Business And Finance Brescia

The course aims to develop and consolidate effective language skills in Business English with particular emphasis on finance.
During the course, the students will practice and consolidate all four language skills (reading, writing, listening, and speaking) in the context of Business English, and will also reinforce fundamental academic writing skills useful both in the academic context and in their future careers.
At the end of the course, the students will be better able to:
use a good range of grammar structures in the context of Business English;
utilize expanded vocabulary related to general business situations;
speak fluently and with confidence about various business topics using the correct terminology;
develop basic skills to deal with people in business situations;
increase their knowledge of key business concepts worldwide and identify differences and similarities in different cultural contexts;

The course aims to consolidate both grammar and vocabulary (level B2+) using a wide range of materials that will allow students to practice all four language skills.
Grammar points:
Affirmative, negative and interrogative sentences; “wh” questions (what, where, when, who, whose, which, why).
Word order
Tenses: present simple, present continuous, present prefect simple and continuous, past simple and past continuous, past perfect simple and continuous, future con will, shall, be going to, present continuous and present simple, future continuous, future perfect simple e future perfect continuous.
Imperative and Future in the Past.
Unreal tenses: wish, would rather, if only.
Modals: can, could, will, would, shall, should, may, might, ought to,...both in their present and perfect forms.
Forms of obligation: must, have to, need, make, let, get, to be allowed to
Used to and get/be used to + gerund/noun.
Zero Conditional; First Conditional; Second Conditional; Third Conditional; Mixed Conditional.
Passives
Reported speech; reporting verbs; reporting verb passives (it is said that… / he is said to be…)
Verb patterns
Nouns and numerals (correct symbols and enunciation)
Articles
Phrasal verbs/prepositions
Linkers/Discourse Markers
Word formation strategies
Vocabulary:
Advertising and Communication
Business Cultures
Business Organisations
Ethics
Finance, Money and Banks
Innovation
Management and Leadership
Marketing
Personnel and Human Resources
Business English collocations/Phrasal Verbs for Business English
The course will also focus on developing writing skills (with a specific focus on graph description) and speaking skills.
Lectures in the classroom for which active student participation is required.

A computer-based written test – based on open cloze questions, cloze tests, and multiple choice questions – focused on the grammar and vocabulary included in the course programme. Students will be assessed on their knowledge of the formal structures and the expressions of the English language corresponding to the world of business. (40 points). The test will assess listening comprehension, reading comprehension, grammar and vocabulary knowledge.
The test will also include a writing section:
Writing task: Students will be given a graph/chart to analyse and describe.
Length of writing task: 140-160 words
Writing tasks are scored according to the following criteria:
Task completion (meeting requirements) - 0-5 points
Proper and logical organisation of content and register - 0-5 points
Use of appropriate vocabulary - 0-5 points
Grammatical structures meeting B2+ level - 0-5 points
Total exam time: 80 minutes
Total points: 60
Pass Mark: 36/60

The aim of the course is the acquisition and/or consolidation of the basic elements of the French language needed to communicate in the professional field, at the A2 level of the Common European Framework of Reference for Languages.
At the end of the course, students will be able to take an active part in interactions related to everyday situations in the professional field (e.g. basic personal information, professions and workplace, planning, business e-mails, business telephone calls, business trip organisation). They will be able to communicate in simple, routine and professional tasks requiring a direct exchange of information on familiar matters.

The course focuses on:

• the acquisition and/or consolidation of the basic elements of French grammar, phonetics, and vocabulary at the A2 level;
• the development of communication skills covering the following topics:
  saluer, se présenter, présenter une personne ;
  parler de son activité professionnelle ;
  exprimer l’accord, les goûts et les préférences ;
  demander des informations ;
  donner des instructions, des explications, des informations commerciales ;
  faire une proposition, des recommandations ;
  écrire un courriel professionnel ;
  mener une conversation téléphonique ;
  organiser un voyage d’affaires, une réunion, un rendez-vous.
  The course covers the first semester (28 hours, 3 hours a week).
  The teacher will assess the students’ prior knowledge in the first class and advise them about attendance and classwork according to their level.
  The lessons use a communicative approach emphasizing interaction as a goal of study and providing training for the examination.

The examination consists of an A2 written test (listening, grammar in context, reading and writing), followed by an oral test. The two parts are independent, and students must achieve a minimum of 18 points out of 30 on both (60%). The final assessment is a PASS or FAIL evaluation.
Criteria for the evaluation of the written part. The evaluation of the exercises will take into account the following aspects: linguistic (understanding and accuracy); textual (appropriateness to the genre and context); stylistic (appropriateness to the author’s style and language register); terminological (knowledge and relevant use of basic terms); referential (extra-linguistic elements).
Format of the oral examination: conversation of about 10-15 minutes with the teacher in two parts. Students will be asked to:

• present themselves (family, studies, interests, internships, etc.) (50% of the final evaluation);
• describe a picture related to topics covered in class and act out a little dialogue relating to the picture (50% of the final evaluation).
  Evaluation criteria for the oral part: linguistic aspects (understanding and accuracy), pertinence of answers to questions, knowledge of basic terminology in the professional field, cultural knowledge.

A.-L. Dubois-S. Kaddani, Objectif Express 1, 3e édition, Hachette, 2022.

The aim of the course is to bring students to the A2 level defined by the Common European Framework of Reference for Languages.
According to the Global Scale of classification of exams and diplomas and the levels of the Council of Europe, the A2 level corresponds to the following description:
A2
The speaker “Can understand enough to be able to meet needs of a concrete type; Can understand phrases and expressions related to areas of most immediate priority (e.g. very basic personal and family information, shopping, local geography, employment); Can understand short, simple texts on familiar matters of a concrete type which consist of high frequency everyday or job-related language;
Can understand short, simple texts containing the highest frequency vocabulary, including a proportion of shared international vocabulary items; Can give a simple description or presentation of people, living or working conditions, daily routines. likes/ dislikes, etc. as a short series of simple phrases and sentences linked into a list; Can produce a series of simple phrases and sentences linked with simple connectors.”

To reach the A2 level described above, the 28-hour course involves the acquisition and development of receptive (listening and reading) and productive (speaking and writing) communication skills through activities, both guided and autonomous, relating to situations relevant to everyday experience:

• Introducing yourself
• Talking about yourself and other people
• Languages ​​and nationalities
• University, school and work
• Home and furniture
• Family
• Daily routine
• Travel, sports and leisure
• Cultural activities
• Clothing
• Weather
• Health and nutrition
• Interacting in the main public places (at the restaurant, at the supermarket, in a hotel, at the airport, in a shop, on holiday, etc.)
• Writing a simple formal/informal e-mail
• Talking on the phone with a client/colleague
• Simple economic vocabulary related to everyday life
  Grammar Topics:
• Structure of the main and secondary clause (e.g.: causal, conditional, indirect interrogative, relative)
• Declination of nouns and articles, adjectives and possessive pronouns, personal pronouns, adjectives; the nominal group
• Conjugation of the main regular and irregular verbs (verb tenses: Präsens, Perfekt, Präteritum, Imperative, würde + Inf.)
• Main prepositions with dative and accusative
• Connectors.
  The study objectives are achieved by using authentic texts relevant to personal and social life for all language skills.
  To successfully pass the test, regular and active participation in lessons as well as independent study are essential.
  We also point out the possibility of contacting Viviana Venturini ([email protected]) at the Rossi Linguistic Laboratory and Laboratory 1 in via Trieste 17.
  The four skills will be practiced during the lessons, integrating them with grammatical explanations. The reading of the texts must be carried out autonomously as preparation for the lesson.

The examination consists of an A2 written test (listening, grammar, reading and writing) followed by an oral test. The two parts are independent, and the students must achieve a minimum of 18 points out of 30 on both parts.
First part: Written test (60 minutes) – Listening comprehension and short reading comprehension with verification through true/false or multiple-choice answers; text with blank spaces to be completed; writing of a short formal/informal letter.
Second part: Oral skills (15-minute dialogue) - Conversation in foreign language. The students will be asked to introduce themselves during a job interview (relating about family, studies, interests, jobs, internships, travels etc.); to relate and discuss two texts of the textbook (from a given list).
The students must demonstrate that they are able to communicate in a simple but correct way on the topics mentioned above.
Please note: To be admitted to the oral test, you must have passed the written test.

Stefanie Dengler, Paul Rusch et al., Netzwerk Deutsch als Fremdsprache. Kurs- und Arbeitsbuch A1.1 Klett Verlag ISBN 978-3-12-606131-5
Stefanie Dengler, Paul Rusch et al., Netzwerk Deutsch als Fremdsprache. Kurs- und Arbeitsbuch A1.2 Klett Verlag ISBN 978-3-12-606132-2
Stefanie Dengler, Paul Rusch et al., Netzwerk Deutsch als Fremdsprache. Kurs- und Arbeitsbuch A2.1 Klett Verlag ISBN 978-3-12-606142-1
Recommended grammar books:
F. Jin-U. Voß, Grammatik aktiv A1-B1 mit CD, Cornelsen Verlag, Berlin 2017 (ISBN 978-3-06-023972-6).
Grammatik Ganz Klar!. Ed.internazionale+cdrom A1– B1, Hueber, ISBN 9783190515554.
Recommended online bilingual dictionaries:
dict.cc Deutsch ↔ Englisch - https://www.dict.cc/
Pons Deutsch ↔ Englisch - https://de.pons.com/%C3%BCbersetzung/deutsch-englisch
Langenscheidt Deutsch ↔ Englisch - https://de.langenscheidt.com/deutsch-englisch/
LEO Deutsch ↔ Englisch - https://www.leo.org/englisch-deutsch/
Recommended online monolingual dictionary:
Duden online: Rechtschreibwörterbuch, Rechtschreibprüfung und Sprachratgeber- https://www.duden.de/

The main goal of the course is that the students develop the language skills corresponding to a A2 level of the Common European Framework of Reference for Languages (CEFR). At the end of the course students will have achieved a communication skill that will allow them to handle daily life situations, describe other persons, environments, objects and states of mind, as well as to report and connect present, past and future events. In particular, students will be able to talk about topics concerning their studies, their family and their daily routine. They will also be able to interact properly in situations such as taking part to a job interview, inquire about an apartment listing, ask and provide information to reach some specific location, do shopping in a clothing store, organize a travel, talk about previous experiences and future projects.
Goal: applied knowledge and communication skills

The course covers the following grammar and lexicon topics, aimed at the development of the communication skills corresponding to the A2 CEFR level.
The course is intended for all levels (it starts from a beginner level -A1-) and it covers all the academic year. The teacher will assess the students' prior knowledge in the first class and advise them about attendance and classwork according to their level. The lessons use a communicative approach emphasizing interaction as a goal of study, including oral interaction, expression and comprehension exercises, role-play communicative exercises, grammar explanations, written exercises on the online platform and training for the written and oral examination.
Non-attending students are strongly encouraged to use the information contained in this syllabus and other documents available on the site, to inform and prepare themselves adequately for the exam.

