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Curriculum(s) for 2024 - Finance and insurance (30414)

Finanza

1st year

Lesson	Semester	CFU	Language
1026559 \| MATHEMATICS FOR ECONOMICS AND BUSINESS ADVANCED COURSE	1st	9	ITA
Educational objectives The course aims at enabling students to grasp the basic mathematical topics and tools needed in Economics and Firm Management modelling, such as linear algebra, multivariable functions, static optimization methods, and techniques to solve differential equations. Students that pass the exam will be able to handle quadratic forms, to study their sign, to diagonalize matrices, to work with multivariable functions, such as utility and production functions, to optimize functionals depending on them, with or without constraints, to calculate Lagrange multipliers, and to solve differential equations. The course requires a good knowledge of basic mathematics and financial mathematics acquired in three-year degree courses; it is closely related to the course of Probability and Stochastic Processes and provides the basis for the subsequent teachings of Risk Theory, Quantitative finance, Methods and models for finance, Times series, Actuarial mathematics for the private companies of the same course graduation. Knowledge and understanding: After attending the course, students will be able to know the evaluation procedures of financial problems and to understand the results of mathematical models used to resolve those problems. Ability to apply knowledge and comprehension: At the end of the course, students will be able to use basic mathematical tools to evaluate financial problems in accordance with any robust financial theory and to apply a right knowledge in their use to real evaluation problems. Judgment skills: At the end of the course students will be able to understand the results derived from the financial tools applied and to explain differences among figures obtained from different models, in relation to the theoretical setting in wich the evaluation is provided. Communication skills: After passing the exam, students will be able to explain and discuss about the arguments treated during the course, giving their comments and remarks on the use of the mathematical tools learnt. Self-learning skills: After passing the exam, students will have a knowledge of the advanced mathematical topics and tools for financial modelling that will permit them to face future studies in mathematical finance for pricing of liquid and illiquid financial instruments.
1035428 \| PROBABILITY AND STOCHASTIC PROCESSES	1st	9	ITA
Educational objectives The main goal of the course is to provide students with a fair knowledge of the fundamental concepts of modern probability theory and of the most elementary stochastic processes, such as Markov Chains and Poisson Processes, through rigorous definitions of the main concepts and proofs of the most important theorems. The student should be able to i) understand and explain concepts, ii) connect and compare the main ideas, iii) be able to prove the fundamental theorems. He will also be able to solve problems and to model real situations according to examples shown in class. Many problems in probability may be solved in different ways. This allows to consider different approaches and discuss together relations among them in order to understand and correct potential mistakes. This course is fundamental to properly take more advanced courses in Mathematical Finance, Statistical Inference, Risk Theory and Time Series Analysis. Specific goals 1) Knowledge and understanding. Upon completion of the course, the student will be able to use the basic tools of probability necessary for understanding the main stochastic processes. He will therefore have a clear understanding of the concepts of dependence and independence of random phenomena and their long-term trends. The student will also be able to distinguish between processes that operate in continuous and discrete time. Furthermore, the study of Markov chains and their limit distributions will allow the student to understand the problems related to discrete-time stochastic processes. 2)Ability to apply knowledge and understanding. Through the theoretical and practical knowledge of the main models used in probability theory and in stochastic processes, the student will be able to understand the dynamics of financial phenomena by interpreting their characteristics in the best possible way. 3) Autonomy of judgment. Through the solution of probability exercises, the student will be able to autonomously identify the models suitable for describing various financial phenomena. She/he will also be able to analytically calculate the main parameters associated with these models by correctly interpreting their meaning 4) Communication skills. To handle the probabilistic concepts of this course, the student must get used to expressing himself rigorously, correctly formalizing intuitions and managing to express them in oral and written form. For this purpose, the teacher will stimulate interaction with students both during practical exercises and in the presentation and demonstration of the main theoretical results of the course 5) Learning skills. The analytical tools and theoretical models developed during the course will give the student the necessary skills for an analytical approach to the use of any predictive and explanatory model to be used in the financial field. In addition, the student will also have the ability to correctly evaluate the uncertainty associated with the forecasts made through statistical and econometric models
1017275 \| COMPANY EVALUATION	1st	6	ITA
Educational objectives The main methodologies of corporate valuation are analyzed and the approaches commonly used by practitioners (financial analysts, investment and merchant banks, consulting firms) are critically discussed. Examples will focus on corporate valuation issues using DCF, stock market and deal multiples completed by industry-specific as well as case-specific valuation techniques. Students who have passed the examination will be able to analyze the conceptual and theoretical framework surrounding valuation issues and the practical tools to address such topics in real-life situations. Students who have passed the examination will acquire the skills to pass the tests certification to practice as a chartered accountant and to play activity of counselling of professional accountancy.
