Degree Course: ECONOMIA AZIENDALE (L-18) Syllabus for A.Y. 2018/2019  

The lectures will address the following topics:
- Needs, goods and value.
- Meaning and interpretation of the concept of business: contractual theory, agency theory, theory of systems.
- The historical evolution of the concept of firm.
- The conditions of the existence and the characters of the firm.
- The function of the firm, its aims and the concept of business management.
- The subjects within the firm.
- The notion of corporate assets, liabilities and book value.
- Qualitative analysis of the corporate net assets.
- The accrual-basis and the cash basis of accounting.
- The different measures of the capital in non-financial entities under the hypotheses of going concern and liquidation.
- The relationships between the different measures of capital in non-financial entities.
- The costs and the break-even analysis.
- The financial aspects of the business management.
- The analysis of the profitability and of the liquidity of the firm using the ratios.
- The notion and the assessment of the global value added.
- The bookkeeping of the fundamental firms’ operations with the double-entry system.

1) G. Catturi, L'azienda universale. L'idea forza, la morfologia e la fisiologia, Cedam, Padova, 2003 (Module A: lessons 1, 2, 5, 6; Module B: lessons 7, 11, 12, 17; Module C: lessons 19, 20, 21, 22, 23, 27, 29).

2) E. Cavalieri - R. Franceschi Ferraris, Economia Aziendale, Vol. I, attività aziendale e processi produttivi, Giappichelli, Torino, 2010, 4th Edition (Chapters 3, 4, 5 and 7).

3) Teaching materials available on the course web site (slides and the lecture notes about the bookkeeping with the double-entry system)

The lectures will address the following topics:
- Needs, goods and value.
- Meaning and interpretation of the concept of business: contractual theory, agency theory, theory of systems.
- The historical evolution of the concept of firm.
- The conditions of the existence and the characters of the firm.
- The function of the firm, its aims and the concept of business management.
- The subjects within the firm.
- The notion of corporate assets, liabilities and book value.
- Qualitative analysis of the corporate net assets.
- The accrual-basis and the cash basis of accounting.
- The different measures of the capital in non-financial entities under the hypotheses of going concern and liquidation.
- The relationships between the different measures of capital in non-financial entities.
- The costs and the break-even analysis.
- The financial aspects of the business management.
- The analysis of the profitability and of the liquidity of the firm using the ratios.
- The notion and the assessment of the global value added.
- The bookkeeping of the fundamental firms’ operations with the double-entry system.

1) G. Catturi, L'azienda universale. L'idea forza, la morfologia e la fisiologia, Cedam, Padova, 2003 (Module A: lessons 1, 2, 5, 6; Module B: lessons 7, 11, 12, 17; Module C: lessons 19, 20, 21, 22, 23, 27, 29).

2) E. Cavalieri - R. Franceschi Ferraris, Economia Aziendale, Vol. I, attività aziendale e processi produttivi, Giappichelli, Torino, 2010, 4th Edition (Chapters 3, 4, 5 and 7).

3) Teaching materials available on the course web site (slides and the lecture notes about the bookkeeping with the double-entry system)

-the basics of record keeping and financial statement preparation;



-italian accounting regulation;



-investing and financial decisions and the balance sheet;



-operating decisions and the income statements;



-adjustments, financial statements, and the quality of earnings;



-interpreting accounting language;



-dynamic accounting approach;



-static accounting approach.

Testi di riferimento:
R.Libby, P.A.Libby, D.G.Short, Financial Accounting (edizione italiana),McGraw-Hill, 2009.(pagg.1-184)
Egidio Perrone, La ragioneria per il governo responsabile dell'impresa, tomo primo, seconda edizione, Wolters Kluwer Cedam, 2016
(pagg.3-28 e pagg.99-145)

Data collection. Qualitative and quantitative variables. Univariate analysis: Distribution (frequency tables), Central tendency (mean, median, and mode), Dispersion (range, quantiles, variance, standard deviation, coefficient of variation, heterogeneity), Graphical representation (diagram, histogram and box plots), inequality measures, shape of the distribution (skewness).

Bivariate analysis: Cross-tabulations and contingency tables, Graphical representation (scatterplots), measures of dependence (chi-square, coefficient of correlation).

Introduction to Probability: sample spaces, events and sets. Probability axioms and simple properties. Interpretations of probability (classical, frequentist, subjective), conditional probability. Bayes Theorem. Random variables. Discrete probability models (Bernoulli, Binomial distribution, Poisson distribution) Continuous probability models (Normal distribution, T-Student, Chi-squared).

Statistical Inference. Samples and sampling distributions. Point estimations of parameters. Interval estimation. Hypothesis testing. Independence.

Barrow, M. (2009). Statistics for economics, accounting and business studies. Pearson Education.

Contents:
B1- level grammar and syntax. Basic grammar notions will be consolidated before developing the acquisition of more complex structures: present and past tenses, future and conditional tenses, passive and impersonal forms, if-clauses. Microlanguge pertaining to the business word - business entities and their functioning; accounting, marketing and advertising - developed with relevant ESP reading and listening exercises focused, in particular, on Business ethics and its application to several fields such as company structure and functioning (CSR), management (with a focus on fair pay and equal opportunities), marketing (with a focus on the problems of counterfeiting and misleading advertising), and finance (with a focus on sustainable development and cooperative banks).

Textbooks:

• English 365 for Work and Life. Student's Book 2. Cambridge Professional Series for work and life, by Bob Dignen, Steve Flinders, Simon Sweeney. Cambridge University Press, 2004.
• Handouts (consisting of reading material, comprehension texts and exercises to be mainly used in the 2nd semester) available at the copier's shop Nonsolocopie in Via del Paradiso, VIterbo.
• Essential Business Grammar Builder, by Paul Emmerson. MacMillan, 2006.

Online Learning Material is available at the link: https://moodle.unitus.it/moodle/course/view.php?id=157
A password will only be provided to enrolled students.

