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    Syllabus

    A.Y. 2018-19 / 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 or 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 institutions, the prevailing limitations to their functioning as well as the issues of their management, both qualitatively and quantitatively.

    Contents

    Part A: Financial Markets

    1. Overview of the financial system and the economic role of financial institutions
    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 nature of financial crises and their effects on economy
    2. An introduction on central banking, monetary policy and the international financial system
    3. Banks: structure, role, performance and competition
    4. Mutual funds
    5. Insurance companies and pension funds
    6. The securities’ industry
    7. Other financial institutions
    8. An introduction on risk management, derivatives 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 reading, 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, 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, -0.25 points every mistake. The test is passed with a score of at least 10 points (no rounding).
    • Students passing the test access the oral exam, based on 3 questions that will start from a topic selected by each student, will focus on a link between this topic and others within the aims of the course, and will include the interpretation of recent financial events. The final grade will be based on the oral exam only.

    The evaluation process is 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.

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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, 10-12) and Room "Mappe Antiche" (Thursdays, 9-12).

    Last update: 13/5/2019

    DAY   TIME TOPIC
    19/2   10-12 Course presentation. Financial markets: overview
    21/2   9-12 Financial markets: overview. Simulation: adverse selection
    26/2   10-12 Interest rates
    28/2   9-12 NO LECTURE!
    5/3   10-12 Interest rates.
    7/3   9-12 Market efficiency and behavioural finance
    12/3   10-12 NO LECTURE!
    14/3   9-12 Money markets.
    19/3   10-12 Money markets
    21/3   9-12 Bond markets. 
    26/3   10-12 Stock markets.
    28/3   9-12 Mortgage markets.
    2/4   10-12 Foreign exchange markets.
    4/4   9-12 NO LECTURE!
    9/4   10-12 Financial crisis.
    11/4   9-12 Central banks and monetary policy
    16/4   10-12 Central banks and monetary policy. Banks.
    18/4   9-12 Banks
    23/4   10-12 Mutual funds
    25/4   9-12 NO LECTURE!
    30/4   10-12 Insurance.
    2/5   9-12 Simulation: being Warren Buffet
    7/5   10-12 Pension funds
    9/5   9-12 Seminar: Lloyd's of London (Aldo Salcioli)
    14/5   10-12 The securities' industry. Derivatives.
    16/5   9-12 Simulation: Loan Market / Trading. Q&A