Degree Course: Business Administration Syllabus for A.Y. 2022/2023  

The lectures will address the following topics:
GENERAL SECTION
- Needs, goods, and value.
- Meaning, evolution, and interpretation of the concept of business.
- The conditions of the existence, the characters of the firm, and its classification.
- The function of the firm, its aims, and the concept of business management.
- The subjects within the firm.
- Strategies
- Business activities and organization
- The notion of corporate assets, liabilities, and equity.
- Qualitative and quantitative 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 financial aspects of the business management.
- The analysis of the profitability and of liquidity of the firm using the ratios.
OPERATIONAL SECTION
- The bookkeeping of the fundamental firms’ operations with the double-entry system.
- The costs and the break-even analysis.

GENERAL SECTION

1) G. Catturi, Principi di economia aziendale. L'azienda universale. L'idea forza, la morfologia e la fisiologia, Cedam, Padova, 7^ edizione 2021 (Section A: lessons 1, 2, 8; Section B: lessons 9, 10, 12, 15, 16 e 20; Section C: lessons 22, 23, 24, 28 e 31).

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

3) Teaching materials available on the Moodle course website

OPERATIONAL SECTION
Slides and the lecture notes about:
1) the bookkeeping with the double-entry system;
2) cost accounting

1) Numerical sets and real line
2) Sequences and numerical series
3) Functions and function limit (one variable)
4) Continuity and differentiability of a function (a variable)
5) Integral calculus
6) Linear algebra: vectors, matrices and linear systems

- Vassilis C. Mavron, Timothy N. Phillips, "Elements of Mathematics for Economics and Finance", Springer

The exam program covers the entire subject debated in the manuals of private law (including topics not addressed in class and in study groups), except for the parts concerning:
- the family law;
- the successions;
- the enterprise and the companies;
- the bank and stock exchange contracts;
- the credit instruments;
- the failure and insolvency procedures;
- the subordinate employment relationship;
- the trade union law.
N.B. It should be noted that since some years, the "typical and atypical contracts" have been (again) including into the program, while once they had been excluded because the contract law course was dedicated to the study of all typical and atypical contracts. Already in the past academic year, during the exam, each student was asked at least one question about a typical or atypical contract

The student may choose to prepare the exam on one of the two texts below:
1) E. DEL PRATO, “Le basi del diritto civile”, 4. Ed., Torino, 2020.
2) A. TORRENTE, P. SCHLESINGER, "Manuale di diritto privato", a cura di F. Anelli, C. Granelli, XXV ed., Milano, 2021.
The preparation of the exam must be complemented by the indispensable consultation - which must be continuous and systematic: during the lessons, in the rereading of the notes and in the months before the exam - of a "Civil Code" (not commented with doctrine and jurisprudence) updated and accompanied by the main special laws.
We recommend the "Civil Code and related laws" edited by G. De Nova, Bologna, 2021.

Economy and economic systems. The division of labor. The marginalist theory of the consumer and the firm. Production and Employment: Keynesian Theory. Money and finance. Money and employment. IS-LM Model. Labor, unemployment and inflation. AD-AS Model. International economic relations. Mundell-Fleming Model.
The detailed program and any supplementary teaching material will be available during the course.

The textbook is Corsi M. and Roncaglia A. "Nuovi lineamenti di economia politica",Laterza, the last edition.

general characteristics of double-entry bookkeeping (account and accounting terminology, classifications of T-accounts, accounting equation, definition of double-entry bookkeeping, rules of of T-accounts, accounting inference criteria);
entries in the accounting period (chronological entries and systematic entries);
closing phases of the double-entry bookkeeping (trial balances, account situations, adjustment entries, financial statements);
income measurement according to the classical-dynamic approach;
net cash flow and income; mathematical-accounting aspects of the calculation of capital and income.

1) The student can choose one of the two books (either Libby's book or Anthony's book): Robert Libby, Patricia A. Libby, Daniel G. Short, Financial Accounting, McGraw-Hill, 2009, (edizione italiana, pagg. 1-184); Robert N. Anthony, David F. Hawkins, Diego M. Macrì, Kenneth A. Merchant, Il bilancio. Analisi economiche per le decisioni e la comunicazione della performance, McGraw-Hill Education, 14°edizione, 2016 (from chapter 1 to chapter 9).
2) 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)

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 4 hours)
Forms of State and Forms of Government: State, State Forms, Political Representation, Forms of Government, Italian Constitutional History (about 4 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 4 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 7 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).

A. Sterpa, N. Viceconte, Norma e ordinamento costituzionale, Editoriale Scientifica, 2022, fourth edition (updated).

Different texts can be used according to the Professor

Lecture:

G. Amato, Bentornato Stato, ma, Il Mulino, 2022.

Introduction to data analysis: Describing Categorical and Numerical Data
Graphical representation of data
Central tendency and variability
Index number
Association between Categorical Variables
Association between Quantitative Variables
Probability
Random Variables
Samples and Surveys
Point estimation
Confidence Intervals
Statistical Tests
Linear regression model

Pearson New International Edition. Statistics for Business. Decision Making and Analysis. Robert Stine Dean Foster. Second Edition

Additional materials will be provided by the lecturer during the lessons.

The company: introductory aspects
Business decisions: information, representations, drivers and criteria
The boundaries of the company
The internal context
The external context
Measurement of results, investment decisions and financial hedging
The value co-creation and open innovation
Business management techniques and tools

Sergio Barile, Corrado Gatti, Antonio Renzi, Gianluca Vagnani (2022). L’impresa. Fondamenti, profili economico-finanziari e sostenibilità. McGrawHill.
Aquilani B. (2016). La co-creazione di valore nei processi di innovazione aperta: verso un modello di analisi. Cedam.
Teaching material available on Moodle

The course includes language sessions to improve the four basic skills - listening, reading, speaking and writing - and to bring students up to a B1 level. As regards listening, this means listening to original texts relating to a variety of everyday situations and featuring a number of regional accents. Reading involves the study of texts that are both generic and more specialist and related to the students' area of study, with the focus on learning the techniques needed to correctly read the texts and answer multiple choice questions. Writing exercises include a review of the basic grammar knowledge required for B1 level and writing a variety of types of texts - emails, notices, business letters, reports, reviews, opinion essays. The course focuses less on speaking skills given the number of participants, but, in any case, there is always a chance to interact with the teacher and other students in English during all lessons.

Material provided by teacher
Reference Grammar: English Grammar In Use, 5th edition - Raymond Murphy - Cambridge University Press

The time value of money.
Discounting.
The Internal Rate of Return (IRR).
The bond market.
Valuing bonds.
The term structure of interest rates.
Forward rates.
Interest rate risk.
Perpetuities and Annuities.
Amortizing loans.
The stock market.
Valuing stocks.
Valuing projects.
The Net Present Value (NPV) decision rule.
Capital structure in a perfect market.
The Modigliani-Miller theorem.
The agency costs of leverage.


The course topics are covered in the following textbooks:

J. Berk - P. De Marzo, Finanza Aziendale vol.1, Pearson. Chapters: 3 - 4 - 5 - 6 - 7 (paragraphs: 7.1; 7.2) - 9 (paragraphs: 9.1; 9.2) - 14 (paragraphs: 14.1; 14.2) - 15 (paragraphs: 16.1; 16.5).

