MAJORS BIEMF

For 2nd year, 2012/13 academic year students

November, 27th 2012 10.30 am Room Maggiore

ADMINISTRATIVE PROCEDURE

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

BIEMF - Study Plan Common base First 3 semesters

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 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

Major in Economics

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

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

BIEMF - Study Plan

Common base First 3 semesters

4th semester

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

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

Major in Economics

Major in Management

Major in Finance

5th semester - Applications for Economics, Management and Finance

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)

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 Economics

Tommy E. Murphy

Economics Major

SOME ECONOMISTS YOU MIGHT KNOW

ECONOMICS MAJOR

B. Bernanke
Chairman of the Fed

SOME ECONOMISTS YOU MIGHT KNOW

ECONOMICS MAJOR

P. Krugman
Academic, blogger and Nobel Prize winner

B. Bernanke
Chairman of the Fed

SOME ECONOMISTS YOU MIGHT KNOW

ECONOMICS MAJOR

P. Krugman
Academic, blogger and Nobel Prize winner

B. Bernanke
Chairman of the Fed

M. Monti
(This you know!)

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SOME ECONOMISTS YOU MIGHT KNOW

ECONOMICS MAJOR

A. Banerjee & E. Duflo (MIT)

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SOME ECONOMISTS YOU MIGHT KNOW

ECONOMICS MAJOR

A. Banerjee & E. Duflo (MIT)

J. Sachs (Columbia)

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SOME ECONOMISTS YOU MIGHT KNOW

ECONOMICS MAJOR

Jeffrey with Angelina

A. Banerjee & E. Duflo (MIT)

Jeffrey with Bono

J. Sachs (Columbia)

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FAMOUS PEOPLE WITH MAJORS IN ECONOMICS

ECONOMICS MAJOR

K. Annan (Macalester College)

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FAMOUS PEOPLE WITH MAJORS IN ECONOMICS

ECONOMICS MAJOR

K. Annan (Macalester College)

D. Trump (Univ. Penn)

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FAMOUS PEOPLE WITH MAJORS IN ECONOMICS

ECONOMICS MAJOR

K. Annan (Macalester College)

D. Trump (Univ. Penn)

M. Jagger (LSE)

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FAMOUS PEOPLE WITH MAJORS IN ECONOMICS

ECONOMICS MAJOR

K. Annan (Macalester College)

D. Trump (Univ. Penn)

M. Jagger (LSE)

T. Woods (Stanford)(dropped!)

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WHY DO PEOPLE HIRE GRADUATES WITH A DEGREE IN ECONOMICS?

The questions economists address

ECONOMICS MAJOR

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WHY DO PEOPLE HIRE GRADUATES WITH A DEGREE IN ECONOMICS?

The questions economists address

ECONOMICS MAJOR

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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WHY DO PEOPLE HIRE GRADUATES WITH A DEGREE IN ECONOMICS?

The questions economists address

ECONOMICS MAJOR

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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THE ECONOMICS OF IMPERFECT LABOUR MARKETS

ECONOMICS MAJOR

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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T. Boeri
(PhD, NYU)

POLITICAL ECONOMICS

ECONOMICS MAJOR

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)
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PUBLIC FINANCE

ECONOMICS MAJOR

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)
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INDUSTRIAL ECONOMICS
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.

ECONOMICS MAJOR

M. Bonacina
(PhD Pavia)

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)
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DEVELOPMENT ECONOMICS

ECONOMICS MAJOR

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)

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MONETARY THEORY AND POLICY

ECONOMICS MAJOR

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.

A. Trigari
(PhD NYU)

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

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Major in management

Mario Daniele Amore

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Why major in management

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

Efficient allocation of decisional Leadership, vision, creativity power and resources within the and innovation AS firm

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

Functions specialists in banks and financial institutions

Become your own boss

Management buyout, entrepreneurship, family business

Managerial accounting
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

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
Selected main topics
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

Selected main topics

Public and private management: Whats 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

Technology and innovation management

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

Marketing
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 Selected main topics
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

Teaching method

Engaging
(presentations, active participation)

Applied
(e.g. case studies, simulations)

Interactive
(group works etc.)

Major in Finance

Hannes Wagner

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The Major in Finance

Major in Finance

What is Finance? This?

Major in Finance

or this?

Major in Finance

A roadmap of finance

FINANCE

Corporate Finance

Asset Pricing

Financial Intermediation

International Finance

Major in Finance

FINANC E

C orporate Finance

Asset Pricing

Corporate Finance Corporate Valuation

Financial Intermediation

International Finance

Financial Economics Introduction to Options and Futures

Management of Financial Institutions

Principles of International Finance

Major in Finance

What lies ahead?

Financial Economics Corporate Finance Management of Financial Institutions Corporate Valuation

Andrea Beltratti Hannes Wagner Brunella Bruno Laura Zanetti

PhD Yale PhD Munich PhD Bocconi

PhD Bocconi

Introduction to Options and Futures

Principles of International Finance

Kim Peijnenbur g
Linus Siming

PhD Tilburg

PhD Stockholm

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

Should you choose the Major in Finance?

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