marketing management

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the key company value drivers, and how to measure them

Recognize the key elements of an international strategy and organizational structure.

Identify the relations between international strategy, structure and measurement of local vs global performance.

Interpret the interactions and trade-offs between international strategy, role of local subsidiary and performance measurement and control systems.

Discuss the key up-to-date topics in multinational controlling: sustainability, compensation policies, role of local subsidiaries.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze a multinational financial reporting.

Design a management control system able to control company value

Identify how to measure sustainability in an international setting

Evaluate local and global performance in diversified multinational corporations.

Discuss the evaluation of managerial performances in presence of inflation, exchange rate risks, transfer prices, uncontrollable factors.

Design multinational planning and control systems according to the different international strategy, structure and subsidiary role.

MISSION
The control process takes on added complexity in an international environment. The existence of multiple currencies in the financial aspects of business and the emergence of sophisticated international transfer pricing policies complicate financial control mechanisms. The geographic and cultural distance that separates operations contributes to an increase in the complexity of controlling multinational operations. Furthermore, the balancing of local responsiveness, needed to meet the country's social, cultural, and economic requirements, and global integration, needed to gain efficiency from both economies of scale and scope, requires to structure flexible control systems. This balance is relevant also for sustainability, which has become a key value driver for any international company. The course aims to analyze how administrative mechanisms can support global management. More specifically, which tools are better suited to manage the different international strategies and organizational structures proactively.
CONTENT SUMMARY
The programme is subdivided in three parts:

Sustainable Company Value Generation and Multinational Reporting Systems.

Company Value Drivers: efficiency, innovation, risk management and sustainability.

Information flows, different national accounting standards and reporting uniformity.

Multinational Group Financial Reporting: problems and practices.

Exchange Risks and international transfer pricing policies: management, legal and fiscal aspects.

Multinational Performance Evaluation: local operating units vs local managers.

Performance Evaluation and Strategic Alignment in international companies.

The role of administrative mechanisms in MNC management.

The role of administrative mechanisms in the management of diversified multinational corporations.

Strategy and structure in an international environment: multinational strategies, global competitive advantages and worldwide organizational structures.

Corporate role and coordination of multinational enterprise: global strategic coordination, multinational integration of operations, local responsiveness.

Planning and Control Systems in Diversified Multinational Corporations.

Planning and control systems and internationalization process: a life-cycle perspective.

Connecting subsidiary role to the set of control mechanisms: toward a contingency approach.

Multinational network and strategic roles of subsidiaries.

Controlling the subsidiary: the different coordination and control mechanisms.

The role of multinational management accounting mechanisms.

Multinational Corporate Planning and Budgeting: the different approaches.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
With the purpose of evaluating knowledge and ability, the student assessment is based on three main components:

Group assignment (group grade, 30% of the final grade) designed for the purpose of verifying the student ability to:

Recognize the key elements of an international strategy and organizational structure.

Identify the relations between international strategy, structure and measurement of local vs global performance.

Interpret the interactions and trade-offs between international strategy, role of local subsidiary and performance measurement and control systems.

Final written exam (individual grade, 60% of the final grade), based on a mix of open questions and cases, which aims to assess the student’s learning level of the theoretical models, the main concepts and the ability to analyze and evaluate local and global performance in diversified multinational corporations and to design multinational planning and control systems according to the different international strategy, structure and subsidiary role.

Optional individual assignment and class participation (individual grade, 10% of the final grade) which aims to assess the ability to apply methodologies and to discuss relevant issues of planning and control in multinational corporations.

NOT ATTENDING STUDENTS
With the purpose of evaluating knowledge and ability, the student assessment is based on one final written exam (individual grade, 100% of the final grade), based on a mix of open questions and cases.

ATTENDING STUDENTS
The course content refers to the Coursepack - diverse teaching materials (slides, articles, cases, etc..) that are made available through the website of the course (Bboard).
NOT ATTENDING STUDENTS
The course content refers to the Coursepack - diverse teaching materials (slides, articles, cases, etc..) that are made available through the website of the course (Bboard). Further non-attending student must choose one of the following optional textbooks:

D. CHOI, C.K. MEEK,
International Accounting
, Pearson, 2011.

V. GOVINDARAJAN, A.K. GUPTA,
The quest for global dominance
, San Francisco, Jossey-Bass, 2001.

One of the questions of the written final examination refers , for non attending students, to the book chosen. The choice is emailed to instructor at least two weeks before the date of the exam.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the complex nature of environmental problems and the multiple ways in which law applies to and engages with environmental problems.

Gain a deeper legal understanding of EU environmental principles and the concept of sustainable development.

Analyze the various regulatory strategies involved in dealing with environmental problems and the role of the key actors involved in implementing such strategies within the EU.

Gain a solid understanding of the EU legal frameworks that apply to key environmental problems, including climate change, protection of the environmental media (e.g., air pollution, nature protection), technological risk regulation and the control of industrial emissions.

Foster team work, critical and analytical analysis and problem solving (especially through case studies and class projects).

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Locate, read, interpret, and critically analyze EU environmental legislation, regulatory instruments, and case law.

Identify situations in which EU environmental law and related enforcement mechanisms are applicable or particularly relevant.

Understand the role of the main institutional and private stakeholders involved in the development, implementation, and enforcement of EU environmental law, as well as the mechanisms through which they may influence regulatory processes.

Understand the legal and regulatory challenges associated with major environmental problems addressed by environmental law and policy.

Apply the core principles and regulatory techniques of EU environmental law to concrete legal and policy issues, including questions relating to environmental liability and climate litigation.

MISSION
The course focuses on the legal and policy frameworks governing environmental issues and the broader sustainability agenda, with particular emphasis on EU law. It examines the principles of European environmental law and the legal techniques for environmental management, addressing key substantive areas such as climate change and air quality regulation, EU nature conservation law, environmental assessments, industrial emissions controls, chemicals regulation, and the enforcement of EU environmental law at Member State level. Particular attention is devoted to the legal instruments, regulatory mechanisms, and enforcement dynamics through which environmental objectives are pursued within the European legal order. Students are introduced to the main legal challenges and institutional issues faced by policy makers, governments, citizens, and legal actors in addressing environmental problems and the complex relationship between environmental protection and sustainable development.
CONTENT SUMMARY

Main characteristics, functions, and sources of environmental law within the EU legal framework.

Core principles of EU environmental law, including sustainable development, the precautionary principle, the prevention principle, the source principle, and the polluter pays principle.

Legal and regulatory techniques for environmental management, with an overview of command-and-control, market-based, and information-based regulatory strategies.

Legal protection of nature and biodiversity under EU law.

Regulation of key environmental sectors, including air pollution, industrial emissions, strategic environmental assessment (SEA), environmental impact assessment (EIA), and technological risk regulation.

Environmental liability and responsibility for environmental damage within the EU legal framework.

Overview of the main European ESG regulations and sustainability-related disclosure obligations.

Climate change litigation and the role of courts in the enforcement and development of environmental and climate law.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS

Attending students sit a written closed-book exam consisting of 3–4 questions connected to a hypothetical scenario requiring familiarity with, and critical application of, the course materials. The exam must be completed within 60 minutes and counts for 100% of the final grade.
Students may take this form of examination

only during the first two exam sessions
. After the first two exam sessions, students sit a final written exam consisting of 3 open questions and 8 multiple-choice questions to be answered in 60 minutes, which counts for 100% of the final grade..

The final exam is designed to assess students’ understanding of the EU legal framework applicable to major environmental issues, including climate change, protection of environmental media, technological risk regulation, nature conservation, environmental liability, and the control of industrial emissions. It also evaluates students’ ability to apply the principles and regulatory techniques of EU environmental law to concrete legal problems.

NOT ATTENDING STUDENTS
Final written exam consisting of 3 open questions and 8 multiple choice questions to be answered in 60 minutes.

This counts as 100% of the mark.

The final exam is designed to assess students’ understanding of the EU legal framework applicable to major environmental issues, including climate change, protection of environmental media, technological risk regulation, nature conservation, environmental liability, and the control of industrial emissions. It also evaluates students’ ability to apply the principles and regulatory techniques of EU environmental law to concrete legal problems.

ATTENDING STUDENTS

F. FRACCHIA,
Environmental Law. Principles, Definitions and Protection Models,
Editoriale Scientifica, Napoli, 2018.

Cases, materials and selected readings provided and analised during the course (available on BBoard).

S. KINGSTON,
et al, European Environmental Law,
Cambridge University Press, 2017 ISBN 978-1-107-640443 (chapters 5-6-7-8-9-11-12-13)

NOT ATTENDING STUDENTS

F. FRACCHIA,
Environmental Law. Principles, Definitions and Protection Models,
Editoriale Scientifica, Napoli, 2018.

S. KINGSTON,
et al, European Environmental Law,
Cambridge University Press, 2017 ISBN 978-1-107-640443 (chapters 5-6-7-8-9-11-12-13)

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

At the end of the course student will be able to

a) find, read, and understand the documents and data concerning both old and new public authorities (such as the states and international bodies, on the one hand, and regional and global bodies which discharge administrative functions and powers),

b) understand the various forms of action used by these public authorities,

c) make sense of global values, as well as of general principles and rules applicable to public authorities beyond the state,

d) consider the various protections (judicial and non-judicial) available for individual and collective interests

e) develop critical thinking about public action and its results.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

At the end of the course student will be able to

a) shed light on the relationships between national, European, and international public authorities,

b) improve their abilities to examine (legal) documents and to explain and discuss their points of view, also within teamwork (e.g. with regard to judicial decisions).

c) Improve critical thinking.

MISSION
This course focuses on the logics, dynamics, and challenges of “global administrative law”. This term refers to a situation in which: (1) relationships between the interests of individuals (as well as social groups and legal entities) and public authorities are influenced or governed by multiple normative systems (from informal social norms to law, including both sector specific rules to the general principles of law), and (2) two or more systems of governance – such as the courts of different legal orders – claim authority over the same domain of activity, with the result that there can be 'parallel proceedings' and, as a result, conflicts.
CONTENT SUMMARY

I. Introduction: Public Law in a Globalized Perspective: a) public law beyond the state: old and new issues; b) Global administrative law: variety of mechanisms, c) citizens and public authorities

II. Interests and Values: a) global policies: health; b) global policies: environmental protection; c) the protection of cultural heritage; d) regulating global finance; e) values: democracy and rule of law, f) values: human dignity and fundamental rights, g) just Western values?

III. When Legal Orders Collide: a) coordination and collision between legal orders, b) the relationship between UN law, that of the EU, and the ECHR, c) foreign investment, d) general principles: proportionality, e) general principles: participation

IV. The limits of global law and policies: the pandemics; environmental crises; human rights crises.

Horizontal topics include: the emergence of collective interests at global level; due process of law in regulatory and adjudicatory procedures; the transnational judicial protection of the individual; the tensions between treaties, state law, and human rights in developing countries

Oral individual exam [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS

I. Response paper

o Attending students are evaluated on the basis of (A) a short (two or three pages) "response paper" on the weekly readings (50%), attendance and participation (20%), and a final oral exam (30%), where there is a discussion of the issues examined during the course

o Guidelines for writing the response paper are uploaded on the Bboard at the beginning of the course. All the response papers will be assessed before the oral exam;

o Objective
:
To verify knowledge of the core institutions of administrative law, as well as the ability to correctly approach the analysis of issues related to the organization and action of public authorities

o Structured discussion: there is additional guidance for the mock trial(s) and the simulated public debates.

o Validity
:
both A) and B), as illustrated above, remain valid for all exam sessions immediately following the course.

II. Oral Exam (During official exam dates)

o The exam takes place during the exam sessions, and consists of both open knowledge questions and 'cases questions', similar to those discussed during the course.

o Objective
:
To assess the ability to present and argue course topics, link different legal institutions, critically use legal sources and materials, and employ appropriate specialized terminology.

Evaluation Criteria
:
Assessment will rigorously focus on the conceptual mastery of individual legal institutions, the ability to make systematic connections between different parts of the syllabus, the proper use of legal terminology, and the capacity for critical analysis of statutory and case law sources.

Grading
:
The final grade will take into account both participation and the response paper, as illustrated above. The oral exam aims to consolidate, deepen, and finalize the definitive grade.

NOT ATTENDING STUDENTS
For students who cannot attend lectures, the exam consists of both a written and an oral part, during the official sessions listed on the academic calendar.

I. Written Exam

Objective: To verify knowledge of the core institutions of administrative law, as well as the ability to correctly approach the analysis of issues related to the organization and action of public authorities.

Format: The written test features a mixed structure divided into two parts: multiple-choice questions (to assess general knowledge) and open-ended questions (to evaluate synthesis and presentation skills).

Validity
:
Passing the written test is not a mandatory prerequisite for the oral exam. It remains valid for all exam sessions immediately following the course.

II. Oral Exam

Objective
:
To assess the ability to present and argue course topics, link different legal institutions, critically use legal sources and materials, and employ appropriate specialized terminology.

Evaluation Criteria
:
Assessment will rigorously focus on the conceptual mastery of individual legal institutions, the ability to make systematic connections between the various sub-topics and issues examined, and the capacity to critically analyze rules and judicial decisions.

Grading
:
The final grade will take into account the outcomes of both tests. The written exam serves as the baseline evaluation, while the oral exam aims to consolidate, deepen, and finalize the definitive grade

ATTENDING STUDENTS
Attending students are requested to read all the cases and materials made uploaded on blackboard and discussed during the course.

Mandatory materials (please choose
at least

one out of the three
)

· J. B. Auby,
Globalization, Law & the State
, Oxford, Hart, 2017

· S. Cassese,
Advanced Introduction to Global Administrative Law
, Cheltenham, Elgar, 2021;

· G. della Cananea,
Understanding Global Administrative Law
, Nijhoff, Brill, 2025

NOT ATTENDING STUDENTS
Students are requested to read all the cases and materials uploaded on blackboard and discussed during the course.

Mandatory materials (please choose
at least one out of the three
)

· J. B. Auby,
Globalization, Law & the State
, Oxford, Hart, 2017

· S. Cassese,
Advanced Introduction to Global Administrative Law
, Cheltenham, Elgar, 2021;

· G. della Cananea,
Understanding Global Administrative Law
, Nijhoff, Brill, 2025

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Correctly identify the objectives of antitrust law and distinguish them from those characterizing other pieces of business regulations.

Identify jurisdiction of European vs. national antitrust law.

Describe the antitrust procedure (investigative powers, decisional and remedial powers; fines) and justify each of those powers in the context of a model of optimal antitrust enforcement.

Understand the modus operandi and reasoning followed by antitrust authorities when assessing a potentially anticompetitive behaviour.

Recognize in hypothetical cases which pieces of antitrust law could be applied (agreements, abuses of a dominant position, mergers), as well as the liability conditions and limits of application of such individual prohibitions.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Identify possible antitrust risks by using legal analysis and principles.

Use (simple) economic instruments and indexes to define areas of potential antitrust risk when designing a business strategy.

Solve hypothetical cases concerning the lawfulness of business agreements and behaviour on the market from an antitrust law standpoint.

Define an antitrust defense strategy.

Suggest methods of self-evaluation of business activities to avoid or limit the risk of subsequent antitrust liability.

Demonstrate the ability to orally explain and communicate with appropriate legal vocabulary.

MISSION
Antitrust law aims at assuring an efficient allocation of resources within the Internal market of the European Union, with the ultimate goal of preventing firms from reducing consumer welfare. Going through the relevant case law, the course aims at analyzing the European antitrust rules, their rationales, their content, and how and by which bodies they are enforced. Therefore, during the course students will learn how to establish whether firms' business strategies are compatible with European antitrust rules.
CONTENT SUMMARY

European antitrust law and its public enforcement.

European vs. National competition laws. The European network of competition authorities.

Basic economic tools: relevant markets and market power.

The prohibition of abuses of a dominant position.

The prohibition of anti-competitive agreements.

The investigative, decisional, fining and remedial powers of European antitrust authorities.

Merger regulation: jurisdiction, assessment, remedies.

The private enforcement of European antitrust law.

Written individual exam (traditional/online) [General exam]
ATTENDING AND NOT ATTENDING STUDENTS
The exam, composed of two scenario questions, aims at verifying students' ability to detect and solve the legal issues behind each scenario. In particular: solve hypothetical cases concerning the lawfulness of business agreements and other business behaviour and define possible antitrust defense strategies.

1 hour to answer the two questions

500 words for each answer

No differences between attending and non-attending students

The final grade will result from the arithmetical average of the two grades gained for the two questions. Students do not pass the exam if they fail one answer

ATTENDING AND NOT ATTENDING STUDENTS
mind maps

ppt presentations

readings (optional)

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Describe the relationship between domestic and transnational constitutional law, specifically with reference to the relationship between national and European courts
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Assess the impact of transnational constitutional law on the traditional categories of constitutional law

MISSION
The course aims at exploring the transformation of the classic features of constitutional law due to three concurring elements:
-The increasing supranational integration.
-The changing role of international law and its penetration into domestic legal system.
-The impact of economic and judicial globalization on the domestic arena.
Students are introduced to how 20th century constitutionalism has affected large part of well-established and old-fashioned legal categories such as principles, rights and sovereignty.
The course brings to light, touching upon some fundamental legal categories, how constitutionalism has changed as a consequence of the increasing relevance of transnational relationships, while regional and international institutions have progressively expanded their role.
CONTENT SUMMARY
The following arguments are examined:

20th century constitutionalism: values, principles, rights, sovereignty.

Models of supranational (regional) integration (the EU, the ECHR system, supranational integration beyond Europe).

Constitutional interpretation and transnational comparison.

Judicial dialogue and cross fertilization.

the retrenchment of judicial constitutionalism and the alternative constitutional models (political constitutionalism)

enviromental constitutionalism

digital constitututionalism

Oral individual exam [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
The students' assessment is composed of two separate parts:

1. A group assignment, accounting for 33% of the final grade, intended to verify whether student are able to discuss topical issues in transnational constitutional law touched upon in class, developing arguments from a comparative constitutional perspective with a critical approach.

2. An oral exam, accounting for 66% of the final grade, intended to assess the students' capacity to describe the most salient traits of the relationship between domestic and transnational constitutional law, as well as the most critical effects of the phenomenon of transnational law, providing examples in a clear and appropriate language.
NOT ATTENDING STUDENTS
The students' assessment consists in an oral exam intended to assess the students' capacity to describe the most salient traits of the relationship between domestic and transnational constitutional law, as well as the most critical effects of the phenomenon of transnational law, providing examples in a clear and appropriate language.

ATTENDING STUDENTS
Attending students will be tested on the readings and materials provided on the BlackBoard learning space. The content discussed during in-class and guest lectures is part of the exam materials.
NOT ATTENDING STUDENTS
Non-attending students will be tested on the readings and materials provided on the BlackBoard learning space, as well as on a specific set of materials for non-attending students only. Please refer to this specific folder in addition to the materials provided to all students of the course.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze real market situations and select best derivative hedging and valuation policies.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Work out a formal quantitative valuation approach to the use of derivative products to asset management and general analysis of contingent claims market prices.

MISSION
The course is aimed at gaining a more advanced knowledge of financial derivatives. In the first half of the course the basic principles of no arbitrage valuation are bridged with the trading practices of plain vanilla options and market volatility estimation and pricing. A central role is played by the explanation of the procedure which is currently applied to build a Volatility Index using a portfolio of quoted options. The notion of implied volatility surface and their dynamical evolution is introduced analyzing the class of local volatility market models. The second half of the course focuses on the Heston Stochastic Volatility Model (HSVM). A general pricing methodology for plain vanilla and exotic contracts are discussed. Then the HSVM is used to illustrate some practical applications of financial derivatives in investment banking and in the asset management industry. Computer sessions complement classroom activities.
CONTENT SUMMARY

From theory to practice: Pricing and trading option contracts.

The information produced by derivative markets and the theory of finance

Market expectations, implied volatility, and the volatility index.

Volatility in Decentralized Financial Markets

Local volatility modeling.

The limits of the Black-Scholes model: stochastic volatility.

Pricing in stochastic volatility models: a stochastic calculus approach.

Written individual exam (traditional/online) [Partial exams, General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
The Group assignment is optional, and accounts for 40% of the final mark.

ATTENDING AND NOT ATTENDING STUDENTS
Lecture Notes and Slides available on E-learning.

Further reading, we suggest a classical text-book on basic theory of finance and one advanced option pricing:

C. FAVERO and C. TEBALDI, 2025.
Lectures on the Theory and Application of Modern Finance with R and ChatGPT
.

J. GATHERAL,
The Volatility Surface: A Practitioner’s Guide
, Wiley, 2006.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Have a foundation in a crucial area of financial markets and quantitative finance.

Complement the general derivatives course with specific instruction in a key derivatives area.

Be acquainted with the main modelling streams in fixed income securities.

Be able to use models in this area in practical applications.

Be able to deal with fundamental mathematical modelling techniques underpinning the subject.

Understanding the impact of fintech on fixed income products

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Knowledge and understanding:

Show knowledge of the some of the main models used in the mathematical modelling of fixed income.

Understand how models are applied in practice.

Understand the key differences between different modelling approaches.

Skills:

Performing basic fixed income computations.

Building the term structure of interest rates.

Valuing interest rate swaps.

Setting up hedges for fixed income portfolios.

Implementing the main term structure models and using them to value fixed income securities and fixed income derivatives.

MISSION
The purpose of the course is to present the latest achievements in the term structure modeling for pricing and hedging interest rate derivatives. Emphasis is devoted to the theoretical and practical implementation of the models, and the suitability of different models in complex valuation and hedging problems of interest rate options, equity-linked fixed income securities and structured products commonly used in the industry. Particular emphasis is also devoted to credit risk issues, such as assessment of counterparty credit risk and to the new approaches in interest rate modelling over the last decade. On completing the course the participants have a clear and thorough understanding of the different methodologies in the pricing and hedging of interest rate options. The course is quantitatively oriented, but financial and practical issues are greatly discussed. On successful completion of this module, you are expected to be able to:
1. To provide a foundation in a crucial area of financial markets and quantitative finance.
2. To complement the general derivatives course with specific instruction in a key derivatives area.
3. To acquaint the student with the main modelling streams in fixed income securities.
4. To enable students to use models in this area in practical applications.
5. To transmit the student with fundamental mathematical modelling techniques underpinning the subject.
CONTENT SUMMARY
The main topics covered in the course are detailed here below:

Review of basic elements of financial math and interest rate conventions.

Yield Curve Stripping: the bootstrapping procedure. Interpolating the yield curve: parametric and non-parametric methods.

Pricing Forward Rate Agreements, Floating Rate Notes and Interest Rate Swaps. Credit risk.

Interest Rate Options: Caps, Swaptions and Bond Options.

Use and transformations of the central Black Formula. The Black Model and the volatility surface

Allowing for negative rates: Bachelier and Shifted Black model.

Application to pricing structured products and their use for hedging interest rate risk.

The change of numeraire and pricing of interest rate derivatives.

Understanding the different approaches to modelling. The different approaches from short rates to HJM to the Libor Market Model.

Classic Interest Rate models: applying short rates to plain vanilla interest rate derivatives. From Vasicek to Hull & White two factor.

Modern rate models: BGM (Libor Market Model) for structured derivatives. Theory and fundamental techniques for pricing, calibration and management of volatility and correlation.

The financial crisis and the consequences for fixed Income: spreads, collateral, negative rates and multicurve modelling until the Libor reform.

The impact of technology on fixed income. The evolution of money from banks to digital currencies, and the application of innovation from cryptography to smart contracts.

Decentralized finance: blockchains and applications to derivatives, exchanges, collateral and lending.

Written individual exam (traditional/online) [Partial exams, General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
Written exam with numerical and theoretical questions, according to two possibilities:

Two partial examinations (closed books) are planned. The first mid-term exam follows the initial six lectures and is based on the corresponding content. It will be open books and will require the solution of numerical (using advanced dynamic functionalities in Excel 365) and theoretical questions. The student must show a personal understanding of the main topics and the ability to perform analytical and numerical calculations. The second partial (closed books) occurs at the end of the course and is based on the second part of the course. Grades are assigned as follows: 55% for the part having highest mark and 45% for the part having lowest score.

A general examination (closed books) at the end of the course is planned, and is based on the contents presented during the course. Numerical and theoretical questions will be the content of the exam. No use of Excel 365 will be required.

In addition, a not-compulsory group coursework (maximum 3 persons per group) on pricing a structured product is possible. The usual deadline for the take home examination is around mid-January. The use of Excel VBA/Matlab/R/Pyhton will be required. The coursework gives the possibility of adding a maximum of 3 points to the written mark.

There is no difference between students attending or not attending the lectures. Both can take the partials and submit the coursework.

ATTENDING AND NOT ATTENDING STUDENTS
Textbook and course material:

Lecture Slides provided by the teachers.

Chapters from the following sources:

D. BRIGO, F. MERCURIO,
Interest Rate Models - Theory and Practice: With Smile, Inflation and Credit, Springer Finance
, 2007, 2nd ed.

P. VERONESI,
Fixed Income Securities: Valuation, Risk, and Risk Management
, Wiley, 2009.

B. TUCKMAN, A.SERRAT,
Fixed Income Securities: Tools for Today's Markets
, 3rd Edition.

L. BALLOTTA, FUSAI, G. and MARENA, M.,
A Gentle Introduction to Default Risk and Counterparty Credit Modelling
, available at SSRN http://ssrn.com/abstract=2816355.

A complete suggested reading list is distributed at the beginning of the course and of each part.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Identify and analyse the regulatory framework of the European labour market.

Explain the historical background knowledge of labour law in general within the EU.

Recognize and illustrate the key steps in the evolution of notions, concepts and legal interventions at the European level.

Analyse and undestand a set of key rulings and decision by the European Court of Justice.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand, assess and connect the most important material aspects of EU Labour Law.

Apply EU labour legislation to practical cases.

Evaluate and predict current and future trends.

MISSION
The Course is aimed at providing a general introduction on European Social Law in the different spheres of individual and collective labour law issues.
CONTENT SUMMARY

• The Course aims at providing a general introduction on European Social Law in the different spheres of individual and collective labour issues.
• Some elements about specific themes and material aspects of European Labour Law will be explored in more detail. These include: Freedom of Movement of Workers, Posting of workers, Competition law and labour law, Privacy in the workplace, Protection against Discrimination, Business Reorganization, Transfer of Undertakings and Collective bargaining at European level, to list but a few.
• Where possible and useful, reference will also be made to the national systems of Labour Law of the EU Member States.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS

• Students are expected to read and come prepared to discuss the readings uploaded on BBoard, to think about a number of legal questions before the lesson and to participate actively in class discussion.
• From the second week on, each topic will be introduced by the teacher and then discussed with students in class.
• Each student is expected to work in a group of 3-4 people on an assigned topic, which shall be the object of

a) an oral presentation of 15 min. to be held at the end of the course;

b) a written essay (max 6.000 words, footnotes included) – only one per group!

• Groups will be formed in principle on a voluntary basis
• The topics will be assigned before the spring break
• Oral presentations will take place in the last week(s) of the course
• Groups will deliver their written essay 10 days after the presentation.

The final evaluation of students attending the course will be based on a three-step basis:

a) group performance, on the basis of the oral presentation, the following discussion and the written essay (same grade for all members of the group!): up to 15 points*;

b) individual performance in class, on the basis of the active participation into class discussion: up to 3 points;

c) individual performance in a written exam, with two open questions on legal questions and cases (1 hour, no space limits): up to 15 points**;

d) the final point (cum laude) will be granted at the discretion of the docents to outstanding students, who actively participated in class and produced an excellent essay and final exam.

The final grade will result from the sum of these three partial marks.

*As to the group assignments (up to 15 points):

a) the task: each group will be asked to analyse and discuss a legal issue;

b) each group is free to decide how to organise the oral presentation;

c) a written paper on the task, taking into account suggestions and criticisms raised in the discussion, shall be delivered within a week after the presentation;

d) assessment will take into account both the oral and the written performance

e) relevant criteria for the assessment: (i) coverage of all the relevant legislative and case law materials, (ii) capacity to critically address all the relevant issues raised by the task, (iii) consistency of the proposed solution, logical order and clarity of exposition.

**As to the written exam (up to 15 points):

a) there will be 2 open questions (1 h) only on the topics analysed and discussed in class during the whole course, including those presented by the groups of students;

b) individual preparation should focus on (i) compulsory reading materials, (ii) slides used during the lessons, (iii) notes taken during the lessons;

c) the use of materials during the exams will not be permitted;

d) the questions for students who have attended the course will be, therefore, completely different from those that will be asked to non-attending students.
NOT ATTENDING STUDENTS
Students who do not attend the course and who do not wish to participate to the groups’ will be assessed on the sole basis of a written exam with 3 open questions (1h) about the contents of all reading materials, including the textbook, and all papers and CJEU rulings uploaded on BBoard. The use of materials during the exams will not be permitted.

ATTENDING STUDENTS
Materials uploaded on BB
NOT ATTENDING STUDENTS
Specific materials uploaded on BB or indicated in the syllabus

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Define concepts such as stabilization policy, structural shocks, intertemporal budget constraint, systematic monetary policy, liquidity trap, elasticity of labor supply, search frictions, nominal price frictions, social planner solution versus decentralized competitive equilibrium.

Describe the appropriate policy to apply to make aggregate economies more resilient to underlying macroeconomic shocks.

Identify the key sources of business cycle fluctuations.

Recognize the role of monetary and fiscal policy in shaping the transmission of economic disturbances.

Know three workhorses of modern macroeconomics: the stochastic neoclassical growth model, the search and matching model, and the New Keynesian model.

Understand available solution methods for dynamic stochastic general equilibrium models.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Interpret and assess the phenomena and the dynamics of the aggregate economic systems through economic theory.

Assess the empirical reliability of the predictions stemming from macroeconomic models where agents' expectations play a key role.

Choose and apply the proper model to understand which economic policy is more appropriate to tackle normal business cycles as opposed to economic depressions.

Choose and apply the proper tools to solve intertemporal dynamic models that describe the behavior of aggregate economies in the presence of market imperfections.

Identify the proper stabilization policies to tackle current macroeconomic challenges (e.g., the recent inflationary burst; the prevalence of sectoral shocks; managing aggregate demand in presence of liquidity-constrained agents; ...)

MISSION
The course introduces students to the topics and techniques of modern macroeconomic analysis. It focuses on short and medium run dynamics, presents the basic models and their empirical implications. The first part of the course studies the analytical properties and solution methods of core dynamic stochastic general equilibrium (DSGE) models. The theoretical tools learned in the first part are then used to analyze key issues in macroeconomics. The second part of the course explores topics in aggregate fluctuations and policies with a focus on labor markets. The third part centers on monetary policy with a special emphasis on its effects on macroeconomic variables over the business cycle. Finally, the course presents recent advances on the role of heterogeneity in macroeconomics, as well as some current challenges faced by monetary and fiscal policies. The class also introduces students to coding of economic models.
CONTENT SUMMARY
PART 1 - DSGE models and dynamic methods in macro

Evolution of modern business cycles models.

The neoclassical growth model: social planner problem and competitive equilibrium; recursive and sequential formulations and solution methods.

The stochastic neoclassical growth model: adding uncertainty.

The RBC model: divisible and indivisible labor.

PART 2 - Search frictions and aggregate labor market fluctuations

Some labor market facts.

Basic search and matching model, with random search and Nash bargaining.

Aggregate uncertainty and Shimer's volatility puzzle. The role of new hires' wage rigidity.

PART 3 - Nominal rigidities, aggregate fluctuations, and monetary and fiscal policies

Effect of money on output, role of demand shocks, and microeconomic evidence on nominal price and wage rigidities.

The basic New Keynesian model. Monetary policy, inflation, and the business cycle.

The design of monetary policy and monetary policy trade-offs. The zero lower bound and unconventional monetary policies.

An introduction to Heterogeneous Agents New Keynesian (HANK) models.

Current challenges for fiscal and monetary policies. Fiscal policy, aggregate demand management, and benefit extensions. Covid-19, sectoral shocks, and the current rise in inflation. Landings for central banks, soft and hard.

Written individual exam (traditional/online) [Partial exams, General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS

With the purpose of measuring the acquisition of the above-mentioned learning outcomes, the students’
assessment is based on two main components:

1. Two partial written exams or a final w
ritten exam (worth 80% of the final grade), consisting of exercises and open questions aimed to assess students’ ability to apply the analytical tools illustrated during the course, to solve and explain macroeconomic models of aggregate fluctuations as well as of the functioning of monetary policy. The exam may also include short statements to discuss, aimed to assess students’ ability to articulate economic reasoning.

2. Problem sets (worth 20% of the final grade), consisting of take-home exercises with the aim of getting the students familiarized with the material presented in class.

ATTENDING AND NOT ATTENDING STUDENTS

Lecture slides posted on Blakboard

Krueger. 2012. “Macroeconomic Theory”. Manuscript.

Pissarides. "Equilibrium Unemployment Theory". The MIT Press.

Galì. "Monetary Policy, Inflation, and the Business Cycle". Princeton University Press.

Scientific articles

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course the student will be familiar with the most widely used models of competitive equilibrium, finance and private information together with applications to the labor, the credit and the financial markets, as well as applications to the theory of optimal taxation.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Solve for the competitive equilibrium of an economy and for the optimal allocation under various assumption of asymmetric information between agents.

FOR EXAMPLE:

Approach in a formal way the problem of global warming

Understand the role of down payment and imperfect coverage in insurance markets.

Understand the functioning of financial markets and interpret what happening during the financial crisis using formal microeconomic models.

Interpret and evaluate the current discussion on labor and capital income taxation through the lents of formal models.

Interact in a constructive way and think formally.

MISSION
The objective of the course is to provide the basic microeconomic tools to be used in the analysis of problems of resource allocation by economists working in research, in business or in various organisations. The course adopts both a positive and a normative approach. It includes recent advances of the theory and aims at developing the capacity to apply economic concepts to real-world problems.
CONTENT SUMMARY
The course is divided into two main sections. In the first part, General Competitive Analysis is developed both in its positive and normative dimensions. In the second part of the course, the problem of designing efficient allocation mechanisms is studied in a general perspective. Incomplete information and incentives issues are introduced.

PART 1: Competitive Equilibrium, Pareto Optimality, and Asset Pricing.

Nonlinear Optimization and the Consumer Problem: a Review.

Pure Exchange Competitive Equilibrium.

First and Second Welfare Theorems.

Externalities and Public Goods

General Equilibrium with Uncertainty.

A Primer on Asset Pricing.

PART 2: Theory of Contract, Incentives and Behavior.

Hidden information: screening.

Hidden action: moral hazard.

Signalling and Competitive Screening.

Introduction to Mechanism Design.

Optimal income taxation.

Applications to financial and labour contracting.

Introduction to Dynamic Contracts.

Introduction to Behavioural Economics

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
The form of the general exam is exclusively written. Problem sets and take home group assignments contribute to the final grade.

ATTENDING AND NOT ATTENDING STUDENTS

Examination is based on topics and exercises presented during the course.

Slides, Lecture Notes and other teaching material are distributed during the course.

The teacher provides self-contained lecture notes and detailed indications on charpter and sections from the following textbooks:

P. BOLTON, M. DEWATRIPONT,
Contract Theory
, MIT press.

T. BORGERS, An Introduction to the Theory of Mechanism Design, Oxford University Press.

J.H. COCHRANE,
Asset Pricing
, Princeton University press.

J.J. LAFFONT, D. MARTIMORT,
The Theory of Incentives,
Princeton University press.

I. MACHO-STADLER, J.D. PEREZ-CASTILLO,
An Introduction to the Economics of Information: Incentives and Contracts
, Oxford University press.

A. MAS-COLELL, M. WHINSTON, J.R. GREEN,
Microeconomic Theory
, Oxford University press.

B. SALANIE,
The Economics of Contracts
, MIT press.

J. Y. CAMPBELL
, Financial Decisions and Markets. A Course in Asset Pricing
, Princeton University Press.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course, students will be able to:

• Describe the architecture and operational logic of modern agentic AI systems, including their tool-use, planning, and iteration capabilities.
• Identify the failure modes of agentic AI — hallucination, brittle planning, context-window limits, silent errors in autonomous loops — and the verification practices that mitigate them.
• Distinguish the analytical roles best suited to AI augmentation from those that still require human judgement or traditional statistical methods.
• Explain how reusable agentic capabilities (Skills, structured project instructions, multi-tool pipelines) are designed and orchestrated for autonomous workflows.
• Outline the methodological criteria — validity, bias, robustness, reproducibility — used to evaluate AI-generated outputs in a marketing or policy context.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course, students will be able to:

• Design agentic AI workflows that autonomously collect, process, and analyse large-scale digital data from APIs, social media platforms, online marketplaces, and web sources.
• Build end-to-end computational pipelines that integrate multiple AI tools for data acquisition, analysis, iteration, and interpretation.
• Develop custom Skills that encode reusable, domain-specific analytical procedures and can be shared with collaborators.
• Compare AI-augmented analytical approaches with traditional methods and justify the chosen approach on methodological grounds.
• Apply state-of-the-art AI techniques to extract structured insights from quantitative datasets and unstructured text (automated labelling, sentiment, thematic analysis).

MISSION
Agentic AI systems — language models that can plan, use tools, write and execute code, query APIs, and iterate on their own outputs — are rapidly becoming a central layer of the data-driven decision-making stack. For marketing analysts, strategists, and researchers, the consequence is profound: a single professional can now design workflows that autonomously assemble data from heterogeneous digital sources, analyse it at scale, and produce decision-ready outputs, provided they know how to direct and validate such systems. This shift redefines what constitutes a marketable analytical skillset, and it is moving faster than traditional curricula can absorb.

This course addresses that gap by treating agentic AI not as a black box or a marketing buzzword, but as a methodology that must be designed, instrumented, and critically evaluated. Within the Master programme in Marketing, the course complements existing courses on marketing analytics, consumer behaviour, and digital marketing by giving students hands-on competence in building end-to-end AI-augmented pipelines — from data acquisition to interpretation — and by training the methodological judgement required to defend the resulting insights to interdisciplinary business and policy audiences.
CONTENT SUMMARY
The course is organised into three connected macro-topics that mirror the agentic AI lifecycle: configuring the environment, building autonomous data pipelines, and packaging reusable analytical capabilities.

1. Foundations of agentic AI workflows. The capabilities and limits of current agentic systems; setting up a professional AI workspace (Claude Code, VS Code, Markdown); the Read–Think–Act workflow for delegating analytical tasks; verification habits and the explore–plan–code discipline; context management (how context windows work, when and how to compact); persistent project configuration through structured instruction files.

2. Autonomous data acquisition and analysis pipelines. Building pipelines that ingest and clean structured data from APIs, marketplaces, and platform exports; aggregation, comparison, and visualisation of large-scale platform metrics; AI-powered analysis of unstructured text including automated labelling, sentiment detection, and thematic extraction; large-scale interpretation of user-generated content; agentic web research and source-grounded fact-checking; competitive scans across heterogeneous web sources.

3. Reusable agentic capabilities and end-to-end integration. Discovery, evaluation, and adaptation of community-built AI Skills; designing custom Skills that encode domain-specific analytical workflows; composing multiple Skills into end-to-end pipelines that integrate acquisition, analysis, iteration, and interpretation; methodological trade-offs between traditional analytics and AI-augmented systems (validity, bias, robustness); ethical use, validation discipline, and translation of technical outputs into actionable business and policy recommendations.

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS

Participation: 30%

Engagement in class, completion of in-class exercises.

Assignments and Project: 30%

A set of individual or group assignments throughout the course.

Final Exam: 40%

Written exam on both conceptual knowledge and applied skills developed in the course.

(Students need to more than 75% all sessions in person to be qualifed as attending students)
NOT ATTENDING STUDENTS

Assignments and Project: 50%
Final individual project

Final Exam: 50%
Written exam covering both conceptual knowledge and applied skills developed in the course.

ATTENDING AND NOT ATTENDING STUDENTS

Lecture slides and Jupyter notebooks prepared by the instructor.

Selected academic papers, reports, and practitioner articles on AI and market research.

Links and documentation for LLM / AI tools and APIs used in class.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

The cognitive architectures of major AI systems (neural networks, transformers, LLMs) and their behavioral implications for marketing

The main categories of algorithmic bias — training, inferential, and deployment — and their effects on campaigns, recommendations, and pricing

The core psychological mechanisms governing human-machine interaction: anthropomorphism, trust, automation bias, algorithmic deference, and parasocial relationships

How recommendation systems and algorithmic personalization shape consumer preferences and choice architecture

How LLM-based search is transforming the consumer journey and information discovery

The conceptual distinction between legitimate persuasion and manipulative design, including dark patterns and deceptive AI practices

The principles of emotional AI, affective computing, and conversational branding

The European regulatory framework for AI (EU AI Act) and its professional implications for marketers

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Identify and critically assess algorithmic biases in real marketing systems and evaluate their impact on campaign outcomes

Apply psychological theories of trust, persuasion, and identity to the analysis of AI-powered marketing tools

Design brand experiences and conversational touchpoints that leverage human-machine psychology in an ethically responsible way

Distinguish legitimate persuasion from manipulation when evaluating engagement optimization systems and persuasion design

Develop a structured AI Audit Report on a real organization, including an analytical framework and strategic recommendations

Navigate the EU AI Act and assess its implications for specific marketing roles and organizational contexts

MISSION
The course explores the emerging field of Machine Psychology — the intersection of artificial intelligence and human psychology — with direct applications to marketing management. It proceeds from a radical premise: understanding how AI systems behave — their heuristics, their biases, their response patterns — has become a marketing competency as essential as understanding consumer behavior.
The term "psychology of machines" carries a deliberate double meaning. On one hand, it refers to the systematic and predictable behaviors of algorithmic systems — biases, response patterns, failure modes — that marketers must learn to read, anticipate, and in some cases counteract. On the other hand, it designates the psychology of human beings as they interact with machines: how we perceive them, how we trust (or distrust) them, how we anthropomorphize them, and how we allow ourselves to be persuaded by them.
It differs from an applied AI Marketing course in that it goes beyond tool instruction, providing the psychological and theoretical framework needed to use those tools critically, ethically, and with strategic awareness. It is designed for students who wish to develop a deeper understanding of human-machine dynamics.
CONTENT SUMMARY
The course is structured around progressive modules that guide students from an understanding of AI cognitive architectures through to the ethical, regulatory, and strategic implications for contemporary marketing. The curriculum integrates theory and practice through in-class behavioral experiments, AI lab sessions, business cases, and a final field project set in a real-world context.

It opens with the
cognitive architecture of AI systems
(neural networks, transformers, LLMs) and the behavioral biases — training, inferential, and deployment — these generate for marketing practice. It then examines the
psychology of human-machine interaction
: anthropomorphism, trust, automation bias, algorithmic deference, and parasocial relationships with AI agents. A third area addresses
algorithmic influence on consumer behavior
, covering recommendation systems, preference formation, personalization as choice architecture, and the impact of LLM-based search on the consumer journey. The course then turns to
persuasion, attention, and manipulation
, critically analysing dark patterns, deceptive AI, persuasion design, and engagement optimization systems — drawing a clear line between legitimate influence and manipulation. Topics related to
AI brand identity and co-creation
follow, including emotional AI, affective computing, conversational branding, virtual influencers, and consumer identity. The course concludes with
ethics and regulation
: algorithmic fairness, marketing bias, and the EU AI Act.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
ATTENDING

Field project

Individual written exam

Class participation

The field project is carried out in teams and involves applying the analytical models learned in the course.

The written exam consists of open-ended questions, multiple-choice/multiple-answer questions, and exercises.

Peer evaluation is optional and limited to only teams that require it.

NOT ATTENDING STUDENTS
NON ATTENDING

Individual written exam.

The assessment method for non-attending students is based on a final written exam. It will consist of several open-ended, multiple-choice, multiple-answer, and short case questions that refer to the concepts, models, and cases in the textbooks and other materials available on the learning platform. The open-ended and multiple-choice questions are mainly aimed at verifying the learning of analytical and management abilities and their correct comprehension. The short cases are used to assess students' ability to apply the knowledge they learned from the course material.

ATTENDING STUDENTS

Articles included in the course reserve;

Slides and notes from the instructor.

NOT ATTENDING STUDENTS

Louwerse Max M., 2025,
Understanding Artificial Minds through Human Minds
, Routledge;

Articles included in the course reserve;

Slides and notes from the instructor.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Students will understand the main concepts and methods of machine learning, predictive analytics, and causal inference in marketing and business contexts. They will explain the differences between correlation, prediction, and causation, interpret the outputs of regression and classification models, and recognize the strengths and limitations of different analytical approaches. Students will also understand the role of data preprocessing, model validation, and simulation techniques in data analysis using R.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Students will apply machine learning and causal inference methods to analyze managerial and marketing problems using R. They will evaluate predictive models, simulate consumer behavior under different business scenarios, and develop data-driven recommendations for managerial decisions. Students will also communicate analytical findings effectively, formulate relevant managerial research questions, and collaborate in teams to design and present analytical projects.

MISSION
Understanding concepts such as utility maximization, discrete choice, and consumer decision simulation is highly beneficial for aspiring managers and business analysts. This course equips students to predict and analyze various outcomes from different managerial actions. The course introduces modern machine learning methods for data-driven decision-making, enabling students to create artificial datasets that mirror real-world industry scenarios. By mastering advanced techniques and causal inference models, participants will analyze consumer behaviors, such as purchase patterns, subscription habits, churn rates, or sensitivity to targeted discounts. Guided by experienced data scientist mentors, students receive valuable feedback and insights throughout their group projects, refining their research questions and modeling approaches with managerial significance. This blend of theory and practice equips students to help firms make strategic, data-driven decisions, positioning them for success as future managers.
CONTENT SUMMARY
The course covers the foundations and applications of AI, machine learning, and causal inference for marketing decisions. Topics include data preparation and preprocessing, regression analysis, hypothesis testing, probabilities, and discrete choice models for understanding consumer behavior and managerial decision-making. Students will learn predictive machine learning methods such as cross-validation, variable selection, LASSO, regression trees, random forests, and classification techniques. The course also introduces causal inference and treatment effect analysis to evaluate the impact of managerial actions and marketing interventions. Throughout the course, students will apply these methods using R and work with simulated and real-world business data to develop data-driven insights for marketing and management contexts.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
Written Exam: The final written exam will be based on the topics covered during class. It will evaluate students’ understanding and ability to apply the methods, models, and tools we have discussed. The exam does not include any elements related to computer coding, nor does it contain questions pertaining to coding. (Max 20 points) Group Assignment: Students will engage in a group project where their collaborative efforts will be assessed. The quality of group work, including the application of analytical methods, data interpretation, and presentation skills, will contribute to the overall evaluation. (Max 11 points) Final Presentations Bonus Points: A bonus point will be given to each member of the student group that delivers the best final presentation, as voted by their peers.
NOT ATTENDING STUDENTS
Not attending students will be evaluated through a written individual final exam, worth a maximum of 31 points. A minimum score of 18 points is required to pass the course. The exam is based on the required textbook indicated in the instructions for non-attending students. The exam does not include elements related to computer coding, nor does it contain questions requiring students to code. The written individual exam verifies that students have achieved the expected learning outcomes by assessing their individual knowledge, skills, and abilities in applying machine learning and causal inference methods to business and marketing-related questions. In particular, students are expected to demonstrate their understanding of data analysis, regression, prediction and model selection, machine learning methods, treatment analysis, causal inference, difference-in-differences, and panel methods. They must be able to distinguish correlation from causation, interpret empirical results correctly, understand key identification assumptions, recognize potential threats to validity, compare alternative empirical approaches, and formulate appropriate empirical strategies for managerial questions. The exam consists of open and/or closed answer questions. Closed-answer questions assess knowledge and comprehension of the main concepts, methods, assumptions, and interpretations covered in the course. Open-answer questions assess students’ ability to reason critically, apply the relevant methods to empirical and managerial problems, interpret results, and derive meaningful implications from data analysis. Conceptual clarity and reasoning are essential; memorization alone is not sufficient.

ATTENDING STUDENTS
The material we cover during classes.
NOT ATTENDING STUDENTS
C
hapters from: Békés, Gábor, and Gábor Kézdi. Data Analysis for Business, Economics, and Policy. Cambridge University Press, 2021. (the digital version of the book is available for free in the library)

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

• Identify the characteristics of AI platforms and value chain
• Understand the economics of platforms (pricing, network effects, multi-sided dynamics) and the economics of AI (data, compute, foundation models, the AI value chain)
• Recognize the implications of AI for skill development, innovation, and entrepreneurship
• Discuss the effects of AI for growth, employment and productivity
  APPLYING KNOWLEDGE AND UNDERSTANDING
  At the end of the course student will be able to...
• Apply the methodologies and relevant theoretical approaches to discuss the strategies of incumbent and entrant firms in AI-enabled platform markets
• Analyse the main regulatory implications of AI in platforms and digital ecosystems, with comparative attention to EU, US, UK, and China
• Develop and evaluate innovative ideas for new AI-enabled platforms and business models
• Show teamwork abilities and presentation/communication skills

MISSION
The course examines how artificial intelligence is reshaping the economics of digital platforms and the architecture of digital ecosystems. Building on the foundations of platform economics (network effects, two-sided markets, standards, complementarities, modularity), the course investigates how AI technologies, and in particular generative AI and foundation models, are transforming competitive dynamics, business models, and value creation across the platform economy. The analysis adopts a micro-level perspective, looking at the strategies of incumbents and new entrants along the AI value chain (cloud and compute providers, foundation model developers, application and agent builders, data providers), and at the role of data and computational resources as sources of competitive advantage. It also takes a macro-level perspective, considering the implications of AI adoption for productivity, innovation, entrepreneurship, and labour markets, and the policy and regulatory challenges that arise as AI becomes embedded in platform ecosystems (EU AI Act, Digital Markets Act, with comparative attention to approaches in the US, UK, and China).
Students will learn the basic principles of platform economics and the emerging economics of AI, and will apply them to current cases involving AI-enabled platforms, foundation model ecosystems, and digital infrastructures. Traditional lectures will be complemented with in-depth analysis of case studies from different industries, with the active
CONTENT SUMMARY

• AI: basic concepts and the technology landscape
• The AI value chain and new business models
• Platform governance and competition
• Pricing in platforms
• The microeconomic effects of AI: skills, innovation and entrepreneurship
• The macroeconomic effects of AI: productivity, employment and growth
• AI regulation

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
The assessment is split into two parts: one written exam at the end of the course on the entire program, and a group project.

The written exam is based on the course readings and slides. It consists of two open-ended questions to be chosen out of four. The exam will last 45 minutes.The exam will typically include a set of statements to discuss, aimed to assess the ability of students to articulate their reasoning and to evaluate the potential effects of AI at the micro-level of companies' strategies and at the more macro-level of sectors and countries.

The group project consists of a 15-page report and a 30-minute presentation analysing a firm whose business model is substantially based on, or being reshaped by, AI. The firm does not need to be an AI provider (foundation model labs, AI infrastructure firms): cases involving incumbents or new entrants in any sector (retail, finance, healthcare, logistics, media, manufacturing) that are deploying AI as a core part of their value proposition are equally welcome. Students will use the frameworks developed in class to investigate the technology and data foundations, the competitive landscape, the firm's positioning along the AI value chain, the business model, and the regulatory environment. Groups may consist of max three students.

The final grade is the weighted sum of the group project (50%) and the written exam (50%).
NOT ATTENDING STUDENTS
For non attending students, the final grade is completely based on a written exam including 3 compulsory open questions, which cover all the topics of the course and aim at assessing the learning outcomes both in terms of the understanding of theoretical approaches and in terms of the capability to analyse different issues in relation to innovation patterns in different service sectors.

To this aim, besides course readings and lecture notes, students have to study a set of additional readings.