C. Mari, Appunti di Matematica Finanziaria (downloadable from the e-learning platform of the University).

Berk, J. - De Marzo, P., Finanza Aziendale vol.1, Pearson.

Mari, C., Appunti di Matematica Finanziaria (downloadable from the platform MOODLE of the University).

Grinblatt, M. - Titman, S., Financial Markets and Corporate Strategy, Second Edition, McGraw-Hill

Chap. 1 Introduction to microeconomics
Chap. 2 Demand and supply
Chap. 3 Preferences of consumer and utility
Chap. 4 Consumer choice
Chap. 5 The theory of demand
Chap. 6 The theory of production
Chap. 7 Costs minimization
Chap. 8 Cost curves
Chap. 9 Perfect competition
Chap. 10 Perfect competition: applications
Chap. 11 Monopoly
Chap. 13 Game theory
Chap. 14 Oligopoly
Chap. 15 Risk and information
Chap. 16 General equilibrium theory
Chap. 17 Externalities and public goods

Besanko D.A., Braeutigam R.R. (2016) Microeconomia. Mc Graw Hill.

An historical perspective. The concept of economic activity. The instruments at disposal: the firms. Various typologies and concerning rules. The balances. The uncorrect competion and the antitrust authority. The financial market. The extraordinary operations.

any university textbook of your choice.

La gestione delegata nelle società di capitali. M. DESARIO, Cacucci editore, 2007

Part I - Recalls to double entry accounting model. Recording of main business operations. Part II – Accounting standard and civil code regulation about financial statements. Part III – Reference to national and international financial reporting standard (framing of underlying concepts). Part IV - The management report (narrative reporting) and the cash flow statement.

Textbook will be available for spring 2023

Topics:

1. The foundations of economic policy
a. Justification of the public intervention
b. Market failures
c. Institutions' decision criteria
d. The evaluation of economic policies

2. Economic policy in an imperfect world

3. Main macroeconomic policies in an open economy
a. Budgetary policy
b. Monetary policy and financial stability
c. Tax policy
d. Labor policies

• Bénassy-Quéré A., Coeuré B., Jacquet P., Pisani-Ferry J., Petretto A., Russo F. Politica Economica-Teoria e pratica. Il Mulino, 2019

MANAGEMENT CONTROL
1. The meaning of management control
2. Strategic planning, programming and control
3. The elements of the control system
4. Management control, directional control, strategic control
5. The actors involved in the planning and control process
6. The requirements of the management control system
7. The "views" of the control system
8. The management control required by the Stock Exchange Regulations

THE REQUIREMENTS OF THE CONTROL SYSTEM
ORGANISATIONAL VARIABLES
1. The relationship between organisation and management control
2. The definition of the plan of responsibility centres
3. Types of responsibility centres
4. Parametric cost centres and discretionary cost centres
5. Production cost centres and structure cost centres
6. Cross responsibility centres
7. Functions and organisational position of the controller

THE ASSUMPTIONS OF THE CONTROL SYSTEM
TECHNICAL AND ACCOUNTING INFORMATION TOOLS
1. The information tools available to management control
2. Analytical accounting for management control
3. Cost classification for management control
4. The definition of the objects of analytical accounting
5. Cost management for management control

THE BUDGET
1. The concept of budget and its main characteristics
2. The functions of the budget
3. The conditions for a proper functioning of the budgeting process
4. The budgeting process
4.1. The temporal process of budgeting
4.2. The logical process of budgeting
5. Budgets by responsibility centre
6. The definition of budget objectives

SECTORAL AND INTER-SECTORAL BUDGETS
1. The commercial budget
2. The sales budget
3. The definition of sales quantities
4. The definition of sales prices
4.1. The definition of sales prices: Full Costing
4.2. Definition of sales prices: Direct Costing
5. Determining the most advantageous sales mix
6. The commercial cost budget
7. The production budget
8. The procurement budget
9. The central structures budget
10. The investment budget
11. The staff budget

THE GENERAL BUDGET
1. Consolidating individual budgets
2. The economic budget
3. Economic budget models
3.1. The value-added economic budget
3.2. Cost of sales budgeting
3.3. The contribution margin budget
4. The financial budget
4.1. The sources/uses budget
4.2. The cash budget
5. The assets budget

REPORTING
1. The reporting system
2. Types of reporting
3. The analysis of deviations
4. The commercial variance
5. The production cost variance
5.1. The raw material variance
5.2. The variance of direct labour
6. The variance of other fixed costs

Luigi Fici, Programmazione e Controllo, Cedam, 2008

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.

Materials provided by the instructor during the course
• Introduzione all'econometria, Stock Watson (Pearson)
• Statistica per le decisioni aziendali - 2/Ed. – Pearson Autori: Luigi Biggeri - Matilde Bini - Alessandra Coli - Laura Grassini - Mauro Maltagliati

1. The bank and its organization.
1.1. Historical development of the banking system.
1.2 The typical banking activity.
1.3 The banks' "other" activities.
1.4. The bank and its organization.
1.5. Banks and other financial intermediaries.
2. Public controls over banks.
2.1. The purposes of public controls over banks.
2.2. The Single Supervisory Mechanism (SSM) in the european banking union.
2.3. National and supranational authorities, and the division of responsibilities between them.
2.4. Supervision of banks: regulatory supervision; information supervision; inspection supervision.
2.5. The authorization to conduct banking business. Shareholdings in banks. The requirements of corporate executives. Banking corporate governance.
2.6. The discipline of bank crisis prevention and management.
3. The main contracts and consumer regulations.
3.1. The sources of the regulation of banking contracts.
3.2. The regulation of transparency of contract terms and conditions and relationships with customers.
3.3. Consumer loans.
3.4. Current account and bank account.
3.5. The bank deposit.
3.6. The loan agreement. The opening of credit. The bank advance. The bank discount. The bank guarantees.
3.7. The "new" contracts: leasing, factoring, derivatives.

Any university textbook chosen by the student, which should be read in addition to the necessary consultation of the relevant legal provisions (and specifically the Testo unico delle leggi in materia bancaria e creditizia and the Codice civile).
Recommended texts are, for example, C. BRESCIA MORRA, Il diritto delle banche. Le regole dell’attività, il Mulino, latest edition; P. FERRO-LUZZI, Lezioni di diritto bancario, Vol. I: Parte generale, Giappichelli, latest edition; F. CAPRIGLIONE (a cura di), Manuale di diritto bancario e finanziario, Wolters Kluwer-Cedam, latest edition; and for the part concerning contracts, G. FERRI, Manuale di diritto commerciale, a cura di C. Angelici e G.B. Ferri, Utet, latest edition, oppure G.F. CAMPOBASSO, Diritto commerciale. 3. Contratti. Titoli di credito. Procedure concorsuali, Utet, latest edition.

The lectures will address the following topics:
GENERAL SECTION
- Needs, goods, and value.
- Meaning, evolution, and interpretation of the concept of business.
- The conditions of the existence, the characters of the firm, and its classification.
- The function of the firm, its aims, and the concept of business management.
- The subjects within the firm.
- Strategies
- Business activities and organization
- The notion of corporate assets, liabilities, and equity.
- Qualitative and quantitative 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 financial aspects of the business management.
- The analysis of the profitability and of liquidity of the firm using the ratios.
OPERATIONAL SECTION
- The bookkeeping of the fundamental firms’ operations with the double-entry system.
- The costs and the break-even analysis.