Principles of Microeconomics
1. Economics: the study of choices
2. Supply and demand
3. Consumer theory:
3.1 Preferences and utility
3.2 Budget constraints
3.3 Derivation of demand curves
3.4 Demand elasticity
4. Producer theory:
4.1 Production function and productivity
4.2 Costs
4.3 Revenues
4.4 Profits
4.5 Derivation of supply curves
4.6 Supply elasticity
5. Monopoly and oligopoly
6. Labor market
7. Welfare economics
8. Equity and efficiency

For an open course on Microeconomics in English see:
http://ocw.mit.edu/courses/economics/14-01sc-principles-of-microeconomics-fall-2011/

The lectures will address the following topics:
- Needs, goods and value.
- Meaning and interpretation of the concept of business: contractual theory, agency theory, theory of systems.
- The historical evolution of the concept of firm.
- The conditions of the existence and the characters of the firm.
- The function of the firm, its aims and the concept of business management.
- The subjects within the firm.
- The notion of corporate assets, liabilities and book value.
- Qualitative analysis of the corporate net assets.
- The accrual-basis and the cash basis of accounting.
- The different measures of the capital in non-financial entities under the hypotheses of going concern and liquidation.
- The relationships between the different measures of capital in non-financial entities.
- The costs and the break-even analysis.
- The financial aspects of the business management.
- The analysis of the profitability and of the liquidity of the firm using the ratios.
- The notion and the assessment of the global value added.
- The bookkeeping of the fundamental firms’ operations with the double-entry system.

1) G. Catturi, L'azienda universale. L'idea forza, la morfologia e la fisiologia, Cedam, Padova, 2003 (Module A: lessons 1, 2, 5, 6; Module B: lessons 7, 11, 12, 17; Module C: lessons 19, 20, 21, 22, 23, 27, 29).

2) E. Cavalieri - R. Franceschi Ferraris, Economia Aziendale, Vol. I, attività aziendale e processi produttivi, Giappichelli, Torino, 2010, 4th Edition (Chapters 3, 4, 5 and 7).

3) Teaching materials available on the course web site (slides and the lecture notes about the bookkeeping with the double-entry system)

The lectures will address the following topics:
- Needs, goods and value.
- Meaning and interpretation of the concept of business: contractual theory, agency theory, theory of systems.
- The historical evolution of the concept of firm.
- The conditions of the existence and the characters of the firm.
- The function of the firm, its aims and the concept of business management.
- The subjects within the firm.
- The notion of corporate assets, liabilities and book value.
- Qualitative analysis of the corporate net assets.
- The accrual-basis and the cash basis of accounting.
- The different measures of the capital in non-financial entities under the hypotheses of going concern and liquidation.
- The relationships between the different measures of capital in non-financial entities.
- The costs and the break-even analysis.
- The financial aspects of the business management.
- The analysis of the profitability and of the liquidity of the firm using the ratios.
- The notion and the assessment of the global value added.
- The bookkeeping of the fundamental firms’ operations with the double-entry system.

1) G. Catturi, L'azienda universale. L'idea forza, la morfologia e la fisiologia, Cedam, Padova, 2003 (Module A: lessons 1, 2, 5, 6; Module B: lessons 7, 11, 12, 17; Module C: lessons 19, 20, 21, 22, 23, 27, 29).

2) E. Cavalieri - R. Franceschi Ferraris, Economia Aziendale, Vol. I, attività aziendale e processi produttivi, Giappichelli, Torino, 2010, 4th Edition (Chapters 3, 4, 5 and 7).

3) Teaching materials available on the course web site (slides and the lecture notes about the bookkeeping with the double-entry system)

-the basics of record keeping and financial statement preparation;



-italian accounting regulation;



-investing and financial decisions and the balance sheet;



-operating decisions and the income statements;



-adjustments, financial statements, and the quality of earnings;



-interpreting accounting language;



-dynamic accounting approach;



-static accounting approach.

Testi di riferimento:
R.Libby, P.A.Libby, D.G.Short, Financial Accounting (edizione italiana),McGraw-Hill, 2009.(pagg.1-184)
Egidio Perrone, La ragioneria per il governo responsabile dell'impresa, tomo primo, seconda edizione, Wolters Kluwer Cedam, 2016
(pagg.3-28 e pagg.99-145)

Contents:
B1- level grammar and syntax. Basic grammar notions will be consolidated before developing the acquisition of more complex structures: present and past tenses, future and conditional tenses, passive and impersonal forms, if-clauses. Microlanguge pertaining to the business word - business entities and their functioning; accounting, marketing and advertising - developed with relevant ESP reading and listening exercises focused, in particular, on Business ethics and its application to several fields such as company structure and functioning (CSR), management (with a focus on fair pay and equal opportunities), marketing (with a focus on the problems of counterfeiting and misleading advertising), and finance (with a focus on sustainable development and cooperative banks).

Textbooks:

• English 365 for Work and Life. Student's Book 2. Cambridge Professional Series for work and life, by Bob Dignen, Steve Flinders, Simon Sweeney. Cambridge University Press, 2004.
• Handouts (consisting of reading material, comprehension texts and exercises to be mainly used in the 2nd semester) available at the copier's shop Nonsolocopie in Via del Paradiso, VIterbo.
• Essential Business Grammar Builder, by Paul Emmerson. MacMillan, 2006.

Online Learning Material is available at the link: https://moodle.unitus.it/moodle/course/view.php?id=157
A password will only be provided to enrolled students.

Data collection. Qualitative and quantitative variables. Univariate analysis: Distribution (frequency tables), Central tendency (mean, median, and mode), Dispersion (range, quantiles, variance, standard deviation, coefficient of variation, heterogeneity), Graphical representation (diagram, histogram and box plots), inequality measures, shape of the distribution (skewness).

Bivariate analysis: Cross-tabulations and contingency tables, Graphical representation (scatterplots), measures of dependence (chi-square, coefficient of correlation).

Introduction to Probability: sample spaces, events and sets. Probability axioms and simple properties. Interpretations of probability (classical, frequentist, subjective), conditional probability. Bayes Theorem. Random variables. Discrete probability models (Bernoulli, Binomial distribution, Poisson distribution) Continuous probability models (Normal distribution, T-Student, Chi-squared).

Statistical Inference. Samples and sampling distributions. Point estimations of parameters. Interval estimation. Hypothesis testing. Independence.

