European Studies In Investor Relations Financial Communication Milano

The course provides students with an in-depth understanding of how accounting and other financial and non-financial information needed to assess a company's health is created and communicated by a company's management, examining how critical management decisions affect the final interpretation of such information by external users such as investors, analysts and financial media.
Students are expected to acquire adequate knowledge of the following topics:

• the financial statements prepared in accordance with international accounting standards and its role in financial communication and business valuation;
• the role of investor relations in the context of a corporate financial communication activity.
  At the end of the course, students will be able to:
  Students are expected to acquire adequate knowledge of the following topics:
• reading of the financial statements prepared in accordance with international accounting standards;
• understanding of the most relevant areas of earnings management (provisions, impairment test, fair value measurement, business combinations, group accounts);
• knowledge of the most used non-GAAP measures (EBIT, EBITDA, PFN, NIC);
• adoption of business evaluation techniques (DCF, multiples of comparable entities) used in financial communication (earnings guidance, equity research, press releases, road shows).

1. Financial Reporting: general theory and content.

• Balance sheet, Income statement and cash flow statement outlines.
• Notes to the financial statement and management report.
• Earnings management in financial statements.
  2. From Financial Reporting to Business Valuations.
• Non-GAAP measures and alternative performance measures.
  Financial Statement Analysis: aim, tools and applications.
  From accounting performance to value creation performance.
• Business evaluation techniques (DCF and multiples).
  Investor Relations in action
• What is Financial Communications
  Instruments of Financial Communication
  IR in ordinary and extraordinary activities
  The role of the IR unit in global Financial Institutions
  The course is divided into two parts. The first part (3 CFU), will be carried out by prof. Andrea Lionzo and will cover point 1 and part of point 2 of the program. The second module (3 CFU) will be carried out by Prof. Elisabetta Cugnasca and will concern part of point 2 and point 3 of the program.
  Lessons and practical exercises are carried out with the aid of slides and other supporting material. The slides are made available to students through the Blackboard platform before each lesson.
  Regular class attendance and completion of the assignments are considered essential for enabling the student to pass the course.

The exam is written and consist of 20 multiple-choice questions lasting 35 minutes. The test is passed only if the student has correctly answered at least 12 questions. The grade of the written exam may be supplemented with the grade of the group work done during the course. The group work is optional and contributes 15% of the total grade.
The oral exam can be: a) requested by students who have passed the final written test, in case they believe that their preparation does not correspond to the test outcomes; b) requested by the lecturers.

A.V. Laskin (Editor), Investor Relations and Financial Communication: Creating Value Through Trust and Understanding, Wiley-Blackwell, 2021.
The exam preparation will be supplemented with the material made available to students through the Blackboard platform (lesson slides and other documentation).

This course aims to provide the basic elements for understanding the main types of corporate finance decisions, with reference to evaluation. The course combines (i) the strength of theory and core techniques in relation to corporate finance instruments for valuation and (ii) the realities of corporate financial statements and concrete ways for evaluating firms.
At the end of this course the student will be able to:
recognise and understand the most important financial issues regarding the life of a company and to supply an interpretation from the standpoint of both the party financed and the party providing the financing;
analyse and measure the benefits and risks of the most important financial decisions;
apply the main techniques to value a firm and its equity capital.

Time value of money and interest rates.
Introduction to Net Present Value method and IRR.
Introduction to financial statement analysis.
Valuation of bonds, equity securities and business assets.
Firms’ valuation from the point of view of shareholders and stakeholders.
The course contemplates lectures and assignments on the technical aspects of the course.

The assessment of the knowledge and skills acquired by the students will be carried out with a written examination based on open end questions and numerical exercises. The exam will be graded in thirtieths (pass grade at least 18/30). Oral examinations will not be allowed.
The written examination will be evaluated taking into account the exactness and the quality of the answers and on the basis of the suitability of the language and the ability to explain statements, investigations and opinions.

E. Beccalli-P. Frantz, Valuation and Investment Analysis, Pearson (digital edition).
The syllabus will be indicated at the outset of the course and published on the professor's web page.

The course aims at introducing course participants into the field of financial communication (i.e. Investor Relations) in German and specifically into written communication. It focuses on linguistic aspects, like German syntax and morphology in specialized texts, and deals with financial terminology and textual typologies in business and finance.
At the end of the course the students will be able to read and comprehend German IR-texts (such as stock recommendations, fact books, business reports, company profiles, presentations, IR-pages on the Web).