GENERAL SECTION

1) G. Catturi, Principi di economia aziendale. L'azienda universale. L'idea forza, la morfologia e la fisiologia, Cedam, Padova, 7^ edizione 2021 (Section A: lessons 1, 2, 8; Section B: lessons 9, 10, 12, 15, 16 e 20; Section C: lessons 22, 23, 24, 28 e 31).

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

3) Teaching materials available on the Moodle course website

OPERATIONAL SECTION
Slides and the lecture notes about:
1) the bookkeeping with the double-entry system;
2) cost accounting

1) Numerical sets and real line
2) Sequences and numerical series
3) Functions and function limit (one variable)
4) Continuity and differentiability of a function (a variable)
5) Integral calculus
6) Linear algebra: vectors, matrices and linear systems

- Vassilis C. Mavron, Timothy N. Phillips, "Elements of Mathematics for Economics and Finance", Springer

The exam program covers the entire subject debated in the manuals of private law (including topics not addressed in class and in study groups), except for the parts concerning:
- the family law;
- the successions;
- the enterprise and the companies;
- the bank and stock exchange contracts;
- the credit instruments;
- the failure and insolvency procedures;
- the subordinate employment relationship;
- the trade union law.
N.B. It should be noted that since some years, the "typical and atypical contracts" have been (again) including into the program, while once they had been excluded because the contract law course was dedicated to the study of all typical and atypical contracts. Already in the past academic year, during the exam, each student was asked at least one question about a typical or atypical contract

The student may choose to prepare the exam on one of the two texts below:
1) E. DEL PRATO, “Le basi del diritto civile”, 4. Ed., Torino, 2020.
2) A. TORRENTE, P. SCHLESINGER, "Manuale di diritto privato", a cura di F. Anelli, C. Granelli, XXV ed., Milano, 2021.
The preparation of the exam must be complemented by the indispensable consultation - which must be continuous and systematic: during the lessons, in the rereading of the notes and in the months before the exam - of a "Civil Code" (not commented with doctrine and jurisprudence) updated and accompanied by the main special laws.
We recommend the "Civil Code and related laws" edited by G. De Nova, Bologna, 2021.

Economy and economic systems. The division of labor. The marginalist theory of the consumer and the firm. Production and Employment: Keynesian Theory. Money and finance. Money and employment. IS-LM Model. Labor, unemployment and inflation. AD-AS Model. International economic relations. Mundell-Fleming Model.
The detailed program and any supplementary teaching material will be available during the course.

The textbook is Corsi M. and Roncaglia A. "Nuovi lineamenti di economia politica",Laterza, the last edition.

general characteristics of double-entry bookkeeping (account and accounting terminology, classifications of T-accounts, accounting equation, definition of double-entry bookkeeping, rules of of T-accounts, accounting inference criteria);
entries in the accounting period (chronological entries and systematic entries);
closing phases of the double-entry bookkeeping (trial balances, account situations, adjustment entries, financial statements);
income measurement according to the classical-dynamic approach;
net cash flow and income; mathematical-accounting aspects of the calculation of capital and income.

1) The student can choose one of the two books (either Libby's book or Anthony's book): Robert Libby, Patricia A. Libby, Daniel G. Short, Financial Accounting, McGraw-Hill, 2009, (edizione italiana, pagg. 1-184); Robert N. Anthony, David F. Hawkins, Diego M. Macrì, Kenneth A. Merchant, Il bilancio. Analisi economiche per le decisioni e la comunicazione della performance, McGraw-Hill Education, 14°edizione, 2016 (from chapter 1 to chapter 9).
2) 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)

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 4 hours)
Forms of State and Forms of Government: State, State Forms, Political Representation, Forms of Government, Italian Constitutional History (about 4 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 4 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 7 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).

A. Sterpa, N. Viceconte, Norma e ordinamento costituzionale, Editoriale Scientifica, 2022, fourth edition (updated).

Different texts can be used according to the Professor

Lecture:

G. Amato, Bentornato Stato, ma, Il Mulino, 2022.

Introduction to data analysis: Describing Categorical and Numerical Data
Graphical representation of data
Central tendency and variability
Index number
Association between Categorical Variables
Association between Quantitative Variables
Probability
Random Variables
Samples and Surveys
Point estimation
Confidence Intervals
Statistical Tests
Linear regression model

Pearson New International Edition. Statistics for Business. Decision Making and Analysis. Robert Stine Dean Foster. Second Edition

Additional materials will be provided by the lecturer during the lessons.

The course includes language sessions to improve the four basic skills - listening, reading, speaking and writing - and to bring students up to a B1 level. As regards listening, this means listening to original texts relating to a variety of everyday situations and featuring a number of regional accents. Reading involves the study of texts that are both generic and more specialist and related to the students' area of study, with the focus on learning the techniques needed to correctly read the texts and answer multiple choice questions. Writing exercises include a review of the basic grammar knowledge required for B1 level and writing a variety of types of texts - emails, notices, business letters, reports, reviews, opinion essays. The course focuses less on speaking skills given the number of participants, but, in any case, there is always a chance to interact with the teacher and other students in English during all lessons.

Material provided by teacher
Reference Grammar: English Grammar In Use, 5th edition - Raymond Murphy - Cambridge University Press

The time value of money.
Discounting.
The Internal Rate of Return (IRR).
The bond market.
Valuing bonds.
The term structure of interest rates.
Forward rates.
Interest rate risk.
Perpetuities and Annuities.
Amortizing loans.
The stock market.
Valuing stocks.
Valuing projects.
The Net Present Value (NPV) decision rule.
Capital structure in a perfect market.
The Modigliani-Miller theorem.
The agency costs of leverage.


The course topics are covered in the following textbooks:

J. Berk - P. De Marzo, Finanza Aziendale vol.1, Pearson. Chapters: 3 - 4 - 5 - 6 - 7 (paragraphs: 7.1; 7.2) - 9 (paragraphs: 9.1; 9.2) - 14 (paragraphs: 14.1; 14.2) - 15 (paragraphs: 16.1; 16.5).

C. Mari, Appunti di Matematica Finanziaria (downloadable from the e-learning platform of the University).

Berk, J. - De Marzo, P., Finanza Aziendale vol.1, Pearson.

Mari, C., Appunti di Matematica Finanziaria (downloadable from the platform MOODLE of the University).

Grinblatt, M. - Titman, S., Financial Markets and Corporate Strategy, Second Edition, McGraw-Hill

Chap. 1 Introduction to microeconomics
Chap. 2 Demand and supply
Chap. 3 Preferences of consumer and utility
Chap. 4 Consumer choice
Chap. 5 The theory of demand
Chap. 6 The theory of production
Chap. 7 Costs minimization
Chap. 8 Cost curves
Chap. 9 Perfect competition
Chap. 10 Perfect competition: applications
Chap. 11 Monopoly
Chap. 13 Game theory
Chap. 14 Oligopoly
Chap. 15 Risk and information
Chap. 16 General equilibrium theory
Chap. 17 Externalities and public goods

Besanko D.A., Braeutigam R.R. (2016) Microeconomia. Mc Graw Hill.