Barrow, M. (2009). Statistics for economics, accounting and business studies. Pearson Education.

Principles of Microeconomics
1. Economics: the study of choices
2. Supply and demand
3. Consumer theory:
3.1 Preferences and utility
3.2 Budget constraints
3.3 Derivation of demand curves
3.4 Demand elasticity
4. Producer theory:
4.1 Production function and productivity
4.2 Costs
4.3 Revenues
4.4 Profits
4.5 Derivation of supply curves
4.6 Supply elasticity
5. Monopoly and oligopoly
6. Labor market
7. Welfare economics
8. Equity and efficiency

For an open course on Microeconomics in English see:
http://ocw.mit.edu/courses/economics/14-01sc-principles-of-microeconomics-fall-2011/

PART ONE. THE STOCK MARKET.
RISK RETURN ANALYSIS. Estimation of returns. The risk and the distribution of the returns. The Normal distribution. The historical analysis of Bodie Kane and Marcus. The selection of financial assets in a return/risk context.
MARKOWITZ ANALYSIS. Portfolio analysis. The portfolio return. The portfolio risk. The Markowitz model and risk diversification. The case of two securities with perfect positive correlation. The case of two securities with perfect negative correlation. The case of two securities with zero correlation. The Markowitz frontier: demonstrations. The case of perfect positive correlation, perfect negative correlation, null correlation. Analysis of the Markowitz frontier and selection of the portfolio. The selection of the optimal portfolio. The indifference curves approach. The shortfall probability approach. The methodologies of risk diversification. The Markowitz model: strengths and limitations.
EQUILIBRIUM MODELS IN THE CAPITAL MARKET. From Tobin's model to the CAPM - The CML. The decomposition of risk into systematic and specific. The Sharpe Single Index Model. The estimation of the beta coefficient. The statistical reliability of the beta estimate. How to interpret the beta value. The risk in the single index model. Beta estimation methodologies. The Security Market Line (SML). CML and SML in comparison. The empirical tests of the CAPM. The valuation through the multiples. The price/earning ratio. The price/book value ratio. The dividend yield and the approach of the "Dogs of the Dow". The cash flow model. The theory of the efficient markets of Fama. The weak efficiency tests. Tests of semi-strong efficiency.
SECOND PART. THE OPTIONS ON STOCKS. PLAIN VANILLA OPTIONS.
Plain vanilla options. Definitions. The opening of long and short positions in options. Long call. Short call. Long put. Short put. The Building Block or Lego Approach. The value of the option: intrinsic value and time value. The intrinsic value and the moneyness of the option. The factors that determine the time value. The American-style option and early exercise. Put-call parity. Put-call parity for European style options. Put-call parity for American-style options.
THE BLACK SCHOLES MODEL. Introduction. The dynamics of the share prices. The partial differential equation of Black Scholes. The formula of Black and Scholes. The formula of Black and Scholes in presence of dividends. Estimation of volatility. Historical volatility. Implied volatility. The volatility smile.
THE BINOMIAL MODEL OF COX ROSS AND RUBINSTEIN. The binomial model. The one step model. The hypotheses to the base of the model. A numerical example. The binomial model to n steps. The binomial model and the valuation of the American options. The case of the American call. The case of the American put.
THE MONTE CARLO SIMULATION. Introduction. The model. Definition of the number of run of the simulation. An example. The generation of numbers random. The method of the inverse transformation. Generation of the uniform random variables. Estimate of the inverse of the normal standard of. each uniform random variable.
GREEKS AND DELTA HEDGING. Greeks. The delta. The gamma. The vega. The rho. The theta. Use of the Greeks: a summary example. The Greeks of an options portfolio. Options book hedging. Dynamic delta hedging. The delta-gamma hedging. Delta-Vega hedging. The delta-gamma-Vega hedging. Higher order Greeks. The vanna. The volga or vomma (or gamma-vega or volgamma). The delta bleed (charm).

Anna Maria D'Arcangelis. Economia del Mercato Mobiliare. Copinfax.
Anna Maria D'Arcangelis. Finance with Excel. Teaching notes. 2015
Slides and course materials distributed by the instructor and available at university copy shops.

Bodie, Kane and Marcus, (BKM), Essentials of Investments, 9th edition, Irwin, 2013.

The lectures will address the following topics:
- Needs, goods and value.
- Meaning and interpretation of the concept of business: contractual theory, agency theory, theory of systems.
- The historical evolution of the concept of firm.
- The conditions of the existence and the characters of the firm.
- The function of the firm, its aims and the concept of business management.
- The subjects within the firm.
- The notion of corporate assets, liabilities and book value.
- Qualitative analysis of the corporate net assets.
- The accrual-basis and the cash basis of accounting.
- The different measures of the capital in non-financial entities under the hypotheses of going concern and liquidation.
- The relationships between the different measures of capital in non-financial entities.
- The costs and the break-even analysis.
- The financial aspects of the business management.
- The analysis of the profitability and of the liquidity of the firm using the ratios.
- The notion and the assessment of the global value added.
- The bookkeeping of the fundamental firms’ operations with the double-entry system.

1) G. Catturi, L'azienda universale. L'idea forza, la morfologia e la fisiologia, Cedam, Padova, 2003 (Module A: lessons 1, 2, 5, 6; Module B: lessons 7, 11, 12, 17; Module C: lessons 19, 20, 21, 22, 23, 27, 29).

2) E. Cavalieri - R. Franceschi Ferraris, Economia Aziendale, Vol. I, attività aziendale e processi produttivi, Giappichelli, Torino, 2010, 4th Edition (Chapters 3, 4, 5 and 7).