Students who are holders of a DELE A2/B1 / B2 / C1 (issued within two years of the date of the exam) are exempted from the course and the examination, DELE A2 or superior levels are recognized as substitute for the Foreign Language Spanish course and examination. Students must present their DELE to the Selda Office, (Via Trieste, 17) within two years of the date of issue.
The end-of-the-year examination is called PROVA DI IDONEITÀ and consists of a computer-based test and an oral exam (which can be taken ONLY after having passed the computer-based part). The computer-based test and the oral part are independent, and students must achieve a pass mark on both. The final assessment is a PASS or FAIL evaluation (called APPROVED).
COMPUTER-BASED TEST (DURATION: 75 MINUTI. Dictionaries are not allowed)
Reading comprehension: 10 multiple choice questions.
Grammar: 15 multiple choice questions; 5 fill in the blank.
Vocabulary: 15 multiple choice questions; 5 fill in blank.
Listening comprehension: 5 true or false questions.
Total: 55 questions
For passing the written exam and being admitted to the oral exam it is necessary to reach at least 33/55 points.

Course book:
978-84-19236-35-7 Campus Sur A1-B1, Ed. Híbrida, L. del alumno; Acquista da VP
Campus Sur A1/B1 - Edición híbrida - Libro del alumno
Other recommended books:
AA.VV., Gramática básica del estudiante de español, Ed. Difusión, Madrid, 2005.F. CASTRO, Uso de la gramática española, Nivel elemental. Nueva edición. Edelsa, Madrid, 2010.
Recommended dictionaries
R. AQUÉS, A. PADOAN, Il Grande dizionario di Spagnolo, Dizionario Spagnolo- Italiano/ Italiano-Spagnolo, Zanichelli, Dvd-Rom e versione scaricabile per Windows e Mac.
C. MALDONADO GONZÁLEZ (a cura di), Clave: diccionario de uso del español actual, SM, Madrid, 1999.

Nowadays companies, whose success depends on the effective use of digital innovation, need resources both competent in terms of technological knowledge and aware of the impact deriving from the use of new technologies on operational and strategic management. The course aims to provide students with a general understanding of the issues related to technological innovation in companies and society, data and information management, the Internet, digital business models, business information systems and their organisational and management implications. The course also aims to teach students to apply their newly-acquired knowledge in the business context, formulating interpretations and independent judgements, and in an academic context, when taking other courses on the degree programme and with a view to advancing their studies further in the field of corporate information systems.
At the end of the course, students will:

• know and understand the main trends in the digital world and their impact on companies and society;
• appreciate the relevance of digital tools for business activities and processes, with particular regard to marketing and communication;
• apply the knowledge acquired during the course according to a professional approach aimed at designing new business models that enhance people, processes and technological infrastructures in a synergic and systemic perspective;
• interpret and make independent judgments, also regarding IT security, ethical and social issues generated by the use of technologies;
• acquire technical language that enables effective communication with both people with advanced technical and IT skills and with end users;
• develop good learning skills that allow students to undertake more advanced studies related to corporate information systems with greater autonomy.

1 Introduction to the role of technologies and of artificial intelligence in the business world as a fundamental component for successful organizations;
2. new digital trends: digital transformation processes in companies and technological evolution in the information society;
3. from data to knowledge: systems for data organisation and management, for the research and processing of information to support decision-making activities, with particular emphasis on the management of Big Data and Data Analytics activities;
5. digital markets and platforms: Internet, e-business, corporate networks and business change;
6. introduction to corporate information systems: outline of corporate architectures supporting the operational, tactical and strategic needs of companies.
7. principal functions of Excel sheets: formulas and functions, logical and graphic functions, ordering data and filters.
8. intro to Python: basic calculations, use variables and lists, apply simple decision rules, automate repetitive operations and brief introduction to “vibe coding”
The main functions of Excel and Python will be explored in detail both in the classroom and during individual study.

The examination aims to assess the achievement of the course aims outlined above as well as students’ progress.
The assessment criteria are as follows:
satisfactory development of knowledge and skills related to the various areas of content;
clarity, accuracy and relevance when discussing course content and use of appropriate technical language;
ability to correlate different content systematically;
critical analysis of the impact technology has within organisations and on the management of its stakeholders
The examination consists of a written test with open-ended and closed-ended questions (multiple choice) and will last 45 minutes. It will be conducted electronically using the laboratory computers. The closed-ended questions are designed to assess students’ theoretical knowledge and understanding, while the open-ended questions are designed to assess students’ ability to apply that knowledge or identify its main implications.

A.Oteri, F.Tornieri, Information Systems: from cloud to cybersecurity, ‎ Independently published, 2026 (Second Edition).
In addition, all the material regarding Excel sheets and Python will be available on Blackboard. Lecture support material is available on Blackboard in the course area: the lecturer will post the slides used in the classroom, in-depth study material on the most significant topics of the course, the reading list, some articles and the suggested webography.

The course aims to acquire and consolidate knowledge at the phonetic, morphosyntactic and lexical levels, aimed at developing the skills of interaction, comprehension and oral and written production of Italian used in everyday life, in the academic context and in professional training. The expected learning outcomes are at an A2 level according to the Common European Framework of Reference for Languages (CEFR).
Particular attention is also given to the presentation of aspects of Italian society and culture, laying the groundwork for cross-cultural comparison.
Therefore, the student should be able to:
understand the essential points of texts in standard language on familiar topics related to study, work and leisure;
produce simple and coherent texts on familiar topics or topics of personal interest;
interact in communicative contexts inherent in daily, academic and professional life;
express themselves with clear and understandable pronunciation;
understand and use the main morphosyntactic structures of the Italian language;
reflect at the metalinguistic level on grammatical and morphosyntactic structures.

Through an approach oriented to action, interaction and collaboration, students will be engaged in activities aimed at comprehension, analysis and production of different communicative genres in everyday and work-related contexts, in order to discover and activate strategies for autonomous language learning.
The 28-hour course is organized into interactive classroom lectures, which take place during the first semester, and includes the following content:
insights into the discrimination and production of phonemes and the rhythmic-intonative structures of the Italian language;
basic and specialised vocabulary;
morphological and syntactic insights;
oral and written comprehension, interaction and production activities related to everyday, academic and professional life contexts.
The teaching methodology requires active student participation through individual work, pair work, and/or group work as well as monitored independent study on the course learning platform. All details will be provided by the instructors in class.
The use of Grammatica pratica della lingua italiana, by Susanna Nocchi (Alma edizioni) is recommended.

The exam consists of:
a written test comprising: reading comprehension exercises (multiple-choice and true/false); grammar test (cloze); and a test of communicative functions and structures;
an oral test comprising: a self-presentation, a presentation on a topic chosen by the student and addressed in the Degree Programme (3 minutes), a short conversation with the lecturer on topics covered in the Italian language course (2 minutes).
Assessment criteria are as follows:
effectiveness in presentation and interaction
grammatical accuracy
lexical mastery
Students are admitted to the oral test only after passing the written test. After passing the written test, students must take the oral test within the same appello.
The evaluation system is 'pass'/'fail'.

Grammatica Pratica della Lingua Italiana A1-B1 di Susanna Nocchi – Alma Edizioni (2022)
Study materials are provided in class and via the Blackboard platform.

The course is designed to equip students with the conceptual and foundational knowledge required to comprehend the intricacies of management and accounting in an international context. The curriculum delves into the following key areas: management, the managerial environment, decision-making, planning, organising, controlling, leading, managerial accounting, cost management. This course serves as a prerequisite for the Financial and Managerial Reporting course (second year) and provides a solid foundation for further studies in these areas. Upon completion of the course, students should be able to demonstrate a comprehensive understanding of:
Fundamental principles of management and the environment of management;
The essential characteristics of decision-making processes and the role of the manager as a planner and a strategist;
The organisational structure, culture and control;
The basic profiles of managerial accounting;
The basics of cost accounting.

Management
Managers and Managing
The Evolution of Management Thought
Values, Attitudes, Emotions, and Culture The Manager as a Person
2. The environment of management
Ethics and Social Responsibility
Managing Diverse Employees in a Multicultural Environment
Managing in the Global Environment
3. Decision making, planning, and strategy
Decision Making, Learning, Creativity, and Entrepreneurship
The Manager as a Planner and Strategist
Value Chain Management Functional Strategies for Competitive Advantage
4. Cost management
Basic Cost Management Concepts
Product Costing and Cost Accumulation in a Batch Production Environment
Process Costing and Hybrid Product-Costing Systems
Activity-Based Costing and Management
The course is structured into a series of lectures, which are supported by a range of visual aids, including slides. The slides are made available to students via the Blackboard platform in advance of each lecture. Additionally, the course incorporates group work, case study discussions, and best practices desk analyses. The teaching methods are combined in order to develop students’ ability to analyse and interpret implications linked to different aspects of management and accounting.

The exam is structured into a written test divided into two part. The first part refers to points 1, 2, 3 (Management), while the second part focuses on point 4 (Accounting).
The first part of the exam aims to test the students’ understanding of business-related language, as well as their effective ability to discuss management issues. The second part of the exam aims at verifying the methodological application of the knowledge acquired as regards the functioning of the cost accounting procedures.
The students pass the full Management and accounting exam if they obtain in both the exam’s parts at least 18/30.