AAF1870 \| PROBABILITY AT THE COMPUTER	1st	3	ITA
Educational objectives The course aims to provide students with a systematic introduction to the R software with particular attention to aspects related to the simulation of random variables and stochastic processes. During the course the Monte Carlo method for the numerical computation of integrals will also be introduced. The student should be able to use the R software to replicate the main theoretical probability results such as the law of large numbers or the central limit theorem through simulations. She/he will also be able to simulate the trajectories of some stochastic processes both in discrete time (random walks or more generally Markov chains) and in continuous time (Poisson process). In this way, the student will be able to have a greater perception of the theoretical characteristics related to the modeling of random phenomena and at the same time will have a solid knowledge of programming in R The Computer Probability course will provide indispensable tools to successfully follow, in addition to the Probability and Stochastic Processes course, also the Time Series Analysis course and more gener-ally any quantitative course. Specific goals 1) Knowledge and understanding. Upon completion of the course, the student will be able to use the basic R commands to synthesize and graphically represent data sets. The student will also be able to use R commands for the simulation of the main random variables and will be able to program short codes for the simulation of both non-standard random variables and random processes. 2) Ability to apply knowledge and understanding. Through the theoretical and practical knowledge of the simulation of the main models used in probability and in stochastic processes, the student will be able to understand the dynamics of financial phenomena by interpreting their characteristics in the best possible way. 3) Autonomy of judgment. Through the solution through simulation techniques of probability exercis-es, the student will be able to independently identify the models suitable for describing various ran-dom phenomena of a financial nature. She/he will also be able to numerically calculate the main pa-rameters associated with these models by correctly interpreting their meaning 4) Communication skills. To handle both the concepts related to R programming and the probabilistic ones, the student must get used to expressing himself rigorously, correctly formalizing intuitions and being able to express them in oral and written form. For this purpose, all the lessons will be held in the computer labs, and the teacher will continuously stimulate interaction with the students 5) Learning skills. The programming tools and probabilistic models developed during the course will give the student the necessary skills for an analytical approach to the use of any predictive and ex-planatory model applied in the financial field. In addition, the student will also have the ability to cor-rectly assess the uncertainty associated with the forecasts made through statistical and econometric-financial models
1016857 \| HISTORICAL SERIES ANALYSIS	2nd	6	ITA
Educational objectives The course aims at showing, both from a graphical point of view and from a methodological one, the main tools for analyzing economic and financial time series. Students will also learn to use to the statistical software R as a tool for applying statistical methodologies to real data, as well as for understanding the theory behind a model. Students who pass the exam will know the main concepts and procedures for model building when analyzing economic and financial time series. Students who pass the exam will have skills for data analysis: on the basis of the methodologies introduced in the course and of the knowledge of the R software tools, they will be able to choose the best model to represent real economic and financial phenomena. Starting from real data they will be able to find the best strategy to represent data. They will also be able to analyze in a critical way the obtained results, highlighting pros and cons of the chosen procedures. Students’ skills are stimulated by tackling real case studies and developing a research project which will be discussed in class. The evaluation of the report will also concern students’ communication skills and their ability to explain what they learned and the results of the quantitative analysis. The deep comprehension of the learned methodologies, will allow the student to understand more general models not explained in the course, evaluating advantages and disadvantages.