3) Teaching materials available on the course web site (slides and the lecture notes about the bookkeeping with the double-entry system)

The lectures will address the following topics:
- Needs, goods and value.
- Meaning and interpretation of the concept of business: contractual theory, agency theory, theory of systems.
- The historical evolution of the concept of firm.
- The conditions of the existence and the characters of the firm.
- The function of the firm, its aims and the concept of business management.
- The subjects within the firm.
- The notion of corporate assets, liabilities and book value.
- Qualitative analysis of the corporate net assets.
- The accrual-basis and the cash basis of accounting.
- The different measures of the capital in non-financial entities under the hypotheses of going concern and liquidation.
- The relationships between the different measures of capital in non-financial entities.
- The costs and the break-even analysis.
- The financial aspects of the business management.
- The analysis of the profitability and of the liquidity of the firm using the ratios.
- The notion and the assessment of the global value added.
- The bookkeeping of the fundamental firms’ operations with the double-entry system.

1) G. Catturi, L'azienda universale. L'idea forza, la morfologia e la fisiologia, Cedam, Padova, 2003 (Module A: lessons 1, 2, 5, 6; Module B: lessons 7, 11, 12, 17; Module C: lessons 19, 20, 21, 22, 23, 27, 29).

2) E. Cavalieri - R. Franceschi Ferraris, Economia Aziendale, Vol. I, attività aziendale e processi produttivi, Giappichelli, Torino, 2010, 4th Edition (Chapters 3, 4, 5 and 7).

3) Teaching materials available on the course web site (slides and the lecture notes about the bookkeeping with the double-entry system)

-the basics of record keeping and financial statement preparation;



-italian accounting regulation;



-investing and financial decisions and the balance sheet;



-operating decisions and the income statements;



-adjustments, financial statements, and the quality of earnings;



-interpreting accounting language;



-dynamic accounting approach;



-static accounting approach.

Testi di riferimento:
R.Libby, P.A.Libby, D.G.Short, Financial Accounting (edizione italiana),McGraw-Hill, 2009.(pagg.1-184)
Egidio Perrone, La ragioneria per il governo responsabile dell'impresa, tomo primo, seconda edizione, Wolters Kluwer Cedam, 2016
(pagg.3-28 e pagg.99-145)

Contents:
B1- level grammar and syntax. Basic grammar notions will be consolidated before developing the acquisition of more complex structures: present and past tenses, future and conditional tenses, passive and impersonal forms, if-clauses. Microlanguge pertaining to the business word - business entities and their functioning; accounting, marketing and advertising - developed with relevant ESP reading and listening exercises focused, in particular, on Business ethics and its application to several fields such as company structure and functioning (CSR), management (with a focus on fair pay and equal opportunities), marketing (with a focus on the problems of counterfeiting and misleading advertising), and finance (with a focus on sustainable development and cooperative banks).

Textbooks:

• English 365 for Work and Life. Student's Book 2. Cambridge Professional Series for work and life, by Bob Dignen, Steve Flinders, Simon Sweeney. Cambridge University Press, 2004.
• Handouts (consisting of reading material, comprehension texts and exercises to be mainly used in the 2nd semester) available at the copier's shop Nonsolocopie in Via del Paradiso, VIterbo.
• Essential Business Grammar Builder, by Paul Emmerson. MacMillan, 2006.

Online Learning Material is available at the link: https://moodle.unitus.it/moodle/course/view.php?id=157
A password will only be provided to enrolled students.

Data collection. Qualitative and quantitative variables. Univariate analysis: Distribution (frequency tables), Central tendency (mean, median, and mode), Dispersion (range, quantiles, variance, standard deviation, coefficient of variation, heterogeneity), Graphical representation (diagram, histogram and box plots), inequality measures, shape of the distribution (skewness).

Bivariate analysis: Cross-tabulations and contingency tables, Graphical representation (scatterplots), measures of dependence (chi-square, coefficient of correlation).

Introduction to Probability: sample spaces, events and sets. Probability axioms and simple properties. Interpretations of probability (classical, frequentist, subjective), conditional probability. Bayes Theorem. Random variables. Discrete probability models (Bernoulli, Binomial distribution, Poisson distribution) Continuous probability models (Normal distribution, T-Student, Chi-squared).

Statistical Inference. Samples and sampling distributions. Point estimations of parameters. Interval estimation. Hypothesis testing. Independence.

Barrow, M. (2009). Statistics for economics, accounting and business studies. Pearson Education.

Principles of Microeconomics
1. Economics: the study of choices
2. Supply and demand
3. Consumer theory:
3.1 Preferences and utility
3.2 Budget constraints
3.3 Derivation of demand curves
3.4 Demand elasticity
4. Producer theory:
4.1 Production function and productivity
4.2 Costs
4.3 Revenues
4.4 Profits
4.5 Derivation of supply curves
4.6 Supply elasticity
5. Monopoly and oligopoly
6. Labor market
7. Welfare economics
8. Equity and efficiency

For an open course on Microeconomics in English see:
http://ocw.mit.edu/courses/economics/14-01sc-principles-of-microeconomics-fall-2011/

The course on "International Law" is divided in two parts (a general part and a special part).

The first part, of a general character ad covering about 85% of the class hours, deals with the following topics of public international law:
– definition, origin and features of international law, focusing on the peculiar aspects of the international legal system;
– how States come to existence and their independence and sovereignty as subjects of international law, as well as the other true or alleged subjects of international law;
– formation of international rules and relationships between the different legal sources;
– general international law, custom, general principles of law, jus cogens and erga omnes obligations, as well as the codification of international law;
– international agreements and the law of the treaties as codified in the Vienna Convention of 1969, with particolar regard to ratification, interpretation, reservations, invalidity and termination, as well as the succession of States in treaties; international organizations and their acts;
– the United Nations Charter, the bodies and the acts of the UN; the use of force, the collective security system and peace-keeping and peace-enforcement operations;
– international wrongful acts and responsibility for breaches of international obligations;
– peaceful settlement of disputes and prevention of international disputes;
– implementation of international law within the Italian legal systems.

The second part of the course, concerning a specialized matter and covering about 15% of the class hours, is devoted to international trade law and to the World Trade Organization, dealing in particular with the following topics:
– institutions and rules of international trade from GATT to WTO; trade negotiation rounds and the development of international rules governing trade in goods and services;
– principle of non-discrimination, most favoured nation clause and national treatment clause;
– tariffs and non-tariff barriers, such as quantitative restrictions, subsidies and dumping;
– exceptions and exemptions, free trade areas, safeguard measures, and measures for less developed countries;
– settlement of disputes within the WTO; panels and Appellate Body.