• Financial terminology in German vs. Italian
• Investor relations in German written communication
• Dealing with the Frankfurt stock exchange and the DAX-index
• Communicating in the financial community.
  The teaching method is both content-focused and interactive, i.e. participative. The lectures (entirely in German) will be intertwined with discussions held in the classroom.

Assessment will be performed by an oral examination dealing both with the theoretical aspects presented in class, but also with application of acquired contents in a project-work to be discussed during the exam. Course participants must be able to read and comprehend written IR-texts in German.

Whitehouse, Marlies, 2019. Schreiben in der Finanzwelt: Analysen, Methoden, Praxistipps. Wiesbaden: Springer. ISBN 978-3-658-10889-2 Buy from VP

The course has the objective of introducing participants to the field of German Finanzkommunikation (i.e. investor relations) and specifically to oral communication. It focuses on linguistic aspects, but also deals with cultural items in Italy and in German-speaking countries in order to facilitate successful cross-cultural communication between Italian and German speakers, i.e. professionals from the Federal Republic, Austria, Switzerland.
Upon completion of the course, students will be able to engage in oral communication on financial topics with professionals from German-speaking countries, considering both verbal and non-verbal aspects in the context of successful cross-cultural communication.

The following topics will be addressed:
1. Intercultural communication between Italian and German speakers
2. Investor relations in German oral communication: Public speaking
The teaching method is both content-focused and interactive, with an emphasis on participation. Lectures will be intertwined with discussions in the classroom, and participants will be asked to make short presentations in the classroom.

The assessment will be conducted through an oral examination that will assess both the theoretical aspects presented and discussed in class and the ability to apply the acquired contents. The examination will be passed only if both parts (theory and application) receive a positive evaluation.

Etzel, Stefanie, 2019. Rhetorik für Finanz-Manager. Auftritt und Wirkung in der Finanzwirtschaft. 2. Aufl. Wiesbaden: Springer Gabler. ISBN 978-3-658-26611-0 Buy from VP
Gibson, Robert, 2002, Intercultural business communication. An Introduction to the Theory and Practice of Intercultural Business Communication for Teachers, Language Trainers, and Business People. Oxford: OUP ISBN 978-0194421805
Missaglia Federica, 2018. Deutsche Reden kurz und bündig. Milano: Vita e Pensiero. ISBN 978-88-343-3652-6 or 2013. Public Speaking. Deutsche Reden in Theorie und Praxis. Milano: Vita e Pensiero. ISBN 978-88-343-2462-2 Buy from VP

The course is designed to deal with the economics of the EU. In particular, the course is focused on economic integration and EU economic policies. In addition, the course is also intended to deal with institutional aspects of EU and how they adapt to historical turning points. The course can be ideally split into three sections: (i) in a first section the historical and institutional steps of European integration are presented with a special focus on decision-making processes within the EU; (ii) in a second section the essential economics of EU is introduced also highlighting some crucial economic policies like the CAP, the EU trade policy, the competition and state aid policy; (iii) in a third section the course will focus on the main steps of the European monetary integration, the common currency and of the European Central Bank, the main policy issues and challenges facing the EU in the light of the Sovereign Debt Crisis and the COVID-19 pandemic crisis and the Russia-Ukraine War.
With respect to the criterion of ‘knowledge and understanding’ at the end of the course students will be able to:

• understand the essential turning points of European Integration;
• understand the current institutional structure of the European Union;
• understand the essential economics of European integration
• understand the impact of European integration and policies on welfare.
  With respect to the criterion of ‘applying knowledge and understanding’ at the end of the course students will be able to:
• apply their knowledge to evaluate the strengths and weaknesses of the European institutional set-up;
• form their own opinions on the main economic policy issues of the European Union;
• communicate and express opinions in the current debate with the correct, technical, terminology.

1. History of European Integration
2. Institutions and the budget of the EU
3. The Decision making system
4. The essential economics of integration and preferential liberalization
5. The common agricultural policy
6. EU competition and State aid policy
7. EU Trade Policy
8. Advantages and disadvantages of a monetary union.
9. The common monetary policy and the European Central Bank: design and performance.
10. Monetary and Fiscal integration in the EU.
11. The European Sovereign Debt Crisis and the COVID-19 pandemic Crisis: response of the ECB and of the EU.
Lectures (slides) on topics and readings made available beforehand.