An historical perspective. The concept of economic activity. The instruments at disposal: the firms. Various typologies and concerning rules. The balances. The uncorrect competion and the antitrust authority. The financial market. The extraordinary operations.

any university textbook of your choice.

La gestione delegata nelle società di capitali. M. DESARIO, Cacucci editore, 2007

Financial system
Sectoral financial balances
Structure of the financial system
Financial intermediation: theories and risks
Financial instruments
Financial markets
Credit intermediation
Brokering
Strategy and organisation of financial intermediation
Regulating
Monetary and credit policy
Payment systems

Financial Markets and Institutions - Jeff Madura - 11th edition

Part from 3 to 6,

Topics:

1. The foundations of economic policy
a. Justification of the public intervention
b. Market failures
c. Institutions' decision criteria
d. The evaluation of economic policies

2. Economic policy in an imperfect world

3. Main macroeconomic policies in an open economy
a. Budgetary policy
b. Monetary policy and financial stability
c. Tax policy
d. Labor policies

• Bénassy-Quéré A., Coeuré B., Jacquet P., Pisani-Ferry J., Petretto A., Russo F. Politica Economica-Teoria e pratica. Il Mulino, 2019

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.

Brief review of basic algebra, trigonometric functions and differential calculus.
Complex numbers and polar coordinates: field of complexes, complex numbers and their algebra, operations in C, imaginary numbers. Algebraic form of complexes and operations. Equations in C. Geometric representation of complex numbers. Trigonometric form, multiplication, division, power and n-th root. Polar coordinates.
Indefinite integral and integration methods.
Differential equations: introduction, first order, separable variable, second order linear differential equations. Cauchy problems.
Functions in two variables: introduction, domain, limits and continuity. Partial derivatives, maxima and minima.

Educational material produced by the teacher and provided to students following each lesson. The material also includes the exercises to be carried out progressively.

Introduction and Bond Type
FIxed Income Markets
Bond Pricing
Interest rate type
Floater Pricing
Sensitivity
Duration_convexity
Futures
Fra&irs
Zero coupon curve
Term structure theories
Butterfly
cds

AN INTRODUCTION TO BOND MARKETS Third Edition Moorad Choudhry
Chapter from 1 to 4, CHapter 6,8,9,12

1. The bank and its organization.
1.1. Historical development of the banking system.
1.2 The typical banking activity.
1.3 The banks' "other" activities.
1.4. The bank and its organization.
1.5. Banks and other financial intermediaries.
2. Public controls over banks.
2.1. The purposes of public controls over banks.
2.2. The Single Supervisory Mechanism (SSM) in the european banking union.
2.3. National and supranational authorities, and the division of responsibilities between them.
2.4. Supervision of banks: regulatory supervision; information supervision; inspection supervision.
2.5. The authorization to conduct banking business. Shareholdings in banks. The requirements of corporate executives. Banking corporate governance.
2.6. The discipline of bank crisis prevention and management.
3. The main contracts and consumer regulations.
3.1. The sources of the regulation of banking contracts.
3.2. The regulation of transparency of contract terms and conditions and relationships with customers.
3.3. Consumer loans.
3.4. Current account and bank account.
3.5. The bank deposit.
3.6. The loan agreement. The opening of credit. The bank advance. The bank discount. The bank guarantees.
3.7. The "new" contracts: leasing, factoring, derivatives.

Any university textbook chosen by the student, which should be read in addition to the necessary consultation of the relevant legal provisions (and specifically the Testo unico delle leggi in materia bancaria e creditizia and the Codice civile).
Recommended texts are, for example, C. BRESCIA MORRA, Il diritto delle banche. Le regole dell’attività, il Mulino, latest edition; P. FERRO-LUZZI, Lezioni di diritto bancario, Vol. I: Parte generale, Giappichelli, latest edition; F. CAPRIGLIONE (a cura di), Manuale di diritto bancario e finanziario, Wolters Kluwer-Cedam, latest edition; and for the part concerning contracts, G. FERRI, Manuale di diritto commerciale, a cura di C. Angelici e G.B. Ferri, Utet, latest edition, oppure G.F. CAMPOBASSO, Diritto commerciale. 3. Contratti. Titoli di credito. Procedure concorsuali, Utet, latest edition.

1. Typical contracts and atypical contracts: distinction.
2. Doctrinal and jurisprudential orientations on the concept of "merits".
3. Doctrinal and jurisprudential orientations on the lawfulness, in the abstract or in practice, of atypical contracts.
4. Franchising.
5. The autonomous contract of guarantee.
6. Lease backs.
7. Improper annuities.
8. The interest rate swap.

The first three points of the program must be studied on the essays indicated in "Adopted texts and bibliography of reference", numbers 1), and 6).
Each of the other five points of the program is devoted to an essay indicated in "Adopted texts and reference bibliography", from number 2) to number 6) and from number 7) to number 8).

The exam must be prepared by studying some essays, which will be uploaded on the moodle platform in "Teaching materials".

The tests, in the order in which they have to be studied, are:

1) A. GUARNERI, Il contratto immeritevole e il rasoio di Occam, in Nuova giur. civ. comm., 2018, I, p. 253 ss.

2) S. D'ANDREA, Il franchising: squilibrio contrattuale e interpretazione costituzionalmente orientata, in Giur. it., 2018, I, 2338 ss.

3) S. D'ANDREA, Nullità del contratto autonomo di garanzia per frode alla legge, in Rass. dir. civ., 2018, p. 1184 ss.

4) S. D'ANDREA, Lease back e vendita con patto di riscatto: perché il lease back è sempre nullo, in Rass. dir. civ., 2019, p. 768 ss.

5) S. D'ANDREA, L'interest rate swap, specchio del nostro tempo, è una scommessa che non dà luogo ad azione: incostituzionalità dell'art. 23, comma 5º, tuf per eccesso di delega, in Riv. trim, dir. proc. civ., 2020, pp. 207-238.

6) S. D'ANDREA, Immeritevolezza e illiceità in astratto dei contratti atipici, in Nuov. giur. civ. comm., 2020, pp. 469 ss.

7) S. D'ANDREA, Gli swap degli enti pubblici: un diritto inventato per disapplicare un diritto insensato, in Nuovo diritto civile, 2021, pp. 241-263.

8) G. PERLINGIERI, La scelta della disciplina applicabile ai c.d. "vitalizi impropri". Riflessioni in tema di aleatorietà della rendita vitalizia e di tipicità e atipicità dei contratti, in Rass. dir. civ., 2015, p. 529 ss.

General section:

The Taxation Law in the Italian, European and International legal system.
The taxation rule.
Sources of Taxation Law.
Tax rule effect in the time and in the space.
Interpretation and integration by analogy of Tax Law.
Tax evasion. Abuse of right or tax avoidance. Legal tax saving
Tax Law legal subjects.
The content of the tax obligation. The implementation of tax law. Administrative implementation. The fulfilment of tax obligation. The undue tax. Tax sanctions. Legal and jurisdictional protection in tax matters.

Special section:

The personal and corporate Income Tax code. The Income Tax on individuals; The Income Tax on companies;
Regional Tax on productive activities.
EU Principles and Directives and the Italian provisions of law about the Value-Added Tax, V.A.T..
The general principles. Taxable, non taxable and exempt transactions. The tax territorial localization. The determination of the taxable income and of the tax. The recourse. The deduction. The formal fulfillments.

