Degree Course: Administration, finance and control Syllabus for A.Y. 2022/2023  

Module 1 - The governance of internal controls
Basic concept and definition
Responsibilities, functions and deliverables of the actors of the ICS in corporate governance.
Internal auditing in control governance
International models of understanding, evaluation and analysis of ICS
Methods and techniques for analyzing business processes and risks

Module 2 - Internal auditing activities
International professional standards for conducting internal auditing
The internal auditing process
Methodologies and operational tools of the activity
Case study

The teaching material of the course is represented by the handouts made available by the teachers at the beginning of the course and available online on the course page

Format, layout typical phraseology of business letters. Letters of inquiry, reply, order, complaint, apology, memo, report. History of Business Communications: notions of its development through letter collections and teaching manuals developed in the years. Principles of Cross-Cultural Communication.

Handouts, available online on the course webpage on Moodle, freely available: https://moodle.unitus.it/moodle/course/view.php?id=224. They consist of interactive exercises (matching, fill-in, letter writing tests) and reading material mainly derived from the Journal of Business Communication and the Business Communication Quarterly.
Students who cannot attend the course are advised to use one of the following handbooks:
The Oxford Handbook of Commercial Correspondence, by A. Ashely, 2010, or Real Writing with Answers 3, Roger Gower, CUP, 2008; Effective Writing, by Jean Withrow, CUP, 2006; Writing Skills: A problem solving approach, di Norman Coe et Al, CUP, 2007.

1. Objective: to understand the meaning of share capital and equity as a mechanism for protecting creditors in the joint-stock company
1.1. The capital legal limit
1.2. The Contributions and Acquisitions by Members or Directors
1.3. Capital maintenance rules
1.4. Transactions on the Company’s Own Shares
1.5. Serious Losses

2. Objective: to understand the main functions and aspects of the annual accounts
2.1. The financial year
2.2. The Financial Statements structure and contents
2.3. Accounting Principles
2.4. Financial Statements Approval Procedure
2.5. Dividend Distribution and Interim Dividends

3. Objective: to understand the function of the directors through the study of its responsibilities
3.1. Liability to company
3.2. Liability to company creditors
3.3. Shareholder personal action and third-party claim

4. Objective: to understand the phenomenon and discipline of groups of companies
4.1. The subjection to management and co-ordination
4.2. The liability arising from management and co-ordination
4.3. Transparency obligations arising from management and co-ordination
4.4. Subordinated and postponed loan
4.5. “Withdrawal from the Group”

5. Objective: to understand the function and discipline of transformation, merger and division operations
5.1. The transformation: scope and limits
5.2. Merger and Division: scope and limits

Recommended text for the study of the legal constructs involved in the programme: G. FERRI, Manuale di diritto commerciale, a cura di C. ANGELICI - G.B. FERRI, Utet, last edition. According to the student’s preferences, using other updated university textbooks is allowed. It is recommended that students, including non-attendants, study the notes and case study material made available on the portal.
In any case, it is necessary to integrate the study of the individual legal constructs with the examination of the Civil Code, the laws concerned and the judgments that will be made available on the portal.

The course proposes the study of the concepts and rules that govern the preparation of financial reporting in compliance with IAS/IFRS and carries out a comparative survey on accounting regulations in the USA and Europe.
-introduction to international accounting;
-worldwide accounting diversity;
-accounting approaches;
-international convergence of financial reporting;
-IFRS financial reporting;
-US GAAP financial reporting ;
-accounting standards codification;
-IFRS in the European Union;
-IFRS in the United States;
-comparative Accounting (America and Europe).

- A.A.V.V., Il bilancio secondo i principi contabili internazionali IAS/IFRS. Regole e applicazioni, quarta edizione, Giappichelli, 2016.
Books to learn more:
-Wiley GAAP 2020, Interpretation and Application of Generally Accepted Accounting Principles.
-IAS/IFRS (a cura di Dezzani, Biancone, Busso), quinta edizione-2020, Ipsoa Wolters Kluwer, 2019
-Memento Pratico. Principi contabili internazionali, Giuffré Francis Lefebvre, 2020.