Students are required to take a written exam during the session dates assigned to this course. The written exam weights 100% of global evaluation. With respect of the evaluation the criteria taken into account will be: (i) the proper use of technical language; (ii) the capacity of highlighting linkages between different topics; (iii) the punctuality in expounding formal models; (iv) use of specific data and information.

References - reading list
Baldwin R., Wyplosz B., The Economics of European INtegration, Mcgraw-Hill Education, 6th Edition 2019, Chapters 1,2,3,4,5,6, 7, 8,9,11,12 Buy from VP
P. De Grauwe, Economics of Monetary Union, Oxford University Press, twelfth edition 2018.
Chapter 1 (1.2, 1.3)
Chapter 3 (3.1, 3.2, 3.5, 3.6, 3.7, 3.8)
Chapter 4 (excluding 4.7, 4.8, 4.9, 4.10)
Chapter 7
Chapter 8
Chapter 9
Chapter 10 (10.2, 10.3, 10.4, 10.5, 10.6)

Effective written communication is a critical competence in corporate finance and investor relations, where clarity, precision and credibility are essential for engaging stakeholders and communicating complex financial information. The course aims to develop the students’ communicative competence in English in the context of corporate and financial communication and investor relations. It prepares students to understand, analyse, and produce professional financial texts commonly used in corporate and capital markets. Particular focus is placed on clarity, accuracy, tone and audience adaptation across different communication scenarios including press releases, reports, ESG messaging and social media. The course also incorporates the use of emerging technologies such as AI to support the production of financial and investor communication texts.

Professional language use in financial contexts (clarity, tone, register, audience adaptation, intercultural considerations);
Corporate communication and company profiles;
Press releases and media communication;
Financial reporting and disclosure;
Popularising financial texts;
ESG and sustainability communication;
EU communication;
Integrating AI tools in financial text production.
The course is taught in English. Interactive lectures, groupwork, task-based learning. Students are expected to take an active role in classes.

The exam is in English. Assessment will be based on a written examination to be held on Blackboard designed to evaluate students’ command of the course material and their ability to apply what they have learned. Evaluation criteria include: knowledge of course content; accuracy and fluency in language use; appropriate use of terminology and functional language; ability to apply learned concepts in practical communication tasks. The final mark will be awarded on a 30-point scale.

Learning materials and selected readings will be made available on Blackboard.

Effective oral communication is a key professional competence in the fields of investor relations and financial communication. This course equips students with the language skills required to communicate confidently and persuasively in international workplace settings, engaging successfully with investors, clients, stakeholders and business partners. It prepares students to plan, deliver and manage a range of spoken communication events, including presentations, negotiations and Q&A sessions. Through targeted practice and workplace-based scenarios, students will develop the ability to adapt their language, tone and communication strategies to different audiences, purposes and contexts, enabling them to engage effectively with diverse stakeholders in the global workplace.

Oral communication in financial and investor relations contexts
Planning and delivering professional presentations in English
Managing Q&A sessions effectively
Language strategies for negotiations and stakeholder discussions
Communicating complex financial information clearly and persuasively
Tone, register and audience adaptation in spoken communication
Integrating visual aids (slides, charts, data visuals) in oral communication
Interpersonal communication and listening skills in meetings
Intercultural aspects of business communication
The course is taught in English. Interactive lectures, groupwork, task-based learning. Students are expected to take an active role in class.

The exam is in English. Assessment will be based on an oral examination assessing the students’ skills in structuring and delivering a presentation and their knowledge of the course contents. The final mark will be awarded on a 30-point scale.
The evaluation will be based on: 1) knowledge of course contents, 2) English language accuracy, fluency and pronunciation, 3) appropriate use of terminology and functional language, 4) presentation skills, 5) clarity, design and use of supporting visuals in presentations.

Texts and materials will be communicated in class and through Blackboard.