- Giuseppe TINELLI: ISTITUZIONI DI DIRITTO TRIBUTARIO, Sixth Edition, CEDAM, Padova, 2020;
- Giuseppe TINELLI: ISTITUZIONI DI DIRITTO TRIBUTARIO, Il Sistema dei Tributi, Second edition CEDAM, Padova 2018;
- Gianfranco CHINELLATO: CODIFICAZIONE TRIBUTARIA E ABUSO DEL DIRITTO, Contributo allo Studio degli Strumenti di Contrasto all’Elusione Fiscale, CEDAM, Padova, 2007, (Chapter One: Il “Particolarismo” del Diritto Tributario, Chapter Four: Elusione, Evasione e Lecito Risparmio d’Imposta, Chapter Five: Tentativi di Inquadramento Giuridico della Figura Elusiva: Riconduzione a Istituti Civilistici, Chapter Six: Elusione e Interpretazione, Chapter Seven: La Normativa Antielusiva e Chapter Eight: Le Tecniche Generali Antielusione in Alcuni Ordinamenti Europei di Civil Law, Paragraph no. 8.1: Introduction and Paragraph no. 8.2: La figura dell’abuso del diritto nella teoria generale del diritto);

Alternative option:

- Tax law manual - General section, di Falsitta Gaspare, Anno 2017, Eleventh edition, Cedam 2020;
- Tax law manual - Special section, di Falsitta Gaspare, Twelfth edition, Cedam 2018.

The lectures will address the following topics:
1. Needs, goods and value.
2. Business activities and organization.
3. Classification of business activities.
4. The subjects within the firm.
5. Strategies.
6. The notion of corporate assets, liabilities and book value.
7. The accrual-basis and the cash basis of accounting.
8. The different measures of the capital in non-financial entities under the hypotheses of going concern and liquidation.
9. The relationships between the different measures of capital in non-financial entities.
10. The costs and the break-even analysis.
11. The financial aspects of the business management.
12. The analysis of the profitability and of the liquidity of the firm using the ratios.
13. The bookkeeping of the fundamental firms’ operations with the double-entry system.

Teaching material available on the course web site

- Linear algebra of matrices
- Functions of a real variable
- Differential calculus for functions of one variable

Magni, C.A. (2022) Videolibro di matematica generale e finanziaria. Available at https://morespace.economia.unimore.it/carloalbertomagni/didattica-digitale/

1) General and introductory concepts. In particular: sorting; legal rule; sources; interpretation; repeal; analogy; criteria for solving regulatory conflicts; positive law; natural law; the law in space; sanction; regulatory imperative; device standards; between public and private law.
2) The subjects
3) The subjective legal situations
4) The rights of the personality
5) Property and other real rights
6) Possession and detention
7) Obligations in general
8) Contracts in general
9) The other sources of the bonds
10) The protection of rights

For the study of the topics we recommend the following texts:
1) Mario Nuzzo, "Introduzione alle scienze Giuridiche. Norme-Soggetti-Attività, Giappichelli, 2009;
2) Francesco Macioce, L'Obbiligazione ed il contratto, Giappichelli, 2013;
3) Nicola Corbo, La Tutela dei Diritti, Giappichelli, 2020.

During the course and for the preparation of the exam it is essential to consult, continuously and systematically, an updated "Civil Code" accompanied by the main special laws.

Kindly see the Italian version.

“Nuovi lineamenti di Economia Politica,"
Corsi M. e Roncaglia A.
Laterza editors. Last edition (in Italian)


For take-home and quantitative exercises David Findlay "Esercizi di Macroeconomia" il Mulino editore (Italian or English editions).

SUMMARY OF THE TOPICS
1- Evolution of quality, application of the concept of quality and control in the production system, quality assurance, quality and management approach, corporate orientation to quality.
2- The principles of quality: customer focus; leadership; engagement of people; process approach; improvement; evidence-based decision making; relationship management.
3- The ISO 9000 standard: evolution of the certification, the reference standards, the ISO 9001 standard, models, processes and quality management, economic aspects of quality.
4- Principles of environmental management and reference standards: towards an integrated management system.
5- Case studies: during the course can be organized seminars, guided tours, participation in conferences, study days or practical exercises.

Materials provided by the teacher which will be made available on the teaching moodle page

The company: introductory aspects
Business decisions: information, representations, drivers and criteria
The boundaries of the company
The internal context
The external context
Measurement of results, investment decisions and financial hedging
The value co-creation and open innovation
Business management techniques and tools

Sergio Barile, Corrado Gatti, Antonio Renzi, Gianluca Vagnani (2016). L'impresa. Fondamenti, profili economico-finanziari e sostenibilità, 3/ED. McGraw-Hill.
Aquilani B. (2016). La co-creazione di valore nei processi di innovazione aperta: verso un modello di analisi. Cedam.
Teaching material available on Moodle.

Ideally, the course is divided into five parts.
1) Bookkeeping 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.
2) Business economic part:
• It covers the fundamental principles expressed by the doctrine for the preparation and the presentation of annual report;
• It focuses, essentially, on the relationships between the objective of the financial reporting process and the accounting policies; on the calculation of the value in use and fair value less cost to sell and on various measures of capital.
3) 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.
4) 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.
5) Fiscal part
• It concerns, essentially:
• a) the method of calculation of taxable income and related taxes;
• b) the issue of deferred taxes and advance.

Teaching material available on the course web site

The concept of economic activity. The instruments at disposal: the firms. Various typologies and concerning rules. The balances. The uncorrect competion and the antitrust authority. The financial market. The extraordinary operations.

Any universitary textbook of your choice.
Recommended:
M. CIAN, Manuale di diritto commerciale, Giappichelli, latest edition
G. FERRI, Manuale di diritto commerciale, edited by C. ANGELICI - G.B. FERRI, Utet, latest edition.

- Financial transactions
- Capital, principal, interest, discount
- Upright factor and discount factor
- Financial laws and regimes of simple interest, compound interest and advance interest
- Effective interest rate, effective discount rate
- Equivalence between financial laws within the same regime
- Annual nominal rate
- Financial annuities
- Severability of financial laws
- Two-variable financial laws
- Amortization schedules
- Valuation of a project: net present value and internal rate of return
- Duration
- Term structure of interest rates
- Pricing of bonds
- Yield to maturity

- Magni, C.A. (2022) Videolibro di matematica generale e finanziaria. Available at the link https://morespace.economia.unimore.it/carloalbertomagni/didattica-digitale/
- Magni, C.A. (2022) Le attività finanziarie – Duration. Available at the link https://morespace.economia.unimore.it/carloalbertomagni/didattica-digitale/
- Magni, C.A. (2022) Struttura a termine dei tassi di interesse, pricing di obbligazioni, tasso effettivo. Available at the link https://morespace.economia.unimore.it/carloalbertomagni/didattica-digitale/
- Luciano, E., Peccati, L. (1997) Matematica per la gestione finanziaria. Editori Riuniti.

