FINANCIAL MARKETS AND INSTITUTIONS

Degree course: 
Corso di First cycle degree in ECONOMICS AND MANAGEMENT
Academyc year when starting the degree: 
2019/2020
Year: 
2
Academyc year when helding the course: 
2020/2021
Partizione: 
Cognomi H-Z
Course type: 
Compulsory subjects, characteristic of the class
Credits: 
9
Period: 
First Semester
Standard lectures hours: 
60
Requirements: 

Attending the course is easier for students with basic knowledge of management, micro and macroeconomics, financial maths, private and commercial law.

Final Examination: 
Orale

In the first semester of academic year 2020/21 the examination will be an online test. The test is composed by 30 “closed-ended questions” to be solved in 45 minutes.
The exam will be passed with a minimum mark of 18 over 30.
When the University will allow us to conduct exams in class, the following rules will apply.
The final exam will be written and composed by 10 questions: 6 short answers (definitions) and 4 long answers/exercises. The score per each question is expressed over 30 points.
To reach the minimum positive score, the student has to report a positive mark (equal or higher to 18 over 30 points) on 70% of the questions. The final grade is the weighted average of each single score.
The final exam takes 1 hour and 15 minutes.

Mid-term exams are scheduled. The first mid-term exam is an online test, covering topics referred to Part I of the course program and composed by 20 “closed-ended questions” to be solved in 30 minutes. In the case of positive mid-term result (at least 18 points over 30), student may access to the final exam at the end of semester, covering topics included in Part II of the course program (10 “closed-ended questions” to be solved in 20 minutes). The final grade will be the average of Part I’s score and Part II’s score.

We have no difference in course and exam program between attending and non-attending students.

In order to join mid-term exams and final ones, students have to get the required number of credits to enroll in the 2nd year of the bachelor degree in “Economics and Management”.

No other forms of evaluation can be applied.

Assessment: 
Voto Finale

The course gives basic elements about the structure and the functioning of markets and financial intermediaries. Specific topics also relate to structure, activities, and operational tools of banking, insurance, and markets intermediaries, and basic elements for securities’ valuation as well. The course gives also basic information about costs and yield of financial instruments, banking and insurance contracts and financial market operations.
After attending the course, the student will be able to:
- describe and analyze different functions of financial markets and intermediaries and linkages among them;
- detect and describe main differences among financial contracts (banking, insurance and pensions, and market instruments) and their linkage to families and firms’ financial needs;
- describe operating activities, revenues and costs for banks, insurance companies and other financial intermediaries (e.g., asset management firms, specialized financial and credit intermediaries);
- describe and analyze objectives and activities of regulation and supervision on financial intermediaries and markets.
Moreover, at the end of the course the student will be able to:
understand and use main financial technical terms. The student will be able to understand, summarize and critically evaluate specific literature and financial news on fundamental financial topics.
evaluate risk and return of simple financial securities and understand main topics on the functioning of financial system (risks and performance drivers).

Part I – The financial system: functions, intermediaries, markets, and regulation (Prof. Schena, 40 hours, 6 CFU/ECTS)
1. Main functions of the financial system (8 hours)
2. Financial contracts and risks related to banking and financial intermediation (4 hours)
3. Intermediation function (12 hours)
4. Money and payment systems (2 hours)
5. Transmission mechanism of monetary policy (some remarks) (2 hours)
6. Financial markets: some definitions (3 hours)
7. Financial intermediaries (6 hours)
8. Regulation and supervision (3 hours)

Part II – Financial instruments, products, and financial services (Prof. Uselli, 20 hours, 3 CFU/ECTS)
9. The value of the money and the evaluation of financial securities (6 hours)
10. Bond and debt securities and stocks (6 hours)
11. Firms’ and households’ financial needs and choices (4 hours)
12. Financial operations (4 hours)

A detailed timetable for lessons and topics will be published in the course e-learning page (https://elearning3.uninsubria.it).

See the section “Contenuti".

Mandatory Texts:
Part I (Prof. Schena):
A. Ferrari - E. Gualandri - A. Landi - P. Vezzani (2016), Il sistema finanziario: funzioni mercati e intermediari [it], 6th Edition, G. Giappichelli Editore Torino, chapters I, II, III (only paragraphs 1, 2, 3 and 4), IV (except paragraph 6), V (only paragraphs 1, 3.2, 3.3 and 3.4), VI, VII (Boxes 1, 2 and 3 to be considered as “reading materials”).
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, chapter VIII.

Part II (Prof. Uselli):
A. Ferrari - E. Gualandri - A. Landi - V. Venturelli, P. Vezzani (2017), Strumenti e prodotti finanziari: bisogni di investimento, finanziamento, pagamento e gestione dei rischi [it], G. Giappichelli Editore, Torino, chapters I, II, III (paragraphs 1,2,2.1, 3, 3.1, 3.2 and 4), IV (from page 79 to 91; paragraphs 2.2, 2.3 and 2.4), V (paragraphs 1 and 3.2), VI (paragraphs 1, 3.2.1 and 3.2.2).

The teachers can suggest (if requested) an English textbook.
Learning materials (slides and exercises) will be uploaded in the course’s e-learning web page. Slides are published weekly before each lecture.
THE LECTURERS HAVE NOT DELIVERED NOR AUTHORIZED NOTES OR SUMMARIES.

According to University’s guidelines for COVID-19 medical emergency, in the first semester of academic year 2020/21, the course is delivered by online lectures given by the official teachers, according to University rules. Seminars and additional practical lessons could be organized.
The course is delivered on the platform Microsoft Teams, in accordance to the timetable uploaded in the course’ webpage.
If allowed by University rules a recording of lessons could be available in the elearning page. In the elearning page students will also find slides and other online materials. In the final page of each group of slides, a list of main topics and some questions for checking exam preparation are reported.
During each online lesson students can dialogue with the teacher using Teams’ chat.
Seminars and other initiatives on specific topics in the course could be organized. In the elearning page students will find a simulation of the examination test, for their self -evaluation. The results of the self-assessment tests will not be evaluated by the teachers.

Office hours
The lecturers meet students weekly except holidays and in August. Please refer to teachers’ web pages for timetable and any change. Students can also send an e-mail to the teachers to arrange an appointment on a different date/timetable.