The course is designed to provide the student with a comparative analysis of the institutional and organisational frameworks of the main financial systems at an international level with a focus on European countries. For this purpose, the course will illustrate the distinctive aspects of financial systems oriented primarily to markets and those oriented toward intermediaries as well as the reasons that have historically led to such differences. A special emphasis is placed on the types of intermediaries operating in the European context and the different operating models adopted by banks, as well as the structural and operational characteristics of the securities markets at the European level. The course also provides a review of financial crises in industrialised nations and emerging markets and the role of those crises in delineating the current organisation of financial systems. Finally, the course is designed to provide the student with an introduction to the transformational energy transition and the induced breakthrough effects on the financial systems, with particular reference to the EU context.
Instructional objectives of the course
Financial systems at an international level
After having completed the study of the material, the student is expected to be capable of:

• analysing from a comparative standpoint the nuances of market-based financial systems and bank-based;
• understanding the structural development of the main financial systems (France, Germany, Italy compared to Japan, Switzerland, UK, US) so as to understand the current differences.
  Financial intermediaries at an international level
  After having completed the study of the material, the student is expected to be capable of:
• understanding the types of intermediaries operating in the international financial systems, as well as their importance in relation to the different systems;
• understanding the distinctive aspects of bank management and bank business models (originate-to-distribute and originate-to-hold);
• comparing European bank intermediaries in terms of earnings, capital and operating efficiency;
• interpreting the mergers and acquisitions processes in the international banking sector, with particular focus on Europe.
  Securities markets at an international level
  After having completed the study of the material, the student is expected to be capable of:
• understanding the structural and operational aspects of securities markets at an international level;
• understanding and interpreting the empirical evidence in relation to the risk and return on financial instruments in international markets.
  Financial crises
  After having completed the study of the material, the student is expected to be capable of:
• interpreting the dynamics of financial crisis (USA, Argentina and Southeast Asia), banking crises (Japan, Scandinavia, and Russia) and speculative bubbles (Internet stocks);
• understanding the crisis originating from sub-prime mortgages in relation to issues regarding the financing of households and bank management models;
• understanding the dynamics of the Northern Rock case.
  The effects of energy transition on the financial system
  After having completed the study of the material, the student is expected to be able to understand:
  why environmental sustainability raised among the major reasons to assess businesses’ risks and opportunities in investors/lenders portfolios;
  which are the most important existing regulations/instructions to look at while assessing the financial markets’ evolution;
  the most important disclosures and metrics and how to read them;
  logic, functioning as well as weaknesses and strengths of ESG ratings.
  At the end of the course, the student is also expected to be able to interpret the financial statistics compiled by institutions such as the European Central Bank and the Federal Deposit Insurance Corporation.

Module 1 (5 CFU)
1. International financial systems
characteristics of financial systems that are mainly market-based and systems mainly oriented to intermediaries (bank-based) in terms of financing methods for companies, composition of financial portfolios of families, forms of financing for businesses and families;
structural evolution of the main financial systems (United States, United Kingdom, France, Germany, Japan, Italy).
2. Financial intermediaries at international level
types of intermediaries operating in international financial systems and their relative importance in the various systems;
financial intermediation theories;
distinctive features of bank business models (originate-to-distribute and originate-to-hold);
income, equity and operational efficiency features of the banking industry;
international merger and acquisition processes in the banking sector.
3. International financial markets and instruments
structural and operational assets of securities markets at international level (London Stock Exchange, New York Stock Exchange and NASDAQ);
risk and return of financial instruments in international markets and benefits of portfolio diversification at international level;
financial analysts and their forecasts.
4. Financial crises
dynamics of financial crises (USA, Argentina and South-East Asia), banking crises (Japan, Scandinavia, Russia) and speculative bubbles (Internet stock);
crisis originated by sub-prime mortgages in relation to aspects concerning the financing of families and the bank's management model.
Module 2 (1 CFU)
5. Energy transition
overview of the reason why environmental sustainability recently became a must for the largest majority if not all industrial as well financial market activities;
overview of the new regulations issued by the EU regulators and financial market authorities driven by sustainability matters;
focus on the EU Taxonomy and its implementation aiming at framing the Financial and Non-Financial Disclosures and measuring the climate risks;
focus on the very recent ECB Climate Risks Stress Test (methodology and results);
focus on ESG ratings;
the role of the investor relator..
The course is organized in 2 modules. Andrea Viola will cover module 1, and Massimo Mondazzi module 2. Each module is divided into a cycle of lessons carried out with the aid of slides and other support material. The course includes frontal lectures by the lecturer (95% of the course) and the participation of field experts in co-presence with the lecturer (5%).