Part I - Components and Programs
From the origins of automata to the birth of information technology
The binary and hexadecimal code
Software and Hardware
Computer architecture and peripherals
Primary memories and mass memories
Notes on algorithms and programming languages
Operating systems (MS-DOS, Windows, Mac, Unix, GNU, Linux, iOS and Android)
Application programs and main suites (office package, libre office)
Word, Excel, Powerpoint, PDF readers, applications for Zip files, static graphics applications
Proprietary software, free software, open source, freeware, shareware and abandonware
Pixels, resolution and computer graphics
Part II - Internet and networks
From Arpanet to the internet
Networks and network services
The synchronization, the deadlock, the packet switching
The tripartite division of the web (surface web, deep web, dark web)
Cryptocurrencies and the blockchain
The Browser War
Access providers, internet service providers and content providers
Viruses and malware (trojans, rootkits, worms, spyware, ransomware, confickers, bootnets, adware)
Part III - The new means of communication
The means of electronic communication
The digital revolution and ethical / social and economic transformations
History and evolution of social networks and social media (forums, blogs and social networks and social media)
Databases, big data and profiling
E-mail, certified e-mail, electronic registered mail
Simple, advanced, qualified electronic signatures and digital signatures
Part IV - Economic and legal aspects
Hints on proper and improper digital contracts
E-commerce and distance contracts
IT security tools and procedures
Introduction to robotics and artificial intelligence (AI)
Open questions: the responsibility of drones and droids
Overview of the main cybercrimes and the Budapest Convention
Copyright, copyleft and creative commons licensing references.

CONTALDO A. PELUSO F., E-detective. Forensic information technology and methodology
information technology law, PM Editions, 2018
Lecture notes by the teacher.

Chap. 1 Introduction to microeconomics
Chap. 2 Demand and supply
Chap. 3 Preferences of consumer and utility
Chap. 4 Consumer choice
Chap. 5 The theory of demand
Chap. 6 The theory of production
Chap. 7 Costs minimization
Chap. 8 Cost curves
Chap. 9 Perfect competition
Chap. 10 Perfect competition: applications
Chap. 11 Monopoly
Chap. 13 Game theory
Chap. 14 Oligopoly
Chap. 15 Risk and information
Chap. 16 General equilibrium theory
Chap. 17 Externalities and public goods

Besanko D.A., Braeutigam R.R. (2016) Microeconomia. Mc Graw Hill.

PART ONE - The shipping sector - The shipping sectors: tramp and line - The containerized maritime transport sector: characters, growth strategies, forms of cooperation and trends.

PART TWO - The port facilities of containerized maritime traffic - The effects of the reform - The internationalization of the terminal business - The vertical integration of carriers in the port sector - The strategic choices of international terminal operators - Shipping companies and terminal operators in ports: critical issues and trends .

MidoroR., ParolaF., The strategies of companies in line shipping and ports, Franco Angeli, Milan 2013, second edition (all).

-Diritto doganale dell'Unione Europea, Sara Armella, Egea, 2017
- Porti, retroporti e zone economiche speciali, Giappichelli, 2018
- Directtive, Regolamenti UE e sentenze Corte di Giustizia
- internal cases

The in-depth process of the subject of this course is set up in successive stages, with the aim of making the student fully understand. The student must, step by step, learn the main knowledge and consolidate his previous educational background. The program consists of 4 phases and a final summary lesson/seminar.
a) Illustration of the updated dynamics of the main international flows of different types of goods, with updated data for the year 2021. Definition of the main institutes of international trade and international trade law, which includes a necessary short historical excursus on the evolution of trade - 13 hours of lessons;
b) Sources, Subjects and national and international Institutions of transnational trade. Analysis of the economic impact of trade on the world scenario: the role played by China, EU, USA and other important trading partners of Italy. Evolution of the "phenomenon" of the Globalization of trade and services, with a focus on the different types of goods - 12 hours of lessons
c) Structure, functions and purposes of the World Trade Organization also in connection with the diffusion of the new lex mercatoria . The role of customs administrations in protecting and promoting fair trade. Exercises on the application of the new lex mercatoria -11 hours of lessons.
d) Product classification, with a focus on particular product categories; the international Taric classification. The safety of the products connected to the risk analysis calibrated on the characteristics of the different products, in particular leather and pharmaceutical products. Conclusions. 12 hours of lessons

Reference is made to the texts published in the Italian edition indicated above
The following text "Global Value Chain Development Report 2021 "Beyond Production" Nov. 2021 - World Trade Organization ed." (recommended for further study) can be purchased online on the World Trade Organization website

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.

Materials provided by the lecturer during the course

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

Introduzione all'econometria, Stock Watson (Pearson)

1. The International Economy and Globalization
2. Foundations of Modern Trade Theory: Comparative Advantage
3. Sources of Comparative Advantage
4. Tariffs
5. Nontariff Trade Barriers
6. Trade Regulations and Industrial Policies
7. Trade Policies for the Developing Nations
8. Regional Trading Arrangements
9. International Factor Movements and Multinational Enterprises
10. The Balance of Payments
11. Foreign Exchange
12. Exchange-Rate Determination
13. Exchange-Rate Adjustments and the Balance of Payments
14. Exchange-Rate systems and Currency Crises
15. Macroeconomic Policy in an Open Economy

Slides are based on the following textbook:
Robert J. Carbaugh, International Economics, 18th edition. 2023 Cengage
Other suggested textbooks are the following:

1) Appleyard, D., Field, A. and Cobb, S. (2017). International Economics, 7th ed. McGraw-Hill Companies, Inc. New York.
2) Kenneth A. Reinert (2021) "An Introduction to International Economics: New Perspectives on the World Economy", Cambridge University Press.
3) Krugman, P., Obstfeld, M. and Melitz, M. (2015). International Economics:Theory and Policy. 10th ed., Pearson Education South Asia Pte.Ltd.
4) Salvatore, Dominick (2016). International Economics, 12th ed, John Wiley & Sons, Inc.


Books are only suggested. Their purchase is not mandatory even though the purchase is recommended in particular to follow more strictly slides and latest developments.

The lectures will address the following topics:
1. Needs, goods and value.
2. Business activities and organization.
3. Classification of business activities.
4. The subjects within the firm.
5. Strategies.
6. The notion of corporate assets, liabilities and book value.
7. The accrual-basis and the cash basis of accounting.
8. The different measures of the capital in non-financial entities under the hypotheses of going concern and liquidation.
9. The relationships between the different measures of capital in non-financial entities.
10. The costs and the break-even analysis.
11. The financial aspects of the business management.
12. The analysis of the profitability and of the liquidity of the firm using the ratios.
13. The bookkeeping of the fundamental firms’ operations with the double-entry system.

Teaching material available on the course web site

- Linear algebra of matrices
- Functions of a real variable
- Differential calculus for functions of one variable

Magni, C.A. (2022) Videolibro di matematica generale e finanziaria. Available at https://morespace.economia.unimore.it/carloalbertomagni/didattica-digitale/

1) General and introductory concepts. In particular: sorting; legal rule; sources; interpretation; repeal; analogy; criteria for solving regulatory conflicts; positive law; natural law; the law in space; sanction; regulatory imperative; device standards; between public and private law.
2) The subjects
3) The subjective legal situations
4) The rights of the personality
5) Property and other real rights
6) Possession and detention
7) Obligations in general
8) Contracts in general
9) The other sources of the bonds
10) The protection of rights

For the study of the topics we recommend the following texts:
1) Mario Nuzzo, "Introduzione alle scienze Giuridiche. Norme-Soggetti-Attività, Giappichelli, 2009;
2) Francesco Macioce, L'Obbiligazione ed il contratto, Giappichelli, 2013;
3) Nicola Corbo, La Tutela dei Diritti, Giappichelli, 2020.

