Economia del mercato mobiliare - eng

SECURITIES MARKETS

Prof. Mario Valletta

Course Code: E0353
Subject code: SECS – P/11
6 ECTS – 48 hours
Location: Novara


•    Course language
Italian    

•    Course topics
The Course provides an in-depth insight about the institutional and operating features of securities markets (equity, debt and derivatives markets) as well as about their role in modern financial systems. To this end, the course syllabus develops through the analysis of the following: the characteristics of the financial instruments traded in securities markets, the organizational settings of securities exchanges, the processes for the listing in regulated markets and the public offerings, the business models of the various financial institutions involved in securities markets. Due attention is given to the role and the impact of both EU and national regulations.

•    Course textbooks and other teaching material
o    Banfi A., Nadotti L., Tagliavini G., Valletta M., Economia del mercato mobiliare, ISEDI, Milano, 2015 (forthcoming).
o    The instructor will provide articles, working papers and reports in order to deepen specific course topics by the course official web page at the following link: https://eco.dir.unipmn.it . The login to the web page requires a password; please contact the instructor to get it (mario.valletta@uniupo.it).


•    Teaching goals
The Course aims at:
-    deepening the knowledge of the role, the organizational setting and the functioning of securities markets;
-    deepening the knowledge of investment services and the economic functions performed by the financial institutions involved in securities markets as well as of their business models;
-    developing the basic skills needed for investing in securities, managing securities portfolios and evaluating the respective performances.

•    Prerequisites
Students must have passed the exam of following courses: Business Economics, Accountancy (I), Financial Markets and Institutions.

•    Teaching methods
Face-to-face lessons and exercises and simulations, also making reference to the website www.borsaitaliana.it . During the Course some guest speakers will be invited to share with the class their professional experience.

•    Further information
Further information can be found in the Course official web page at the following link: https://eco.dir.unipmn.it

•    Course evaluation
One compulsory written exam (closed books and closed notes) with a 60-minute duration, covering the whole course syllabus. A mid-course written exam will be provided (not compulsory).  

•    Course Syllabus
-    Introduction on the course: objectives, program, assessment.
-    Characteristics of securities markets and related intermediation activities.
-    The organizational and operational structure of Borsa Italiana (Italian Stock Exchange).
-    Stock listing in the Italian Stock Exchange: requirements, convenience and consequences.
-    Telematic trading in the Italian Stock Exchange: trading offers, different stages of the stock exchange activities and pricing.
-    Bond placements and their trading in the regulated markets.
-    Investment services in the MIFID context.
-    Evaluation of bond investments: principles and indicators.
-    Evaluation of stock investments, convertible bonds and warrants: principles and indicators.
-    Capital increase operations.
-    Takeover bids and public offers of sale.
-    Securities portfolios: strategic asset allocation, efficient portfolios and benchmark selection.
-    Mutual funds, SICAV and ETF: characteristics and relative markets.
-    Performance evaluation of managed portfolios.
-    Stock and index derivatives (characteristics, pricing, basic strategies).
-    Bond derivatives (characteristics, pricing, basic strategies).