BIEMF Study Plan

MAJORS BIEMF

For 2nd year, 2012/13 academic year students

November, 27th 2012

10.30 am Room Maggiore

Between 8 and 22 January 2013

using the “Punto Blu”,

that can be accessed via yoU@B,

you must choose your Major:

Economics, Management or Finance

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ADMINISTRATIVE PROCEDURE

4th semester Major in Management or Economics 1. European Economic Policy 2. International Economics 3. Introduction to the Legal System Module II 4. Corporate Finance 5. Managerial Skills Seminars

5th semester - Applications for Economics, Management and Finance - 4 courses out of the following: 1-Organization Theory 2-Marketing 3 -Public Management 4 -Technology and Innovation Management 5- Managerial Accounting

5th semester - Applications for Economics, Management and Finance - 4 courses : 1-Management of Financial Institutions 2- Corporate Valuation 3- Introduction to Options and Futures 4-Principles of International Finance (6th semester)

6th semester

- Business Strategy - Comparative Business and European Law -2 electives/1 elective + Internship

6th semester


Common base First 3 semesters

BIEMF - Study Plan

Major in Management Major in Finance

5th semester - Applications for Economics, Management and Finance - 4 courses out of the following: 1-The Economics of Imperfect Labour Markets 2-Political Economics 3-Public Finance 4-Industrial Economics 5-Development Economics 6-Monetary Theory and Policy

6th semester


Major in Economics

4th semester Major in Finance 1. International and Monetary Economics 2. Financial Economics 3. Introduction to the Legal System Module II 4. Corporate Finance 5. Managerial Skills Seminars

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4th semester Major in Management or Economics 1. European Economic Policy 2. International Economics 3. Introduction to the Legal System Module II 4. Corporate Finance 5. Managerial Skills Seminars

Common base First 3 semesters

BIEMF - Study Plan

4th semester Major in Finance 1. International and Monetary Economics 2. Financial Economics 3. Introduction to the Legal System Module II 4. Corporate Finance 5. Managerial Skills Seminars

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5th semester -Applications for Economics, Management and Finance

4 courses : 1-Management of Financial Institutions 2-Corporate Valuation 3-Introduction to Options and Futures 4-Principles of International Finance (6th semester)

5th semester - Applications for Economics, Management and Finance 4 courses out of the following: 1-The Economics of Imperfect Labour Markets 2 -Political Economics 3-Public Finance 4-Industrial Economics 5-Development Economics 6-Monetary Theory and Policy

Major in Finance Major in Economics

5th semester -Applications for Economics, Management and Finance 4 courses out of the following: 1-Organization Theory 2-Marketing 3 -Public Management 4 -Technology and Innovation Management 5- Managerial Accounting

Major in Management

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Major in Economics

Tommy E. Murphy

Economics Major

ECONOMICS MAJOR SOME ECONOMISTS YOU MIGHT KNOW…

B. Bernanke Chairman of the Fed

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P. Krugman Academic, blogger and Nobel Prize winner

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P. Krugman Academic, blogger and Nobel Prize winner

M. Monti (This you know!)

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A. Banerjee & E. Duflo (MIT)

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J. Sachs (Columbia) 12



J. Sachs (Columbia)

Jeffrey with Angelina

Jeffrey with Bono 13

ECONOMICS MAJOR FAMOUS PEOPLE WITH MAJORS IN ECONOMICS…

K. Annan (Macalester College)

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D. Trump (Univ. Penn) K. Annan (Macalester College)

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M. Jagger (LSE) 16



M. Jagger (LSE) T. Woods (Stanford)(dropped!) 17

ECONOMICS MAJOR WHY DO PEOPLE HIRE GRADUATES WITH A DEGREE IN ECONOMICS?

•The questions economists address…

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•Training in economics

– Specific knowledge and analytical skills

Flexible theoretical tools to help understand social behaviour and act upon that

Statistical tools to assess whether those models are an accurate description of reality

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•Training in economics

– Specific knowledge and analytical skills

Flexible theoretical tools to help understand social behaviour and act upon that

Statistical tools to assess whether those models are an accurate description of reality

•The market for economists

– Financial sector (analysts, investment bankers, etc)

– Consultancy & other private firms (competition analysis, etc.)

– Government (policy analysis, etc.)

– Academia, international organisations, NGOs (research, etc.) 20

ECONOMICS MAJOR

COURSES

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ECONOMICS MAJOR THE ECONOMICS OF IMPERFECT LABOUR MARKETS

T. Boeri (PhD, NYU)

The purpose of the course is to provide the basic analytical tools which allow students to understand the role played by different institutions in shaping the labour market. It will look into institutions such as minimum wages, unions, payroll taxes, working hours, family policies, retirement, education, migration, employment protection, unemployment benefits, active policies Each lecture will involve: the description of the institution (measurement); theory (effects on employment and wages); evidence (possibly difference-in-differences); and policy issues

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Many economic decisions belong to the realm of politics. The course will study the following topics both from a theoretical and empirical perspective. The topics that will be addressed include: the selection of politicians (who gets on top in democracy?); the electoral incentives faced by politicians, when they choose policies & implement reforms (how (and when) to reform in order to be re-elected?); labour market and product market regulations (why do different countries have different policies & institutions?); How do political institutions (e.g., electoral rules) and cultural traits affect economic performance?