ATTENDING STUDENTS

Course slides

A list of papers to be announced in class

NOT ATTENDING STUDENTS
The list of compulsory readings will be announced in class

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand Core Concepts:
Explain fundamental concepts of algorithmic decision-making, including various types of algorithms (e.g., supervised learning, reinforcement learning, matching algorithms) and decision-theoretic frameworks.

Model Decision Problems:
Recognize features of decision-making problems and distinguish appropriate algorithmic and economic models to represent them.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze Algorithmic Impact:
Critically analyze the incentive properties of algorithmic systems, their decision-making performance and their economic applications.

Implement & Experiment:
Gain practical experience in implementing simple algorithmic decision systems and conducting empirical analysis of their performance and properties.

MISSION
This course explores the theoretical foundations and practical applications of algorithmic decision-making, bridging concepts from economics, computer science, and social sciences. As algorithms increasingly influence critical decisions in areas such as finance, healthcare, law, and public policy, understanding their design, impact, and ethical implications becomes paramount.
CONTENT SUMMARY
Algorithmic Decision Making:

• Experimentation and Exploitation trade-off
• Adversarial Bandits
• Applications

Algorithmic Game Theory:

• Learning in Games
• Mechanism Design
• Algorithmic Mechanism Design
• Offline and Online Matching
• Applications

Written individual exam (traditional/online) [Partial exams, General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS

Midterm Exam: 40%

Final Exam/Project: 50%

Class Participation: 10%

Midterm and Final exams will comprise exercises and projects that test the student's ability to translate abstract concepts in applied contexts.

A group project, which may substitute the final exam, tests the students' ability to identify problems that require algorithmic decision-making and their application.

A successful group project will require an understanding of the theoretical concepts as well as the ability to translate practical considerations in model constraints, as predicated in the classroom.

ATTENDING AND NOT ATTENDING STUDENTS

Bandit Algorithms: Slivkins, Aleksandrs. "Introduction to Multi-Armed Bandits." arXiv preprint arXiv:1904.07272 (2019). (
Available online
)

Algorithmic Game Theory: Roughgarden, Tim. "Twenty Lectures on Algorithmic Game Theory." Cambridge University Press, 2016. (
Selected chapters/notes will be assigned, purchase not necessary
)

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...
a) leggere, rielaborare e interpretare i dati e le informazioni che le banche e le imprese di assicurazione trasmettono al mercato relativamente alla propria attività;

b) applicare alle banche e alle imprese di assicurazione i principi e le metodologie dell'analisi finanziaria.
CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...
... nella prospettiva dell’analista esterno, identificare le componenti delle performance aziendali, in termini di redditività, di efficienza e di equilibrio patrimoniale e finanziario, e più in generale le componenti dello “stato di salute” delle banche e delle imprese di assicurazione.

MISSION
Il corso vuole mettere gli studenti nella condizione di saper leggere, rielaborare e interpretare i dati e le informazioni che le banche e le imprese di assicurazione, su base obbligatoria o volontaristica, trasmettono al mercato relativamente alla propria attività. In sintesi, il corso applica alle banche e alle imprese di assicurazione i principi dell'analisi finanziaria. In questo modo, nella prospettiva dell’analista esterno (c.d. “analista finanziario”), gli studenti sapranno identificare le componenti delle performance aziendali, in termini di redditività, di efficienza e di equilibrio patrimoniale e finanziario, e più in generale le componenti dello “stato di salute” delle banche e delle imprese di assicurazione. Tutto questo in coerenza con le caratteristiche del modello di business in essere, con il contenuto delle strategie aziendali e con la natura e il livello dei rischi assunti.
PROGRAMMA SINTETICO
Il corso è diviso in due parti, dedicate rispettivamente alle banche e alle imprese di assicurazione.

Parte “banche” (16 lezioni) - L’attività bancaria moderna: natura, contenuti, rischi tipici, profili strategici e organizzativi, norme di regolamentazione/vigilanza. Le specificità del bilancio delle banche. L’analisi finanziaria per la valutazione delle performance aziendali della banca: principi, finalità e contenuti (riclassificazione dei documenti contabili; selezione di indici di bilancio distintivi per le banche; ...). Misura e interpretazione delle condizioni di redditività e di equilibrio patrimoniale e finanziario, in funzione dei rischi assunti, delle caratteristiche operative e delle norme di regolamentazione/vigilanza.

Parte “imprese di assicurazione” (8 lezioni) - L’attività assicurativa: natura, contenuti, rischi tipici, profili strategici e organizzativi. Le riserve tecniche: natura e modalità di calcolo. I rischi delle imprese di assicurazione e la vigilanza prudenziale. La disciplina di riferimento del bilancio assicurativo: il bilancio a fini civilistici. La logica dei principi contabili internazionali: il bilancio IFRS. Principi di valutazione delle imprese di assicurazione.

STUDENTI FREQUENTANTI E NON FREQUENTANTI
· I materiali di studio sono rappresentati dal materiale utilizzato dai docenti in aula (slide et al.), sempre reperibile sulla piattaforma e-learning dell’università.

· I docenti potranno comunque indicare durante lo svolgimento del corso ulteriori materiali il cui studio è obbligatorio per la preparazione dell’esame.

· I docenti potranno comunque indicare durante lo svolgimento del corso ulteriori materiali anche solo “suggeriti”, ai fini della migliore comprensione di alcuni argomenti.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Use AI as a sparring partner to re-frame problems and managerial questions

Identify the methodological foundations underlying empirical analysis in management topics

Distinguish a management research question that is relevant, interesting, and measurable

Recognize the main strategies to effectively present results and managerial messages

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

• Develop a set of relevant, interesting, and measurable hypotheses in the management field
• Transform management concepts into measurable variables

Design an effective and reliable questionnaire

• Conduct a quantitative empirical analysis on managerial data
• Triangulate quantitative data with qualitative evidence: mixed-method approach
• Interpret and present the results of an empirical management research from a managerial perspective

MISSION
One of the most valuable skills in business decision making is the ability to read a context and formulate the right questions before searching for answers. This course combines individual critical skills with the use of generative AI tools as sparring partners to support problem framing, exploratory analysis, and the refinement of research questions.
The course introduces students to the design of rigorous empirical research projects, covering the definition of concepts and hypotheses, survey design, data collection, and quantitative data analysis. Particular attention is devoted to transforming management concepts such as motivation, climate, well-being, learning, or performance into observable and measurable variables that can support managerial decisions.
The course also focuses on the critical interpretation and effective communication of research results. Throughout the course, AI tools are used to strengthen reflection, analysis, and research design within a rigorous data-driven approach.
CONTENT SUMMARY
The main topics of the course focus on applying a quantitative research-based approach to managerial problems by blending individual critical thinking skills and AI as sparring partner. The course seeks to answer the following questions by blending research-based methodology and managerial problems:

Formulating the right research question: Why do I need a research-based approach? What is my goal?

Transforming the research idea into testable hypotheses: How can I convert my initial assumption into hypotheses that can be empirically tested?

Developing a questionnaire to test the hypotheses: How can I measure my main concepts (e.g., productivity, well-being, satisfaction)? How can I design an effective questionnaire to measure them?

Analyzing and interpreting data with regression analyses: What analytical method best aligns with my research goal? What do the results reveal?

Presenting the findings to a managerial audience: How can I craft the key messages from my evidence?

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
The assessment of learning for students enrolled as 'attending' is carried out through two methods:

1. Students are required to complete a group field project (an empirical research project) during the course, agreed upon with the instructor, which accounts for 70% of the final grade. The field project is intended to assess the development of the students' ability to design and carry out empirical research in the field of management.

2. In addition, students must complete a written exam consisting of an exercise in commenting on the results of an empirical research study published in a scientific management journal. The results are typically presented in table form and are drawn from sources such as the
Academy of Management Journal
,
Organization Science
, or the
Strategic Management Journal
. This component accounts for 30% of the final grade and must be completed during one of the exam sessions in the academic year in which the field project was conducted. The written exam is designed to assess students’ understanding of the core principles underlying the design and critical interpretation of management research.

Important notes:

After the final exam session of the academic year, field projects lose their validity, and the 'attending' student assessment method can no longer be applied.

The exam is considered passed only if both components — the individual written exam and the group field project — receive a grade of 18 or higher. If either component is failed, the student lose the the "attending student" status.

NOT ATTENDING STUDENTS
The assessment of learning for 'non-attending' students is carried out through a written exam consisting of two parts:

1. The first part includes open-ended questions covering all chapters of the course textbook (theoretical questions that also require at least one example related to the field of management). These open-ended questions are intended to assess the student's understanding of the fundamental knowledge underlying management research.

2. The second part consists of an exercise involving commentary on the results of an empirical research study published in a scientific management journal. The results are typically presented in table form and taken from sources such as the
Academy of Management Journal
,
Organization Science
, or the
Strategic Management Journal
. This exercise is designed to assess the student's ability to apply theoretical knowledge in order to interpret empirical research in the field of management.

ATTENDING STUDENTS

Articles/book chapters of empirical research indicated by the instructor

Instructor-prepared materials, distributed via the Blackboard

NOT ATTENDING STUDENTS

Scherbaum, C. A., & Shockley, K. M. (2015). Analysing quantitative data for business and management students.

Instructor-prepared materials, distributed via the Blackboard

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the challenges raises by the use of AI to the current legal framework

Discuss the solutions currently adopted to deal with AI at EU level as well as, in relation to specific aspects, also in the US

Identify the relationship between the challenges raised and the solutions adopted

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Identify the specific issues the use of AI raises in certain sectors

Apply the current legal framework to scenarios of liability for damages caused by the use of AI

Choose the valid data law framework for AI

Interact in a constructive way and think critically

MISSION
Artificial Intelligence (AI) can lead to fundamental discoveries, opening up new possibilities, and significantly improving the lives of many – in particular by bringing major benefits to our society and economy through better healthcare, more efficient public administration, stronger democratic processes, safer transport, a more competitive industry and sustainable farming. Machine-learning, for example, can be used to make more accurate and faster medical diagnoses and surgeries, carry out dangerous and repetitive tasks, and free up valuable time. This scenario has its drawbacks. In particular, it raises challenges for regulators and policymakers that have to face the ontological difficulty of foreseeing and possibly controlling the impact of AI on economy and society, to make sure that they are human-centric, ethical, explainable, sustainable and respectful of fundamental rights and values. Against this background, the mission of the course is to provide an understanding of the legal implications of AI and how the current legal framework is facing the challenges that it raises.
CONTENT SUMMARY

The course focuses on specific topics related to the AI, at EU level and offering, when possible, a comparison with the North-American developments.

It covers the following topics:

AI and data: how it works, features and challenges

AI and specific areas of private law (for example: IP law, competition and consumer law, financial markets law)

AI and liability

Written individual exam (traditional/online) [General exam]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
With the purpose of measuring the acquisition of the above-mentioned learning outcomes, the students’ assessment is based on a final written exam:

Written exam (100% of the final grade), consisting of 2 open questions aimed to assess students’ ability to illustrate the solutions currently adopted to deal with AI at EU level in relation to the policy goals pursued. The exam will also include a short scenario case, aimed to assess students’ ability to apply the current framework to possible cases raised by AI use.

Extra: in addition to the final exam mark and on top of it, students can be awarded up to 4 extra points for their active participation in small teaching groups (i.e. tutorials).

There is no difference in the assessment between attending and non-attending students. Students’ assessment will be based on the written exam aimed to assess students’ understanding and ability to illustrate the solutions currently adopted to deal with AI at EU level.

ATTENDING AND NOT ATTENDING STUDENTS
Given the innovative nature of the course, a selection of article, papers, and policy report will be uploaded on blackboard.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Identify and describe theoretical advancements in the following topics:

Alternatives to mean-variance asset allocation models.

Dynamic asset allocation models.

Goals-based investing

Role of alternative asset classes.

Impact of exchange risk hedging.

Active vs. passive manaagement

Factor models.

Style analysis.

Risk measurement and management.

Performance evaluation.

Digital advisory services.

AI developments in portfolio management and advisory

ESG investment policies

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Use advanced asset allocation models, build long-short portfolios, measure and manage the risk of asset management portfolios, evaluate the performance of asset managers and discuss relevant current issues in the asset management industry, such as digital advisory, the growth of passive and factor-based products. the emergence of ESG compliant investment policies.

MISSION
This is an intermediate to advanced course in asset management. This course aims at analyzing recent theoretical and empirical developments in portfolio management, putting strong emphasis on strategic asset allocation, risk management of asset management portfolios and the evaluation of investment performance.
As relevant topics in the Asset Management industry change and evolve over time, so do course contents. As an example, topics such as factor investing, digital wealth advisory and ESG investment strategies and were introduced in the course over the last few years. At the end of the course students should have a comprehensive understanding of the relevant technical aspects of the Asset Management industry.
CONTENT SUMMARY
Among other topics, we shall review recent developments of traditional mean/variance analysis, the role of alternative asset classes in portfolio construction, the technical aspects of long/short investing, factor investing, risk management techniques designed specifically for asset management portfolios, the impact of digital advisory services and of ESG principles. We cover in detail the main aspects of the active/passive management debate. We devote a relevant portion of our time to the practical implementation of portfolio management strategies. The course includes four info room sessions and four sessions with industry experts.

Written individual exam (traditional/online) [Partial exams, General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Your course grade reflects your performance on a final written test and the group assignment, with weights determined as follows:

Final online written test: 50%

Assignment – part 1: 25%

Assignment – part 2: 25%

Both the final test and the assignment are graded out of 30. The assignment is only valid together with the December test (for exchange students leaving Italy in December) and the two online written tests to be held in January 2026.

A minimum grade of 16/30 in the final written test is required in order to pass the course regardless of the overall average inclusive of the assignment.

The goal of the groupwork is to enable students to put in practice the operational learning outcomes of the course, while the final written test will verify the learning process with respect to the theoretical topics covered in class.

NOT ATTENDING STUDENTS
Non attending students are graded exclusively by means of a final online written test including both qualitative and quantitative questions.

Qualitatative questions will be aimed at verifying the understanding of the theoretical topics covered in class, while quantitative questions will veriffy the students' ability to tackle operational tasks.

ATTENDING AND NOT ATTENDING STUDENTS
There is no textbook for this course. Since the teaching material is revised and updated every year, in line with changes in the syllabus, it consists of a number of journal articles and slides. You have to study in depth all compulsory articles. You also receive indications about optional articles and reference books on specific topics. Compulsory articles for the whole course will be posted on the Blackboard page of the course at the beginning of the course. All the remining teaching materials, including optional articles, slides and the text of Group Assignments will be posted on the Blackboard page of the course approximately one week before the classes.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Describe
the objectives, principles and main phases of statutory auditing engagements.

Identify
the key audit risks and internal control issues affecting the reliability of financial reporting.

Explain
the main audit procedures applied to significant business cycles and financial statement areas.

Recognize
the objectives, scope and main analytical tools of financial due diligence and advisory engagements.

Summarize
the role of audit evidence, professional judgment and documentation in supporting audit and due diligence conclusions.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Apply
audit methodologies and procedures to practical business cases and selected financial statement areas.

Analyze
financial, operational and compliance risks in audit and transaction-related contexts.

Evaluate
the reliability of corporate financial information and the adequacy of supporting audit evidence.

Prepare
preliminary audit and financial due diligence analyses in practice-oriented contexts, including professional conclusions on key findings.

Discuss
audit and due diligence issues within a team, interacting effectively with other control and governance actors.

MISSION
In an increasingly complex and evolving economic environment, statutory auditing, due diligence and advisory engagements play a key role in enhancing the reliability of financial information and supporting informed decision-making by investors, companies and other stakeholders. Audit and due diligence procedures are relevant not only in the context of financial reporting, but also in extraordinary transactions, acquisitions, investment decisions and risk assessment processes.

The mission of the course “Auditing for Due Diligence and Advisory Engagements” is to provide students with a sound understanding of audit methodologies, financial due diligence techniques and advisory practices. The course aims to develop students’ ability to critically assess corporate financial information, identify key risk areas, evaluate internal control systems and formulate professional conclusions based on audit evidence and transaction-related analyses.
CONTENT SUMMARY
The course is structured around the following main topics:

Statutory auditing framework and professional standards: role of the statutory auditor, audit objectives, professional responsibilities and regulatory context.

Audit process and methodology: planning, risk assessment, materiality, audit strategy and audit program.

Audit procedures on business cycles: procedures on the main operating cycles, including revenues, purchases and inventory.

Internal control systems and business risks: understanding and evaluation of internal controls, identification of financial, operational and compliance risks.

Audit evidence and professional judgment: collection and interpretation of audit evidence, documentation of audit work and formulation of audit conclusions.

Financial due diligence and advisory engagements: objectives, scope and tools of due diligence, analysis of quality of earnings, net financial position, working capital, normalized results and key transaction risks.

Practical cases and professional applications: discussion of business cases, incidents and group assignments aimed at applying audit and due diligence methodologies to professional practice.

Written individual exam (traditional/online) [Partial exams, General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
Attending students

With the purpose of measuring the acquisition of the above-mentioned learning outcomes, the assessment of attending students is based on three components:

1. Individual assignments - 20% of the final grade.

Individual assignments are aimed at verifying the students’ ability to apply audit concepts and procedures to practical questions and selected business situations. They contribute to assessing the ability to identify audit issues, interpret financial information and formulate concise professional conclusions.

2. ​​​​​​​
Group assignment - 20% of the final grade.

The group assignment is focused on a practical audit, due diligence or advisory case. It is aimed at verifying the students’ ability to analyze corporate financial information, identify financial, operational and compliance risks, prepare preliminary audit or due diligence analyses and present professional conclusions. The assignment also assesses teamwork, communication and problem-solving skills in a professional context. During the development of the assignment, groups may be supported by professionals from the auditing and advisory sector. Detailed instructions are made available on the course website.

3. Written examination - 60% of the final grade.

The written examination consists of open-ended and/or closed-ended questions and practical cases. It is aimed at assessing the students’ knowledge of statutory auditing principles and methodologies, their understanding of audit procedures and due diligence tools, and their ability to apply professional judgment to practical audit and transaction-related issues. Attending students may take the exam through two partial exams, provided that a passing grade is achieved in both assessments. Alternatively, they may take one general written exam.
NOT ATTENDING STUDENTS
Not-attending students

They are not required to complete individual or group assignments. Their assessment is based on a final written examination, which accounts for 100% of the final grade. Not-attending students are not allowed to take the exam through two partial exams. The written examination is structured to assess the same learning outcomes as those applicable to attending students, with reference to the textbooks and exam materials. It includes open-ended and/or closed-ended questions and practical cases aimed at verifying the students’ knowledge of audit methodologies, due diligence tools and their ability to apply such knowledge to professional contexts.

ATTENDING AND NOT ATTENDING STUDENTS
The main reference material for the course is:

International Standards on Auditing (ISA)

Students wishing to deepen their understanding of the course content may also consult the following textbooks:

Auditing and Assurance Services (Alvin A. Arens, Randal J. Elder, Mark S. Beasley)

Auditing & Assurance Services: A Systematic Approach (William F. Messier Jr., Steven M. Glover, Douglas F. Prawitt)

Modern Auditing: Assurance Services and the Integrity of Financial Reporting (William C. Boynton, Raymond N. Johnson)

Auditing: A Practical Approach (Robyn Moroney, Fiona Campbell, Jane Hamilton)

Principles of International Auditing and Assurance (Rick Hayes, Hans Gortemaker, Philip Wallage)

Additional teaching materials are made available on the course website, including lecture slides, supplementary readings, practical cases, incidents, assignment instructions and sample examination materials.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Students will learn:

• the specificities of business markets compared to consumer markets
• the variety of the types of market exchange processes and the multifactorial determinants of this variety
• the specificities of the business customers buying behavior and how they differ depending the different purchase situations
• the specificities of the segmentation and targeting strategies in business markets
• the different types of value propositions for business customers and how they differ depending on the types of market exchange processes
• what is a customer solutions in a business market
• the rational of developing KAM strategies in business markets and the different features affecting an effective KAM strategy and organization
• the way Customer Equity in business markets can be measured and managed
  APPLYING KNOWLEDGE AND UNDERSTANDING
  At the end of the course student will be able to...
  Students will be able to:
• manage effectively business customer behavior processes
• cope with the typical complexity of the decision making unit of business customers
• develop effective segmentation and targeting strategies in business markets
• design and manage effectively effective value propositions, including customer solutions
• design and manage effective KAM strategies and organization
• measure Customer Equity of business customers

MISSION
This course revolves around the specificities of B2B markets. In fact, these markets show distinguishing features that urge differentiated marketing approaches and processes compared to consumer markets. Furthermore, B2B markets have been experiencing relevant changes, challenging the logic and processes implicit in a number of consolidated B2B marketing practices. By focusing on the specificities of these markets, this course delves into the multiple areas of
competence and activities required to effectively manage business customers, from the understanding business customers to the the creation and commercialisation of the value propositions for those customers, to the assessment of the customers' economic returns. This course aims at providing students with the theoretical knowledge about the management of B2B markets, by discussing concepts and models that typically refer to the specificities of these markets. Second, this course aims at helping students develop a knowledge-of-use of these concepts and models, by providing a variety of fruitful contexts where students
can practice the application of these concepts and models. Third, this course aims at nurturing students’ critical thinking, by exposing them to a variety of realities that have been challenging even the more consolidated marketing practices, soliciting innovative managerial responses.
CONTENT SUMMARY
Overview of the specificities of business markets

Compare and contrast different types of exchange processes in B2B markets

Business customers buying behavior

Segmenting and targeting business markets

Developing effective value propositions for business customers

Designing and magaging customer solutions

Designing and managing KAM processes in B2B markets

Managing and measuring Customer Equity in B2B markets

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS

• The written exam is taken at the end of the course in one of the regular exam dates. The written exam is based on three questions extracted from a list of questions on the course contents included in the program and discussed during class hours. The overall list of questions from which the text of the exam is extracted is distributed in the few days following the end of the course. The written exam mostly assesses the

acquisition of the concepts of the course and, to a lesser extent, the practical knowledge and critical thinking of the students.

• Collaborative work takes place throughout the whole course as the topics of the course are discussed in the lectures. Per each case study provided, there are presenting groups (students discussing the group solution provided to the managerial problem raised by the case study) and discussants (students critically discussing in group the solution provided by the presenting groups). The collaborative work helps better develop a practical understanding of the topics included in the course and urges the students to nurture their soft skills (critical thinking, collaboration skills, teamworking).
• Active class participation assessment is based on the quality of the students’ contribution during class discussion. Students are encouraged to read in advance the material referred to the class topic and their contribution to class discussion on that topic is assessed.

Also, students’ contribution in collaborative work and active class participation is assessed and included in this area of evaluation. The evaluations of the students’ collaborative work and active class participation are valid for the three regular exam calls in the academic year 2026-2027.
NOT ATTENDING STUDENTS
Non-attending students have to take a written exam, on the contents of the course textbook, in one of the official exam dates. The written exam mostly assesses the acquisition of the concepts of the course and, to a lesser extent, the practical knowledge and critical thinking of the students.

ATTENDING STUDENTS
A selection of papers from the Reading Collection: B2B Marketing, EGEA 2026. The selection of papers are those included in the course detailed program.
NOT ATTENDING STUDENTS
Reading Collection: B2B Marketing, EGEA 2026. The whole set of papers published in the Reading Collection is required for non-attending students.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
The course is structured around five parallel strands.

• The first strand examines how banks and FinTech companies are evolving by analysing their main transformation drivers, including technology, regulation, customer behaviour, and competitive dynamics, together with their business models and future industry trends.
• The second strand focuses on the transformation of financial markets from both the supply and demand side, with particular attention to value chains, platform-based models, financial ecosystems, and the evolution of customer expectations, behaviours, and digital experiences.
• The third strand explores the evolving relationship between banks and FinTech firms, analysing the balance between competition and collaboration and how incumbent institutions are adapting to continuous technological and market change.
• The fourth strand adopts a forward-looking perspective on the future of banking, including new banking architectures, emerging types of financial institutions, innovative business models, and the increasing differentiation among market players.
• The fifth strand is dedicated to understanding the evolving regulatory and market frameworks of open banking and open finance, and how these paradigms are reshaping the financial services industry.

By the end of the course, students will have developed a solid knowledge base and will be able to

Understand the origins and drivers of the FinTech phenomenon and its hype.

Assess the impact of FinTech on the financial markets.

Evaluate the key drivers of transformation in financial services and their effects at both the micro and macro levels.

Analyse the transformative shift from transaction-based models to service-oriented approaches in the financial services industry, and assess the associated managerial and entrepreneurial challenges.

Understand and assess where and how the banking industry is undergoing a deep transformation.

Interpret the unique features of banks and FinTech development.

Explain the economic logic underlying the business models of banks and FinTech companies, and critically evaluate their sustainability, effectiveness, and strategic positioning within the evolving financial services industry.

Critically assess the role of digital platforms in shaping the FinTech revolution and the evolution of financial ecosystems.

Compare different perspectives on the idea of FinTech leading the banking industry versus incumbents.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Critically evaluate the empirical evidence concerning the evolving structure of the banking industry and the strategies adopted by different market participants.

Assess the role of banks and FinTech companies within the modern financial services industry, with particular attention to value propositions, customer relationships, and risk assessment models.

Evaluate the impact of the main environmental and technological drivers of change on the strategies and performance of banks and FinTech companies.

Analyse the regulatory challenges arising from digital transformation and the growth of FinTech companies.

Conduct independent research and critically review specialised academic and industry literature on banking and financial innovation, identifying and evaluating relevant information sources.

MISSION
The banking and financial services industry is undergoing a profound structural transformation driven by technological innovation, regulatory evolution, and changing market dynamics.

Digital technologies — including artificial intelligence, cloud computing, big data analytics, and platform-based infrastructures — are increasingly influencing the organisation, governance, and delivery mechanisms of financial services.

Within this evolving environment, FinTech firms, incumbent financial institutions, and technology companies are redefining the financial ecosystem through new forms of value creation, competition, and cooperation. The FinTech phenomenon has evolved from a disruptive startup movement into a broader, interconnected ecosystem characterised not only by innovation and experimentation but also by business model consolidation, scalability, strategic partnerships, and the pursuit of economies of scale and long-term economic sustainability.

The mission of this course is to provide students with an advanced understanding of the strategic, managerial, and operational implications of digital transformation in banking and financial services. The program aims to equip students with analytical frameworks and critical skills to evaluate innovation processes, assess the scalability and sustainability of emerging business models, and understand the challenges and opportunities faced by financial institutions in increasingly digitalised and interconnected markets.
CONTENT SUMMARY
The course aims to provide students with both professional knowledge and practical tools through a dual analytical perspective:

professionals working within banks (particularly retail and private banks) and FinTech companies, as well as students interested in launching their own FinTech ventures;

professionals collaborating with financial institutions as external stakeholders, including consultants, venture capitalists, technology providers, and other industry partners.

The curriculum is structured to first provide students with a comprehensive understanding of the banking and financial services industry, and then explore the profound transformation currently reshaping the sector. Particular attention is devoted to the challenges and opportunities faced by both incumbent banks and emerging FinTech firms.

The course is organised around key vertical product areas that drive innovation in the core functions of financial intermediation: payments and money services, lending, savings, and investments. For each area, students will analyse market structures, incumbent business models, emerging use cases, and the strategies adopted by technology-driven entrants. The course also examines the underlying economic dynamics, enabling technologies, and the evolving competitive landscape of the industry.

By the end of the course, students will have developed both a solid theoretical foundation and a practical understanding of the forces transforming banking and financial services at an international level.

To achieve these objectives, the course adopts an interactive and interdisciplinary approach designed to strengthen students’ understanding of the economics of banks and FinTech companies, while fostering critical thinking, problem-solving skills, and an entrepreneurial mindset.

The learning experience is enriched through real-world examples, business case studies, guest speakers, and live class discussions. Active participation is therefore considered an essential component of the course.

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
Students may choose between attending and non-attending status.

The two options involve different learning experiences and assessment methods.

For attending students
, the final evaluation is based on the following components:

Two group assignments (differently weighted but overall counting for 60% of the final grade). They are two different projects and are graded differently, as will be detailed in class. They are both designed to verify the student's ability to:

Apply the appropriate tools and methodologies learnt in class.

Work on a team and organise and present the relevant outcomes effectively.

Final written exam (40% of the final grade), based on a combination of open-ended essay questions designed to assess students’ critical understanding of the selected course readings, including textbook chapters and academic articles. Additional details will be provided in the syllabus and made available on Blackboard.

Attending status and related scores will be considered for the exam sessions of December 2026 and January 2027.

NOT ATTENDING STUDENTS
Students may choose between attending and non-attending status.

The two options involve different learning experiences and assessment methods.

For
non-attending students
, the final evaluation is based exclusively on the written exam, which accounts for 100% of the final grade.

The contents refer to the textbook and the material made available on the Course website (technical notes, readings, and slides) as detailed in the syllabus.

The final evaluation is based exclusively on a written examination. Group work assessments cannot contribute to the final grade, as such activities are available only to attending students.

The written exam is based on a combination of open-ended essay questions.

ATTENDING STUDENTS
The course materials consist of:

Book:

Omarini A., 2019,
Banks and Banking: Digital Transformation and the Hype of Fintech. Business impacts, new frameworks, and managerial implications
, McGraw-Hill

The book is also available as an eBook at

• https://www.bookrepublic.it/book/9788838695797-banks-and-banking-digital-transformation-and-the-hype-of-fintech/
• https://www.ibs.it/search/?ts=as&query=omarini+bank%20fintech&query_seo=omarini+bank%20fintech&qs=true
• And, also available through the Bocconi Library.

Other additional course materials (articles, cases, class notes, news articles, slides) will be posted on the Bboard and/or handed out in class.

Additional details regarding the selected course materials for attending students will be provided at the beginning of the course.
NOT ATTENDING STUDENTS
The course materials consist of:

Book:

Omarini A., 2019,
Banks and Banking: Digital Transformation and the Hype of Fintech. Business impacts, new frameworks, and managerial implications
, McGrawHill

The book is also available as an eBook at

• https://www.bookrepublic.it/book/9788838695797-banks-and-banking-digital-transformation-and-the-hype-of-fintech/
• https://www.ibs.it/search/?ts=as&query=omarini+bank%20fintech&query_seo=omarini+bank%20fintech&qs=true
• Also available at Bocconi Library.

Other additional course materials (articles, cases, class notes, news articles, slides) will be posted on the Bboard and/or handed out in class.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Illustrate
the concept of subjective probability and its role in Bayesian inference.

Comprehend
the logical foundations of Bayesian data analysis.

Explain
the theoretical basis of Bayesian parameter estimation, hypothesis testing, interval estimation, model selection, and prediction.

Identify
appropriate prior distributions, generative models, and the most effective computational techniques based on the statistical problem.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Select
suitable Bayesian statistical models for a given problem.

Compute
posterior distributions using analytical methods and computational techniques.

Interpret
and
communicate
the results obtained from Bayesian analysis.

Apply
Bayesian statistical methods to real-world problems.

Critically evaluate
the strengths and limitations of Bayesian approaches in different contexts.

MISSION
Bayesian statistical methods have advanced significantly in the past 20 years, thanks to their flexibility, ability to integrate diverse information, and effectiveness in handling complex data structures. They are now widely used across various scientific disciplines, including economics, finance, econometrics, marketing, biostatistics, image processing, and network analysis.

This course provides an introductory exploration of Bayesian statistics, covering theoretical principles, computational techniques, and practical applications. By the course's conclusion, students will have acquired a robust understanding of Bayesian hierarchical models, techniques for model selection, clustering, and regression, as well as a comprehension of the general principles for modeling complex data structures.

Throughout the course, we will maintain a balance between theoretical concepts and applications. By exploring practical examples employing the statistical software R, students will not only gain an understanding of theoretical frameworks but also the ability to select and implement Bayesian statistical models tailored to real-world scenarios.

This course equips students with a distinctive skill set in statistics and data analysis, which is valuable for pursuing quantitative career paths in academia and industry.
CONTENT SUMMARY

Thinking like a Bayesian: subjective probability, Bayes' Theorem, and belief updates.

Predictive approach to statistical inference: exchangeability and de Finetti's representation theorem.

Parametric inference: conjugate priors, point estimation, interval estimation, hypothesis testing, model selection, posterior prediction, and validation.

Stochastic simulation methods: Monte Carlo, ABC, Gibbs sampler, and Metropolis-Hastings.

Bayesian hierarchical models: partial exchangeability, borrowing of information, and group comparison.

Bayesian regression and classification: linear regression, regularization, bias-variance tradeoff, Gaussian processes, and na
ï
ve Bayes.

Bayesian clustering: mixture models and random partitions.

Bayesian generative network models.

Written individual exam (traditional/online) [General exam]
ATTENDING AND NOT ATTENDING STUDENTS
Student evaluation is based on a final written exam consisting of exercises, multiple-choice, and theory questions, which aim to evaluate both the understanding of the proposed methodologies and the student's ability to apply the analytical tools illustrated during the course.

ATTENDING AND NOT ATTENDING STUDENTS
Lecture notes and exercises
are provided via BBoard.

The course partially relies on
the books:

A. A. JOHNSON,
et al.,

Bayes Rules! An introduction to applied Bayesian modeling
.
2022

by Chapman & Hall.

P.D. HOFF,
A first course in Bayesian statistical Methods,
New York, Springer-Verlag, 2009.

A. GELMAN,
et al., Bayesian Data Analysis
, Third Edition, CRC Press, 2013.

Students who are interested in deepening, individually, specific concepts are provided with
additional reading materials
upon request. These additional materials are not object of final evaluation.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
List key behavioral anomalies for understanding consumer and investor behavior.

Describe cognitive foundations for such anomalies, rooted in selective attention and memory.

Operationalize these cognitive foundations in terms of theory and measurement, in a way that can be applied to field contexts.

Use these theory and measurement to aanalyze and predict the behavior of consumers, voters, investors, firms, of financial markets, and to design more effective public policies.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Identify the role of individual decisions in the problem at hand (e.g. investors' choices for a trader, consumer choices for a seller, citizens choice for a policy designer)

Hypothesize the role of specific cognitive forces driving individual behavior in the relevant domain.

Circumscribe the kind of data (measured attention, expectations, etc) needed to collect, together with final choices, in order to dissect cognitive forces in the field.

Develop a reserahc strategy centered on formal models and econometric test to estimate the importance of cognitive forces and to use them for predicting individual and market outcomes.

MISSION
The course offers a panoramic view of key findings in behavioral economics and finance, which have challenged the foundations of standard economic and financial analysis and are becoming increasingly central in research, business practice, and public policy. The course starts from foundational anomalies documented by Kahneman, Tversky, Thaler and others, and presents new cognitive theories accounting for them, and offering new tools for understanding the world. Half of the course will be devoted to applying these tools to understand consumer behavior, labor markets, financial markets, and politics.
CONTENT SUMMARY
The course will start by presenting Kahneman and Tversky's prospect theory, with the goal of training students in the core anomalies of reference dependence, loss aversion, probability weighting and diminishing sensitivity. We will next illustrate how these anomalies help understand specific instances of consumer and investor behavior. In the second part of the the course we will present cognitive foundations of these forces, based on salience driven attention and memory. This analysis will lead to new predictions and insights that we will use to study consumer choice and competitive advertising. The third part of the course will introduce time inconsistency and study its implications to procrasination, addiction and insufficient saving. We will also study social preferences and altruism. This part will enable students to be up to date with leading psychological forces in decision making.

The second half of the course will instead present biases in probabilistic judgments and expectation formation. We will start with the early empirical anomalies documented in the laboratory and in the field, especially in financial markets such as the representativeness, availability and anchoring heuristics. We will then study cognitive theory based on selective memory explaining these anomalies and allowing to build a theory of non-rational expectation formation. This theory will be used to study discrimination in labor markets, the persistence of errneous beliefs in politics, and expectations in macro finance. This will open a behavioral finance module, in which we will engage in an in depth empiricl and theoretical analysis of the importance of non.rational expectations for explaining financial market volatility.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
All students (attending and non attending) will have to take a general exam covering the entire program of the course. The general exam will have multiple choice questions requiring both theoretical knowledge of the topics covered in the course and analytical ability to solve the mathematical models covered during the course.

For attending students, extra points can be added to the grade of the general exam based on two class activities. The first is active participation by with questions or comments on the material covered in class. the second is a group presentation of a topic related to the course material chosen by the student with a group of peers that will be formed at th ebeginning fo the course.

The amount and model of attribution of the additional points will be clarified at the beginning of the course and in the course syllabus.

ATTENDING AND NOT ATTENDING STUDENTS
The syllabus consistent of scientific articles. It will be communicated/posted online in late August.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand individual differences in team-based activities.

Identify the distinctive elements of an effective communication.

Differentiate an effective communication from a non effective one.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Appreciate individual differences in team-based activities.

Experiment with the distinctive elements of an effective communication.

Develop an effective communication.

MISSION
The evolution of the global context requires the development of managerial skills that are aimed at integrating knowledge between team members and organizational actors in order to develop innovative solutions. The ability to read the context and to integrate different sources of information represent pivotal elements to achieve and present innovative solutions.
CONTENT SUMMARY

Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Because of the active interaction and the continuous feedback (from peers and instructors), attending students are evaluated on the basis of their active and continuous contribution throughout
the entire duration of the seminar
(es. preparation of the presentation message, presentation design, peer feedback with other students,...).

In order to be considered 'attending', the student should attend
100% of the sessions (8 out of 8 sessions).

Final evaluation: pass/fail.

NOT ATTENDING STUDENTS
Not-attending students are evaluated through a written exam (multiple choice) entirely based on the readings indicated in the 'teaching material' section'. The exam is aimed at evaluating students’ ability to recognize the main elements that characterize effective teamwork and influential presentations.

The not-attending exam will be entirely based on the following readings:

Gratton, L., & Erickson, T. J. (2007). Eight ways to build collaborative teams.
Harvard Business Review
,
85
(11), 100.

Hughes, J., & Weiss, J. (2007). Want collaboration? Accept–and actively manage–conflict.
Harvard Business Review.

Ibarra, H., & Hansen, M. T. (2011). Are you a collaborative leader.
Harvard Business Review
,
89
(7/8), 68-74.

Abele, J. (2011). Bringing minds together.
Harvard Business Review
,
89
(7-8), 86-93.

McDermott, R., & Archibald, D. (2010). Harnessing your staff’s informal networks.
Harvard Business Review
,
88
(3), 82-89.

Hansen, M. T. (2009). When internal collaboration is bad for your company.
Harvard Business Review
,
87
(4), 82-88.

Pisano, G. P., & Verganti, R. (2008). Which kind of collaboration is right for you.
Harvard Business Review
,
86
(12), 78-86.

Final evaluation: pass/fail.

ATTENDING STUDENTS

Materials distributed in class and or in the BB and instructor’s slides.

NOT ATTENDING STUDENTS
The not-attending exam will be entirely based on the following readings:

Gratton, L., & Erickson, T. J. (2007). Eight ways to build collaborative teams.
Harvard Business Review
,
85
(11), 100.

Hughes, J., & Weiss, J. (2007). Want collaboration? Accept–and actively manage–conflict.
Harvard Business Review.

Ibarra, H., & Hansen, M. T. (2011). Are you a collaborative leader.
Harvard Business Review
,
89
(7/8), 68-74.

Abele, J. (2011). Bringing minds together.
Harvard Business Review
,
89
(7-8), 86-93.

McDermott, R., & Archibald, D. (2010). Harnessing your staff’s informal networks.
Harvard Business Review
,
88
(3), 82-89.

Hansen, M. T. (2009). When internal collaboration is bad for your company.
Harvard Business Review
,
87
(4), 82-88.

Pisano, G. P., & Verganti, R. (2008). Which kind of collaboration is right for you.
Harvard Business Review
,
86
(12), 78-86.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

dentify business problems where modern data analytics and machine learning can generate actionable insights.

Distinguish between supervised and unsupervised machine learning methods and select the appropriate approach for a given problem.

Describe the main techniques for model evaluation and explain how to compare competing models.

Explain the key challenges of analyzing unstructured textual data and illustrate the main NLP approaches to address them.

Describe the architecture of Artificial Neural Networks and identify their main components and applications.

Summarize and communicate data-driven findings to both technical and non-technical audiences.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Apply data-analytic thinking to diagnose and solve business problems involving potentially large and/or complex datasets.

Implement machine learning and NLP pipelines in R, from data preparation through model evaluation.

Produce data visualizations and statistical summaries that communicate findings clearly to diverse audiences.

Collaborate in small teams to design, execute, and present a data analysis project in a structured scientific report.​​

MISSION
The rise of AI and large-scale data analytics has blurred the boundary between business and technical roles. The mission of this course is to train students of business administration and related fields to become informed and active participants in data-driven decision-making. Through a combination of data mining, statistical modeling, machine learning, natural language processing, and programming in R, students will build the conceptual foundations and practical skills needed to extract, interpret, and communicate insights from complex datasets. This is a key skill and as it allows to bridge the gap between domain expertise and modern analytical practice.
CONTENT SUMMARY

Definition of Big Data and modern data ecosystems.

Parallel and distributed computing.

Machine learning: supervised and unsupervised methods.

Model evaluation and validation.

Survival Analysis and time-to-event modeling.

Natural Language Processing and text mining.

Artificial Intelligence: Neural Networks and deep learning.

Introduction to programming in R.

Machine learning in R.

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS

One
group assignment
consisting of a technical report and an in-class presentation,
representing 80% of final grade
. Students apply the methods covered in the course to a realistic dataset or case of their choice, verifying their ability to implement, evaluate, and communicate a data-driven solution — directly assessing the applying-knowledge and transversal (teamwork, communication) outcomes. The in-class discussion also allows the instructor to verify individual understanding through follow-up questions.

One final multiple-choice written exam representing 20% of final grade, verifying students' acquisition of the core theoretical and conceptual knowledge covered in the course.

NOT ATTENDING STUDENTS

One
individual assignment
consisting of a technical report and a pre-recorded video presentation,
representing 60% of final grade
, submitted to the instructor for review. This verifies the same applying-knowledge outcomes as the group assignment, adapted to an individual format since non-attending students do not take part in in-class discussion.

One final multiple-choice written exam representing 40% of final grade, verifying the same theoretical knowledge outcomes as for attending students; the higher weight compensates for the absence of an in-class discussion component.

ATTENDING AND NOT ATTENDING STUDENTS
Main source:

Slides provided by the instructor.

Papers will also be circulated by the instructor.

Additional sources:

B. BAUMER, D. KAPLAN, N. HORTON (edition by CRC Press), Modern Data Science with R. — Covers the full data science workflow from a business/social science perspective, very well aligned with the course audience.

M. KUHN, J. SILGE (edition by O'Reilly), Tidy Modeling with R. — A natural companion to the existing Silge & Robinson text; covers model building, evaluation, and cross-validation in a consistent tidyverse framework.

J. SILGE, D. ROBINSON (edition by O'REALLY),
Text Mining with R: A Tidy Approach.

G. GROLEMUND, H. WICKHAM
(edition by O'REALLY), R for Data Science.

G. GROLEMUND
(edition by O'Really), Hands-On Programming with R: Write Your Own Functions and Simulations.

Advanced readings:

Trevor Hastie
,
Robert Tibshirani
,
Jerome Friedman
:
The Elements of Statistical Learning: Data Mining, Inference, and Prediction, Second Edition
(available in pdf here: https://web.stanford.edu/~hastie/ElemStatLearn/printings/ESLII_print12.pdf

G. JAMES, D. WITTEN, T. HASTIE, R. TIBSHIRANI (edition by Springer), An Introduction to Statistical Learning with Applications in R (ISLR). — A more accessible companion to ESL, with R labs directly relevant to the course. Freely available at
https://www.statlearning.com
. Given that ESL is already listed, ISLR is the natural stepping stone students will actually use.

E. FRANK, M. HALL, I. WITTEN (edition by Morgan Kaufmann), Data Mining: Practical Machine Learning Tools and Techniques. — Strong on model evaluation and practical ML, good complement to the Hastie et al. texts.

F. CHOLLET (edition by Manning Publications),
Deep Learning with R.

F. CHOLLET (edition by Manning Publications),
Deep Learning with Python.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course student will be able to:

Understand the idea of digital money and especially the functioning of Bitcoin.

Understand the technical elements of a blockchain architecture.

Comprehend the logic behind the development of an enterprise project based on blockchain.

Understand the concept of Decentralized Applications identifying benefits and weaknesses.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course student will be able to:

Design and code blockchain-based smart-contracts.

Derive, from the key blockchain framework, the best approach to implement a blockchain solution.

Use some of the most common software tools (i.e. wallet and blockchain explorers) needed to manage and exchange a cryptocurrency protocol.

MISSION
Blockchain, Bitcoin and cryptocurrencies: three terms used often without having precisely in mind where the boundaries among them are located. Some believe that blockchain is the most promising and revolutionary technology currently being researched in the IT field, others think that is only an overhyped phenomenon destined to explode in a market bubble. Regarding Bitcoin, some think it is 21st century’s digital gold, non-country specific and censorship-resistant; others, that it represents an asset used only for illicit trafficking.
The course aims at providing the tools from the technological perspective and from the business perspective to understand the technologies, their impact on business, finance and society at large, analyzing the following topics:

• The starting point: Bitcoin. The story, motivations and basic technologies and bitcoin economics
• Blockchain components and technologies: cryptography, ledgers, blocks, chaining, consensus models
• Blockchain categorization and forking. History and main examples
• The main permissionless platform: Ethereum
• Smart contracts and DApp, digital sovereign identity
• Blockchain limitations and misconceptions
• The cryptoasset market development and the financial system: history, case studies, paradigms, regulations…
• Blockchain applications and business implications
• What’s next?
  CONTENT SUMMARY
  ​​​​​​
  The Bitcoin Paradigm

Why was Bitcoin created?

The technological stack of Bitcoin

The developers' communities of Bitcoin.

Bitcoin hands-on: opening and exchanging Bitcoin.

The Ethereum Paradigm

Prologue: the expressiveness limits of Bitcoin script (statelessness, lack of Turing completeness)

Inception, design and deploy of Ethereum ("the world computer")

Differences with Bitcoin: scripting language, code execution and account model, governance

EVM and high level smart contract languages (Solidity)

Sharding and Proof of Stake (PoS)

Permissioned Blockchains

Motivations: performance and regulatory compliance issues of permissionless blockchains

Decentralization trade-offs: permissioned consensus protocols

Main permissioned platforms (e.g. EBSI, LIbra, Sovrin), perspectives and applications

The blockchain application landscape

Notarization and certification

ICOs

Decentralized Applications

NFT, Metaverse and Web3

Blockchain business considerations

Why blockchain can be considered a multi-layer infrastructure.

What are the blockchain architectural options.

When the blockchain makes sense in the enterprise and how to implement it.

What are the so called off-chain services and how do they work.

Introduction to Regulations and institutional initiatives

Italian and European initiatives

The role and position of Central Banks on cryptoassets

The blockchain regulatory framework

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
With the purpose of measuring the Course expected learning outcomes, the assessment for attending students, the exam will consist of an individual exam (50% of the final mark) + group assignment and presentation (40% of the final mark) + class participation and activities (10% of the final mark).

Individual exam: a questionnaire (composed of multiple-choice and open questions) on the theoretical part of the course, aimed at testing:

their understanding of the key technical, economic and business aspects of blockchain-based cryptoassets;

their knowledge about Bitcoin, Ethereum and Permissioned Blockchains;

their understanding of the most relevant blockchain-based applications, their strengths and weaknesses.

Group assignment: it focuses on the second part of the course, specifically designed to measure the students’ ability to design a blockchain application tailored to a specific business context. Each project will be evaluated both from a technical and business perspective.

Class participation: it will be crucial to acquire the ability to interact with executive and managers about the emerging trends and issues of blockchain in order to build an open and collaborative approach to the course’s topics.

NOT ATTENDING STUDENTS
The assessment for not attending students is based on a final written exam (100% of the grade). This exam will consist in:

a multiple-choice questionnaire on the course, aimed at testing

their understanding of the key technical, economic and business aspects of blockchain-based cryptoassets;

their knowledge about Bitcoin, Ethereum and Permissioned Blockchain;

their understanding of the most relevant blockchain-based applications, their strengths and weaknesses.

2. Open questions aimed at testing their ability to analyze a blockchain-based solution from technical and business perspectives.

ATTENDING AND NOT ATTENDING STUDENTS
A collection of course readings will be made available in the course website through the University's elearning platform (Blackboard).

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the meaning of the strategic discipline of branding and its role in creating shareholder value

Understand brands as the co-creation of marketers, consumers, society, and markets

Understand the key decisions involved in the strategic and tactical management of a brand

Distinguish how to apply fundamental and emerging branding principles such as relationship branding, brand building, brand positioning, brand design, brand portfolio strategy, and brand architecture

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze the consumer–brand relationship based on economic and psychological models

Evaluate brand acceptance and brand adoption

Formulate a strategic and tactical plan for a new brand in order to build, develop, and protect it, grounding these decisions in appropriate data

Assess a brand’s impact in terms of brand power and brand equity

Articulate a brand strategy in terms of brand portfolio and brand architecture

Develop a brand audit project

MISSION
The course analyzes the process of brand management, aimed at developing a brand’s value over time. In particular, theories and cases are discussed and examined to understand how to launch, grow, and protect this fundamental business asset.

Launching and developing a brand involves defining coherent strategies and tactics that manage the brand’s potential impact in terms of brand power and brand equity, while assessing and managing its key dimensions — brand identity, brand image, brand awareness, and brand knowledge.

Managing a brand also means viewing it as a driver of both current and future business growth, which entails making decisions regarding rebranding, brand realignment, brand extensions, and brand portfolio strategies.

These aspects of brand management are explored through the discussion of economic, psychological, and sociological theories, empirical research findings, case studies, examples of local and global brands, and action learning exercises.
CONTENT SUMMARY
BRAND–CONSUMER EXPERIENCE

The brand–consumer experience

Psychological, contextual, and socio-cultural factors influencing the brand–consumer experience

Analysis and measurement of brand value

BUILDING BRANDS: STRATEGIC DECISIONS

Strategic decisions for launching new brands

Predicting acceptance and adoption of a new brand

Brand strategy and positioning

BUILDING BRANDS: TACTICAL DECISIONS

Brand elements & brand referents

Brand promotion

Brand pricing

MANAGING BRANDS

Rebranding & bradn realignment

Brand extensions: horizontal and vertical

Brand portfolio management strategies

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
The assessment for attending students is based on:
(1)
Brand Audit project

• 50%
  (2)
  Final exam
• 50%

The
Brand Audit project
is carried out in groups and provides an opportunity to apply the concepts learned during the course to a real brand. Students identify specific issues and opportunities for the brand, generate recommendations supported by appropriate data and analysis, and communicate their findings and recommendations clearly and professionally.

The
final exam
is written and consists of both open-ended and multiple-choice questions related to the material discussed in class. The exam assesses students’ ability to apply the knowledge and concepts learned during the course.
NOT ATTENDING STUDENTS
The assessment for non-attending students is based on a
written final exam
. It consists of both open-ended and multiple-choice questions related to the course content. The exam assesses students’ ability to apply the knowledge and concepts learned during the course.

ATTENDING STUDENTS
Teaching materials include slides and handouts prepared by the instructor, as well as a curated selection of cases available for digital download.

NOT ATTENDING STUDENTS

Slides and handouts prepared by the instructor,

Book TBD

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

APPLYING KNOWLEDGE AND UNDERSTANDING

At the end of the course student will be able to...

Understand the practical aspects of entrepreneurship.

Design/develop an innovative idea.

Prototype your business idea.

Develop a state-of-the-art business plan.

Assess the feasibility of an entrepreneurial idea.

Assess Business plans if a student will work for a Venture fund or in Incubators.

Avoid failures when scaling-up.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the practical aspects of entrepreneurship.

Design/develop an innovative idea.

Prototype your business idea.

Develop a state-of-the-art business plan.