The course is designed to provide students with the mathematical tools necessary for understanding banking, financial and insurance models, whose phenomena under consideration are expressed in quantitative terms. It also aims to train students in the use of logic and rigorous arguments.
Expected learning outcomes
The expected learning outcomes are the ability to read, interpret and manipulate the quantitative aspects of banking, financial and insurance phenomena.
At the end of the course, students will possess technical skills accompanied by an understanding of their specific applications. In particular:
They will be familiar with the mathematical tools necessary to understand and interpret economic models, which will be further analyzed in future courses.
They will be able to study the qualitative behavior of a function (e.g. monotonicity, convexity, asymptotic behavior); maximize a function (subject to equality constraints); calculate integrals; solve linear systems.
They will be able to understand and interpret a problem and its data, identifying the appropriate mathematical tool needed to reach the solution, which will then be communicated in clear and rigorous language.

The course syllabus is structured as follows:
FIRST MODULE (5 credits)
Real numbers: operations with real numbers; ordering real numbers; sets and intervals of real numbers; convex linear combinations; operations between sets; definitions of supremum and infimum of a set of real numbers; accumulation (limit) points; neighborhoods of a point.
Introduction to sequences and series: real-valued sequences defined by recursion; some financial applications; geometric series and its sum.
Real-valued functions of 1 real variable: domain and codomain of a function; asymptotes; summary of elementary functions; composite functions; inverse functions; piecewise functions.
Limits: definitions of the limits of functions; hierarchy of infinitesimals and infinities.
Continuous functions: definition; elementary functions as continuous functions; limits of continuous functions; points of discontinuity.
Differential calculus: difference quotient of continuous functions; definition of the first derivative; geometric interpretation of the first derivative; equation of the tangent line to the graph of a differentiable function.
Finding maxima and minima of a function; Weierstrass Theorem; coercive functions and Tonelli Theorem; definition of local and global extrema; necessary and sufficient conditions for a local extremum; Fermat’s theorem; definition of inflection point; concavity and convexity; relation between the first derivative and monotonicity; relation between the second derivative and concavity; study of the graphs of real-valued functions.
Taylor and Maclaurin formulae.
Real-valued functions of 2 real variables: domain and graphs; level curves; quasiconcavity and quasiconvexity; definition of partial derivatives and their calculations; determination of free and constrained extrema (Lagrange multiplier method); examples: production functions (Cobb-Douglas function); utility functions; linear and affine functions; partial ordering and partial monotonicity in .
SECOND MODULE (5 credits)
Integral calculus: antiderivatives of a function, definitions and properties; indefinite integrals; elementary integrals.
Integration methods: by decomposition, by parts, by substitution. Integration of some rational fractions.
Definite integral (Riemann): definition, geometric meaning and properties; integral functions; the fundamental theorem of integral calculus; improper integrals on an unbounded interval.
Linear algebra: the space ; vectors in ; operations between vectors; linearly independent and dependent vectors.
Matrices: definition; operations between matrices; determinant of a square matrix; inverse matrix; rank of a matrix.
Solving linear systems; Cramer’s theorem. Rouché-Capelli’s theorem.
The course will consist of classroom lectures in which theoretical content will be presented, accompanied by extensive examples and exercises with a focus on economic applications.
In addition to the lectures, exercise sessions will be held that will focus on properly solving exercises in preparation for the exam. Students are encouraged to actively participate during lectures and exercise sessions by asking questions and offering solutions.

The exam will be a written assessment consisting of open-ended questions and/or multiple-choice questions, both theoretical and applied, covering the topics of the entire course (first and second modules). The point value of each question will be indicated in the exam text. The maximum score is 32 points. The points obtained on the written exam, rounded to the nearest integer (rounded up if the decimal part is greater than or equal to 0.5), will constitute the final mark obtained in the course. Honors marks will be awarded in the event the student obtains a final rounded score of at least 31. A mock test with the same format as the actual exam will be published on Blackboard.
To pass the exam, students must obtain a final mark of at least 18/32. In addition, a minimum score will be required in each of the two modules that make up the written assessment; failure to meet the minimum threshold in either module will result in the exam being considered unsuccessful, regardless of the overall score.
Alternatively, the exam can be passed by taking two partial exams, one for each module, administered at the end of the respective module. Further details regarding the structure and procedure of the partial exams will be provided during the course and on the Blackboard platform.
During the exam, students are expected to demonstrate knowledge they have acquired in the course. The ability to solve the exam exercises will demonstrate the student’s level of learning achieved, as well as their ability to apply knowledge and exercise independent judgment. The presentation of solutions will showcase their ability to communicate using technical language.

Selected materials (slides, exercises, mock exams) will be made available on the course Blackboard site.
L. Peccati – S. Salsa – A. Squellati, Mathematics for Economics and Business, Bocconi University Press, Milano, 2016.
K. Sydsaeter – P. Hammond – A. Strom – A. Carvajal, Essential Mathematics for Economic Analysis, Pearson, 2021.
J. De Tullio – G. Osimo (eds.), Applied Mathematics Workbook, Egea, Milano, 2026.

This introductory course in microeconomics covers the basic theory as well as a few applications. It provides students with a framework for understanding market interaction and also with the knowledge needed for taking more advanced courses in economic policy and finance.
Microeconomics is founded on a theory of decision making by individuals and firms giving rise to demand and supply in any particular market. We shall study equilibria in individual markets under perfect competition and explain why a market economy may, for this case, lead to efficient economic outcomes. Further topics include non-competitive behavior, games and savings decisions.
On completion of the course the student should:

• be familiar with the fundamental assumptions underlying microeconomic analysis as well as with various additional assumptions often employed in economic models;
• know how to arrive at some of the basic properties of markets in settings of perfect or imperfect competition;
• know how to formally solve microeconomic problems;
• know the fundamental terminology of microeconomics and be able to employ it in a relevant way when discussing economic issues;
• be prepared to study economics at a more advanced level, say in Finance, Macroeconomics or Economic Policy.

• Preferences, Choice and Utility Maximization.
• Demand Curves and their Properties.
• Consumption: Comparative Statics.
• Production: Cost-Minimization and Profit Maximization.
• Firm Supply Curves.
• Supply: Comparative Statics.
• Perfectly Competitive Markets.
• Games in Normal Form.
• Monopoly and Oligopoly
• Equilibrium Analysis.
• Pareto Efficiency.
  There will be lectures covering the theory as well as excercises session where solutions to exercises are discussed.

The assessment consists of written exams that may be assigned as tests. The exam can be taken by way of two partial tests (an interim test and a completion test) or by way of a general exam. Students can choose to be assessed through two tests (a mid-term test and a final test) or through a single test. In the first case, the final test must be taken in one of the first two session and students will pass the exam only if both tests result in a mark equal or above 18. The final mark is the average of the marks obtained in both tests.
Two assessment criteria are used:
An assessment of the student's theoretical knowledge, as well as their understanding and ability to draw out the main implications;
An assessment of the student's ability to translate their theoretical knowledge in an applied manner, using it to solve economic exercises independently.
The tests (both partial and single) consist in two parts. The first only includes closed-ended questions. The second consists in open questions that can also require the carrying out of simple numerical/analysis exercises, that students must solve and interpret. Students who do not reach a pass mark in the first part will not pass the test.

H.R. Varian, Intermediate Microeconomics: A Modern Approach, W.W. & Company, Norton, 2009, 8th Edition.

Teaching to students the methodological tools and basic notions to understand the subject, focusing on business activity also from a practical point of view. The focus will particularly be on ownership, obligations, contracts and tort law.
At the end of the course the student:
will have learnt the essential private patrimonial law and will be able to grasp their importance in the life of business and finance;
will be able to conceive solutions for non-complex issues in the life of business and finance involving private patrimonial law;
will have the ability to formulate independent basic judgments, discuss and evaluate solutions provided by legal advisors in the field of private law.

The course content is arranged as follows:
Introduction. Private Law and Business and Finance Activity. Domestic and European Law Sources. The Time Value from a Juridical Point of View.
Law Interpretation and Legal Analogy. Legal Relation.
Natural Person. Artificial Persons: Collective Entities and Legal Persons.
Goods, Rights in rem, Ownership and Rights in rem of Enjoyment. Possession.
Legal Acts’ Form and Publication. Obligations, Obligations Sources, Particular Cases of Obligations, Duty to Performance, Creditor’s Default, and Manners to Terminate the Obligation other than Performance.
Succession in Credit and in Debt. Non-performance (Breach of Contract) and Liability. Debtor’s Default. Compensation. Unlimited Liability, Rights in rem of Security, and Protection of Credits Right.
Nature and Definition of Contract. Contract’s Essential Elements. Types of Contracts. Formation of Contract (Stipulation).
Voidability and Nullity of Contract. Representation. Contract Effects.
Condition and Term. Preliminary Contract. Rescission and Dissolution. Sham Contracts and Indirect Use of Contract: Fiducia v. Trust.
Purchase, Leasing, and Contract for work and services. Distribution Contracts.
Principles of Tort Law, and Liability for Defective Products.
Family Law, and Succession Law (Essential Lines).
Lectures on theory with the support of slides, discussions on specific topics and possible participation of experts.

The overall evaluation is based on the outcome of 3 assignments posting during the classroom (2 multiple choice questions, each assignment will attribute a score from 0 to 1) and a written test lasting 90 minute (9 open-ended questions, each response will attribute a score from 0 to 3). The overall rating is given by the sum of each score.
The overall evaluation is based on a written test lasting 90 minute (10 open-ended questions). For each response will attribute a score from 0 to 3. The overall rating is given by the sum of each score.
The aim of exam is to assess the level of knowledge and understanding of candidate. Students are expected to prove that they know and control key concepts of private patrimonial law. The relevance of the answers, the adequate use of specific vocabulary, the reasoned and coherent structuring of the speech, the ability to identify conceptual links and open questions will contribute to the assessment.

J. M. Smith, Advanced Introduction to Private Law, Edward Elgar Publishing, last edition, and G. Iudica – P. Zatti, Language and Rules of Italian Private Law. A Brief Textbook, Wolters Kluwer - Cedam, last edition, §§ 1-13, 15-18, 20-22, 27, 28.
The lessons slides will be available on Blackboard.

