FINANCIAL MARKETS AND INSTITUTIONS
- Overview
- Assessment methods
- Learning objectives
- Contents
- Bibliography
- Teaching methods
- Contacts/Info
Attending the course is easier for students with basic knowledge of management, micro and macro-economics, financial maths, private and commercial law.
The final exam, in the form of written exam, is composed by 10 questions: 6 short answers (definitions) and 4 long answers (description and comments). The student must have a positive mark almost on 70% of the proof. The score per each question is expressed over 30 points; the final mark comes from the media of marks attributed to each answer and may be negatively rounded if some answers reported a score lower than 18 over 30.
When marks to all answers are higher than 28 over 30 and the proof reveals a complete reach of learning objectives, a good knowledge of technical terms and a critical view, student can receive cum laude.
During the lesson period, students can choose to be active in the course; the lecturers will publish some tests, used to assess the understanding of course topics. Expecially for active students it will be possible to have a mid-term exam, composed by 5 questions (3 short and 2 long questions). In case of positive mid-term result (more than 18 over 30), a final exam is proposed. The final exam is composed by 5 questions (3 short and 2 long question); it will comprehend all topics not already treated in the mid-term exam. The final mark will be an average of the marks attributed to the two exams.
Active attendance to the course is recommended, but also non active students can choose to try the mid-term exam.
We have no difference in course and exam programme between active and non active students.
No other forms of evaluation are possible.
The course gives basic elements about the structure and the functioning of markets and financial intermediaries. Specific arguments are tasks and structural and operational tools of banking, insurance and markets intermediaries; basic elements for financial instruments evaluation. The course gives also basic information about financial instruments, banking and insurance contracts and financial market operations. Special focus is on financial needs of corporate entities.
The student, after attending the course, will be able to describe and analize:
- Different tasks of financial markets and intermediaries and links among them;
- Main items distinguishing financial contracts (banking, insurance and pensions, market instruments) and their linkage to families and firms’ financial needs;
- Operational caratheristics and revenues and costs for banks, insurance companies and other financial intermediaries (e.g., asset management firms, specialised financial and credit intermediaries);
- Tasks and objectives of regulation and supervision on financial intermediaries and markets.
At the end of the course the student will be able to use and understand the financial technical terms. The student will be able to understand, summarize and critically evaluate specific literature and financial news and debate on fundamental financial topics. The students will be able to evaluate risk and return of simple financial instruments and understand main topics of debate on financial system (risks and performance determinants).
Part I – The financial system: tasks, structure, intermediaries, markets and regulation (Prof. Rossella Locatelli)
1. Structure and tasks of financial markets and intermediaries
1.1 Contracts, intermediaries and markets: basic definitions
1.2 Financial accounts of the economy
1.3 Categories of financial intermediaries
1.4 Basic tasks of the financial system
1.5 Intermediation function
1.6 Credit function
1.7 Managing risk in the financial system
1.8 Financial intermediaries as a system. Macroeconomic tools of the financial system
2. Banks and banking system.
2.1 The production process in a bank and its basic balance sheet structure
2.2 Banking models: commercial bank, specialized bank, banking and financial groups
2.3 The banking system in Italy and its evolution
3. Insurance intermediaries and pension funds
3.1 The production process in an insurance company and its basic balance sheet structure
3.2 The Insurance industry in Italy and its evolution
3.3 Pension funds
4. Securities industry and financial markets
4.1 The relationship between markets and intermediaries
4.2 Securities and derivatives markets in Italy
4.3 Investment societies, dealers and brokers
4.4 Mutual funds
5.The financial system regulation
5.1 Why regulate financial markets and intermediaries
5.2 Supervision and regulation
5.3 Main objectives and tools for regulation
5.4 Transparency in financial contracts
Part II – Financial instruments (Prof. Andrea Uselli)
6. Basic evaluation techniques of financial instruments
6.1 Money value in time
6.2 Capitalization and net present value
6.3 Financial risk
6.4 Insurance risk
7. Financial needs and solutions for families
7.1 Payment services
7.2 Investment services
7.3 Investment management services
7.4 Insurance policies and pension plans
7.5 Financing real investments and consumption
8. Financial needs and solutions for firms
8.1 Evaluation of financial capabilities of firms
8.2 Payments and liquidity services
8.3 Commercial credit financing
8.4 Investment financing
8.5 Risk capital
8.6 Debts, markets and financial tools for small business
A detailed plan for lessons and topics will be published in the course e-learning page (http://elearning3.uninsubria.it).
Mandatory Texts:
A. A. Ferrari-E.Gualandri-A.Landi-P.Vezzani (2016), Il sistema finanziario: funzioni mercati e intermediari, Quinta Edizione, G. Giappichelli Editore Torino (part I-prof. Locatelli). chapters I, II, III, IV (only paragraphs 1 e 2), V (only paragraph 1), VI, VII ( the entire chapter; Box 1 and Box 2 as a reading).
B. A. Ferrari-E.Gualandri-A.Landi-V. Venturelli, P.Vezzani (2017), Strumenti e prodotti finanziari: bisogni di investimento, finanziamento, pagamento e gestione dei rischi , G. Giappichelli Editore Torino (part II – prof. Uselli). chapters I, II, III (from page 41 to 46; paragraphs 3.1, 3.2, 4), IV (from page 79 to 91; paragraphs 2.2; 2.3; 2.4), V (paragraphs 1 e 3.2), VI (paragraphs 1, 3.2.1, 3.2.2).
The teacher can suggest (if requested) an english book.
Learning documents (slides used for support during lectures) will be published in e-learning web page referring to the course. Slides are published weekly before each lecture.
THE LECTURER HASN’T DELIVERED NOR AUTHORIZED NOTES OR REMARKS FROM LECTURES.
The course is delivered by lectures given by the official teachers. Seminars and additional practical lessons could be organized.
Please see the e-learning page for additional information about the course and exams and for other learning material and documents.
Office hours
The lecturers meet students weekly except holidays and in August (Please see lecturers’ web page for timetable and any change). Students can also send an e-mail and ask for a specific and different date.