Assess the feasibility of an entrepreneurial idea.

Assess Business plans if a student will work for a Venture fund or in Incubators.

Avoid failures when scaling-up.

The attending exam, composed mostly of teamwork, together with individual efforts, is the ideal setting to learn and consolidate theoretical and applied knowledge.

MISSION
From the first Internet wave, we have seen enthusiastic young entrepreneurs joining the web arena. However, a number of diverse factors caused few to succeed (the Unicorns) and many to fail. It is not just a matter of ideas, technological capabilities, or viral diffusion; sustainable business models are required to foster the growth of start-ups and avoid the burst of a new Internet bubble. We try to nurture conscious entrepreneurship, to take advantage of the endless possibilities of the most advanced technologies (mostly AI, but also IoT and Cloud) to avoid traps and common mistakes. We have built our course around a very concrete field project required for attending students. Your project should include your novel ideas along with a financial forecast both for the star-up and scale-up phases. Being a unicorn is our ultimate goal (of course, we don’t insist too much on the western usual examples, such as Amazon, Google, … We present local cases we worked with.
Then, we pitch your projects to the real world business community, composed of angels and institutional investors. Please note that your business idea must be formally approved by the course instructors before going into the business plan details. Please, avoid sterile apps, multi-sided markets (if you don’t have a superior value proposition), ideas with very strong incumbents, and so on.
CONTENT SUMMARY

Idea generation.

Management of your team.

Customer discovery for start-ups: market, prototypes, tests, and prototyping.

Competition and benchmarking.

Very specific P&L rules for start-ups: top line and basic assumptions.

The most important failures to avoid, in order to succeed, both in the start-up and in the scale-up phases.

Operations, technology plan, milestones.

Valuation of your start-up.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
To be defined as attending, a student must:

enrol in a team of students within the class;

craft a field project, together with his/her team members;

carry out the intermediate non-evaluated assignments, intended to prepare and improve the field project;

take the individual exam for attending people;

perform a peer evaluation of his/her team.

Intermediate activities are not evaluated and are solely intended to provide feedback to students to improve the quality of their final field work.

Grade composition for attending students:

The individual grade for an attending student is composed of four parts:

80% of the individual grade is represented by the evaluation given to the mandatory Field project (as said, the Fieldcproject is a team activity).

20% of the individual grade is represented by the evaluation given to the Elevator Pitch (the elevator pitch is a group presentation -usually held during the last day of the course- of the main contents of the field project. Elevator pitch is a teamwork activity).

Individual exam is PASS or FAIL. Individual exam is a theoretical exam on the readings listed in the dedicated section. In case of FAIL, 4 points are subtracted from the final students’ grade.

Peer evaluation. Peer evaluation is the evaluation of other team members’ contribution to the Business Plan. Students’ grade doesn’t change if peer evaluation is positive. Peer evaluation can proportionally lower individual grade in case of negative feedback from peers, up to 4 points.

Here the procedure for peer evaluation:

Students must grade their colleagues’ contribution from 1 to 5 through the eLearning platform

If each member of the group takes an average grade from 4 to 5, individual grade remains unchanged.

If only one person of the group gets between 4,5 and 5, he/she will be earned with 1 extra point.

If someone in the group takes 1, he/she loses 4 points from the group grade (e.g. the team takes 27, student takes 23). 1<x=2, 3 points. 2<x=3, 2 points, 3<x<4, 1 point.

To give an example, student X belongs to team Y. Team Y gets 25 points out of 30 in its Business Plan. And Team Y gets 25 points out of 30 in its Elevator Pitch.
Student X grade is 25.

Then, Student X gets a PASS in his/her individual exam and a positive evaluation in his/her peer evaluation.
Thus, Student X evaluation doesn’t change. The final grade is 25 points out of 30.

To further clarify, our field project is a written document describing various aspects of a start-up (idea, business model, the prototype, competitors, operations, financial statements, scaling-up issues).
The making of a field project is intended to test the ability of students to apply their knowledge and understanding of managerial theories by designing an innovative idea and developing it in all the relevant aspects. Moreover, the making of a field work is intended to test the abilities requested to real entrepreneurs.

The same assessment principles hold for the Elevator Pitch.
NOT ATTENDING STUDENTS
A non attending student doesn't perform the business plan and any in-class activity.

Slides for non attending students are NOT included in the exa m

He/she takes a one-shot written exam, that is composed of essay &/or multiple choice questions.

Open ended questions are mainly aimed at testing the learning of the concepts , methods, and tools illustrated in the course materials and their correct understanding.

ATTENDING STUDENTS
BOOK, for the making of your business plan (NO formal exam on this book):

R. ABRAMS, Successful Business Plan (Secrets & Strategies), Planning Shop,
Year: whatever edition is available.

SLIDES, for the individual exam (MANDATORY):

Slides uploaded on BlackBoard.

Up to a maximum of 2 papers, to be announced throughout the course.

NOT ATTENDING STUDENTS
NO slides or other materials distributed throughout the course (those are only for attending students).

Please note that papers are split by topics treated, to give non attending students a good clarity of the subject matter:

1) Definition of start-ups, and scale-ups + business model

E.D. BEWAIO, Pre-start-up preparations: Why the business plan isn’t always written, The Entrepreneurial Executive, 2010.

D.J. TEECE, Business Models, Business Strategy and Innovation, Long Range Planning, 2010.

C. ZOTT, R. AMIT, Business Model Design: An Activity System Perspective, Long Range Planning, 2010.

J. EUCHNER, A. SLYWOTZKY, Business design (interview with Adrian Slywotzky), Research-Technology-Management, 2015.

S. SINHA, The Exploration–Exploitation Dilemma: A Review in the Context of Managing Growth of New Ventures, VIKALPA (is name of the journal), 2015.

Blitzscaling, 2016, Harvard Business Review (an interview with Reid Hoffman by Tim Sullivan).

Hambrick D.C., Lei D., 1985, Toward an empirical prioritization of contingency variables for business strategy, AMJ

2) Technologies to design a start-up (mainly referred to Artificial Intelligence)

McKinsey Global Institute (MGI), A future that works, Full report, 2017 (148 pages).

Ask [email protected] to get the paper

3) Theoretical foundations of impact of technologies on users

Venkatesh V., Davis, F.D., 2000, A theoretical extension of the technology acceptance model: Four longitudinal field studies. Management Science.

Venkatesh V., Bala H., 2008, Technology Acceptance Model 3 and a Research Agenda on Interventions, Decision Sciences.

4) Small companies and their environment

N. ROIG-TIERNO, J. ALCAZAR, S. RIBEIRO-NAVARRETE, Use of infrastructures to support innovative entrepreneurship and business growth, Journal of Business Research, 2015.

S.A. ZAHRA, W.C. BOGNER, Technology strategy and software new ventures’ performance: exploring the moderating effect of the competitive environment, Journal of Business Venturing, 1999.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

understand the foundational economic, institutional and legal features of African markets;

recognise the pluralistic nature of African legal systems and their relevance for business and investment operations;

describe the structure, objectives and implications of regional and continental integration processes, including AfCFTA and other African regional organisations;

understand the main principles and current developments in international investment law and arbitration involving African states;

acquire a practical understanding of the main trends and issues in the African market through interaction with African and non-African experts from both the public and private sector (including policy makers, in-house counsels, law firms, NGOs).

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

identify and assess legal and business issues arising in cross-border operations involving African jurisdictions;

apply concepts discussed in class to factual scenarios through case analyses, simulations and practical exercises;

evaluate opportunities and challenges associated with African regional integration, regulatory reforms and investment frameworks;

critically analyse the interaction between African domestic legal systems, supranational initiatives and international economic law.

MISSION
The course provides an advanced and interdisciplinary introduction to the legal and economic environment of African markets, with a particular focus on cross-border business and investment operations.
The mission of the course is to equip students with the analytical tools required to understand, assess and navigate the legal frameworks applicable to business activities in African jurisdictions. Through lectures, case studies and interactions with practitioners and institutional experts, students will develop a nuanced understanding of African pluralistic legal systems, regional organisations, supranational initiatives and sector-specific regulatory dynamics. The course aims to prepare students for professional engagements in international law firms, multinational companies, financial institutions, international organisations and public bodies operating in or with African markets.
CONTENT SUMMARY

Foundations: Africa’s Economic and Legal Landscape

African Law(s) and Legal Pluralism

Regional Integration and Harmonisation

Comparative African Business Law

International Investment Law and Arbitration in Africa

Africa in Global Value Chains and Strategic Industry Developments

Oral individual exam [Partial exams, General exam]
Written individual exam (traditional/online) [Partial exams]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Attending students can take an intermediate and an end-of-semester exam.

As to the intermediate exam, there will be a forty-five-minute long written exam. No internet access is allowed, and students are not allowed to consult any books or notes.

In terms of exam format: there will be five multiple-choice questions, each bearing 1 (one) point, and two open-ended questions, each bearing 5 (five) points.

As to the end-of-semester exam, there will be an oral exam. The maximum score is 15 points.

The programme of each partial exam for attending students will be communicated in class.

The purpose of the written and oral exams is to examine students' ability to critically understand the notions discussed during the course, spot legal and business issues from a set of facts and apply the law to factual scenarios.

There will be up to five bonus points that students can earn throughout the course through interactive activities and attendance to guest lectures and seminars.
NOT ATTENDING STUDENTS
Non-attending students must take a general exam.

In terms of exam format: there will be an oral exam.

The oral exam aims to examine students' ability to critically understand the data, statutory laws and notions discussed during the course, spot legal issues from a set of facts and apply the law to factual scenarios.

ATTENDING AND NOT ATTENDING STUDENTS
The list of readings and multimedia materials (such as mind maps and PPT presentations) will be communicated during the course.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

The need to focus on business processes.

Organizing for process improvements.

Tools, languages and architectures to map processes.

Measuring and describing processes.

Process modeling foundations. Improving processes.

Process benchmarking and process simulation.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Assess the efficiency and effectiveness of an organization from a process perspective, conduct process improvement projets, and determine the role of technology in supporting corporate processes. Business process management is based on the observation that each product or service that a company provides to the market is the outcome of a number of activities performed. Business processes are the key instruments to organize these activities and improve teh understanding of the interrelation.

MISSION
The course addresses the methods and techniques required to analyze, design, implement, automate, and evaluate business processes. Structured along the phases of the Business
Process Management (BPM) life cycle, students learn to analyze organizational performance from a process perspective, redesign processes using value-focused techniques, design
workflows and implement them in BPM systems, simulate new process designs, and create process analytics applications using dashboards. The course leads students from a) process
discovery through conceptual and technical process design, b) through the implementation and management of workflows, c) to the structure of process-aware information systems.
CONTENT SUMMARY
The course illustrates tools, languages and architectures to map and model business processes. Key content are the following:

The need to focus on business processes.

Organizing for process improvements.

Tools, languages and architectures to map processes.

Measuring and describing processes.

Process modeling foundations. Improving processes.

Process benchmarking and process simulation.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
Summary of evaluation criteria for attending students

Attending students will receive an individual evaluation at the end of the course composed as follows:

-
Company Process design and management project (teamwork activity) = 50%

-
In-class process design and management exercise (teamwork activity) = 10%

-
Final exam (individual) = 40%

-
Class participation (individual) +1/30 to max 5 students

-
Individual take home exercises (individual, no evaluation)

A “pass course” is issued ONLY in case each one of the above grades is >= 18/30.
NOT ATTENDING STUDENTS
final exam, 100% final grade

ATTENDING STUDENTS
Attending students, that will regularly access on-line resources, will prepare:

-
Readings and cases available online through E-Learning.

-
Davis R., Aris design platform: getting started with BPM, Springer 2008, Berlin
NOT ATTENDING STUDENTS
Non-attending students:

P. Harmon, Business process change, Third Edition, Elsevier, 2014, Waltham MA, Usa

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
(1) To gain an understanding of how organizational change is achieved

(2)
To enhance personal capabilities to navigate change in our lives

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Exploring both the theorizing and experiencing of change, attendees will develop personal profiles of how to navigate in change, and the relations, convictions and materials that inspire people to undertake and sustain change in our lives.

MISSION
Organizations are always engaged in change management processes at both strategic and operating level, in order to both adapt to the environment and bring changes to it. A frequent case in many firms today is the implementation of new information technology-based solutions that require significant changes in company processes. Sustaining competitive advantage requires innovative change strategies that need to be carefully monitored over time. One central element of all successful change processes is the role covered by key actors that activate the change: they are the ones that, either from the outside or the inside of the firm, facilitate the emergence of new ideas and engage new course of action. The course aims at educating those that are involved in the management of change processes, by realizing the change steps, leveraging the right variables and managing the resistances to change. Thus, this course focuses on the process of implementing change as the key feature and fundamental challenge in managing organizational change. The purpose is twofold:
CONTENT SUMMARY
(1) To gain an understanding of how organizational change is achieved

We will examine the various theories and concepts of change, along with experiences and dilemmas in practice, that together help gain an understanding of what contributes to the carrying out of successful and lasting change.

(2)
To enhance personal capabilities to navigate change in our lives

Exploring both the theorizing and experiencing of change, attendees will develop personal profiles of how to navigate in change, and the relations, convictions and materials that inspire people to undertake and sustain change in our lives.

Coherently with the above-mentioned objectives, beyond lectures and concept-building sessions, the course will use different learning tools:

-
Case studies and case studies discussions: students will have to prepare cases in teams and present them to the plenary session

-
Individual change management project, requires to apply change management notions to oneself

-
Multimedia based simulation exercise

-
Group project change management research.

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
Attending students, that will regularly access on-line resources, will prepare:

-
Readings and cases available online through Web-Learning.
NOT ATTENDING STUDENTS
Non-attending students:

J M. BEITLER,
Strategic Organizational Change
, Second Edition

D. Anderson,
Organizational Development: The process of leading organizational change

(The above books are available on Amazon.com)

ATTENDING STUDENTS
Attending students, that will regularly access on-line resources, will prepare:

-
Readings and cases available online through Web-Learning.
NOT ATTENDING STUDENTS
Non-attending students:

J M. BEITLER,
Strategic Organizational Change
, Second Edition

D. Anderson,
Organizational Development: The process of leading organizational change

(The above books are available on Amazon.com)

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the structure and evolutionary dynamics of the retail sector and distribution channels.

Evaluate the relevance of the utilities created by distribution channels and commercial companies for end customers.

Select the essential aspects for the management of distribution channels and manufacturer-distribution relationships.

Seize the new innovative frontiers in the retail businesses and the changes brought about by technologies and digital channels.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Carry out an analysis of the commercial sector and the needs of intermediate customers.

Measure the utilities created by distribution channels and retail companies for shoppers.

Draw a plan for the management of channels and industry-distribution relationships.

Develop a retail innovation project to seize the opportunities linked to the development of digital channels.

MISSION
The world of distribution channels is rapidly transforming as a consequence of the progressive concentration in retailing and the rapid development of information technologies and digital channels. In addition, in many cases, the most advanced distributors are reinforcing their retail brands in direct competition with national brands, making channel management increasingly complex. After defining the contexts of the retail sector, the course aims to focus on the strategic and operational choices related to the design and management of distribution channels, and through the completion of a field project on distribution innovation (Think Tank Gdo Week).
CONTENT SUMMARY
The course is divided into three parts. In the introductory part, the key elements of a distribution channel (such as protagonists and flows) as well as its main economic functions are described. The retailers’ key management practices and their offer development process are discussed. The second part focuses on channel management, pointing out the main choices regarding: channel design, multichannel management and trade marketing. The third part analyzes the historical evolution of distribution channels and its stages, by adopting an international perspective, and provides insights on emerging trends. These include current innovations in retailing, in particular e-tailing and retail branding. In short, the topics discussed during the course include: The definition of distribution channels and the economic functions developed by its protagonists. Flows, utilities and services produced by the distribution channels. Structure of the retail sector and its evolution. Distribution formats. Types of goods, shopping processes and commercial services. Competitive strategies and retail marketing. Channel design. New foundations of channel management: multichannel distribution and trade marketing. Retail and distribution channels analyzed from a historical perspective: the Italian distribution system in the 20th century. Innovation in retailing. Strategies related to retail brand development.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
Assessment methods are based on two elements:

Field project: 50%

Final exam: 50%

The field project consists of developing an innovative project to carry out a concept at the distribution level. The project must involve several areas of innovation. These areas are presented in detail at the launch of the competition along with the assessment criteria. The best projects completed within the course are able to access the international competition. These are then assessed by a panel of distribution managers and experts, who select a winner for each of five innovation categories. These projects are used to verify the ability of students to apply the knowledge developed during the course and assess the ability to complete the retail innovation project and how to present it effectively. At their discretion, individual groups may request to integrate the faculty assessment with a peer evaluation (optional).

The exam is held in written form. It is made up of open-ended and multiple-choice questions referring to the concepts, models and cases discussed in class. The open-ended and multiple-choice questions are aimed at verifying learning of the analytical and management abilities and their correct comprehension, and at assessing the ability to apply the knowledge students learn during the course.

NOT ATTENDING STUDENTS
Final exam: 100% - Written test.

The assessment method for non-attending students is based on a final exam in written form. It is made up of open-ended and multiple-choice questions referring to the concepts, models and cases contained in the textbooks and exam materials. The open-ended and multiple-choice questions are aimed at verifying learning of the analytical and management abilities and their correct comprehension, and at assessing the ability to apply the knowledge students learned when studying the course material.

ATTENDING STUDENTS

Castaldo S., Grosso M., Premazzi K.,
Retail and Channel Marketing
, 2nd edition, Edward Elgar, ISBN-13: 978-1789903676

G.G: BOYCE and S. VILLE,
The Development of Modern Business
, New York, Palgrave, 2002, pp. 175-226

EMEK BASKER (ed.),
Handbook on the Economics of Retailing and Distribution, Cheltenham
, Edward Elgar, 2016, pp. 368-391 and 413-432

NOT ATTENDING STUDENTS

Castaldo S., Grosso M., Premazzi K.,
Retail and Channel Marketing
, 2nd edition, Edward Elgar, ISBN-13: 978-1789903676

Rosenbloom B.,
Marketing Channels, A Management View
, 8th Edition, ISBN-13: 978-0324316988, CHAPTERS 1-6, 15

G.G: BOYCE and S. VILLE,
The Development of Modern Business
, New York, Palgrave, 2002, pp. 175-226

EMEK BASKER (ed.),
Handbook on the Economics of Retailing and Distribution
, Cheltenham, Edward Elgar, 2016, pp. 157-200, 368-391 and 413-432

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
[
*It is a very informative course in terms of policy analysis and public management but it also offers practical sessions to apply knowledge
]:

Describe and interpret the development path and the challenges of an urban/regional context [
*I learned a lot about the reason why cities and agglomerations exist and what determines their growth, size and economic performance
].

Identify the role played by innovation as a main source of regional competitiveness.

Interpreting urban and regional policies to strengthen the ‘regional innovation system’ and to attract talents.

Describe and interpret the relationship between innovation, creativity and human capital [
*I have learned about the concept of ‘island of innovation’, as well as about network analysis as a tool to assess connectivity between cities/regions
].

Acquire the rationale and the constructive challenges of a ‘composite indicator’.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Act as a policy maker’s advisor for urban and regional growth policies [
*I learned to be careful of ‘one-size-fits-all’ policies and policy intervention in genera
l].

Mix in a proper way bottom-up and top-down approaches in the analysis of urban and regional dynamics.

Look at urban phenomena understanding sustainability issues.

Use in a critical way already existing ‘composite indicators’ on urban and regional phenomena;

Develop the analysis of an urban/regional innovative environment detecting strengths and weaknesses, opportunities and threats.

Develop teamwork skills [
*The course helped me develop my synthesis abilities, thanks to the workgroup we have to do
].

Interact and communicate effectively in multicultural contexts.

MISSION
Half of the world’s population already lives in cities, generating more than 80 per cent of global GDP today. In 2025 we expect the first 600 urban centres to account for about 60 per cent of worldwide GDP. Urban growth leads to the prosperity of the future world while, at the same time, enormous problems affecting people’s wellbeing are concentrating in cities.
Why do cities exist? Why do people and firms cluster together in cities and global city-regions? The course guides students in understanding the forces producing agglomeration and goes into the micro-foundations of urban economies.
Beyond cities there are regions, and territories not only play a positive role in providing competitive ‘environment’ to individual companies but they also play a direct and pro-active role in the process of knowledge accumulation.
Why do some regions grow more than other regions? This main question opens the door to new concepts such as the ‘regional innovation system’. The main conclusion is certainly that whatever would be the specific regional growth model, innovation exerts a critical central role.
The closure of the circle is the relevance of human capital and talent attraction for cities and regions, helping them to be innovative and to nurture their sustainable growth. The course addresses the ‘thickness’ of urban labour markets as a catalyst for creativity.
CONTENT SUMMARY
[
*Here and there, I reported some judgements expressed by students attending the previous two editions of the course – italic, in square brackets
].

The course offers an original view to a ‘glocal’ perspective on competitiveness and growth where territories matter and ‘place-based’ policies exert a pro-active role in strengthening sustainability and wellbeing. [
*Chose this course if you want a broad and comprehensive introduction to the most important issues of regional economics. If you want to learn how technology, innovation, and human capital have an impact on cities and regions, this is the right course!
].

The course has been designed for students interested in ‘mesoeconomics’ (in between micro – firms and actors – and macro – States and governments), it is a natural complement to both micro and macro competences already developed. [
*A course teaching you – and showing you – why mesoeconomics can be useful to promote territory and increase welfare. Useful, interesting and concrete. The course can be a useful tool in understanding more about cities and the dynamics of growth which are useful in professions in public sector/international organizations
].

The presentation of real-world case studies further enhances the link between theoretical frames and specific policies. [
*The balance between theoretical lectures and operational tools and presentation of other students is well achieved and relevant
].

The course is divided into five modules very integrated and mutually reinforcing: cities, regions, innovation, and human capital, plus one technical instrument frequently used in the field analysis: composite indicators.

The first module provides a critical insight into the main contemporary literature in discussing the role and the challenges of cities on a global scale, its role in promoting sustainable growth and the relevant policies.

The second module analyses the concept of region and its intertwined linkages with the city. Concepts such as ‘global city-region’ are addressed in some detail and territories are analysed as the producer of knowledge accumulation.

The third one is devoted to the analysis of innovation networks and their urban and regional dimensions. The concepts of ‘cluster’ and ‘isles of innovation’ are widely used to look at the dynamic paths of territories [
*As an EMIT student, I can recommend the class as it builds upon the insights of innovation economics from the previous year and develops hands-on policy advice on the regional leve
l].

The fourth module develops an analysis of urban and regional job markets and their recent evolution within the paradigm of the knowledge-driven economy. Policies to develop human capital and to attract talents are presented in depth.

In developing these four main contents of the course we come through one specific tool, widely applied in the relevant literature: composite indicators (the ‘global city competitiveness index’ or the ‘regional innovation scoreboard’, to name but a few). The course dedicates some time to deepen these technical tool, allowing students to become ‘users’ at least at an intermediate level [
*Strong theoretical background on the economics of cities and regions plus useful tools to apply the theory into practice
].

Written individual exam (traditional/online) [Partial exams, General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
With the purpose of measuring the acquisition of the above-mentioned learning outcomes the student assessment is based on three main components:

In-class discussion and participation are aimed at testing the student's ability to interact in a multicultural environment and to think critically through contributions given to the class discussions.

Small group assignments (35% of the final grade) designed for the purpose of verifying the student ability to:

Identify and analyze the main issues of the selected readings.

Connect the presented material with methodologies learned in class.

Suggest recommendations for policymaking. The deliverable consists of a PowerPoint presentation.

Partial written exam (35% of the final grade), based on open questions and multiple choices of the relevant program, which aims to assess the student’s learning level of the main concepts, methods and tools detailed in the teaching material.

Individual written essay on a relevant city (30% of the final grade).

NOT ATTENDING STUDENTS
Student assessment is based on two main components:

Written exam, (70% of the final grade) based on open questions of the relevant program, which aims to assess the student’s learning level of the main concepts, methods, and tools detailed in the teaching material.

Class participation is substituted by a written essay (around 6,000– 7,000 words) agreed in advance with the course Director (30% of the final grade).

ATTENDING AND NOT ATTENDING STUDENTS

There is no distinction between attending and non-attending students.

There is no textbook. Specific materials are provided by the instructors on the course e-Learning: slides, teaching notes, compulsory readings.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Describe how tourism, culture, and entertainment have contributed to the transformation of urban centers in recent decades.

Explain the ways in which tourism-related investments shape the physical, social, and economic fabric of urban contexts.

Understand the roles and interests of key stakeholders, including public authorities, tourism companies, institutions, residents and visitors.

Identify and interpret the main models of urban tourism governance, destination management, and marketing.

Evaluate the positive and negative impacts of the visitor economy on urban life and discuss appropriate policy and planning responses.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Apply strategic approaches and analytical tools to assess and enhance the tourism potential of local experiences, cultural assets, and creative industries in cities.

Use tools of destination management and marketing to plan and implement tourism initiatives at the urban scale.

Address challenges in the promotion, regulation, and management of tourism in urban contexts.

Diagnose real-world urban tourism challenges using evidence, case analysis and field observation.

Develop feasible and context-sensitive urban tourism projects in collaboration with public and private stakeholders.

MISSION
Cities are increasingly shaped by visitors. Tourism, leisure and events influence how urban spaces are used, how local economies develop, and how destinations position themselves in national and international markets. The visitor economy can therefore no longer be treated as a marginal activity. It has become a central issue for destination management and urban policy, because it creates value but also raises questions about liveability, access to space, local identity and the distribution of benefits and costs.

This course examines how cities address the opportunities and tensions generated by tourism. It looks at how public institutions, destination management organizations, private operators and digital platforms contribute to the planning, marketing, regulation and management of urban destinations. Students learn to interpret contemporary urban tourism trends and to apply concepts and tools related to destination governance, place branding, visitor experience, stakeholder analysis and impact management.

The course combines a critical perspective on issues such as overtourism and tourism gentrification with a managerial approach to strategy design and evaluation. Its aim is to equip students with the competencies needed to develop context-sensitive tourism strategies that are feasible, evidence-based and coherent with the objectives of urban destinations and their stakeholders.
CONTENT SUMMARY
The course focuses on the visitor economy as a key force shaping contemporary cities. It examines how tourism, culture, leisure and events contribute to urban development, and how cities can govern, market and manage these dynamics in ways that create value while addressing conflicts and trade-offs.

The course is organized around four main areas:

Understanding urban tourism
: the role of cities in the global visitor economy; cultural, creative, lifestyle and experience-based forms of tourism; different visitor segments and patterns of consumption.

Planning and managing urban destinations
: destination governance, DMOs, public-private coordination, tourism districts, urban regeneration, place-making and the role of professional actors in the visitor economy.

Marketing and positioning cities
: destination marketing, place branding, visitor experience design, events, connectivity and the construction of urban attractiveness.

Managing impacts and policy challenges
: overtourism, short-term rentals, gentrification, resident well-being, sustainability, inclusivity and evidence-based approaches to urban tourism strategies.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
To assess the achievement of the intended learning outcomes, student evaluation is based on two main components:

Final written exam (40%)

Group field project (60%)

The
written exam
consists of open-ended essay questions based on the topics discussed in class and on the assigned readings. It is designed to assess students’ ability to critically engage with key concepts, models, and case studies presented during the course. Students are expected to develop well-structured and evidence-based arguments.

The
group field project
is based on a brief provided by an institutional or professional partner. It assesses students’ ability to analyse a real urban tourism challenge, identify relevant stakeholders and constraints, apply destination management and marketing tools, develop a feasible and evidence-based proposal aligned with the partner’s objectives, and communicate the project outcomes effectively in a professional setting.

Please note:
Both components must be passed with a minimum grade of 18/30 in order to successfully complete the course.
NOT ATTENDING STUDENTS
The assessment for non-attending students is based on a
final written exam (100%).
The exam includes a combination of open-ended essay questions and multiple-choice questions. It is designed to assess the students’ understanding of the full set of concepts, models, and case studies covered in the textbooks and additional course materials specified for independent study.

The
open-ended questions
aim to evaluate students’ analytical thinking, their ability to interpret and apply theoretical frameworks, and their capacity to construct well-argued and evidence-based responses.

The
multiple-choice section
focuses on the accurate comprehension of key definitions, mechanisms, and relationships within the field of urban tourism.

ATTENDING STUDENTS
The reading list is provided at the beginning of the course and consists of a combination of lecture slides and selected readings.

These materials are designed to support and deepen the understanding of the topics, tools, and the cases discussed in class.
NOT ATTENDING STUDENTS
The reading list for non-attending students is specified in the syllabus at the beginning of the course.

It consists of the required textbooks, from which students are expected to study all the indicated chapters. These materials provide comprehensive coverage of the concepts, models, and case studies needed to prepare for the final exam.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Identify and discuss the theoretical foundation of the rights of foreigners.

Distinguish migration law from the general theory of human rights in order to frame migration issues within the complexity of ethical, cultural, and legal aspects raised by the mass migration phenomenon.

Identify the new challenges that may give origin to new forms of mass migration, such as the climate change.

Contextualize rules concerning migration within the framework of a multilevel legal order.

Understand the foundations of EU citizenship and the free movement of persons.

Understand the functioning of the EU Common Asylum System

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Use (national and European) legal materials to identify the legal status of non-citizens.

Solve conflicts of laws concerning the legal status of non-citizens.

Identify the instruments for protecting non-citizens’ rights in a multilevel legal order.

Assess the most appropriate strategies in their respective fields of activity to address the complexity of the issues raised by non-citizens status.

MISSION
Mass migration has reached an extraordinary dimension due to both structural factors and contingencies of historical and political nature. The law needs to address such a phenomenon to guarantee the rights of those who leave their countries in search of life opportunities elsewhere. At the same time, the law needs to deal with the consequences of mass migration on the endurance of national political communities. Against this backdrop, the course firstly addresses the theoretical aspects related to the entry of non-citizens into national polities, with implications regarding multiculturalism and xenophobic tensions. Secondly, the course addresses the law on citizenship and migration in practice from the dual perspective of domestic and European law.
CONTENT SUMMARY
The course focuses on comparative citizenship and migration law, starting with the concepts of “citizenship” and “non-citizenship”. It then covers the EU Asylum System. The main topics of the course are:

Citizenship and cosmopolitan theories.

The rules on citizenship and the status of non-citizens in a comparative perspective.

The general rules on entry and admissions.

The right to asylum, political refuge, and subsidiary protection.

The rights of unauthorized immigrants.

The EU citizenship.

The EU Common Asylum System.

The interplay between the EU, the ECHR and national systems as far as the protection of foreigners is concerned.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Final one-hour written exam consisting in answering one open question to be chosen among two (75% of the final grade). The open question provides a more in-depth assessment of students' knowledge and analytical abilities. Through independent research and critical engagement with legal and policy sources, students demonstrate their ability to construct coherent arguments, evaluate competing perspectives, and apply legal concepts to relevant issues in citizenship and migration law. The essay also assesses academic writing and research skills.

Group assignment and presentation in class (20% of the final grade). Group presentations assess students' capacity to apply legal knowledge to specific topics and case studies, communicate complex issues clearly, and work collaboratively with peers. This method evaluates both subject-specific knowledge and transferable skills, including teamwork, oral communication, and the ability to analyse and synthesize legal sources.

Active in class participation (5% of the final grade). Class participation allows students to demonstrate their understanding of key concepts, legal principles, and contemporary debates in citizenship and migration law. It also provides evidence of their ability to engage critically with course materials, contribute to discussions, and articulate informed arguments.

Taken together, these assessment methods ensure that students are evaluated not only on their acquisition of knowledge but also on their ability to apply, communicate, and critically reflect upon that knowledge in both individual and collaborative contexts.
NOT ATTENDING STUDENTS
Students sit a written exam, which consists in one open question and 5 multiple-choice questions to be completed in one hour.

The multiple-choice questions assess students' knowledge and understanding of the key concepts, legal principles, institutional frameworks, and terminology covered in the course. They provide an effective means of evaluating students' ability to identify and distinguish between relevant legal rules, doctrines, and policy approaches in the field of citizenship and migration law.

The open-ended question assesses students' ability to apply their knowledge to a specific legal or policy issue, develop a structured and coherent argument, and demonstrate critical understanding of the topics studied. Through this question, students are expected to analyse legal materials, interpret relevant norms and principles, and substantiate their reasoning with appropriate references to course content.

Taken together, the multiple-choice and open-ended components enable the assessment of both factual knowledge and higher-order cognitive skills. They verify students' ability not only to recall and understand key course content but also to analyse, interpret, and critically discuss issues related to citizenship and migration law.

ATTENDING STUDENTS

Slides

Class notes

Case-studies discussed in class and uploaded on the Bboard platform.

Further materials to be indicated in the syllabus each year.

NOT ATTENDING STUDENTS

C. Gans, Citizenship and Nationhood, in
Oxford Handbook of Citizenship
, Oxford UP, last ed., pp. 108-129

Foundations of International Migration Law
, Cambridge University Press, last ed., selected chapters as specified in the syllabus.

Further materials to be indicated in the syllabus each year.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Identify the various types of internal growth strategies available to firms
and learn about the specific conditions in which each strategy is most effective.

Evaluate different innovation outcomes and strategies
and learn how to select the most appropriate option for a firm’s goals and context.

Gain insight into the range of collaboration strategies available to firms
and determine when and how these strategies should be applied.

Recognize common biases and decision-making errors
that firms may encounter when addressing complex problems under uncertainty and learn how to mitigate these challenges.

Students will be tested on their knowledge via modes of examiniation that focus on application. More precisely, via the final projects where they solve a specific problem for the firm. As well as the final exam where they must apply the course's materials towards their own career goals.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
This course is intended primarily for students who envision themselves occupying managerial positions in innovation-focused business organizations. Such positions are not limited to general management but rather include a variety of non-executive positions that entail managerial decisions and actions that have strategic implications. Therefore, it is increasingly important for many managers to acquire relevant skills needed to understand how their actions may affect the firms that employ them. The course incorporates conceptual readings, recent research findings, as well as cases of actual firms, to ensure an up-to-date perspective on the topic:

Conduct cases analyses - qualitative and quantitative.

Develop different product development strategies based on the type of firm and type of product.

Interact with external speakers.

Advise a company in solving real problems.

MISSION
Innovation-focused firms face two critical challenges in managing their organizations. First, they must develop robust strategies for coordinating the production, design, and development of products and services within the firm while making strategic decisions under uncertainty. Second, because of the emergent and evolving nature of innovation-centric industries, firms must develop strategies and routines for cooperating with external partners, who may possess important knowledge and capabilities, in their ecosystem. For instance: companies like Facebook and Uber must find new ways to grow internally by making choices about which new businesses to buy, based their highly uncertain future potential, as well as collaborate with complementors and competitors to build a sustainable industry ecosystem.
CONTENT SUMMARY
Accordingly, this course focus on developing strategies for coordinating growth activities within firms as well as fostering cooperation activities outside the firm, both of which are essential for innovation success. At the end of the course, students understand the fundamental issues a general manager must cope with when organizing innovation activities both within and outside the firm.

The course focuses on the main internal growth choices managers must make, with special emphasis on decision-making under uncertainty for innovation-focused firms. Topics include:

Internal coordination.

Organic growth.

Make or buy decisions.

Organization for innovation.

Divestitures.

The cases and classes exercises span several current industries across several continents and include issues of practical importance such as sustainability and data ethics.

Oral individual exam [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Attending students are assessed on their knowledge and understanding of the different strategies for internal growth, innovation, alliances, and collaboration:

Through class participation (25%).

A group assignment focused on an in-depth analysis of a company focusing on developing one of the above 4 strategies (50%).

In addition, at the end of the semester they submit learning logs (25%) which test how students apply what they have learned in a managerial setting.

NOT ATTENDING STUDENTS
For special students who are modifying their study course in July after the class has finished, there will be an exam in October. This will be an oral exam where the students will need to read and be prepared to answer questions about all of the material covered in the course. This includes:

All the case studies which can be found under the respective sessions on blackboard. For example, the second class is about the Ducati case.

All the readings that are posted in the sessions under each class. For example, the Decision-making under uncertainty class has 3 readings.

All the research papers that are listed on the slides of each session of class (roughly 10 papers for each class)

All of the material covered in class. The uploaded slides from blackboard will comprise the study materials

The exam will cover all four of these teaching materials and will be conducted by the professor

ATTENDING AND NOT ATTENDING STUDENTS
Slides, book chapters, and articles are distributed in class and posted on Bboard.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Illustrate the central methodological and substantive insights that the scientific study of political institutions provides Understand how different political incentives affect election outcomes Describe the differences between democracies and autocracies Identify the consequences of different types of political institutions on economic performance, politicians’ behavior and party systems.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Distinguish between transition to democracies and other types of alternation in power Describe the expected consequences of institutional reforms in specific real-world settings.

MISSION
This course presents a broad and in-depth overview of the state of the art in comparative politics, i.e., the scientific study of the functioning of political institutions. Special attention is given to democratization and institutional change, the functioning of democratic regimes in developed and developing countries, and institutional reform. The course is organized around five main themes. 1) Democracy and democratization 2) Elections 3) Backsliding and authoritarianism 4) Unelected policy-makers: lobbies, mafias, bureaucrats 5) Presidential, parliamentary, and federal institutions
CONTENT SUMMARY
1) Democracy and democratization

a) redistributive models of democracy

b) contractarian models of democracy

2) Elections

a) electoral control of politicians

b) the spatial model of politics

c) PR vs majoritarian systems

d) strategic voting

e) referendums and direct democracy

f) rigged elections

g) democratic consolidation and electoral accountability

3) Backsliding and authoritarianism

a) democratic backsliding

b) limited authoritarian government

4) Unelected policy-makers: lobbies, mafias, bureaucrats

a) lobbies and mafias

b) political monitoring of bureaucrats

c) politicians vs. bureaucrats

d) delegation to central banks

5) Presidential, parliamentary, and federal institutions

a) prime ministers

b) presidents

c) federalism and decentralization

d) ethnofederalism and ethnic politics

Written individual exam (traditional/online) [Partial exams, General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
The partial exams are open exclusively to students who attend the lectures regularly.

1) First Written Partial: 45% of the grade

2) Second Written Partial: 45% of the grade

The written exams assess the ability to define concepts in one's own words, having gained mastery of the conceptual contributions beyond simple passive memorization; the ability to understand the logic, the assumptions, and the empirical implications of theoretical contributions, and to understand the message of empirical contributions, both narrowly in terms of the specific study and more broadly in terms of what they teach us about the functioning of political institutions.

3) Participation: 10% of the grade

Participation involves attending lectures and engaging in class discussion. The discussions assess the ability to deploy the theoretical concepts and intuitions explained in the lectures and presented in the papers in order to understand and interpret actual historical and contemporary political issues and events; to propose what questions remain open based on the contributions of the papers; and to think about implications in terms of policy and institutional design.

In addition, every week students submit a brief comment (a few sentences) with their reasoned reaction to the readings covered in the lectures. The comments assess the ability to engage actively and independently with cutting-edge research reports.
NOT ATTENDING STUDENTS
Non-attending students can only sit the cumulative general exam.

The written exam assesses the ability to define concepts in one's own words, having gained mastery of the conceptual contributions beyond simple passive memorization; the ability to understand the logic, the assumptions, and the empirical implications of theoretical contributions, and to understand the message of empirical contributions, both narrowly in terms of the specific study and more broadly in terms of what they teach us about the functioning of political institutions.

ATTENDING AND NOT ATTENDING STUDENTS
There is no textbook for this course. Each lecture revolves around one or two papers, which are going to be dissected in detail, in order to understand the mechanics and the logic of the model (for theoretical contributions) and the data and empirical strategy (for empirical contributions). Papers and book chapters are made available via the Bocconi e-learning platform. Students who need extra background or prefer to consult a textbook treatment to organize ideas can refer to: CLARK, WILLIAM R. MATT GOLDER, SONA N. GOLDER, Principles of Comparative Politics, CQ Press. (Please notice that the textbook is not a substitute for the assigned papers and articles. This is particularly true for students who decide not to attend the lectures: studying the Clark et al. book is not sufficient –and not necessary– to successfully pass the exam).

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

• Explain the key concepts, drivers, and impacts of climate change, including climate scenarios, risk, vulnerability, adaptation, and mitigation. - Describe the societal dimensions of climate change, with attention to equity, justice, and population heterogeneity in climate impacts and responses. - Identify the types and sources of data commonly used in climate change research, including geo-referenced environmental data and demographic and socioeconomic data. - Understand the application of current computational tools and techniques in addressing climate change-related research questions
  APPLYING KNOWLEDGE AND UNDERSTANDING
  At the end of the course student will be able to...
• Formulate a relevant research question related to climate change and design an appropriate, data-driven research plan. - Locate, select, and manage relevant climate and social datasets for empirical analysis. - Apply basic computational tools (e.g. machine learning algorithms, text mining, simulations) to analyse climate-related data and outcomes. - Communicate scientific findings clearly and effectively, both orally and in written formats, using appropriate visualisations and reporting standards. - Collaborate in teams to design and deliver a research projectü

MISSION
Climate change is a critical global concern, already impacting societies worldwide through the increasing frequency and intensity of extreme events such as heatwaves, droughts, wildfires, and tropical storms. This course systematically explores how to apply computational tools to address climate change challenges both mitigation and adaptation. This course aims to provide students with a solid understanding of the core principles and applications of computational tools in climate change study. The course will be preceded by an introduction of the relevant domain knowledge essential for formulating relevant research questions and for critically interpreting and evaluating the results obtained. The course also introduces computational approaches which can be applied to analyse climate change-related research questions. Through theoretical and empirical foundations, practical coding exercises, and real-world case studies, students will gain hands-on experience applying AI, machine learning, and computational modelling to analyse climate-related issues.
CONTENT SUMMARY
The course is structured into three interconnected building blocks, each designed to progressively develop students’ understanding and practical skills in applying computational tools to climate change research. 1. Introduction to climate change study This introductory module provides the essential conceptual foundation for understanding climate change as a global phenomenon with far-reaching social, economic, and political consequences. The emphasis is on the societal dimensions of climate change – how it is experienced, mediated, and addressed across different contexts and populations. Key topics include: - Overview of climate change drivers and impacts and projected global trends - The role of population dynamics in shaping both vulnerability to and capacity for climate change mitigation and adaptation; - Sector-specific impacts of climate change including health, human mobility and food security - Climate justice and equity, including intergenerational, gender, and spatial disparities in climate risks and responsibilities 2. Introduction to databases and computational methods This block provides a conceptual and practical introduction to key databases and computational approaches used in climate change research. It is divided into two parts: 2.1 Computational methods and tools Students will receive an introduction to several data science tools, including hands-on lab sessions covering topics in machine learning and deep learning commonly used in climate-related research. 2.2 Critical reading of applied research In this section, students will examine how computational methods are applied in climate change research through the critical reading of selected empirical studies. Working in groups, they will analyse key components of each study including the research questions, data sources, computational techniques used and key findings. One class will be specifically dedicated to providing an overview of data sources relevant to climate research including geo-referenced climate and environmental data and demographic, social and economic data. 3. Project work: designing and presenting a climate data-driven study This final block focuses on a group-based research project. Students will work together to identify a relevant climate-related research question, design a data-driven approach, and apply computational methods to analyse the issue. Toward the end of the course, each group will present their project. In addition, every student will submit an individual written report reflecting their contribution and learning, which will be part of the overall assessment.

Oral individual exam [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
The partial exams are open exclusively to students who attend the lectures regularly. Individual assignment (partial exam): 50% of the grade Group assignment (partial exam): 40% of the grade Participation (continuous assessment): 10% of the grade Participation involves attending lectures and engaging in class discussion.
NOT ATTENDING STUDENTS
The general exams apply to non-attending students. Individual assignment (general exam): 60% of the grade Oral exams (general exam): 40% of the grade

ATTENDING AND NOT ATTENDING STUDENTS
There is no textbook for this course. Each lecture revolves around a couple of academic papers and scientific findings. Relevant papers and book chapters are made available via the Bocconi e-learning platform. Students who need extra background can consult the following books: Brechin, S. R., & Lee, S. (2025). Routledge Handbook of Climate Change and Society . Abingdon New York (N.Y.): Routledge. Hunter, L. M., Gray, C., & Véron, J. (Eds.). (2022). International Handbook of Population and Environment . Cham: Springer International Publishing. https://doi.org/10.1007/978-3-030-76433-3_1

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Select the proper techniques to address path-dependency and American exercise features of financial derivatives.

Implement multivariate diffusive models to account for the covariance structure among financial assets; price and hedge basket derivative securities.

Use jump diffusive models for financial assets and price by no-arbitrage European derivatives on these underlyings.

Master computational methods to simulate asset prices, evaluate derivatives and their greeks, enhance the accuracy of the estimate.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Solve core computational issues in financial engeneering as:

Price and replicate path-dependent and American options with trees.

Evaluate multiasset derivatives via Monte Carlo methods.

Enhance the accuracy of their Monte Carlo estimate via suitable variance reduction techniques.

Compute Greeks with various Monte Carlo methods.

Develop algorithms in VBA and Python.

Prepare an executive report on one of the aformentioned topics.

MISSION
The course provides the essential tools to understand and solve core computational issues in financial engineering. In particular, we deal with the valuation of American and exotic derivatives that lack closed-form prices and are extensively traded in the markets. We analyze derivatives on discontinuous underlying assets, focusing on the jump-diffusion model, to gain insights into the primary features of asset prices with jumps. Subsequently, we employ Monte Carlo techniques, lattice methods and PDEs for pricing and hedging derivatives.
All algorithms are coded in Python. As a bonus, students receive an introduction to VBA (Visual Basic for Applications).
CONTENT SUMMARY

Valuation and replication of American and path-dependent options via lattice methods.

Valuation and replication of basket options in a multidimensional diffusive framework.

Currency markets and quanto options.

Valuation of European options in the jump-diffusion model.

Monte Carlo methods in financial engeneering: efficiency and bias.

Simulation of asset prices.

Derivatives valuation.

Variance reduction techniques.

Valuation of the Greeks.

Coding with Python and introduction to VBA: routines, functions, plots, arrays, user forms.

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
The assessment consists of a brief
written individual exam
and an
assignment
.

The brief
written individual exam
counts 80% and consists of open and closed questions on the main arguments of the classes.

One (open) question requires to compute the price and/or the replicating strategy of a financial derivative. The other open/closed questions verify students have acquired the necessary knowledge of the theory topics.

The
assignment
counts 20% and consists in writing a code to solve a selected problem as, for example, the evaluation of a particular path-dependent option, and a brief report on the related numerical/financial issues. The list of assignment titles and instructions are provided during the course. The assignment can be done in groups or individually, and is due the same day of the written exam. The assignment grade is valid until the end of the academic year.

The assignment allows students to deepen their knowledge on the specific selected topic, by writing a code, analyzing the numerical and financial critical issues, and by preparing a technical report and a short video presentation. The assignment verifies the coding ability of the students, and their ability to price and replicate derivatives with the computational methods presented in the course.

ATTENDING AND NOT ATTENDING STUDENTS
Mandatory reading:
Lecture notes, slides, and codes distributed by the instructors via BBoard.

Optional reading

A. Battauz, F. Ortu and F. Rotondi: Arbitrage Theory in Discrete and Continuous Time, 2026, World Scientific Publ.

https://doi.org/10.1142/14409

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

get the state of the art of methodologies and practices of credit risk management in financial institutions, as well as in finance departments of large non-financial corporations.

link risk measurement models and management policies in a comprehensive picture of key methodologies and tools that are currently under implementation in banks, non-financial institutions, and rating agencies. Both rating systems and portfolio models development stages will be considered, from both the methodological and regulatory perspectives.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Capitalizing on large real-world databases and statistical software tools such as IBM-SPSS, students will learn how to to build, to manage and to validate risk models, both statistical based rating systems and credit portfolio models.

MISSION
Credit risk management is a rapidly evolving topic, key not only for bank management but also for other financial institutions and even for non-financial companies. In terms of regulatory capital absorbed, credit risk account for about 90% of total capital required for European banks. Opportunity and risks of leveraging on LLM, AI and machine learning in the different stages of data collection, model building, and model validation are today adding complexity to the standard regulatory and methodological issues credit risk departments confront. Banks, ECB and other authorities, insurance companies, non-bank financial institutions, and also non-financial corporations are today heavily recruiting graduates with good knowledge of the field.
CONTENT SUMMARY

Introduction: concepts, methodologies and tools of credit risk management.

Building statistical-based scoring systems of probability of default: definition of default to be used and its implications.

Sampling, data mining and data transformations (Case study based on SPSS).

Adding potential explanatory variables from Big Data by using LLM.

Univariate analysis. Monotonicity, statistical requirements and predictive power of individual financial ratios (Case study based on SPSS).

Transformations of financial ratios in order to maximize their predictive power (Case study based on SPSS).

Models estimation (Case study based on SPSS).

Models performance measurements, comparability of different models; from scorings to ratings: choosing cut-offs. Scoring calibration and rating quantification (Case study based on SPSS).

Internal validation and regulatory validation. Quantitative and qualitative model validation; benchmarking.

Regulatory guidelines for AI/machine learning usage in credit risk models.

Credit risk measures taxonomy and their impacts on portfolio models structure

Portfolio models and their relation with Basel capital adequacy rules.

Credit risk pricing and risk adjusted performance measures. Internal data and market data.

Written individual exam (traditional/online) [General exam]
Optional Collaborative Final Work [General exam]
ATTENDING AND NOT ATTENDING STUDENTS

A written exam based on three short essays tries to check the proper understanding of areas of credit risk management that have been covered in class. The final mark is expressed in thirties (X/30).

A final group assignment is optional. Each student in a group may earn up to 2/30 additional points to those earned in the written exam; these additional points can be used up to the end of September 2027. The final group assignment is devoted to enhance not only how-to-do capabilities, but also team management, project management and (written) presentation skills.

ATTENDING AND NOT ATTENDING STUDENTS

DE LAURENTIS, MAINO, MOLTENI,
Developing, Validating, and Using Internal Ratings. Methodologies and case studies
, Wiley, 2010

RENAULT DE SERVIGNY,
Measuring and managing credit risk
, McGraw-Hill 2004, (chapter 6).

Slides sets, readings, SPSS print-outs and case studies (available on the course web site).

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course student will be able to:

Define what CSR, sustainability, and social entrepreneurship really are.

Recognize the implications of corporate social responsibility for management.

Identify and describe the most important tools and methodologies in the CSR and sustainability management field.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course student will be able to...

Develop a deeper and more aware view of the role of business in society.

Apply fitting managerial frameworks and tools to address social, environmental and sustainability issues.

Assess corporate performance in a comprehensive way.

MISSION
The success of a firm depends on the quality of its relationships with different stakeholders. In more detail, a company develops its activities through a stakeholder network, which affects and is affected by corporate behavior. Therefore, the concepts of sustainability and corporate social responsibility (CSR) are becoming more and more crucial. CSR could be defined exactly as innovation for sustainability, that is, innovation for the sustainable development of a firm and, more in general, of the socio-economic system in which a business operates. Thus, the CSR concept has a strategic value that should lead to rethink nature, purposes and behavior of companies. The Course aims at defining the CSR concept and identifying its implications for the business management in terms of:

• Sustainability of value creation processes.
• Identification and engagement of different stakeholder groups.
• More comprehensive and collaborative governance systems.
• Innovative business models.
• New managerial solutions and new corporate performance evaluation and reporting methodologies.
  Furthermore, this renewed role of business in society also calls for innovative forms of entrepreneurship, which are able to combine social purposes and economic viability (that is, the social entrepreneurship).
  The purpose of the Course is to build a new vision of business, management, and managerial tools according to a sustainability- and responsibility-oriented approach, based on stakeholders.
  CONTENT SUMMARY

Overview focused on the concepts of sustainability, corporate social responsibility, and accountability.