Seminars: During the course, sometimes there might be seminars on current issues, also in cooperation with professors of other courses and inviting scholar and experts from other universities or institutions.

Recommended textbook in Italian:
AA.VV. (S.M. Carbone, R. Luzzatto, A. Santa Maria et al.), Istituzioni di diritto internazionale, Fifth Edition, G. Giappichelli Editor, Turin, 2016;
only the following chapters (and pages):
• cap. I-IV (pp. 1-179);
• cap. VI-VIII (pp. 229-371);
• sez. seconda del cap. IX (pp. 418-431);
• cap. XIII (pp. 555-606).

The lectures will address the following topics:
- Needs, goods and value.
- Classification of business activities.
- The subjects within the firm.
- The notion of corporate assets, liabilities and book value.
- Qualitative analysis of the corporate net assets.
- The accrual-basis and the cash basis of accounting.
- The different measures of the capital in non-financial entities under the hypotheses of going concern and liquidation.
- The relationships between the different measures of capital in non-financial entities.
- The costs and the break-even analysis.
- The financial aspects of the business management.
- The analysis of the profitability and of the liquidity of the firm using the ratios.
- The notion and the assessment of the global value added.
- The bookkeeping of the fundamental firms’ operations with the double-entry system.

E. Cavalieri - R. Franceschi Ferraris, Economia Aziendale, Vol. I, Attività aziendale e processi produttivi, Giappichelli, Torino, 2010, 4° Edizione
Teaching material available on the course web site

Presentation of the course. Logic and logical connectives. Set theory
Numeric sets. Intervals and Surroundings. Major, minor. Upper / lower extremes
Functions: parity, disparity, injectivity, image
Power, exponential, logarithm, protractor functions
Trigonometric functions, composed. Domain. Classification
Limitations. Asymptotes
Properties of the limits: Permanence of the sign. Study of the function with the graphic method
Theorems: Comparison, sum, product, ratio, compound function
Infinites and infinitesimals. Continuity
Dedivate and differential calculus
Theorems: compound, inverse function, De L'Hopital, Taylor
Theorems: Fermat, Rolle, Middle value, Cauchy
Concave convexity. Study complete with function
Definite integral
Integral resolution methods. Integral in an improper sense
Succession. Series
Series
Elements of Linear Algebra. Matrices and Determinants

Didactic material distributed during the lessons

Expected learning outcomes
A) Knowledge and understanding skills
At the end of the course, the student will:
1) understand the basic notions of public and constitutional law, state and legal order and the relationships between the systems;
2) understand the concepts of form of state and form of government with particular attention to the form of Italian government and its evolutions;
3) know the classification and relationship between the sources of law, with particular attention to relations between internal sources and EU sources, and know the main characteristics and ways of forming the sources of Italian law;
4) know the organization of the Italian constitutional system and the relations between the constitutional organs of the Republic;
5) understand the organization of territorial autonomies;
6) understand the constitutional principles of public administration;
7) understand the system and constitutional principles on the administration of justice;
8) know the bmost important characteristics of constitutional control;
9) understand classifications and guarantees regarding fundamental and social rights;
B) Applied knowledge and understanding
At the end of the course, the student will be able to:
1) recognize and interpret a normative text;
2) read interpretation of a case law decision;
3) include a text of legal doctrine.
4) find the fundamental texts and jurisprudential texts;
C) Autonomy of judgment
At the end of the course, the student should be able to analyze the normative texts and / or the jurisprudential decisions by arguing on their possible meanings and interpretative hypotheses.
D) Communicative Skills
At the end of the course, the student must be able to expose the knowledge learned in an appropriate and sufficiently technical language, demonstrating the correct use of legal terminology.
E) Learning Skills
At the end of the course the student must be able to carry out legal research on specific topics, obtaining the normative and jurisprudential texts necessary for this purpose.

Course topics
The course will deal with the analysis of the principal public law institutes.
General considerations: constitutional law, constitution, classification of constitutions, constituent power and constituted powers; Multilevel governance, territorial autonomy, international order and the European Union (about 5 hours)
Forms of State and Forms of Government: State, State Forms, Political Representation, Forms of Government, Italian Constitutional History (about 5 hours)
The organization of the Republic: Parliament: electoral system and electoral body; Bicameralism and Parliament in common session; Internal organization of Parliament; President of the Republic and Government; the Autonomies of the Republic: Regions and Organizations; Local autonomy (about 11 hours)
The Sources of Law: General Concepts, Classification, Criteria for Antinomies and Relations between the Sources, Constitutional and Constitutional Review, Primary Sources, EU Resources, Regional Primary Resources, Secondary Sources, conventions of constitution (about 14 hours)
Public administration: constitutional principles and organization; Administrative procedure; Agreements and simplification; Administrative acts and pathologies of the acts; Public administration of the economy; Independent administrative authorities (about 3 hours)
Judges and Constitutional Court: Constitutionality control; Constitutional Court and its composition; Functions of the Constitutional Court; Type of decisions of the Constitutional Court; Ordinary jurisdiction; Special jurisdictions. (About 6 hours)
Fundamental rights: history and structure of fundamental rights; guarantees; Individual and collective freedoms; Social rights; Personal freedom; Freedom of domicile; Freedom of movement and residence; Freedom of manifestation of thought; Freedom of religion; Freedom of assembly; Freedom of association; Parties and trade unions; Social rights (about 4 hours).

1) P. Caretti, U. De Siervo, Diritto costituzionale e pubblico,
Giappichelli, 2018, third edition.
Students can exclude: chapter I, II, III, IV, V, VI (except par. 6); chapter VII – section II, chapter IX, par. 13, chapter XII and chapter XVI.

Different texts can be used according to the Professor

2) A. Sterpa, N. Viceconte, Norma e ordinamento costituzionale,
Editoriale Scientifica, 2018, third edition.

Lectures, reccomended fot thesis:

- F. Sorrentino, Le Fonti del diritto italiano, Cedam, 2019.