This course introduces concepts, methods and techniques for data analysis, from both a descriptive and inferential perspective. The course also provides the basics of probability theory needed to quantify the uncertainty related to events of interest. Throughout the course, real data analyses using statistical software will be presented.
At the end of the course, students will:
be able to make an appropriate use of concepts and methods of descriptive statistics, statistical inference and probability;
be able to correctly apply techniques for descriptive statistics, statistical inference and probability to real economic and management problems;
be familiar with quantitative thinking, which is required to make independent judgements driven by descriptive and inferential statements;
be able to read and interpret the data and communicate results through the selection of qualitative and quantitative information from the data;
acquire computational skills and be able to produce real data analyses by using statistical software;
be equipped with knowledge and tools required by the advanced statistical courses in the programme.

Describing data: frequency distributions, graphical representations, measures of location and spread.
Two-way frequency tables, scatterplots, and measures of dependence (covariance, correlation).
Elements of probability: events, rules of probability, discrete and continuous random variables.
Sampling and sampling distributions: sample mean and sample proportion.
Inference: point estimation and properties of the estimators; confidence intervals; hypothesis testing.
Simple linear regression and multiple linear regression: assumptions, parameter estimation, hypothesis testing, prediction, measure of fit, simple diagnostics.
The course involves lectures, exercises, and lab sessions.

Aim of the exam is to assess analytic-reasoning abilities on the course contents. Specifically, the computer-based exam consists of a set of questions on the topics covered throughout the course and practical exercises to be solved using statistical software.

The book adopted in the course is:
P. Newbold-W.L. Carlson-B.M. Thorne, Statistics for Business and Economics, Pearson, 2022, 10th Global edition.
Additionally, slides and notes and will be provided throughout the course.

The course provides a systematic introduction to European company law, understood as the body of Treaty provisions, EU legislation and Court of Justice case law that shapes the creation, operation and mobility of companies within the internal market. It examines how EU rules interact with national company laws and how harmonisation and uniform-law instruments facilitate cross-border business activity while protecting shareholders, creditors, employees and other stakeholders.
By the end of the course, students will be able to: (1) identify and explain the principal sources, methods and objectives of European company law; (2) analyse the freedom of establishment and the development of cross-border corporate mobility through CJEU case law and EU legislation; (3) understand the rules governing company formation, the Societas Europaea, legal capital, capital maintenance and corporate reporting; (4) compare the main corporate governance models and explain the functions and powers of management bodies, supervisory bodies and the general meeting; (5) assess the protection of minority shareholders and the principle of equal treatment; (6) explain the relationship between company law, capital markets and takeover regulation; and (7) understand the EU framework for mergers, divisions, conversions, dissolution and cross-border insolvency.
Students will also develop the ability to interpret EU legislation and judicial decisions, apply legal rules to practical and cross-border scenarios, compare alternative regulatory models, and present legally reasoned arguments.

Foundations of European Company Law. Origins and development of EU company law. Treaty foundations. Harmonisation through company law directives, uniform company law through regulations, supranational company forms, and the simplification, modernisation and digitalisation of company law.
Freedom of Establishment and Cross-Border Mobility. Primary and secondary establishment in the case law of the Court of Justice. Cross-border conversions, mergers and divisions, and the transition from judicial to statutory protection of corporate mobility.
Formation of Companies and the Societas Europaea. Common EU requirements for setting up companies, disclosure, validity of obligations and nullity. Formation, structure and principal features of the European Company.
Legal Capital and Corporate Reporting. Formation and functions of legal capital, contributions, shareholder distributions, capital maintenance and reductions. Financial reporting, non-financial information and sustainability reporting within the evolving EU framework.
Corporate Governance and Shareholder Protection. Foundations and comparative models of corporate governance, including one-tier and two-tier systems. Management and control bodies, directors’ duties, the general meeting, voting and participation rights, minority protection and equal treatment of shareholders. The role of soft law and corporate governance codes.
Capital Markets and Takeover Regulation. The relationship between company law and capital markets, listing and transparency requirements. The EU takeover regime, the mandatory bid rule, shareholder protection, defensive measures, neutrality and the breakthrough rule.
Corporate Restructuring, Dissolution and Insolvency. Domestic and cross-border mergers, divisions and conversions. Legal effects, procedural safeguards and stakeholder protection. Dissolution, liquidation and the main European-law issues arising in cross-border insolvency.
Class lectures and discussions on cases or assigned readings. Active participation in class discussion is highly recommended.

The final assessment, for both attending and non-attending students, will consist of a written exam. The exam will include a combination of open-ended and multiple-choice questions designed to assess the student’s understanding of the subject matter.
The exam is intended to evaluate not only the knowledge of key topics, but also the student’s analytical and critical thinking skills, as well as their command of legal terminology. Students are expected to identify the legal problems addressed by the relevant rules and to clearly articulate the rationale and structure of the legal solutions provided.
The final grade will be determined according to the following criteria: accuracy and completeness of answers (60%); ability to justify arguments, analyses, and evaluations (30%); clarity and effectiveness of written communication (10%).

N. De Luca, European Company Law, Cambridge University Press, 2026.
Additional required and suggested readings may be made available on the course web site on Blackboard.

The course aims to provide students with a general understanding of corporate finance topics. It initially explores various concepts such as the time value of money, cash flows, the risk-return relationship, and the primary methodological alternatives for asset pricing. Following that, the course examines the key aspects of corporate governance, considering the challenges and needs highlighted by recent debates surrounding the topic. Additionally, the course investigates the financial structure models, along with the main methods of firm evaluation, particularly focusing on the Discounted Cash Flows Method (DCF). These topics will be discussed considering the potential integration of unique ESG characteristics into the corporate value creation process.
Knowledge and understanding
At the end of the course, students will be able to demonstrate the operational knowledge necessary for identifying, understanding, and executing the main theoretical models in corporate finance. Furthermore, the students will be able to identify and implement various methodological alternatives for assessing and valuing corporate capital, as well as the most relevant challenges related to financial structure and corporate valuation, along with their applications in specific cases.
Ability to apply knowledge and understanding
At the end of the course, students will be able to analyse data related to investment and capital structure decisions, as well as applied valuation, and provide operational solutions to these challenges. The students will be able to apply the knowledge they have acquired through theoretical concepts to empirical business cases. In particular, the students will be able to select the theoretical categories necessary to assess the main corporate governance issues, investment feasibility, and the efficiency of corporate financial structure, keeping in mind the ultimate goal of creating value for shareholders. Additionally, students will be able to integrate ESG considerations into traditional theoretical concepts and understand the potential impact on a company's economic capital.

The course begins by identifying the key principles of corporate finance and its ultimate goal. This is followed by a review of financial statement analysis, leading into the concept of the time value of money and its implications for risk and return expectations based on future cash flows. These concepts are applied to evaluate and price stocks and bonds issued by companies, as well as to assess the profitability of corporate investments. The course also examines the relationship between risk and return, related corporate risk measures, and the implications for identifying the cost of capital in its various components (Cost of equity – Cost of Debt - Cost of Capital). In this sense, the course analyses the alternative approaches for asset pricing alongside the CAPM. Furthermore, topics relating to corporate governance, agency problems, and the theoretical foundations of corporate financial structure are addressed during the course, with a particular focus on the Modigliani and Miller propositions.
The course then introduces the main approaches to corporate valuation, particularly the Discounted Cash Flow Method (DCF), relative valuation, and the role of ESG considerations in corporate finance foundations. All these aspects will also be analysed from an empirical perspective through concrete case studies, data, and the use of empirical databases.
Therefore, the course content is arranged as follows:
Introduction to corporate finance.
Review of financial statements analysis.
Introduction to Cash Flows.
Time Value of the Money and Present value of cash flows.
Financial Market Structure and Market Efficiency.
Valuation and pricing of stocks and bonds.
Risk-return relationship.
Risk measure: Beta levered vs beta unlevered and determinants of corporate risk
Cost of Equity Capital
Cost of equity capital: CAPM & alternative pricing models.
Cost of Debt and the Weighted Average Cost of Capital (WACC).
Investment choices criteria and decisions.
Risk Assessment in the investment decisions.
Foundations of Corporate Governance: Institutional elements and systems.
Corporate Objectives and Governance: Agency Problems – Shareholder vs Stakeholder Capitalism.
Fundamentals of Capital Structure Decisions.
Corporate Valuation: The Discounted Cash Flow method (DCF): intrinsic value - risk adjusted value - Firm Value vs Equity Value - Valuation problems.
Corporate Valuation: Relative valuation approach.
Corporate valuation in an ESG world.
The course includes both frontal lectures, consisting of theoretical lectures and empirical exercises concerning cases analysed by lecturer (90%), and possible speeches by field experts (10%). The course includes the possibility of carrying out group projects that will be considered as part of the exam.

The methods for assessing the knowledge and skills acquired include a test which takes place during the exam session and is carried out in written form. The test consists of two open questions and questions of numerical nature, which last approximately 120 minutes. The final mark will be assigned by valuing the correctness of the test answers and exercises.
This exam aims to test overall student preparation both as regards the institutional and fundamental aspects of corporate finance, and in relation to their applicative and empirical implementation to concrete cases.

Textbook used
R. Brealey, S. Myers, F. Allen, A. Edmans Principle of Corporate Finance, Fourteenth Edition, McGraw Hill, 2023.
D. Hillier, S. Ross, J. Westerfield, J. Jaffee, B. Jordan Corporate Finance, Fourth European Edition, McGraw Hill, 2019.
Suggested textbooks
C. Bellavite Pellegrini , L. Pellegrini, M. Catizone Climate Change Adaptation, Governance and New Issues of Value. Measuring the impact of ESG scores on CoE and Firm Performance, Palgrave Mac Millan, 2022.
A. Damodaran, The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Pearson Education (US), Third Ed., 2018, pp. 800. (For advanced issues)
Further reading list references and other study material may be provided during lectures. Any supplementary material (slides, data, etc.) will be made available to students on the Blackboard platform on a weekly basis.