Part I : Consolidated accounts; Part II: financial statements analysis

Textbooks will be available for spring 2023

GENERAL SECTION
1) Introduction
2) Typical aspects of decision-making system, strategic planning, and management control in public sector entities
3) Accounting systems supporting financial statements disclosure and management control
4) Performance management e performance measurement

MONOGRAPHIC SECTION
1) Management control in central administrations and local authorities
2) Management control in healthcare entities
3) Management control in higher education

1) Pavan A., Reginato E., Programmazione e controllo nelle amministrazioni pubbliche, Giuffrè, 2012 (Cap. 1, Cap. 2, § 3.8, § 4.1, § 4.2, § 4.5, § 4.6, § 5.1).
2) Teaching materials available on the Moodle course website

The course focuses on management control tools useful for the construction of business plans. In the first part, the course focuses on the reclassification models of financial statements, on indices and flows. In the second part, the course deals with the construction and analysis of the budget. This is a balance sheet drawn up by translating certain hypotheses of future management into economic and financial figures. The use of this tool allows you to recreate, as in a sort of laboratory, the operation of the company and to simulate the effects that different management policies are destined to produce in the future on the economic, financial and capital assets of the company. The logic of the budget has multiple fields of use. It applies, in fact:
- to companies already in operation, to guide future management programs;
- in project financing operations, which are increasingly numerous today, to judge the self-sustainability of the planned initiative;
- to companies in the process of setting up or starting a new business unit (start up), to identify the most appropriate management structures;
- to individual investment projects, to judge their feasibility and convenience.

Summary of the arguments.
Among the topics that will be dealt with in the budget analysis for the construction of the pro-forma, the following should be noted:
• the logic of reclassification of the Balance Sheet and the Income Statement;
• the logical scheme for the construction of the Cash Flow Statement;
• the budgeting of EBITDA and MON;
• the estimate of the commercial Net Working Capital (CCNc);
• the estimate of operational self-financing;
• the estimation of the Free Cash Flow (FCF);
• the estimate of the Net Invested Capital (CIN);
• the estimate of the Net Financial Position (NFP);
• the budgeting of the Financial Requirement.

Among the topics that will be dealt with in the context of the construction of the pro-forma and in its evaluation, the following should be noted:
• the general logic and phases of the construction of the pro-forma;
• the basic pro-forma model;
• the development of the basic model: current operational management, structural operational investments and the financial structure;
• the formulation of the assumptions: the forecast of sales, operating costs and net working capital, structural investments;
• the assessment of the assumptions;
• sensitivity analysis;
• the financial sustainability of the budget and its "bankability".

To prepare for the exam, students have access to a textbook and other teaching materials prepared by the teacher that will be posted on the Moodle platform during the lessons.

The textbook is:
F. Giunta-M. Pisani, Analisi di bilancio, APOGEO, Maggioli Editore, 2016.

Chapters of the book:
1. Fundamental analysis and intrinsic value of the company
2. The information base for fundamental analysis
3. Analysis of the competitive environment
4. Analysis of strategies
5. Verification of the accounting quality and the information collected
6. The management analysis model
10. Preparation of the Cash Flow Statement
16. The pro-forma financial statements: rationale, phases and necessary information
17. The pro-forma financial statements: hypotheses and calculation formulas
18. Evaluation of the pro-forma financial statements

PART ONE – The valuation of companies
Introduction to company valuation methods. Theory of value. The direct methods. Indirect methods. Levered approach (or equity side) and unlevered approach (or asset side). The simple income method. The complex income method. Levered and unlevered financial flows. The simple patrimonial method. The complex asset method. Mixed asset-income methods. The “mean value” method. The Economic Value Added (EVA).

SECOND PART – Extraordinary operations
Civil, accounting and tax aspects, as well as strategic and economic aspects of the operations of: company acquisition; fusion; Leveraged Buy Out (LBO); business transfer; split; transformation; liquidation; project financing.

G. Zanda, M Lacchini, T. Onesti, The evaluation of companies, VI Edition, Giappichelli, Turin, 2013, (in its entirety, with the sole exclusion of chapters XV, XVII, XVIII, XIX).

L. Potito, Extraordinary operations in the business economy, VI Edition, Giappichelli, Turin, 2020.

Material made available by the teacher.