P. Graziano (PhD Firenze)

T. Nannicini (PhD EUI)

ECONOMICS MAJOR POLITICAL ECONOMICS

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This course gives students an appreciation of the analytical methods in economics for the study of the public sector and the role of the State in principle and in practice.

The topics that will be addressed include: what are the principles underlying the role of the state, the design of social insurance, the welfare state and the tax system? What are the behavioural effects of taxation? What is the cost-benefit of public policies?

The main learning objectives are to critically discuss key issues in public economics and to demonstrate a familiarity with a range of policy issues and relevant analytical tools.

A. Casarico (PhD Oxford)

C. Fiorio (PhD LSE)

ECONOMICS MAJOR PUBLIC FINANCE

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Industrial Organization studies the working of markets and industries and the way firms compete with each other. The aim of the course is to provide the basic analytical tools which allow students to understand, on the one hand, why some industries have inherently low profit potential while others are highly profitable and, on the other hand, how can regulators intervene to mitigate the adverse effects of dominant positions. The topics that will be addressed include product differentiation, cartels and collusion, predatory practices, networks, advertising and research and development.

C. Fumagalli (PhD Pompeu Fabra)

M. Bonacina (PhD Pavia)

ECONOMICS MAJOR INDUSTRIAL ECONOMICS

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The purpose of this course is to introduce students to the study of Development Economics. As such, it integrates economic theory and empirical analysis to answer questions pertinent to economic policy in developing countries The course will study of major issues in developing countries. It focuses on the major current debates regarding the success and failure of policy in development economics Some examples of topics: growth theories; inequality; institutions and history; social capital; poverty and under-nutrition; rural land, credit and labor markets; microfinance; education; corruption; environment

S. Gulesci (PhD LSE)

ECONOMICS MAJOR DEVELOPMENT ECONOMICS

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This course provides the key tools to understand the behavior of central banks and the effects of monetary policy on the economy.

It studies the theory and practice of monetary policy and compare the design of monetary policies institutions and strategies. It will discuss the causes of the recent financial and debt crises, their real effects and the unconventional response of monetary policy.

Main topics of the program include: what is money?; conduct of monetary policy at the Fed and ECB and the creation of money; transmission mechanism of monetary policy: theory and empirical evidence; design of monetary policy; financial and debt crisis and unconventional monetary policy

A. Trigari (PhD NYU)

ECONOMICS MAJOR MONETARY THEORY AND POLICY

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Major in management

Mario Daniele Amore

Why major in management

Source: “Do CEOs matter?”, Bennedsen et al. (2009)

Efficient allocation of decisional

power and resources within the

firm

Leadership, vision, creativity

and innovation AS

Learning objectives

Knowing the company environment You will gain knowledge on the corporate environment and the complex decision-making processes that takes place within a company

Acquiring technical skills You will develop analytical skills that facilitate the problem solving and strategic decision-making activities in companies

Developing interpersonal skills

A team-learning environment and international faculty members will help you to identify strengths and weaknesses when cooperating with people from other cultures. You will develop interpersonal and leadership skills that are sensitive to different cultural environments

Professional opportunities

Large multinational firms You could be placed in different departments and positions, where you will work in multi-cultural teams

Consulting firms The goal of many consulting projects is to help multinational firms to improve their strategic positioning and the organization of subsidiary network. You will be trained to be involved in complex projects

Government agencies Emphasis on public management and economic policy

Function’s specialists in banks and financial institutions

Become your own boss Management buyout, entrepreneurship, family business

This course provides a basic understanding of the accounting information that is needed by management in the control of operations. It also illustrates the techniques for interpreting and analyzing financial and accounting data for management control

Specifically, it presents the methodologies to examine financial information, perform cost-volume-profit analysis, profit planning, budgeting, and control

Selected main topics

• Introduction to management accounting concepts • Cost accounting system • Budgeting, reporting and standard cost system • Decentralization and performance measurement

Managerial accounting

Organization theory

The course provides the fundamental concepts of organization analysis applied to various settings (firms, other institutions, entrepreneurial initiatives). The course covers the key topics in the classic subfields of behavior and structure


• Individual behavior: decision making and motivation • Collective behavior: communication and teaming, negotiation, authority and agency, rules and norms, rewards and incentives • Organizational structures: job design, the internal structure and organizational boundaries of the firm

Public management

Public sector is an economic actor which impacts on the private sector and citizen daily life. This course examines both empirical developments and new theories of public management with an international perspective