The stakeholder framework: a relational view of the firm.

The collaborative enterprise: innovative forms of collaboration supporting the stakeholder network sustainability.

Social enterprises as leading examples of innovative responses to social and environmental challenges via a collaborative approach.

Business and corporate social responsibility: sustainable value creation processes.

CSR and managerial tools: an overall assessment.

Corporate performance measurement: social, environmental and sustainability performance evaluation and reporting.

From the triple bottom line to a multi-stakeholder approach, taking the business impact into due account.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Attending students

Written exam: The final written exam is a 120 minutes, individual, closed book exam, which includes four open-ended questions.

Group assignment: Groups are composed of two persons and the outcome of the assignment is presented in the last session of the course.

Active class participation: This element is considered in the final assessment.

Final attending student assessment: 40% group assignment and class participation, and 60% written exam.

The combination of in-class activities (active class participation + group assignment) and a written exam with open-answer questions aims to fully appreciate the degree of theoretical understanding developed by the students during the entire course and their ability to apply fitting managerial frameworks and tools, especially with regard to the evaluation of the CSR/sustainability profile of a firm.
NOT ATTENDING STUDENTS

Oral exam
.

The textbook prepared just for the not attending students with a set of carefully selected readings combined with an oral exam aims to appreciate the theoretical and practical knowledge and understanding of the students even if there was not any engaging in-class interaction during the semester.

ATTENDING STUDENTS
Attending students

Selected readings and further material
are made available by the instructors during the course in
the e-learning community.
NOT ATTENDING STUDENTS
Non attending students

F. PERRINI, A. TENCATI, (Eds.), Selected Readings, Milan, EGEA, 2026. The textbook is physically and digitally available and provided by Egea, as detailed in the “
Egea - Course Gallery
” section of the e-learning community of the Course.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Know what primary data are.

Know the main terminology and concepts associated to the research methods used to deal with such data.

Know the strengths and limitations of each method.

Know the statistical techniques and software used to analyze different types of primary data.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Formulate a research question.

Choose the most appropriate method to analyze the research question at hand.

Design an efficient protocol that avoids the most common pitfalls.

Analyze the collected data with the most appropriate techniques.

Present their results in an effective way in both written and oral form.

MISSION
Nowadays the use of data across firms is pervasive: A recent survey by PwC of more than 2,100 executives reveals that most of them consider their organization as either highly data-driven (39%) or somewhat data-driven (53%). Interestingly, these companies claim to use analytics mostly for descriptive and diagnostic purposes, rather than for predictive and prescriptive purposes. Being able to predict and prescribe may require managers to get their hands dirty, and collect themselves the data they need to answer the questions they have in mind. To put remedy to the passive use of data analytics inside firms, it is necessary to learn how to craft a research question, design a study, collect the data, and analyze them. This is exactly the spirit of our course.
CONTENT SUMMARY
The main goal of our course is to provide students with a comprehensive understanding of research methods based on primary data, i.e. data collected first-hand for a specific purpose. We would like to focus our attention on both qualitative (observation, interviews) and quantitative (surveys, experiments) data. In particular, we discuss:

Introduction:

Statement of a problem / Framing a hypothesis.

Research Design / Primary vs. Secondary data / Causality / Issues of validity and reliability.

Observations, interviews:

Why should managers go qualitative? Introduction and overview of the method.

Research design – Role of the researcher, ethical considerations, sample selection, etc..

Data analysis – What we can learn from qualitative data, issues of generalizability, etc..

Introduction to NVivo.

Surveys:

Why should managers run surveys? Introduction and overview of the method.

Research design – Measurement, scales, etc..

Data analysis – Sampling, non-response, single method, etc..

Introduction to Qualtrics.

Experiments:

Why should managers run experiments? Introduction and overview of the method.

Research design – Threats to internal validity, manipulation checks, noncompliance issues, experimental mortality, interference between experimental units.

Designing an experiment.

Analyzing experimental data.

Conclusion:

Group project presentations.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Attending students are evaluated based on the following criteria:

Group project (50% of final grade) aimed to test the students' ability to formulate a research question, choose the most appropriate research method to analyze the research question at hand, and design an efficient protocol to study it. Moreover, the group project allows to test students' ability to present their results in an effective way in both written and oral form.

Written exam (50% of final grade). The exam includes both open- and close-ended questions, aimed to test students' knowledge of the main terminology and concepts associated to the research methods used to deal with primary data, the strengths and limitations of each method, as well as the statistical techniques and softwares used to analyze different types of primary data.

Class Participation (up to 2 bonus points). Class discussion is a central part of the learning experience. Students can gain up to two bonus points for consistent and high-quality participation.

NOT ATTENDING STUDENTS
Non-attending students are evaluated based on a written exam that includes both open- and close-ended questions.

The exam tests students' knowledge of the main terminology and concepts associated to the research methods used to deal with primary data, the strengths and limitations of each method, as well as the statistical techniques and softwares used to analyze different types of primary data.

Moreover, through the open-ended questions, we intend to test the students' ability to formulate a research question, choose the most appropriate research method to analyze the research question at hand, and design an efficient protocol to study it.

ATTENDING AND NOT ATTENDING STUDENTS
Slides and articles distributed in class and posted on Bboard.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Recognize when and how data analytics can address business questions Comprehend the process needed to clean and prepare the data before analysis Identify and evaluate the veracity of sources of unstructured and structured data for use in analysis. Recognize what is meant by data quality, be it completeness, reliability, or validity translate a decision problem into a corresponding quantitative model
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Apply critical analytical thinking to identify and frame business problems for analysis Perform basic analysis to understand the quality of the underlying data and their ability to address the business question Demonstrate ability to sort, rearrange, merge, and reconfigure data in a manner that allows enhanced analysis Identify and implement an approach that will use statistical data analysis to draw conclusions and make recommendations on a timely basis Solve accounting and business related problems using appropriate analytics tools Create visualizations of data to provide clear insights into accounting and other business data, to effectively communicate those insights, and to support recommendations Recommend appropriate actions to address real-world problems in accounting practice Discuss ethical issues as they pertain to the performance and use of data analysis Write effectively to communicate analysis results in the framework of the business problem

MISSION
Managers need to make investment decisions, manage risks, and ensure compliance with regulatory policies and requirements. In a rapidly changing and competitive global market, accountants play a pivotal role in supporting managerial decision-making. This course introduces the tools and approaches of fulfilling the supportive functions of accountants from a data analytics perspective and a combination of financial and managerial accounting. Specifically, the course facilitates the appreciation of big data view on the complexity of the firm and the understanding of the relationships between the operations and financial statements. The course synthesizes theory and application to prepare students with the approaches of diagnosing problems and issues, analyzing relevant information, making responsible and ethical decisions, and reporting decision results and recommendations, incorporating both the qualitative and quantitative data from the firm, the intermediaries, and the capital market. The course focuses on analytical techniques and provides hands-on experience to develop business analytics skills.
CONTENT SUMMARY
The main topics of the course are as follows: Introduction to the modern accounting environment and data analytics for accounting Understanding and mastering the Data Developing and implementing analysis plan and analyzing the findings Communicating results and recommendations Audit Data Analytics Managerial Analytics Financial Statement Analytics Tax Analytics

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
With the purpose of measuring the acquisition of the above-mentioned learning outcomes, the students’ assessment is based on four main components: 1. In-class participation (20% of the final grade) aimed to test the students’ ability to interact in a constructive way and to think critically 2. In-class quizzes (20% of final grade) aimed to test the students’ progress in grasping the course materials 3. Written exam (30% of the final grade), consisting of exercises and open questions aimed to assess students’ ability to apply the analytical tools illustrated during the course
NOT ATTENDING STUDENTS
The assessment method for non-attending students is based on a final exam in written form. It will be based on open-ended questions and multiple-choice questions referring to the concepts, analytics tools, and cases contained in the textbooks and exam materials. The open-ended and multiple-choice questions are mainly aimed at verifying learning of the analytical abilities and the applications to real-world decision-making based on the understanding and analysis of firm’s operational enviornment.

ATTENDING AND NOT ATTENDING STUDENTS
The textbook for this course and other teaching materials will be announced before the start of the course and indicated or uploaded to the Bboard platform.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand what is machine learning

Understand how ML method originate in classical statistical methods and in which directions evolved from these

Understand in detail of how neural networks work in deep learning

Create models based on autoencoders, recurrend NN, attention mechanisms and LLM

Apply these methods in finance, in particular in pricing, hedging and trading

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Use Colab and Python to create and test ML models

Apply autoencoders to financial data for pricing, hedging and trading

Build a DL model using sequential, recurrent and attention layers

Understand the properties and potential problems of a predefined ML model

Avoid the most common pitfalls in ML and DL

MISSION
This course is designed to introduce students to the applications of machine learning (ML) in finance.
The course shall cover the fundamental concepts of ML, including supervised and unsupervised learning, neural networks, deep learning, and natural language processing.
Students will learn how to apply these concepts to financial data and build predictive models to support financial decision-making.
CONTENT SUMMARY

Introduction: data science and statistical methods in Finance

How to use Python in the Colaboratory environment

List of models studied in the course

Summary of some classical method (Regression, Principal Components, Canonical Correlation, Cluster analysis)

Generalization of these models in Machine Learning

Introduction to Neural Networks (NN)

Overview of NN models

Focus on autoencoders

Autoencoders and factor models

Autoencoders for pricing, hedging and trading

Introducing time dependency: Recurrent Neural Networks

Introducing context dependency: LLM and the Attention Mechanism

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
Optional Takehome (group) assignement + Written final exam

The final exam shall provide further questions for those who decide not to do the Takehome

For those who do the takehome, 80% of the final grade comes from the written exam, 20% from the takehome

For those who choose not to do the takehome100% of the grade comes from the exam with added questions (as described above)

Examples of questions for the final written exam shall be provided during the course

Questions in the written exam and in the Takehome shall cover the ILOs of the course

ATTENDING AND NOT ATTENDING STUDENTS
Colab workbooks, slides and handouts provided by the teacher and available in BBoard.

Optional accompanying textbooks:

-Auréliene Géron, "Hands-On Machine Learning with Scikit-Learn Keras & tensorFlow", 3rd edition (2022), O°Reilly Media Inc.

--Book Github:
GitHub - ageron/handson-ml3: A series of Jupyter notebooks that walk you through the fundamentals of Machine Learning and Deep Learning in Python using Scikit-Learn, Keras and TensorFlow 2.

-AA. VV., "Dive Into Deep Learning", 1st edition (2023), C.U.P.

--Book Website:
Dive into Deep Learning — Dive into Deep Learning 1.0.3 documentation

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Explain the main determinants of social and economic inequality.

Evaluate empirical research and policy initiatives targeting human capital formation and inequality.

Interpret findings from key applied research using modern quantitative techniques.

Recognize the value and limitations of quantitative tools in addressing complex policy questions.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Use analytical and empirical tools to study the effects of education, family, and environment on opportunity.

Analyze real-world datasets and draw policy-relevant conclusions.

Critically assess the causal impact of public policies and interventions related to human capital and inequality.

Engage constructively with peers on debates around social and economic policy.

MISSION
This course will give students an introduction to frontier research in economics and social science. Students will explore how social and economic inequalities emerge and persist, and how education, family background, and neighborhoods contribute to opportunity and mobility. The course combines theoretical frameworks and econometric techniques to analyze causal relationships, empowering students to critically assess policies aimed at promoting equality of opportunity.
CONTENT SUMMARY
These are the main topics we will cover:

Equality of Opportunity

Intergenerational Mobility

School and Teacher Quality

Neighborhood Effects

Cultural factors and social norms

Policies to increase equal opportunities

Interdisciplinary connections with neuroscience and psycology

Written individual exam (traditional/online) [General exam]
ATTENDING STUDENTS
70% of the grade will come from a general exam; 30% from assignments. The assignment will be a group assignment for attending students with a final presentation.
NOT ATTENDING STUDENTS
70% of the grade will come from a general exam; 30% from assignments. Non-attending students will have to submit an individual assignment.

ATTENDING AND NOT ATTENDING STUDENTS
The course material, including articles and lecture notes, for both attending and non-attending students, are uploaded to the Bboard platform of the course.

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Analizzare la sostanza economica dei deal e la corretta rappresentazione contabile indipendentemente dalla forma giuridica assunta dal deal stesso.

Valutare attività particolari (come i diritti propri riacquistati, gli asset difensivi) e passività particolari (come le passività potenziali sebnza attività corrispondenti).

Stimare premi e sconti appropriati allo specifico deal in relazione alla configurazione di valore ricercata.

Identificare le opzioni implicite nelle clausole contrattuali complesse, attraverso un’analisi dei pay-off a scadenza.

Allocare l’enterprise value a differente categorie di equity e quasi equity claims.

CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Identificare i profili di rischio e di rendimento di un deal per una specifica parte negoziale.

Misurare il valore creato dal deal per le parti coinvolte anche in presenza di aspettative non omogenee.

Ricondurre le più frequenti clausole legali a portafogli di strumenti derivati.

Assistere in una negoziazione le parti identificando in via anticipata le conseguenze contabili del deal.

MISSION
Molte operazioni straordinarie di acquisizione o fusione (deals) presentano profili di complessità, per via di vincoli che si frappongono al soddisfacimento degli interessi contrapposti delle due parti (acquirente e venditrice). Con il termine “deal design” si intende l’azione sui termini del deal – diversi dal prezzo - al fine di soddisfare gli interessi di entrambe le parti. Un deal è un contratto in cui le parti si scambiano flussi di cassa nel tempo e i termini del contratto su cui agire riguardano: il perimetro di acquisizione, la modalità di finanziamento, il trasferimento (o meno del controllo), le clausole di uscita e gli indennizzi, le modalità di aggiustamento prezzo, i contratti accessori.
PROGRAMMA SINTETICO
Il corso si snoda in quattro parti rispettivamente dedicate:

Agli aspetti contabili
post deal
(con particolare attenzione all’analisi della sostanza economica dell’operazione indipendentemente dalla sua forma giuridica).

Ad aspetti valutativi speciali (che attengono ai benefici fiscali, alla presenza di asset difensivi, attività da indennizzo, premi e sconti).

All’applicazione delle tecniche di deal design con riguardo a specifici ambiti (buy & sell agreement, ratchetc clause, strutture finanziarie complesse).

A casi tratti dalla realtà ma resi astratti ed anonimi.

STUDENTI FREQUENTANTI E NON FREQUENTANTI

Dispensa per il corso 20223 Deal Design
, a cura di Egea.

Note didattiche a cura del docente rese disponibili su Bboard.

Casi a cura del docente resi disponibili su Bboard.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course, student will be able to understand the fundamental principles, concepts, and frameworks of negotiation and decision-making.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course, student will be able to:

Prepare and conduct
negotiations that create and claim value.

Adapt
their negotiation approach to different goals, relationships, and cultural contexts.

Identify and evaluate
decision options using structured and evidence-based reasoning.

Navigate
cognitive, emotional, and ethical influences to reach sound individual and group decisions.

MISSION
Soft skills are at the heart of effective leadership—and their importance only grows as you move up the organizational ladder. In this course, you’ll learn how to think and act more effectively when negotiating resources with others and when making important decisions. In the first part of the course, we’ll focus on negotiation: how to claim and create value, resolve disputes, communicate across channels, detect deceptions, build trust, and adapt to others. You’ll practice how to turn potential sources of conflict into opportunities for collaboration. In the second part of the course, we’ll explore the art of decision making: what's a decision, why we so often get things wrong, how to gather and interpret information and manage emotions and ethics to make better individual and group choices. The class emphasizes hands-on learning through simulations, role plays, class surveys, group discussions, and short research-based lectures that connect theory to practice. By the end, you’ll better understand how people think, decide, and influence one another, and you’ll have a stronger toolkit for navigating complex situations as a future manager, teammate, and leader.
CONTENT SUMMARY
CONTENT SUMMARY

This course is organized around two complementary skill domains that are central to effective management: negotiation and decision making.

Part I – Negotiation:

Claiming value: strategies for effective bargaining and influence.

Creating value: integrative approaches to expand the pie.

Resolving disputes and managing difficult conversations.

Communicating and negotiating through different media (in person, online, hybrid).

Building trust, relationships, and reputation over time.

Understanding how culture and context shape negotiation dynamics.

Part II – Decision Making:

What decisions are and why people and groups often make wrong ones.

Collecting and combining information.

Making sense of evidence and avoiding common reasoning traps.

Generating, evaluating, and selecting ideas.

Understanding how conflict affects group decision processes.

The role of emotions, values, and ethics in managerial judgment.

Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
Individual course grades are based on:

Attendance & Participation (40%).
Based on attendance, engagement in class activities, surveys completion, and contributions to discussions.

Multiple-Choice Questionnaires (15%).
Two short quizzes assessing understanding of key concepts and frameworks from class.

Peer Evaluations (15%).
Peer evaluation of preparedness and engagement in group activities.

Presentations (30%).
Two 12-minute group presentations covering a negotiation or decision-making topic not yet covered in the course.

Attendence is mandatory. The Attendance & Participation grade will be reduced by 5 percentage points for
each
class missed without approved justification, with one exception (“joker”) allowed. Students who miss more than three classes without justification will automatically be reassigned to non-attending student status. Job interviews, administrative appointments, public transport strikes, and similar reasons are not considered valid justifications for absence.

Students may opt out of the attending mode and switch to the non-attending mode at any point before teams for the project work are formed.
NOT ATTENDING STUDENTS
Long, in-class, closed-book mutliple choice questionaire based on:

Case studies used throughout the class

Assigned readings

Slides

ATTENDING AND NOT ATTENDING STUDENTS
Case Studies:
Paper versions provided in class throughout the semester (no digital copies can be provided; non-attending students
must
arrange to come pick up all the cases in the faculty's office, either prior, during, or after the course but before the final exam; non-attending students abroad can email the faculty to assess whether copies can be exceptionally sent by mail).

Selected Chapters
(see syllabus):

Fisher, R., Ury, W. L., & Patton, B.
Getting to yes: Negotiating agreement without giving in
. Penguin Books.

Dobelli, R.
The art of thinking clearly: The secrets of perfect decision-making
. Hachette UK.

Course Slides:
Slides will be posted on Bocconi's online blackboard throughout the semester.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

use the analytical tools of decision theory

build and solve microeconomics models, to conduct comparative statics analysis

solve constrained optimization problems applied to a variety of economic and noneconomic settings.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

apply the theoretical tools of decision theory to a variety of human behavior settings,

articulate economic reasoning,

evaluate the trade-offs involved in a given choice,

to develop research ideas.

MISSION
The course intends to introduce students to classical topics and recent advances at the frontier of decision theory. The elegant and powerful tools of decision theory endow students with an analytical mindset and a strong quantitative preparation, which forms the building block for understanding the foundations of microeconomic analysis. The course helps students address fascinating questions about human behavior in economic and noneconomic settings using a rigorous mathematical approach.
CONTENT SUMMARY
Classical Theory

∙ Methodology of decision theory
∙ Preferences
∙ Utility theory
∙ Decision making under risk
∙ Risk attitudes
∙ Applications
∙ Decision making under uncertainty
∙ Information acquisition problems

Modern and contemporary theory

∙ Decision making under ambiguity
∙ Decision making under model uncertainty
∙ Applications

Written individual exam (traditional/online) [Partial exams, General exam]
ATTENDING AND NOT ATTENDING STUDENTS
There is no difference between attending and non-attending students. The material, the workload, the requirements, and the evaluation based on exams, are identical for each student, attending and non-attending.

With the purpose of measuring the acquisition of the learning outcomes mentioned above, students’ assessment is based on the following items:

50% of the grade --- a midterm exam (with a single question in-class component) consisting of theoretical questions and problems. Skill tested are: the ability to apply the analytical tools illustrated during the course, to solve and explain decision theory models, to conduct comparative statics analysis, and to solve constrained optimization problems applied to a variety of economic and noneconomic settings.

50% of the grade --- a final exam (with a single question in-class component) consisting of theoretical questions and problems. Skill tested are: the ability to apply the analytical tools illustrated during the course, to solve and explain decision theory models, to conduct comparative statics analysis, and to solve constrained optimization problems applied to a variety of economic and noneconomic settings.

Instead of taking the Midterm and the Final Exams, students can take a General written in-class exam on the entire program (the general exam counts 100% of the overall grade).

Students are required to familiarize themselves with the Bocconi Academic Conduct Code. All violations, especially the ones dealing with examinations (e.g., cheating, etc.), will have to be reported to the office of the Dean for Undergraduate Studies.

Grades are based on the X/30 cum laude scale with the minimum passing grade for the entire course being 18/30. A minimum grade of at least 10/30 in both the midterm and final exams must be obtained. If this is not the case, students take a General exam on the entire program.

ATTENDING AND NOT ATTENDING STUDENTS
The course is based on the instructors’ lecture notes. Additional readings will be communicated during the semester.

The teaching material is posted on BlackBoard.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
1. Identify and understand some of the key issues developing countries face
2. Formulate a balanced, critical judgment on the status of the debate around these issues
3. Confidently discuss papers in the field of Development Economics
4. Critically evaluate contributions to the field of Development Economics

5. Identify the connections between empirical and theoretical literature

6. Recognize analytical and empirical tools of program evaluation useful to estimate the impact of public policies.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Apply the appropriate analytical and empirical tools to study policies

Interpret the empirical evidence from regression analysis.

Think critically and interact with classmates in a constructive way.

MISSION
This course provides an introduction to Development Economics, along with practical econometric tools applicable in real-world contexts. We will cover a range of topics including education, climate change, gender issues, the psychology of poverty, labor misallocation in the public and private sectors. Each module will review the latest research and influential papers, guiding you to identify the main gaps in the existing literature. Furthermore, you will develop skills in interpreting regression tables through practical examples using RCTs, IV, diff-in-diff, and RDD methodologies. We will also delve into theoretical models and contrast them with empirical data, enhancing your ability to formulate and test hypotheses.
CONTENT SUMMARY
These are the main topics we will cover
1. Education
2. Gender
3. Psychology of Povert
4. Climate
5. Public Service Delivery and Governance
6. Allocation of Labor / Labor Markets
7. Private Section and Firms

Written individual exam (traditional/online) [General exam]
ATTENDING AND NOT ATTENDING STUDENTS
80% of the grade will come from a general exam with open ended questions; 20% from assignments. The assignment will be a group assignment for attending students and an individual assignment for non-attending students.

ATTENDING AND NOT ATTENDING STUDENTS
The course material, including articles and lecture notes, for both attending and non-attending students, are uploaded to the Bboard platform of the course.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
By the end of the course, students will be able to:

Explain the most relevant technological trends enabling digital business transformation, including Artificial Intelligence, the Internet of Things, Cloud Computing, Big Data, and digital platforms.

Understand how these technologies can be adopted by traditional companies to strengthen their competitive advantage.

Describe the main strategic, organizational, and operational challenges involved in digital transformation.

Summarize the most important managerial theories and frameworks for understanding and managing digital transformation.

Design a theoretically sound digital transformation project, linking technologies, strategic objectives, organizational choices, and implementation challenges.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
By the end of the course, students will be able to:

Design and develop a concrete plan for digitally transforming a traditional company.

Translate digital technologies such as Artificial Intelligence, the Internet of Things, Cloud Computing, Big Data, and digital platforms into specific business applications.

Assess how contemporary technologies can improve processes, decision-making, customer experience, and competitive positioning.

Develop a change management strategy to support the implementation of digital transformation projects in target companies.

Help companies understand the managerial implications of digital technologies, beyond their purely technical features.

Act with a consulting-oriented mindset, by diagnosing problems, structuring transformation opportunities, and proposing actionable recommendations.

MISSION
How can traditional companies become digital champions? Do you want to take part in the transformation that is redefining how established companies compete, organize, and grow?

Digital startups are growing rapidly and reshaping markets, industries, and competitive dynamics. Yet many established companies still operate without a deep understanding of the rules, opportunities, and challenges of digital competition.

This course focuses on digital business transformation: the rapid and profound transformation of business models, internal processes, organizational capabilities, and individual competencies enabled by digital technologies such as Artificial Intelligence, the Internet of Things, Cloud Computing, Big Data, and ICTs more broadly.

The course combines managerial frameworks, technological understanding, and practical application. Students will discuss theories, analyze real cases, interact with company experts, and work in teams on a digital transformation project.

By integrating the business and technological dimensions of transformation, the course provides a comprehensive view of how digital transformation takes place in real companies.
CONTENT SUMMARY
How can traditional companies become digital champions? Do you want to take part in the transformation that is redefining how established companies compete, organize, and grow?

Digital startups are growing rapidly and reshaping markets, industries, and competitive dynamics. Yet many established companies still operate without a deep understanding of the rules, opportunities, and challenges of digital competition.

In this course, we do something rare and highly useful for your future professional experience, whether you work in an established company, a growing scale-up, or a digital venture: we connect technological change, digital strategy, organizational design, and real transformation work.

The course reviews the main technological drivers of digital change, the strategic choices enabled by digital technologies, and the organizational design decisions required to transform traditional companies into more digital, data-driven, and innovation-oriented organizations.

A central idea of the course is that the nature of information inside companies is changing profoundly. User-generated content, collaborative innovation, Artificial Intelligence, the Internet of Things, cloud platforms, big data, and social network applications are producing an unprecedented amount of information. However, many companies remain
information rich but knowledge poor
.

Turning this mass of information into usable knowledge requires companies to rethink their relationship with data, technology, processes, decision-making, and organizational capabilities. The course addresses this challenge by building a
practical toolkit of actionable frameworks and best practices
for making digital transformation possible in real companies.

Consistently with this approach, the exam is not only a theoretical test. It is also a sophisticated group project in which students apply the course frameworks to a real digital transformation challenge.

The course is organized into three main sections:

A theoretical framework for digital business transformation
We discuss the pillars of successful digital transformation, including digital projects, digital strategies, company goals, operational implications, organizational choices, and change management.

A practical review of the key technologies driving digital transformation
We examine the managerial implications of technologies such as Artificial Intelligence, the Internet of Things, Cloud Computing, Big Data, and digital platforms.

Live case studies and managerial conversations
Students interact with managers involved in digitally transformed processes or digital transformation projects, in order to understand how transformation actually happens inside companies.

Main topics of this course:

The course covers the following topics:

Technology trends driving digital business transformation

Characteristics of digital transformation projects

Artificial Intelligence: basic concepts and applications to companies

Artificial Intelligence and its impact on company processes

Internet of Things and Cloud Computing: impact on company processes

Strategic impact of digital transformation: theories, frameworks, and measures

Organizational choices for digital transformation projects

Change management in digital transformation

Live case studies of digitally transformed companies

Written individual exam (traditional/online) [Partial exams]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS

For attending students, the
final grade
is composed as follows:

80% — Field project on digital transformation
Team-based final handout.

20% — In-class presentation of the team project
Team pitch based on the final project.

Pass/Fail — Individual exam
The individual exam must be passed. In case of a
Fail
, 4 points will be subtracted from the final grade.

Peer evaluation
Peer evaluation is used to confirm the individual grade or, in case of negative feedback from teammates, to reduce it between 1 and 4 points.

The most important component of the assessment is the final group handout. This deliverable is designed to train students’ ability to apply the main concepts of the course to a concrete digital transformation project.

The in-class presentation is also an important part of the evaluation. Its purpose is to assess students’ ability to synthesize the complexity of the final handout into a limited number of slides and present the project clearly and effectively in a few minutes.

Peer evaluation is used to increase awareness of each student’s individual contribution to the team project and to ensure fairness in the final assessment.

The individual exam is aimed at checking students’ theoretical understanding of the key concepts, frameworks, and topics discussed in the course.
NOT ATTENDING STUDENTS
Written exam

Non-attending students will be assessed through a
written exam
, based on essay questions.

Please note that the required readings for attending and non-attending students are different.

Course slides are
not required
for non-attending students.

The individual exam is aimed at checking students’ theoretical understanding of the key concepts, frameworks, models, and topics included in the course syllabus, with particular attention to the course materials, assigned readings, and their application to relevant business and organizational situations.

ATTENDING STUDENTS

Teaching materials for attending students include the course's slides only.

NOT ATTENDING STUDENTS
Readings for non-attending students

Important note on readings

If any of the readings listed below are also available on the journal website as web pages in HTML format, students are required to download and study the
PDF version
available through the Bocconi Library.

PDF versions may contain additional material that is not included in the web page version. This often happens with journals such as
Harvard Business Review, Sloan Management Review, California Management Review
, and similar outlets.

Where to find the readings

The papers and reports listed below can be found through one or more of the following channels:

Bocconi Library, mainly through the
Business Source Complete
database;

JSTOR, when logged in as Bocconi students;

Directly on the Internet, when publicly available.

Important note for non-attending students

Non-attending students are
not required to study the course slides
.

The following list of papers and reports is required for the non-attending exam. Readings are organized by topic in order to provide a clearer structure of the subject matter.

List of papers and reports for the non-attending exam

1. Definition of digital transformation and its strategic and organizational impacts

Verhoef, P. C., Broekhuizen, T., Bart, Y., et al. 2021. “Digital Transformation: A Multidisciplinary Reflection and Research Agenda.”
Journal of Business Research
, Vol. 122.

Kretschmer, T., and Khashabi, P. 2020. “Digital Transformation and Organization Design.”
California Management Review
, Vol. 62.

2. Technologies and their impact on digital transformation processes

With a specific focus on Artificial Intelligence

McKinsey Global Institute. 2017.
A Future That Works: Automation, Employment, and Productivity
. Full report.

Wilson, J. H., and Daugherty, P. R. 2018. “Collaborative Intelligence: Humans and AI Are Joining Forces.”
Harvard Business Review
.

Gerbert, P., Duranton, S., Steinhäuser, S., and Ruwolt, P. 2018. “The Build-or-Buy Dilemma in AI.”
Boston Consulting Group Henderson Institute
.

3. Theoretical foundations of digital transformation

3a. Impact of technologies on users

Venkatesh, V., and Davis, F. D. 2000. “A Theoretical Extension of the Technology Acceptance Model: Four Longitudinal Field Studies.”
Management Science
.

Venkatesh, V., and Bala, H. 2008. “Technology Acceptance Model 3 and a Research Agenda on Interventions.”
Decision Sciences
.

3b. Knowledge, information, and knowledge management in data-rich organizations

Brown, J. S., and Duguid, P. 1998. “Organizing Knowledge.”
California Management Review
, 40(3), 90–111.

Feldman, M. S., and March, J. G. 1981. “Information in Organizations as Signal and Symbol.”
Administrative Science Quarterly
, 26(2), 171–186.

Hansen, M. T., and Haas, M. R. 2001. “Competing for Attention in Knowledge Markets: Electronic Document Dissemination in a Management Consulting Company.”
Administrative Science Quarterly
, 46(1), 1–28.

Haas, M. R., and Hansen, M. T. 2007. “Different Knowledge, Different Benefits: Toward a Productivity Perspective on Knowledge Sharing in Organizations.”
Strategic Management Journal
, 28(11).

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the opportunites of the main digital communication channels and technologies

Recognize the correct digital communication strategies to be adopted according to the specific company's goals and contexts

Clearly distinguish the difference between branding and performing goals

Learn how to define the right digital media content grounded on real data

Identify possible crisis management strategies in the digital perspective

Illustrate the multiple influencer marketing initiatives

Correctly read and interpret a digital communication plan

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Reproduce a digital communication plan

Develop the appropriate digital content grounded on real data

Design potential digital communications strategies

Implement potential crisis management strategies in the digital perspective

Plan various infuencer marketing campaigns

Create a social media editorial plan and editorial lines

MISSION
The course aims to offer an advanced knowledge on communication strategies adopted by companies in the digital scenario. The students will learn how to leverage the potential of the new technologies defining cutting edge communication strategies in order to seize new business opportunities, increasing customers’ engagement and loyalty in an omnichannel perspective. Next, students will understand how digital communication strategies need to be adapted according to companies and brands’ goals, type of industry and market (b2b and b2c), context and available technologies.
CONTENT SUMMARY
The main topics treated in the course include:

• Digital communication trends
• Overview of digital communication channels
• Digital communication plan
• Communicating through technologies
• Digital communication goals: branding and performing
• Digital communication strategies
• Programmatic advertising
• Data-driven content creation
• Influencer marketing
• Reputation and crisis management
• Social media editorial plan and content categories
• Industry deep dives: ad hoc digital communication strategies

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
Grades will be computed as follows:

1. Written examination: 50% of the overall grade

2. Group project: 50% of the overall grade

The final grade will be calculated averaging the group assignment grade with the final written exam grade. Only the final grade will be rounded up.

Additional +1 point if the student completes the online courses on 100-101 Meta Certified Digital Marketing Associate Exam. In order to obtain this extra point the student has to pass all the 16 free tests and will have to upload all the 16 certifications on Bboard within May the 15th 2026. Link:
https://www.facebookblueprint.com/student/collection/238354

1. Written Exam

In-class, closed-books final exam. The exam consists of a series of conceptual questions, multiple choice questions and exercises covering the whole course program, based on the material provided by the instructor for Attending Students.

2. Group project

The assignment consists of the development of a Digital Communication Plan referred to a specific case study. This assignment gives the students the opportunity to apply the course contents to a specific company situation. The evaluation of the group assignment will encompass the quality standard of the Digital Communication Plan and the quality of the presentation. The instructor will grade the group assignment and will give a grade per each group. The instructor may also use peer evaluation to assess each member’s contribution to group grade. The grade referred to the group assignment will be valid for the three exam sessions within the current academic year.

NOT ATTENDING STUDENTS
1.
Final w
ritten examination: 100% of the overall grade
.

Additional +1 point if the student completes the online courses on 100-101 Meta Certified Digital Marketing Associate Exam. In order to obtain this extra point the student has to pass all the 16 free tests and will have to upload all the 16 certifications on Bboard within May the 15th 2026. Link:

https://www.facebookblueprint.com/student/collection/238354

Written examination: this text will verify the knowledge and applied knwoledge of the students. Indeed the
written exam consists of a series
of conceptual questions, multiple choice questions (both useful to verify the knowledge of the key concepts) and exercises/applied open questions (useful to concretely demostrate how to apply the theoretical concepts) across the topics covered by the textbook for Non Attending Students (all the chapters have to be studied, excluding chapter 7 and chapter 10).

ATTENDING STUDENTS

Material prepared by the instructors

Articles

Recorded videos

NOT ATTENDING STUDENTS

Chaffey, D., & Ellis-Chadwick, F. (2022, eight ed.). Digital marketing. Strategy, Implementation and Practice. Pearson UK (all the chapters have to be studied, excluding chapter 7 and chapter 10)

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Describe why the rise of the of digital technologies and AI has given rise to unprecedented constitutional challenges; identify the legal categories and fundamental rights mainly affected by the digital revolution and recognize the reasons why digital technologies and AI are likely to make an impact; summarize cases and regulatory stances taken by courts and lawmakers as reaction to digital technologies; assert normative claims regarding how the law should tackle emerging legal issues in the digital age; estimate the possible impact of regulatory stances in light of the characteristics of the digital environment.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course student will be able to

understand the main legal challenges generated by digital technologies and AI in terms of fundamental rights protection;

read, understand and report on the case law of European and national courts on digital technologies and AI;

discuss legal issues emerging in the context of the digital age, having regard to the role and legal regime of digital platforms.

MISSION
Following the advent and spread of digital technologies, including AI applications, this course aims to provide students with an overview of the emerging constitutional issues connected to digital technologies and AI, with a focus on the protection of fundamental rights. The course will address different areas of law, including regulation and case law on freedom of expression, online platforms, privacy and data protection.
CONTENT SUMMARY
An Introduction to Digital Constitutionalism

Reguation of Digital Technologies and AI

Platforms, AI and Free Speech

Privacy, Data Protection and Automation

Discrimination in the age of AI

Oral individual exam [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
The final oral exam will attribute 18/30 points and will assess students' ability to comment on the legal issues discussed throughout the course.
Group assignments will award 12/30 points and will test students' ability to read, understand and report on relevant areas of the course.
NOT ATTENDING STUDENTS
The final oral exam will attribute 100% of the final grade and will assess students' ability to comment on the legal issues discussed throughout the course, as well as to read, understand and report on cases.

ATTENDING STUDENTS
Students will be tested on the materials available on Bboard and on the textbook:

O. Pollicino, M. Bassini, G. De Gregorio, Introduction to Internet Law: Protection of Human Rights in Cyberspace, Milan, 2021
NOT ATTENDING STUDENTS
Students will be tested on the materials available on Bboard and on the textbook:

O. Pollicinio, Judicial Protection of Fundamental Rights on the Internet. A Road Towards Digital Constitutionalism?, Oxford, 2021

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

• Definire e illustrare le nozioni e i principi fondamentali delle regole giuridiche di base applicabili al contratto di assicurazione;
• comprendere e illustrare i tratti essenziali di una polizza di assicurazione;
• conoscere i lineamenti della disciplina dell’impresa di assicurazione e della distribuzione assicurativa.
  CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
  Al termine dell'insegnamento, lo studente sarà in grado di...
• valutare l’applicazione delle regole giuridiche applicabili al contratto di assicurazione sia nel caso del rapporto tra l’assicuratore e il contraente “privato” (B2C) sia nel caso del rapporto tra l’assicuratore e il contraente “impresa” o “professionista” (B2B);
• comprendere il ragionamento in base al quale una polizza viene elaborata dall’assicuratore e viene accettata dal contraente;
• confrontarsi con il concetto di “rischio” e valutare l’opportunità di assicurarlo soppesando il costo certo del premio (sia nella vita individuale di una persona fisica sia nel contesto del bilancio di un’impresa) con il costo incerto derivante dall’eventualità dell’accadimento di un sinistro;
• individuare gli obiettivi della disciplina dell’impresa di assicurazione e della distribuzione assicurativa, analizzare le nozioni giuridiche rilevanti e sviluppare la capacità di riconoscerne e considerarne le implicazioni pratiche;
• acquisire la capacità di individuare e analizzare alcune delle principali questioni di diritto assicurativo che possono porsi in ambito sia giudiziale sia stragiudiziale, attraverso l’esame di problemi e casi pratici selezionati, attinenti all’attività dell’impresa di assicurazione, alla distribuzione e al governo di prodotti assicurativi.

MISSION
Il corso si propone di illustrare gli istituti giuridici fondamentali del diritto delle assicurazioni e i concetti giuridici di base necessari alla comprensione delle dinamiche proprie della regolazione giuridica dei rapporti tra assicurato, impresa di assicurazione e distributori assicurativi. In particolare, la prima parte del corso è dedicata allo studio del contratto di assicurazione e consente allo studente di acquisire la conoscenza delle nozioni di base e dei principi fondamentali inerenti alla normativa primaria e della normativa regolamentare preordinate a disciplinare, oltre che il contratto di assicurazione “in generale”, la stipula delle polizze di assicurazione contro i danni (in tutte le sue declinazioni, comprese le polizze la cui stipula è obbligatoria) e la stipula delle polizze di assicurazione sulla vita. La seconda parte del corso ha ad oggetto i lineamenti della disciplina dell’impresa di assicurazioni e della distribuzione assicurativa, con l’obiettivo di coniugare l’apprendimento delle regole riguardanti l’organizzazione e la gestione dell’impresa assicurativa e la distribuzione dei prodotti assicurativi con la comprensione della ratio delle regole stesse nonché dei profili applicativi.
PROGRAMMA SINTETICO
Dopo un'introduzione sul contratto di assicurazione in generale, il corso prende in esame:

• il contratto di assicurazione contro i danni in generale e, in particolare, l’assicurazione contro i danni al patrimonio dell’assicurato, l’assicurazione contro i danni alle cose dell’assicurato e l’assicurazione contro i danni alla persona dell’assicurato;
• il contratto di assicurazione sulla vita.
• L’impresa di assicurazione. Fome giuridiche e oggetto sociale dell’impresa di assicurazione. L’accesso all’attività assicurativa. Le condizioni di esercizio dell’attività assicurativa. Le riserve tecniche. I requisiti patrimoniali e di solvibilità. La disciplina delle partecipazioni sociali.
• La gestione dell’impresa di assicurazione. Il sistema di governo societario.
• La vigilanza sull’impresa di assicurazione. Misure di salvaguardia e risanamento. Decadenza e revoca dell’autorizzazione. Cessazione dell’attività.
• La distribuzione assicurativa. L’accesso all’attività di distribuzione assicurativa. I distributori di prodotti assicurativi. Le regole di comportamento. Il governo dei prodotti assicurativi.

STUDENTI FREQUENTANTI E NON FREQUENTANTI
-
Prima parte del corso
:

E. LUCCHINI GUASTALLA, A. BUSANI,
Lineamenti del contratto di assicurazione
, Egea, 2024.

oppure

A. LA TORRE,
Le assicurazioni
, Milano, Giuffrè, 2019, pp. 1-686; 957-1632

-
Seconda parte del corso
:

A. DONATI, G. VOLPE PUTZOLU, S. LANDINI,

Manuale di diritto delle assicurazioni
, Milano, Giuffrè, 2025, limitatamente ai capitoli II-XIV.

Ulteriori materiali sono resi disponibili su Blackboard.

Per entrambe le parti del corso è inoltre essenziale un'edizione aggiornata del Codice civile (con, in appendice, il d. lgs. 209/2005 recante il Codice delle assicurazioni private).

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...
Al termine dell'insegnamento, lo studente sarà in grado di:

-definire i principali istituti del diritto bancario italiano ed europeo;

-descrivere le categorie concettuali e gli orientamenti giurisprudenziali in materia;

-utilizzare la terminologia del diritto bancario in modo appropriato;

-riassumere i principali contenuti precettivi delle disposizioni del codice civile, del testo unico bancario e delle altre leggi speciali in materia bancaria.
CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...
Al termine dell'insegnamento, lo studente sarà in grado di:

-applicare le disposizioni del codice civile, del testo unico bancario e delle altre leggi speciali in materia bancaria per risolvere casi pratici;

-consultare le fonti del diritto bancario italiano ed europeo;

-effettuare una ricerca di giurisprudenza e di dottrina in materia bancaria;

-redigere un documento in modo appropriato per affrontare tematiche di diritto bancario.

MISSION
L'insegnamento consente allo studente di acquisire la conoscenza di quella parte dell'ordinamento giuridico italiano ed europeo che è destinata a disciplinare gli intermediari che svolgono attività bancaria e i loro rapporti con i clienti (siano essi consumatori ovvero imprenditori), nel quadro delle funzioni di vigilanza che sono esercitate dalle autorità competenti.
PROGRAMMA SINTETICO
La prima parte del corso sarà anzitutto dedicata al concetto di attività bancaria e al sistema delle fonti del diritto che la disciplinano. Saranno poi esaminati i principali contratti bancari e la prestazione dei servizi di pagamento. Si dedicherà altresì specifica attenzione all’obbligo precontrattuale di valutazione del merito creditizio del cliente, al funzionamento delle centrali di segnalazione dei rischi creditizi e alle caratteristiche dell’Arbitro Bancario Finanziario (ABF).
Nella seconda parte del corso ci si soffermerà sugli intermediari che sono autorizzati a svolgere l'attività bancaria. Sarà delineato un quadro della regolazione europea e nazionale alla quale sono assoggettati e si esamineranno l’architettura generale della vigilanza bancaria, le sue finalità, il suo funzionamento, le diverse autorità nazionali e comunitarie che sono competenti in materia, nonché le diverse forme nelle quali essa si articola ed è esercitata in concreto.

STUDENTI FREQUENTANTI E NON FREQUENTANTI
Per la prima parte del corso:

Urbani (a cura di),
L’attività delle banche
, ult. ed., Wolter Kluwer-Cedam (ad esclusione dei capitoli VI, VII, X, XI, XXI, da XXIII a XXXV, XLI, XLII, XLIII, da XLVI a LI)

Per la seconda parte del corso:

Sfameni – Giannelli,
Diritto degli intermediari e dei mercati finanziari
, III ed., Egea, 2018 (esclusivamente i capitoli 1, 2 e 5)

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

definire e illustrare gli istituti oggetto del programma con l’impiego della corretta terminologia giuridica;

inquadrare tali istituti in prospettiva sistematica, con particolare riguardo alle implicazioni sul piano dei rapporti di diritto privato, illustrandone i caratteri e l’operatività con adeguati riferimenti normativi di diritto civile e commerciale e appropriato uso delle categorie proprie di tali ambiti disciplinari;

illustrare, anche nella loro evoluzione, i principali orientamenti giurisprudenziali relativi agli istituti oggetto del corso;

comprendere l’impatto dell’innovazione tecnologica, della digitalizzazione e delle cripto-attività sull’organizzazione e sul funzionamento dei mercati finanziari, degli intermediari e delle sedi di negoziazione, anche con riguardo ai profili regolamentari e di tutela degli investitori.

CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

svolgere un corretto ragionamento giuridico sugli istituti oggetto del corso ed esporre, con linguaggio tecnico appropriato, le relative argomentazioni, anche con riferimento a possibili ipotesi concrete;

analizzare le pronunce giurisprudenziali sulla materia oggetto del corso, sapendo individuare ed esporre gli aspetti fondamentali delle controversie oggetto della decisione e le argomentazioni giuridiche svolte dalla decisione stessa;

analizzare contributi dottrinali sulla materia oggetto del corso ed esporne gli snodi concettuali e argomentativi fondamentali;

riuscire a inquadrare la natura giuridica dello strumento finanziario o della cripto-attività analizzata;

mettere in luce i profili di specialità dettati dal contesto tecnologico di riferimento.

MISSION
Il corso ha per oggetto la disciplina degli intermediari e dei mercati finanziari e mira a fornire un quadro del sistema delle fonti, della disciplina di soggetti e attività, oltre che della vigilanza pubblica. Il corso, coniugando elementi di diritto commerciale e profili civilistici, intende offrire la necessaria preparazione in una materia di particolare rilevanza sia sul piano teorico, sia su quello professionale e applicativo, offrendo anche gli strumenti concettuali indispensabili alla risoluzione di problematiche concrete.
PROGRAMMA SINTETICO

La regolazione degli intermediari e dei mercati finanziari e il sistema delle fonti

I servizi e le attività di investimento

Le regole di condotta e la tutela degli investitori

La gestione collettiva del risparmio

L’offerta al pubblico di prodotti finanziari

Le sedi di negoziazione

Le cripto-attività e i mercati digitali

STUDENTI FREQUENTANTI
F. ANNUNZIATA,
La disciplina del mercato dei capitali
, 12a ed., Giappichelli, 2023 (nelle parti indicate sul syllabus pubblicato su BBoard).

Rientrano nel programma d’esame anche gli ulteriori materiali didattici – differenziati per gli studenti frequentanti e non frequentanti – che saranno comunicati all’inizio del corso e indicati sul syllabus pubblicato su BBoard, al quale è dunque indispensabile fare riferimento.
STUDENTI NON FREQUENTANTI
F. ANNUNZIATA,
La disciplina del mercato dei capitali
, 12a ed., Giappichelli, 2023 (nelle parti indicate sul syllabus pubblicato su BBoard).

Rientrano nel programma d’esame anche gli ulteriori materiali didattici – differenziati per gli studenti frequentanti e non frequentanti – che saranno comunicati all’inizio del corso e indicati sul syllabus pubblicato su BBoard, al quale è dunque indispensabile fare riferimento.

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Conoscere e comprendere le problematiche interpretative e applicative di alcuni istituti della disciplina delle societa' per azioni.

CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Analizzare casi concreti di diritto societario, individuare la disciplina applicabile ed elaborare gli elementi principali di atti giudiziari del procedimento contenzioso.

Elaborare un testo scritto contenente gli elementi essenziali derivanti dall'analisi del caso concreto, con particolare riguardo agli strumenti processuali da utilizzare per tutelare gli interessi delle parti in causa.

MISSION
ll corso costituisce un approfondimento di alcuni istituti già esaminati nel programma del corso di Diritto commerciale, mediante l’analisi di una selezione di casi e questioni di diritto societario, prevalentemente in tema di società di capitali. Per ciascun argomento selezionato, in particolare, si procede su due piani: (1) viene anzitutto esaminata in dettaglio la disciplina dell’istituto giuridico, mediante lo studio delle norme e di un testo obbligatorio (articolo, capitolo o commento); (2) viene quindi presentato e discusso un caso avente ad oggetto il medesimo argomento, sulla base di una sentenza, di un lodo arbitrale o di una ipotetica controversia.
PROGRAMMA SINTETICO
La selezione dei casi e delle questioni oggetto di analisi riguarda essenzialmente l’
assemblea delle società per azioni
.

In tale ambito, vengono esaminati gli istituti essenziali, che caratterizzano la fisiologia e la patologia di tutti gli organi societari (e di altri enti), improntati al principio maggioritario e al metodo collegiale.

In particolare, verranno tra l'altro analizzati: il procedimento assembleare; le invalidità delle delibere assembleari e le relative impugnative; le assemblee speciali e le categorie di azioni; il diritto di voto; il dirito di recesso; il conflitto di interessi e l'abuso della maggioranza; i sindacati di voto.

L'elenco analitico dei singoli istituti e casi, unitamente ai relativi materiali e sentenze (suscettibile di modifiche di anno in anno), verrà caricato in BBoard prima dell'inizio del corso.

STUDENTI FREQUENTANTI E NON FREQUENTANTI
L’esame viene preparato sulla base dei testi obbligatori (articoli, capitoli o commenti) e delle sentenze e/o lodi arbitrali specificamente indicati nel Programma d’aula inserito in BBoard, variabili per ciascun anno di corso.

Tra di essi, la maggior parte è contenuta nel libro: M. Libertini - A. Mirone - P.M. Sanfilippo,
L’assemblea di società per azioni
, Giuffré, Milano, 2016, da acquistare.

Gli ulteriori testi saranno resi disponibili in copia pdf in BBoard.

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

definire e spiegare nel dettaglio la disciplina applicabile alle operazioni sul capitale e straordinarie. In particolare, ci si attende che lo studente sappia: (i) descrivere e illustrare le nozioni e le regole degli istituti oggetto d’esame; (ii) spiegare tali nozioni e regole con una corretta terminologia tecnica e con consapevolezza del significato e delle implicazioni degli istituti giuridici;

conoscere e comprendere le problematiche interpretative e applicative degli istituti oggetto d’esame.

CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

analizzare le nozioni giuridiche rilevanti e individuare la disciplina applicabile, in base al testo della legge e alla sua ratio. Ci si attende inoltre che lo studente acquisisca la capacità di discutere il significato degli istituti e le ragioni delle regole ad essi applicabili, nonché di spiegarne il funzionamento concreto e le implicazioni pratiche;

sviluppare una capacità d'analisi critica della relativa disciplina essenziale nello svolgimento di attività di consulenza giuridica o della funzione legale nelle società.

MISSION
ll corso illustra in modo analitico la disciplina delle operazioni sul capitale e straordinarie, alla luce della rilevanza teorica e pratica che le stesse rivestono nel moderno diritto delle società di capitali. L’obiettivo del corso è di fornire agli studenti le conoscenze necessarie per la comprensione dei principali problemi, anche di carattere applicativo, legati ai temi trattati, nonché di sviluppare una capacità d’analisi critica relativa alla disciplina che si rivela essenziale nello svolgimento di attività di consulenza giuridica o di esercizio della funzione legale nelle società.
PROGRAMMA SINTETICO

I pilastri della disciplina: il capitale, le forme della “raccolta” da parte delle imprese e conferimenti;

Azioni e categorie di azioni;

Obbligazioni e strumenti finanziari partecipativi;

Le operazioni sul capitale (aumento, riduzione e acquisto di azioni proprie);

Le operazioni straordinarie: morfologia e funzioni;

Le operazioni straordinarie quali modifiche dell’atto costitutivo: il recesso del socio;

Le trasformazioni;

Le fusioni;

Le scissioni;

Le operazioni straordinarie relative all’azienda (trasferimento, conferimento, scorporo).