The sources of national and EU law concerning financial intermediaries and their evolution.
Controls and supervision of financial intermediaries.
Structure and activity of financial intermediaries.
The asset management business.
Corporate Governance of financial intermediaries, ownership structures, internal organization and general behavioral criteria.
Institutional investors and Stewardship codes.
The implications of sustainability and ESG factors in the activities of financial intermediaries.

Recommended Texts:
La disciplina del mercato mobiliare, Filippo Annunziata, ed. Giappichelli (capitoli I-VI e VIII-X)
Il mercato mobiliare, Renzo Costi, ed. Giappichelli.

Format, layout typical phraseology of business letters. Letters of inquiry, reply, order, complaint, apology, memo, report. History of Business Communications: notions of its development through letter collections and teaching manuals developed in the years. Principles of Cross-Cultural Communication.

Handouts, available online on the course webpage on Moodle, freely available: https://moodle.unitus.it/moodle/course/view.php?id=224. They consist of interactive exercises (matching, fill-in, letter writing tests) and reading material mainly derived from the Journal of Business Communication and the Business Communication Quarterly.
Students who cannot attend the course are advised to use one of the following handbooks:
The Oxford Handbook of Commercial Correspondence, by A. Ashely, 2010, or Real Writing with Answers 3, Roger Gower, CUP, 2008; Effective Writing, by Jean Withrow, CUP, 2006; Writing Skills: A problem solving approach, di Norman Coe et Al, CUP, 2007.

1. The binomial model and its applications in market finance and corporate finance.
2. Elementary stochastic calculus: Brownian motion; the Ito integral; Ito's Lemma; stochastic differential equations.
3. Monte Carlo simulation.
4. The Black-Scholes model and its applications in market finance and corporate finance.
5. Stochastic interest rate modeling.

S.M. Ross, “An Elementary Introduction to Mathematical Finance”. Cambridge University Press (2011).

J.C. Hull, “Options, Futures, and Other Derivatives”. Pearson (2021).

P. Wilmott, “Quantitative Finance”. John Wiley and Sons, Ltd (2007).

1. General aspects.
The financial system: markets, intermediaries, instruments, and supervisory authorities
Efficiency of financial markets
The link between non-financial and financial accounts: financial accounts of institutional sectors

2. Financial structure, financial development, and the real economy.
“Direct” and “indirect” finance
“Bank-based” and “market-based” systems
Effects on economic growth

3. Theoretical analysis of agents’ choices.
Intertemporal choices: decisions of savings
Choices under uncertainty
Expected utility theory
Risk attitude
Equilibrium
Demand for insurance
Investment in financial assets
Investment in risky assets
Optimal portfolio’s allocation (Markovitz)
The CAPM

4. Financial innovation and non-bank financial intermediation
Securitization
Securities financing transactions
Mutual funds
Shadow banking

Teaching material provided by the instructor and available on Moodle.

Suggested textbooks:
- Varian H., “Intermediate Microeconomics”, Eight Edition or previous ones, only Chapters on “Intertemporal Choices” and on “Uncertainty”;
- Bodie Z., Kane A., and Markus A. J., “Investments”, McGraw Hill (2014), Chap. 6 (only parr. 6.1, 6.2, 6.4, 6.5), 7 (excluding par. 7.5), 9 (only par. 9.1);
- Mishkin, and Eakins, “Financial Markets and Institutions”, Pearson, 2019, Ninth Ed. or previous ones, Chapters 1, 2, 3, 4, 5, 7, 9, 11, 14.4, 18, 19, 20, 21;

Students unable to attend the lectures are strongly encouraged to contact the teacher in order to have detailed information about the syllabus.

Performance metrics
Evaluation of Stock Picking Ability
Assessment of Market Timing Ability
Performance Persistence
Active Management
Multifactor Model
Climate Finance
In the Mind of an Asset Manager

Ignazio Basile · Pierpaolo Ferrari Asset Management and Institutional Investors
Asset Allocation Strategies for Mutual Funds Evaluating Performance, Risk and Return Giuseppe Galloppo Springer Palgrave
Lecture Notes provided by the teacher

Part I Institutional Investors: Typologies, Roles and Products
1 Institutional Investors
2 Collective Investment Vehicles and Other Asset Management Products