Expected learning outcomes
A) Knowledge and understanding skills
At the end of the course, the student will:
1) understand the basic notions of public and constitutional law, state and legal order and the relationships between the systems;
2) understand the concepts of form of state and form of government with particular attention to the form of Italian government and its evolutions;
3) know the classification and relationship between the sources of law, with particular attention to relations between internal sources and EU sources, and know the main characteristics and ways of forming the sources of Italian law;
4) know the organization of the Italian constitutional system and the relations between the constitutional organs of the Republic;
5) understand the organization of territorial autonomies;
6) understand the constitutional principles of public administration;
7) understand the system and constitutional principles on the administration of justice;
8) know the bmost important characteristics of constitutional control;
9) understand classifications and guarantees regarding fundamental and social rights;
B) Applied knowledge and understanding
At the end of the course, the student will be able to:
1) recognize and interpret a normative text;
2) read interpretation of a case law decision;
3) include a text of legal doctrine.
4) find the fundamental texts and jurisprudential texts;
C) Autonomy of judgment
At the end of the course, the student should be able to analyze the normative texts and / or the jurisprudential decisions by arguing on their possible meanings and interpretative hypotheses.
D) Communicative Skills
At the end of the course, the student must be able to expose the knowledge learned in an appropriate and sufficiently technical language, demonstrating the correct use of legal terminology.
E) Learning Skills
At the end of the course the student must be able to carry out legal research on specific topics, obtaining the normative and jurisprudential texts necessary for this purpose.

Course topics
The course will deal with the analysis of the principal public law institutes.
General considerations: constitutional law, constitution, classification of constitutions, constituent power and constituted powers; Multilevel governance, territorial autonomy, international order and the European Union (about 5 hours)
Forms of State and Forms of Government: State, State Forms, Political Representation, Forms of Government, Italian Constitutional History (about 5 hours)
The organization of the Republic: Parliament: electoral system and electoral body; Bicameralism and Parliament in common session; Internal organization of Parliament; President of the Republic and Government; the Autonomies of the Republic: Regions and Organizations; Local autonomy (about 11 hours)
The Sources of Law: General Concepts, Classification, Criteria for Antinomies and Relations between the Sources, Constitutional and Constitutional Review, Primary Sources, EU Resources, Regional Primary Resources, Secondary Sources, conventions of constitution (about 14 hours)
Public administration: constitutional principles and organization; Administrative procedure; Agreements and simplification; Administrative acts and pathologies of the acts; Public administration of the economy; Independent administrative authorities (about 3 hours)
Judges and Constitutional Court: Constitutionality control; Constitutional Court and its composition; Functions of the Constitutional Court; Type of decisions of the Constitutional Court; Ordinary jurisdiction; Special jurisdictions. (About 6 hours)
Fundamental rights: history and structure of fundamental rights; guarantees; Individual and collective freedoms; Social rights; Personal freedom; Freedom of domicile; Freedom of movement and residence; Freedom of manifestation of thought; Freedom of religion; Freedom of assembly; Freedom of association; Parties and trade unions; Social rights (about 4 hours).

1) P. Caretti, U. De Siervo, Diritto costituzionale e pubblico,
Giappichelli, 2018, third edition.
Students can exclude: chapter I, II, III, IV, V, VI (except par. 6); chapter VII – section II, chapter IX, par. 13, chapter XII and chapter XVI.

Different texts can be used according to the Professor

2) A. Sterpa, N. Viceconte, Norma e ordinamento costituzionale,
Editoriale Scientifica, 2018, third edition.

Lectures, reccomended fot thesis:

- F. Sorrentino, Le Fonti del diritto italiano, Cedam, 2019.

1. Descriptive statistics (chapters 1 to 6 and 16) - Descriptive analysis of a data set:
1.1 Basic concepts;
1.2 Distribution of a statistical variable and its graphical representation;
1.3 Central tendency;
1.4 Statistical dispersion and shape of a distribution;
1.5 Index numbers and ratios;
1.6 Double distributions and relationships between two variables;
1.7 Simple linear regression model (chapter 16).

2. Statistical inference (chapters 8 to 14) - Statistical-inductive processes to generalize the results to the reference population:
2.1 Uncertainty and probability measures;
2.2 Random variables and probability distributions;
2.3 Central Limit Theorem;
2.4 Sampling, estimators and distributions of sample estimates;
2.5 Point estimation;
2.6 Interval Estimation;
2.7 Statistical hypothesis testing: tests on averages and proportions.

BORRA, DI CIACCIO, Statistica, metodologie per le scienze economiche e sociali, III ed. Mc-Graw Hill, 2014

Level B1 grammar and syntax (according to the CEFR), vocabulary and forms of communication typical of the business world (specific vocabulary and phraseology of business English); the topics will range from corporate structure to accounting, with particular reference to the circular economy, blue economy and green economy, developed through the reading and analysis of commercial English texts.

• Dignen, B. & Flinders, S., English 365 for Work and Life. Student's Book 2, Cambridge University Press, 2004. (Selected parts);
• Richey, R., English for Banking and Finance 1 & 2, Pearson, 2012 (Selected parts);
• Walker, E., & Elsworth, S., Grammar Practice for Elementary Students, Longman, 2000;
• Emmerson, P., Essential Business Grammar Builder, MacMillan, 2006;
• Further readings available on Moodle.

Program topics:

The business case
Business advertising
Organization and circulation of the company
The company in the market
Cooperation between entrepreneurs
The notion of society and the general principles
People's societies
The joint-stock company
The S.r.l. and the S.a.p.a.
Dissolution and liquidation of joint-stock companies
Mutual companies
Extraordinary operations
The right of the financial system

For non-attending students the program also includes insolvency procedures (bankruptcy, arrangement with creditors, compulsory administrative liquidation, extraordinary administration)

MANUAL OF COMMERCIAL LAW, Second edition, edited by Marco Cian - Giappichelli Editore

We recommend the study of the subject with the aid of an updated Civil Code, complete with related laws

- Financial operations. Actuarial methods for calculating interests and discounts. Equivalent interest rates.
- Term structure of prices and interest rates in capital markets. Arbitrages.
- Complex financial operations. Present value and accumulated value of an annuity. Annuities classification. Problems concerning constant annuities: determining present value, amounts to pay, number of payments, interest rate.
- Amortizing a loan. Amortization methods. Usufruct and bare ownership. Leasing.
- Evaluating and selecting economic-financial projects. Selection criteria: N.P.V., I.R.R and T.R.M.
- Time and variability indexes.