1018037 \| ECONOMICS OF INTERNATIONAL FINANCIAL MARKETS AND INTERMEDIARIES	2nd	6	ITA
Educational objectives The course aims to provide students with basic knowledge and tools on the cognitive functioning of the financial system through analysis of its international attitude and development. In particular, the course analyses all the components that characterize the operation of financial intermediaries upon different financial systems, distinguishing between different countries’ systems of regulation and supervision. At the end of the course student will be able to perform comparative analysis of different financial systems in terms of business models, types of institutions, organization of capital markets. In particular • Knowledge and understanding: at the end of the course students will have the knowledge base of the fundamentals elements for the effectiveness of financial system and its functioning in an international perspective; • Applying knowledge and understanding: students will have the knowledge of and some skill in the way in which truth-finding and the development of theories and models take place in the relevant fields of international financial systems; • Making judgements: students will have the knowledge of and some skill in the way in which decision-making takes place in the relevant fields, in order to improve any enhancement on the functioning of international financial systems; • Learning skills: Has knowledge of and some skill in the way financial systems can satisfy the issues coming from the economic units
1017130 \| QUANTITATIVE FINANCE	2nd	9	ITA
Educational objectives The goal of this course is to describe the main pricing methodologies for financial instruments, when the underlyings are governed by either discrete-time and continuous-time stochastic processes, with particular emphasis on the Black-Scholes-Merton model. Moreover, the course provides computational tools for pricing and hedging. The main topics will be introduced from a theoretical perspective. Furthermore, they will be analyzed from a computational point of view, using MATLAB software. • (Knowledge and understanding) At the end of the course, students will be able to apply the main numerical methodologies for financial derivatives pricing, both in discrete-time and continuous-time diffusion market models. They will also be able to understand and illustrate the main characteristics of each numerical method and to recognize the most effective solution to the economic-financial problem they will face. Finally, they will manage to apply the theoretical framework to practical experiences, in order to obtain the fair value of derivative securities. • (Applying knowledge and understanding) The students who pass the exam can identify the suitable model to describe the financial structure, and also establish the most efficient methodologies to solve the related financial issues. • (Making judgements) By using the information inferred from the lectures, students autonomously may inspect the financial context, take into account the whole range of methods to use, and interpret the obtained results. • (Communication skills) After passing the exam (that consists of a written/practical text with open-ended questions and/or exercises and/or practical works with Matlab), students will be able to adequately outline the main topics covered by the lectures, either verbally or through written documents. • (Learning skills) Standard lectures, lab activities and self-study allow students to develop a method to autonomously acquire new financial knowledge and theoretical\practical skills.
THREE-DIMENSIONAL MODELING
THREE-DIMENSIONAL MODELING

2nd year

Lesson	Semester	CFU	Language
1055921 \| METHODS AND MODELS IN FINANCE	1st	9	ITA
Educational objectives This course intends to provide mathematical tools used to define and investigate continuous-time models devoted to the evaluation of the fair value of derivative securities within the main financial markets. Specific goals: - At the end of the lectures, students will be able to apply standard stochastic calculus tools to financial problems. Furthermore, they can understand and explain the main models that describe the dynamics of stochastic processes involved in characterizing specific financial variables, such as interest rate term structure and equity derivatives. Students will also learn how to apply theoretical rules to practical experiences. - Students who pass the exam can identify the suitable model to describe the financial structure, and also establish the most efficient methodologies to solve the related financial issues. - By using the information inferred from the lectures, students may autonomously inspect the financial context, take into account the whole range of methods to use, and interpret the obtained results. - After passing the exam (that consists of a written text with open-ended questions and/or exercises), students will be able to adequately outline the main topics covered by the lectures, either verbally or through written documents. - Standard lectures and self study allow students to develop a method to autonomously acquire new financial knowledge and theoretical\practical skills.
10599981 \| financial optimization	1st	9	ITA
Educational objectives General goals: In this course students will learn to formulate models to tackle relevant finance and insurance problems using several mathematical and statistical tools mostly related to optimization theory. They will also learn to use, understand, and develop computational tools suitable for the solution of the models proposed. Specific goals: - At the end of the course, students will have a sound knowledge of portfolio selection theory and of the main algorithms used to solve optimization problems. They will also know the main optimization models used in finance and insurance applications. - This course will enable students to address several practical problems in finance and insurance with the aid of quantitative models and with the use of computational tools for their solution - After seeing a careful analysis of the critical issues related to the models presented in the course, the students will be aware of the relations between models and real problems to which they are applied and will be able to identify the essential elements that should be used in a model. - The students have to deliver a written report on a project and to orally describe some of the topics presented in the course to pass the exam. They will therefore acquire the capability to communicate their knowledge in a suitable way. - Having conducted autonomous researches for the projects required for the course, with possible support from the teacher when necessary, students will be subsequently capable to deepen and continue the studies in this field.