Part II Investment Management Policy
3 Stages of Investment Management Policy
4 Strategic Asset Allocation with Mean-Variance Optimisation
5 Methods and Tools for Portfolio Selection
6 Alternative Approaches to Traditional Mean-Variance Optimisation
Part III Performance Evaluation for Traditional Investment Portfolios
7 Performance Evaluation
8 Returns-Based Style Analysis
9 Performance Attribution

Part IV Portfolio Diversification Towards Alternative Asset Classes
10 Portfolio Diversification Policies: Alternative Asset Classes
11 Hedge Funds
12 Hedge Fund Performance
13 Private Equity
14 Real Estate
15 Commodities
16 Currency Overlay

PART V - MANAGEMENT POLICIES OF MAJOR INSTITUTIONAL INVESTORS
17. The management policies of the various types of institutional investors

PART VI - INNOVATIVE ASPECTS OF ASSET MANAGEMENT TECHNIQUES
18. Climate Finance - ESG
19. Smart Beta
20. Private Equity
21. Machine Learning in Asset Management (Python)

AA.VV. (Basile-Ferrari) Asset Management e Investitori Istituzionali, Pearson Editore, 2 edizione.
AA.VV. (Basile-Ferrari) Asset Management and Institutional Investors, Pearson Editore, 1nd edition.
Sole 24Ore in print and online editions.
Teaching materials provided by the teachers available on the course website in Moodle.

PART ONE – The valuation of companies
Introduction to company valuation methods. Theory of value. The direct methods. Indirect methods. Levered approach (or equity side) and unlevered approach (or asset side). The simple income method. The complex income method. Levered and unlevered financial flows. The simple patrimonial method. The complex asset method. Mixed asset-income methods. The “mean value” method. The Economic Value Added (EVA).

SECOND PART – Extraordinary operations
Civil, accounting and tax aspects, as well as strategic and economic aspects of the operations of: company acquisition; fusion; Leveraged Buy Out (LBO); business transfer; split; transformation; liquidation; project financing.

G. Zanda, M Lacchini, T. Onesti, The evaluation of companies, VI Edition, Giappichelli, Turin, 2013, (in its entirety, with the sole exclusion of chapters XV, XVII, XVIII, XIX).

L. Potito, Extraordinary operations in the business economy, VI Edition, Giappichelli, Turin, 2020.

Material made available by the teacher.

The course is divided into two compulsory parts: a. monetary policy and economics; exchange rate policy and economics; b. special topics in international monetary economics (Financial Literacy, Cryptocurrencies, Pandemic Economics).
Classes will be in Italian.

Enrolled students should attend classes and present during the class a written and oral synthesis of one out of the special topics (group assignment). The presentation should be sent to prof. Oldani (coldani@unitus.it) 3 days before the presentation. The file of the presentation can be PPT or Latex. Information, manuals and software are available at https://www.latex-project.org/
The final exam in Italian will be oral on the entire program (i.e., textbook, all special topics); the class presentation will weight 30 per cent of the final mark.
Students who do not attend classes and/or don't present any special topic will have their final exam on the program, including all special topics.
At the completion of this course, students will be able to:
1. Read an advanced paper in economics
2. Comment on economic and monetary theory
3. Present and discuss research in monetary economics

Reference for the first part is the Textbook by P. Krugman M. Obstfeld M. Melitz, Economia Internazionale, vol. 2 Economia Monetaria Internazionale, Pearson, chapters 4, 8, 9, 10, 11;
Masciandaro D. 2018 Central banks and Monetary Policy. Economics and Politics. BAFFI Carefin Paper https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3178576
D. Mugge 2019 The Revenge of Political Arithmetick, FickleFormulas Working Paper 2/2019 https://t.co/VhVpfTpLmU

References for the second part (available in the Moodle folder) are:
1. PANDEMIC ECONOMICS AND FINANCE:
Maffettone Oldani 2020; Oldani Vanni 2020
CEPR https://cepr.org/content/covid-economics-vetted-and-real-time-papers-0
European Unione https://ec.europa.eu/info/live-work-travel-eu/coronavirus-response_en
Imperial College https://www.imperial.ac.uk/mrc-global-infectious-disease-analysis/covid-19/
2. FINANCIAL LITERACY LoPrete 2018; Lusardi, Mitchell, Curto 2010; Lusardi, Mitchell, 2014; Lusardi AER 2015;
3. CRYPTOCURRENCIES: Carney 2019; Halaburda et al 2020; Masciandaro et al E-currencies; Oliver Wyman Cryptocurrencies; Sockin and Xiong 2020;