The examination consists of a written test; the test will run for 60 to 75 minutes. The questions are open-ended questions relating to points 1, 2, 3, 4 and 5 of the course content.
The final mark, on a 30-point scale, will be based on the:
students’ knowledge and understanding of the topics assessed through open-ended questions aimed at exhaustively covering the topics of the course in order to verify the student's ability to formulate correct and thorough answers (50%) and appropriately use the specific terminology (10%);
ability to apply the knowledge assessed through open-ended questions, also based on the analysis of tables and graphs referred to real data (mainly in relation to point 1 of the course content), aimed at verifying the student's ability to interpret complex phenomena through trend data (30%);
critical analysis skills assessed through sub-points of open-ended questions (mainly in relation to points 4 and 5 of the course content), aimed at verifying the student's ability to critically analyse some complex phenomena (10%).
The course also includes the possibility to take an early exam session, specifically structured to favour students who have regularly attended lectures. In this case the questions will focus on specific topics discussed in detail during the lectures. The date of this exam is agreed with the students according to the Faculty's academic calendar.

E. Beccalli: 2022, Principles of banking and finance, Vita e Pensiero. Buy from VP
The particular structure of the course and the economic analysis of some of the topics dealt with require additional readings. Reading references will thus be indicated in class.
Various readings and slides will be made available through the Blackboard platform dedicated to the course.

The course aims to train the student in written and oral communication skills at level B1+ of the Common European Framework of Reference for Languages as well as to provide adequate linguistic and cultural skills for the management of French financial communication strategies in the international contexts.
At the end of the course, the student will be able to understand French financial lectures/speeches, read essay articles and reports on financial issues, take part in a conversation and communicate with a degree of spontaneity and fluency that makes normal interaction with a native speaker possible, express him/herself orally continuously and in a clear manner on a wide range of topics related to their areas of interest. The student will be able to develop a point of view on a financial subject.
Specifically, the student will develop the following skills:
Ability to apply the knowledge acquired
Investigative learning will enable the student to obtain sustained involvement and to develop the skills to manage what has been learned. Project-based learning, problem-based learning and design-based learning will enable him/her to: a) master the written and oral comprehension of specialised texts (level B1+); b) develop adequate oral expression applied to several types of texts and intercultural communicative situations, relating to communication strategies in French Language for finance (level B1+).
Skills in communication strategies
Through the analysis of argumentative texts varied by typology, the student will be able to master the rhetorical techniques of production and reworking of these textual categories. The ability to develop argumentative resources and negotiation skills in situations of intercultural communication will thus be stimulated and deepened.
Cognitive and learning capacities will be trained through free and/or guided activities of written and oral presentations, discussions, note-taking and short written and/or oral reports. At the end of the course, the student will be able to apply a punctual understanding of the facts and documents concerning specialised and professional financial communication, as well as to master the written and/or oral expression resources relevant to the main topics related to French Language for finance (level B1+).

The French language of European and international finance.
French financial terminology for personal banking, bank lending, the sale of financial services.
The communication techniques necessary for negotiation. Development of argumentative and negotiation resources in intercultural situations of financial communication.
Activities for written and oral comprehension of conferences/speeches; activities for writing short texts (formal written communication, CV); activities for active oral production. Professional communication skills: writing for clear and precise reports; public speaking.
Lectures and seminars for the development of argumentative and negotiation resources in situations of intercultural communication; practical classes for written and oral activities; distance written and oral production activities (Blackboard page of the Course).