Elective course	1st	9	ITA
1055932 \| Financial Instruments and Capital Markets Law	2nd	6	ITA
Educational objectives GENERAL OBJECTIVES The course aims to provide an organic and rational view of the functioning of the financial market, in the light of the most recent regulatory interventions on the subject. SPECIFIC OBJECTIVES - At the end of the course, students will learn about the complex regulatory system (EU directives, T.U.F., CONSOB regulations, CONSOB rulings) which governs the financial market in its various components: financial instruments, intermediaries, market organizations, issuers, auditing companies. - Students who have passed the exam are familiar with the legal mechanisms of operation of the various services and the governance of listed companies, as well as all types of functions performed by the Authorities (CONSOB and Banca d’Italia), including the related deeds. - Having carried out during the course specific analysis activities of the normative texts of reference, the students will not only be able to master the various preceptive sources of the subject, but will be able to critically interpret the complex system of the financial market. - Having taken the exam in oral form and having performed some exercises written in the classroom, the positively evaluated student will be able to adequately describe the topics learned during the course, both verbally and in written documents. - The interaction between the teacher and the students during the lessons and the individual study activity led the students to develop a method for the autonomous acquisition of new knowledge and skills in relation to the financial market, financial instruments and related subjects.
AAF1152 \| OTHER USEFUL SKILLS FOR INCLUSION IN THE WORLD OF WORK	2nd	6	ITA
Educational objectives Experts from job market give some lessons on their activity
AAF1019 \| Final exam	2nd	21	ITA
Educational objectives After the courses the students will have knowledge and will be able to apply the main models and computational techniques to deal with financial and actuarial problems. Furthermore the students will be able to discuss the chosen models and will be able to test their skills of analysis as well as communication. Students will have the basics that are indispensable to continue the studies such as PhD or master in finantial or actuarial fields, and to acquire the skills to pass the tests certification to practice as profession of Actuary.

Assicurazioni

1st year

Lesson	Semester	CFU	Language
1026559 \| MATHEMATICS FOR ECONOMICS AND BUSINESS ADVANCED COURSE	1st	9	ITA
Educational objectives The course aims at enabling students to grasp the basic mathematical topics and tools needed in Economics and Firm Management modelling, such as linear algebra, multivariable functions, static optimization methods, and techniques to solve differential equations. Students that pass the exam will be able to handle quadratic forms, to study their sign, to diagonalize matrices, to work with multivariable functions, such as utility and production functions, to optimize functionals depending on them, with or without constraints, to calculate Lagrange multipliers, and to solve differential equations. The course requires a good knowledge of basic mathematics and financial mathematics acquired in three-year degree courses; it is closely related to the course of Probability and Stochastic Processes and provides the basis for the subsequent teachings of Risk Theory, Quantitative finance, Methods and models for finance, Times series, Actuarial mathematics for the private companies of the same course graduation. Knowledge and understanding: After attending the course, students will be able to know the evaluation procedures of financial problems and to understand the results of mathematical models used to resolve those problems. Ability to apply knowledge and comprehension: At the end of the course, students will be able to use basic mathematical tools to evaluate financial problems in accordance with any robust financial theory and to apply a right knowledge in their use to real evaluation problems. Judgment skills: At the end of the course students will be able to understand the results derived from the financial tools applied and to explain differences among figures obtained from different models, in relation to the theoretical setting in wich the evaluation is provided. Communication skills: After passing the exam, students will be able to explain and discuss about the arguments treated during the course, giving their comments and remarks on the use of the mathematical tools learnt. Self-learning skills: After passing the exam, students will have a knowledge of the advanced mathematical topics and tools for financial modelling that will permit them to face future studies in mathematical finance for pricing of liquid and illiquid financial instruments.