The main objective of the course is to develop students' skills in preparing, analyzing, and interpreting financial statements from the standpoint of international accounting standards. The course aims to provide an understanding of the economic and institutional framework of financial reporting, accrual accounting principles, and how financial information is utilized in valuation, credit risk assessment, and contracting decisions through advanced analytical techniques.
At the end of the course, students will have acquired adequate knowledge about:
The economic and institutional setting for financial reporting and the role of financial information in business decisions
Accrual accounting principles, revenue recognition, and income determination processes
Structure and analysis of balance sheets, cash flow statements, and comprehensive financial statement analysis
Specialized accounting areas including long-lived assets, financial instruments, leases, derivatives, and intercorporate investments
Advanced topics such as foreign operations, segment reporting, fair value measurement, and impairment testing
By the conclusion of the course, students will be able to:
Understand the economic and institutional context in which financial statements are prepared and used
Apply accrual accounting principles and revenue recognition standards
Analyze and interpret complex financial statements including specialized areas such as leases, pensions, and derivatives
Evaluate financial information for valuation purposes and credit risk assessment
Utilize advanced analytical techniques including cash flow analysis, fair value measurements, and impairment testing
Prepare comprehensive financial statement analysis incorporating non-GAAP measures and segment reporting requirements

Managerial reporting
Non-financial reporting
The Economic and Institutional Setting for Financial Reporting
Accrual Accounting and Income Determination
Revenue Recognition
Structure of the Balance Sheet and Statement of Cash Flows
Accounting Changes and Restatements, Financial Statement Notes, and Non-GAAP Metrics
Essentials of Financial Statement Analysis
The Role of Financial Information in Valuation and Credit Risk Assessment
The Role of Financial Information in Contracting
Receivables
Inventories
Long-Lived Assets
Financial Instruments and Liabilities
Financial Reporting for Leases
Income Tax Reporting
Pensions and Postretirement Benefits
Financial Reporting for Owners’ Equity
Intercorporate Investments
Accounting for Foreign Operations and Segment Reporting
Derivatives and Hedging
Statement of Cash
Fair value
Impairment test and recoverable value
The course is structured into a series of lectures, which are supported by a range of visual aids, including slides. The slides are made available to students via the Blackboard platform in advance of each lecture. Additionally, the course incorporates group work, case study discussions, and best practices desk analyses. The teaching methods are combined in order to develop students’ ability to analyse and interpret implications linked to different aspects of financial and managerial reporting.

The exam is a written test relating to all points of the course content aimed at verifying the methodological application of the students’ acquired knowledge and specific competences on the applied aspects of the course content.
Students will pass the test if the scores obtained are at least 18/30.

L. Revsine, D. Collins, B. Johnson, F. Mittelstaedt and L. Soffer., Financial Reporting and Analysis, McGraw Hill Education, 2025. BOOK
Course materials will be uploaded onto the Blackboard platform. Detailed instructions on the study of the materials will be provided in the course Syllabus and shown by the lecturer during the first lesson.

This course is designed to provide the student with an overall view of the institutional and organisational frameworks of the main financial systems main types of financial instruments that are available for issuers and investors. The course covers: (i) in module 1: overview of financial systems; fundamentals of financial institutions; the financial institutions industry; the management of financial institutions (ii) in module 2: fundamentals of financial markets; central banking and the conduct of monetary policy; financial markets instruments and pricing.
On completion of the course the student should:

• understand the main functions of financial systems;
• understand the types of intermediaries, as well as their importance in relation to the different systems;
• understand characteristics of financial institutions industries;
• understand how financial institutions are managed;
• comprehend how central banks operates and intervene in the market;
• understand the fundamentals of financial markets;
• understand how financial markets operates and are influenced by market participants;
• understand the main financial instruments available on the market;

Module 1:
Why study financial markets and institutions?
Overview of the financial system
Why do financial institutions exist?
Why do financial crises occur, and why are they so damaging to the economy?
Banking and the management of financial institutions
Financial regulation
Banking industry: structure and competition
The mutual fund industry
Insurance companies and pension funds
Investment banks, security brokers and dealers, and venture capital firms
Risk management in financial institutions
Module 2:
What Do Interest Rates Mean, and What Is Their Role in Valuation?
Why Do Interest Rates Change?
How Do Risk and Term Structure Affect Interest Rates?
Are Financial Markets Efficient?
Central Banks
Conduct of Monetary Policy
The Money Markets
The Bond Market
The Stock Market
The Mortgage Markets
The Foreign Exchange Market
The International Financial System
The Financial Derivatives Market
Hedging with Financial Derivatives
The course is divided into two modules (Module 1 professor Andrea Viola; module 2 professor Giulio Anselmi) of lectures carried out with the aid of slides and other support material.

The assessment consists of written exams in class to be submitted using a personal computer using Blackboard and Lockdown Browser as proctoring tool. The exam can be taken either by way two partial tests (a midterm test for the first module and a completion test for the second module in the first available examination session) or by way of a full test to be taken at the end of the course in the first available examination session. In the first case, the final test must be taken in one of the first two session and students will pass the exam only if both tests result in a mark equal or above 18. The final mark is the average of the marks obtained in both tests. After the first two session any positive grade in the midterm test will be lost and will only be permitted to attend the full exam, and students that do not achieve a pass mark in the midterm test do not pass the test and will be required to attend the full test.
The final mark, on a 30-point scale, will be based on a set of qualitative and quantitative closed-ended questions as well as short open-ended questions . The set of open-ended questions will relate to theoretical and quantitative topics that can require the carrying out of simple numerical/analysis exercises, that students must solve and interpret.
In terms of grading, students will will be evaluated on:
knowledge and understanding of the topics assessed through questions aimed at exhaustively covering the topics of the course in order to verify the student's ability to formulate correct and thorough answers and appropriately use the specific terminology;
ability to apply the knowledge assessed through questions, also based on the analysis of tables and graphs referred to real, aimed at verifying the student's ability to interpret complex phenomena through trend data;
critical analysis skills assessed through sub-points of questions, aimed at verifying the student's ability to critically analyse some complex phenomena.
Further instructions regarding the test will be provided in class by the instructors.

F.S. Mishkin, S. G. Eakins, Financial Markets and Institutions, Pearson, 2023, Global Edition, 10th edition

The main target of the Introduction to Quantitative Finance course is to understand the importance in the use of quantitative tools in finance. The course gives the basic and necessary knowledge about the correct application of different quantitative procedures. At the end of the course students will be able to: (1) move amounts of money back and forth in time using different financial mathematics models; (2) evaluate the price of non-quoted shares using different assumptions about share dividends; (3) find and justify the fair price or no-arbitrage price of financial plain vanilla and exotic financial derivates; (4) optimize a portfolio of securities; (5) evaluate investments and loans.

Elementary financial mathematics. Elementary financial operations: accumulation and discount. Financial factors. Decomposability. Simple interest. Compound interest. Continuous interest. Interest rate term structure: spot and forward rates. Annuities. Annuity valuations: present value and final value. Algebra of annuities. Ordinary and due annuities. Ordinary annuities with increasing cashflows. Ordinary and due perpetuities. Ordinary perpetuities with increasing cash-flows. Valuation of a share: static and dynamic methods (Gordon-Shapiro formula). Discounted Cash Flow (DCF). Linearity of the DCF. Net Present Value (NPV). Internal Rate of Return (IRR). Investment and loan valuations. NPV and IRR models. Zero coupon bonds and coupon bonds. Full and flat prices of a bond. Duration of a bond and its properties. Convexity. Immunization.
Portfolio selection. One-stage and two-stage lotteries. First-order stochastic dominance criterion. Elementary introduction to the choice theory: VN-M approach. Basic utility functions and their properties. Mean-variance criterion. Portfolio with two risky assets. Efficient frontier. Portfolio with two risky assets and a risk-free asset. N risky assets.
Derivatives. Notion of financial derivative. Elementary derivatives: forward, futures, options and swaps. European and American options. Call and put options: properties, payoffs and profit. Profit diagram of a call/put option and zero-profit point. Put-call parity of European options. Option strategies. The no-arbitrage principle. Risk-neutral valuation. One-period and two-period binomial models for pricing of European options. European options and dividends. Two-period binomial model for pricing of American options. Introduction to exotic options.
The teaching method is defined by lectures, practical exercises. The topic of each lecture is to explain step-by-step each part of the program. Business cases and exercises could be used to improving and understanding the theoretical part. Practical exercises will help students to better understand the theory in practical situations. Assignments are applications of the quantitative finance to real-life decision problems.

The final grade is determined as follows according to the results of written exams. These can be partial tests (during and after the course) or general exams (with open and/or closed questions). The former will be organized as an online closed question exam with 31 short exercises and questions lasting 45 minutes. The maximum score is 31 points. No penalty will occur for wrong answers. Partial exams will take place during the seventh lecture and the first exam of the session for interested students. If both partials have been completed successfully, the final vote will be the rounded average of the two. The general exam will be split into two sections: one being a 31 short, closed question part (45 minutes) and a second with two open exercises (30 minutes).

Set of slides, exercise sets.

The course aims to introduce students to the main stylised facts of macroeconomics and to the techniques needed for analysing basic macroeconomic models. A special emphasis will be given to the analysis of economic growth, with an accent on the role of market imperfections in the short, medium and long term. The course also tackles the main themes of the macroeconomic policy debate: unemployment, inflation, public debt, international competitiveness, technological innovation. A tentative analysis of the recent financial and economic crisis will also be presented.
The course will include both lectures and tutorials. The latter are aimed at having the students acquire the capacity to work with the models discussed during lectures, through the guided execution of exercises involving various computations.
Upon completion of the course, the student should be familiar with basic macroeconomic models and their use for the purposes of economic policy and interpretation of recent economic events. The student would be able to evaluate the effects of macroeconomic policies on the choices made by economic agents and financial intermediaries. The student will also acquire the ability to select the data needed to "read" the main macroeconomic facts.