Historical time series:
- Introduction
- Moving average
- Stochastic process, stationarity, ACF, PACF
- RW, MA, AR, ARMA models
- Non-stationary processes
- RW with constant or drift
- ARIMA model
- SARIMA model
- Box-Jenkins procedure for model estimation
- Forecast
- Non-stationary models
- DF and ADF tests
Financial time series:
- Introduction
- Prices-returns relationship
- Motivation and stylized facts
- Financial time series characteristics
- Normality and related tests
- ARCH model
- GARCH model
- Estimation and examples

Tommaso Di Fonzo e Francesco Lisi (2005) Serie storiche economiche. Analisi statistiche e applicazioni. Roma, Carocci editore.

1) The annual report of credit and financial intermediaries: evolution and information revolution
2) The structure of the Bank of Italy Circular 262 and of the Provision on financial entities’ annual report
3) The balance sheet layout of credit and financial intermediaries
4) The operational issues relating to the formation of the consolidated balance sheet
5) The traditional income statement format of credit and financial intermediaries
6) Accounting for hedging derivatives (study of the effects of hedge accounting on the main balance sheet and income statement items)
7) The statement of comprehensive income and the accounting of the reclassification adjutments of the components of the comprehensive income statement (OCI) that allow for reversal to the traditional income statement
8) The cash flow statement and the statement of changes in equity
9) Part E of the Notes to the Financial Statements: risks and hedging policies in accounting and prudential consolidation
10) Part F of the Notes to the Financial Statements and the Prospectus for Changes in Regulatory Capital
11) Risks and minimum capital requirements (Pillar 1), ICAAP, ILAAP, SREP (Pillar 2) and Disclosure to the public (Pillar 3)
12) Harmonized and non-harmonized reporting obligations

Cimini R. (2021). Il Sistema di Bilancio degli Enti Creditizi e Finanziari. Schemi, Principi Contabili e Obblighi Segnaletici (III edizione). CEDAM
Cimini R. (2021). Le nuove disposizioni di vigilanza per le società di natura finanziaria: considerazioni di ordine aziendale alla luce della letteratura di riferimento. Giappichelli Editore, XII-234
Materiale didattico disponibile sulla pagina web del corso.

Module 1 - The governance of internal controls
Basic concept and definition
Responsibilities, functions and deliverables of the actors of the ICS in corporate governance.
Internal auditing in control governance
International models of understanding, evaluation and analysis of ICS
Methods and techniques for analyzing business processes and risks

Module 2 - Internal auditing activities
International professional standards for conducting internal auditing
The internal auditing process
Methodologies and operational tools of the activity
Case study

The teaching material of the course is represented by the handouts made available by the teachers at the beginning of the course and available online on the course page

Format, layout typical phraseology of business letters. Letters of inquiry, reply, order, complaint, apology, memo, report. History of Business Communications: notions of its development through letter collections and teaching manuals developed in the years. Principles of Cross-Cultural Communication.

Handouts, available online on the course webpage on Moodle, freely available: https://moodle.unitus.it/moodle/course/view.php?id=224. They consist of interactive exercises (matching, fill-in, letter writing tests) and reading material mainly derived from the Journal of Business Communication and the Business Communication Quarterly.
Students who cannot attend the course are advised to use one of the following handbooks:
The Oxford Handbook of Commercial Correspondence, by A. Ashely, 2010, or Real Writing with Answers 3, Roger Gower, CUP, 2008; Effective Writing, by Jean Withrow, CUP, 2006; Writing Skills: A problem solving approach, di Norman Coe et Al, CUP, 2007.

Elements of microeconomics: firms and consumers, profit maximisation, utility maximisation
Perfect competition, monopoly, monopolistic competition
Market power
Game theory

Static games with complete information
Dynamic games with complete information

Oligopolistic competition

Cournot
Bertrand
Stackelberg
Hotelling
Salop

Firm's strategic behaviour

Pricing and market segmentation
Product differentiation
Advertising
Collusion
Vertically related markets and vertical restraints
Mergers
Entry and exit
Technological innovation
R&D spillovers, absorptive capacity

Oligopoly and R\&D Networks
Industrial policy: Regulation, antitrust and privatization

Main text

Industrial economics:
1. - Cabral L. (2018) Economia Industriale. Carocci editore.
2. - Belleflamme P., Peitz M. (2015) Industrial Organization: Markets and Strategies. Cambridge University Press.

