FINANCIAL MARKETS AND ASSET MANAGEMENT
- Overview
- Assessment methods
- Learning objectives
- Contents
- Full programme
- Bibliography
- Delivery method
- Teaching methods
- Contacts/Info
There are no propaedeutics. However, an understanding of the contents of the course is facilitated by a good basic knowledge of the economics issues of financial intermediaries.
The face-to-face exam consists of a final written test, lasting 2 hours, divided into 8 open-solution questions. For the purpose of passing the exam it is necessary to obtain an evaluation of at least 18 out of 30.
When remote exams are scheduled, the final exam will be oral and carried out on Teams. (See the University’s guidelines for COVID-19 medical emergency at link https://www.uninsubria.it/chi-siamo/la-nostra-comunicazione/notizie/coro...)
The exam can be taken in two parts: the first part is the subject of the intermediate test scheduled in the first semester (written test with 4 open questions; oral test on Teams in case of remote exams). In case of passing the first part (grade at least equal to 18/30), the student will take only the second part during the exam. In case of failure to pass the first intermediate test, the exam will be taken as a whole in the normal exam sessions.
The teacher positively evaluates the ability to organize knowledge discursively; the ability of critical reasoning on the study carried out and the depth of the analysis; the quality of the exposure, the competence in the use of the specialized lexicon, the effectiveness and the argumentative linearity.
TRAINING OBJECTIVES
The course provides the elements of knowledge of the role of financial markets and financial intermediaries operating in the markets, the characteristics and purposes of complex financial instruments and markets, trading and listing processes, the fundamental aspects of wealth management, which includes the key themes of wealth creation, portfolio management and securities and real estate, insurance and social security planning, art banking, as well as the products and distribution methods of private banks
It also illustrates the innovations introduced in this area by the development of financial digitalisation and FinTech companies.
EXPECTED LEARNING OUTCOMES
At the end of the course, the student will be able to:
1. know and understand the funding and investment purposes that can be pursued through the use of basic and complex financial instruments;
2. know and understand the functioning of financial markets (regulated and non-regulated) and the role played on the financial markets by supervised financial intermediaries and other financial operators;
3. independently address and manage management issues related to investment and wealth management choices;
4. critically evaluate the management solutions that can be proposed;
5. acquire an advanced technical lexicon.
The course is divided into two parts.
PART ONE:
1. The role of the financial system and direct financing channels: responses to the financial needs of enterprises and to the investment needs of households. [2 hours]
2. The problems related to the collection of financial resources by Italian SMEs and possible market solutions. [2 hours]
3. The basic, complex and innovative financial instruments. [10 hours]
4. Financial markets: types and forms of organization; functioning of open markets. [10 hours]
5. The financial intermediaries of the direct channel and the services offered: [10 hours]
the role of intermediaries in primary market operations (capital increases, placement of securities, public offerings of shares);
trading services offered through traditional and alternative trading systems;
asset investment advisory and management services: individual asset management (GPM) and collective asset management (investment funds);
6. Securities market regulation and supervisory institutions: the effects on the organizational structure of the markets. [2 hours]
7. The development of FinTech: expansion of direct financing and investment circuits and regulatory issues. [4 hours]
PART TWO:
6. The wealth management market. [8 hours]
a) The private banking sector: types of operators and business models.
b) Strategic positioning choices and organizational fallout.
c) The role of the relationship manager.
(d) Customer segmentation: traditional and alternative criteria.
(c) The value of the customer. Contents and objectives of personal financial planning.
7. The main types of investment funds and management objectives. The role of the custodian bank. The contents of the prospectus. Commission policies to customers. Alternative investments and structured products: Hedge funds; Ethical funds and SRI. [8 hours]
8. Portfolio management: [8 hours]
a) Strategic, tactic and dynamic asset allocation. Market timing and stock picking.
(b) Management with absolute and relative return. Asset management: styles and techniques of active and passive management of the securities portfolio.
(c) Investment valuations: characteristics and functions of the benchmark; pure and compound benchmarks; tracking error; the selection of managers; the return on the portfolio (notes); evaluation of the performance of a fund and evaluation of the NAV (overview).
(d) Fundamental analysis and technical analysis: the contribution to portfolio management.
9. Products and services in private banking: the consulting process; asset management; insurance and social security services; real estate management services; art banking. [8 hours].