Instructional objectives that the student should have achieved before taking the course
Before enrolling in the course, the student should

• have a good understanding of basic microeconomics; in particular, the theory of choice, the production theory, cost and profit functions, equilibrium under perfect competition, under monopoly and Cournot oligopoly;
• know and know how to use the main concepts of descriptive statistics (mean values, variance and covariance, time series, correlation coefficient, R2);
• know how to solve systems of two/three linear equations with two/three unknown variables; know elementary series and successions; know how to calculate the derivative of functions with two or more variables and of compound functions; know how to calculate the total differential; know how to identify the unrestricted and restricted maximum and minimum of a function with two or more variables; know how to execute the logarithmic transformation of elementary functions and know how to apply the fundamental properties of logarithms.
  Whoever has not met the aforementioned instructional objectives in prior years will need to do so before the start of the course.
  Instructional objectives of the course
  1. Macroeconomic aggregates
  In completing this part of the course, the student is expected to be able:
• to know the fundamental elements of national accounting;
• to calculate GDP for a simplified economy starting from elementary data, with the income, expenditure and value-added methods;
• understand a country's balance of payments and its components;
• calculate the “degree of openness of an economy”;
• to calculate the index numbers for prices and the implicit GDP deflator;
• to know the "five fundamental rates" for economy (rate of unemployment, rate of inflation, rate of GDP growth, interest rate and nominal and real exchange rates);
• to calculate each of the aforementioned rates starting from elementary data;
• to understand the significance of the trend of such rates over time, from the standpoint of international comparison;
• to know the monetary aggregates and the significance of the monetary base;
• to know the relationship between quantity of money in circulation and bank transactions;
• to calculate the multiplier of bank deposits and the credit multiplier;
• to use the quantitative equation for money;
• to know the fundamental components of the public budget;
• to calculate the trend of the public debt and the relationships existing between debt, primary surplus, the rate of interest and the rate of growth;
• to proceed with eliminating trends from a variable with the use of elementary methods;
• to understand the elementary methodology for analysing growth and the economic cycle and the distinction between analyses with fixed, flexible, or sticky prices.
  2. The long term
  In completing this part of the course, the student is expected to be able:
• to use the quantitative equation to construct the aggregate demand (AD) curve;
• to know the relationships existing between market structure and macroeconomic equilibrium in the long term, using the distributive equilibrium format;
• to solve a simple long-term macroeconomic model for a closed economy;
• to understand the interactions existing between different "imperfections" of the markets for goods and labour;
• to understand the role of institutions (from the power of the antitrust authorities, to costs for market entry to the tax wedge) in influencing macroeconomic equilibrium in the long term;
• to construct the graph of the function of aggregate supply (AS) over the long term starting from distributive equilibrium, and to know how to do elementary comparative static exercises;
• to know the macroeconomic functions of savings and investment and to know how to solve a simple model for the funds market over the long term;
• to use the quantitative theory of money to calculate the rate of inflation; to understand the demand and supply determinants of inflation, starting from distributive conflict and the public finance situation;
• to calculate seigniorage, the inflation tax and the fiscal drag; to determine the average inflation rate starting from the productivity dynamics differentiated from sector to sector.
  3. The short term
  In completing this part of the course, the student is expected to be able:
• to interpret the short term starting from an AD-AS model with fixed prices;
• to know the Keynesian consumption function in the short term;
• to solve an income-expenditure model in presence of the public sector and to calculate the multipliers of expenditure and taxes;
• to understand the parsimony paradox;
• to understand the significance of and to know how to calculate the effects of "automatic stabilisers" of GDP with fixed prices;
• to know the function of investments and of the preference for liquidity and to understand their role in short-term equilibrium;
• to construct an IS-MP model under interest rate targeting;
• to understand the different effects of budgetary policy and monetary policy in different exchange rate regimes;
• to understand the mechanisms underlying the ignition and propagation of financial crises.
  4. The medium term
  In completing this part of the course, the student is expected to be able:
• to know what the Phillips curve is and how it is derived starting from a simple law of adjustment of money wages;
• to know the effects of productivity changes, the market power of firms and of workers on the Phillips curve;
• to know how to construct the Phillips curve starting from available data on inflation and unemployment;
• to understand the role of inflationary expectations in the shifting of the Phillips curve;
• to construct the graph of the trend of the aggregate supply (AS) curve in the medium term;
• to know the Nairu concept and the steady state concept;
• to solve a dynamic macroeconomic model under both simple and Taylor monetary policy rules and extrapolative expectations and to calculate the convergence toward the steady state following temporary and permanent shocks.
  Lectures

Student's learning is assessed with two different methods, although equivalent, depending on whether they decide to take interim exams, or in a regular exam session.
The interim exams (available for the first exam session) consist of two tests that correspond to the parts in which the program is structured. Each test includes true/false questions, exercises involving computations and open questions. The total score that can be reached with each test is 30 points. The final mark is therefore a weighted average of the scores achieved in each test.
The ordinary exam session is instead a fully written test divided into three parts, adding to a total of 30 points. Part A is composed of true/false questions, part B consists of exercises involving calculations, and part C consists of open questions.

[Preliminary] A. Boitani, Macroeconomics, Il Mulino, Bologna, 2023.
[Available in Italian] A. Boitani-C. Punzo, Esercizi di Macroeconomia, available online through the dedicated site, Il Mulino.
Supplemental material will be made available on the Blackboard site.

This course provides students with a practical, hands-on introduction to econometric methods and their application to problems in economics and finance. Building on the foundations of statistics and probability, the course focuses on the specification, estimation, and interpretation of regression models. Emphasis is placed on the correct use of empirical tools, the critical evaluation of results, and the communication of findings. By the end of the course, students will:
learn methods for estimating causal effects using observational data
be able to read and understand empirical economic papers
be able to formulate own empirical research questions and translate them into econometric models.
be able to estimate econometrics models and interpret results
be able to diagnose and address common violations of the classical assumptions (heteroskedasticity, endogeneity).

The course covers chapters 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12 of Introduction to Econometrics. Additional material might be provided by the instructor.
Introduction to econometrics and the structure of economic data.
Review of probability and statistical inference.
The simple linear regression model.
The multiple linear regression model: estimation and inference.
Functional form, dummy variables, and interaction terms.
Models for binary dependent variables (logit and probit).
Heteroskedasticity and robust inference.
Endogeneity and instrumental variables estimation.
Panel data models: fixed and random effects.
The course combines theoretic lectures with practical sessions. Theoretical concepts introduced in lectures are immediately applied to real world issues. Lectures are accompanied, if needed, by computer-based sessions using statistical software (e.g., R or Stata). Students are encouraged to work on empirical exercises throughout the term.

Stock, J. H. and Watson, M. W., Introduction to Econometrics, Pearson. Fourth edition.
Additional material provided by the instructor

The course examines the financing of small and medium-sized enterprises (SMEs) and their relationships with banks and other financial intermediaries. It considers the financing needs that arise throughout the life cycle of an SME and the instruments available to address them. The analysis combines the perspective of the firm that structures its sources of finance with that of the bank, which evaluates creditworthiness, prices loans and manages credit risk.
At the end of the course, students will be able to:
understand the distinctive financial characteristics of SMEs and the role of the financial system in supporting their development;
interpret SME financing decisions from both the firm's and the lender's perspective;
compare the principal bank-based, market-based and publicly supported financing channels;
understand how information, regulation and institutional arrangements influence SMEs' access to finance;
evaluate an SME's financing needs and formulate a coherent financing strategy across different stages of its life cycle, including situations of financial distress.

The course is organized into four progressive phases, moving from foundations to application and synthesis.
Phase I — Foundations
SMEs and the Financial System: The Financing Landscape
After completing this topic, students will be able to:
define an SME and explain its economic relevance;
identify the main sources of finance available to SMEs;
explain the SME financing gap and the role of the financial system in allocating resources to firms.
The Bank–Firm Relationship
After completing this topic, students will be able to:
explain how information asymmetry affects SME financing;
distinguish relationship lending from transactional lending;
describe the main characteristics and implications of the multi-banking model.
Phase II — Bank Credit
How Banks Assess and Grant Credit
After completing this topic, students will be able to:
describe the principal stages of the credit process, from the initial application to approval and subsequent monitoring;
explain, at a conceptual level, how banks assess SME creditworthiness and use internal ratings;
understand how behavioural information and the central credit register contribute to credit analysis.
Bank Debt Instruments and Short-Term Financing
After completing this topic, students will be able to:
distinguish credit lines, self-liquidating facilities and term loans;
match the maturity and structure of debt to the financing needs of the firm;
identify the principal components of the cost of bank credit.
Working Capital, Leasing and Trade Finance
After completing this topic, students will be able to:
explain the working-capital cycle and the financing needs it generates;
describe factoring and leasing and identify the business needs they are designed to address;
identify the principal financial instruments supporting trade and the internationalization of SMEs.
Phase III — Beyond the Bank and the System
Beyond the Bank: Bonds, Mini-bonds and Private Debt
After completing this topic, students will be able to:
explain the concept of financial disintermediation;
describe the mini-bond market and the main characteristics of private debt and direct lending;
explain how non-bank debt instruments can complement traditional bank financing;
describe the European banking supervisory architecture and explain how non-performing loans can affect banks and the supply of credit to SMEs.
Phase IV — Public Support, Crisis and Synthesis
Public Support and Subsidized Finance
After completing this topic, students will be able to:
explain the economic rationale for public support for SME financing;
describe the SME Guarantee Fund, export-support instruments and the principal European facilities available to SMEs;
explain how public guarantees share credit risk between public institutions and financial intermediaries.
Financial Distress and Restructuring, with Course Synthesis
After completing this topic, students will be able to:
recognise the principal early-warning signs of financial distress;
describe, at a conceptual level, the framework governing corporate crisis and insolvency;
identify the main debt-restructuring options from the perspective of both the firm and the bank;
integrate the instruments covered in the course into a coherent financing mix for a representative SME profile.
Lectures, complemented by a non-assessed classroom exercise in which students develop a coherent financing structure for a representative SME profile.

Assessment consists of a written and/or oral examination, the form of which will be defined at the start of the course. The examination assesses students' ability to explain the conceptual foundations of SME finance, compare the principal financing instruments, interpret the bank–firm relationship, and structure a coherent financing mix for a realistic SME profile.