STUDENTI FREQUENTANTI E NON FREQUENTANTI
L'insegnamento ha come testo di riferimento per la disciplina delle operazioni sul capitale e straordinarie il seguente volume:

A. Nigro, Diritto delle operazioni straordinarie, Il Mulino, 2022. (esclusi i capitoli VII e IX; ulteriori parti e/o paragrafi potranno essere esclusi, sostituiti o integrati da altri materiali specifici che saranno indicati nel syllabus e nel Programma d’Aula).

In aggiunta, allo scopo di indurre gli studenti ad un approccio più approfondito alla materia oggetto d'insegnamento, ogni istituto o argomento deve essere studiato sulla base delle lezioni frontali, di quanto riportato nelle slide riassuntive (aventi funzione meramente orientativa e di sintesi), nonché dei materiali di volta in volta comunicati dal docente durante il corso.

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Conoscere i principi costituzionali relativi al ruolo e alle competenze dei poteri pubblici nel governo dell'economia, all'interno dei contesti di liberalizzazione e globalizzazione dei mercati.

Identificare le principali modalità attraverso le quali il potere pubblico incide sull’evoluzione del sistema economico e sui risultati – economici e sociali – raggiunti dall’operare dei soggetti privati sul mercato.

Riconoscere e saper analizzare le matrici economico-filosofiche delle strategie implementate dal potere pubblico nel governo dei processi economici e i legami tra queste e le forze economiche e sociali che emergono dalla comunità politica.

CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Interpretare correttamente e in modo consapevole i comportamenti e le scelte delle istituzioni pubbliche volte al governo dell'economia, nella loro interazione con le istituzioni sovranazionali.

Elaborare criticamente le informazioni e le conoscenze possedute al fine di inquadrare in modo metodologicamente corretto le questioni e i problemi che emergono dall’interazione tra potere pubblico e soggetti privati, nell’ambito delle relazioni a contenuto economico.

MISSION
Obiettivo fondamentale del corso è quello di fornire allo studente le nozioni giuridiche e gli strumenti analitici indispensabili alla comprensione del complesso e dinamico rapporto tra poteri pubblici e sistema economico, in contesti caratterizzati da rilevanti processi di integrazione economica e di competizione transnazionale. In particolare, in un contesto di crescente competizione tra sistemi economici, il corso si propone di fornire agli studenti gli strumenti metodologici e le conoscenze essenziali al fine di integrare la conoscenza dei diversi istituti del diritto pubblico e costituzionale con il contributo delle diverse scuole del pensiero economico, al fine di comprenderne i concreti meccanismi di funzionamento e di individuare il ruolo svolto dal potere pubblico nell’evoluzione del sistema economico
PROGRAMMA SINTETICO

Analisi dei metodi e degli approcci all’indagine del rapporto tra sistema giuridico e sistema economico.

Esame dei principali istituti attraverso i quali il potere pubblico incide sulle linee essenziali dello sviluppo dei processi economici e sui risultati raggiunti dall’operare dei soggetti economici privati nel mercato.

Analisi dell’incidenza delle dinamiche dell’integrazione sovranazionale dei sistemi economici sugli strumenti attraverso i quali si attua il governo dei processi economici.

Esame in merito alle conseguenze sviluppate dall’integrazione ordinamentale – in specie europea – sul funzionamento delle strutture dello Stato costituzionale.

STUDENTI FREQUENTANTI E NON FREQUENTANTI
Il materiale didattico è costituito dal manuale a cura di G.F. Ferrari, Diritto pubblico dell'economia, Milano, Egea, Ultima edizione

Nel corso delle lezioni materiali di approfondimento verranno caricati sulla piattaforma blackboard.

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Individuare gli obiettivi fondamentali della normativa italiana ed europea inerente alla regolazione della crisi di impresa e dell'insolvenza.

Identificare i meccanismi di allerta e le procedure di composizione - assistita e negoziata - della crisi d’impresa.

Identificare le tipologie delle procedure concorsuali esperibili a tutela dei creditori, anche
crossborder.

Descrivere le modalità di svolgimento delle singole procedure di regolazione della crisi e dell'insolvenza, con i relativi strumenti decisionali a tutela del ceto creditorio.

CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Applicare i concetti generali del diritto italiano ed europeo di regolazione della crisi d’impresa e dell'insolvenza, al fine di individuare le possibili problematiche connesse alla tutela del ceto creditorio e al perseguimento della liquidazione e del risanamento dell'impresa debitrice.

Saper analizzare problematiche concrete di insolvenza e crisi d'impresa.

Impostare possibili soluzioni di fronte a situazioni di insolvenza e/o crisi d'impresa con riguardo sia alla finalità liquidatoria che a quella conservativa del patrimonio aziendale, nella prospettiva italiana ed europea.

MISSION
Il corso ha ad oggetto lo studio degli strumenti e delle procedure di regolazione della crisi d’impresa. In particolare, il corso si occupa della liquidazione giudiziale e delle altre procedure concorsuali disciplinate dal c.d. codice della crisi d'impresa e dell’insolvenza (concordato preventivo, accordi di ristrutturazione dei debiti e piani attestati di risanamento), oltre che delle procedure di allerta e di composizione assistita e negoziata della crisi d’impresa. Il corso si propone inoltre di esaminare i principali assetti della legislazione europea in tema di insolvenza transfrontaliera, anche alla luce dell’attività di recepimento svolta dal legislatore nazionale e di talune delle più importanti applicazioni giurisprudenziali in materia.
PROGRAMMA SINTETICO

La regolazione della crisi d’impresa.

I meccanismi di allerta e le procedure di composizione della crisi d’impresa: la composizione negoziata della crisi d'impresa.

Gli strumenti di allerta precoce e i quadri di ristrutturazione preventiva della Dir. UE n. 1023/2019.

I presupposti soggettivi delle procedure di regolazione della crisi d’impresa; l’insolvenza e lo stato di crisi. Il procedimento unitario per la dichiarazione dello stato di crisi o di insolvenza e gli organi preposti alle procedure di regolazione della crisi o dell’insolvenza.

Gli accordi di ristrutturazione dei debiti e i piani attestati di risanamento.

Il concordato preventivo: apertura, amministrazione, approvazione, revoca ed esecuzione.

Il concordato preventivo con continuità aziendale.

La liquidazione giudiziale: gli effetti dell’apertura nei confronti del debitore, dei creditori, degli atti pregiudizievoli ai creditori e sui rapporti giuridici pendenti.

La formazione e la verificazione dello stato passivo.

La liquidazione e la ripartizione dell’attivo, la chiusura della liquidazione giudiziale e l’esdebitazione.

La liquidazione giudiziale delle società e la responsabilità degli organi sociali. Le procedure di regolazione della crisi e dell'insolvenza nei gruppi di imprese: accordi di ristrutturazione dei debiti, concordato preventivo e liquidazione giudiziale.

Il diritto europeo in tema di insolvenza transfrontaliera. Il rapporto della normativa italiana con il Reg. UE n. 848/2015. La competenza giurisdizionale. I rapporti tra procedura principale e secondaria: il principio dell'universalità limitata. Il riconoscimento e l'esecuzione delle decisioni sull’insolvenza nell’area europea.

I gruppi di imprese e la
crossborder insolvency
: la procedura di coordinamento.

STUDENTI FREQUENTANTI E NON FREQUENTANTI
Il materiale didattico consiste nelle slides e nel materiale allegato che sarà messo a disposizione periodicamente su Bboard prima di ciascuna lezione.

E' essenziale consultare il
Codice della crisi d'impesa e dell'insolvenza
(d.lgs. n. 14/2019) in una edizione aggiornata. in classe saranno fornite anche le principali fonti normative europee oggetto di studio durante il corso.

Manuale: G. D'Attorre,

Manuale di diritto della crisi e dell'insolvenza
, Giappichelli, ultima edizione disponibile. Limitatamente ai capitoli: I, II, III, IV, V, VI, IX, X e XIII.

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Conoscere gli aspetti principali dell'impiego della sanzione penale come strumento di controllo pubblicistico dell'impresa e della sua gestione, anche nella fase di crisi, nonché l'apparato sanzionatorio degli abusi di mercato.

Comprendere l'evoluzione legislativa, dottrinale e giurisprudenziale del diritto penale dell'economia anche in ragione dell'incidenza dei formanti dell'Unione europea.

CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Applicare i principi penalistici generali in relazione alle norme incriminatrici di maggiore rilevanza in ambito economico al fine di comprendere la portata e i limiti del rischio penale degli operatori economici.

MISSION
Il corso intende illustrare gli aspetti principali dell’impiego dello strumento penalistico in chiave di regolamentazione dell’impresa e della sua gestione, compresa la fase di crisi, nonché la disciplina sanzionatoria degli abusi di mercato. Il largo ricorso alla sanzione penale in materia economica, caratteristica peculiare del nostro ordinamento, esige un’analisi dei principi generali, delle norme incriminatrici di maggiore rilevanza e dell’evolversi che le stesse hanno avuto a livello legislativo (anche su impulso sovranazionale), oltre che nell’interpretazione giurisprudenziale e dottrinale, al fine di comprendere la portata e i limiti del rischio penale degli operatori economici.
PROGRAMMA SINTETICO

L’intervento penalistico in ambito economico

Problematiche di parte generale:

Colpevolezza

Concorso di persone nel reato

Principali apparati punitivi:

Reati societari

Reati nello scenario di crisi d'impresa e insolvenza

Abusi di mercato

STUDENTI FREQUENTANTI

• A. Alessandri, S. Seminara,
  Diritto penale commerciale
  , Giappichelli, 2018-2023, voll. I, II, III, IV
• vol. I - Principi generali (2018): Capp. I (lettura), II
• vol. II - Reati societari (2021): Capp. I (lettura), II, IV, VI
• vol. III - Mercato mobiliare (2022): Capp. I (lettura), III
• vol. IV - Reati nelle procedure concorsuali (2023): Capp. I (lettura), II, III, IV, V, VI, VII, VIII, IX, XI
• Materiali integrativi (dottrina e giurisprudenza) su piattaforma Blackboard
  STUDENTI NON FREQUENTANTI
• A. Alessandri, S. Seminara,
  Diritto penale commerciale
  , Giappichelli, 2018-2023, voll. I, II, III, IV
• vol. I - Principi generali (2018): Capp. I, II
• vol. II - Reati societari (2021): Capp. I, II, IV, VI
• vol. III - Mercato mobiliare (2022): Capp. I, III
• vol. IV - Reati nelle procedure concorsuali (2023): per intero
• Materiali integrativi (dottrina e giurisprudenza) su piattaforma Blackboard

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Identificare i principi che regolano gli accertamenti ed il contenzioso.

Individuare le fasi e gli elementi essenziali dell'accertamento e del contenzioso.

Riconoscere le tipiche fattispecie di contatto tra il contribuente e l’amministrazione finanziaria.

Riconoscere e descrivere gli strumenti appropriati a disposizione del contribuente in sede di accertamento e di contenzioso.

Identificare la corretta metodologia da seguire per la soluzione di vertenze con l’amministrazione finanziaria.

Identificare i diversi orientamenti della Corte di Cassazione riguardo ai rapporti tra fisco e contribuente.

CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Interpretare correttamente le leggi che regolano i rapporti tra contribuente e amministrazione finanziaria.

Valutare gli strumenti da adottare nella difesa del contribuente in sede di accertamento e di contenzioso.

Redigere atti amministrativi e processuali idonei alla difesa del contribuente.

MISSION
Il corso approfondisce, con un approccio avanzato e fortemente applicativo, la gestione dei rapporti tra contribuenti e Amministrazione finanziaria, analizzando le dinamiche dell’accertamento tributario, delle tecniche di tax compliance e degli strumenti di tutela e difesa del contribuente nella fase amministrativa e contenziosa. Attraverso l’esame delle norme, della giurisprudenza e di numerosi casi pratici, il corso sviluppa competenze operative nella gestione delle verifiche fiscali, delle indagini finanziarie, degli istituti deflattivi del contenzioso e del processo tributario.
La didattica integra lezioni teoriche, simulazioni processuali, redazione di atti e testimonianze professionali, con l’obiettivo di fornire agli studenti una metodologia concreta per affrontare situazioni professionali reali e comprendere l’evoluzione del rapporto tra contribuente e Amministrazione finanziaria, anche nel contesto internazionale e della cooperazione fiscale europea.
Il corso rappresenta il completamento dei corsi base di fiscalità e bilancio ed è finalizzato ad approfondire gli aspetti evoluti della tassazione del reddito, sviluppando capacità di analisi critica, problem solving e applicazione pratica delle regole tributarie
PROGRAMMA SINTETICO
Il corso si avvale di metodi interdisciplinari; esso è infatti è diviso in due moduli:

Il primo modulo (Accertamento del reddito e contenzioso tributario) è diretto a completare le nozioni in materia di tassazione delle persone fisiche e delle società, attraverso l’approfondimento della tematica del processo di accertamento del reddito e dell’attività di controllo svolta dagli Uffici finanziari e dalla Guardia di Finanza (contenuto delle prove, requisiti formali e sostanziali di validità degli atti, gestione del contenzioso, ecc.).

Il secondo modulo (Applicazioni concrete) si propone di affrontare la stessa tematica con un approccio pratico, volto ad illustrare alcune specifiche problematiche e questioni applicative nella prospettiva della difesa del contribuente.

STUDENTI FREQUENTANTI E NON FREQUENTANTI

BOFFANO S.,
Il rapporto Fisco-contribuente nella lente d'ingrandimento della giurisprudenza,
Giappichelli 2024

Codice tributario,

edizione aggiornata

Casi e materiali reperibili ad inizio corso sulla piattaforma e-learning.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Explain the principal legal, procedural, and institutional frameworks governing cross-border litigation, international commercial arbitration, investment arbitration, and selected specialized dispute resolution mechanisms.

Analyze core jurisdictional and procedural issues in transnational disputes, including jurisdiction, service abroad, recognition and enforcement of foreign judgments, arbitral jurisdiction, arbitration agreements, separability, competence-competence, the seat, and applicable laws and rules.

Describe and apply the frameworks established by the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards and the UNCITRAL Model Law on International Commercial Arbitration.

Evaluate how contracts, national laws, institutional rules, treaties, conventions, courts, arbitral tribunals, and arbitral institutions interact in multi-jurisdictional disputes.

Use theoretical models such as legal pluralism, law without a state, and global governance to explain how transnational dispute resolution systems operate across and beyond national legal orders.

Critically assess strategic and policy tensions in international dispute resolution, including forum shopping, enforcement risk, party autonomy, arbitrator accountability and impartiality, domestic sovereignty, regulatory authority, and public-law concerns in arbitration.

Apply legal principles, institutional frameworks, and theoretical perspectives to concrete cross-border commercial, investment, and public-law disputes.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze transnational dispute scenarios and assess jurisdictional strategy, forum choice, procedural options, applicable legal regimes, and enforcement risk.

Compare litigation, international commercial arbitration, investment arbitration, and specialized dispute resolution mechanisms as tools for managing and resolving cross-border disputes.

Draft, evaluate, and critique governing law and dispute resolution clauses, identifying the contractual, statutory, treaty-based, institutional, and procedural layers that may affect future disputes.

Apply treaties, conventions, institutional rules, statutes, case law, and academic materials to hypothetical facts, practical problems, and evolving dispute scenarios.

Construct legal arguments and strategic advice for diverse clients and stakeholders, including states, corporations, NGOs, individuals, arbitral institutions, and public authorities.

Work effectively in discussions, role plays, simulations, debates, and case-study exercises, using legal reasoning, strategic judgment, and critical reflection.

Communicate complex legal and institutional issues clearly, both orally and in writing, in ways that are responsive to different audiences and dispute-resolution contexts.

MISSION
The course examines lawyers not only as client representatives, but also as counselors, advocates, gatekeepers, officers of legal systems, and defenders—or sometimes enablers—of legality itself.
The course uses concrete problems and case studies to explore the choices lawyers face when professional duties collide: confidentiality and candor, loyalty and independence, zealous advocacy and the integrity of legal process, technical advice and moral judgment. Topics include cross-border practice and conflicting ethics rules, client perjury, bad legal advice and gatekeeping failures, representation of unpopular clients, lawyers in authoritarian regimes, military lawyers and illegal orders, private attorney general litigation, climate justice, ecocide, international prosecution, ethics in international arbitration, and the impact of AI on professional judgment.
By looking beyond any single jurisdiction, students learn that familiar ethical rules often depend on assumptions about courts, markets, governments, and the lawyer’s role that do not travel easily. A global and comparative perspective therefore does more than broaden students’ understanding of legal ethics. It helps them become better lawyers who are more alert to context, more careful about professional judgment, more capable of navigating conflicting duties, and better prepared to act responsibly in a legal world that is increasingly cross-border, technologically complex, and politically contested.
CONTENT SUMMARY

• Foundations of cross-border disputes, party strategy, and the virtues and vices of forum shopping.
• Cross-border litigation, including jurisdiction, service of process abroad, and recognition and enforcement of foreign judgments.
• International commercial arbitration, including arbitration agreements, internationality, competence-competence, separability, the legal seat, governing laws and rules, arbitrators' roles, and arbitral procedure.
• Recognition, set-aside, and enforcement of arbitral awards, with particular attention to the New York Convention and Article V defenses.
  -Specialized and applied contexts, including sports arbitration, investment arbitration, international climate change disputes, and stolen art and cultural property disputes.

Written individual exam (traditional/online) [General exam]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Attending students are assessed through active class participation and a written final exam. Class participation in discussions constitutes 20% of the final grade based on responses collected on exercises and in-class voting, and is intended to assess meaningful engagement, critical thinking, oral communication, and the ability to apply legal concepts in interactive exercises and discussion.
The final exam constitutes 80% of the grade and assesses students' knowledge and understanding of the course frameworks, as well as their ability to analyze hypothetical transnational disputes and apply relevant legal principles. The exam will consist of one open essay question, several short answer questions, and a post-exam AI-based self-assessment.
NOT ATTENDING STUDENTS
For all students, the written exam may include open-answer analysis of a hypothetical fact pattern, multiple-choice questions, and short-answer questions. After the in-class exam, students complete a take-home component in which they evaluate their own exam answers using artificial intelligence. Additional details and sample exam questions will be distributed in class.

ATTENDING AND NOT ATTENDING STUDENTS
Required materials: background treatise excerpts, select cases, treaty and statutory materials, and articles discussed in class, to be posted on BBoard.
Recommended readings: additional readings will be provided, and assignments specified in the day-by-day syllabus.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Define diversity, equity, equality, and fairness.

Explain trends in diversity from a global perspective.

Explain why diversity can benefit societies, companies, organizations, and individuals.

Explain why we observe differences in outcomes across groups.

Explain which policies and interventions help promote diversity and which don't, depending on the context.

Design and implement your own diversity and inclusion initiative.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze empirical evidence of academic research that evaluates discrimination and the effects of corrective policies.

Evaluate to what extent there is discrimination against specific groups.

Evaluate the effectiveness of policies aimed at improving diversity.

MISSION
In recent decades, governments and organizations have become increasingly interested in fostering diverse and inclusive environments. Yet, considerable discrepancies remain between groups on a global scale: there are large and persistent racial and gender gaps in educational attainment, labor force participation, earnings, health, exposure to violence and discrimination, and political representation. This new course discusses approaches to fostering equality of opportunity, diversity, and inclusion in organizations and societies at large.

It is structured around five main questions:

1. How should we define diversity, and why do we value it?
2. How can we measure inequality between groups?
3. Which determinants explain this inequality?
4. What happens when we foster more diverse environments?
5. Which policies and interventions work to promote diversity, and which don't?

By the end of the course, students will have developed a solid understanding of the importance of diversity, its measurement and determinants, and which policies have the potential to foster social change effectively.
CONTENT SUMMARY

We cover several dimensions of diversity and present a global panorama of unequal treatment worldwide from a geographical and historical perspective.

Definitions and Measurement

Notions of Fairness and Efficiency

Historical Trends and Geographical Heterogeneity

We discuss why governments, companies, and organizations could value diversity.

Governance

Economic Performance

Sustainability, Inequality, and Well-being

We study the determinants of observed differences in outcomes.

Socio-psychological Factors

Culture, Norms, and Stereotypes

Institutions (effects of institutional persecution, healthcare, education)

Discrimination (theory and empirical evidence)

Home Production and Family Life (theory and empirical evidence)

We review different policies and their effectiveness in promoting diversity.

Corrective Policies
–
Affirmative Action

The Role of Public Policy – Pensions and Fiscality

The Role of Public Policy – Family Policies

The Role of Firms – Part-time and Smart Work

The Role of Civil Society – Social Movements

We conclude with some recent issues surrounding diversity and fairness.

Algorithmic Bias

Written individual exam (traditional/online) [Partial exams, General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
The examinations assess students' knowledge acquired during the course, that is, their ability to:

Define diversity, equity, equality, and fairness.

Explain why diversity can benefit societies, companies, organizations, and individuals.

Explain why we observe differences in outcomes across groups.

Explain which policies and interventions help promote diversity and which don't.

Design their own policy aimed at fostering diversity and inclusion.

They also assess whether students can successfully apply this knowledge to a given context, that is, their ability to:

Analyze empirical evidence of academic research that evaluates discrimination and the effects of corrective policies.

Evaluate the extent to which there is discrimination against specific groups.

Evaluate the effectiveness of policies aimed at improving diversity.

In small groups, students will also be asked to design a policy to foster diversity and inclusion within an organization. They will then present their project to the class. This activity helps to prepare the final exam but is not graded.

One final exam at the end of the course amounts to 100% of the grade. The written individual exam is a mix of open-ended, numerical, multiple-choice, and "True" or "False" questions for attending and non-attending students. The questions will concern both theory and empirics discussed in class.

In addition, two multiple-choice quizzes will be administered in class via Bboard. Each one consists of 15 questions (30Q in total). Students scoring at least 18/30 will get an extra point +1 on their final grade.

ATTENDING AND NOT ATTENDING STUDENTS
A list of optional readings will be provided from one lecture to the next. The papers will be directly uploaded on Blackboard for the students' convenience.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course, students will be able to:

understand the evolution of eCommerce and data-driven retail models

analyze and compare different eCommerce business models, including marketplace and platform ecosystems

understand the key drivers of performance across the eCommerce value chain

interpret data and analytics to support decision-making in areas such as pricing, assortment and customer acquisition

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Students will be able to:

design and manage an eCommerce business within an omnichannel strategy

evaluate the role of marketplaces in growth strategies and channel mix

use data and KPIs to monitor and optimize performance

critically assess strategic and operational trade-offs in digital commerce

MISSION
If until a few years ago e-commerce was considered an “add-on component” for companies, today it represents a central pillar of value creation and competitive advantage.
This course aims at developing a comprehensive understanding of the evolving eCommerce ecosystem, equipping students with the analytical tools and managerial skills required to design, manage and scale digital commerce initiatives.
Compared to traditional approaches, the course places a stronger emphasis on platform-based competition and marketplace dynamics, as well as on the integration of synchronous and asynchronous learning formats to enhance critical discussion and applied learning.
CONTENT SUMMARY
The course covers the key processes, tools and managerial decisions required to manage an eCommerce business, with a focus on both direct-to-consumer and platform-based models:

Ecommerce business models

Omnichannel and unified commerce strategies

Marketplace and platform strategies: governance, economics and growth levers

Digital merchandising and data-driven assortment strategies

Pricing management (data-driven and dynamic pricing)

UX and conversion optimization

Content management (product, marketing and information)

Customer acquisition and traffic generation (performance marketing, SEO, metrics)

Customer service and experience design

Digital trade marketing and buying process

Supply chain, logistics and reverse logistics

Order, customer and stock flow management

Technological platforms supporting eCommerce

Online payment systems and fintech integration

eCRM and customer data platforms

P&L management and unit economics

eCommerce KPIs and performance measurement

Recommendation systems and personalization

Marketing automation

AI impact on eCommerce and decision-making

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
The status of attending is assigned to students who participate to the group project.

The status is valid for the first three exam sessions.

ATENDING STUDENTS

Grades will be computed as follows:

1. Group Activities - 50% of the total grade (15 points)

2. Written Final examination: 50% of the total grade (16 points)

1. Examination

The written final examination will be closed-book, short answer and/or multiple-choice, in class exam.

The written exam includes questions referring to cases, talks and related concepts, models and tools presented and discussed in class. It assesses students’ ability to apply the theory and methods learned in the course.

2. Group Activities

The group activities (which may be more than one) provide an opportunity to apply the course concepts and to carry out an in-depth analysis of strategic issues of interest to you. You can do this in a team (up to 5-6 people) following the guidelines distributed in class.

The marks obtained on activities remain valid for the first three exam sessions, only. Students who take the exam in later dates will be treated as non-attendants.

The activities and the individual written exam are respectively evaluated on a 0-15 scale and 0-16 scale. The marks of the field projects and the individual written exam are summed up. To pass the exam, students must obtain a minimum score of 9 at the written exam and an overall mark of at least 18. An insufficient final mark (i.e., lower than 18) implies the repetition of the exam at the same conditions of non-attending students.

There is no oral integration.
NOT ATTENDING STUDENTS
NOT ATTENDING STUDENTS

Written exam based on the textbooks - 100%.

The questions are aimed at verifying the ability to apply the knowledge students learned when studying the teaching material.

ATTENDING STUDENTS
ATTENDING STUDENTS

Instructors'notes.

Material distributed through BB (TBD)
NOT ATTENDING STUDENTS
NOT ATTENDING STUDENTS

Textbook Digital Business and E-Commerce Management.

Dave Chaffey, Tanya Hemphill, David Edmundson-Bird. Pearson Education Limited, 2024- 8th edition

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand research papers on crime-related issues.

Identify interesting research questions in the same field.

Develop and illustrate a research project.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Intepret previous evidence on the causes and consequences of crime.

Evaluate the impact of anti-crime policies.

Develop research projects in this field.

MISSION
This course introduces students to the economic analysis of crime, grounded in the choice-theoretic model of criminal behavior. The empirical approach emphasizes identifying causal relationships. Students will explore methods that address socially and politically relevant questions, such as: Do longer prison sentences deter crime? What are the economic costs of organized crime? Do the police and judicial systems discriminate against minorities? How does immigration impact crime rates? How can corruption be detected and reduced? These examples illustrate the types of questions that inspire the course. By the end of the program, students will have the skills to navigate all stages of a research project on these topics.
CONTENT SUMMARY

Challenges to the empirical analysis of crime

Measuring the unmeasurable

Correlation vs. causation

Experiments and quasi-experiments

The rational-choice model of crime

The evidence on the economic model of crime: Probability of arrest

The effects of police presence

Racial discrimination in policing

Predictive policing

The evidence on the economic model of crime: Punishments

Deterrence and incapacitation effects of prison

Death penalty

Open prisons and electronic monitoring

The evidence on the economic model of crime: Legitimate income opportunities

Education

Labor market opportunities

Immigration and crime

Perceptions and reality

The effect of legal status on immigrants' propensity to commit crimes

Organized crime

Economic effects

Political effects

Corruption

Drug policy

Effects in destination countries: The opioid epidemics in the US

Effects in origin countries: Drug wars in Mexico

Miscellaneous topics

The "More guns, less crime" hypothesis

Tax havens

Abortion and crime

Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
The final grade is based on a written exam and group presentations. At the start of the course, students will form groups of 3–4 members. Each group will present a research project proposal at the end of the course. The final grade is calculated as the higher of the following two options:

The grade from the written exam, which assesses students' ability to interpret existing evidence on the causes and consequences of crime;

A weighted average, consisting of 70% from the written exam and 30% from the group project presentation.

This grading policy ensures that problem sets and group presentations serve as a safeguard, providing insurance against a potential underperformance on exam day.
NOT ATTENDING STUDENTS
The final grade is based on a written exam that evaluates students' ability to analyze and interpret existing evidence on the causes and consequences of crime.

ATTENDING AND NOT ATTENDING STUDENTS
No textbook is required

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Explain the main normative and positive approaches to public intervention in the economy.

Identify the economic rationales for policy intervention, including efficiency, equity, redistribution, social insurance, market failures and externalities.

Describe how political incentives, institutions, voters, interest groups and administrative constraints shape policy choices and reform outcomes.

Recognize the main policy instruments available to governments, including taxation, transfers, regulation, public provision, behavioral tools and digital instruments.

Discuss the economic and political challenges associated with pensions, retirement, health care, long-term care, migration, gender gaps, intergenerational justice, ageing, populism and artificial intelligence.

Understand how evidence, comparative indicators and empirical research can inform the design and evaluation of public policies.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze real-world policy problems by identifying objectives, target groups, trade-offs, constraints, winners and losers.

Evaluate alternative policy instruments in terms of economic coherence, distributional effects, political feasibility and implementation constraints.

Use empirical evidence, policy reports and comparative data to support policy analysis and policy recommendations.

Design a policy proposal that connects problem diagnosis, policy instruments, financing, political feasibility, implementation and evaluation.

Communicate policy analysis effectively through written executive summaries, oral presentations and structured class discussion.

Work in teams to develop, revise and defend a policy proposal, incorporating feedback from peers and instructors.

MISSION
Public policies increasingly have to address complex economic, social, technological and political challenges, including population ageing, inequality, migration, gender gaps, fiscal constraints, climate change, populism, and the growing role of artificial intelligence in public decision-making. Designing effective policies therefore requires not only economic analysis, but also an understanding of political incentives, institutional constraints, distributional conflicts, administrative feasibility, and public communication.
The course provides students with analytical tools to evaluate why governments intervene in markets, how different policy instruments work, and why technically sound reforms may succeed or fail politically. It combines public economics, political economy and applied policy analysis, with particular attention to the design of policies that are both economically coherent and politically feasible. Through lectures, short applications, policy discussions and student presentations, the course contributes to the education program by strengthening students’ ability to connect theory, evidence and institutional context in the analysis of real-world policy problems.
CONTENT SUMMARY
The course covers the following main topics:

Foundations of policy design: normative and positive approaches to public intervention; efficiency, equity, redistribution, insurance and market failures; political incentives, voting, interest groups, institutions and constraints on reform.

Policy instruments and evidence: taxes, transfers, regulation, public provision, social insurance, behavioral tools and digital instruments; use of empirical evidence, policy reports and comparative indicators in policy design.

Welfare and social policy: pensions, retirement policy, health care, long-term care, intergenerational justice and the economic and political consequences of population ageing.

Migration and redistribution: economic effects of migration, welfare-state sustainability, public attitudes, social cohesion and political feasibility of migration policies.

Gender and public policy: gender gaps, family policy, labor-market participation, women’s political representation, quotas, electoral rules and institutional reforms.

Information, preferences and political communication: motivated reasoning, persuasion, misinformation, trust and the role of beliefs in shaping policy preferences.

Current challenges to policy-making: populism, polarization, demographic change, fiscal sustainability, and the implications of artificial intelligence for public policy and public administration.

Applied policy design: development of student policy proposals through topic selection, intermediate feedback, executive summaries, class discussion and final presentations.

Written individual exam (traditional/online) [Partial exams, General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
The assessment for attending students combines a written individual exam and continuous assessment.

The written individual exam accounts for
50% of the final grade
. Attending students may complete this component either through the partial exam system, according to the official exam calendar, or through the general exam. The written exam assesses students’ knowledge and understanding of the theoretical, empirical and policy-design material covered in the course. It may include open-answer questions and closed-answer questions, such as true/false or multiple-choice questions. The exam verifies students’ ability to explain the main normative and positive approaches to public intervention, identify the economic and political rationale of different policy instruments, and discuss the main policy challenges analyzed in the course.

Continuous assessment accounts for
50% of the final grade
. It is based on collaborative work, oral presentation in class, written executive summaries or policy-design memos, intermediate checkpoints, and active participation in class discussions. Student teams develop a policy analysis on an assigned or approved topic, identify the relevant economic and political trade-offs, assess alternative policy instruments, and present a policy proposal that is economically coherent and politically feasible. This component verifies students’ ability to apply the concepts learned in class to real-world policy problems, use evidence and policy reports, evaluate distributional and political constraints, communicate policy recommendations clearly, and work effectively in teams.

The continuous assessment component is structured as follows:
20% final oral presentation
,
15% executive summary or policy-design memo
,
10% intermediate checkpoints
, including topic pitch and feedback activities, and
5% active participation in class discussions
.
NOT ATTENDING STUDENTS
The assessment for non-attending students is based on a written individual general exam, which accounts for
100% of the final grade
.

The general exam covers the entire course program, including the theoretical lectures, policy topics, required readings, and the materials related to student presentations and policy discussions made available on the course platform. The exam may include open-answer questions and closed-answer questions, such as true/false or multiple-choice questions. It verifies students’ knowledge and understanding of the main normative and positive approaches to public intervention, their ability to analyze policy instruments and policy trade-offs, and their capacity to discuss the economic, political and institutional constraints that shape policy design.

ATTENDING AND NOT ATTENDING STUDENTS
The course does not rely on a single compulsory textbook. Teaching materials include lecture slides, selected book chapters, academic papers, policy reports and multimedia materials made available on Blackboard. The final reading list will be communicated at the beginning of the course.

Indicative reference materials may include selected chapters from textbooks in public economics, political economy and policy design, together with recent academic articles and policy reports on pensions, retirement, health care, long-term care, migration, gender policy, intergenerational justice, populism, artificial intelligence and public policy. Additional materials, including guest lecture slides and student presentation materials, will be made available on Blackboard during the course.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze complex market situations and business strategies

Performe an empirical analysis of the basic facts

Identify relevant antitrust and regulatory issues

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
The student will be able to identify the relevant models to analyise a specific situation and the epirical tools to validate them.

The student will be able to figure out how an antitrust case might be developed given the basic facts and the provisions of competition policy and regulation

MISSION
Digital makrets are today among the more important and fast growing industries, and pose new and challenging problems both in terms of understanding their functioning and in designing proper policies. The course addresses these issues.
CONTENT SUMMARY

Oligopoly models (recap, advanced material)

Models of oligopoly competition: Bertrand, Cournot, product differentiation

Market definition and measures of concentration

2.
Digital Markets

Network externalities and market tipping

Two sided markets

Competition in the market and for the market

Data as a barrier to entry

3.
Collusion

Tacit collusion: the basic model and extensions

Collusion and enforcement, leniency programs

Factors affecting cartel stability and facilitating practices

Algorithmic pricing and collusion

Practice: detecting cartels

Cases

4.
Mergers

Effects of horizontal mergers: market power vs. efficiencies

Mergers and innovation, killer acquisitions

Practice: quantitative tools in merger control

Cases

5.
Abuse of dominance

Foreclosure through pricing, tying, exclusive dealing

Vertical foreclosure

Self-preferencing

Digital Market Act

Cases

Written individual exam (traditional/online) [General exam]
ATTENDING AND NOT ATTENDING STUDENTS
Final written exam

ATTENDING AND NOT ATTENDING STUDENTS
TBD

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Manage large firm-level datasets through adequate econometric software.

Calculate productivity at the firm level, using both standard and semi-parametric estimation techniques.

Critically assess instrumental variable techniques to establish the impact of economic shocks and policy responses on societal outcomes.

Have a broad knowledge of state-of-the-art models of economic integration and economic geography.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Apply formal theoretical models, as well as econometric tools, to analyze real & current economic policy issues, especially related to the process of European integration (but not only…).

The set of skills developed through the course is increasingly valued in International Organizations where enrolled students typically end up for internships (EC, ECB, UN, OECD, etc…).

MISSION
In 1995 advanced economies accounted for around 60% of the world GDP. Nowadays, they produce slightly more than 40%, with emerging economies accounting for the rest. China alone accounts for more than 15% of the world share, from little more than 3 per cent in 1995. Trade (world exports) since 2008 accounts for almost 30% of world GDP, twice as much than in early 1990s, and notwithstanding major crises. The worldwide stock of Foreign Direct Investment, the capital and technology of multinational companies, is twenty times larger, from around $2.5Trn in the early 90s to more than $50Trl. These fast and structural changes have generated profound consequences on societies, requiring new models and tools of analysis to understand them and to develop adequate policy responses. The pandemic, the war shock, and lately the protectionist attitude of the US have in turn affected the pace of these changes, accelerating some trends and hindering others, with additional redistribution effects across societies.
The course introduces you to state-of-the-art models and tools measuring these effects, using the process of European integration as a benchmark case.
By the end of this course, you will be able to use advanced economic and statistical techniques to assess the design and impact of a number of policies currently under discussion in the EU (e.g. NGEU, the green transition, industrial policy, etc.).
CONTENT SUMMARY
The course is organized around three main sub-sections:

Part I on Economic integration and growth.

Part II on the effects of Economic integration on society.

Part III on the policy implications of Economic integration.

The course covers (among others) in particular:

The relation between economic shocks (globalization, Covid-19) and firm selection (productivity & growth), market power (firm markups), and the ensuing reallocation of resource (working of labor markets, regional disparities).

The impact of globalization and automation on economic and political outcomes (e.g. Brexit, nationalism, mental health, green transition).

The (resulting) uneven distribution of economic benefits, and the room for policy actions.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
One take-home group assignments (up to 5 students), worth 60 per cent of total marks. The take-home are aimed at providing a solution to economic policy problems currently discussed within the EU and require the use of ‘real’ data provided by the course instructors.

A final written exam (open book – open questions) makes up for the remaining points
NOT ATTENDING STUDENTS
Individual essay (including an analysis of data), on a topic to be agreed in advance, on one of the parts of the course, worth 50 per cent of total marks. A final written exam makes up for the remaining points.

The individual essay tests students' skills in applying the analytical tools that have been developed during the course, while the final written exam tests the ability to derive policy implications and solutions from real case scenarios.

ATTENDING AND NOT ATTENDING STUDENTS

C. AlLTOMONTE, D. FAVOINO, M. MORLACCO, T. SONNO (2025), Liquidity as competitive advantage: the role of intangibles, Journal of International Economics 158.

C. ALTOMONTE, F. DI MAURO,
The Economics of Firms’ Productivity
, Cambridge University Press, 2022.

M. ANELLI, I. COLANTONE, P. STANIG (2021), Individual Vulnerability to Industrial Robot Adoption Increases Support for the Radical Right, PNAS – Proceedings of the National Academy of Sciences of the USA, 118 (47).

I. COLANTONE, L. DI LONARDO, Y. MARGALIT, M. PERCOCO (2022), The Political Consequences of Green Policies: Evidence from Italy, CESifo Working Papers No. 9599.

I. COLANTONE, R. CRINÒ, L. OGLIARI (2019), Globalization and Mental Distress, Journal of International Economics, 119: 181-207.

I. COLANTONE, P. STANIG (2018a), The Trade Origins of Economic Nationalism: Import Competition and Voting Behavior in Western Europe, American Journal of Political Science, 62: 936-953.

I. COLANTONE, P. STANIG (2018b), Global Competition and Brexit, American Political Science Review, 112: 201-218.

I. COLANTONE, P. STANIG (2019), The Surge of Economic Nationalism in Western Europe, Journal of Economic Perspectives, 33 (4): 128-151.

P. KRUGMAN, Scale Economies, Product Differentiation and the Pattern of Trade, The American Economic Review, 70:950-959, 1980.

M. MELITZ, The Impact of Trade on Intra-Industry Reallocation and Aggregate Industry Productivity, Econometrica, 71:1695-1725, 2003.

M. MELITZ, G. OTTAVIANO, Market Size, Trade, and Productivity, Review of Economic Studies, 75: 295-316, 2008.

Class notes explaining in detail the more technical articles and additional readings are provided when dealing with each specific topic covered in the programme on the Learning Space of the course.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand and follow more specific and advanced courses in economics and political economy

Understand how individual agents make their choices of consumption and production

Explain the functioning of the market

Identify different market structures

Discuss how imperfections affect the outcome of the markets

Distinguish different sources of economic inefficiency.

Understand how macro aggregates are defined, measured and determined

Explain the effects of shocks hitting the economy

Recognize the role of Governments and Central Banks' policies in the business cycle

Discuss which elements make macro deficits sustainable or unsustainable

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Demonstrate familiarity with fundamental concepts in microeconomics and macroeconomics

Use the basic micro and macro economics models to describe the economy

Design regulatory interventions to achieve desirable market outcomes.

Understand the short and long-run fluctuations of the economy

Evaluate the effect of policy announcements and interventions on the main macro variables

Compare the performance of different economies

MISSION
This course is an introduction to economics and it aims at preparing students for the subsequent micro and macro founded courses of their MSc program.
The preparatory course is a blended learning course, that is completely online.
The course provides a basic introduction to the economics discipline, its main principles, and to the way of reasoning adopted by economists. It is divided into two modules, devoted respectively to Microeconomics and Macroeconomics.
The micro part will provide a preliminary understanding of the choice theory. The focus will be on the behavior of consumers, firms and government. Perfect and imperfect markets will be analyzed.
The macro part will discuss the basic analytical tools essential for the understanding of the current macroeconomic scenarios. In particular, the course will review the determinant of the main macro aggregates (GDP, unemployment, inflation, debt and deficits, consumption) enabling students to better understand the environment of reference for firms and institutions in modern economies.
CONTENT SUMMARY
MODULE 1: Microeconomics

· The consumer: preferences, constraints, choices

· The demand function

· Elasticity

· The firm: technology, input choice and costs

· The supply function

· The market equilibrium and policy interventions

· The market power: monopoly, natural monopoly, oligopoly, monopolistic competition

· The game theory: non cooperative games, sequential games, repeated games

· The market imperfections: externalities and asymmetric information

· Risk and uncertainty

MODULE 2: Macroeconomics

· Introduction to macroeconomics: topics and methods

· The macro context and its measurement: national accounting and GDP

· The labor market, wages, and unemployment

· The financial markets: money market, interest rate, monetary policy instruments

· The short run dynamic and the long run economic growth

· The macro fluctuations: demand and supply shocks, stabilization policies

· The trade off between inflation and unemployment: the Phillips curve

No final exam [Continuous assessment, Partial exams, General exam]
ATTENDING AND NOT ATTENDING STUDENTS
This course is not mandatory and we will not assess student learning. However, self assessment through on line quizzes will be provided.

ATTENDING AND NOT ATTENDING STUDENTS
§ Teaching material will be available on Bboard

Some suggested possible textbooks are:

MICRO MODULE

§ B. DOUGLAS BERMHEI, D. WHINSTON,
Microeconomics,
ISBN : 9781307298048

§ H. VARIAN
Intermediate Microeconomics with Calculus. International Student Edition
.

MACRO MODULE

§ C.I. JONES,
Macroeconomics
, W.W. Norton & Company Ltd., 5th international edition. EAN: 9780393417333

§ O. BLANCHARD, A. AMIGHINI, F. GIAVAZZI,
Macroeconomics - A European Perspective,
Pearson Education Limited, 2021, 4th Edition.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Identify the areas of the economy where the tools of empirical industrial organization and market design can be applied.

Describe the perspective through which the IO approach looks at markets.

Recognize the appropriate tools for analyzing data and use them to estimate relevant features of the data.

Read, explain and reproduce the quantitative analyses conducted in important cases in antitrust and competition policy.

Distinguish the different auction and procurement systems throughout the economy and define their characteristics and implications.

Understand the concrete impacts of AI in markets where it is deployed for strategic choices like pricing and bidding.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Use the tools learnt in class to analyze the functioning of imperfectly competitive markets.

Read and interpret the evidence produced by others (both academic papers and studies by private consulting firms or public bodies) concerning these markets and to directly examine the data and compute/estimate the quantities needed to evaluate/assess the functioning of these markets.

Master the tools of data analysis that have become an essential part of the economists' work in both the private sector (consulting firms and data-driven, such as Amazon, Google or Microsoft) and the public sector (competition authorities and central banks).

MISSION
This is a topics course in the methodologies used to analyze data in Industrial Organization and Market Design. It blends together three tightly connected ingredients: (i) Industrial Organization - the field of microeconomics studying the functioning of imperfectly competitive markets. (ii) Market Design - the use of microeconomics tools to design marketplaces to fix market failures. (iii) Empirical microeconomics (or "micro econometrics") - the analysis of individual-level data on the economic behavior of individuals or firms using reduced-form (i.e., regression) methods or structural (i.e., model-based) methods applied to cross-section or panel data, often "big data." The course covers two major areas of IO: auctions and demand estimation. Regarding auction models, the course covers three main types of markets: single unit auctions (like art auctions or contract procurement), multiunit auctions (like treasury bills or electricity auctions) and online auctions (like online ad auctions in Google AdWords or eBay auctions). Regarding demand estimation, the course focuses on how to use price and quantity data to estimate consumer's utility and firms' costs and how to employ these estimates to analyze market power, collusion, mergers and acquisitions and the introduction of new products.
CONTENT SUMMARY
Part I - Demand Estimation:

Introduction to Demand Estimation & Demand in Product Space.

Demand in Characteristics Space: Basics Discrete Choice Models.

Demand in Characteristics Space: Advanced Models.

Demand Estimation: Supply Side, IV Choice and Computational Issues.

Applications to Antitrust: Market Power and Collusion.

Applications to Competition Policy: Market Power, Collusion and M&A.

Applications to Industrial Policy: Subsidies and the Introduction of New Goods.

Algorithmic Pricing: AI Pricing Strategies.

Part II - Market Design, Auctions and Matching:

Review of Game Theory and Basics of Auction and Matching Theory.

Estimation of Matching Models

Estimation Methods for Auction and Procurement Data.

Applications: Single Unit Auctions.

Applications: Multiunit Auctions.

Applications: Internet Auctions.

AI Bidding: Applications to Digital Advertising

Written individual exam (traditional/online) [Partial exams, General exam]
ATTENDING AND NOT ATTENDING STUDENTS
Grading and Assessment Methods

The final grade is based on three components designed to assess students’ achievement of the expected learning outcomes in terms of knowledge, analytical skills, and ability to apply empirical methods.

Written exam (30%)
The written exam consists of open-ended and multiple-choice questions covering the theoretical and empirical foundations of industrial organization and market design. It assesses students’ understanding of core concepts, their ability to interpret economic models, and their capacity to apply IO tools to analyze market outcomes. This component primarily verifies the acquisition of knowledge and conceptual understanding, as well as analytical reasoning skills.

Empirical project (40%)
The empirical project requires students to independently (or in small groups) conduct an applied empirical analysis using real or simulated data. Students are expected to formulate implement appropriate econometric methods, and interpret the results in light of economic theory. The project evaluates the ability to apply empirical techniques, handle data, and critically assess evidence, thereby testing both practical skills and advanced analytical competencies.

Problem sets (30%)
Three problem sets are assigned, involving empirical applications. These assignments require students to solve structured problems, replicate simple empirical analyses, and interpret quantitative results. Problem sets are designed to reinforce learning progressively and assess the development of problem-solving abilities, technical skills, and the capacity to connect theory with empirical practice.

ATTENDING AND NOT ATTENDING STUDENTS
The class is based on the instructor's note and on a few academic papers that are detailed in the course syllabus. The following four books are not required but they all contain useful material from which the instructor's notes draw:

A. Hortacsu and J. Joo,
Structural Econometric Modeling in Industrial Organization and Quantitative Marketing: Theory and Applications
, Princeton University Press, 2023

A. Roth,
Who Gets What ― and Why: The New Economics of Matchmaking and Market Design
, Eamon Dolan/Mariner Books, Reprint edition, June 7, 2016.

P. Milgrom,
Discovering prices: Auction design in markets with complex constraints
. Columbia University Press, 2017.

K. Train,
Discrete Choice Methods with Simulation
, Cambridge University Press, June 30, 2009, 2 edition.

J. Angrist, J.S. Pischke,
Mastering 'Metrics: The Path from Cause to Effect
, Princeton University Press; with French flaps edition (December 21, 2014).

H.J. Paarsch and H. Hong,
An Introduction to the Structural Econometrics of Auction Data
, The MIT Press, January 6, 2006, 5-6-4-5-8th edition.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Acquire the theoretical foundations of econometric and network-analysis methods for empirical research.

Understand key machine-learning algorithms (supervised and unsupervised) and their relevance to managerial decision-making.

Learn the principles of scientometric and patent-analysis techniques for evaluating innovation and technology.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Apply Python and econometric tools to perform data-driven analyses and derive managerial insights.

Design and execute empirical studies—from data collection and preprocessing to model implementation and interpretation.

Collaborate effectively in teams to develop and present a structured, data-based business or economic project.

MISSION
This course introduces students to a comprehensive set of empirical tools and methods for generating data-driven evidence to inform managerial decision-making, with a particular focus on innovation and technology challenges. By integrating econometric foundations, network and machine-learning techniques, and scientometric and patent-analysis approaches, the course enables participants to tackle real-world problems across marketing, entrepreneurship, firm strategy, and business-model innovation. Its lab-based, hands-on format prioritizes practical application: students learn to manipulate large and textual datasets in Python, develop empirical studies, and interpret results in a managerial context. A solid grounding in Python and basic econometrics (or the willingness to acquire these skills rapidly) is required. Attending students consolidate their learning through three in-class tests (the best two grades count) and a capstone group project—a concise, well-structured empirical study addressing a specific business or economic question.
CONTENT SUMMARY
The course is organized into two blocks—
Methods
,
Topics
, each delivered via lectures, case studies, and lab sessions.

FOUNDATIONS

Course Introduction and Overview of Empirical Strategies

Review of Econometric Principles

METHODS

Networks

Supervised Learning Models

Unsupervised Learning Models

TOPICS

Bibliometrics: Scientific Article Analysis

Patent Valuation & Textual Similarity

Geography of Innovation

Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
Attending Students

To qualify as attending, students must complete at least two in-class tests and submit the group project. Attendance is encouraged but not formally recorded.

In-Class Tests (40%; three tests, best two count)

Knowledge and theoretical understanding: Each test evaluates key econometric principles, foundational network-analysis concepts, and core supervised- and unsupervised-learning algorithms (ILOs “Knowledge and understanding”).

Timely application: Short exercises require students to move swiftly from raw data to numerical results and managerial interpretations, demonstrating their ability to apply tools under time constraints (ILOs “Applying knowledge and understanding”).

Formative feedback: Allowing the best two grades out of three encourages continuous improvement and concept reinforcement before subsequent tests.

b) Group Project (60%) Final written project

Integrated, hands-on application: Teams design and execute a full empirical study—from data collection and cleaning to Python-based model implementation—on an innovation or technology topic, directly assessing study design and technical skills (ILOs “Applying knowledge and understanding”).

Teamwork and communication skills: Written and oral project deliverables evaluate each student’s ability to collaborate effectively, present findings clearly, and contextualize results for managerial decision-making (ILOs “Applying knowledge and understanding”).

Comprehensive knowledge assessment: Real-world data analysis and interpretation also measure students’ understanding of the underlying methodologies (ILOs “Knowledge and understanding”).

NOT ATTENDING STUDENTS
Non-Attending Students

a) Written Exam (50%) Closed-book test covering content of slide and readings discussed in class.

Broad theoretical coverage: A closed-book exam assesses mastery of lecture slides and assigned readings, ensuring deep comprehension of econometric foundations, network-analysis methods, and major machine-learning techniques (ILOs “Knowledge and understanding”).

Independent reasoning: Open-ended questions and practical exercises require students to think critically and integrate concepts without external aids.

b) Small Project (50%)

Individual application of methods: A scaled-down empirical study tests each student’s ability to prepare datasets, run Python analyses, and interpret findings independently (ILOs “Applying knowledge and understanding”).

Autonomy and project management: The written deliverable assesses organizational skills, clarity of exposition, and capacity to extract managerial insights from empirical results (ILOs “Applying knowledge and understanding”).

ATTENDING STUDENTS

Detailed reading materials and slide decks will be provided before each session.

A curated list of recommended journal articles will be communicated in Week 1.

Dataset and Python codebook will be made available before the labs

NOT ATTENDING STUDENTS
In addition to the material indicated for attending students, non-attending students are required to study additional readings that will be communicated and distributed via the Bboard platform at the beginning of the course.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Distinguish the different versions of sustainability.