1035428 \| PROBABILITY AND STOCHASTIC PROCESSES	1st	9	ITA
Educational objectives The main goal of the course is to provide students with a fair knowledge of the fundamental concepts of modern probability theory and of the most elementary stochastic processes, such as Markov Chains and Poisson Processes, through rigorous definitions of the main concepts and proofs of the most important theorems. The student should be able to i) understand and explain concepts, ii) connect and compare the main ideas, iii) be able to prove the fundamental theorems. He will also be able to solve problems and to model real situations according to examples shown in class. Many problems in probability may be solved in different ways. This allows to consider different approaches and discuss together relations among them in order to understand and correct potential mistakes. This course is fundamental to properly take more advanced courses in Mathematical Finance, Statistical Inference, Risk Theory and Time Series Analysis. Specific goals 1) Knowledge and understanding. Upon completion of the course, the student will be able to use the basic tools of probability necessary for understanding the main stochastic processes. He will therefore have a clear understanding of the concepts of dependence and independence of random phenomena and their long-term trends. The student will also be able to distinguish between processes that operate in continuous and discrete time. Furthermore, the study of Markov chains and their limit distributions will allow the student to understand the problems related to discrete-time stochastic processes. 2)Ability to apply knowledge and understanding. Through the theoretical and practical knowledge of the main models used in probability theory and in stochastic processes, the student will be able to understand the dynamics of financial phenomena by interpreting their characteristics in the best possible way. 3) Autonomy of judgment. Through the solution of probability exercises, the student will be able to autonomously identify the models suitable for describing various financial phenomena. She/he will also be able to analytically calculate the main parameters associated with these models by correctly interpreting their meaning 4) Communication skills. To handle the probabilistic concepts of this course, the student must get used to expressing himself rigorously, correctly formalizing intuitions and managing to express them in oral and written form. For this purpose, the teacher will stimulate interaction with students both during practical exercises and in the presentation and demonstration of the main theoretical results of the course 5) Learning skills. The analytical tools and theoretical models developed during the course will give the student the necessary skills for an analytical approach to the use of any predictive and explanatory model to be used in the financial field. In addition, the student will also have the ability to correctly evaluate the uncertainty associated with the forecasts made through statistical and econometric models
1017275 \| COMPANY EVALUATION	1st	6	ITA
Educational objectives The main methodologies of corporate valuation are analyzed and the approaches commonly used by practitioners (financial analysts, investment and merchant banks, consulting firms) are critically discussed. Examples will focus on corporate valuation issues using DCF, stock market and deal multiples completed by industry-specific as well as case-specific valuation techniques. Students who have passed the examination will be able to analyze the conceptual and theoretical framework surrounding valuation issues and the practical tools to address such topics in real-life situations. Students who have passed the examination will acquire the skills to pass the tests certification to practice as a chartered accountant and to play activity of counselling of professional accountancy.
AAF1870 \| PROBABILITY AT THE COMPUTER	1st	3	ITA
Educational objectives The course aims to provide students with a systematic introduction to the R software with particular attention to aspects related to the simulation of random variables and stochastic processes. During the course the Monte Carlo method for the numerical computation of integrals will also be introduced. The student should be able to use the R software to replicate the main theoretical probability results such as the law of large numbers or the central limit theorem through simulations. She/he will also be able to simulate the trajectories of some stochastic processes both in discrete time (random walks or more generally Markov chains) and in continuous time (Poisson process). In this way, the student will be able to have a greater perception of the theoretical characteristics related to the modeling of random phenomena and at the same time will have a solid knowledge of programming in R The Computer Probability course will provide indispensable tools to successfully follow, in addition to the Probability and Stochastic Processes course, also the Time Series Analysis course and more gener-ally any quantitative course. Specific goals 1) Knowledge and understanding. Upon completion of the course, the student will be able to use the basic R commands to synthesize and graphically represent data sets. The student will also be able to use R commands for the simulation of the main random variables and will be able to program short codes for the simulation of both non-standard random variables and random processes. 2) Ability to apply knowledge and understanding. Through the theoretical and practical knowledge of the simulation of the main models used in probability and in stochastic processes, the student will be able to understand the dynamics of financial phenomena by interpreting their characteristics in the best possible way. 3) Autonomy of judgment. Through the solution through simulation techniques of probability exercis-es, the student will be able to independently identify the models suitable for describing various ran-dom phenomena of a financial nature. She/he will also be able to numerically calculate the main pa-rameters associated with these models by correctly interpreting their meaning 4) Communication skills. To handle both the concepts related to R programming and the probabilistic ones, the student must get used to expressing himself rigorously, correctly formalizing intuitions and being able to express them in oral and written form. For this purpose, all the lessons will be held in the computer labs, and the teacher will continuously stimulate interaction with the students 5) Learning skills. The programming tools and probabilistic models developed during the course will give the student the necessary skills for an analytical approach to the use of any predictive and ex-planatory model applied in the financial field. In addition, the student will also have the ability to cor-rectly assess the uncertainty associated with the forecasts made through statistical and econometric-financial models