During the course and for the preparation of the exam it is essential to consult, continuously and systematically, an updated "Civil Code" accompanied by the main special laws.

SUMMARY OF THE TOPICS
1- Evolution of quality, application of the concept of quality and control in the production system, quality assurance, quality and management approach, corporate orientation to quality.
2- The principles of quality: customer focus; leadership; engagement of people; process approach; improvement; evidence-based decision making; relationship management.
3- The ISO 9000 standard: evolution of the certification, the reference standards, the ISO 9001 standard, models, processes and quality management, economic aspects of quality.
4- Principles of environmental management and reference standards: towards an integrated management system.
5- Case studies: during the course can be organized seminars, guided tours, participation in conferences, study days or practical exercises.

Materials provided by the teacher which will be made available on the teaching moodle page

Kindly see the Italian version.

“Nuovi lineamenti di Economia Politica,"
Corsi M. e Roncaglia A.
Laterza editors. Last edition (in Italian)


For take-home and quantitative exercises David Findlay "Esercizi di Macroeconomia" il Mulino editore (Italian or English editions).

The company: introductory aspects
Business decisions: information, representations, drivers and criteria
The boundaries of the company
The internal context
The external context
Measurement of results, investment decisions and financial hedging
The value co-creation and open innovation
Business management techniques and tools

Sergio Barile, Corrado Gatti, Antonio Renzi, Gianluca Vagnani (2016). L'impresa. Fondamenti, profili economico-finanziari e sostenibilità, 3/ED. McGraw-Hill.
Aquilani B. (2016). La co-creazione di valore nei processi di innovazione aperta: verso un modello di analisi. Cedam.
Teaching material available on Moodle.

Ideally, the course is divided into five parts.
1) Bookkeeping 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.
2) Business economic part:
• It covers the fundamental principles expressed by the doctrine for the preparation and the presentation of annual report;
• It focuses, essentially, on the relationships between the objective of the financial reporting process and the accounting policies; on the calculation of the value in use and fair value less cost to sell and on various measures of capital.
3) 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.
4) 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.
5) Fiscal part
• It concerns, essentially:
• a) the method of calculation of taxable income and related taxes;
• b) the issue of deferred taxes and advance.

Teaching material available on the course web site

The concept of economic activity. The instruments at disposal: the firms. Various typologies and concerning rules. The balances. The uncorrect competion and the antitrust authority. The financial market. The extraordinary operations.

Any universitary textbook of your choice.
Recommended:
M. CIAN, Manuale di diritto commerciale, Giappichelli, latest edition
G. FERRI, Manuale di diritto commerciale, edited by C. ANGELICI - G.B. FERRI, Utet, latest edition.

- Financial transactions
- Capital, principal, interest, discount
- Upright factor and discount factor
- Financial laws and regimes of simple interest, compound interest and advance interest
- Effective interest rate, effective discount rate
- Equivalence between financial laws within the same regime
- Annual nominal rate
- Financial annuities
- Severability of financial laws
- Two-variable financial laws
- Amortization schedules
- Valuation of a project: net present value and internal rate of return
- Duration
- Term structure of interest rates
- Pricing of bonds
- Yield to maturity

- Magni, C.A. (2022) Videolibro di matematica generale e finanziaria. Available at the link https://morespace.economia.unimore.it/carloalbertomagni/didattica-digitale/
- Magni, C.A. (2022) Le attività finanziarie – Duration. Available at the link https://morespace.economia.unimore.it/carloalbertomagni/didattica-digitale/
- Magni, C.A. (2022) Struttura a termine dei tassi di interesse, pricing di obbligazioni, tasso effettivo. Available at the link https://morespace.economia.unimore.it/carloalbertomagni/didattica-digitale/
- Luciano, E., Peccati, L. (1997) Matematica per la gestione finanziaria. Editori Riuniti.

Part I - Components and Programs
From the origins of automata to the birth of information technology
The binary and hexadecimal code
Software and Hardware
Computer architecture and peripherals
Primary memories and mass memories
Notes on algorithms and programming languages
Operating systems (MS-DOS, Windows, Mac, Unix, GNU, Linux, iOS and Android)
Application programs and main suites (office package, libre office)
Word, Excel, Powerpoint, PDF readers, applications for Zip files, static graphics applications
Proprietary software, free software, open source, freeware, shareware and abandonware
Pixels, resolution and computer graphics
Part II - Internet and networks
From Arpanet to the internet
Networks and network services
The synchronization, the deadlock, the packet switching
The tripartite division of the web (surface web, deep web, dark web)
Cryptocurrencies and the blockchain
The Browser War
Access providers, internet service providers and content providers
Viruses and malware (trojans, rootkits, worms, spyware, ransomware, confickers, bootnets, adware)
Part III - The new means of communication
The means of electronic communication
The digital revolution and ethical / social and economic transformations
History and evolution of social networks and social media (forums, blogs and social networks and social media)
Databases, big data and profiling
E-mail, certified e-mail, electronic registered mail
Simple, advanced, qualified electronic signatures and digital signatures
Part IV - Economic and legal aspects
Hints on proper and improper digital contracts
E-commerce and distance contracts
IT security tools and procedures
Introduction to robotics and artificial intelligence (AI)
Open questions: the responsibility of drones and droids
Overview of the main cybercrimes and the Budapest Convention
Copyright, copyleft and creative commons licensing references.

CONTALDO A. PELUSO F., E-detective. Forensic information technology and methodology
information technology law, PM Editions, 2018
Lecture notes by the teacher.

Chap. 1 Introduction to microeconomics
Chap. 2 Demand and supply
Chap. 3 Preferences of consumer and utility
Chap. 4 Consumer choice
Chap. 5 The theory of demand
Chap. 6 The theory of production
Chap. 7 Costs minimization
Chap. 8 Cost curves
Chap. 9 Perfect competition
Chap. 10 Perfect competition: applications
Chap. 11 Monopoly
Chap. 13 Game theory
Chap. 14 Oligopoly
Chap. 15 Risk and information
Chap. 16 General equilibrium theory
Chap. 17 Externalities and public goods

Besanko D.A., Braeutigam R.R. (2016) Microeconomia. Mc Graw Hill.

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:

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

PART 2:

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

PART 3:

R. Cimini (2019), Il sistema di bilancio degli enti creditizi e finanziari, CEDAM.
(Escluso il capitolo 10).

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.

Materials provided by the lecturer during the course

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

Introduzione all'econometria, Stock Watson (Pearson)

Balance sheet and income statement reclassification
Ration analysis
Cash flow analysis
Transfer pricing
The stable organization
The externalization
Taxes (IRPEF- IRES)
Accounting regimes
Types of assessment
Administrative control acts
Tax aspects
Tax court and procedures
Statute of the taxpayer

1a) C. Teodori, Analisi di bilancio. Lettura ed interpretazione, Giappichelli, Torino, 2017
or
1b) M. Fazzini, Analisi di bilancio, Ipsoa, 2017

2) Teaching materials available on the course web site

• Principles of economic policy.
• Economic policy in an imperfect world.
• Fiscal policies.
• Monetary policies.
• Policies for growth.
• Policies against unemployment.