C. Crenca, P. Fersini, G. Melisi, G. Olivieri, M. Pelle – Elementi di matematica finanziaria – Ed. Pearson 2018

The course, designed considering the curriculum in which is included, deals with the main aspects of the organizational studies and it is structured in three parts:
• The 1st part introduces some basic elements of organizations: Organization and organizational environment, Stakeholders and managers, Organizational environment, Resources and strategies to manage them
• The 2nd part is dedicated to the organizational design: Fundamental principles – Control and formalization – Specialization and forms of structure – Organizational culture
• The 3rd part deals with the study of the main dynamics related to organizational, individual and group decisions, and consequences on the culture and the use of technologies
• The 4th part focuses on the analysis of change: Forms of change – Transformation of organizations – Technological innovation – Conflict management

Foreign students should study on:
• JONES G. R., Organizzazione. Teoria, progettazione, cambiamento, Milano, Egea, 2007.
• Lectures directly provided by the teacher

First part
 The financial statements
 The reclassification schemes

Second part
 Analysis by indices
 Cash flow analysis

Third part
 Financial aspects of the company: self-financing, cash flow and financial need

Fourth part
 Financial analysis in the context of business planning
 Illustration of several business cases

C. Teodori, Analisi di Bilancio lettura e interpretazione, Gappichelli, Torino, 2017
A. Frasca, Aspetti finanziari nella gestione dell’impresa, CEDAM, 2019

Educational material provided during the course to support classroom lessons

Modulo 4 CFU (24 hours)

The objectives and content of the course:
The course aims to deepen the issues of macroeconomic which, in the light of the most recent interventions in the economic environment, characterize the performance of the system nationally and internationally.
The aim of the course is to introduce and analyze the effects on the behaviour of individuals and businesses and on the economy as a whole of the action exerted by economic policy. We will introduce the main tools of macroeconomic analysis and then proceed with the analysis of the instrumentation in the hands of the authorities and the objectives they pursued.

Program:
- The foundations of Economic Policy
- The limits of Economic Policy
- Fiscal policy

Politica economica: Teoria e pratica, 2014. IL Mulino. CAPP 1,2,3

1. AVAILABILITY AND PRODUCTION OF STATISTICAL INFORMATION FOR ECONOMIC PURPOSES
a. Definition of Economic Statistics
b. Quality of the statistical information
c. Sources of Statistical information
d. Primary and secondary data sources
e. Sampling design methods and applications
f. Questionnaire
g. Italians survey on household consumption and market labour

2. STATISTICAL ANALYSIS OF ECONOMIC REPORTS
a. Hypothesis Testing
b. Test on one mean , proportion and variance
c. Test on two means and two proportions
d. Analysis of Variance
e. Correlation and Regression
f. Linear regression
g. Multiple regression

3. INTERPRETATION AND COMPARISON OF DATA REFERRED TO ECONOMIC-BUSINESS PHENOMENA
a. Statistical reports.
b. The construction of index numbers.
c. Simple index numbers and complex index numbers.
d. Some index numbers published by ISTAT.
e. Interpretation of synthetic indexes and breakdown of changes over time.

Testo di riferimento:
- Statistica per le decisioni aziendali - 2/Ed. - Pearson
Luigi Biggeri - Matilde Bini - Alessandra Coli - Laura Grassini - Mauro Maltagliati

Other :
- Statistica per le decisioni economico-aziendali , Apogeo
Anderson David, Sweeney Dennis, Williams Thomas.

Level B1 grammar and syntax (according to the CEFR), vocabulary and forms of communication typical of the business world (specific vocabulary and phraseology of business English); the topics will range from corporate structure to accounting, with particular reference to the circular economy, blue economy and green economy, developed through the reading and analysis of commercial English texts.

• Dignen, B. & Flinders, S., English 365 for Work and Life. Student's Book 2, Cambridge University Press, 2004. (Selected parts);
• Richey, R., English for Banking and Finance 1 & 2, Pearson, 2012 (Selected parts);
• Walker, E., & Elsworth, S., Grammar Practice for Elementary Students, Longman, 2000;
• Emmerson, P., Essential Business Grammar Builder, MacMillan, 2006;
• Further readings available on Moodle.

BOOKKEPING PART:

• It concerns the calculation of earnings and book value following the Double Entry system;
• It focuses, essentially, on all the management operations for the calculation of earnings and book value following the Double Entry system.

GENERAL PART:

1) Juridical part:
• It covers the actual discipline of the annual report prepared and presented by unlisted entities;
• It focuses, essentially, on the formal aspect of the annual report, as well as the substantial one according to the rules held in the Civil Code.
2) National and International Accounting standards’ part:
• It covers the most salient aspects of the National and International Accounting Standards (for the preparation and presentation of the annual report of both unlisted and listed entities), compared with our Civil code;
• It focuses, essentially, on accounting policies of tangible and intangible assets, current assets and provisions.
3) Fiscal part
• It concerns, essentially:
• a) the method of calculation of taxable income and related taxes;
• b) the issue of deferred taxes and advance.