From text 1. the main topics of the course are studied. The more technical text 2. delves into the main mathematical models

Game Theory:
- Robert Gibbons (2005) Teoria dei giochi. Il Mulino

Other useful reference texts:
- Motta M., Polo M. (2005) Antitrust: politiche per la concorrenza. Il Mulino

1. Computational statistics
- Introduction/recall to R
- Basic statistics with R
-.Data visualization
2. Introduction to linear algebra
- Vectors
- Matrices
- Vector spaces
3. Regression
- Parametric methods (linear regression, lasso, ridge)
- Non-parametric methods (Regression trees, Bagging, Random Forest, Principal component regression)
4. Classification
- Parametric methods (Logit model (logit ridge/lasso), Linear discriminant analysis, Non-parametric methods, Classification trees)
5. Unsupervised learning
- Cluster analysis
- Principal components

Bertaccini, B. (2018). Introduzione alla
statistica computazionale con R (p. 182).
Firenze University Press. (Disponibile
gratuitamente in pdf)

Barabesi, L., & Fattorini, L.
(2010). Introduzione all'algebra delle matrici.
Giuffrè Editore. (Disponibile gratuitamente in
pdf)

James, G., Witten, D., Hastie, T., & Tibshirani,
R. (2013). An introduction to statistical
learning (Vol. 112, p. 18). New York: springer.
(Disponibile gratuitamente in pdf in versione
inglese)

Growth, economic development, human development
Capitalist development and its phases
Origins and history of underdevelopment
Developing and least developed countries
Division of Labour and Economic Development
Innovation and Economic Development in a Secular Perspective
Labor productivity, economies of scale and External Economies
Unemployment, Cyclical Development and Crisis
Economic Development and Changes
Economic Development and International Relations
Human Development and Inequalities
Ecological aspects of Development
Innovative, Sustainable and Inclusive Growth
Mainstream Growth Models
PostKeynesian Growth Models
The detailed program and any supplementary teaching material will be available during the course.

The teaching material will be available during the course.

The course focuses on management control tools useful for the construction of business plans. In the first part, the course focuses on the reclassification models of financial statements, on indices and flows. In the second part, the course deals with the construction and analysis of the budget. This is a balance sheet drawn up by translating certain hypotheses of future management into economic and financial figures. The use of this tool allows you to recreate, as in a sort of laboratory, the operation of the company and to simulate the effects that different management policies are destined to produce in the future on the economic, financial and capital assets of the company. The logic of the budget has multiple fields of use. It applies, in fact:
- to companies already in operation, to guide future management programs;
- in project financing operations, which are increasingly numerous today, to judge the self-sustainability of the planned initiative;
- to companies in the process of setting up or starting a new business unit (start up), to identify the most appropriate management structures;
- to individual investment projects, to judge their feasibility and convenience.

Summary of the arguments.
Among the topics that will be dealt with in the budget analysis for the construction of the pro-forma, the following should be noted:
• the logic of reclassification of the Balance Sheet and the Income Statement;
• the logical scheme for the construction of the Cash Flow Statement;
• the budgeting of EBITDA and MON;
• the estimate of the commercial Net Working Capital (CCNc);
• the estimate of operational self-financing;
• the estimation of the Free Cash Flow (FCF);
• the estimate of the Net Invested Capital (CIN);
• the estimate of the Net Financial Position (NFP);
• the budgeting of the Financial Requirement.

Among the topics that will be dealt with in the context of the construction of the pro-forma and in its evaluation, the following should be noted:
• the general logic and phases of the construction of the pro-forma;
• the basic pro-forma model;
• the development of the basic model: current operational management, structural operational investments and the financial structure;
• the formulation of the assumptions: the forecast of sales, operating costs and net working capital, structural investments;
• the assessment of the assumptions;
• sensitivity analysis;
• the financial sustainability of the budget and its "bankability".

To prepare for the exam, students have access to a textbook and other teaching materials prepared by the teacher that will be posted on the Moodle platform during the lessons.