Identify how the economic theory can be applied to the environmental problems.

Describe how energy markets work and their role in the transition towards a “low carbon economy”.

Illustrate the perspectives of green and circular economies.

Explain how renewable energies work and their importance for sustainability.

Illustrate public policies aimed at promoting the development of renewable energies and energy efficiency.

Recognize the role of the transport sector in promoting sustainable development.

Estimate how sustainable mobility can contribute to the transition towards “smart cities”

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Estimate the ecological footprint of an individual, a city, a region, the humanity.

Interpret the relationship between sustainability and economic development.

Estimate the generation cost of power generation with focus on renewable energies.

Identify the degree of competitiveness of renewable energies.

Examine the profitability of investments in green technologies.

Evaluate strategies to operate in energy (mainly electricity) and environmental markets (carbon markets, markets for green and white certificates).

Design energy and environmental policies.

Simulate how sustainable mobility can be organised and possibly supported.

MISSION
Analyzing how economy interacts with natural environment requires considering two kinds of scarcity: 1) “Upstream scarcity” related to the depletion of natural resources used to produce goods and services; 2) “Downstream scarcity” connected to the natural environment’s capacity of absorbing the residues from economic activity (including carbon emissions). The importance of “upstream scarcity” was perceived already in the early stages of the studies in economics, subsequently finding a theoretical systematization through “the economics of exhaustible resources” and deeply analyzed from the seventies. “Downstream scarcity” drastically emerged more recently when climate change begins to be perceived as the most important environmental problem. To face these kinds of scarcity, it is justified to use the tools of the economic theory. The European Union itself states that: “since economics is about how to deal with scarce resources, it can often be useful when tackling environmental problems”. The core of the debate on this topic is how to make economic development consistent with environment safeguard (“sustainability”). Starting from this debate, the mission of this course is: 1) Explaining the role of public action (energy and environmental policies) in supporting “sustainability”; 2) Describing how these policies should be designed; 3) Highlighting the role of firms and consumers in fostering the transition towards a "low carbon economy".
CONTENT SUMMARY
The course is divided into three parts.

The first part focuses on the concept of sustainability distinguishing between environmental economics and ecological economics. The different typologies of sustainability will be described together with the concept of ecological footprint and with a look at the so-called “circular economy”.

Then, since the main focus is on climate change, the energy system (responsible of more than 80% of Green House Gases emissions) will be analysed in depth. Firstly great attention will be given to the global organisation of energy supply and to how the different energy markets (crude oil, natural gas, coal, electricity) are structured and work. Secondly (and this is the core of the course) an extensive analysis of energy and environmental policies will be proposed with focus on those aimed at promoting the development of renewable sources of energy (wind, solar. hydro energy, biomass, marine, etc.) without forgetting the public action to promote energy saving.

Finally, given its importance in terms of contribution to sustainability, the transportation sector will be analysed with focus on the opportunities provided by sustainable mobility. In particular, this part of the course deals with the paradigm of sustainable mobility with special reference to road transport. After a brief introduction to the basic model of perfect competition with external costs, road pricing schemes and the impact of technological innovations will be discussed in-depthly with focus on empirical applications and case studies.

Below the detailed program.

Part I

-Class 1. Introduction: energy, environment and economic theory; “Upstream” and “downstream” scarcities (instructor: Gullì; lecture notes provided by the instructor).

-Class. 2. Environmental economics vs. ecological economics: Different versions of “sustainable development”; Carrying capacity, ecological footprint and Human Development Index (instructor: Gullì; lecture notes provided by the instructor).

-Class 3. Economic growth and sustainability: The Kuznets curve (instructor: Gullì; lecture notes provided by the instructor).

Part II

-Class. 4. Climate change and global energy supply; Energy markets: crude oil, coal, natural gas, nuclear power, renewables; electricity (instructor: Gullì; lecture notes provided by the instructor).

-Class 5. RES (Renewable Energy Sources) technologies: basic technical issues: wind, solar, biomass, hydro, marine, geothermal, etc. (instructor: Gullì; lecture notes provided by the instructor).

-Class 6. RES competitiveness: Market parity (instructor: Gullì; lecture notes provided by the instructor).

-Class 7. RES supporting policies (1): environmental taxation; carbon markets (instructor: Gullì; lecture notes provided by the instructor).

-Class 8. RES supporting policies (2): quota mechanisms; feed-in mechanisms; hybrid mechanisms; Group assignment (instructor: Gullì; lecture notes provided by the instructor).

-Class 9. Other formulations of RES competiveness: Grid parity and supply parity. Fully energy supply decentralization based on RES development: Towards a new (“carbon free”) industry paradigm? (instructor: Gullì; lecture notes provided by the instructor).

-Class 10. In-class group assignment (instructor: Gullì; lecture notes provided by the instructor).

Part III

-Class 11. Sustainable urban development (Instructor: Percoco; Slides, Musto G. and Percoco M. (2024)).

-Class 12. The theory of external costs; Estimates of external costs in Europe (instructor: Percoco; Slides; Percoco, M. (2025), ch. 5)

-Class 13. Milan as a case: road pricing, vehicles ban and the political economy of sustainable mobility (Instructor: Percoco; D'Arcangelo e Percoco (2015); Percoco (2013 and 2021)).

-Class 14. The political economy of sustainable urban mobility (Instructor: Percoco; Colantone et al. (2024); Percoco (2017))

-Class 15. Unintended effects of car property taxation (Instructor: Percoco; Bergantino et al. (2020))

-Class 16. The economics of electric cars and electric buses (Instructor: Percoco; Rapson and Muehlegger (2021))

Readings (Part III)

Bergantino A., M. Intini and M. Percoco (2020), “New car taxation and its unintended environmental consequences”, Transportation Research Part A, 2020, 138:36-48.

Colantone, I. , L. Di Lonardo, Y. Margalit, M. Percoco (2024), The Political Consequences of Green Policies: Evidence from Italy”,
American Political Science Review
, 118(1):108-126.

D’Arcangelo, F. and M. Percoco (2015), "Housing rent and road pricing in Milan: Evidence from a geographical discontinuity approach.",
Transport Policy
, 2015, 44: 108-116

Musto G. and M. Percoco (2024), "Urban compactness and carbon emissions: Global evidence over the period 1975-2020," GREEN Working Papers 25

Percoco M. (2013), “Is road pricing effective in abating pollution? Evidence from Milan”, Transportation Research D, 2013, 25(December):112–118.

Percoco, M. (2017), Cost distribution and the acceptability of road pricing. Evidence from Milan’s referendum,
Journal of Transport Economics and Policy
, 51(1): 34-46.

Percoco, M. (2021), “Road traffic regulation: road pricing and environmental quality”, Encyclopaedia of transportation, Edward Elgar.

Percoco, M. (2025), The Economics of Infrastructure Investment: Principles of Cost–Benefit Analysis, EGEA, forthcoming.

Rapson DS and E. Muehlegger (2021), The economics of electric vehicles, NBER WP 29093.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
In class group assignment (20% of final grade). The in class group assigment is finalised to simulate how tenders for renewable energies can work.

Witten exam (80% of final grade). The witten exam is finalised to

Distinguish the different versions of sustainability.

Identify how the economic theory can be applied to the environmental problems.

Describe how energy markets work and their role in the transition towards a “low carbon economy”.

Illustrate the perspectives of green and circular economies.

Explain how renewable energies work and their importance for sustainability.

Illustrate public policies aimed at promoting the development of renewable energies and energy efficiency.

Recognize the role of the transport sector in promoting sustainable development.

Estimate how sustainable mobility can contribute to the transition towards “smart cities”

NOT ATTENDING STUDENTS
Grade: 100% written exam. The written exam is finalised to

Distinguish the different versions of sustainability.

Identify how the economic theory can be applied to the environmental problems.

Describe how energy markets work and their role in the transition towards a “low carbon economy”.

Illustrate the perspectives of green and circular economies.

Explain how renewable energies work and their importance for sustainability.

Illustrate public policies aimed at promoting the development of renewable energies and energy efficiency.

Recognize the role of the transport sector in promoting sustainable development.

Estimate how sustainable mobility can contribute to the transition towards “smart cities”

ATTENDING STUDENTS
Part I and Part II

Lecture notes and slides provided by the instructor

Damian M. and De Paoli L. (2017), Climate change: Back to development, Economics and Policy of Energy and the Environment, 3.

Additional readings uploaded to Blackboard lesson by lesson.

Part III

Bergantino A., M. Intini and M. Percoco (2020), “New car taxation and its unintended environmental consequences”, Transportation Research Part A, 2020, 138:36-48.

Colantone, I. , L. Di Lonardo, Y. Margalit, M. Percoco (2024), The Political Consequences of Green Policies: Evidence from Italy”,
American Political Science Review
, 118(1):108-126.

D’Arcangelo, F. and M. Percoco (2015), "Housing rent and road pricing in Milan: Evidence from a geographical discontinuity approach.",
Transport Policy
, 2015, 44: 108-116

Musto G. and M. Percoco (2024), "Urban compactness and carbon emissions: Global evidence over the period 1975-2020," GREEN Working Papers 25

Percoco M. (2013), “Is road pricing effective in abating pollution? Evidence from Milan”, Transportation Research D, 2013, 25(December):112–118.

Percoco, M. (2017), Cost distribution and the acceptability of road pricing. Evidence from Milan’s referendum,
Journal of Transport Economics and Policy
, 51(1): 34-46.

Percoco, M. (2021), “Road traffic regulation: road pricing and environmental quality”, Encyclopaedia of transportation, Edward Elgar.

Percoco, M. (2025), The Economics of Infrastructure Investment: Principles of Cost–Benefit Analysis, EGEA, forthcoming.

Rapson DS and E. Muehlegger (2021), The economics of electric vehicles, NBER WP 29093.
NOT ATTENDING STUDENTS
Part I and Part II

Lecture notes and slides provided by the instructor

Damian M. and De Paoli L. (2017), Climate change: Back to development, Economics and Policy of Energy and the Environment, 3.

Additional readings uploaded to Blackboard lesson by lesson.

Part III

Bergantino A., M. Intini and M. Percoco (2020), “New car taxation and its unintended environmental consequences”, Transportation Research Part A, 2020, 138:36-48.

Colantone, I. , L. Di Lonardo, Y. Margalit, M. Percoco (2024), The Political Consequences of Green Policies: Evidence from Italy”,
American Political Science Review
, 118(1):108-126.

D’Arcangelo, F. and M. Percoco (2015), "Housing rent and road pricing in Milan: Evidence from a geographical discontinuity approach.",
Transport Policy
, 2015, 44: 108-116

Musto G. and M. Percoco (2024), "Urban compactness and carbon emissions: Global evidence over the period 1975-2020," GREEN Working Papers 25

Percoco M. (2013), “Is road pricing effective in abating pollution? Evidence from Milan”, Transportation Research D, 2013, 25(December):112–118.

Percoco, M. (2017), Cost distribution and the acceptability of road pricing. Evidence from Milan’s referendum,
Journal of Transport Economics and Policy
, 51(1): 34-46.

Percoco, M. (2021), “Road traffic regulation: road pricing and environmental quality”, Encyclopaedia of transportation, Edward Elgar.

Percoco, M. (2025), The Economics of Infrastructure Investment: Principles of Cost–Benefit Analysis, EGEA, forthcoming.

Rapson DS and E. Muehlegger (2021), The economics of electric vehicles, NBER WP 29093.

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...
Al termine dell'insegnamento, lo studente sarà in grado di:

Comprendere il legame tra ERM, rispetto dei fattori ESG e performance delle aziende

Predisporre il risk assessment e mappare i rischi aziendali

Declinare la strategia di ERM in un risk appetite statement (RAS) e in un risk appetite framework (RAF)

Comprendere il raccordo tra RAF e piano strategico, attraverso il dialogo tra i key performance index (KPI) e i key risk index (KRI)

Descrivere le caratteristiche principali dei prodotti derivati di più comune utilizzo nelle aziende.

Selezionare le modalità di contabilizzazione in hedge accounting dei prodotti derivati di copertura.

Elencare le linee guida per effettuare la risk disclosure del processo di gestione dei rischi finanziari ai sensi dell’IFRS 7.

Identificare i drivers economici idonei a implementare il processo di gestione dei rischi aziendali e dei rischi finanziari.

Spiegare in cosa consiste una gestione dei rischi finanziari “integrata” con le decisioni di investimento e di finanziamento delle aziende.

Descrivere le fasi del processo di governo e gestione dei rischi finanziari, con particolare riferimento alla misurazione dell’esposizione ai rischi, alla selezione e alla esecuzione delle strategie di copertura dei rischi, al reporting, alla contabilizzazione ed alla disclosure dei derivati e dei rischi finanziari.

Descrivere i requisiti che devono sussistere per progettare ed eseguire efficacemente le strategie di copertura delle operazioni di financing, refinancing, acquisition financing e project financing, nella prospettiva sia delle aziende sia dei fondi di private equity.

Riconoscere gli strumenti finanziari sintetici/strutturati composti da debiti e da prodotti derivati, nonché a spiegare le variabili che inducono a progettarli e a ristrutturarli.

CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...
Al termine dell'insegnamento, lo studente sarà in grado di:

Predisporre il risk assessment e la mappatura dei rischi aziendali

Analizzare e valutare il risk appetite statement (RAS) e il risk appetite framework (RAF)

Analizzare e valutare la financial risk policy

Esaminare e valutare il contributo economico apportato dall’utilizzo dei derivati nella gestione aziendale del rischio di cambio.

Esaminare e valutare l’efficacia dell’utilizzo dei derivati nella gestione del rischio di interesse del debito aziendale

Analizzare e argomentare la differenza tra mark to market e upfront dei prodotti derivati.

Analizzare differenti strategie di copertura, implementare la loro esecuzione, selezionare il loro reporting, monitorare la compliance contabile e regolamentare connessa all’utilizzo dei prodotti derivati

MISSION
La gestione dei rischi aziendali è un elemento strategico di differenziazione che supporta il perseguimento della performance aziendale. Un primo obiettivo del corso è proporre una introduzione sulla best practice più evoluta in tema di Enterprise Risk Management (ERM) nelle imprese non finanziarie, ovvero una best practice integrata con le politiche ESG (fattori ambientali, sociali e di governance), il purpose e la performance delle aziende. Il Corporate Financial Risk Management (CFRM, ovvero la gestione aziendale dei rischi finanziari - tasso di interesse, tasso di cambio, prezzo delle commodities, liquidità e credito) si colloca nel più ampio contesto dell’ERM. In particolare, il CFRM è un filone di ricerca e di pratica manageriale che viene osservato attraverso tre prospettive: gestionale; governance; e, infine, supporto alle operazioni di finanza straordinaria. La prospettiva gestionale è quella tipica della figura professionale del Financial Risk Manager. La prospettiva della governance è quella del top management e, in seno al board delle società quotate, del comitato di controllo e di gestione dei rischi. Infine, la terza prospettiva riguarda la progettazione e l’esecuzione delle strategie di copertura funzionali alle operazioni di finanza straordinaria, con particolare riguardo alle operazioni di financing, refinancing, aquisition financing e project financing, nella prospettiva sia delle aziende sia dei fondi di private equity.
PROGRAMMA SINTETICO

Prima Parte. ERM e CFRM: princìpi e strumenti:

ERM: RAF (risk appetite framework), decisioni strategiche e casi

Climate Risk&CSRD

Introduzione alla Sustainable Finance ed ai Carbon Credit Markets

Prodotti derivati: tipologie, valutazione ed utilizzo

Titoli strutturati: tecniche di valutazione tramite scomposizione

Rappresentazione in bilancio degli strumenti e dei rischi finanziari

Seconda Parte. CFRM: driver economici e governance del processo:

ERM e CFRM: profili evolutivi

ERM, CFRM e teoria della finanza

I drivers economici dell’ERM e del CFRM

Il processo di CFRM

La progettazione e l’esecuzione delle strategie di copertura dei rischi finanziari nelle operazioni di finanza straordinaria perfezionate dalle aziende e dai fondi di privare equity

Casi, applicazioni e testimonianze

STUDENTI FREQUENTANTI
STUDENTI FREQUENTANTI

MATERIALE OBBLIGATORIO

Il materiale didattico prevede Slides (S), Letture utilizzate in Aula a supporto delle lezioni (L), Capitoli di Libro utilizzati a lezione (CL) e Casi (C). Le Slides, le letture e i casi saranno disponibili su Bboard.

MATERIALE CONSIGLIATO

In aggiunta, il materiale didattico prevede, oltre alle slides (S) a supporto delle lezioni riportate su Bboard, apposite letture e specifici capitoli di libri indicati sul Syllabus per approfondimenti.
STUDENTI NON FREQUENTANTI
MATERIALE OBBLIGATORIO

Il materiale didattico prevede Slides (S), Letture utilizzate in Aula a supporto delle lezioni (L), Capitoli di Libro utilizzati a lezione (CL) e Casi (C). Le Slides, le letture e i casi saranno disponibili su Bboard. Come anticipato, il materiale didattico previsto per gli studenti non frequentanti prevede alcune letture integrative rispetto a quelle richieste agli studenti frequentanti.

MATERIALE CONSIGLIATO

In aggiunta, il materiale didattico prevede, oltre alle slides (S) a supporto delle lezioni riportate su Bboard, apposite letture e specifici capitoli di libri indicati sul Syllabus per approfondimenti.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the core stages of creating an entrepreneurial venture, from opportunity recognition to value proposition design, business model development, funding, and scaling, and the key frameworks that inform decisions at each stage.

Explain how AI enables new ventures, reshapes the different stages of creating an entrepreneurial venture, and where it faces fundamental limitations.

Recognise the distinctive economics of AI companies and the implications for business model and product design.

Understand the main sources of capital available to AI ventures.

Understand the main provisions of the EU AI Act and GDPR relevant to entrepreneurial ventures.

Recognise the ethical, privacy, and human-impact implications of AI use at each stage of the entrepreneurial journey.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

• Apply a data-driven approach to entrepreneurial decisions: formulate hypotheses, design experiments, interpret evidence.
• Explain what AI is and evaluate where it enables new ventures versus where it faces fundamental limitations.
• Use AI tools for persona simulation, interview design, qualitative analysis, and prototyping, and critically assess AI-generated outputs.
• Navigate the EU AI Act and GDPR, and articulate how regulatory compliance can serve as competitive advantage.
• Develop, test, and pitch a team venture concept grounded in real customer evidence and rigorous experimentation.
• Identify the ethical, privacy, and human-impact implications of AI use at each stage of the entrepreneurial journey.

MISSION
Artificial intelligence is transforming how new ventures are created, financed, and scaled. This course covers the fundamentals of entrepreneurship through the lens of artificial intelligence. Students will explore how AI changes each stage of the entire venture lifecycle, from opportunity recognition to scaling and exit. The approach is hands-on: students identify entrepreneurial opportunities, develop hypotheses, design experiments, and make decisions based on evidence rather than intuition. The course combines rigorous analytical frameworks with practical AI labs and a team venture project. Students will gain conceptual frameworks, practical AI skills and critical judgment to design and lead new ventures in the age of artificial intelligence.
CONTENT SUMMARY
The course is organized into five blocks:

Block 1: Foundations. The entrepreneurial mindset and the AI moment; opportunity recognition; AI strengths and limitations, including a map of the AI toolkit for entrepreneurs.
Block 2: From idea to business. Customer discovery and validation; AI Lab 1 on synthetic personas and interview design; value propositions and business models; AI business models and AI product design; AI Lab 2 on qualitative analysis; the entrepreneurial strategy compass.
Block 3: Building and funding: Funding AI ventures and the European AI funding landscape; the AI-augmented founding team; guest speaker (a European AI founder).
Block 4: Growing and governing. Scaling and go-to-market; ethics, bias, the EU AI Act, and regulation as strategy.
Block 5: Synthesis. Demo day across two sessions, with peer feedback and course synthesis.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
Attending students will be assessed through in-class work, a venture project and a written exam.

Venture project.
Students develop and pitch a venture project that runs across the course. This method verifies that students can apply the course's frameworks and AI tools in practice and contributes to assessing their skills and abilities, including teamwork and communication.

In-class work.
Students are assessed on the quality of their participation in case discussions and labs and on their ability, in the individual lab critiques, to identify non-obvious failure modes in AI-generated output. This verifies that students can engage critically with the material and exercise sound judgment about AI's possibilities and limits.

Written exam.
The exam covers the main topics of the course. It verifies that students have acquired the expected knowledge and understanding and can reason critically about how AI applies across the entrepreneurial journey.
NOT ATTENDING STUDENTS
Non-attending students will be assessed through a written exam.

Written exam.
The exam covers the main topics of the course. It verifies that students have acquired the expected knowledge and understanding and can reason critically about how AI applies across the entrepreneurial journey.

ATTENDING STUDENTS
A list of readings will be provided at the beginning of the course.
NOT ATTENDING STUDENTS
All teaching materials are equally accessible to not attending students. The list of readings, provided at the beginning of the course, is available to all students, and the corresponding readings can be accessed through the University library or the course platform. Slides and any additional materials used in class are made available to all students through the University's online learning platform (Blackboard).

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the operation of national and EU Private international law systems.

Define cross-border private relationships and identify the legal orders involved.

Identify the national courts competent to settle international disputes

Identify the applicable conflict of law provision and the applicable law.

Identify the enforceability of foreign decisions in domestic legal systems.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Apply the appropriate Private International Law provisions to solve cross-border cases.

Motivate the solution suggested.

Discuss the different policy options inspiring different private international law regalutory choice.

Explain the connection between EU economic integration process and the Private international law regulations.

MISSION
Private international law is the subject studied in this course. Private international law covers three main areas: national courts' jurisdiction to decide cases with foreign elements; recognition and enforcement of national courts' decisions from other national jurisdictions; and conflict of laws, the system for choosing which law governs the resolution of international disputes. Every Country has its own conflict of laws, and so does Italy. Since 1999, the private international law of the EU Member States has been increasingly regulated by the European Union, making it ever less 'national' and ever more EU-based. The course is mainly focused on the EU system.
CONTENT SUMMARY
Introduction to Private International Law

The three processes of Private International Law: jurisdiction, applicable law and recognition

EU PIL system: from national rules to the integration model

Civil and Commercial Jurisdiction in the EU: the Brussels I Regulation

Applicable Law to Contracts: the Rome I Regulation

Applicable Law to Torts: the Rome II Regulation

Free movement of establishment, lex societatis and PIL

Written individual exam (traditional/online) [Partial exams, General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
The main assessment method,
the same for attending and non-attending students
, is the
final general exam,

consist of two case-based questions to be answered in 120 minutes.

Students can also split the exam into two partial exams. A first
mid-term exam
, which will consist of
one case-based question
to be answered in 60 minutes on topics treated in the first half of the semester. The second
end-of-term exam
will consist of
one case-based question
to be answered in 60 minutes on topics treated in the second half of the semester.

Continuous assessment is offered to students attending the
practical sessions.
They will have the option to have the grades of assignments submitted during these sessions factored into the calculation of their final grades. The calculation will be realised as follows: the average of the grades of all submitted assignments, minus the lowest one, will account for 50% of the final grade of the course, insofar as it increases the final result. Thus, practical sessions are important in ensuring a hands-on approach to the topics, an exchange with colleagues during teamwork, and training on the practical application of concepts analysed during the lectures.

ATTENDING AND NOT ATTENDING STUDENTS

G. VAN CALSTER,
European Private International Law
, Oxford, Hart Pub., latest edition, as reference.

Other teaching materials (slides, Court decisions, legislations, comments) are announced before each class and uploaded to the Bboard platform.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

summarize the key theories trying to understand and explain democratic delegation and multilevel politics in Europe;

describe the institutional structure, policy-making and electoral politics of European Union and its member states;

explain the most important challenges that national and EU institutions and policy-making face today, such as enlargement, Euroscepticism, increasing political fragmentation, the limits of technocratic government and the rise in populism.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

apply the theoretical and empirical insights presented during the course to assess and interpret the behavior of citizens, politicians and other political actors in Europe through the theoretical lenses of democratic delegation and multilevel politics;

use the theoretical and empirical insights presented during the course to discuss the key political challenges and risks facing the European Union and its member states.

connect the theoretical and empirical insights presented during the course to develop policy scenarios that allow for insights into how to address some of these key political challenges and risks in the future.

MISSION
This course will be held jointly with IE University, Madrid (Professor Ilke Toygür) and has been developed within the framework of CIVICA, an alliance of ten leading European higher education Institutions in the social sciences co-funded by the European Union under the Erasmus+ programme.

The mission of this course is to introduce students to European politics using a coherent analytical framework focusing on democratic delegation within multilevel politics. The substantive material mostly covers the functioning of the European Union, and its relations with member-states. The course will draw on cutting edge research from different areas of European politics to understand some of the most important challenges that European policymaking faces today (such as enlargement, Euroscepticism, political fragmentation, the limits of technocratic government and the rise in populism).
CONTENT SUMMARY
The course introduces students to a basic toolkit used by researchers of advanced democracies and international interdependence to understand both domestic and EU-level politics in Europe. The material to be covered relate both to the historical development of European integration, and to contemporary challenges.

As might be expected for topics as broad and complex as these, while there is much we currently know, many debates are still open. The objective of this course is to weigh the available evidence – both descriptive and causal – to arrive at the fullest possible understanding of key themes within European politics today.

The course will consist of three elements:

• In-person lectures at Bocconi for Bocconi students with IE students joining online
• In person lectures at Bocconi for Bocconi students only
• Online lectures at IE with Bocconi students joining remotely

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
With the purpose of measuring the acquisition of the learning outcomes, the student assessment is based on three main components:

1) a case study presentation by a team of students (20% of grade)

2) a short response presentation by a different team of students (10% of grade)

3) a final exam (70% of grade)

More detailed information will be provided at the beginning of the course.
NOT ATTENDING STUDENTS
Written general exam (100 % of the finale grade) based on a mix of multiple-choice and open questions, which aims to assess the student’s ability to describe the main theoretical and empirical findings contained in the readings covered over the course of the semester.

ATTENDING AND NOT ATTENDING STUDENTS
Attending and non-attending students:
The required readings for this course will be scientific articles and book chapters that represent the key and/or state of the art contributions to the different topics analyzed. A complete list of the required and suggested reading will be provided in the course syllabus at the beginning of the course and will be available on Blackboard.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the event industries and the role covered by its relevant stakeholders; a deep knowledge about their competencies in event project management is also acquired.

Deal with the most fundamental decisions from event initiation to event closing. Students know the most relevant metrics for the measurement of event efficacy.

Recognize peculiarities related mega events and creative and entertainment industries are presented, introducing the role of audiences and fans.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Design events for different purposes, target and industries. Students are able to compute and discuss the most relevant KPI for the measurement of event results. They are able to assess the right balance between creativity and planning; reinforcing their ability to work in team and communicate.

MISSION
The course aims to provide participants with all the fundamental tools to understand the events’ world and develop the necessary skills to operate in this industry.

After defining the concept of events and their classification, participants will be exposed to the topic of event project management – from event process to event masterplan.
An in-depth analysis of the key issues related to the event management, such as those of people management and marketing & communication will be addressed in course. The program will also introduce sessions dedicated to frontier/emerging themes such as the role of technologies in the planning and management of events and those of sustainability.

The course sees an alternation of examples and guest speakers’ speeches related to cross-industry events with a focus on the creative industries mixing sport events and no-sport event such as those related to entertainment, arts & culture, business & corporate.
CONTENT SUMMARY

Event industries

Actors and Competencies.

Creative and Entertainment industries (art, entertainment, sport, fashion/luxury, etc).

From Local to Major and Mega events.

Fundamental decisions in the Event Project Management: the role of Masterplan

The event management process: from Ideation to Closing.

Event Concept Development

Event Planning

Event Governance
Event Marketing

Measuring Event Results

Event Stakeholders' experience

Trends in the Event Industry

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
Assessment methods are based on two elements: 1. Field project 50% and 2. Final exam 50%.

The field project consists of developing an event based project. The project must involve several areas from target analysis, creative concept definition and event management planning. These areas are presented in detail at the launch of the competition along with the assessment criteria. This project is used to verify the ability of students to apply the knowledge developed during the course and assess the ability to complete an event and how to present it effectively. At their discretion, individual groups may request to integrate the faculty assessment with a peer evaluation (optional).

The exam is held in written form. It is made up of several short contextualized open-ended questions, which must be disentangled by students, in addition to several open-ended and multiple-choice questions referring to the concepts, models and cases discussed in class. The short contextualized open-ended questions are used to assess the ability to apply the knowledge students learn during the course. The open-ended and multiple-choice questions are mainly aimed at verifying learning of the analytical and management abilities and their correct comprehension.

NOT ATTENDING STUDENTS
The assessment method for non-attending students is based on a final exam in written form. It is made up of several open-ended and multiple-choice questions referring to the concepts, models and cases contained in the textbooks and exam materials. The open-ended and multiple-choice questions are mainly aimed at verifying learning of the analytical and management abilities and their correct comprehension. The business cases are used to assess the ability to apply the knowledge students learned when studying the course material.

ATTENDING STUDENTS

Bladen C., Kennell J., Abson E., Wilde N. (2023), Events Management: An Introduction. 3rd Edition, Routledge.(SELECTED CHAPTERS).

Instructors' slides and digital content.

NOT ATTENDING STUDENTS

Bladen C., Kennell J., Abson E., Wilde N. (2023), Events Management: An Introduction. 3rd Edition, Routledge.

Meegan Jones (2025) Sustainable Event Management: A Practical Guide (English Edition).

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understanding the main consumer and retail trends in Lifestyle Industries

Analyzing a full customer journey and its main digital and phisycal touchpoints

Defining the main managerial elements of a delighiting customer experience

Evaluate the role of relational retailing in shaping customer experiences through interactions among brands, retailers, employees, customers, and technological systems.

Discuss how sustainability, clienteling, and events contribute to customer trust, emotional connection, and long-term loyalty in lifestyle industries.

Mapping the component of a channel partnership

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Managing a contemporary brand in the Lifestyle Industries

Mapping the customer journey and its main digital and phisycal touchpoints to improve the shopper experience

Assess the contribution of servicescape, customer participation, and sales associates to experiential value creation and brand meaning.

Examine how omnichannel integration and digital technologies support continuity, personalization, and engagement across physical and online retail experiences.

Apply analytical and managerial frameworks to a real company challenge through the development of a field project focused on experiential branding and relational retailing strategies.

Finding new ways to increase the brand and the store loyalty

Managing a working channel partnership to maximize the customer experience

Measuring the main KPIs to detect the level of shopper loyalty and trust

MISSION
The course aims to undestand the specifity of brand and retail management in the lifestyle industries. In this specific context it is crucial the management of the full customer experience based on a detailed mapping of the customer journey. The course explores how experiential branding is created and managed through relational retailing systems. Adopting a lifestyle-industry perspective, the course examines how strategic positioning, retailing mix decisions, customer interactions, and channel relationships contribute to the development of coherent and meaningful brand experiences across physical and digital touchpoints. A particular focus will be dedicated to the channel partnerships, where brands and retailers jointly create value for the shopper and for all the members of the channel.
The course combines conceptual frameworks, industry insights, guest speakers, and a field project developed in collaboration with a lifestyle company, allowing students to apply analytical and managerial tools to real experiential branding and retailing challenges. Ultimately, the course teaches students to understand and orchestrate Lifestyle Experience Systems, developing a systemic managerial perspective linking industries, consumption, retail, channels, and relationships.
CONTENT SUMMARY
EXPERIENCE ECONOMY & LIFESTYLE INDUSTRIES
Retail trends and lifestyle industries: contextual overview

RETAIL INNOVATION & EXPERIENCE BRANDING
Retail innovation model: Business model, retailing mix, and relational innovations.

RELATIONAL RETAILING & EXPERIENCE MANAGEMENT
How to create Store & Brand loyalty through relationship management. Customer co-creation, sales associates and servicescape

DIGITAL EXPERIENCE: E-COMMERCE & OMNICHANNEL
Technology Element in experience building: from physical retail to eCommerce environment. Omnichannel and phygital strategies

SUSTAINABILITY
Brand and retail sustainability: Sustainability Element in trust and loyalty building

CHANNEL PARTNERSHIPS
Partnership models and business relationships' management: Competitive and collaborative dynamics

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
The assessment of attending students is based on two components: 1) Simulation and field projects, and 2) Final exam.

The field project involve the development of channel partnership initiatives to maximize the brand and retail experience in the specific context of Lifestyle Industries. This project is designed to assess students’ ability to apply the knowledge acquired during the course and to evaluate their capability to design and implement partnership projects between industry and distribution.

The final exam is written. It consists of few short business cases to be solved by students, along with open-ended and multiple-choice questions covering the concepts, models, and cases discussed in class. The business cases are intended to assess students’ ability to apply the knowledge learned during the course, while the open-ended and multiple-choice questions are primarily aimed at verifying the understanding and correct application of analytical and managerial concepts.
NOT ATTENDING STUDENTS
The assessment of not attending students is based on the final written exam. It consists of few short business cases to be solved by students, along with open-ended and multiple-choice questions covering the concepts, models, and cases discussed in class. The business cases are intended to assess students’ ability to apply the knowledge learned during the course, while the open-ended and multiple-choice questions are primarily aimed at verifying the understanding and correct application of analytical and managerial concepts.

ATTENDING STUDENTS
Castaldo S., Raccagni D. (edited by),
Experience Branding and Retailing
, Egea, Milan, 2026 (selection of chapters communicated in classroom).
NOT ATTENDING STUDENTS
Castaldo S., Raccagni D. (edited by),
Experience Branding and Retailing
, Egea, Milan, 2026

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze fandom as a psychological, sociological, and economic phenomenon, applying key theoretical frameworks to understand fan behavior across diverse contexts.

Understand the economics of the fandom economy and its evolutionary dynamics.

Critically discuss the ethical implications of fandom marketing, distinguishing between fan empowerment practices and exploitative dynamics.

Deepen advanced fanbase segmentation using behavioral, psychographic, and platform data.

Make sense of the strategic logics of multi-channel fan engagement across sport, music, entertainment, and gaming.

Analyze the architecture and value dynamics of fandom monetization models (memberships, merchandise, media rights, NFTs, live events).

Understand the dynamics of reputational crises in fandom contexts, including fan backlash mechanisms, crisis response, and organizational processes.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Build advanced fanbase segmentation models using behavioral, psychographic, and platform data.

Design integrated, multi-channel fan engagement strategies tailored to the specific characteristics of sport, music, entertainment, and gaming.

Evaluate and structure fandom monetization models — membership programs, merchandise, media rights, NFTs, and live events — with a critical assessment of the value generated for both fans and organizations.

Strategically and tactically collect, analyze, and use fandom analytics.

Manage reputational crisis situations within fandom contexts, with particular attention to the speed and consistency of the response.

MISSION
The course addresses one of the most powerful and complex phenomena in contemporary marketing: the transformation of consumers into devoted fans, and the strategic management of fandom communities as competitive assets. Unlike traditional marketing, which aims at customer satisfaction, fandom marketing focuses on building shared identities, collective rituals, and lasting emotional bonds between brands, organizations, and their most passionate audiences.
The course covers two main sectors — professional sports and entertainment (music, film, TV, and gaming) — exploring engagement, monetization, and fanbase management strategies through an integrated approach that draws on psychology, sociology, analytics, and management.
CONTENT SUMMARY
The course is divided in six main modules:

Foundations of Fandom: Theory, Psychology, Sociology, and Economics;

Fan Journey, Segmentation, and Data Strategy;

Fan Engagement Strategies in Sport;

Fan Engagement Strategies in Entertainment;

Fandom Monetization and Emerging Business Models;

Frontiers of Fandom: AI, Ethics, Crisis Management, and Integrated Strategy.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS

Field project

Individual written exam

Class participation

The field project is carried out in teams and involves applying the analytical models learned in the course.

The written exam consists of open-ended questions, multiple-choice/multiple-answer questions, and exercises.

Peer evaluation is optional and limited to only teams that require it.
NOT ATTENDING STUDENTS
The assessment method for non-attending students is based on a final written exam. It will consist of several open-ended, multiple-choice, multiple-answer, and short case questions that refer to the concepts, models, and cases in the textbooks and other materials available on the learning platform. The open-ended and multiple-choice questions are mainly aimed at verifying the learning of analytical and management abilities and their correct comprehension. The short cases are used to assess students' ability to apply the knowledge they learned from the course material.

ATTENDING STUDENTS

Slides and notes from the instructor;

Industry reports available on the digital platform;

Tools available for free online.

NOT ATTENDING STUDENTS

Slides and notes from the instructor;

Reports available on the digital platform;

Innes C., 2025,
Fandom Power: Marketing in the Age of Nerd Culture,

Questline Publishing

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
By the end of the course, students will be able to:

Describe
the structure and functioning of financial markets in emerging and developing economies, including their key actors, instruments, and institutional frameworks.

Explain
the channels through which financial development can influence economic growth, firm investment and productivity.

Analyze
the role of commercial banks, central banks, and non-bank financial institutions in mobilizing savings, allocating credit, and managing financial risk.

Evaluate
the design and effectiveness of financial regulation and supervision in the context of developing economies, with particular attention to prudential norms, capital requirements, and consumer protection.

Interpret
the implications of introducing or expanding specific financial instruments (e.g., microcredit, government bonds, mobile money) on household behavior, firm performance, and public finance.

Assess
the developmental impact of financial innovations and technologies, such as digital payment platforms, fintech solutions, and mobile banking, using both theoretical and empirical perspectives.

Compare and contrast
the institutional and policy environments across countries to understand the diverse pathways and constraints to financial sector development.

Summarize and discuss
key academic debates and empirical findings related to finance and development, drawing from recent research in economics and finance journals.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
By the end of the course, students will be able to:

Apply
theoretical frameworks and empirical tools to evaluate the functioning of financial markets in emerging and developing economies.

Critically assess
the incentives, behaviors, and interactions of key financial actors—such as banks, investors, regulators, and governments—and how these shape financial outcomes and development trajectories.

Formulate
reasoned analyses of financial strategies and policies, considering both their intended goals and potential unintended consequences in low- and middle-income countries.

Interpret and evaluate
real-world case studies and data related to financial inclusion, credit access, capital market development, and regulatory reforms, using evidence-based reasoning.

Design
simple empirical investigations or policy briefs that diagnose financial sector problems and propose actionable solutions grounded in academic research and real-world constraints.

Synthesize
qualitative and quantitative information from multiple sources to form coherent and well-substantiated arguments on issues such as fintech regulation, sovereign debt risks, or the role of international financial institutions.

Collaborate effectively
in group settings to research, discuss, and present findings on complex financial topics, demonstrating strong teamwork and shared problem-solving abilities.

Communicate
analytical insights clearly and persuasively in both written and oral form, adapting the message appropriately for academic, professional, or policy-oriented audiences.

Exercise judgment
in addressing ambiguous or multifaceted financial problems, recognizing the importance of local institutional contexts, data limitations, and political economy considerations.

MISSION
This course provides an in-depth exploration of financial markets and their role in driving development. Students will examine the structure and composition of financial markets with a focus on emerging markets, including banking systems, bond and stock markets, microfinance institutions, development banks, payment systems and more. The course will address key topics such as financial regulation, financial inclusion, and the impact of financial technologies on market development. Through the study of theoretical frameworks, case studies and empirical analysis, students will gain a comprehensive understanding of the challenges and opportunities within the financial sectors in contributing to broader development goals.
CONTENT SUMMARY
The course will revolve around six topics that will be explored in detail:

Structure and Composition of Financial Markets in Emerging Economies: Overview of financial markets, including banking systems, bond markets, stock markets, and the role they play in economic development.

Banking and Financial Regulation: Explore the regulatory frameworks governing banks and other financial institutions, with a focus on maintaining stability and promoting growth in emerging markets.

Bonds and Stock Markets: Understand the dynamics of bond and stock markets in emerging economies, their challenges, and their role in mobilizing resources for development.

Microfinance and Financial Inclusion: Examine microfinance institutions and their impact on increasing access to financial services for underserved populations, limits and challenges, novel work on innovative microfinance tools

Mobile Money and Financial Technologies: Analyze the mobile money and the role of financial technologies (FinTech) in expanding financial services, improving efficiency, and fostering financial inclusion.

Development Banks and Other Financial Institutions: Study the functioning and financing of development banks and other financial institutions, their structure, assets, liabilities and governance.

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
Peer evaluation [Continuous assessment]
ATTENDING STUDENTS
For attending students, the evaluation is based on a combination of individual and group assessments, designed to measure the acquisition of knowledge, analytical skills, and the ability to apply concepts to real-world finance and development challenges. The assessment structure is as follows:

Written Individual Exam (70%)
The written exam consists primarily of closed-answer questions (e.g., multiple-choice and short-answer questions) and aims to assess students’ understanding of the theoretical frameworks, institutional features, and empirical findings discussed throughout the course. It verifies the achievement of learning outcomes related to
knowledge and understanding
of financial systems in emerging markets, as well as the ability to
critically interpret and compare
core concepts.

Individual Assignment / Report (10%)
This component requires students to write an analytical report or policy memo on a selected topic within the field of finance and development. It tests students’ ability to
apply knowledge
independently,
synthesize information
, and
formulate arguments
using data and academic literature. It reflects the expected outcomes in terms of critical thinking and academic writing.

Collaborative Assignment / Group Presentation and Peer Evaluation (10%)
Students work in small groups to prepare a case-based presentation or mini-research project, which is then delivered in class. This assignment evaluates their ability to
collaborate
,
research
, and
communicate findings effectively
, while demonstrating their understanding of specific topics through practical and contextualized examples. It also assesses transversal skills such as teamwork and oral communication. Each student assesses also the work of the other students in the group to avoid free riding.

Active Class Participation (10%)
Participation is measured through engagement in discussions, responses to cold calls, and contribution to class debates or practical exercises. It reflects students’ preparedness, their capacity to
engage critically with course content
, and their ability to
communicate insights clearly
. It also encourages consistent learning and reflection throughout the term.

This multi-dimensional evaluation framework ensures a comprehensive assessment of both content mastery and skill development, aligning with the course’s learning objectives.
NOT ATTENDING STUDENTS
Non-attending students will be evaluated exclusively through a
Written Individual Exam
, which is designed to comprehensively assess their understanding of the course material, including additional readings provided specifically for independent study. The structure and function of this evaluation method are as follows:

Written Individual Exam (100%)
The exam consists of closed-answer questions (e.g., multiple-choice and short-answer formats) and is structured to assess the full range of learning outcomes, from
core knowledge and theoretical understanding
to the
ability to critically analyze and apply
concepts related to financial markets and institutions in emerging economies.

To ensure parity with attending students, the exam for non-attending students includes
additional readings
not discussed in class. These readings are required to bridge the gap in classroom content and must be studied independently. They allow non-attending students to demonstrate a comparable level of engagement with both the theoretical foundations and empirical applications of finance and development.

The exam tests students' abilities to:

Understand and explain
key concepts, institutional arrangements, and policy debates.

Apply knowledge
to analyze financial sector dynamics and their development implications.

Critically assess
strategies, interventions, and the role of different stakeholders.

This method provides a rigorous and self-contained assessment of students’ preparedness and capacity to engage with the subject matter at a high level, despite not attending regular lectures.

ATTENDING AND NOT ATTENDING STUDENTS
The core teaching materials for the course will include a selection of academic articles, policy reports, and textbook chapters covering key topics in finance and development. A preliminary list of references is available below and this list is
not exhaustive
, as additional readings—such as recent research papers, case studies, and multimedia resources—may be introduced during the semester to reflect ongoing developments and deepen understanding of specific themes. Any new material will be promptly communicated to students and made accessible in a timely manner through the course website or email announcements. Students are not required to purchase a specific textbook, but are expected to engage actively with the assigned materials.

References:

Acemoglu, Daron, and Fabrizio Zilibotti. "Was Prometheus unbound by chance? Risk, diversification, and growth." Journal of political economy 105.4 (1997): 709-751.

Aghion, Philippe, Peter Howitt, and David Mayer-Foulkes. "The effect of financial development on convergence: Theory and evidence." The quarterly journal of economics 120.1 (2005): 173-222.

Allen, Franklin, et al. "The African financial development gap." (2010).

Banerjee, Abhijit V., and Andrew F. Newman. "Occupational choice and the process of development." Journal of political economy 101.2 (1993): 274-298.

Banerjee, Abhijit V., and Esther Duflo. "Do firms want to borrow more? Testing credit constraints using a directed lending program." Review of Economic Studies 81.2 (2014): 572-607.

Barboni, Giorgia, and Parul Agarwal. "Knowing what’s good for you: Can a repayment flexibility option in microfinance contracts improve repayment rates and business outcomes." International Growth Centre, Working Paper F-89219-INC-1. London: IGC. (2018).

Beck, Thorsten, and Ross Levine, eds. Handbook of finance and development. Cheltenham, UK: Edward Elgar Publishing, 2018.

Beck, Thorsten, Asli Demirgüç-Kunt, and Ross Levine. "Finance, inequality and the poor." Journal of economic growth 12 (2007): 27-49.

Bencivenga, Valerie R., and Bruce D. Smith. "Deficits, inflation, and the banking system in developing countries: The optimal degree of financial repression." Oxford Economic Papers 44.4 (1992): 767-790.

Bencivenga, Valerie R., Bruce D. Smith, and Ross M. Starr. "Transactions costs, technological choice, and endogenous growth." Journal of economic theory 67.1 (1995): 153-177.

Besley, Timothy, and Stephen Coate. "Group lending, repayment incentives and social collateral." Journal of development economics 46.1 (1995): 1-18.

Breza, Emily, and Cynthia Kinnan. "Measuring the equilibrium impacts of credit: Evidence from the Indian microfinance crisis." The Quarterly Journal of Economics 136.3 (2021): 1447-1497.

Buera, Francisco J., Joseph P. Kaboski, and Yongseok Shin. "Finance and development: A tale of two sectors." American economic review 101.5 (2011): 1964-2002.

Burgess, Robin, and Rohini Pande. "Do rural banks matter? Evidence from the Indian social banking experiment." American economic review 95.3 (2005): 780-795.

Bustos, Paula, Gabriel Garber, and Jacopo Ponticelli. "Capital accumulation and structural transformation." The Quarterly Journal of Economics 135.2 (2020): 1037-1094.

Choudhary, M. Ali, and Nicola Limodio. "Liquidity risk and long-term finance: Evidence from a natural experiment." The Review of Economic Studies 89.3 (2022): 1278-1313.

Citaristi, Ileana. "African Development Bank—AfDB." The Europa Directory of International Organizations 2022. Routledge, 2022. 417-423.

Converse, Nathan, Eduardo Levy-Yeyati, and Tomas Williams. "How ETFs amplify the global financial cycle in emerging markets." The Review of Financial Studies 36.9 (2023): 3423-3462.

Coppola, Antonio. "In safe hands: The financial and real impact of investor composition over the credit cycle." The Review of Financial Studies (2025): hhaf017.

De Mel, Suresh, David McKenzie, and Christopher Woodruff. "Returns to capital in microenterprises: evidence from a field experiment." The quarterly journal of Economics 123.4 (2008): 1329-1372.

De Roux, Nicolás, and Nicola Limodio. "Deposit insurance and depositor behavior: Evidence from Colombia." The Review of Financial Studies 36.7 (2023): 2721-2755.

Demirgüç-Kunt, Aslı, T. H. L. Beck, and Patrick Honohan. Finance for all?: Policies and pitfalls in expanding access. World bank, 2008

Dos Santos, Amanda. "The Development of Domestic Bond Markets." (2024).

D’Andrea, Angelo, and Nicola Limodio. "High-speed internet, financial technology, and banking." Management Science 70.2 (2024): 773-798.

Eichengreen, Barry, and Pipat Luengnaruemitchai. "Why doesn't Asia have bigger bond markets?." (2004).

Feigenberg, Benjamin, Erica Field, and Rohini Pande. "The economic returns to social interaction: Experimental evidence from microfinance." Review of Economic Studies 80.4 (2013): 1459-1483.

Ghatak, Maitreesh, and Timothy W. Guinnane. "The economics of lending with joint liability: theory and practice." Journal of development economics 60.1 (1999): 195-228.

Gyntelberg, Jacob, Guonan Ma, and Eli Remolona. "Developing corporate bond markets in Asia." BIS Papers 26 (2006): 13-21.

Higgins, Sean. "Financial technology adoption: Network externalities of cashless payments in mexico." American Economic Review 114.11 (2024): 3469-3512.

IFA, WG. "Recent development of local currency bond markets in emerging economies." Staff Note (2018).

Khwaja, Asim Ijaz, and Atif Mian. "Tracing the impact of bank liquidity shocks: Evidence from an emerging market." American Economic Review 98.4 (2008): 1413-1442.

King, Robert G., and Ross Levine. "Finance and growth: Schumpeter might be right." The quarterly journal of economics 108.3 (1993): 717-737.

La Porta, Rafael, et al. "Legal determinants of external finance." The journal of finance 52.3 (1997): 1131-1150.

Laeven, Mr Luc. "The development of local capital markets: rationale and challenges." (2014).

Levine, Ross. "Finance and growth: theory and evidence." Handbook of economic growth 1 (2005): 865-934.

Meager, Rachael. "Understanding the average impact of microcredit expansions: A Bayesian hierarchical analysis of seven randomized experiments." American Economic Journal: Applied Economics 11.1 (2019): 57-91.

Miller, Max. "Who values democracy?." Jacobs Levy Equity Management Center for Quantitative Financial Research Paper (2024).

Owusu-Peprah, Nana Twum. "World Development Report 2022: Finance for an Equitable Recovery: by World Bank, Washington, DC, World Bank Publications, 2022, 267 pp., $0.00 (E-book), ISBN 9781464817311." (2024): 129-132.

Paravisini, Daniel. "Local bank financial constraints and firm access to external finance." The Journal of Finance 63.5 (2008): 2161-2193.

Rajan, Raghuram, and Luigi Zingales. "Financial dependence and growth." (1996).

Risk, Measuring Systemic, and Restoring Financial Soundness. "Global financial stability report." International Monetary Fund, Washington (2008).

Roubini, Nouriel, and Xavier Sala-i-Martin. "Financial repression and economic growth." Journal of development economics 39.1 (1992): 5-30.

Roul, Avilash. "Asian Development Bank (ADB)." The Palgrave Encyclopedia of Global Security Studies. Cham: Springer International Publishing, 2023. 81-86.

Schnabl, Philipp. "The international transmission of bank liquidity shocks: Evidence from an emerging market." The Journal of Finance 67.3 (2012): 897-932.

Williams, Tomas. "Capital inflows, sovereign debt and bank lending: Micro-evidence from an emerging market." The Review of Financial Studies 31.12 (2018): 4958-4994.

World Bank. "Bank regulation and supervision a decade after the global financial crisis." Global Financial Development Report 2019/2020 (2019).

CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Comprendere i compiti fondamentali dei responsabili della gestione finanziaria aziendale.

Acquisire la conoscenza delle modalità operative per la valutazione della sostenibilità delle scelte di struttura finanziaria.

Comprendere le modalità di interazione con il mercato delle società con titoli quotati in borsa.

CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Realizzare analisi di cash flow e proiezioni di medio e lungo termine.

Utilizzare le tecniche per trattare l'incertezza in campo aziendale.

Discutere con un approccio critico i principi teorici della Finanza Aziendale.

MISSION
Il corso intende fornire una visione operativa della gestione finanziaria delle imprese (in particolare delle imprese industriali e commerciali), anche tenendo conto degli scenari che caratterizzano i mercati finanziari e le congiunture di settore.
Vengono approfonditi i temi relativi alla gestione dell’attivo e del passivo delle imprese con riferimento a:

• Gestione dei Balance Sheet items.
• Sostenibilità dell’indebitamento in una prospettiva di medio-lungo termine.
• Pianificazione delle operazioni di ricorso al mercato.
  PROGRAMMA SINTETICO

La gestione finanziaria di situazioni di stress.