1018037 \| ECONOMICS OF INTERNATIONAL FINANCIAL MARKETS AND INTERMEDIARIES	2nd	6	ITA
Educational objectives The course aims to provide students with basic knowledge and tools on the cognitive functioning of the financial system through analysis of its international attitude and development. In particular, the course analyses all the components that characterize the operation of financial intermediaries upon different financial systems, distinguishing between different countries’ systems of regulation and supervision. At the end of the course student will be able to perform comparative analysis of different financial systems in terms of business models, types of institutions, organization of capital markets. In particular • Knowledge and understanding: at the end of the course students will have the knowledge base of the fundamentals elements for the effectiveness of financial system and its functioning in an international perspective; • Applying knowledge and understanding: students will have the knowledge of and some skill in the way in which truth-finding and the development of theories and models take place in the relevant fields of international financial systems; • Making judgements: students will have the knowledge of and some skill in the way in which decision-making takes place in the relevant fields, in order to improve any enhancement on the functioning of international financial systems; • Learning skills: Has knowledge of and some skill in the way financial systems can satisfy the issues coming from the economic units
1018066 \| ACTUARIAL MATHEMATICS FOR PRIVATE INSURANCE	2nd	9	ITA
Educational objectives The course aims to introduce the main methods and models of Actuarial Mathematics and to illustrate their application in the insurance field. The course focuses more precisely on the assessment of life and non-life insurance contracts and explores the theoretical principles, application problems and computational aspects. The course provides in particular the formulas and tools for calculating the premiums and reserves of traditional life insurance contracts and illustrates the strategic variables underlying the hedging, diversification and formation of portfolio profit. It also illustrates the charging methods and techniques of non-life insurance, focusing on the mathematical-probabilistic bases for calculating the total claims amount even in the non-insurance sector. Finally, the course provides the theoretical principles necessary for the evaluation of the financial options incorporated in insurance products with flexible services and for the choice among forms of cover alternative to insurance and reinsurance. The course requires a good knowledge of Mathematical Analysis, Financial Mathematics and Probability acquired in three-year degree courses and of Mathematics for the economics and companies - Advanced course and of Probability and Stochastic Processes. Futhermore it is closely related to the courses Risk Theory, of the Master's degree course Finass and provides the basis for the subsequent teachings of Actuarial Technique for Previdence and of Tecnique and Finance for Insurance of the same course graduation. A. Knowledge and understanding Students who pass the exam, will know the theoretical concepts and principles of Actuarial Mathematics and its applications in the insurance field. They will know the definition of a stochastic financial operation, the concept of actuarial value, the principle of equity and the criterion of expected utility. They will know the main types of life insurance policies and will have acquired the mathematical and computational tools for the calculation of premiums and reserves, both pure and commercial. They will know the probabilistic approach for calculating the total claims amount, the statistical pricing method in non-life insurance and the forms of personalization of the premium. They will know the main operational strategies achievable with the financial options and will be able to derive the methods for constructing and evaluating structured policies and forms of risks coverage different from reinsurance. B. Applying knowledge and understanding Students who pass the exam will be able to: calculate the prize and the mathematical reserves of the main life insurance contracts and discuss the results according to the variation of the technical assessment bases; calculate the total claims amount starting from different assumptions regarding the distribution of the number of claims and the individual claim amount; structure and evaluate contracts with flexible services; carry out numerical exemplifications on Excel sheets even using customized functions realized in VBA. C. Making judgments Students will develop the ability to set up and solve simple problems of coverage and diversification of insurance policies portfolios by identifying the main strategic variables; will be able to discuss the applicability of the models studied under more general hypotheses and in the presence of multiple sources of uncertainty and will be able to extend them to health insurance and insurance against catastrophe risks; they will be able to study and find the mathematical tools useful for dealing with the quantitative problems raised in practice by the new regulations; will have developed the ability to formalize in actuarial terms problems of measurement and management of non-insurance risks, too. D. Communication skills Students will have the opportunity to take the exam by presenting in the classroom a paper written with a colleague of the course and under the supervision of the teacher on a topic of the program: during the study phase, they will be able to test their skills of analysis as well as communication and collaboration with the course colleague and interaction with the teacher. During the writing of the written paper, they will have the opportunity to learn how to write a scientific text and to exercise the descriptive, logical-deductive and exemplifying skills; with the oral presentation, they will have the opportunity to compare themselves with the other course colleagues and to stimulate and involve them with their own arguments. E. Learning skills Students will have the basics of Actuarial Mathematics that are indispensable to support the other quantitative area exams required by the master's degree program, but also the tools useful for formalizing, understanding, explaining and solving the problems of risk measurement and management in general.