The oral exam will consist of two parts: a written exam and final oral part.
The written test consists of sentence and lexicon transformation exercises, followed by a writing exercise (250-300 words): after having read one or more short documents, the students will be asked to write his or her answer in an appropriate style, in the form of a letter/ e-mail, report or review. The candidate has 60 minutes for this part.
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 terms); referential (extra-linguistic elements) (25% of the value of the final evaluation).
As for the writing exercise, it will be checked that the candidate can write a clear and precise text by synthesizing and evaluating information and arguments, in order to reach a clear and appropriate conclusion (25% of the value of the final evaluation).
The final oral examination is organised in two parts: (1) the presentation of an oral presentation (exposé) and (2) simulation of a dialogue in a communicative situation related to finance (bank account opening, credit opening, etc.).
Evaluation criteria for the oral part. Presentation of a short exposé (a subject of the student’s choice, based on the topics analysed during the Course): explanation of the chosen subject; announcement of the plan (15% of the final evaluation); linguistic aspects (understanding and accuracy, syntactic and lexical choices; cultural clues and references) (15% of the final evaluation).
Simulation of a dialogue in a communicative situation related to finance: linguistic aspects (understanding and accuracy), terminological aspects (knowledge and relevant use of terms) (20% of the value of the final evaluation).
The percentages reflect the evaluation of the presentation of contents and other factors involved in the oral examination: pertinence of answers to questions; depth of insight into the texts studied and breadth of debate; ability to relate to the sources studied and the documents under discussion; quality and appropriateness of French language for finance; cultural knowledge of the contexts analysed.

Audio/video texts of argumentative type at choice, level B1+ of the Common European Framework of Reference for Languages, to be analysed in their argumentative and communicative organization (available in Blackboard page of this Course).
A selection of French financial texts, taken from the main sources of information (press, French and French-speaking institutional sites, international media), level B1+ of the Common European Framework of Reference for Languages, available in Blackboard page of this Course.
R. Simonet-J. Simonet, Savoir argumenter, Éditions d’Organisation, Paris, 2004, ch. 3 (available in Blackboard page of this Course).
IATE (Interactive Terminology for Europe): https://iate.europa.eu/home.
TERMDAT (The Federal Administration’s terminology database): https://www.termdat.bk.admin.ch/.
FRANCETERM: http://www.culture.fr/franceterme.

The course aims to train the student in written and oral communication skills at level B2 of the Common European Framework of Reference for Languages as well as to provide adequate linguistic and cultural skills for the management of French financial communication strategies in the international contexts.
At the end of the course, the student will be able to understand French financial lectures/speeches, most television programs on current financial events, follow complex subjects in this field, read essay articles and reports on financial issues, take part in a conversation and communicate with a degree of spontaneity and fluency that makes normal interaction with a native speaker possible, express him/herself orally continuously and in a clear and detailed manner on a wide range of topics related to their areas of interest. The student will be able to develop a point of view on a financial subject and explain the advantages and disadvantages of different possibilities. He/she may write a summary by transmitting information or giving reasons for or against a given opinion.
Specifically, the student will develop the following skills:
Ability to apply the knowledge acquired
Investigative learning will enable the student to obtain sustained involvement and to develop the skills to manage what has been learned. Project-based learning, problem-based learning and design-based learning will enable him/her to: a) master the written and oral comprehension of specialised texts (level B2); b) develop adequate oral expression applied to several types of texts and intercultural communicative situations, relating to communication strategies in French Language for finance (level B2).
Skills in communication strategies
Through the analysis of argumentative texts varied by typology, the student will be able to master the rhetorical techniques of production and reworking of these textual categories. The ability to develop argumentative resources and negotiation skills in situations of intercultural communication will thus be stimulated and deepened.
Cognitive and learning capacities will be trained through free and/or guided activities of written and oral presentations, discussions, note-taking and short written and/or oral reports. At the end of the course, the student will be able to apply a punctual understanding of the facts and documents concerning specialised and professional financial communication, as well as to master the written and/or oral expression resources relevant to the main topics related to French Language for finance (level B2).

The French language of European and international finance. French language for professional public relations in this field.
French financial terminology for financial declarations, company statutes, central bank operations, international trade risk management.
The communication techniques necessary for negotiation at a decision-making level. Development of argumentative and negotiation resources in intercultural situations of financial communication.
Activities for written and oral comprehension of French conferences/speeches television programmes on current financial events and information; activities for writing short texts (minutes, summaries, formal written communication); activities for active oral production, interaction and mediation. Professional communication skills: writing for clear and precise reports, synthesis, paraphrasing and reformulation of texts; preparing a persuasive speech; public speaking. Preparation for the oral presentation.
Lectures and seminars for the development of argumentative and negotiation resources in situations of intercultural communication; practical classes for written and oral activities; distance written and oral production activities (Blackboard page of the Course).