The course ultimately trains you how to deal effectively with the public sectors as managers, entrepreneurs, and consultants or suppliers of the public sector


• Public and private management: What’s the difference? • Business-government relationships • International organizations and non-profit organizations • Policy cycles and decision making in public sector • Planning & Control in the public sector • Strategic and human resource management for government

Long-term company survival is grounded on the ability to continuously create new offerings and different ways to compete. This course presents various approaches to the successful management of innovative activities. In particular, the course highlights how managing innovation can contribute to the creation of competitive advantage


• Technology and innovation management: positions, paths, and processes • The operations management in industrial and service companies • Procurement management • Production Planning • Distribution management

Technology and innovation management

Presents the basic principles of marketing and provides tools to manage the exchange between firms and customers. The first part is about the main strategic decisions falling under the marketing domain: choice of target markets, product and service positioning, etc. The second part examines the implementation of marketing strategies, and it is mostly about product, pricing, distribution, and communication decisions

Strong focus on decisions that are specific to multinational firms, such as the role of consumer culture, market rules and regulation, and the decision to enter a foreign market


• Consumer behavior analysis and measurement • International context: culture, market rules and regulation • Entry strategies in foreign markets • Segmentation and positioning • Branding, product and pricing policies

Marketing

Applied

(e.g. case studies,

simulations)

Interactive

(group works etc.)

Engaging

(presentations, active

participation)

Teaching method

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Major in Finance

Hannes Wagner

The Major in Finance

What is Finance? This…?

Major in Finance

…or this?

Major in Finance

International Finance

Financial Intermediation

Asset Pricing Corporate Finance

FINANCE

A roadmap of finance

Major in Finance

Management of Financial

Institutions

Corporate Valuation Introduction to Options and Futures

Principles of International

Finance

Corporate Finance Financial Economics International Finance

Financial Intermediation

Asset PricingCorporate Finance

FINANCE

Major in Finance

Financial

Economics

Andrea

Beltratti

PhD Yale

Corporate Finance Hannes

Wagner

PhD Munich

Management of

Financial

Institutions

Brunella

Bruno

PhD Bocconi

Corporate

Valuation

Laura

Zanetti

PhD Bocconi

Introduction to

Options and

Futures

Kim

Peijnenbur

g

PhD Tilburg

Principles of

International

Finance

Linus

Siming

PhD

Stockholm

What lies ahead?

Major in Finance

Management of Financial Institutions

Course Objectives The course aims at analyzing the main issues of financial institutions management, with a major focus on banking and insurance. Course Content Summary • Liabilities management in banking • Credit policy in banking • Cash management and liquidity planning in banking • Sources of risk and risk measurement in banking • Bank capital and risk management • Bank financial statement analysis and performance measurement • Functions and premium calculation in Insurance • Insurance liabilities • Insurance assets • Capital and risk management in insurance • Insurance financial statement analysis and performance measurement

Major in Finance

Corporate Valuation

Course Objectives The course aims at providing students with conceptual and theoretical framework surrounding valuation issues as well as practical tools to address such topics in real-life situations. The main methodologies of corporate valuation are analyzed and the approaches commonly used by practitioners (financial analysts, investment and merchant banks, consulting firms) are critically discussed. Course Content Summary • Theoretical framework • Business plan and cash flow projections • Assessing risk profiles. Cost of capital: data sources and estimate • Relationships between leverage and discount rates • Discounted cash flow (DCF): assets and equity side valuation. Terminal

value calculation. Adjusted present value (APV) • Comparative valuation: theoretical framework • Stock market multiples. Value maps. Deal multiples • Value and prices in the market for corporate control • Premiums and discounts in company valuation

Major in Finance

Introduction to Options and Futures

Course Objectives The course is an introduction to derivative securities. The aim is to demonstrate how derivatives are used in practice and to provide an introduction to the concepts and models that are commonly used in derivatives pricing and hedging. Course Content Summary Forwards and futures: • Contract specifications • Forward prices and Forward valuation • Hedging with forwards • Hedging and Trading with futures Options: • Option markets and contract specifications • Introduction to option pricing models • Hedging and Trading with options • The management of market risk and option Greeks Swaps: • Contracts specifications • Uses of interest rate, credit default and currency swaps

Major in Finance

Principles of International Finance

Course Objectives The aim of this course is to give a very broad picture of international financial management moving from the needs of the firm in terms of financing and corporate advisory services (demand-side approach) to the analysis of investment banking offerings (supply-side approach). Course Content Summary • Firms demand for external financing • The market for corporate control • The business system of investment banking • Financing services undertaken by investment banks • Corporate finance advisory services • Client related trading and proprietary trading • Asset management, wealth management and research services • Regulation and supervision of the investment banking industry • Investment banking in an international perspective • Recent Wall Street innovations

Major in Finance

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Major in Finance

Should you choose

the Major in Finance?

BIEMF Study Plan

Documents

Transcript of BIEMF Study Plan