10616683 \| Theory of Risk	2nd	9	ITA
Theory of Risk: foundations	2nd	3	ITA
Theory of Risk: Laboratory	2nd	6	ITA
THREE-DIMENSIONAL MODELING
THREE-DIMENSIONAL MODELING

2nd year

Lesson	Semester	CFU	Language
10589226 \| insurance law	1st	6	ITA
Educational objectives The course aims to provide basic knowledge of Private Insurance law. Subject of study will be insurance company and the insurance contract. Specific objectives: - Knowledge of the institutes and disciplines. Ability to understand the themes and problems presented. - The student will acquire knowledge of law institutions and their rules. Understanding of problems which said rules are established for. Development of critical analysis and not merely receptive learning. - Students acquire the capacity to correctly interpret the meaning of rules. Ability to qualify facts in order to identify and select the applicable rules. - Students will develop the ability to clearly and correctly illustrate their knowledge, methods and results of interpretation. - Students will acquire the ability to evaluate in a systematic framework arguments supporting any thesis. Ability to understand and set in a systematic framework new laws and rules
1018106 \| TECHNIQUE AND FINANCE OF INSURANCE	1st	9	ITA
Educational objectives The course deals with the issues of calculating premiums and reserves for new generation life insurance policies both from a statutory and market consistent perspective and consequent assessment of the related solvency capital requirements. At the end of the course, the student will be able to use pricing and reserving models for valuating with profit contracts and index and unit linked insurance forms, both under local gaap criteria and the IAS and Solvency II financial rules. After passing the course exam the student will be able to face and pass the State exam for the Actuary profession on the specific topics covered during the course. 1. At the end of the course, the student will be in a position to know and understand the technical characteristics of the new generation forms of life insurance contracts, able to define risk sources underlying these contractual forms and to understand which type of financial and actuarial models to apply in order to evaluate the capital absorption due to regulatory capital requirements under Solvency 2 legislation. 2. At the end of the course the student will have knowledge of the quantitative models for evaluating new generation life insurance contracts, will be able to autonomously develop the calculation of the premium, the mathematical reserve and the solvency capital requirements, including techniques for parameters calibration. He will be able to develop the analysis for the implementation of the reference equations both in the context of the statutory financial statements and IAS and Solvency 2 financial statements. 3. At the end of the course the student will have acquired a good actuarial and financial sensitivity for the purposes of evaluating innovative insurance forms, sensitivity stimulated through some simulations carried out in the form of exercises and subsequent classroom control with collective discussion of the results. 4. The course offers students the opportunity to acquire a specific glossary related to the insurance technical context and life insurance finance, also thanks to the introductory part of the course aimed at analyzing the national and international regulations of the insurance sector. 5. At the end of the course, the student has knowledge of national and international regulatory sources governing the insurance sector and the ability in handling the financial and actuarial principles underlying the quantitative models for the fair value assessment of new generation contracts. Knowledge of regulatory sources and quantitative techniques constitute a good basis on which the student will be able to develop updates over time on the topics covered by the course.
1055924 \| Theory and techniques of social security pensions	1st	9	ITA
Educational objectives The course aims to provide students with the basic knowledge relating to pension systems, with particular reference to the Italian mandatory general insurance (AGO). An in-depth analysis of the Swedish social security system, which is among the most “advanced” ones in a technical point of view, is also carried out. The comparison of the two aforementioned pension systems is carried out. As part of the course, the basic conceptual aspects of a pension system are outlined both in terms of the calculation of benefits and in terms of financial management. The technical-actuarial, financial and demographic notions necessary for the "evaluation" of a pension system with respect to the problem of sustainability are also taught. Specific objectives: - The Italian pension system is analyzed in both the public and private compulsory component. An individual forecast model (TIE) used for the preparation of technical financial statements is provided. The fundamental notions of the Logical Sustainability Theory are also taught, which provides the sustainability conditions of a "partially capitalized ".D.D.1 - Students, by passing the exam, are able to understand the technical aspects of a pension system and to operate within it.D.D.1 - Having analyzed some case studies, students are able to assess the sustainability of a first pillar pension system.D.D.2 - The student, after passing the exam, is also able to give evaluative formulations of sustainability in written documents with adequate technical terminology.D.D:3 - The knowledge acquired is of primary importance for passing the state exam relating to the profession of Actuary and are also useful for further investigating social security issues.D.D.5 - The student at the end of the course is also able to assess the actual adequacy of the laws in force to provide valid and effective criteria regarding the sustainability of a pension system and the existence of logical errors in these regulations,D.D.5
Elective course	2nd	9	ITA
AAF1149 \| OTHER USEFUL SKILLS FOR INCLUSION IN THE WORLD OF WORK	2nd	3	ITA
AAF1019 \| Final exam	2nd	21	ITA
Educational objectives After the courses the students will have knowledge and will be able to apply the main models and computational techniques to deal with financial and actuarial problems. Furthermore the students will be able to discuss the chosen models and will be able to test their skills of analysis as well as communication. Students will have the basics that are indispensable to continue the studies such as PhD or master in finantial or actuarial fields, and to acquire the skills to pass the tests certification to practice as profession of Actuary.