The oral exam will consist of two parts: a written exam and final oral part. The written test consists of sentence and lexicon transformation exercises, followed by the summary of a text (4000 to 5000 characters). The candidate has one and a half hours for the exercises and the summary.
Criteria for the evaluation of the written part. The evaluation of the transformation exercices 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 terms); referential (extra-linguistic elements) (25% of the value of the final evaluation).
As for the summary, it will be checked that the candidate can write a clear and precise text by synthesizing and evaluating information and arguments, in order to reach a clear and appropriate conclusion (25% of the value of the final evaluation).
The final oral examination is organised in two parts: the presentation of an oral presentation (level B2) and the discussion around the argumentative text presented.
Evaluation criteria for the oral part. Presentation of an exposé – level B2 (a subject of the student’s choice, based on the topics analysed during the Course): explanation of the choice of the argumentative text to be analysed; announcement of the plan (15% of the final evaluation); analytical study of the argumentative organisation of the text (distribution of arguments and evaluation of their nature; rhetorical construction; syntactic and lexical choices; cultural clues and references) (15% of the final evaluation).
Discussion around the argumentative text presented (exposé) and its topic, questioning on the argumentative construction and the types of arguments found (20% of the value of the final evaluation).
The percentages reflect the evaluation of the presentation of contents and other factors involved in the oral examination: pertinence of answers to questions; depth of insight into the texts studied and breadth of debate; ability to relate to the sources studied and the documents under discussion; quality and appropriateness of French language for finance; cultural knowledge of the contexts analysed.

Audio/video texts of argumentative type at choice, level B2 of the Common European Framework of Reference for Languages, to be analysed in their argumentative and communicative organization (available in Blackboard page of this Course).
A selection of French financial texts, taken from the main sources of information (press, French and French-speaking institutional sites, international media), level B2 of the Common European Framework of Reference for Languages, available in Blackboard page of this Course.
IATE (Interactive Terminology for Europe): https://iate.europa.eu/home.
TERMDAT (The Federal Administration’s terminology database): https://www.termdat.bk.admin.ch/.
FRANCETERM: http://www.culture.fr/franceterme.

The course aims at providing future investor relators with operational knowledge of EU disclosure regulation. After briefly reviewing the basics of EU financial regulation, the course addresses EU financial markets law from the perspective of disclosure regulation. At the end of the course, the student will be able to: (1) understand the theoretical rationale of disclosure regulation and its actual implementation in EU law; (2) be acquainted with disclosure regulation related to capital-raising, transparency and market abuse, takeover, financial analysts and proxy advisors; (3) identify and understand tools and behaviors to comply with disclosure regulation.

First module (Mozzarelli: 3 CFU – 21 hours)

• EU financial markets law in a nutshell.
• Concept and aims of financial markets regulation.
• Financial markets, financial instruments, market participants, and supervisors.
• Processes and strategies of EU financial markets law.
  Second module (Arrigoni: 3 CFU – 21 hours)
• Rationale and limits of the disclosure paradigm. The role of disclosure from an economic perspective and as a part of investor protection. Disclosure, behavioral finance, and the role of fairness.
• Disclosure and capital raising. The Prospectus Regulation. Regulatory concepts. Drawing up a prospectus. Sanctions.
• On-going and periodic disclosure. The Transparency Directive and the Market Abuse Regime. Periodic disclosure and the disclosure of inside information. Shareholders’ rights and disclosure.
• Disclosure and takeover. Transparency requirements and the obligation to disclose bids.
• Disclosure regulation for financial analysts and proxy-advisors.
  Class lectures and discussions on assigned readings. Active participation in class discussion is highly recommended.

Both for the students who attend classes and for the students who do not attend classes: written exam.
As the exam is designed to evaluate the knowledge of the topics, analytical and critical skills, and the mastery of technical language, students are encouraged to identify problems to which the legal provisions are intended to respond and present the content of this fundamental legal response.

For the students who attend classes, required and suggested readings will be made available on the course web site on Blackboard.
For the students who do not attend classes, the textbook is J. Armour-D. Awrey-P. Davies-L. Enriques-J.N. Gordon, Principles of Financial Regulation, Oxford University Press, 2016. Buy from VP
The relevant EU law may be found at the following address: http://eur-lex.europa.eu/en/index.htm.

