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    Syllabus

    A.Y. 2017-18 / Second semester - 6CFU

    Course objectives

    This course aims at introducing the economic and business role of financial markets, by focusing on financial institutions and the products and services that they provide. 

    The course will adopt an international perspective, by looking mainly at the US and EU markets and by considering all financial events on a global scale.

    Participants will be able to understand the rationale for the existence of financial markets and their institutions, the prevailing limitations to their effective functioning as well as the overarching issues linked with their management, both qualitatively and quantitatively.

    Contents

    Part A: Financial Markets

    1. Overview of the financial system
    2. Interest rates: economic and financial role, determinants and structure
    3. Efficiency of financial markets: evidence and economic consequences
    4. Money markets and money instruments
    5. Bond market and bond evaluation
    6. Stock market and stock evaluation
    7. An introduction on mortgage markets
    8. The foreign exchange market

    Part B: Financial Institutions

    1. The economic role of financial institutions
    2. The nature of financial crises and their effects on economy
    3. An introduction on central banking, monetary policy and the international financial system
    4. Banks: structure, role, performance and competition
    5. Mutual funds
    6. Insurance companies and pension funds
    7. The securities’ industry
    8. An introduction on risk management of financial institutions and hedging

    Prerequisites

    Accounting is a mandatory prerequisite. Attendance of Macroeconomics and Financial Mathematics courses is strongly suggested.

    Teaching methods

    Front lessons, class discussions, simulations and role-playing, news interpretation, exercises. 

    Individual learning is encouraged by reviewing the additional learning material provided by the textbook, also on its dedicated webpage. Keeping up-to-date on financial and economic news, as provided by specialised media (f.i. FT and The Economist), is strongly suggested.

    Assessment

    Final exam, composed of two parts:

    • A short multiple choice test, with 20 questions and only one correct answer. Scoring is attributed as follows: 1 point per correct answer, 0 points per blank answer, -1 points every 2 mistakes. The test is considered passed with a score greater than or equal to 10 points.
    • Students passing the test access the oral exam, based on 3 questions that will start from a topic selected by each student and including the interpretation of recent financial events. The final grade will be based on the oral exam only.

    The evaluation process is mainly based on the following assessment:

    • lower grades are attributed to students that show a sufficient knowledge of this course's topics, as well as a satisfactory use of technical language
    • intermediate grades are attributed to students that show a higher degree of knowledge, in particular the ability to cross-reference different topics and their mutual relationships, as well as a good proficiency in the technical language
    • higher grades are attributed to students that, together with a deep knowledge of this course's topics and a distinguished proficiency in the technical language, can prove to be able to apply concepts and tools to real-world situations.

    References

    Mishkin F.S. and Eakins S.G. (2016), Financial markets and institutions, Pearson, 8th Edition

    Online material provided by textbook

    Lecturer’s notes will be provided during the course.

    Further readings on specific topics can be suggested on demand.

    More information on the syllabus can be found here.

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    Teaching material

    All teaching material, including slides and further readings, can be found in the following folder (updated regularly).

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    Calendar

    Rooms: Via Tigor, Room 3 (Tuesdays) and Room 5 (Thursdays).

    Last update: 26/04/2018


    DAY   TIME TOPIC
    20/2   10-12 Course presentation. Overview on financial markets
    22/2   9-12 Overview on financial markets. Simulation: adverse selection
    27/2   10-12 Interest rates
    1/3   9-12 Interest rates
    6/3   10-12 Interest rates. Efficiency of financial markets
    8/3   9-12 Efficiency of financial markets.
    13/3   10-12 Money markets.
    15/3   9-12 Bond markets.
    20/3   10-12 Stock markets.
    22/3   9-12 Visiting prof. Joseph French: Foreign exchange markets
    27/3   10-12 Visiting prof. Joseph French: Foreign exchange markets
    29/3   9-12 Stock markets. Mortgage markets.
    3/4   10-12 NO LECTURE!
    5/4   9-12 Financial crisis.
    10/4   10-12 Central banks and monetary policy
    12/4   9-12 Central banks and monetary policy. Banks.
    17/4   10-12 Banks. Simulation: loan market. 
    19/4   9-12 NO LECTURE (JOB@UNITS)!
    24/4   10-12 Simulation game results. Banks.
    26/4   9-12 Mutual funds. Insurers and pension funds.
    1/5   10-12 NO LECTURE!
    3/5   9-12 Seminar (Aldo Salcioli): The Lloyds
    8/5   10-12 Seminar (Aldo Salcioli): The Lloyds
    10/5   9-12 NO LECTURE!
    15/5   10-12 Insurers and pension funds. Simulation: being WB
    17/5   9-12 The securities' industry. Derivatives. Q&A.