Recommended supporting text (non-mandatory): P. Brighi and M. Mussoni, The Bank-Business Relationship: Information Asymmetries, Relationship Lending, and Regulation, Palgrave Macmillan, 2025 — selected chapters indicated during the course.
The course slides constitute the primary study material. Supplementary materials, case studies and selected institutional readings on European SME finance, banking, public guarantees and corporate distress will be made available on the Blackboard platform.

The course is split into two modules. It aims to provide students with a general understanding of Data Science as a set of methods, processes and decision-support approaches that transform data into information, knowledge and managerial action. The course introduces the main concepts of data analysis, statistical modelling, data mining, machine learning and expert systems, with special attention to the translation of managerial problems into data-driven problems and to the interpretation of analytical results from a business perspective.
The first part of the course gives specific attention to interpretable models, including decision trees, rule-based models, association rules, expert systems and fuzzy logic for independent data. The second introduces models and methods to analyse sequences of data correlated in time.

FIRST MODULE - Prof Paolo Piccinelli
The course envisages active teaching that includes the alternation of lectures, guided discussions, analysis of management cases, laboratory activities and project work. Theoretical concepts will be introduced through examples and progressively connected to practical applications in management contexts.

The assessment will be based on a group project focused on the design, development and interpretation of a Data Science solution for a realistic management problem. The project may include activities such as classification, clustering, time series analysis, association rule extraction, decision tree interpretation, comparison of alternative models or the design of a rule-based/expert decision-support system.
The assessment criteria will consider:
knowledge of the basic terminology and concepts of Data Science, data Mining, time series modelling, machine learning and expert systems;
ability to translate a managerial problem into a data-driven problem;
ability to select and justify an appropriate analytical approach;
ability to interpret model outputs connect them to managerial decisions;
quality of reasoning in the evaluation of business value, limitations, risks and ethical implications;
quality of the report produced.
clarity of communication, correct use of technical language and ability to present results to specialist and non-specialist audiences.
The exam is considered passed with the minimum mark of 18/30 after the discussion and the presentation of the project at the end of the course. Theoretical knowledge, appropriate terminology, program and technology used, and critical interpretation will also be evaluated.

Both lecturers will provide students with course notes, slides, laboratory instructions and datasets during the teaching period.
Strongly Suggested and recommended readings:
Module I
L. Schiavina – Metodi e Strumenti Per La Modellizzazione Aziendale. Come gestire il problem solving e il decision making – Franco Angeli
F. Provost, T. Fawcett – Data Science for Business – O’Reilly Media.
E. Turban, J. E. Aronson, T.-P. Liang – Decision Support Systems and Intelligent Systems – Pearson.
Module II
Cryer J. D and Chan K.-S. Time series analysis: with applications in R, 2nd Edition, Springer, 2010.
Shumway , R. H. and Stoffer, D. S, Time series analysis and its applications: with R Examples, 4th Edition, Springer, 2017

The Human Resource and Management course aims to develop students’ understanding of how organizations are designed, managed, and transformed to achieve strategic objectives in dynamic and complex environments. The course enables students to analyze organizations as interconnected systems whose effectiveness depends on the alignment between organizational goals, strategy, environmental conditions, organizational structures, work systems, and people management practices.
The course introduces students to the principal concepts, theories, and frameworks of organizational design, including organizational fit, strategic positioning, environmental contingencies, organizational configurations, new ways of organizing, and work-system design. It also provides a comprehensive understanding of Human Resource Management (HRM) as a strategic organizational capability, covering key areas such as strategic HRM, talent management, workforce planning, recruitment and selection, training and development, compensation systems, and global human resource management.
Particular emphasis is placed on the relationship between organizational design and people management as key determinants of organizational effectiveness, innovation, and performance. Through the analysis of contemporary organizational challenges, case studies, and applied learning activities, students will develop the analytical and practical skills required to evaluate organizational arrangements, design effective management solutions, and support organizational performance and sustainable development in diverse organizational contexts.
The course is divided into two parts:
Part 1: Organizational Design and Management (designed as 35 hours)
Part 2: Human Resource Management (designed as 35 hours)
Expected learning outcomes
At the end of the course, students will know:
the main concepts and theories of organizational design and management;
the relationship between organizational goals, strategy, environment, organizational structures, work systems, and organizational performance;
the principles of the Multi-Contingency Model and the concept of organizational fit;
the main principles and practices of Human Resource Management (HRM);
the contribution of strategic HRM, talent management, recruitment and selection, training and development, compensation systems, and global HRM to organizational performance.

• Ability to apply knowledge and understanding
  At the end of the course, students will be able to:
  analyze organizational configurations and organizational design choices;
  evaluate the fit between strategy, environment, organizational structure, and work systems;
  apply organizational design frameworks to organizational problems and managerial situations;
  evaluate and discuss HRM practices in relation to organizational objectives;
  analyze talent management, recruitment, selection, training, and compensation issues from a managerial perspective;
  integrate organizational and HRM concepts in the analysis of organizational performance.
• “Autonomous judging skills”
  At the end of the course, students will be able to:
  gather and interpret organizational and managerial information;
  critically evaluate organizational and HRM practices;
  formulate autonomous judgements regarding the alignment between organizational design choices and people management systems;
  reflect on the managerial and organizational implications of management decisions.
  “Communication skills”
  At the end of the course, students will be able to:
  communicate organizational and HRM concepts using appropriate managerial terminology;
  discuss organizational and people-management issues with specialist and non-specialist audiences;
  present organizational analyses in a clear, structured, and evidence-based manner.
  “Learning skills”
  At the end of the course, students will have developed the ability to:
  autonomously deepen their knowledge of organizational design and HRM topics;
  critically engage with academic and managerial sources;
  apply conceptual frameworks to new organizational and managerial contexts.

The course content is organized into two complementary parts.
Part 1: Organizational Design and Management
The first part introduces students to the fundamental principles of organizational design and management. Particular attention is devoted to organizational effectiveness, organizational fit, organizational goals, strategy, environmental contingencies, organizational structures, work systems, and coordination mechanisms.
The part is organized around the following topics:
the Multi-Contingency Model and organizational fit;
organizational scope, goals, and effectiveness;
strategy and strategic positioning;
environment and organizational adaptation;
traditional organizational configurations;
new ways of organizing;
work, task design, and workflow;
organizational agents and organizational capabilities.
For non-attending students, additional readings address coordination and control mechanisms.
Part 2: Human Resource Management
The second part focuses on the management of people within organizations. Building upon the organizational foundations developed in Part 1, it examines the principal Human Resource Management (HRM) processes that contribute to organizational performance.
The part covers:
introduction to Human Resource Management;
Human Resource Management strategy and performance;
job analysis and talent management;
personnel planning and recruiting;
employee testing and selection;
training and development;
compensation systems and strategic pay plans;
pay-for-performance and financial incentives;
global Human Resource Management.
For non-attending students, additional readings cover performance management and appraisal, careers and retention, benefits and services, and employee relations.
The course concludes with an integrative discussion of the relationship between organizational design, people management, and organizational performance.
The course combines theoretical and applied learning activities.
Teaching includes lectures aimed at introducing the principal organizational and HRM theories, concepts, and analytical frameworks. Classroom activities also include the discussion of business cases, practical examples, guided exercises, and the analysis of organizational and managerial situations.
Particular emphasis is placed on the integration of organizational design and Human Resource Management perspectives. Where appropriate, guest speakers and company testimonials may be included to connect theoretical concepts with managerial practice.
Teaching materials, slides, and supplementary readings will be made available through the University’s online learning platform (i.e., Blackboard).

Student learning will be assessed through a final written examination.
The examination is designed to evaluate students’ knowledge and understanding of the principal concepts and theories of Organizational Design and Human Resource Management, their ability to apply theoretical frameworks to organizational and managerial situations, their analytical and critical thinking skills, and their appropriate use of organizational and managerial terminology.
The written examination consists of five open-ended questions.
Two questions focus on the contents of Part 1: Organizational Design and Management and are aimed at assessing students’ understanding of organizational effectiveness, organizational fit, strategy, environmental contingencies, organizational structures, work systems, and coordination mechanisms.
Two questions focus on the contents of Part 2: Human Resource Management and are aimed at assessing students’ knowledge of the principal HRM processes and practices, including strategic HRM, talent management, workforce planning, recruitment and selection, training and development, compensation systems, pay-for-performance practices, and global Human Resource Management.
The fifth question requires students to analyze and discuss an organizational or managerial situation through the application of concepts and frameworks covered during the course. This question is designed to assess students’ ability to connect organizational and human resource management perspectives and to apply theoretical knowledge to practical contexts.
Each question carries a maximum of 6 points, with the exception of the fifth question, which carries a maximum of 7 points, for a total of 31 points. Scores above 30 may be considered for the award of honors (“cum laude”).
For attending students, additional learning activities may be offered during the course, including group projects, case analyses, classroom presentations, and discussion-based assignments. These activities may contribute up to 2 additional points to the overall assessment.
The detailed assessment procedures and grading criteria will be communicated at the beginning of the course.

Part 1: Organizational Design and Management
Burton, R. M., Obel, B., & Håkonsson, D. D. (2026). Organizational Design: A Step-by-Step Approach (5th ed.). Cambridge University Press.
Selected Chapters:
Part I. Getting Started:
Ch. 1. The Multi-Contingency Model + Ch. 2. Scope and Goals of the Organization
Part II. Strategic Positioning:
Ch. 3. Strategy
Ch. 4. Environment
Part III. The Structure + Part IV. Agents, Workflow and Leadership Dynamics:
Ch. 5. Traditional Configurations of the Firm
Ch. 6. New Ways of Organizing + [Part IV] Ch. 7. Work, Task Design and Agents
No Attending Students + Part V. Coordination, Control, and Incentives:
Ch.9. Coordination and Control
Part 2: Human Resource Management
Dessler, G. (2024). Human Resources Management, Global Edition (17th ed.). Pearson.
Selected chapters:
Part I: Introduction
Ch. 1: Introduction to Human Resource Management Ch. 3: Human Resource Management Strategy and Performance
Part II: Recruitment, Placement, and Talent Management
Ch. 4: Job Analysis and the Talent Management Process
Ch. 5: Personnel Planning and Recruiting
Ch. 6: Employee Testing and Selection
Part III: Training and Development
Ch. 8: Training and Developing Employees
No Attending Students + Ch. 9: Performance Management and Appraisal; Ch. 10: Managing Careers and Retention
Part IV: Compensation
Ch. 11: Establishing Strategic Pay Plans
Ch. 12: Pay for Performance and Financial Incentives
No Attending Students + Ch. 13: Benefits and Services; Ch. 14: Building Positive Employee Relations
Part V: Enrichment Topics in Human Resource Management
Ch. 17: Managing Global Human Resources
(Chapter 2, Chapter 15, Chapter 16, and Chapter 18 may be used selectively as supplementary or optional readings, depending on the final balance of teaching hours and the specific profile of the class).
Additional readings, cases, and teaching materials may be made available during the course.

