pp. da 66 a 72; da 83 a 84; da 151 a 163. Il testo si può scaricare dal sito internet: http://www.bancaditalia.it/pubblicazioni/relazione-annuale/2015/rel_2015...
4.FERRARI A. – GUALANDRI E. – LANDI A. – VEZZANI P., Il sistema finanziario: funzioni, mercati e intermediari, Giappichelli Editore, Torino, 2016: cap. I, cap. II (paragrafi 5 e 6); cap. V; cap. VI (paragrafi 1; 3.3; 4).
No other teaching materials (handouts, summaries, etc..) are authorized by the teacher.
ADVANCED COURSE:
•AA.VV. (2013), “Incentivi per favorire la quotazione delle PMI sui mercati internazionali e in Italia. Opportunità e proposte”, Franco Angeli, Milano.
•AA.VV. (2011), “Patrimonializzare e sostenere la competitività delle PMI italiane: la quotazione su AIM Italia”, Quaderni SAF, n. 35, Ordine dei Dottori Commercialisti e degli Esperti Contabili, Milano. http://www.odcec.mi.it/docs/default-source/quaderni/N%C2%B0_35_-_PATRIMO...
No other teaching materials (handouts, summaries, etc..) are authorized by the teacher.