La rifocalizzazione dei piani aziendali e le conseguenti riallocazioni di risorse.

La pianificazione delle operazioni di ricorso al mercato finanziario in scenari di crisi.

L'analisi della sostenibilità dell'indebitamento in una prospettiva di medio-lungo termine e in contesto di elevata incertezza.

STUDENTI FREQUENTANTI

Articoli e documenti distribuiti dal docente.

Materiale elaborato dagli stessi studenti nell'ambito dei lavori di gruppo.

STUDENTI NON FREQUENTANTI

Il materiale è indicato successivamente dal docente.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the
discretionary choices
an analyst has to make in order to assess the financial statements (and the related reformulations and ratios) coherently with the objectives of the financial analysis (decision-making process).

Understand the definitions and measurement options underlying
the concepts of core operating income and unusual items
in order to measure the persistent income-based results.

Understand the relevant alternatives for the analysis of the
profitability
.

Understand the relevant choices in order to prepare and analyze the
cash flow statement
and the relevant cash-based ratios.

Understand how the adopted
accounting standards
influence the financial analysis.

Understand how to approach the analysis of the
relationships between financials and KPIs and their relevance to build a forcasting model
.

Understand the relevance of
Non-GAAP metrics
.

Understand the logic underlying the
accounting quality
.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
At the end of the course students will be able to...

Define and measure the
core operating income
and the related ratios.

Define and measure
unusual items
in order to analyze persistent or recurring income.

Define and measure all the
ratios commonly used in professional practice
.

Prepare and analyze the
cash flow statement and related reformulations and ratios
.

Reconcile GAAP and
non-GAAP earnings
and critically assess the informational content of management-reported measures.

Assess
accounting quality
and identify red flags using FSA techniques.

Build a
forecasting model
of financial statements and apply standard
valuation
approaches to a public company.

Conduct a
comprehensive financial statement analysis
of a public company, integrating industry analysis, KPIs, and sensitivity analysis.

Design, prompt, and iterate on a
Generative AI assistant
to support an end-to-end FSA workflow, while retaining full accountability for the output.

MISSION
The course major educational objective is the analysis of financial statement interpretation issues from the perspective of professional analysts in an international context. Successful completion of this course enables students to use financial analysis formats and ratios in the perspective of industry and competitor analysis, credit analysis, equity analysis, and (fraud) audit analysis. Particular emphasis is given to analysis and discussion of problems, incidents, and case studies for real-world companies, in order to develop students' skills in identifying critical financial statement areas.

Consistent with the evolving role of the financial analyst, the course also introduces students to the use of Generative AI tools as a structured component of the analytical workflow. Students will design and use AI-based assistants to support — not replace — professional judgment in financial statement analysis, while remaining accountable for the integrity, accuracy, and interpretation of every output produced.
CONTENT SUMMARY
Main topics are:

Introduction to Financial Statements Analysis (FSA)

Analysis of the Income Statement: reformulation choices, core vs. non-core operating income, unusual items, operating income and EBITDA.

Analysis of the Balance Sheet: from the liquidity to the managerial format; reformulation options, ratios, and alternative measures of financial indebtedness.

The ratio system: analysis of ROI and ROE; from financial leverage to operating liabilities leverage; linkage between financials and KPIs.

Analysis of the Cash Flow Statement: reformulations and ratios; Creative Cash Flow Reporting and empirical evidence.

Non-GAAP Earnings: the manager's perspective and the investor/analyst perspective on Street Earnings.

Accounting for Intangibles and the influence of different accounting principles (IFRS vs. local GAAP) on FSA.

Accounting Quality Analysis: identifying 'red flags' through FSA.

Forecasting financial statements and operating performance.

Valuation: theory and practice applied to FSA.

FSA from the auditor's perspective.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Group project with iterative video updates [Continuous assessment]
ATTENDING STUDENTS
Group composition and continuous assessment.

At the beginning of the course, students form groups (number to be determined during the first class). Each group works together throughout the semester on a structured set of activities that form the core of the continuous assessment.

The educational and operational goal is for each group to function as a team of analysts
.

A good team should be able to appoint a leader to whom they can delegate class participation and presentation of their findings.

Therefore,
attendance (registered with the university's specific tool) is not required for all group members: instructors will ensure that at least one group member is present at each session, even on a rotating basis.

In this way, instructors want to encourage groups to operate as a true team of professionals and encourage students to take on responsibilities when representing the entire group.

Group activities include (tentative):

1)
Group project:

a)
AI-supported FSA.
Each group selects a public company and conducts a comprehensive financial statement analysis throughout the course. The deliverables at the end of the course are: (i) a working AI assistant designed to support the FSA process, and (ii) the FSA report on the selected company, produced with the support of that agent. Students remain fully accountable for the accuracy, interpretation, and judgment underlying the report; the agent is a tool, not a substitute for analytical reasoning.

b)
Video updates on the group project.
Throughout the course, each group records a small number of short video updates summarizing project progress, methodological choices, and open questions. The videos are used by the instructor to provide structured feedback during the course and to monitor the iterative development of both the AI agent and the analysis. Detailed instructions will be posted on the course platform.

2)
Group a
ssignments
on specific topics.
Short structured assignments distributed during the course to consolidate the techniques presented in class.

3)
In-class Case discussions led by groups.
On selected sessions, designated groups lead the discussion of a real-world case, guiding the class through the analysis, the diagnostic framework, and the implications for an external user of the financial statements.

Use of AI in this course.

Generative AI tools are an integrated part of the learning experience

Attending students are assessed through continuous assessment, which combines group activities and a final individual exam:

1)
Group works and activities: 70%
of the final grade. This component includes:

50% - the group project (AI assistant + FSA report + Periodic Video Tapes),

10% - 2 group short assignments distributed during the course,

10% - 3 group-led case discussions.

The exact internal allocation across these components will be communicated at the beginning of the course in the final version of the syllabus.

3)
Final individual exam: 30%
of the final grade. The exam is written and covers the technical content of the course (reformulations, ratios and cash flow statement; approximately the first half of the sessions). It combines short exercises, multiple-choice questions, and matching questions, and lasts approximately 45 minutes.
NOT ATTENDING STUDENTS
Non-attending students are assessed exclusively through a
final individual written exam
, which represents 100% of the final grade.

The comprehensive final exam covers all the sessions and all the materials indicated in the syllabus, and lasts approximately 1 hour and 15 minutes.

The exam is structured as follows:

Exercises, multiple-answer questions, and quantitative and qualitative multiple-choice questions designed to assess students'
knowledge and ability to apply
the concepts covered in the
first part of the course: FSA techniques (concepts, reformulations, and ratios)
.

Multiple-answer and multiple-choice questions designed to assess students'
knowledge and understanding of the main conceptual and quantitative aspects
covered in the
second part of the course: advanced applications of FSA.

ATTENDING STUDENTS
Available on the course website:

Slides (required).

Short readings (required).

Exercises and questions grouped by topic (required).

Supplemental professional and academic readings (optional, not required for the final exam).

Detailed instructions for the group project, including the AI assistant design
template
and video-update guidelines;

Detailed instructions for the short assignments.

Suggested (but not required) Textbooks:

Financial Reporting, Financial Statement Analysis and Valuation, 10th Edition, James M. Wahlen, Stephen P. Baginski, Mark Bradshaw, March 2022

Thomas R. Robinson, International Financial Statement Analysis, CFA Institute, Wiley, 4/e, 2020.

NOT ATTENDING STUDENTS
Available on the course website:

Slides (required).

Short readings (required).

Exercises and questions grouped by topic (required).

Supplemental professional and academic readings (optional, not required for the final exam).

Suggested (but not required) Textbooks:

Financial Reporting, Financial Statement Analysis and Valuation, 10th Edition, James M. Wahlen, Stephen P. Baginski, Mark Bradshaw, March 2022

Thomas R. Robinson, International Financial Statement Analysis, CFA Institute, Wiley, 4/e, 2020.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

must have developed a clear theoretical perspective of all the issues about firm valuation

must know the different application alternatives provided by literature and practice and must be able to choose the most suitable ones for the specific context that is proposed to them

must be able to identify and define the most important hypotheses to be introduced in the valuation process

must be able to apply all the different valuation techniques learned, correctly considering all the variables and parameters required, avoiding any application pitfall

must be able to critically read a valuation report and the results contained therein, managing to identify the most important elements of potential distortion

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

must have developed a clear theoretical perspective of all the issues about firm valuation

must know the different application alternatives provided by literature and practice and must be able to choose the most suitable ones for the specific context that is proposed to them

must be able to identify and define the most important hypotheses to be introduced in the valuation process

must be able to apply all the different valuation techniques learned, correctly considering all the variables and parameters required, avoiding any application pitfall

must be able to critically read a valuation report and the results contained therein, managing to identify the most important elements of potential distortion

MISSION
The course aims to provide students with a rigorous theoretical framework of the firm valuation process and, subsequently, to identify most of the practical tools to address the various issues that arise within real valuations. The main approaches to firm valuation will be identified from a methodological point of view and the methodologies commonly used by professionals (financial analysts, investment banks and merchant banks, consulting firms) will be critically discussed. External professionals from some of the most well-known valuation consulting firms will participate in the course as speakers, providing practical examples of valuation applications specific to methodology, sector and specific cases, in order to prepare students to face real firm valuation procedures on field.
CONTENT SUMMARY
1) Introduction and approaches to valuation

2) Cost of capital

3) Free cash flows and Financial modelling/Business planning

4) DCF (analytical valuation + terminal value) with growth - theory and cases

5) Effect of inflation on valuation

6) Fundamental principles of relative valuation: multiples valuation - theory and cases

7) Equity valuation: Dividend Discount Model (DDM) and other equity models – theory and cases

8) Equity as an option (Merton) - theory and cases

9) Sensitivity to Uncertainty in Valuation and Monte Carlo Analysis

10) M&A theory and cases

11) Return valuation for an equity fund: (Equity + LBO) – theory and cases

12) Financing and Valuing Start ups

13) Valuing equity in distressed firms

14) Other special cases of valuation – theory and cases

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
The assessment will be based on a Final Written Exam and a Group Assignment. The Exam lasts 60 minutes and it will be structured as follows:

12 multiple choice questions, either based on theory or on quick calculations. Questions are worth 1,5 points and have only 1 correct answer out of 4 possible choices. No penalty is assigned to a wrong pick.

1 short theoretical essay question, worth 4 points

1 short problems, worth 4 points

The Exam will be held on campus. The interface for the essay questions and the short problems will be plain writing. No access to Microsoft Excel will be available.

The Assignment is compulsory and it will give up to 6 additional points (in order to reach a total mark of 32 points). It will be presented in class during the second part of the course.

The score will be valid for any exam session in the current Academic Year (i.e. up to and including the September 2027 exam).

The details of the Group Assignment will be published on the midterm break on Blackboard.

It is a closed-book test and no formula sheet is allowed.

Students are allowed a basic scientific calculator (i.e. no calculator that has an internal storage or that allows symbolic and NPV calculations).
NOT ATTENDING STUDENTS
For non-attending students, the exam will be
oral.
This because the written exam does not cover the additional material and has a lower overall weight.

ATTENDING STUDENTS

The exam will be based on lecture notes, slides, materials posted on Blackboard (unless specified otherwise) and on the textbook's chapters and problems reported in the detailed course content section of this program and on other guidelines on Blackboard.

The required course textbook is: A. Damodaran, Investment Valuation, University Edition: Tools and Techniques for Determining the Value of any Asset 4th Edition, Wiley, 2025 (The chapters required will be analytically indicated on the syllabus of the course)

NOT ATTENDING STUDENTS
In addition to the program already indicated in the syllabus, non-attending students are required to study Part One: “Foundations of Value” from: Valuation, 7th edition, T. Koller, M. Goedhart, D. Wessels, McKinsey & Company, 2020, pages 3–173, including the related proofs presented in the textbook.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand the main methodological steps of
risk assessment, risk management and internal controls

Understand what are the
most common corporate frauds
.

Understand the difference between
fraud prevention
and
fraud detection
(and what are the relevant methodologies and techniques).

Understand the
difference between earnings management and fraudulent financial reporting
.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Make an overall
assessment of business risks and fraud risks
(fraudsters, opportunities, fraud schemes and red flags).

Apply some
fraud detection techniques
based on
financial analysis
and
data analytics
.

MISSION
The course major educational objective is the analysis of the risk assessment, internal controls and investigation methodologies with a specific focus on those corporate frauds.
In general terms, risk assessment and internal control principles and techniques are fundamental in order to prevent adverse results (losses) that are the consequence of errors and frauds in the areas of:
1. Strategic and operational objectives (business objectives)
2. Reporting objective (reliability of managerial and financial reporting)
3. Compliance (with laws and regulations) objectives.
From a conceptual perspective, fraud risk assessment, fraud prevention (the role of internal controls) and fraud detection (investigation) are interesting in order to understand the strength and quality of the corporate risk management and managerial control processes.
That is why these topics and the related techniques and tools for identifying errors and frauds are relevant for several professionals: external and internal auditors, financial accountants and controllers, fraud examiners, compliance specialists, private equity and M&A specialists and more.
Particular relevance is given to the analysis and discussion of case studies for real companies in order to develop students' skills in identifying critical fraud risks and evaluating their impact.
CONTENT SUMMARY

Session 1
-
Introduction
to the course and to
some definitions

Sessions 2-7
-
Focus on Prevention

• risk management, risk assessment and internal controls: principles and methodologies for both qualitative and quantitative risk analysis (examples of quantitative techniques: sampling for internal controls and Monte Carlo simulation for risk assessment);

Sessions 8-14
-
Focus on Detection

• a framework for fraud risk management and detection (the fraudster’s Fraud Triangle, the detection process: from a suspected fraud to the proof of intentionally): principles and methodologies for both qualitative and quantitative investigations (examples of quantitative techniques: computer forensic, data mining, big data, network analysis);

Sessions 15-21
-
Focus on some Fraud Schemes
(lessons learned from famous scandals): analysis of some fraud schemes in order to understand the failure of governance, risk management and internal controls; examples: internal transactions frauds, Ponzi’s scheme, Accounting Scandals, Concealment of financial distress, Money Laundering and more…)

Sessions 22-24
-
Presentation of Group Assignment and conclusions

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
Attending Students are those students with a grade from the group assignment
.

The faculty team determines student grades by using a combination of assignments and final exam.
Students' evaluation is based on
1.
Individual written exam
(3 essay questions; it lasts
45 minutes
):
50%
.
2.
Overall group assignment evaluation
:
50%
.

Group Assignment
aims at verifying the ability to apply the methodologies and techniques presented during the course and to critically analyze and evaluate a specific case study.
The
final written exam
is based on essay questions to verify the general understanding of the topics and related professional case studies illustrated during the course.
NOT ATTENDING STUDENTS
Individual written exam
(5 essay questions; it lasts approximately
1 hour and 15 minutes
):
100%
.

This exam will include
2

additional questions based on a list of 4 papers
(provided by the teachers).
The final exam is based on essay questions to verify the general understanding of the topics and related professional case studies illustrated during the course where the topics are practically discussed.

Questions about the additional papers
are focused on some critical issued in the fields of risk assessment and fraud detection.

ATTENDING STUDENTS

Slides, readings, case studies and other materials are provided during the course. Students need to refer to each specific session in the elearning Blackboard platform.

NOT ATTENDING STUDENTS

Slides, readings, case studies and other materials are provided during the course. Students need to refer to each specific session in the elearning Blackboard platform.

4 additional papers
provided by the teachers on the Blackboard platform.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Describe the historical development of civil liberties and fundamental rights across different constitutional traditions.

Explain the role of fundamental rights within contemporary multilevel systems of legal protection.

Identify the main mechanisms developed at the domestic, European Union, and international levels for the protection of fundamental rights.

Understand the role of courts in the adjudication and balancing of competing rights and interests.

Explain the interaction between domestic and European systems of rights protection, with particular attention to judicial dialogue and constitutional tensions.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Critically assess how rights are protected in the context of the European multilevel legal orders.

Critically evaluate potential conflicts deriving from the interplay between national and European mechanisms for protecting rights.

Combine (national and European) legal materials to build legal arguments concerning the balancing between competing rights and conflicting interests.

MISSION
Rights are paradigmatic examples of “essentially contested concepts”: their meaning, scope of protection, and the balance between competing rights and interests remain constantly open to legal and political debate. Understanding the contemporary dynamics of rights protection therefore requires close attention to the interaction between national, supranational, and international systems of adjudication and enforcement.
Against this backdrop, the course examines how fundamental rights are protected in practice within the European legal space, understood as a multi-layered and pluralistic system of rights protection. Particular attention is devoted to the role of courts, judicial dialogue, and the tensions emerging from overlapping constitutional and supranational frameworks.
The course is divided into two modules.
The first module explores the protection of fundamental rights from a comparative perspective, focusing on how courts across different jurisdictions address rights adjudication and balancing. Particular attention is devoted to the relationship between judicial reasoning, constitutional traditions, and broader theories of rights and constitutionalism.
The second module examines the European Convention on Human Rights system, from its historical origins to its contemporary developments, with particular focus on the jurisprudence of the European Court of Human Rights concerning selected fundamental rights and freedoms.
CONTENT SUMMARY

The course begins with a historical and theoretical overview of the concepts of “civil liberties” and “fundamental rights”, focusing on the mechanisms developed for their protection at the national, supranational, and international levels.

The main topics addressed during the course include:

concepts and theories of rights from a historical and comparative perspective;

constitutional and judicial protection of rights within domestic legal systems, with examples drawn from both European and non-European jurisdictions;

the European systems of rights protection, with particular attention to the European Convention on Human Rights and the European Union framework;

the interaction, tensions, and forms of cooperation between domestic, supranational, and international systems of rights adjudication.

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS

Attending students are expected to actively participate in class discussions and interactive activities throughout the course.

The assessment of attending students is based on the following components:

Collaborative project / oral presentation (30%)
Students will participate in individual or group activities aimed at discussing and presenting selected issues related to fundamental rights protection, constitutional adjudication, and multilevel rights protection. Depending on the organization of the course, these activities may include collaborative projects or public-oriented dissemination exercises. This component is intended to assess students’ ability to explain legal concepts, engage critically with case law and scholarly debates, and communicate legal arguments effectively.

Interactive activities and class participation (20%)
Through simulations, guided debates, case-law discussions, and other interactive exercises, students will be encouraged to apply legal reasoning to concrete scenarios involving competing rights and constitutional tensions. This component evaluates active participation, argumentative skills, and the ability to engage with comparative and multilevel approaches to rights protection.

Final written exam (50%)
The final examination assesses students’ knowledge and understanding of the course topics, their ability to discuss judicial approaches to rights adjudication, and their capacity to connect domestic and supranational systems of protection.

NOT ATTENDING STUDENTS
Non-attending students will be assessed exclusively through a final written examination (100%).

The written examination aims to verify:

knowledge and understanding of the theoretical and institutional dimensions of fundamental rights protection;

familiarity with the main legal sources and case law discussed in the course;

the ability to critically discuss the interaction between domestic, European Union, and European Convention systems of rights protection.

Non-attending students are expected to prepare the additional readings indicated in the syllabus.

ATTENDING AND NOT ATTENDING STUDENTS

Thomas Mertens, A Philosophical Introduction to Human Rights, CUP, Ch. 1

Janneke Gerards,
General Principles of the European Convention on Human Rights and the European Union,
Chs. 1-5 and 7

Eleanor
Spaventa, “EU Fundamental Rights
”,
in Barnard and Peers Eu Law, OUP last ed., Ch 9.

Monica Claes, ‘National Identity and the Protection of Fundamental Rights’ (2021) 27
European Public Law
517
.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Express strategic interaction and strategic reasoning with the formal language and tools of game theory.

Define and describe the traditional solution concepts of game theory (Nash equilibrium and its main refinements), explain their limitations, and identify the applications where they are relevant.

Define and describe new solution concepts like rationalizability and self-confirming equilibrium, and explain their theoretical foundations.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze situations of economic and social interaction as "games".

Solve games and predict behavior using traditional as well as new solution concepts.

MISSION
Game theory (GT) is the formal mathematical analysis of strategic interaction. GT now pervades most non-elementary models in micro-economic theory and many models in other branches of economics. Understanding GT is therefore necessary to study economic theory at an advanced level. Furthermore, GT provides a general theoretical language for the analysis of interaction in other social sciences as well. Indeed, although GT relies on some structural assumptions, it nonetheless provides something close to a neutral theoretical framework to develop models of interaction. For example, unlike traditional economic theory, game theory does not rest on the assumption that agents are selfish, nor that they interact within markets. The course introduces the necessary analytical tools to understand how game theory is used, and it illustrates such tools with some economic applications. The approach is formal: theoretical terms and statements are expressed by means of a precise mathematical language. Some non-standard topics are included to enhance the student's critical attitudes and to better elucidate the limits of the equilibrium paradigm that dominates both game theory and economic theory.
CONTENT SUMMARY

Introduction to interactive decision theory, terminology, notation.

Rationality and dominance.

Rationalizability and iterated dominance.

Pure strategy Nash equilibrium, interpretation, existence.

Mixed strategy Nash equilibrium, interpretation, existence.

Other probabilistic equilibrium concepts: correlated (hints) and self-confirming equilibrium.

Games with incomplete information: rationalizability, Bayesian games and equilibrium.

Multistage games: description, strategic form, relevance of applying solutions concepts to the strategic form.

Rational planning and the one-deviation principle.

Rationalizability in multistage games, forward induction.

Subgame perfect equilibrium and backward induction.

Repeated games and multiplicity of subgame perfect equilibria.

Bargaining games and uniqueness of subgame perfect equilibrium.

Multistage games with asymmetric or incomplete information, description, rationalizability, strategic form.

System of beliefs and perfect Bayesian equilibrium.

Signaling games, pooling and separating equilibria, foward induction.

Written individual exam (traditional/online) [Partial exams, General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS

Students can either take two partial exams, one on the first part (intermediate partial exam) and one on the second part (final partial exam), or a general exam.

Individual assignements of exercises are evalutated throughout the course and contribute 20% of the final grade.

ATTENDING AND NOT ATTENDING STUDENTS
Teaching material prepared by the instructor are distributed to the students. They include the updated versions of the following:

Main body of lecture notes: textbook
GAME THEORY, Analysis of Strategic Thinking.

Exercise book:
GAME THEORY, Analysis of Strategic Thinking: Exercises.

All the slides used in the lectures.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Describe the historical development of women’s rights in domestic and international legal systems. Identify the main legal categories and concepts used to address gender discrimination and women’s rights. Explain the contribution of feminist legal thought and gender studies to the understanding of law and society. Describe the relationship between gender roles, division of labour, public responsibility, and legal regulation. Distinguish between women’s rights issues and broader gender-related legal questions. Identify the main legal instruments aimed at preventing and addressing gender-based violence. Explain how legal systems have addressed women’s participation in political, economic, and social life.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
1. Identify legal situations in which law should take into consideration the specific position of women. 2. Compare the framing of legal issues before and after women’s successful vindication of their rights. 3. Interpret the law by using a critical gender approach, by identifying the peculiar position of women within the broadly defined gender issues. 4. Develop arguments to identify and challenge gender-based violence.

MISSION
Gender biases and inequalities are increasingly recognized as central to understanding contemporary political, economic, and social dynamics. Across the social sciences, growing attention has been devoted to the ways in which gender shapes institutions, power relations, labor structures, and access to rights. Law has played a crucial role in this debate, both as a framework that reflects social hierarchies and as a tool capable of transforming them.
Drawing on insights from constitutional law, sociology, history, political theory, and economics, Gender Law and Women’s Rights examines the legal construction of gender roles and the evolving recognition of women’s rights in contemporary societies. The course approaches women not as isolated subjects of legal protection, but as central actors in social, economic, cultural, and political life.
Particular attention is devoted to the relationship between law and broader societal dynamics: how legal systems contribute to shaping gendered expectations, how rights are negotiated and contested, and how legal categories may both reproduce and challenge structures of inequality. Through a comparative and interdisciplinary perspective, students are encouraged to develop a critical understanding of the roots of rules, attitudes, and institutional practices affecting women and LGBTI persons, as well as the role of law in advancing inclusion, participation, and substantive equality.
CONTENT SUMMARY
Are women’s rights adequately protected in contemporary democratic societies? How should law respond to persistent forms of gender inequality and discrimination? To what extent can legal systems effectively address structural imbalances affecting women and LGBTI persons in political, economic, and social life? The course explores these questions through a historical, comparative, and interdisciplinary perspective. It examines the evolution of women’s rights at both the domestic and international level, while engaging with feminist legal theory and gender studies to understand how legal systems have addressed — or failed to address — claims for recognition, equality, and participation. Particular attention is devoted to the relationship between law and social change: how legal categories shape gender roles, how discrimination is produced and contested, and how rights-based frameworks interact with broader cultural and institutional dynamics. The course addresses, among other topics: the historical development of women’s rights in domestic and international legal systems; sex and gender discrimination; legal responses to gender-based violence; equality, representation, and participation in political and economic life; the legal dimensions of care, work, and family relations; the role of courts and constitutional law in advancing gender equality; the protection of LGBTI persons within contemporary democratic societies. Through case law, legislation, and theoretical materials, students will be encouraged to critically assess the capacity of law both to reproduce and to challenge structures of gender inequality.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Attending students are expected to actively participate in class discussions and interactive activities throughout the course.

The assessment of attending students is based on the following components:

Oral presentation and collaborative assignment (30%)
Students will deliver group presentations on topics related to gender law, women’s rights, and anti-discrimination issues. This component is aimed at verifying the students’ ability to understand, explain, and critically discuss legal concepts and case studies, as well as their capacity to engage with comparative and interdisciplinary materials.

Role-playing and interactive activities (20%)
Through simulations, guided debates, and role-playing exercises, students will be asked to apply legal concepts to practical or hypothetical scenarios. These activities are designed to assess argumentative skills, legal reasoning, and the ability to identify and discuss gender-related legal issues in different institutional and social contexts.

Final written exam (50%)
The final written examination assesses the students’ knowledge of the course topics, their understanding of the legal materials discussed during the course, and their ability to connect legal rules with broader social and institutional dynamics.

NOT ATTENDING STUDENTS
Non-attending students will be assessed exclusively through a final written examination (100%).

The exam is intended to verify:

knowledge and understanding of the topics covered by the course;

the ability to explain and contextualize legal concepts related to gender law and women’s rights;

the capacity to engage critically with the assigned readings and legal materials.

Non-attending students are expected to prepare the additional readings indicated in the syllabus.

ATTENDING AND NOT ATTENDING STUDENTS

R. Rubio Marín, Global Gender Constitutionalism and Women’s Citizenship. A Struggle for Transformative Inclusion, Cambridge, CUP, 2022 (Cap. 1, 2 and 3) plus additional materials to be indicated at the beginning of the course.

G. Romeo,
Gender equality and women’s rights in the US constitutional framework: a stalled past and an uncertain future
. In J. Penalva, V. Scotti, I. Spigno (esds) The Rights of Women in Comparative Constitutional Law. London: Routledge 168-188 (2023)

Case law and further materials will be made available to students before the start of the class.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

To understand the trends in geopolitical equilibria in the light of the main interpretative frameworks in the field

To analyze and discuss the main topics in current geopolitical analysis and research

To understand the nature of political and geopolitical risk

To analyze the strategic positioning of companies in relation to geopolitical threats

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

To illustrate and evaluate the impact of political and geopolitical risk on entrepreneurial decisions and logics

To summarize and master the main techniques in order to manage political and geopolitical risk

MISSION
Geopolitics, defined as the interaction between the two dimensions of the geographic/physical space and/or "realm" in general, and power, has recently acquired and increasing relevance, gaining growing attention by scholars and academics but also practitioners, commentators, opinion-makers, consultants and not least business leaders.

With increasing international political conflicts, organizations need to be managed with suitable and innovative methodologies. The most successful global companies will be therefore those that make expertise in international affairs central to their operations, adopting what can best be described as a corporate foreign policy. Such a policy will have two goals: to improve a company’s ability to operate in foreign environments through effective corporate diplomacy, and to ensure its success wherever it is engaged through careful geopolitical due diligence.

It is therefore vital for executives and management students to understand geopolitical events because companies, whatever their location, sector or size, must consider how they are affected when devising strategies.

This course aims at introducing students to the understanding of the contemporary geopolitics and geopolitical trends, focusing on the most important areas of emerging geopolitical conflicts, and understanding the nature, and the ways to manage and control, geopolitical instability, treats and risk.
CONTENT SUMMARY
GEOPOLITICS FOR BUSINESS
Title
I. FUNDAMENTALS OF GEOPOLITICS FOR CORPORATE LEADERS
Introduction: Globalization, Deglobalization, Geopolitics and Strategy: which challenges for corporate leaders?
Geopolitics for the present World
II. WORLD ORDERS AND GLOBALIZATION
Two Centuries of “Geopolitical Shifts”. Which lessons from the past for corporate leaders?
21st Century Geopolitics. The present scenario
Geopolitics and Globalization
Working Class 1
III. MODERN GEOPOLITICS: THREATS, OPPORTUNITIES AND CORPORATE STRATEGIES
From Territory to Spaces: the rise of contemporary geopolitics
III.1 Geopolitics of new geographic spaces
Arctic Geopolitics
Case discussion
Geopolitics of the Outer Space
Case Discussion
The Geopolitics of Renewables
III.2 Geopolitics of unconventional spaces
Geoeconomics
Geopolitics and technology: neo-techno-nationalism and the threats for global companies
Reading Discussion
The Geopolitics of Infrastructures
Working-Class 2/1
Working Class 2/2
IV. STRATEGY AND GEOPOLITICS
Corporations and (Geo) Political Risk: an introduction
Navigating Political Risk at Home: Populism vs. Business
Multinationals and Geopolitical Risk
Doing business with dictators
Doing Business in Wartime (A)
Working-Class 3 - Final

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Attendance is warmly encouraged. Students will be evaluated though a mix of assessment techniques including a workgroup, a presentation and an (
elective
) final individual essay (up to 3,000 words, up to 2 additional points) to be agreed upon with the instructor before the midterm evaluations break.

The course includes a midterm and a final exam (Open and/or MC questions). The two grades’ average will account for the 20% of the final grade. The rest will be the outcome of the workgroup (80%) plus an eventual additional score (up to 2 points) of the final individual assessment.

In terms of connection with ILO,
open-ended and multiple-choice questions are mainly aimed at testing the learning of the concepts, methods and tools illustrated in the course material and their correct understanding. The business cases are mainly functional to assess the learners' application skills of the knowledge learned as a result of studying the course material.
NOT ATTENDING STUDENTS
Non attending students will be assessed through a final written exam on the whole program of the course composed by a set of MC questions and open questions. Non attending students will additionally be required to write a 3000 words essay about a book agreed with the instructor.

In terms of coherence with ILO,
pen-ended and multiple-choice questions are mainly aimed at testing the learning of the concepts, methods and tools illustrated in the course material and their correct understanding. The business cases are mainly functional to assess the learners' application skills of the knowledge learned as a result of studying the course material.

ATTENDING AND NOT ATTENDING STUDENTS
The course materials include articles, cases and incidents, plus a set of slides provided by the instructor. Teaching materials and reading will be uploaded by the instructor some days before each class.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
The learning experience of this course is structured to balance theoretical instruction with practical application, aiming to prepare students for real-world challenges in global finance.

By the end of the course, students will be able to:

Describe
the structure, evolution, and functioning of global financial markets and institutions.

Explain
the role of regulation in enabling and shaping financial business across borders.

Identify
the key actors in global financial systems, including banks, asset managers, and insurance companies.

Distinguish
between different types of financial instruments used for risk management, such as swaps and other derivatives.

Summarize
the operational implications of economies of scale and cross-border financial activity.

Illustrate
how global regulatory integration influences financial strategy and market access.

Recognize
the relevance of private markets in global investment strategies.

Define
the core functionalities of Bloomberg Terminal and its relevance for financial analysis and decision-making.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
By the end of the course, students will be able to:

Apply
regulatory, financial, and operational frameworks to assess real-world decisions faced by global financial institutions.

Develop
globally diversified investment strategies incorporating asset allocation, risk hedging, and market constraints.

Use
Bloomberg Terminal tools to retrieve and analyze real-time financial data and indicators.

Interpret
Bloomberg outputs to support investment decisions and risk analysis.

Collaborate
effectively in diverse teams to complete group-based consulting-style projects simulating real financial challenges.

Communicate
complex financial concepts clearly and professionally in both written and oral formats.

Analyze
the risks and trade-offs involved in managing global private markets and multi-currency exposures.

Demonstrate
a global mindset and the ability to work toward common goals across different functional areas and geographic divisions.

MISSION
Global financial markets have undergone rapid and profound transformation in recent years. Technological innovations and deeper regulatory integration have interconnected global capital markets more than ever before. These developments have made economies of scale and cross-border expansion not only possible but critical for success in modern financial institutions.

This course is designed to equip students with a comprehensive understanding of the institutional, regulatory, and operational frameworks governing global financial markets and institutions. At the same time, it emphasizes the development of advanced technical skills and real-world business judgment essential for making sound financial decisions in a global context.

A central goal of the course is to cultivate a global mindset — the ability to understand, collaborate, and succeed in diverse, international environments. This means:

• Knowing how to work effectively in teams, often across different business divisions or geographic regions
• Aligning with a shared strategic vision, even when roles, perspectives, or functions differ
• Appreciating the value of cross-functional collaboration to achieve common goals in multinational settings

The course fosters this mindset through interactive group work, exposure to international professionals, and simulation of real-world challenges, thereby preparing students for impactful careers in global finance.
CONTENT SUMMARY
The course offers a comprehensive overview of the structure, evolution, and functioning of
global financial markets and institutions
in today’s increasingly interconnected and regulated environment. Students will explore how
global regulatory integration
and
technological advancements
have shaped the behavior, organization, and interaction of markets, asset managers, banks, and insurance companies operating across borders.

Key topics include the
central role of regulation
in enabling business activity in highly regulated sectors such as financial markets; the
importance of economies of scale
; the
operational challenges of cross-border activity
; and the tools used by global financial institutions to design
globally diversified investment strategies
, manage
private markets investments
, and mitigate
interest rate and currency risk
through instruments such as
swaps and other derivatives
.

Students will engage directly with seasoned professionals from leading organizations through
guest lectures
, gaining practical insights into the principles, risks, and decision-making processes that shape global financial activity.

The course features
multiple team-based projects
, designed to simulate high-stakes consulting assignments for global financial institutions. These collaborative tasks enable students to apply theoretical knowledge to real-world scenarios, strengthen professional communication skills, and practice effective teamwork within diverse and international groups.

Hands-on sessions in Bocconi’s Bloomberg LAB
will complement classroom instruction, offering direct experience with real-time market data and professional financial tools.

Strong emphasis is placed on
teamwork and global collaboration
, preparing students to operate effectively across business divisions and geographic boundaries in pursuit of shared strategic objectives.

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS

The final grade combines student performance across
two parts of the course
, with different components weighted accordingly:

Part I – Prof. Corvino

Students will be assessed based on the
most advantageous of the following two grading schemes
:

Mixed Evaluation:

Intermediate Test 1:
15%

Intermediate Test 2:
15%

Final Exam:
70%

Final Exam Only:

Final Exam:
100%

The grading scheme that results in the
higher final score
will automatically be selected.

Examples:

If a student scores 24 and 26 on the intermediate tests and 28 on the final exam:

Mixed: (0.15 × 24) + (0.15 × 26) + (0.70 × 28) =
27.1

Final only:
28

Final grade:
28

If a student scores 24 and 26 on the intermediate tests and 20 on the final exam:

Mixed: (0.15 × 24) + (0.15 × 26) + (0.70 × 20) =
22.2

Final only:
20

Final grade:
22.2

To provide a sense of the structure of the intermediate tests here are two examples of group assignments used in the previous academic year;

Example 1

“ARE GLOBAL FINANCIAL MARKETS MOVING TOWARDS GREATER DEREGULATION OR STRICTER REGULATION? WHAT IS HAPPENING AND WHY?”

Instructions
:

Prepare a six-page PowerPoint group presentation (plus one cover page with team member names).

You are interning at a global consulting firm. Your supervisor, working for a financial institution planning a cross-border merger, asks you to prepare a regulatory risk assessment—your future with the firm depends on it.

Example 2

Each group acts as a multi-role team composed of professionals from:

Investment Banking (Total Return Swap structurer)

Asset Management (targeted return strategy manager)

Strategic Consulting (retail insurance product expert)

Legal Advisory (partner specialized in financial regulation)

Objective
:

Design a financial structure for a global life insurance firm seeking to shift from traditional products to capital-light solutions, while preserving client capital protection.

Constraints
:

Product: 8-year single-premium unit-linked

Premium volume: EUR 1–1.2 billion

Max total client fees: 1%

Reference 8-year Zero-Coupon Rate: 4%

Note
: If the
difference between the highest and lowest group scores
is less than 3 points,
all teams receive a bonus point
in the intermediate assessment — to foster
inter-group cooperation
.

Part II – Prof. Cimino

Assessment is based on a combination of activities directly connected to real-market practice:

Trading Competition
(Bloomberg-based):
15%

Pitching a Trading Idea
:
15%

Class Participation
:
10%

Final Exam
:
60%

The
final written exam
(covering both parts of the course) will last
75 minutes
.

The
final course grade
is the
mathematical average
, rounded to the nearest integer, of the grades obtained in
Part I
and
Part II
.

ATTENDING AND NOT ATTENDING STUDENTS
The
lecture
is the central learning component of the course and will be
supported by dedicated teaching materials
uploaded to the
course website
.

All content
made available on the course website is considered
relevant
for the exam.

Students are strongly
encouraged to actively participate
in discussions, engage with guest speakers, contribute during group activities, and attend all lab and simulation sessions.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Critically evaluate what it means to be a lawyer and part of a regulated profession, incorporating historical, sociological, and comparative perspectives.

Analyze lawyers' ethical obligations in balancing duties to clients, courts, third parties, and society at large.

Understand and articulate the role of lawyers as essential safeguards of justice and bulwarks against government overreach, especially during political and social crises.

Navigate complex ethical dilemmas arising in globalized legal practices, including the representation of controversial clients and operation within authoritarian contexts.

Assess how technological innovations, notably artificial intelligence, reshape ethical responsibilities and professional standards in lawyering.

Develop thoughtful strategies for ethical decision-making and leadership, particularly in international and cross-cultural legal contexts.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Identify
ethical and professional dilemmas arising in cross-border legal practice, articulating reasoned and practical resolutions.

Evaluate
critically lawyers' roles in society, particularly amid political crises, governmental tensions, and controversial client representation.

Communicate
effectively about complex ethical concepts, demonstrating cross-cultural sensitivity, persuasive advocacy, and professional discretion.

Navigate
emerging ethical challenges related to technological innovation and globalization, including issues of confidentiality, loyalty, and conflicts of interest.

Collaborate
constructively in diverse teams, balancing different cultural, ethical, and professional perspectives.

Apply
reflective judgment to reconcile competing professional obligations, demonstrating leadership in ethical decision-making and integrity in professional conduct.

MISSION
The aim of this course is to critically examine the evolving identity and professional responsibilities of lawyers as representatives of their clients and officers of the court, and to examine how the balance and tension between these roles is evolving in a global landscape defined by rapid technological innovation, political upheaval, and cross-border legal complexities. Lawyers enable citizens to petition their governments, safeguarding individual rights against state overreach, and mediating complex societal tensions through their advocacy. However, recognizing lawyering as a distinct profession implies adherence to duties that transcend mere client representation, such as confidentiality, loyalty, and a steadfast commitment to the rule of law. This course will engage students in rigorous reflection on what it truly means to be part of a "profession," especially as global dynamics and technological changes challenge traditional roles and ethical frameworks. Ultimately, students will emerge better equipped to thoughtfully navigate their roles as advocates, counselors, and guardians of justice worldwide.
CONTENT SUMMARY
What Does It Mean to Be a Lawyer and a Member of a Profession?
Exploring identity, function, and societal expectations of lawyers globally

Historical and sociological perspectives on professionalization and self-regulation.

Core Ethical Obligations in Cross-cultural Perspective
Examining confidentiality, loyalty, diligence, and competence owed to clients.

Duties to Courts and Legal Institutions
Lawyers as officers of the court, truthfulness in advocacy, and maintaining judicial integrity.

Responsibilities to Third Parties and Society
Ethical limits of advocacy, transparency, and public accountability.

The Lawyer as Advocate in Times of Political Turmoil and Authoritarian Regimes
Case studies from historic and contemporary authoritarian regimes and how lawyers can resist or reinforce authoritarian practices.

Representing the “Despicable Client”
Ethical, moral, and reputational dilemmas arising from controversial representations.

Globalization, Technology, and Legal Practice
Impact of technological innovation, especially artificial intelligence, on concepts of legal expertiseand the ethical obligations and

lawyer-client relations.

Corporate Lawyers and Global Governance
Influence of multinational corporations and the ethical challenges of cross-border legal practices.

Lawyers, Corruption, and Human Rights
Navigating professional integrity amid systemic corruption and human rights abuses.

Access to Justice and Inequality
Lawyers' roles in promoting or hindering access to justice, particularly in diverse and disadvantaged contexts and with respect to global

challenges like climate change

Ethical Leadership in and by the Legal Profession
Cultivating professional responsibility beyond compliance toward active ethical leadership.

Written individual exam (traditional/online) [Partial exams, General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
Participation in class discussions and in-class exercises will constitute 20% of the final grade.

The final exam will constitute 80% of the grade. The exam will consist of a combination of one open-answer essay question involving analysis of a hypothetical fact pattern, multiple-choice, and short-answer questions. There will also be a 24-hour take-home exam after the in-class exam, in students will evaluate their own exam answers using artificial intelligence.

Additional details and sample exam questions will be distributed in class.

ATTENDING AND NOT ATTENDING STUDENTS
A full reading list and daily syllabus will be posted in August.

Reading materials will be posted on Blackboard.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
By the end of the course, the students have acquired knowledge about:

The long-run trends in divergence/convergence between different world areas.

The long-run trends in between- and within-country inequality.

The process leading in time to the emergence of the global economy that we experience today, as well as an understanding of how this differs from earlier historical situations.

The students also have acquired an understanding of the remote and proximate factors which could have led to differences in economic performance across world areas in different phases of human history.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Identify the specific ways in which given world areas were (and are) affected by globalization and by other large-scale historical processes.

Identify how history can be used, and how explanatory variables can be selected, to provide non-neutral readings of historical processes (and how to provide counter-arguments to such readings).

Research the remote and proximate factors leading to differences in economic performance between specific world areas in the long run of history. The students also have tuned their soft skills in a number of areas:

Writing of short but impactful texts on broad topics following strict redaction rules.

Redaction of a research project in the social sciences.

Presentation in public of reports/projects in different conditions (low/high time constraints, etc.).

Team-building and cooperation on common projects.

MISSION
The course intends to explore the processes of globalization, of divergence/convergence between different areas of the word, and their impact on inequality adopting an historical and non-deterministic perspective. The first part of the course focuses on very long-term dynamics, approximately from the early modern period up until the Industrial Revolution. The intellectual framework of the 'Great Divergence' (leading to the pre-eminence of Europe over the rest of the world) and 'Little Divergence' (leading to the pre-eminence of northern over southern Europe) is adopted, but also critical views are considered. The second part of the course focuses on more recent developments, from the collapse of global capitalism at the time of World War I, to the construction of a new international economy after World War II, concluding with the great expansion of the late twentieth century and the related consequences for inequality worldwide. The area covered is the whole world, focusing on broad comparisons between macro-areas.
CONTENT SUMMARY

The First Globalization.

The (possible) roots of the Great Divergence and the early rise of Europe over Asia.

Divergence within Europe: North vs South.

The sources of divergence: social-economic institutions, culture, and demography.

Long-term trends in economic inequality and in inequality “extraction rates”.

Large-scale pandemics and inequality

The Industrial Revolution and the Great Divergence.

Europe and Asia compared, before and after the Industrial Revolution.

The short Golden Age of Global Capitalism (1896-1914).

Who was rich, across the ages?

World War I: the collapse of the established order.

World War II: the birth of a new international economy.

Falling behind: the case of Africa.

The deepening of inequalities across the world.

The emergence of a new Global Capitalism in the late twentieth century.

Recent developments in international and global economic inequality.

Globalization and Inequality – which connection?

The social role of the rich, in the long run of history

Written individual exam (traditional/online) [Partial exams]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
Assessment is based on two elements:

First element:

A partial written exam on the first part of the course and another partial written exam on the second part of the course. OR

A written exam on the full program for attending students (selected chapters and teaching material on LS).

Second element:

A written group project on a topic agreed upon with the instructor & its presentation in class.

To these two elements, an optional individual "Descriptive Report" can be added (focused on the long-term economic development of a specific world area).

NOT ATTENDING STUDENTS
A written exam on the books and the teaching material on Bboard, including the slide packages for each lecture and the additional compulsory readings which are specified in the detailed syllabus uploaded on Bboard as well as in the reading lists for the two parts of the course. In the case of Alfani's book
As Gods Among Men
and Milanovic's book
Worlds Apart
, non-attending students are required to cover all the chapters (while attending students have to cover selected chapters only).

ATTENDING STUDENTS

G. ALFANI,
As Gods Among Men. A History of the Rich in the West
, Princeton University Press 2023 (selected chapters only).

K. POMERANZ,
The Great Divergence: China, Europe, and the Making of the Modern World Economy,
Princeton, Princeton University Press, 2005 (selected chapters only).

B. MILANOVIC,
Worlds Apart: Measuring International and Global Inequality,
Princeton, Princeton University Press, 2005 (selected chapters only).

Additional material provided by the Instructor through Bboard & Course Reserve.

NOT ATTENDING STUDENTS

G. ALFANI,
As Gods Among Men. A History of the Rich in the West
, Princeton University Press 2023 (ALL CHAPTERS)

K. POMERANZ,
The Great Divergence: China, Europe, and the Making of the Modern World Economy
, Princeton, Princeton University Press, 2005

B. MILANOVIC,
Worlds Apart: Measuring International and Global Inequality,
Princeton, Princeton University Press, 2005 (ALL CHAPTERS).

Additional material provided by the Instructor through Bboard & Course Reserve.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Gain foundational knowledge of planetary boundaries, climate change, biodiversity, and ecosystem services.

Explain the role of ecosystem services in supporting business continuity and assess how ecosystem degradation affects corporate resilience and shape corporate risks and opportunities.

Identify the key forces driving corporate sustainability, including regulatory trends, market dynamics, financial pressures, and leadership values.

Explain how sustainability contributes to value creation, competitive advantage, and long-term resilience.

Become familiar with major policy and reporting frameworks (EU Green Deal, CSRD/ESRS, carbon pricing, TNFD/SBTN).

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze a company’s sustainability strategy and evaluate its strengths, risks, and gaps.

Evaluate how ecosystem impacts and dependencies influence business resilience, and integrate ecosystem-service considerations into strategic planning.

Apply tools such as carbon assessment, materiality analysis, decarbonization pathways, and circularity principles.

Integrate sustainability into strategic decision-making and business model design.

Develop or assess a sustainability-oriented business plan.

Interpret climate and biodiversity data and sustainability reports and assess their implications for corporate performance.

Use insights from cases and company presentations to formulate sound managerial recommendations.

MISSION
Humanity has crossed seven of the nine Planetary Boundaries, making the planet increasingly fragile. Climate change, biodiversity loss, and ecosystem degradation now require a fundamental transformation in how companies operate and create value. Yet this shift unfolds amid climate negationism, geopolitical tensions, and political and economic pressures that slow the green transition. Despite these challenges, many firms are integrating sustainability into their strategies through Net-Zero commitments, circular approaches, and sustainable business models. Meaningful progress requires new managerial mindsets and strategies aligned with the limits and dynamics of natural systems.
This course examines the role of business within social-ecological systems and the implications of operating in an era of instability. We analyze how firms depend on and impact natural capital, how environmental pressures reshape competition, and how sustainability can drive innovation, resilience, and long-term value. A central element is the Business in Nature framework, which uses systems thinking to interpret business–nature interactions across impacts and dependencies, efficiency and resilience, and mitigation and adaptation. Our ultimate goal is to equip future managers with the competencies needed to lead meaningful and systemic change.
CONTENT SUMMARY
The course contents are organized into three modules.

1)
WHAT

• Understanding the Foundations of Corporate Sustainability. This module introduces the scientific, ecological, and policy frameworks that shape the sustainability agenda. Key topics include:

Anthropocene, Planetary Boundaries, and Social-Ecological Systems

Climate Change, Ecosystem Services, and Biodiversity Loss

Environmental Policies, Regulations, and Economic Instruments to address the ecological crisis

Foundations of Corporate Sustainability and the emerging Business in Nature framework

2)
WHY

• Understanding Why Companies Engage in Sustainability. This module analyzes the forces driving corporate sustainability adoption and the strategic value it creates. Topics include:

Corporate Sustainability Drivers (regulatory shifts, market forces, finance, technology)

Sustainability Leadership and organizational culture

The Business Case for Sustainability, innovation, resilience, and competitive advantage

3)
HOW

• Understanding How Companies Implement Sustainability. This module focuses on managerial tools, strategies, and practices for integrating sustainability into business operations. Topics include:

Sustainability strategies and governance mechanisms

Sustainable innovation and sustainable business models

Tools and practices for integrating sustainability into strategy

Decarbonization and net-zero pathways

Circular strategies and circular business models

Biodiversity, ecosystem impacts, and nature-positive approaches

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS

Written exam (30%). The written exam is based on open-ended questions. Questions will test the students’ learning of the theories, concepts and tools illustrated and analysed in class. Student will be required to show that they can illustrate some basic theories and concepts, and that they can analyse sustainability problems at business level.

Field project assignment (50%). Students will be required to realize a group field project. The assignment is organized as a consultant project, where students will be required by a client to provide some solutions to a sustainability business challenge (e.g. circular business models, sustainable supply chain, green product design). Students will be asked to apply some of the concepts and tools discussed in class to the case of a real organization, trying to apply some managerial solutions in order to improve the environmental sustainability of the business. Students will have to present in front of external advisors both the “proof of concept” and the final version of the project. Students will need to show ability to effectively support and defend the results achieved.

Class participation (20% of the exam) aims to test the students’ ability to make thoughtful contributions based on the literature that advance the discussion, and their ability to think critically and interact in a constructive way with other classmates.

NOT ATTENDING STUDENTS

Written exam (100%). The written exam for non attending students is based on open-ended questions and/or multiple choice. Questions test the students’ understanding of the theories and tools illustrated in the teaching materials and assess their ability to analyse and apply these theories and concepts to case studies or real practical examples.

ATTENDING STUDENTS

Selection of papers, cases, and slides provided to students at the beginning and throughout the course
.

Selected chapters from: R. SARDA', S. POGUTZ,
Corporate Sustainability in the 21st Century. Increasing the Resilience of Social-Ecological Systems.
Routledge, Taylor & Francis Group, 2019.

NOT ATTENDING STUDENTS

Selection of papers, cases, and slides provided to students at the beginning and throughout the course
.

R. SARDA', S. POGUTZ,
Corporate Sustainability in the 21st Century. Increasing the Resilience of Social-Ecological Systems.
Routledge, Taylor & Francis Group, 2019.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Identify the main global health trends

Illustrate a model to intepret healthcare systems

Describe and explain the main features and criticalities of specific healthcare systems

Summarize the main challenges to introduce new technologies, including Artitificial Intelligence applications

Illustrate the main distinctive features of healthcare management.