10. Evolution of markets and market instruments in the light of digitization processes: robo advisor and robo for advisor; I.C.O. (Initial Coin Offerings); S.T.O. (Security token offering). [8 hours]
see "Contents"
The mandatory texts are as follows:
PART ONE:
1. FERRARI A. – GUALANDRI E. – LANDI A. – VEZZANI P., Il sistema finanziario: funzioni, mercati e intermediari, Giappichelli Editore, Torino, 2020: cap. I, cap. II (paragrafi 5 e 6); cap. V; cap. VI (paragrafi 1; 3.3; 4).
2. A. Ferrari - E. Gualandri - A. Landi - V. Venturelli - P. Vezzani, Strumenti e prodotti finanziari: bisogni di investimento, finanziamento, pagamento e gestione dei rischi, G. Giappichelli Editore, Torino, 2017: cap. I, cap. III (paragrafi 1; 3.3), cap. IV (paragrafi 2; 2.1), cap. V, cap. VI, cap. VII, cap. IX, cap. X.
3. AA.VV., La crescita delle PMI attraverso gli strumenti di finanza innovativa, FrancoAngeli Editore, Milano, 2014, capitoli 1, 2, 3.
4. SCHENA C., TANDA A., ARLOTTA C., POTENZA G. (2018), Lo sviluppo del FinTech. Opportunità e rischi per l’industria finanziaria nell’era digitale, CONSOB - Collana Quaderni FinTech, n. 1, marzo 2018, pagine 22-38. The text can be downloaded from the website: http://www.consob.it/documents/46180/46181/FinTech_1.pdf/35712ee6-1ae5-4...
5. Locatelli R. – Schena C. (2020), La diversificazione dei canali di reperimento delle risorse finanziarie delle PMI: a che punto siamo?, in Dell’Atti S. (a cura di), Studi in onore di Antonio Dell’Atti, Giuffrè Francis Lefebvre, Milano.
6. Banca d'Italia, Considerazioni finali del Governatore, Roma, Roma, 29 maggio 2021. Il testo si può scaricare dal sito internet: https://www.bancaditalia.it/pubblicazioni/interventi-governatore/integov...
7. Banca d'Italia, Relazione annuale 2020, Roma, maggio 2021, pp. 49-107. Il testo si può scaricare dal sito internet: https://www.bancaditalia.it/pubblicazioni/relazione-annuale/2020/rel_202...
PART TWO:
8. Musile Tanzi P. (a cura di), Manuale del private banker, Egea, Milano, 2016 (esclusi i capitoli 5, 6, 7, 11, 12).
9. Basile – Braga – Ferrari, Asset management e investitori istituzionali, Pearson, 2019, capp. 2, 3, 14.
10. Tanda A. – Schena C.M., FinTech, BigTech and Banks: Digitalisation and Its Impact on Banking Business Models, Palgrave Macmillan, 2019 https://www.palgrave.com/gp/book/9783030224257 (eBook oppure Hardcover)
11. Banca d'Italia, Relazione annuale 2020, Roma, maggio 2021, p. 165; pp.177-195; pp. 201-208. The text can be downloaded from the website: https://www.bancaditalia.it/pubblicazioni/relazione-annuale/2020/rel_202...
12. In-depth readings for group work indicated by the teacher during the lessons.
Any teaching materials are made available in the e-learning platform of the course, with the progress of the lessons.
No other teaching materials (handouts, summaries, etc.) are authorized by the lecturer.
a) The lectures will be accompanied by seminars. Students will actively participate in the lectures, discussing during the lessons the materials covered by the exam program.
b) Specific group work will also be assigned to develop the research and reworking of the exam topics subject to specific study. The group work allows you to acquire a supplementary mark of the final grade of the exam.
c) It is also planned to carry out off-site teaching activities, at the operational headquarters of a financial intermediary. Where such activity is not possible, it will be replaced by frontal teaching.
The lectures allow a direct interaction with the students present, who, following the lecturer's explanation, can ask questions and in turn be solicited on specific cases and issues.
The group work aims to provide a method of critical analysis and organization of teamwork for the solution of operational problems under examination.
The off-site teaching activity allows contact with operational realities capable of offering technical and practical updates on the topics under examination.
Office hours are indicated on the teacher's web page on the University website.