Politica Economica-Teoria e pratica
AGNÉS BÉNASSY-QUÉRÉ, BENOIT COEURÉ, PIERRE JACQUET, JEAN PISANI-
FERRY
Il Mulino edizioni

The lectures will address the following topics:
GENERAL SECTION
- Needs, goods, and value.
- Meaning, evolution, and interpretation of the concept of business.
- The conditions of the existence, the characters of the firm, and its classification.
- The function of the firm, its aims, and the concept of business management.
- The subjects within the firm.
- Strategies
- Business activities and organization
- The notion of corporate assets, liabilities, and equity.
- Qualitative and quantitative 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 financial aspects of the business management.
- The analysis of the profitability and of liquidity of the firm using the ratios.
OPERATIONAL SECTION
- The bookkeeping of the fundamental firms’ operations with the double-entry system.
- The costs and the break-even analysis.

GENERAL SECTION

1) G. Catturi, Principi di economia aziendale. L'azienda universale. L'idea forza, la morfologia e la fisiologia, Cedam, Padova, 7^ edizione 2021 (Section A: lessons 1, 2, 8; Section B: lessons 9, 10, 12, 15, 16 e 20; Section C: lessons 22, 23, 24, 28 e 31).

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

3) Teaching materials available on the Moodle course website

OPERATIONAL SECTION
Slides and the lecture notes about:
1) the bookkeeping with the double-entry system;
2) cost accounting

1) Numerical sets and real line
2) Sequences and numerical series
3) Functions and function limit (one variable)
4) Continuity and differentiability of a function (a variable)
5) Integral calculus
6) Linear algebra: vectors, matrices and linear systems

- Vassilis C. Mavron, Timothy N. Phillips, "Elements of Mathematics for Economics and Finance", Springer

The exam program covers the entire subject debated in the manuals of private law (including topics not addressed in class and in study groups), except for the parts concerning:
- the family law;
- the successions;
- the enterprise and the companies;
- the bank and stock exchange contracts;
- the credit instruments;
- the failure and insolvency procedures;
- the subordinate employment relationship;
- the trade union law.
N.B. It should be noted that since some years, the "typical and atypical contracts" have been (again) including into the program, while once they had been excluded because the contract law course was dedicated to the study of all typical and atypical contracts. Already in the past academic year, during the exam, each student was asked at least one question about a typical or atypical contract

The student may choose to prepare the exam on one of the two texts below:
1) E. DEL PRATO, “Le basi del diritto civile”, 4. Ed., Torino, 2020.
2) A. TORRENTE, P. SCHLESINGER, "Manuale di diritto privato", a cura di F. Anelli, C. Granelli, XXV ed., Milano, 2021.
The preparation of the exam must be complemented by the indispensable consultation - which must be continuous and systematic: during the lessons, in the rereading of the notes and in the months before the exam - of a "Civil Code" (not commented with doctrine and jurisprudence) updated and accompanied by the main special laws.
We recommend the "Civil Code and related laws" edited by G. De Nova, Bologna, 2021.

Economy and economic systems. The division of labor. The marginalist theory of the consumer and the firm. Production and Employment: Keynesian Theory. Money and finance. Money and employment. IS-LM Model. Labor, unemployment and inflation. AD-AS Model. International economic relations. Mundell-Fleming Model.
The detailed program and any supplementary teaching material will be available during the course.

The textbook is Corsi M. and Roncaglia A. "Nuovi lineamenti di economia politica",Laterza, the last edition.

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 4 hours)
Forms of State and Forms of Government: State, State Forms, Political Representation, Forms of Government, Italian Constitutional History (about 4 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 4 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 7 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).

A. Sterpa, N. Viceconte, Norma e ordinamento costituzionale, Editoriale Scientifica, 2022, fourth edition (updated).

Different texts can be used according to the Professor

Lecture:

G. Amato, Bentornato Stato, ma, Il Mulino, 2022.

Introduction to data analysis: Describing Categorical and Numerical Data
Graphical representation of data
Central tendency and variability
Index number
Association between Categorical Variables
Association between Quantitative Variables
Probability
Random Variables
Samples and Surveys
Point estimation
Confidence Intervals
Statistical Tests
Linear regression model

Pearson New International Edition. Statistics for Business. Decision Making and Analysis. Robert Stine Dean Foster. Second Edition

Additional materials will be provided by the lecturer during the lessons.

The course includes language sessions to improve the four basic skills - listening, reading, speaking and writing - and to bring students up to a B1 level. As regards listening, this means listening to original texts relating to a variety of everyday situations and featuring a number of regional accents. Reading involves the study of texts that are both generic and more specialist and related to the students' area of study, with the focus on learning the techniques needed to correctly read the texts and answer multiple choice questions. Writing exercises include a review of the basic grammar knowledge required for B1 level and writing a variety of types of texts - emails, notices, business letters, reports, reviews, opinion essays. The course focuses less on speaking skills given the number of participants, but, in any case, there is always a chance to interact with the teacher and other students in English during all lessons.

Material provided by teacher
Reference Grammar: English Grammar In Use, 5th edition - Raymond Murphy - Cambridge University Press

The time value of money.
Discounting.
The Internal Rate of Return (IRR).
The bond market.
Valuing bonds.
The term structure of interest rates.
Forward rates.
Interest rate risk.
Perpetuities and Annuities.
Amortizing loans.
The stock market.
Valuing stocks.
Valuing projects.
The Net Present Value (NPV) decision rule.
Capital structure in a perfect market.
The Modigliani-Miller theorem.
The agency costs of leverage.


The course topics are covered in the following textbooks:

J. Berk - P. De Marzo, Finanza Aziendale vol.1, Pearson. Chapters: 3 - 4 - 5 - 6 - 7 (paragraphs: 7.1; 7.2) - 9 (paragraphs: 9.1; 9.2) - 14 (paragraphs: 14.1; 14.2) - 15 (paragraphs: 16.1; 16.5).

C. Mari, Appunti di Matematica Finanziaria (downloadable from the e-learning platform of the University).

Berk, J. - De Marzo, P., Finanza Aziendale vol.1, Pearson.

Mari, C., Appunti di Matematica Finanziaria (downloadable from the platform MOODLE of the University).

Grinblatt, M. - Titman, S., Financial Markets and Corporate Strategy, Second Edition, McGraw-Hill

Chap. 1 Introduction to microeconomics
Chap. 2 Demand and supply
Chap. 3 Preferences of consumer and utility
Chap. 4 Consumer choice
Chap. 5 The theory of demand
Chap. 6 The theory of production
Chap. 7 Costs minimization
Chap. 8 Cost curves
Chap. 9 Perfect competition
Chap. 10 Perfect competition: applications
Chap. 11 Monopoly
Chap. 13 Game theory
Chap. 14 Oligopoly
Chap. 15 Risk and information
Chap. 16 General equilibrium theory
Chap. 17 Externalities and public goods

Besanko D.A., Braeutigam R.R. (2016) Microeconomia. Mc Graw Hill.

An historical perspective. The concept of economic activity. The instruments at disposal: the firms. Various typologies and concerning rules. The balances. The uncorrect competion and the antitrust authority. The financial market. The extraordinary operations.

any university textbook of your choice.

La gestione delegata nelle società di capitali. M. DESARIO, Cacucci editore, 2007