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Financial Markets and Corporate Finance - Module: Financial Markets - Stream B

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Financial Markets and Corporate Finance - Module: Financial Markets - Stream B

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Academic year 2020/2021

Course ID
MAN0513A
Teaching staff
Paul De Sury (Lecturer)
Prof. Massimo Giorgini (Lecturer)
Noemi Oggero (Tutor)
Modular course
Year
2nd year
Teaching period
First term
Type
Distinctive
Credits/Recognition
6
Course disciplinary sector (SSD)
SECS-P/09 - finanza aziendale
SECS-P/11 - economia degli intermediari finanziari
Delivery
Formal authority
Language
English
Attendance
Obligatory
Type of examination
Written
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Sommario del corso

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Course objectives

The course provides students with an overview of global financial markets and how financial intermediaries operate. It develops knowledge about the technical and economic features of equity, fixed income, foreign exchange and credit financial instruments, in the context of different market models. The course also analyzes central banking and the conduct of monetary policy, provides a focus over the interdependence between macroeconomic factors like interest rates, FX rates, asset prices and the dynamic of transmission of monetary policy strategies to real economy through global financial markets. The last financial and economic crisis has provided evidence that although well-functioning financial markets lead to economic growth, in certain conditions they may originate point of failures with negative effects for corporates and individuals. Understanding the mechanisms of financial markets and the evolution of risk management processes have never been so important, for this reason some lectures will be dedicated to the evolution of the regulatory framework. The course will also provide an introduction to behavioral finance and market efficiency theory. Ethical issues, including ESG investments and impact-investing, will be considered as well.

 

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Results of learning outcomes

Students should demonstrate in-depth knowledge and understanding of financial markets and institutions, the regulatory framework in which they operate and how financial institutions are managed. Learning should be ‘critical’ and active class participation is required: students have the opportunity to discuss real case studies, leveraging on financial press articles.

 

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Course delivery

The course is developed in 42 hours of lessons of theory complemented by exercises and discussion on real financial markets cases.

 

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Learning assessment methods

As the situation linked to the spread of Covid-19 continues, the Corporate Finance examination (“Stream A and Stream B”), part of the Financial Markets and Corporate Finance course, will take place remotely (online). In particular, it will involve connecting students enrolled via Webex and will take place on Moodle, consisting of multiple-choice questions.

In particular, the instructor will form Webex virtual classrooms of 25 students. The exam on Moodle will be structured in 22 questions with a score of 1.5 (which allows you to obtain praise). The time available will be 40 minutes.

These provisions apply to all appeals of the summer session, unless new communication is received.

 

 

 

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Support activities

The lecturer suggests and provides students with interesting and recent articles, going beyond the simple program of the course. Where possible, information providers will be used to observe financial markets in real-time conditions and how asset prices change when additional information flows to market participants.

 

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Program

  • Overview of the Financial System and Fundamentals of Financial Markets
  • Interest and Debt Securities Valuation
  • Risk and Term Structure of Interest Rate
  • Financial Markets Efficiency Theory
  • Fundamentals of Financial Institutions
  • The origin of Financial Crisis and Transmission to Real Economy
  • Financial Regulation and the Evolution of the Regulatory Framework
  • Central Banking and the Conduct of Monetary Policy: The Federal Reserve System
  • Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics
  • The Bond market, the Stock market and the FX market
  • The International Financial System and the Financial Institutions Industry
  • Banking Industry and the Management of Financial Institutions
  • Banking Industry: Structure and Competition
  • Mutual Fund Industry, Insurance Companies and Pension Funds
  • Investment Banks, Security Brokers and Dealers, and Venture Capital Firms
  • Behavioral Finance
  • Macroeconomic and Industry Analysis

 

Suggested readings and bibliography

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  • Frederick Mishkin, Stanley Eakins, Financial Markets and Institutions, Pearson, 2018, 9th edition (chapters 1-10, 12-13 and 15-22 only)
  • Zvi Bodie, Alex Kane, Alan Marcus, Investments, McGraw Hill Education, 2018, 11th edition (chapters 3, 12 and 17 – selected paragraph only)
  • Additional documentation will be provided by the Professor during the course

 



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Note

1. The dates and the office hours of Prof. de Sury are indicated online

2. To take the exam, the studens must be listed online following the formal procedure defined by the University (deadlines, pre-requisites, ...)


1. Date e orari di ricevimento del Prof. De Sury sono indicati online

2. Per sostenere l'esame gli studenti devono essere iscritti secondo la procedura formale dell'Università (iscrizione regolare online, propedeuticità ...)

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