The course focuses on how language is used by people to act socially and to achieve their goals in an effective way. Particular attention will be paid to discourse genres in the sphere of ‘finance’. An intercultural viewpoint is also taken into account.
Knowledge and understanding
At the end of the course students are expected to have gained an understanding of the fundamental questions concerning language use as a joint activity in a multifaceted cultural space.
Ability to apply knowledge and understanding
At the end of the course students are expected to be able to analyse language use in specific contexts.
At the end of the course students are expected to be able to use the main techniques of effective communication.
Transferable skills
At the end of the course students are expected to have enhanced their ability to use language in professional contexts, with attention to argument-management skills.

The course will cover the following topics:
1. Language and (inter-)cultural communication.
2. The fundamentals of effective communication.
3. Politeness strategies in cross-cultural perspective.
4. Discourse genres in the domain of financial communication.
4. Reasoning, reasonableness and argumentation in context.
Class lectures and discussions. Active participation in class discussion is recommended.

There will be a written examination which consists of three open questions on topics covered in the course. Two questions regard theoretical issues, whereas in the third question an application of the course contents to a concrete text is required. The test will run for 60 minutes.
The final mark, on a 30-point scale, will be based on the student’s knowledge and understanding of the topics assessed through the first two questions as well as on the student’s ability to apply the knowledge assessed through the last question.
The course also includes the possibility to take an early exam session that is specifically structured to favour students who have regularly attended lectures. In this case, the questions will focus on specific topics discussed as well as on the analysis that have been carried out during the lectures. The date of this exam is agreed with the students according to the Faculty’s academic calendar.
The oral exam can be requested by students who have passed the written test, in case they believe that their preparation does not correspond to the test outcome. This possible oral exam is therefore a second optional test, but it is not integrative (i.e. the mark of the oral exam is averaged with the mark of the written test).

Learning and teaching materials will be made available in class and online on Blackboard for the students enrolled in the course. Selected readings will also be made available on Blackboard.

Decisions are often based on the analysis of data. This course focuses on descriptive data analysis using software tools such as Excel.
At the end of this course the student will be able to:
Understand the fundamentals of statistics (learn how to work with different types of data, understand and compute central tendency and variability measures along with measures of dependence)
Perform summary statistics and write reports that could provide a clear narrative and highlight data key features

Describing data.
Frequency distributions
Graphical representations
Measures of location and variability
Two-dimensional data.
Scatter plots
Covariance and correlation
Linear regression models.
The course involves lectures and lab sessions.

The exam consists of a report regarding the analysis of a real data set. The report (max 6 pages long) should contain appropriate graphs, tables and summary indicators obtained using EXCEL, together with appropriate findings on the analyzed phenomenon.
After that, an oral discussion will follow for students who achieve a positive score in the report, in order to assess the knowledge and the understanding of the course subjects included in the report itself.
Both parts contribute to the final mark.

P. Newbold-W.L. Carlson-B.M. Thorne, Statistics for Business and Economics, Pearson, 2013, 8th Global edition. Buy from VP
Additionally, slides and notes will be provided throughout the course.

The syllabus of this course, which is taught in the second year of the master program at the Università della Svizzera Italiana (USI), is available at the following link: https://search.usi.ch/corsi/35268253/argumentation-in-finance

The syllabus of this course, which is taught in the second year of the master program at the Università della Svizzera Italiana (USI), is available at the following link: https://search.usi.ch/en/courses/35275236

The syllabus of this course, which is taught in the second year of the master program at the Università della Svizzera Italiana (USI), is available at the following link: https://search.usi.ch/en/courses/35275253/conversations-with-industry-experts-on-private-banking?_gl=1*2v4ffo*_gcl_au*Njc0Nzc2Njg5LjE3NTgwOTgwODQ.*_ga*OTUzNTU5NjgwLjE3NTgwOTgwODU.*_ga_89Y0EEKVWP*czE3NTgxMDI1MTkkbzIkZzAkdDE3NTgxMDI1MjIkajU3JGwwJGg4MDMwMjk0MjY.

The syllabus of this course, which is taught in the second year of the master program at the Università della Svizzera Italiana (USI), is available at the following link: https://search.usi.ch/en/courses/35275246

The syllabus of this course, which is taught in the second year of the master program at the Università della Svizzera Italiana (USI), is available at the following link: https://search.usi.ch/en/courses/35275256

The syllabus of this course, which is taught in the second year of the master program at the Università della Svizzera Italiana (USI), is available at the following link: https://search.usi.ch/en/courses/35275249