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Advanced Banking and Finance

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Advanced Banking and Finance

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Academic year 2020/2021

Course ID
MAN0276
Teachers
Paola De Vincentiis (Lecturer)
Eleonora Isaia (Lecturer)
Mariacristina Rossi (Lecturer)
Year
3rd year
Type
Related or integrative
Credits/Recognition
6
Course disciplinary sector (SSD)
SECS-P/11 - economia degli intermediari finanziari
Delivery
Formal authority
Language
English
Attendance
Optional
Type of examination
Written
Type of learning unit
corso
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Sommario del corso

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Course objectives

The course is intended to familiarize students with some specialized empirical methodologies for addressing research questions in banking and finance. The course will be structured along three main topics.

 

The first topic is focused on the informative content that financial investors may derive from different sources. In particular, we will discuss:

  • the meaning and impact of credit rating on bond pricing,
  • the meaning and impact of financial analysts’ reports and opinions on equity pricing,
  • the drivers of the probability of default implied in credit default swap premia.

 

The second topic is focused on the main trends and challenges of the banking industry and the asset management industry. In particular, we will discuss:

  • The banking lending activity and its impact on banks profitability in times of negative interest rates era
  • The welfare system: from public pension systems to private schemes
  • The asset management industry. From market to clients: how a portfolio selection process works

 

The third topic is focused on household saving and financial decisions. In particular:

  • risk aversion and risk premium
  • household choice: saving and portfolio
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Results of learning outcomes

Understand that:

  • the prices of financial instruments incorporate information that may be analyzed by investors to make decisions;
  • a change in the information set available to investors will inevitably affect the pricing of financial instruments;
  • negative interest rates and economic recession weaken banks profitabily and change their business models;
  • public pension benefits will decline in the near future urgently requiring a strategic wealth planning; 
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Program

The course is designed around three main topics:

 

  • Credit ratings, credit default swaps and analysts‘ forecasts
  • Banking industry and asset management
  • Household choices: savings and portfolio. Behavioral Finance
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Course delivery

Lectures and exercise classes (included Empirical Methods using STATA)

 

COVID EMERGENCY 

please look for updates at the folliwng website:

https://elearning.unito.it/sme/course/view.php?id=3374

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Learning assessment methods

Assessment methods:

- Analyses of scientific papers

- Oral presentation 

- Written exam: open and mutiple-choice questions

Only the exam immediately after the course will be made up the three separate module scores. Each module exam is worth 10 points. 

In all the retake session,  exams will be in written form and consist in questions/exercises on the three modules.

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Suggested readings and bibliography

  • De Vincentiis P. (2010). Accuracy and bias of equity analysts in an environment characterised by higher disclosure. Empirical evidence from the Italian market, in Working Papers Adeimf.
  • De Vincentiis P., Pia P. (2015). Aftermath of the subprime crisis: reputational damages suffered by major and minor rating agencies, in International Review of Business Research Papers.
  • De Vincentiis P., Pia P. (2017). Small Is Beautiful? A Comparison of Major and Minor Credit Rating Agencies Credibility, in International Journal of Business Administration, 2017.
  • Bongiovanni A., De Vincentiis P., Isaia E. (2016). The VIX index: forecasting power and performance in a risk management framework, in Journal of Financial Management, Markets and Institutions, n.4

 

  • Miskin - Eakins, Financial Markets and Institutions, Chapter: "Banking and the management of Financial Institutions", Prentice Hall.
  • De Vincentiis P., Isaia E., Zocchi P. (2017). Institutional disparities and asset allocation homologation in Italian defined contribution (DC) pension funds. How do they affect the guarantee commitment?, in Journal of Pension Economics and Finance, Cambridge University Press.
  • Jacob A. Bikker, Dirk W. G. A. Broeders, David A. Hollanders, Eduard H. M. Ponds,(2012) PENSION FUNDS’ ASSET ALLOCATION AND PARTICIPANT AGE: A TEST OF THE LIFE-CYCLE MODEL, The Journal of Risk and Insurance,  Vol. 79, No. 3, 595-618.
  • Phil Molyneux, Alessio Reghezza, John Thornton, Ru Xie, (2020), Did Negative Interest Rates Improve Bank Lending?, Journal of Financial Services Research  57:51–68.
  • Riikka Sieva¨nen, Hannu Rita, Bert Scholtens, (2013),The Drivers of Responsible Investment: The Case of European Pension Funds, Journal of Business Ethics  117:137–151.
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Notes


“Le modalità di svolgimento dell'attività didattica potranno subire variazioni in base alle limitazioni imposte dalla crisi sanitaria in corso. In ogni caso è assicurata la modalità a distanza per tutto l'anno accademico”

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    Enrollment opening date
    01/03/2020 at 00:00
    Enrollment closing date
    31/12/2022 at 23:55
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