The textbook is:
F. Giunta-M. Pisani, Analisi di bilancio, APOGEO, Maggioli Editore, 2016.

Chapters of the book:
1. Fundamental analysis and intrinsic value of the company
2. The information base for fundamental analysis
3. Analysis of the competitive environment
4. Analysis of strategies
5. Verification of the accounting quality and the information collected
6. The management analysis model
10. Preparation of the Cash Flow Statement
16. The pro-forma financial statements: rationale, phases and necessary information
17. The pro-forma financial statements: hypotheses and calculation formulas
18. Evaluation of the pro-forma financial statements

Historical time series:
- Introduction
- Moving average
- Stochastic process, stationarity, ACF, PACF
- RW, MA, AR, ARMA models
- Non-stationary processes
- RW with constant or drift
- ARIMA model
- SARIMA model
- Box-Jenkins procedure for model estimation
- Forecast
- Non-stationary models
- DF and ADF tests
Financial time series:
- Introduction
- Prices-returns relationship
- Motivation and stylized facts
- Financial time series characteristics
- Normality and related tests
- ARCH model
- GARCH model
- Estimation and examples

Tommaso Di Fonzo e Francesco Lisi (2005) Serie storiche economiche. Analisi statistiche e applicazioni. Roma, Carocci editore.

The syllabus of the course is divided in two parts: a first theoretical part and a second practical part.

The theoretical part of the course deepens the topic of digital transformation and the impact that it has on organisations. The syllabus deepens the main changes introduced by the digital transformation process, the main development trends currently in action, and their future developments.
The students will also learn the main information systems used by companies to manage the digital transformation initiatives, to analyse the business processes, to re-engineer them, and to identify the information needs of organizations.

The theoretical concepts included in the course syllabus cover the following areas:
- Changes and trends of the digital transformation process
- The socio-technical systems theory
- The fundamental organizational processes: sense making, decision making, and knowing
- The enterprise information systems: ERP, CRM, KMS, and DSS
- The business intelligence systems for data mining: big data, datawarehouse and artificial intelligence
- Cloud computing, privacy and cyber security
- Planning and managing digital transformation processes
- Analysing and re-engineering business processes

The practical part of the course concerns the development of actionable skills to control and govern the digital transformation process in organisations. The practical skills learned during the course cover three aspects:
- Management of digital innovation projects: identification of objectives of a digital transformation process, identification of the necessary resources, planning and management of a project through the work breakdown structure, the RACI matrix, the PERT, the critical path method analysis, and the GANTT diagram
- Digital transformation of business processes: modelling and analysis of both inter- and intra-organisational processes through the Business Process Modelling Notation (BPMN)
- Business intelligence: analysis of the information need, map of information sources with information needs, design and development of data presentation and analysis dashboard with Microsoft Power BI

To study for the exam students must refer to:
- Management of Information Systems - Course compendium written by Braccini Alessio Maria
- Piccoli, G., & Pigni, F. (2016). Information Systems for Managers with Cases

Slides and cases used by the professor during classes are available on the http://moodle.unitus.it e-learning platform

The program includes a complete international taxation knowledge regarding the main economic problems. For this purpose, the basic and general economic and legal issues of taxation systems will be examined. Acquired the basic and indispensable knowledge, the most relevant aspects and effects of international taxation will be studied in depth.
Income and taxes classification
Taxes principles
Progressivity and proportionality
Personal income tax and companies taxation, in Italy and abroad
Capital in international markets taxation and monitoring
Double taxation and methods to avoid or limit it; tax credit for income generated abroad.
Multinational companies taxation
Indirect taxation in the transfer of goods and services in international markets (VAT in intra-EU relations: imports, exports and customs taxation)
International tax avoidance and evasion in direct taxation (fictitious residences, tax inversions, transfer prices, CFCS, etc.)
International tax evasion in indirect taxation (VAT fraud, etc.)
International cooperations

Lezioni di scienza delle finanze, Parte II. Bruno Bises, Giappichelli, capitoli 1, 2, 3, 6, 7, 8, 10
Manuale di fiscalità internazionale, a cura di A. Dragonetti, V. Piacentini, A. Sfondrini, Ipsoa Manuali
As an alternative to the texts indicated above, the reference material (regulatory texts, official documents, in-depth articles, chapters of texts) dealt with during the lessons is made available to students.