Economia del mercato mobiliare - ENG

SECURITIES MARKETS

Prof. Mario Valletta
Prof. Gian Marco Chiesi

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

Educational aims

The course is aimed at providing an in-depth insight about the structure and functioning of securities markets (debt, equity and derivatives markets) as well as about the major features of both technicalities and issuing procedures of the financial instruments traded. Furthermore, the role and the production process of financial intermediaries operating in the securities markets will be investigated.


Content of the course

-    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). 


Prerequisites

Sitting for the test of this course is allowed to students that passed the following test courses: Business Economics, Accountancy (I), Financial Markets and Institutions.

Course Texts

    A. Banfi (a cura di), I mercati e gli strumenti finanziari, ISEDI, , 2013 (settima edizione) excluding:
o    paragraphs 2.3 and 2.4
o    paragraphs 4.4 and 4.5
o    paragraphs 8.3 and 8.4
o    paragraphs 9.4
o    paragraphs 10.6 and 10.7

The instructor will provide articles and working papers in order to deepen specific course topics.

For further information, please make reference to the course official web page at the following link:

https://eco.dir.unipmn.it/


Teaching methods

Face-to-face lessons and exercises and simulations.

Examination

One compulsory written exam with a 60-minute duration. Students who obtain positive results can sustain an oral test, whose result integrates (positively or negatively) the score of the written exam. A mid-course written exam will be provided.