The course aims to provide students with a comprehensive understanding of the legal principles governing international business agreements. After exploring the challenges posed by international business transactions, the course will examine the legal principles governing business contracts, as well as the process of negotiating and drafting such contracts.
The course is made up of two distinct, although related, parts.
In the first part (with Prof. Andrea Cardani), students will examine the legal principles governing international business from a theoretical perspective. This part will address the different cultural contexts (civil law vs common law systems), and the general issues arising from international business. This part will then examine the legal principles governing international business agreements and will cover some specific contract clauses that are often written in such agreements.
In the second part (with Prof. Paul Lewis), students will analyze international business agreements from a practical perspective. This part will examine the transactional process from the time a business person approaches his or her lawyer with the idea of creating an international business deal. The focus will be on the research, negotiation, and drafting of appropriate documentation for the deal in question. In the real world of contract practice, there are numerous conflicting forces which a lawyer must recognize and learn to address. Thus, attention will be paid to a myriad of legal issues which are frequently relevant to the process of international business contracting. Students will learn to anticipate, recognize, and provide solutions for some of the problems that may arise in the future. This portion of the course will be taught via a combination of lecture, the working problems related to international contracts, and the review and critiquing of actual contracts entered into by multinational business entities. Much of what is called “drafting” involves re-working or manipulating standard clauses which form the lawyer’s collected language of contracts. As often as not, such clauses take on lives of their own, with the result that they are seldom carefully scrutinized, allowing bad drafting to be replicated. A primary goal of this part, therefore, is to help you learn how to spot bad drafting, and to correct the problems such bad drafting creates.
Overall, students will develop the ability to (1) identify significant business and cultural considerations in drafting agreements for international transactions; (2) recognize potential risks in conducting international business and identify potential solutions to address such risk; (3) recognize and understand fundamental legal principles that apply to international business transactions; (4) successfully draft clear, comprehensive agreements that advance the rights of your client.

Introduction. The Cultural Backgrounds. The Issues Arising from International Business Transactions. The Importance of International Commercial Contracts.
International Business Agreements and their Legal Principles
the Formation of Commercial Contracts
the Role of Governing Law
Addressing Risk Allocation and Unforeseen Events: Force Majeure, Hardship, Penalty and Liquidated Damages
Ensuring Contract Integrity: Partial Nullity, Nonwaiver Clause, and Consequential Damages
the Fundamental Role of Dispute Resolution Clauses
International Business Agreements in Practice
the Sale Order and the Franchise License Agreement (Hampton Inns Case)
the Appointment of a Foreign Sales Agent and the Distribution Agreement (Visio Corporation case)
the License Agreement, the Joint Venture Agreement, the Loan Agreement, and the Sublease Agreement (Aircraft case)
the Guaranty Agreement, the Security Agreement, and the Sale Contract (Amazon case)
Class lectures and discussions. Active participation in class discussions is highly recommended.

For the first part of the course (Prof. Andrea Cardani), class participation and oral exam.
For the second part of the course (Prof. Paul Lewis), there will be a final paper for the course where you will be asked to draft a portion of an international commercial agreement. The paper will count for 80% of your final grade. The remaining 20 % will be based on attendance and class participation.
The final grade is the average of the grades obtained in the two parts of the course. It will take into account the knowledge of the topics, the critical and analytical skills, proper use of technical language, and the quality and accuracy of answers.

J. Chaisse, Advanced Introduction to International Commercial Contracts, Edward Elgar Publishing, 2025.
During the lessons, the lecturers will provide papers and other reading material relevant to the course.

The course aims to provide students with a comprehensive understanding of marketing as a managerial discipline, structured along three interconnected dimensions: analytical, strategic, and operational. Specifically, the course aims to:
Introduce students to the foundations of marketing, including market analysis, consumer behavior, and research methods;
Develop students’ ability to formulate marketing strategies based on segmentation, targeting, and positioning;
Provide students with theoretical knowledge of the marketing mix and its application across different market contexts.
Expected Learning Outcomes
Knowledge and understanding
At the end of the course, students will know:
The key theoretical frameworks of modern marketing management;
The main tools for market analysis;
The strategic logic of segmentation, targeting, and positioning (STP);
The components of the marketing mix (product, price, place, and promotion) and their interdependencies;
Ability to apply knowledge and understanding
At the end of the course, students will be able to:
Analyze a market and understand consumer behavior and competitive dynamics (analytical marketing);
Develop a coherent marketing strategy aligned with corporate objectives (strategic marketing);
Design and evaluate marketing mix decisions in B2C contexts (operational marketing);
Autonomous judging skills
Students will be able to evaluate marketing decisions, assess the consistency between strategic objectives and operational choices, and formulate judgments on marketing problems drawing on theoretical knowledge.
Communication skills
Students will be able to present and discuss marketing analyses and strategies in a clear and structured manner, using appropriate terminology for specialist and non-specialist audiences.
Learning skills
Students will develop the skills necessary to undertake further studies in marketing, consumer behavior, or related disciplines with a high degree of autonomy.

The course is organized into three main sections (not separate modules), aligning to the analytical, strategic, and operational dimensions of marketing management.
Section 1: Analytical Marketing
The role of marketing in the firm and in the economy
Consumer behavior: psychological and social drivers of purchase decisions
Marketing research: methods, tools, and applications
Competitor analysis
Demand measurement and market forecasting
Section 2: Strategic Marketing
Market segmentation
Target market selection and evaluation
Positioning: concepts, tools, and perceptual mapping
Competitive analysis and competitive advantage
Section 3: Operational Marketing
Product decisions: product lifecycle, portfolio management, and innovation
Pricing strategies: objectives, methods, and adaptation
Distribution channels: structure, design, and channel management
Integrated marketing communications: advertising, sales promotion, digital and direct marketing
The marketing plan: structure and implementation
The course combines frontal lectures with practical activities/exercises/case studies. Each module includes frontal lectures introducing the main conceptual frameworks, supported by slides and real-world examples. Lectures are complemented by the discussion of business cases/exercises. Students are encouraged to engage actively during class sessions.

The final exam is written and consists of two parts:
Multiple choice questions: 20 questions. Each correct answer awards 1 points; no penalty is applied for incorrect answers.
Open-ended question: 1 question requiring a structured written response (10 points).
The final grade is the sum of the two sections, expressed out of 30L.

Adopted textbook:
Kotler, P., & Keller, K. L. (2012). Marketing Management (14th ed.). Pearson.
Specific chapters will be indicated at the beginning of the course and made available through the course page.

The course aims to equip students with a robust theoretical foundation for the firm valuation process and thereafter to pinpoint the practical instruments necessary to tackle the diverse challenges encountered in actual valuations.
The primary methods for corporate valuation will be delineated from a methodological perspective, and the techniques frequently employed by experts, including financial analysts, investment banks, merchant banks, and consulting firms, will be critically examined.
The course goes beyond theoretical discussion by showing students how the concepts and analytical tools presented throughout the module can be applied to case studies based on the experience of listed companies.
Expected Learning Outcomes
Upon successful completion of the course, students will be able to:

• Establish a coherent theoretical framework for all aspects of corporate valuation;
• Assess the value of a company and identify the key drivers of corporate value;
• Apply the full range of valuation techniques covered in the course, selecting the most appropriate valuation methodology according to the firm’s specific characteristics, context, and valuation purpose;
• Correctly incorporating the relevant variables and parameters while avoiding common methodological and practical pitfalls;
• Evaluate valuation reports critically and interpret their results, identifying the main assumptions, methodological choices, and any potential sources of distortion that may affect the reliability of the conclusions.

The course will address the following thematic areas:

• Introduction and approaches to valuation;
• The Discounted Cash Flow (DCF) valuation method;
• Cost of capital estimation;
• Comparative valuations: stock market multiples and comparable transactions method;
• The asset-based approach (net asset value method) and the income-based approach (earnings-based method)
• Valuation of intangibles;
• Valuing start-up firms and growing companies;
• Declining companies and distressed assets;
• Other special cases of valuation: real options valuation, the Economic Value Added (EVA) tool, sensitivity analysis to uncertainty in valuation.
  Teaching activities will include 35 hours of in-class lectures, case-study analysis, and open-class discussions, with the aim of encouraging students to connect theoretical concepts with practical valuation issues. Active participation will therefore be considered an essential component of the learning experience. Industry practitioners will be involved as guest speakers.
  The course will be delivered through weekly three-hour classroom sessions, scheduled every Thursday from 10:30 to 13:30 between 11 February 2027 and 13 May 2027. Students are invited to consult Blackboard for the final course schedule, which will consider public holidays and other academic calendar adjustments.

The assessment will be based on written examinations. Students may choose between two assessment options: (i) two midterm examinations or (ii) one comprehensive final examination.
The two midterm examinations will each consist of three questions and will last approximately 60 minutes. The comprehensive final examination will consist of four questions and will last approximately 80 minutes. In both formats, the examination will include open-ended questions and quantitative exercises.

• Damodaran, A. (2018), The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Pearson Education (US), Third Edition.
• Bellavite Pellegrini, C., Pellegrini, L., and Catizone, M. (2022), Climate Change Adaptation, Governance and New Issues of Value. Measuring the Impact of ESG Scores on CoE and Firm Performance, Palgrave Macmillan.
  Additional readings, supplementary materials, and supporting resources will be made available on Blackboard weekly throughout the course.