Define the main managerial decisions taken in healthcare oranizations

Explain some Artificial Intelligence applications in medicine and the challenge of their implementation

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Analyze and discuss the main characteristics of health systems

Apply the main tool and strategies specifically used in healthcare management

Simulate decision making through a hospital game

Judge the benefits and the potential harm of Artificial Intelligence in Medicine

Design and prepare a group presentation

MISSION
Health is a fundamental human right and a crucial factor for social well-being and economic prosperity. Consequently, health is a global concern necessitating coordinated efforts across various levels of governance, including the WHO, WTO, EU, as well as national and local governments. The substantial involvement of both public institutions at national and supranational levels finds justification in economic theory; market failures in the health sector arise from public goods such (biodiversity, pollution, medical research and health promotion), externalities like infectious diseases and insurance markets, and information asymmetries such as those within the patient-doctor relationship. In the realm of healthcare, market forces must be regulated through significant reforms and targeted policy interventions to address these challenges. However, despite facing similar obstacles, countries exhibit diverse healthcare systems with variations in coverage, governance, financing, ownership and payment structures for providers, human resources, and strategies to drive innovation. Furthermore, the healthcare sector holds immense promise for the application of Artificial Intelligence, offering opportunities for groundbreaking advancements.
Managing within the healthcare industry presents unique complexities due to the professional bureaucracies prevalent in healthcare organizations. Managers encounter distinctive challenges, including motivating employees, navigating inter-organizat
CONTENT SUMMARY
T
he course provides an international overview of management and policy issues related to healthcare systems in Europe and other continents. Its contents are organized in two main parts.

Part A: Healthcare systems and policy

Demographic dynamics, population health and its determinants

Science and medicine: the rise and limitations of Evidence-Based Medicine

Blocks of healthcare systems: governance, funding, technologies (including AritificiaI Intelligence) and human resources

In-depth analysis of prototypes of healthcare systems

Introducing new technologies (drugs and medical devices): market access issues and Health Technology Assessment (HTA)

Part B: Management issues in healthcare

Inter-organizational networks within healthcare systems

Healthcare organizations as professional bureaucracies: structures, functions and professional dynamics

The challenge of implement AI applications

Organizational models and issues of coordination of care

Organizational culture and the link with performance

Change and innovation processes
within healthcare
organizations

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
Besides the final written exam, assessment will be based on the group work presentation, the performance in the debates and the Business Game.

The grade is articulated as follows:

a) 60% final written exam: 6 multiple choice questions and 2 open-ended questions;

b) 30% group assignment: presentation of the analysis of a
relevant issue
in healthcare and of priorities for potential improvement
. This task will allow to assess not only the analytical capacities of students but also their ability to apply knowledge to a specific issue and envisage feasible solutions. The assessment will be based on the following two criteria:

Quality of the analysis
and of the suggested improvements

Quality and clarity of the presentation

c) 10% quality of the arguments employed in the debates

An extra point for the team who wins the hospital game

NOT ATTENDING STUDENTS
60% final exam

40% a paper whose topic must be agreed with one of the two instructors in advance. The paper is expected to have a scientific format (e.g., an introduction, a central part with the contribution of the research -not necessarily with quantitative data-, a discussion where policy/management implications are addressed and personal considerations can be reported-, references). The paper has not to be longer than 4,000 words including reference but excluding the abstract and figure/tables (if any). We will pay particular attention to plagiarism.

ATTENDING AND NOT ATTENDING STUDENTS
Unfortunately, there is not an up-dated and adequate book for this course. We will use books' chapters and articles (on average about one per session). The list of readings will be available in the syllabus. They will be downloadable from Blackboard or through links in the syllabus.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Identify heritage as a collective good and responsibility, and recognize the diversity of heritage places.

Understand cultural significance and proper methods for appreciation in the context of heritage management.

Navigate a rich array of case studies with the capacity to discern diverse approaches to heritage conservation and management.

Recognize the geopolitical implications of heritage in conflict and post-conflict contexts, with an awareness of concepts such as cultural genocide, epistemic violence, and decolonial approaches.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Elaborate informed reflections on how management responses can harness benefits for heritage and for broader wellbeing in society.

Critically discuss management innovation and institutional practices in the cultural heritage sector.

Identify personal professional interests and possible trajectories within the heritage sector.

Engage critically with heritage management in contexts marked by conflict, occupation and colonial legacies, applying decolonial and community-centered perspectives.

MISSION
Cultural heritage is a legacy, tangible or intangible, transmitted across generations and continuously reinterpreted through social, cultural and political processes. As a resource for the future, heritage can foster collective memory, identity and participation, while also reflecting tensions, asymmetries and power dynamics.
The course introduces students to contemporary debates on heritage by combining critical perspectives with the analysis of management practices, institutional frameworks and policy approaches. Through theoretical discussions, case studies and field-based experiences, the course explores how heritage is defined, governed, valued and contested across different contexts.
CONTENT SUMMARY
The notion of heritage will be examined through its historical evolution, social construction and contemporary interpretations. Starting from international frameworks such as the Faro Convention, heritage will be discussed as a complex system of material, immaterial and relational dimensions, shaped by communities, institutions and cultural practices.

The course explores the processes through which heritage is recognized, managed, safeguarded and valorized, with particular attention to governance models, regulatory frameworks, cultural policies and organizational approaches in the heritage sector. Site visits, case studies and applied discussions will support the analysis of museums, cultural organizations and heritage places as dynamic actors within broader social and urban contexts.

Through a discursive approach, the last part of the course focuses on heritage politics in conflict and post-conflict contexts. The seminars are inspired by decolonial theory and radical pedagogy and will concentrate on questions of self-determination, authenticity and epistemic violence with a particular focus on questions of cultural genocide. Drawing from two decades of fieldwork, the discussion will center on the geopolitics of (tangible and intangible) heritage protection in Afghanistan, Palestine and Yemen.

Written individual exam (traditional/online) [General exam]
ATTENDING STUDENTS
With the purpose of measuring the acquisition of the above-mentioned learning outcomes, the students’ assessment is based on the written exam consisting of open and closed questions aimed to assess students' understanding of the contents.

The final written exam consists of 2 open-answer questions out of 3. It will be focused on subjects covered in the:

Course presentations, including those offered during external visits.

Key texts and other readings suggested in the syllabus.

Any other learning resources suggested during the course.

In-class participation, constructive interaction and critical thinking will be positively considered.
NOT ATTENDING STUDENTS
With the purpose of measuring the acquisition of the above-mentioned learning outcomes, the students' assessment is based on the written exam consisting of open questions aimed to assess students' understanding of the contents.

The final written exam consists of 3 open-answer questions out of 3. It will be focused on subjects covered in:

Key texts and other readings suggested in the syllabus (extended bibliography for non-attending students).

Any other learning resources indicated for non-attending students.

The capacity to critically integrate and connect the suggested bibliographic references will be positively considered.

ATTENDING STUDENTS
Course materials will be provided by professors and they will include:

Readings and other materials suggested in the syllabus (core bibliography and wider background readings).

Course presentations offered during classroom sessions, external visits and guest’s talks.

Other readings suggested during the course.

NOT ATTENDING STUDENTS
Not attending students will sustain the exam on a list of readings and materials suggested in the syllabus, at the beginning of the course.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Demonstrate knowledge of major theoretical, methodological and professional topics in museum and heritage management.

Express awareness of the leading museum-related issues.

Identify the needs of museums and heritage in a global market.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Apply the knowledge gained within specific professional contexts, such as museum and exhibition planning.

Select and analyse information relevant to a research project.

Execute and write up projects on museum-related topics.

Plan, execute and write up an extended research project on museums and heritage.

Apply a technical or scientific methodology to museum and heritage related research.

MISSION
Heritage and museum management are complex and multifaceted. Heritage management is a growing field that is concerned with the identification, protection, and stewardship of cultural heritage in the public interest. Museums exist to preserve and study tangible and intangible collections as well as to educate different audiences, but they are also institutions that must employ sound and sustainable business practices while being accountable to the public as non-profit organizations. At the same time, digital innovation is radically changing the approach to these issues, both in terms of heritage and collection preservation and management.
In this regard the course of Heritage, Museums and Digital Cultures explores the design, planning and the socio-economic impacts of museum and heritage development, as well as budgeting and strategies in museum and heritage practice. The core part of the course addresses museum and heritage management - examining efficient resource management strategies, several kinds of commercial activities, as well as innovative approaches to establish new types of sponsorships and partnerships – and marketing – looking at both physical and digital strategies aimed at developing and engaging a diversified audience. The course then shifts focus to exhibition development, museum education and collection management, focusing on the impact of technologies and digital devices.
CONTENT SUMMARY
The course focuses on the following themes, set in a theoretical framework during lectures and developed empirically through the illustration and discussion of some case studies.

Introduction: museum and heritage in an historical perspective;

Museum and heritage studies and globalization;

The new global market for museum contents;

Current topics in the museological debate;

Strategic positioning: joint ventures, franchised museums and internationalization;

Museums, heritage and urban regeneration: merits and demerits;

The social, economic and media impact of museums and heritage;

Museum planning: legal and planning documents;

Budget management and accountability;

Edging on sustainability;

Organization & personnel management;

Commercial activities: traditional and innovative;

Facilities management;

Partnerships and sponsorships;

Marketing and community relations;

Audience development and engagement;

Development, fundraising and membership;

Education and public programmes;

Exhibition, interaction & graphic design;

Temporary exhibitions: in & outbound;

Collection management;

Technologies: uses and abuses;

The digital museum;

Digital changes and drivers;

Overview of future trends.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Students with a minimum of 75% attendance are considered
attending students
.

The final evaluation is composed of two main components:

Written exam (60% of the final grade)

Format
: 1.5-hour exam with
5 open-ended questions
, of which
3 must be answered

Content
: Questions cover the
main themes
discussed during the course and illustrated through the slides (based on the list of topics mentioned in paragraph Course Content details).

Evaluation criteria
: Each answer is scored out of 10 points and assessed based on:

Correctness and depth of information
; (3 points)

Clarity and coherence of argumentation
; (3 points)

Use of appropriate terminology
; (2 points)

Structure and critical reasoning
. (2 points)

Purpose
: The written exam evaluates the
acquisition of core knowledge and understanding
, as well as the
ability to apply concepts to different contexts
and to articulate independent reasoning — in line with the expected learning outcomes related to
knowledge, analytical competence, and communication skills
.

Group assignment (40% of the final grade)

Format
: Each group selects (or proposes) a project topic related to course themes (e.g., museum planning, exhibition design, trend analysis, impact assessment). The assignment includes:

A
PowerPoint presentation
delivered in class during the final sessions; (5 points)

A
written paper of 4,000–5,000 words
, submitted according to the instructor’s timeline. (5 points)

Evaluation criteria
: Each deliverable is scored out of 5 points and assessed based on:

Analytical depth and quality of research
;

Originality and creativity of approach
;

Relevance and clarity of argumentation
;

Effectiveness of oral presentation and collaboration
.

Purpose
: This component is designed to assess
teamwork, project management, problem-solving, and applied research skills
, in coherence with learning outcomes concerning
operational competencies, critical thinking, and effective communication
.

A final grade of “cum laude” (31/30) may be awarded in the case of exceptional overall performance across both components.
NOT ATTENDING STUDENTS
For students who do not meet the attendance requirement:

100% of the grade
is based on a
written exam (1.5 hours)
consisting of
3 open-ended questions
, of which
2 must be answered
.

Content
: The exam covers the
entire syllabus
, including
slides and mandatory textbooks
.

Evaluation criteria
: Each answer is scored out of 15 points and assessed based on:

Correctness and depth of information
; (6 points)

Clarity and coherence of argumentation
; (5 points)

Use of appropriate terminology
;(2 points)

Structure and critical reasoning
. (2 points)

Purpose
: The written exam evaluates the
acquisition of core knowledge and understanding
, as well as the
ability to apply concepts to different contexts
and to articulate independent reasoning — in line with the expected learning outcomes related to
knowledge, analytical competence, and communication skills
.

A final grade of “cum laude” (31/30) may be awarded in the case of exceptional performance.

ATTENDING STUDENTS
Slides and selected readings provided by the teacher (all of them are available in open pdf format, according to fair use policies).
NOT ATTENDING STUDENTS
Slides, selected readings and three textbooks:

G. GUERZONI, Museum on the Map 1995-2012, Torino, Allemandi, 2014 (available in open pdf format).

B. LORD, G. LORD DEXTER, L. MARTIN (eds.), The Manual of Museum Planning: Sustainable Space, Facilites and Operations, Lanham, AltaMira Press, 2012.

Exam textbooks & Online Articles (check availability at the Library):
https://lib.unibocconi.it/en/

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
The knowledge that students will have acquired at the end of the course will concern both economic history and the history of economic thought, and therefore indirectly also the assumptions of current monetary and financial theories. In particular, the student will be able to:

trace the historical origin of the current institutional framework of monetary and financial systems,

assess the strengths and weaknesses, threats and opportunities, of alternative monetary and financial architectures,

recognize and express the often unspoken assumptions of current theories,

distinguish between different basic orientations,

identify their theoretical and ideological significance.

This knowledge will enable the student to describe and define with greater accuracy the current trends in finance in view of estimating their theoretical soundness and practical desirability.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
An intelligent use of the knowledge acquired during the course will enable the students to move with more intellectual freedom in their professional field. In particular, the historical knowledge of facts and thoughts will allow them to design new tools with more awareness thanks to the ability to formulate hypotheses with greater accuracy and to interpret the present situation with greater awareness of its logical and historical assumptions. At the end of the course, students will be able to give perspective depth to their technical knowledge, since they will be able to relate them both to their historical origin and to their current trends.

The oral examination (plus an optional written essay for attending students) will also be an opportunity for them to practice in what was once known as the rhetorical art of composing speeches, now better known as communication skills.

MISSION
The course addresses a central feature of modern economic history: monetary and financial institutions are becoming more and more complex and at the same time increasingly exposed to the risk of deeper and more devastating crises. However, this history of increasing complexity cannot be interpreted in terms of Darwinian evolution. Rather, the course offers evidence of the presence of different organisational principles in monetary and financial systems, where what prevails is not always the most efficient principle, but the one most suited to logics of hegemony. The non-evolutionary character of financial history, the presence of organisational principles that cannot be reduced to variants of the same type, requires explicit attention to the logical, historical and psychological underpinnings of Western monetary and financial architectures, and thus also to the economic doctrines most implicitly underlying them. The history of monetary and financial architectures, as well as their performances and crises, thus also implies an attention to the history of economic doctrines in the monetary and financial field, with a view to their critical reassessment.
CONTENT SUMMARY
In line with the structure of the textbook, the course is divided into three sections:

The first section focuses on the logical and psychological structure of the financial problem, and the role that time and expectations play in finance The starting point is Chapter 12 of J. M. Keynes's General Theory, focusing on the conceptual conventions that govern the calculations and psychology of financial theorists and practitioners, on the problems that these conventions solve, but also on those that they contribute to create. Particularly important is the Keynesian focus on long-term expectations in determining investment choices, and the role of liquidity preference as a mass psychological response to long-term uncertainty. This is followed by a review of the main interpretative strands on the role of expectations in finance, from Keynes and Knight's considerations of risk and uncertainty to recent critiques of the efficient market hypothesis and the role of expectations in macroeconomic models.

The second section is historical in nature. Starting from the current post-pandemic situation and generalised geopolitical instability, the course proceeds backwards through the crises of capitalism of the 20th and 19th centuries to the origins of financial markets. The aim is to show that the particular concatenation governing Western financial history is not deterministic, and thus not compatible with a purely evolutionary representation of it. In this historical reconstruction, in fact, alternative options to the current structure of financial markets, of capital mobility, of the role of public debt, and of the management of the international monetary system will emerge, sometimes actually operating, sometimes explicitly discarded, but always susceptible to being taken up again, even from new technological supports. The aim of the historical interpretation is to unearth the economic, technical and ideological motivations that led to the spread of financial markets based on liquidity and expectations.

The third section aims to give an account of the latest interpretative trends and reform proposals in the monetary and financial field, conceived in response to the 2007 crisis and even more so to the recent Covid and war crises. The projects of innovative monetary systems, both local and global, the emergence of digital currencies, both public (CBDC) and private, both complementary and alternative, the appearance of new financial structures, also linked to new technological potentials (fintech and blockchain) are reviewed. This is also to further verify the theoretical considerations of the first part of the course. Particular emphasis will be placed on the stabilising role of government bonds as safe assets and on the issue of European government debt, its expansion and how to manage it in the aftermath of the pandemic crisis and beyond.

Oral individual exam [General exam]
ATTENDING STUDENTS
The oral exam consists in a talk of around 20 minutes revolving around the topics of the teaching materials and lectures, aimed at assessing the ability of the students to accurately present and critically discuss the main turning points in the history and theory of finance.

Attending students have the option to write a short essay, either individually or in small groups of 2-3 people, after having defined a research question and a set of initial references with one of the instructors. For students who take this option, the oral exam will revolve only around part II of the textbook (History) and the oral exam and the essay will both weigh 50% in the final grade.
NOT ATTENDING STUDENTS
The oral exam consists in a talk of around 20 minutes revolving around the topics of the teaching materials, aimed at assessing the ability of the students to accurately present and critically discuss the main turning points in the history and theory of finance.

ATTENDING STUDENTS

M. Amato and L. Fantacci, The End of Finance, Polity, 2012, parts I and II.

Lecture notes.

NOT ATTENDING STUDENTS

M. Amato and L. Fantacci, The End of Finance, Polity, 2012, parts I and II.

Three papers from a list of readings that will be provided at the beginning of the course

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze specific industrial contexts by identifying the role of key competitive forces.

Understand the rationale and objectives behind particular corporate strategies.

Appreciate the role and significance of competition policy and industry regulation.

Assess the impact and sources of innovation across different sectoral environments.

Demonstrate the ability to critically interpret industry reports, academic case studies, and specialized articles from publications such as The Economist and Business Week.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Identify and select relevant data and information sources suitable for analyzing specific industrial sectors.

Apply economic reasoning to examine data on competition, industry dynamics, and innovation across diverse sectoral contexts.

MISSION
The course is designed to equip students with a rigorous framework for analyzing industrial sectors and the economics of innovation. It begins by introducing analytical tools to understand industry structure, emphasizing strategic interactions among firms and the evolution of market dynamics. Building on this foundation, the course then examines how innovation shapes sectoral change. In particular, students explore the various forms of innovation—product, process, organizational—and study how new ideas diffuse across markets. Special attention is given to industries characterized by network externalities and two-sided markets, as well as to the mechanisms of intellectual property protection and their implications for competition policy. Through a combination of lectures, case studies, and exercises, participants will develop the skills needed to diagnose industry trends, craft appropriate policy recommendations, and formulate competitive strategies grounded in economic reasoning.
CONTENT SUMMARY
1. Market Power and Market Structures

Market Power: Monopoly and Perfect Competition

Concentration and Market Power

2. Oligopoly and Strategic Interaction

Price Competition and Quantity Competition

Price Competition with Capacity Constraints

Competition with
n
Firms

Dynamic Competition and Collusion

Product Differentiation

Strategic Investments: Advertising

Entry Costs

Horizontal Mergers

Vertical Relationships

Entry Deterrence and Product Proliferation

3. Pricing Strategies

Price Discrimination

4. Innovation Economics

Market Structure and Innovation

Measuring Innovation

Diffusion of Innovations

Network Externalities

Two-Sided Markets

5. Intellectual Property

Functioning of the Patent System

Trademarks and Copyright

6. Competition Policy and Antitrust

Competition Policies and Antitrust

Competition Policies in High-Tech Sectors

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
The course assessment consists of a final written exam and group case-study assignments:

Final Written Exam

Format: Two semi-open questions covering all course material, plus one applied exercise.

Purpose: To evaluate students’ ability to employ the analytical tools and frameworks introduced during lectures.

Duration: 1½ hours.

Case‐Study Assignments (for attending students only)

Structure: During designated class sessions, students are divided into small groups and tasked with analyzing a real‐world case. Each group must submit a written report detailing their findings and recommendations.

Evaluation: Reports are graded on a pass/fail basis. These case studies serve to verify students’ capacity to apply course concepts in a practical context and to communicate their analyses clearly and persuasively.

Attendance Requirement: To qualify as an attending student (“frequentante”), each student must receive a passing grade on at least three separate case‐study reports.

NOT ATTENDING STUDENTS
The assessment consists of a final written examination.

The final exam includes three semi‐structured questions covering all course material, plus two exercises based on the concepts, models, and cases presented in the prescribed texts and exam materials.

These questions and exercises are designed to evaluate students’ ability to apply what they have learned and to demonstrate their mastery of the course content.

The duration of the final exam is 2 hours and 15 minutes.

ATTENDING STUDENTS

Required Textbook

Cabral, L. (2017).
Introduction to Industrial Organization
(2nd ed.). MIT Press.

Course Materials & Distribution
Throughout the semester, students will receive the following resources, all accessible via the course’s Blackboard page:

Case Studies

A curated set of real‐world industry cases, which will be evaluated during classroom sessions (see Assessment Methods).

Exercise Sets with Solutions

Problem sets designed to reinforce key concepts; solutions will be provided for self‐review.

Lecture Notes (PDFs)

Detailed outlines and supplemental commentary corresponding to each lecture.

Additional Readings

As the course progresses—especially in the second half—targeted journal articles, working papers, or book chapters will be assigned to deepen understanding of specific topics.

Notes on Case‐Study Material

Case studies will be used for in‐class analysis and graded on a pass/fail basis as part of the continuous assessment (see above).

Importantly, these cases will not appear on the final exam.
In other words, the final written examination will focus solely on the concepts, models, and case examples presented in the prescribed textbook and any explicitly assigned readings for exam preparation.

All case‐study packets, exercise solutions, lecture notes, and additional articles will be available well in advance on Blackboard to allow sufficient time for preparation and review.

NOT ATTENDING STUDENTS

Required Textbook

Cabral, L. (2017).
Introduction to Industrial Organization
(2nd ed.). MIT Press.

Course Materials (Available on Blackboard)

Exercise Sets with Solutions

Problem sets designed to reinforce core concepts; complete solutions are provided for self‐assessment.

PDF Lecture Notes

Comprehensive notes accompanying each lecture, outlining key models, definitions, and examples.

Supplementary Readings

Selected articles and book chapters for certain topics in the second half of the course, intended to deepen your understanding.

Note on Case-Study Materials

As is the case for attending students, all case-study materials are used exclusively for in-class exercises and continuous assessment.

These case studies will
not
be part of the final written exam.
In other words, there will be no exam questions or exercises directly tied to any case study.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Grasp the essence of business idea, business model and business plan.

Understand the main challenges and risks of early-stage digital entrepreneurship and the different strategies available to approach them.

Recognize the key entrepreneurial drivers of success or failure in early-stage digital entrepreneurship.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Understand early-stage digital entrepreneurship according to the frameworks developed during the course.

Recognize the threats and opportunities of the digital age.

Exploit digital tools to come up with innovative solutions to existing problems.

Think strategically within the context of rapidly evolving digital industries.

MISSION
The course enables students to understand what a digital start up is, how it differs from more traditional companies, and its major challenges and how to approach them. This objective is delivered through theoretical face-to-face lectures, hands-on case studies illustrating the emergence and the evolution of digital start-ups and talks by experienced external guests. A primary goal of the course is to push students to grasp the key entrepreneurial drivers of success and failure in the digital age, raising relevant questions and developing possible answers. A second important goal is related to the development of students’ ability to work in groups to deliver detailed and timely outcomes.
CONTENT SUMMARY
The course develops around some key themes.

Early-stage digital entrepreneurship.

Exponential technologies and their implications.

Early-stage funding sources.

Development of a business idea, business model and early-stage business plan.

Different phases and challenges in early-stage digital entrepreneurship.

Platform business model.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Interaction is key to maximize learning within the course. Attendance is recommended and class interaction and participation will be evaluated. Students are also required to take part in three in-class group tests that will be graded. A final written exam will evaluate students' overall understanding of the topics.

To be considered attending, students must attend at least 75% of the classes (attendance will be recorded at each session) and participate to all three in-class group tests.

The final grade will be computed as follows:

Class participation (10%) will be evaluated at the individual level according to contributions to class discussions and during guest presentations.

In-class group tests (50%), evaluated at the group level, will test students’ ability to work in teams and apply the theoretical frameworks developed throughout the course to real-life situations.

Written exam (40%) will evaluate students’ understanding of the theoretical frameworks developed throughout the course.

Class participation will be evaluated at the individual level.
NOT ATTENDING STUDENTS
Assessment of non-attending students is entirely based on a final written exam that probes the student’s understanding of the concepts inherent to early-stage digital entrepreneurship. Moreover, the general exam should probe the student’s ability to think critically and apply the learned notions to business situations.

ATTENDING STUDENTS

Handouts distributed throughout the course.

Cases as in the syllabus.

Readings (and papers) as in the syllabus are mandatory if marked by an asterisk.

Suggested readings (and papers) as in the syllabus.

The final list will be communicated at the beginning of the course.

Information on how to download the cases will be provided in class. Cases are available for a limited amount of time. All students,
attending and non-attending
, should download all the cases before the end of the course.

NOT ATTENDING STUDENTS

Handouts distributed throughout the course.

Cases as in the syllabus.

Readings (and papers) as in the syllabus are all mandatory.

Information on how to download the cases will be provided in class. Cases are available for a limited amount of time. All students,
attending and non-attending
, should download all the cases before the end of the course.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Recognise the importance of services (as opposed to manufacturing activities) in the economy in terms of employment, value added and innovation.

Identify the characteristics of service activities and their implications for innovation.

Discuss the features of innovation processes in services in light of the different approaches developed by the literature.

Acknowledge the differences across different service sectors in terms of type of competitors, users, knowledge base, modes of innovation.

Understand the business models and value generation mechanisms of different types of services

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyse the process of structural change and the growing role of services within the economy in terms of employment, value added and innovation.

Apply the methodologies and relevant theoretical approaches to discuss the characteristics of service activities and their implications for innovation.

Measure and evaluate innovation in services.

Develop new service ideas.

Show teamwork abilities and presentation/communication skills.

MISSION
The growing importance of service sectors in modern economies raises fundamental questions about the nature and dynamics of innovation beyond manufacturing. This course provides students with a structured understanding of innovation in services, combining theoretical insights with their application to real world contexts. The course introduces the key characteristics that distinguish services from manufacturing activities and discusses their implications for how innovation takes place and how it can be analysed. It also examines the challenges associated with observing and measuring innovation in service activities, given their specific features. Building on these foundations, the course explores the main forms of service innovation and their relevance across different service sectors, highlighting similarities and differences in the way innovation emerges and develops. Throughout the course, students apply the conceptual tools discussed in class to the analysis of service innovation, moving from a broad sectoral perspective to the study of specific firms or services.
CONTENT SUMMARY
The course is organised in three main parts.

The first part introduces the economic relevance and heterogeneity of service activities and discusses the key characteristics that distinguish services from manufacturing. It examines the implications of these features for innovation processes and highlights the challenges associated with observing and analysing innovation in service contexts.

The second part presents the main conceptual approaches to innovation in services and introduces the different forms of service innovation. Particular attention is devoted to understanding how innovations can be identified, classified, and interpreted in activities characterised by strong interaction with users and by a combination of tangible and intangible elements.

The third part applies these concepts to a variety of service sectors, including knowledge intensive business services, financial services, and platform based activities. Through the analysis of selected cases, the course highlights how innovation emerges, develops, and diffuses across different service contexts.

The course combines conceptual discussion with the analysis of empirical examples, allowing students to develop a structured and critical understanding of innovation in services.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
In order to evaluate the acquisition of the above-mentioned learning outcomes, the assessment procedure involves two main parts:

1) 50% group work (written report and final presentation).
The report accounts for 90% of this component, while the presentation accounts for 10%. The group project is developed progressively throughout the course and requires students to apply the knowledge acquired during the lectures to the analysis of an empirical case in service industries. Students are expected to examine the evolution of innovation and competition in a selected context, applying the conceptual approaches discussed in class to identify the role of technological and non-technological innovation and to assess its relevance for firms’ development and positioning. The project also allows students to develop teamwork abilities, as well as presentation and communication skills.

2) 50% written exam.
The written exam is based on course readings and lecture notes and consists of open questions aimed at assessing students’ ability to apply the analytical tools illustrated during the course and to discuss the main theoretical approaches to innovation in services. The exam includes a set of statements to be critically discussed, with the objective of evaluating students’ ability to articulate their reasoning and to assess the implications of innovation both within service firms and in their competitive environment.

Given the progressive nature of the group project, regular class attendance and active participation are expected from attending students. Attendance is measured through the “Attendance” procedure available to all students. In order to take the exam as an attending student, an attendance rate equal to or higher than 75% must be recorded.
NOT ATTENDING STUDENTS
For non-attending students, the final grade is entirely based on a written exam consisting of three compulsory open questions. The exam covers all the topics of the course and aims to assess both the understanding of the main theoretical approaches and the ability to analyse innovation patterns across different service sectors.

To this end, in addition to course readings and lecture notes, students are required to prepare a set of additional readings.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Describe the fundamental theoretical framework as well as tools and methodologies to go from idea to market.

Be familiar with the concepts used within the Marketing function and in particular in Product Management or in research and development for new product initiatives.

Interact with specialists in functions such as R&D, accounting and finance, operations, human resources, and new product management.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Set up the activities to develop a concept test, identify the appropriate methodologies to test the concepts, go about market sizing, and design a launch management system.

Expose and define her ideas in an exchange with other persons with other backgrounds and mind-set and exhibit the ability to work effectively in group projects.

MISSION
Despite the relevance innovation has for organizational market success, few companies master their ability to identify, create, and exploit opportunities for innovation on a systematic basis. Innovating requires taking a current reality and transforming it into some new, desirable future. Why are some organizations routinely more innovative than others? What capabilities must be developed? These issues are explored in this course. The course provides a set of integrated frameworks and tools to effectively design and manage the decision making processes, operating routines, and mind-sets required for innovation. It provides the conceptual tools to understand the nature and characteristics of different types of innovation, as well as practical insights on how to design and manage a new product development process.
CONTENT SUMMARY
I Part: Offering innovation and market innovation, basics of new product development process:

The quest for growth.

Offering vs. Market innovation.

White Space Analysis

II Part: Opportunities identification and concept generation; Design thinking: What is?; Concept generation; Design thinking: What if?:

User-oriented techniques.

What is? design thinking tools.

Concept generation.

What if? design thinking tools.

III Part: Concept and Product Testing:

Concept evaluation.

Product testing.

Market testing.

IV Part: Launch Strategy:

Positioning map

Brand audience analysis

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Final evaluation is based on class participation, a class assignment, and an individual written exam.

Students who regularly and continuously participate in all course activities will be considered attending.
NOT ATTENDING STUDENTS
Individual written exam.

ATTENDING STUDENTS

Cases

Articles.

Personal class notes.

Personal case preparation material.

Jupyter Notebooks.

NOT ATTENDING STUDENTS

M. CRAWFORD, A. DI BENEDETTO, New Products Management, McGraw-Hill, International Edition, most current edition (all chapters).

J. Liedtka, T. Ogilvie & R. Brozenske. The Designing for Growth Field Book: A Step-by-Step Project Guide. Columbia University Press, New York, New York (all chapters).

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
The style of the course combines empirical documentation of the facts and a synthesis of the mechanisms generating them via analytical models. At the end of the course, the student will have a broad view of the drivers of economics growth, innovation and inequality.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
The student will acquire basic macroeconomic tools that allow a `scientific' approach to these themes integrating data with economic modeling, allowing the student to discuss coherent policy implications.

MISSION
This course will explore the drivers of economic growth and inequality and will analyze the facts on long-run macroeconomic trends in income levels and inequality. The course will develop foundational concepts such as macroeconomic models of growth and the role of innovation, models of allocation of talent and productive factors across firms. The course will discuss applications such as the impact of modern technologies on the environment and the labor markets, the role of automation and AI, and economic transition, offering a comprehensive understanding of how policy can foster inclusive economic growth.
CONTENT SUMMARY
We will explore questions such as:

What drives improvements in income levels and living standards over time?

Why are some countries richer than others? What are the main drivers of income and wealth inequality across households?

The first part of the course will focus on innovation as a driver of sustained long-run growth and analyze which policies can foster technological progress and economic growth. The Second part of the course will focus on understanding both across country and within country inequality, the forces generating it, and the extent to which policy intervention can affect it.

Topics:

• Living Standards and Global Inequality: A Historical Perspective
• Innovation and Endogenous Growth: From the Solow model to Aghion and Howitt
• Growth and Development Accounting
• Within and Cross Country Inequality
• Sectoral Composition and Structural Transformation (L6-L7)
• Firms Heterogeneity and Factor Misallocation: Lucas' Span and Control Model
• AI, Growth and Inequality
• Global Warming and Inequality
• The evolution and determinants of Labor Shares
• Poverty, Social Mobility and the Gender Gap
• Labor and Wealth Taxation: Taxation of AI and Robots

Written individual exam (traditional/online) [Partial exams, General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
The assesment will be based on both exams, take home, home assignmemnts and presentations.

ATTENDING AND NOT ATTENDING STUDENTS

• Lecture notes
• Acemoglu Daron: Introduction to Modern Economic Growth.
• Barro and Sala-i-Martin: Economic Growth.
• Published Research Articles (to be suggested in class)

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Acquire advanced knowledge related to:

Issues of strategic retailing and scenario analyses, in particular:

The new role of the store as a communication tool adding value to the brand and the store identity.

The store design planning process.

The behavior of shoppers in terms of space experienced, space perceived and ideal space.

Issues of operational and tactical retailing, in particular:

Processes of configuration and management of store atmosphere.

Methods of in-store communication management.

Methodologies and tools for managing visual merchandising.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
1. Apply acquired knowledge related to issues of strategic retailing and scenario analyses, in order to:

Work out strategic marketing analysis to support innovative retailing decisions.

Identify the key factors that influence shoppers emotions and purchasing behaviors, as well as apply various research methodologies to them.

Develop a retail innovation project to take advantage of the opportunities related to the development of omnichannel retailing.

2. Apply acquired knowledge related to issues of operational and tactical retailing, in order to:

Define store positioning, its elements, assess store image, store identity and implement actions of in-store brand equity.

Manage in-store communication.

Plan the store atmosphere from external communication, to internal design, layout and display.

MISSION
The course is designed to develop a specific knowledge about in-store marketing and visual merchandising main trends and issues.
The rise of new communication artifacts in today’s multichannel context means that the store needs to transform its role and its methods for interacting with both costumers and producers.
The store has to offer value through proactive interaction with its customers, because value in the store visit lies in the living an experience, regardless of making a purchase.
The store has to be considered not only a tool to reach the final markets but also a new way for brand positioning and developing brand equity.
The course is based on three basic processes: store dynamics, store experience, store design planning process.
It has three principal objectives:

• provide the students with a comprehensive understanding of how a retail store works both technically and culturally.
• help the students to develop a comprehension of the management and analysis of a retail store.
• teach actual tendencies in store design and visual merchandising, encouraging the students to develop an analytic and innovative approach to future innovation at the retail point.
  This course presents conceptual models, managerial methods, practical tools and real world examples concerning some key retail management decisions.
  CONTENT SUMMARY
  After a full immersion in the dynamics of visual merchandising and store management, the student will use theory and methods for observing and understanding store experience. After an attentive analysis of the transformation of the individual derived through observation, the students (in groups) will re-define the buying process and its meaning. In a final project applied to a specific area of retail, each group will create a store concept and strategy, indicating possible transformations to the buying process.

In short, the topics discussed during the course include:

The store as a tool to communicate, consolidate the brand equity, maximize space productivity.

The store design planning process.

The space experienced, the space perceived, the ideal space.

Social interaction vs privacy

The reaction to the ambient

Visual merchandising aims and tools.

Visual merchandising and communication outside of the store.

Visual merchandising and communication inside of the store.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
Attending student status will be valid for all three exam sessions of the Academic Year.

The course requires attending students to:

1) answer a written exam based on the course materials; it will not cover face-to-face and video testimonials.

The written exam grade will count for 40% of the final grade.

The written exam is mainly aimed at verifying learning of the analytical and management abilities and their correct comprehension.

In order to pass the exam, the grade must be equal or above 18/30

The maximum grade possible will be 31/30

The format and maximum points of the questions will be:

· open questions

· multiple-choice

· true or false

2) prepare a group project on store innovation in English based on requisite put forth in class.

The project grade will count for 60% of the final grade.

The project consists of developing an innovative store concept and planning visual merchandising and in-store communication to enhance customer value.

It must involve several areas of innovation. These areas will be presented in detail at the launch along with the assessment criteria.

The field project will be used to verify the ability of students to apply the knowledge developed during the course and assess the ability to apply methods for observing and understanding store experience and planning an innovative store concept, indicating possible transformations to the buying process.

Evaluation criteria:

· method followed (analysis, process, results)

· proposed solutions (creativity, innovation, coherence)

· document graphics (user-friendly, clarity, organization, editing)

· in-class presentation (synthesis, clarity, interest evoked)

NOT ATTENDING STUDENTS
The assessment method for non-attending students is based on a final exam in written form. It is made up of open and/or closed answers questions referring to the concepts and models contained in the course materials. The exam will not cover face-to-face and video testimonials.

The open and/or closed answers questions are aimed at verifying learning of the analytical and management abilities and their correct comprehension, and at assessing the ability to apply the knowledge students learned when studying the course materials.

In order to pass the exam, the grade must be equal or above 18/30.

The maximum grade possible will be 31/30.

The format and maximum points of the questions will be:

open questions

multiple-choice

true or false

ATTENDING STUDENTS
K. ZAGHI,
Visual Merchandising, and In-Store Brand Equity,
Bocconi University Press, 2025: chapters 5-6-7-8-9-10
NOT ATTENDING STUDENTS
K. ZAGHI,
Visual Merchandising, and In-Store Brand Equity,
Bocconi University Press, 2025.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Recognize the key issues of international taxation.

Illustrate the principles of tax planning.

Explain the most relevant aspects of comparative business law.

Identify the main features in cases from the Court of Justice of the European Union.

Select the most relevant aspects of a tax treaty.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Analyze and interpret the most relevant and widespread elements of international taxation.

Compare different situations in business taxation.

Discuss on problems concerning cross-border taxation.

Arrange a presentation on a case of the Court of Justice of the EU or on a tax treaty.

Organize and develop a paper on an international tax theme.

MISSION
The course is particularly suited for those students interested in international corporate taxation and related job opportunities in private practice and in the corporate sector. The course is the only elective course in international taxation offered in the graduate degrees. The course which pairs seminars and case studies to traditional lectures - provides a sound theoretical framework as well as practical tools for dealing with the typical issues encountered in global tax consulting. The course is divided in two sections, which are aimed to combine the international, EU and comparative approaches to the transnational dimension of taxation. The first section deals with international and EU tax law: this section is aimed at providing a general framework of the subject matter, together with the discussion of case studies. The second section aims at covering the basic issues of corporate taxation with a comparative approach, focusing on the connections between taxation and business strategy.
CONTENT SUMMARY
Section One (International and EU Tax Law):

International tax treaties and the OECD Model Tax Convention (tax treaty formation, tax treaty interpretation and key definitions).

Basic international taxation rules (tax residence, permanent establishment).

Investment income: dividends, interest, royalties.

Other categories of transnational income.

Principles of international tax planning and analysis of tax treaty case law (including optional presentations by Students).

EU tax law (general principles, sources, tax coordination).

The case law of the Court of Justice of the European Union in income tax matters (including optional presentations by Students).

Section Two (Comparative Business Tax Law):

Basic concepts on the taxation of business income.

Basic methods of comparative taxation.

Comparative analysis of corporate taxation and circulation of models.

The taxation of multinational group of companies.

Pillar One and Two OECD Inclusive Framework

Selected Issues (Distribution of profits; Intra-group financing; global tax consolidation; CFC rules).

In addition, the course provides some practical instruction on how to conduct bibliographic research on international taxation using the resources available through the Bocconi Library and on the drafting and editing of the final paper.

Written individual exam (traditional/online) [General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
The assessment includes two compulsory components. First, an in-class presentation worth up to 16 points, which will be completed iin groups; all the students belonging to a group and presenting together will receive the same mark. Second, a multiple-choice final examination - also carrying a maximum of 16 points - will be held during the scheduled exam session.

The in-class presentation is aimed at assessing students’ ability to analyze and discuss issues related to international taxation, cross-border taxation, EU Court of Justice cases or tax treaties, and to present their arguments in a clear and structured way. It also allows students to demonstrate their ability to compare different business taxation situations and to organize and develop a reasoned analysis on an international tax topic.

The multiple-choice final examination is aimed at assessing students’ knowledge and understanding of the key issues of international taxation, the principles of tax planning, the most relevant aspects of comparative business law, the main features of EU Court of Justice cases, and the relevant aspects of tax treaties

ATTENDING AND NOT ATTENDING STUDENTS
C. Garbarino, Judicial Interpretation of Tax Treaties, Cheltenham, Elgar, 2019

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Students will be able to make informed financial and investment decisions in a global setting and use the tools required to manage international financial risks in a turbulent envirnment:

Distinguish and manage risk in international finance.

Recognize the investment and financial issues faced by managers in a global setting.

Define and optimize financial structure of a multinational company.

Deal with exchange rates.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Use the tools required to manage international finance risk and make informed investment and financial decisions in a global setting.

MISSION
Students will learn about global financial markets and institutions, the foreign exchange market, international parity relationships, managing risk in international finance, and making investment and financing decisions in an international environment. The emphasis is on the economic and financial principles of international financial management, as well as its institutional features. These financial principles and institutional features are both relevant and useful for business professionals who operate in an increasingly competitive and global economy. Given the nature of the topics covered and the assigned work, this course has significant analytical and quantitative components throughout.
CONTENT SUMMARY
The program is based on 24 class meetings, some of which may be moderated by external industry visitor speakers. The following topics will be covered:

• Foundations of the international financial management – objectives, role, players, and corporate governance
• Raising funds in the international bond and equity markets
• Investment and financing decisions in an international environment
• International portfolio investments
• Multinational tax management
• The foreign exchange market, exchange rates determination
• International parity relationships
• Using derivatives to manage FX risk
• Management of transaction, economic and translation exposures

Written individual exam (traditional/online) [Partial exams, General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
Active class participation (virtual, attendance) [Continuous assessment]
ATTENDING STUDENTS
Attending students may opt for taking two partial exams (instead of the cumulative course exam. The first exam will be administered at the end of the first part of the semester and the second – at the end of the semester. Both exams will have the same structure as outlined above. A passing grade is required in both exams. If a student fails, scores a low grade, or misses the first optional partial exam (but has completed all work required for attending students) may choose to take the cumulative final exam, which will be administered on the same date as the second partial exam. If an attending student opts to take the cumulative exam, their extra credit points (up to 3 points, based on grades from cases and tests) will be added to their final exam grade.

The tests performed in order to be considered attending students will be mainly up to five multiple choice questions based on the content of the lessons which will give in total three extra points max and will be done during the lectures. The basic idea is to allow students to put in practice the theoretical framework taught in class about how companies should deal when financing on international bond and equity markets and how to hedge foreign exchange and country risks. Tests and exams are bound to verify whether the theoretical and empirical lessons have been properly understood.

After the FIRST EXAM SESSION in January, there will be no differentiation between attending and non-attending students (i.e. ONLY students that take the final exam during the first exam session will be able to take advantage of the extra credit earned), and all subsequent exams will be based exclusively on the entire course material as indicated in the Course Outline.
NOT ATTENDING STUDENTS
Non-attending students take a cumulative final exam. The exam is based on all textbook chapters (and pertaining exercises) listed in the syllabus (under the Course Outline). The exam is written and includes a combination of multiple-choice questions, open-ended essay questions, and problems and tests students using problems and multiple choice questions on their knowledge of and ability to apply the tools required to manage international finance risk as well as making financial and investment decisions in an international business environment. Non-attending students cannot earn extra credit.

ATTENDING STUDENTS
C. Eun, B. Resnick, T. Chuluun
International Financial Management
, McGraw-Hill, 2026 Release

For purchase options please visit:

https://www.mheducation.com/highered/product/international-financial-management-eun-resnick/1264413092.html

Real-world, up-to-date case studies will be discussed in class, often with top executives of the companies involved.
NOT ATTENDING STUDENTS
C. Eun, B. Resnick, T. Chuluun
International Financial Management
, McGraw-Hill, 2026 Release

For purchase options please visit:

https://www.mheducation.com/highered/product/international-financial-management-eun-resnick/1264413092.html

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
Discern the behavior of exchange rates, analyze the transmission of monetary policy across countries, recognize the origins of financial and sovereign debt crises.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

Use some fundamental concepts in international macroeconomics and finance, such as exchange rate regime, monetary policy spillovers, international capital mobility and financial markets, which are likely to be very useful in their career.

Apply the knowledge acquired during the course to evaluate the consequences of a financial and sovereigng debt crisis for the firm or organization they join after they graduate.

Predict and assess the response of the central bank and the government to shocks originating in international markets.

Evaluate and compare the economic forecasts and views on the state of the economy made available in the internet and other media.

Use such analysis in many of the decisions (pricing, portfolio, business investment, hiring, etc.) they are soon called to make throughout their working career.

MISSION
Course allows a rigorous training in the main topics of international macroeconomics and finance: exchange rate regimes, financial crises, monetary policy in the open economy, cross-country spillovers, capital flows, the Euro crisis
CONTENT SUMMARY

Global imbalances. Trade balance and the current account.

Empirical puzzles on exchange rates. Business cycles in emerging markets and advanced economies

Current account sustainability. The intertemporal theory of the current account.

Current account and endogenous production

Twin deficits: fiscal deficits and the current account

Real exchange rates and purchasing power parity (PPP)

The TNT model and the determinants of the real exchange rate

International capital market integration. Capital controls.

Nominal rigidity, exchange rate policy and unemployment. Currency unions. Managing currency pegs.

Monetary policy and the exchange rate in New Keynesian (NK) open economy models. Imperfect exchange rate pass-through. Producer currency pricing, local currency pricing, dominant currency paradigm.

Financial segmentation, monetary policy, and the exchange rate. The macro-financial determinants of the exchange rate.

Written individual exam (traditional/online) [Partial exams, General exam]
Individual Works/ Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING AND NOT ATTENDING STUDENTS
The assessment methods aim at verifying whether the students have internalized the logical and conceptual pillars of both the empirical and theoretical frameworks proposed in class.

ATTENDING AND NOT ATTENDING STUDENTS
The main textbook for the course is
International Macroeconomics: A Modern Approach
, by S. Schmitt-Grohe, M. Uribe and M. Woodford, Princetion University Press. Detailed teaching notes will be handed out by the instructors

Additional references are:

-Schmitt-Grohe and Uribe, Open Economy Macroeconomics, Princeton Univ. Press.

• Walsh C.,
  Monetary Theory and Policy
  , MIT Press.

KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

spiegare i principali trend che caratterizzano l’evoluzione dell’economia mondiale e del commercio internazionale;

conoscere istituzioni, accordi e fondamenti della regolamentazione del commercio internazionale e definire le principali tipologie di barriere tariffarie e non tariffarie;

selezionare le fonti di dati sui mercati internazionali;

identificare le fasi fondamentali del processo di pianificazione strategica del marketing internazionale;

definire lo schema di riferimento con cui analizzare e valutare le opportunità di sviluppo internazionale di un’azienda;

riconoscere la rilevanza delle differenze culturali tra le regioni del mondo e il loro effetto sull’internazionalizzazione delle imprese.

APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

sviluppare l’analisi preliminare alla selezione dei mercati esteri;

valutare l’attrattività e l’accessibilità di un mercato estero;

saper cogliere dalle specificità di natura economica, politica, legale, sociale e culturale dei Paesi insight rilevanti per le decisioni strategiche e operative di marketing;

progettare, almeno a grandi linee, un piano di marketing internazionale;

osservare il mondo con curiosità, rispetto e spirito critico;

selezionare le informazioni rilevanti e sintetizzarle, redigere un report di livello professionale, presentare efficacemente.

MISSION
Nel 2030 l'80% delle famiglie indiane sarà a reddito medio e garantirà il 75% della spesa in prodotti di consumo dell'intero Paese. Il 53% dei percettori di reddito in Africa ha tra i 16 e i 34 anni, una fascia d’età disposta a spendere, più consapevole e desiderosa di provare nuovi prodotti; questi consumatori contribuiranno alla crescita dei consumi totali per oltre 400 miliardi di dollari nel prossimo decennio (stime McKinsey).
In questo scenario, comprendere i nuovi consumatori e i loro bisogni è difficile ma costituisce il fattore determinante del successo di un’azienda: la sfida per il marketing sta qui, nella capacità di scegliere i mercati che offrono opportunità per creare valore, segmentando attentamente un miliardo di neo-consumatori e producendo un’innovazione capace di soddisfare le loro esigenze. Tutto ciò in un contesto che inevitabilmente richiede il confronto con nuove regole di competizione e la trasformazione più o meno radicale degli assetti organizzativi delle imprese. Di questi temi si occupa il corso, con l’obiettivo di fornire ai partecipanti uno schema concettuale che non solo descriva il processo di internazionalizzazione strategica e commerciale di un’azienda ma spieghi come fare per portarlo a compimento, seguendo il modello sequenziale che parte dall’analisi e scelta dei mercati target, verso la definizione delle modalità di ingresso, del posizionamento strategico dell’offerta e delle politiche di marketing.
CONTENT SUMMARY
I principali temi affrontati nel corso sono:

la globalizzazione dei mercati: evoluzione e determinanti;

la configurazione e il coordinamento internazionale della catena del valore;

l’analisi e lo screening dei mercati esteri;

le modalità di ingresso nei mercati esteri;

il piano di marketing internazionale: le scelte di posizionamento tra standardizzazione e localizzazione; le strategie di prodotto e di brand management; il pricing nei mercati internazionali; le strategie di comunicazione.

Written individual exam (traditional/online) [General exam]
Collaborative Works / Assignment (report, exercise, presentation, project work etc.) [Continuous assessment]
ATTENDING STUDENTS
Coerentemente con gli obiettivi formativi del corso, la valutazione dell’apprendimento avviene in parte attraverso la prova d’esame finale e in parte attraverso l’assignment di gruppo.

La prova finale è in forma scritta; le domande (aperte o multiple choice) sono soprattutto di tipo applicativo a partire da casi aziendali e fatti di attualità. Le domande hanno l’obiettivo di verificare la comprensione dei concetti fondamentali e la capacità di saperli applicare a casi reali.

Il progetto (Country snapshot) ha invece l’obiettivo, passando dalla teoria alla pratica, di verificare l’effettivo sviluppo di competenze analitiche e manageriali, nello specifico quell’apertura mentale necessaria per esplorare con un’adeguata sensibilità e senza pregiudizi la vita vera di un paese e dei suoi abitanti per trarne
marketing insight.

La valutazione complessiva è così determinata:

50% voto della prova scritta,

50% voto del Country snapshot.

Per acquisire lo status di studente frequentante la presenza in aula è obbligatoria (minimo 75% delle lezioni).
NOT ATTENDING STUDENTS
L’esame è in forma scritta, con domande centrate sui concetti chiave (aperte o multiple choice) e domande di tipo applicativo a partire da casi aziendali e fatti di attualità. Le domande hanno l’obiettivo di verificare la comprensione dei concetti fondamentali e la capacità di saperli applicare a casi reali.

ATTENDING STUDENTS
La Blackboard contiene tutto il materiale di supporto alle lezioni. La presenza in aula e la partecipazione attiva alle lezioni sono calorosamente raccomandate: lo scambio di conoscenze, di esperienze personali e punti di vista non può che arricchire l'apprendimento di tutti.
NOT ATTENDING STUDENTS
Alon I., Jaffe E., Luceri B., Prange C., Vianelli D.,
Marketing internazionale. Strategie, Principi e Applicazioni
, Giappichelli, seconda edizione, 2023.