FIRST PART
D'Alessio Ida, Lombardi Stocchetti Gianluca, Pecchiari Nicola, Colombo Stefano «Basic Financial Accounting Le rilevazioni contabili»
a cura di Gianluca Lombardi Stocchetti

SECOND PART
S. Sarcone «La formazione del bilancio annuale: disciplina civilistica e principi contabili nei loro tratti più significativi» CEDAM (2016)

Program topics:

The business case
Business advertising
Organization and circulation of the company
The company in the market
Cooperation between entrepreneurs
The notion of society and the general principles
People's societies
The joint-stock company
The S.r.l. and the S.a.p.a.
Dissolution and liquidation of joint-stock companies
Mutual companies
Extraordinary operations
The right of the financial system

For non-attending students the program also includes insolvency procedures (bankruptcy, arrangement with creditors, compulsory administrative liquidation, extraordinary administration)

MANUAL OF COMMERCIAL LAW, Second edition, edited by Marco Cian - Giappichelli Editore

We recommend the study of the subject with the aid of an updated Civil Code, complete with related laws

PART 1: THE PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS ACCORDING TO THE NATIONAL AND INTERNATIONAL ACCOUNTING STANDARDS
The formal aspects of the financial statements: the balance sheet, the traditional income statement, the statement of comprehensive income, the statement of cash flows and the statement of changes in equity;
The participations;
Tangible and intangible assets;
Financial instruments;
Fiscal aspects

PART 2: THE PREPARATION AND PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENT
The concept of a business group
The consolidation area
Deletion of partecipations;
Elimination of intra-group items;
The accounting treatment of investments in companies not belonging to the scope of consolidation.

PART 3: THE FINANCIAL STATEMENT OF FINANCIAL INTERMEDIARIES: FORMAL ORDERING PECULIARITIES

PART 1: THE PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS ACCORDING TO THE NATIONAL AND INTERNATIONAL ACCOUNTING STANDARDS

Quagli (2017), Bilancio di esercizio e principi contabili, Giappichelli.
(Escludere i capitoli 5, 7, 9, 10, 12 e 14)

PART 2: THE PREPARATION AND PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENT

S. Sarcone (1993), I gruppi aziendali. Strutture e bilanci consolidati, Giappichelli. (Limitatamente alla Parte II, capitoli 3, 4 e 5).

PART 3: THE FINANCIAL STATEMENT OF FINANCIAL INTERMEDIARIES: FORMAL ORDERING PECULIARITIES

R. Cimini (2019), Il sistema di bilancio degli enti creditizi e finanziari, CEDAM.

PART 1: THE PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS ACCORDING TO THE NATIONAL AND INTERNATIONAL ACCOUNTING STANDARDS
The formal aspects of the financial statements: the balance sheet, the traditional income statement, the statement of comprehensive income, the statement of cash flows and the statement of changes in equity;
The participations;
Tangible and intangible assets;
Financial instruments;
Fiscal aspects

PART 2: THE PREPARATION AND PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENT
The concept of a business group
The consolidation area
Deletion of partecipations;
Elimination of intra-group items;
The accounting treatment of investments in companies not belonging to the scope of consolidation.

PART 3: THE FINANCIAL STATEMENT OF FINANCIAL INTERMEDIARIES: FORMAL ORDERING PECULIARITIES

PART 1: THE PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS ACCORDING TO THE NATIONAL AND INTERNATIONAL ACCOUNTING STANDARDS

Quagli (2017), Bilancio di esercizio e principi contabili, Giappichelli.
(Escludere i capitoli 5, 7, 9, 10, 12 e 14)

PART 2: THE PREPARATION AND PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENT

S. Sarcone (1993), I gruppi aziendali. Strutture e bilanci consolidati, Giappichelli. (Limitatamente alla Parte II, capitoli 3, 4 e 5).

PART 3: THE FINANCIAL STATEMENT OF FINANCIAL INTERMEDIARIES: FORMAL ORDERING PECULIARITIES

R. Cimini (2019), Il sistema di bilancio degli enti creditizi e finanziari, CEDAM.

1. Introduction to microeconomics: demand, supply, price and elasticity;
2. Theory of individual choices: preferences, utilities, consumption, labour, saving;
3. Production theory and firm’s costs;
4. Competitive markets: theory and applications;
5. Monopolistic markets;
6. Introduction to game theory and strategic behaviour;
7. Oligopoly and monopolistic competition;
8. Risks and information;
9. Efficiency in competitive markets;
10. Externalities and public goods.

Programma Idoneità informatica
Prof. Flaviano Peluso

Parte I - Componenti e programmi
Dalle origini degli automi alla nascita dell’informatica
Il codice binario e l’esadecimale
Software e Hardware
L’architettura del Computer e leperiferiche
Memorie primarie e memorie di massa
Cenni sugli algoritmi e sui linguaggi di programmazione
I sistemi operativi (MS-DOS, Windows, Mac, Unix, GNU, Linux, iOS e Android)
I programmi applicativi e le principali suite (pacchetto office, libre office)
Word, Excel, Powerpoint, Lettori PDF, applicativi per file Zip, applicativi di grafica statica
Software proprietario, software libero, open source, freeware, shareware ed abandonware
I pixel, la risoluzione e la grafica computerizzata

Parte II - Internet e le reti
Da Arpanet ad internet
Le reti ed i servizi di rete
La sincronizzazione, il deadlock la commutazione a pacchetto
La tripartizione del web (surface web, deep web, dark web)
Le criptovalute e la blockchain
La Guerra dei browser
Gli access provider, gli internet service provider ed i content provider
Virus e malware (trojan, rootkit, worm, spyware, ransomware, conficker, bootnet, adware)

Parte III - I nuovi mezzi di comunicazione
I mezzi di comunicazione elettronica
La rivoluzione digitale e le trasformazioni etico/sociali ed econimche
Storia ed evoluzione dei social network e social media (forum, blog e social network e social media)
Banche dati, big data e profilazione
E-mail, PEC, raccomandata elettronica
Le firme elettroniche semplici, avanzate, qualificate e la firma digitale

Parte IV - Aspetti economici e giuridici
Accenni sui contratti digitali propri ed impropri
L’e-commerce ed i contratti a distanza
Strumenti e procedure per la sicurezza informatica
Introduzione sulla robotica e sull’intelligenza artificiale (AI)
Quesiti aperti: la responsabilità dei droni e dei droidi
Panoramica sui principali reati informatici e la Convenzione di Budapest
Accenni sul copyright, copyleft e licenze creative commons

Testo consigliato: CONTALDO A. PELUSO F., E-detective. L’informatica forense e la metodologia giuridica per le tecnologie dell’informazione, PM Edizioni, 2018
Dispense del docente.

Testo consigliato: CONTALDO A. PELUSO F., E-detective. L’informatica forense e la metodologia giuridica per le tecnologie dell’informazione, PM Edizioni, 2018 e dispense del docente.