Financial risk and data analysis - in lingua inglese

1st year

Lesson	Semester	CFU	Language
10592790 \| MATHEMATICS FOR FINANCE	1st	9	ENG
Educational objectives General goals: The aim of the course is to provide students with a sound knowledgre of the basic mathematical topics and tools for financial modelling, such as linear algebra, multivariable functions, static optimization methods, and techniques to solve differential equations. Some arguments will focus on the crucial role of the interest rate curve in evaluating financial cash flows. Specific goals: Knowledge and comprehension After attending the course, students will be able to know the evaluation procedures of financial problems and to understand the results of mathematical models used to resolve those problems. Ability to apply knowledge and comprehension At the end of the course, students will be able to use basic mathematical tools to evaluate financial problems in accordance with any robust financial theory and to apply a right knowledge in their use to real evaluation problems. Judgment skills. At the end of the course students will be able to understand the results derived from the financial tools applied and to explain differences among figures obtained from different models, in relation to the theoretical setting in wich the evaluation is provided. Communication skills. After passing the exam, students will be able to explain and discuss about the arguments treated during the course, giving their comments and remarks on the use of the mathematical tools learnt. Self-learning skills After passing the exam, students will have a knowledge of the advanced mathematical topics and tools for financial modelling that will permit them to face future studies in mathematical finance for pricing of liquid and illiquid financial instruments.
10611797 \| PROBABILITY AND STOCHASTIC PROCESSES	1st	9	ENG
1044460 \| INTERNATIONAL BANKING AND CAPITAL MARKETS	1st	6	ENG
10592625 \| ADVANCED STATISTICS FOR FINANCE	2nd	6	ENG
Educational objectives The course deals with the fundamentals and the main statistical topics of statistical inference, useful for the quantitative analysis of real phenomena, and particularly of financial markets. Students will be also introduced to the statistical software R as a tool for applying statistical methodologies to real data as well as a tool for understanding the statistical theory itself. Students who pass the exam will know the main concepts and procedures of statistical inference, concerning specific parameters, distributions and regression models. Students who pass the exam will acquire skills for data analysis: on the base of the methodologies introduced in the course, they will be able to discriminate among different statistical procedure and to choose the most suitable one for the problem under examination. They will be available to study data and to apply data reduction techniques, to investigate the variability of the phenomenon, and to study the relationship with possible explanatory variables (qualitative and/or quantitative) using the statistical software R. Therefore, starting with a real problem, they will be able to determine the best statistical procedure for analyzing the observed data and to obtain results. They will also be able to analyze in a critical way the obtained results, highlighting pros and cons of the adopted procedures. Students’ critical skill is especially encouraged by the discussion of case studies, which start from a real problem, statistically formalize it, and then show the empirical analysis and critically evaluate the results. The analysis of a case study is also required to students: at the end of the course they will have to produce a report concerning all the phases of the study, including a critical discussion of the results. The evaluation of the report will also concern students’ communication skills and their ability to explain what they learned and the results of the quantitative analysis. The deep comprehension of the statistical methodologies dealt with in the course, will allow the student to understand also models not described in the course, evaluating in complete autonomy their pros and cons.
10607268 \| ARTIFICIAL INTELLIGENCE IN BANKING AND FINANCE	2nd	6	ENG
10592626 \| BANKING AND FINANCIAL REGULATION	2nd	6	ENG
Educational objectives Students who pass the exam will be able to appreciate the structural changes in the banking and financial regulation after the financial crisis of 2007. They will then be able to know the current principles of banking regulation and financial markets, established at the level European and national level. SKILLS ACHIEVED: Students who pass the exam will be able to recognize, identify and apply principles and rules of banking regulation and financial markets, established at European level and at national level, including with reference to specific cases.
10592803 \| QUANTITATIVE FINANCIAL MODELLING	2nd	9	ENG
Educational objectives The goal of this course is to describe the mathematical models defining the dynamics of the interest rate term structure, as well as to show the main option pricing techniques, when the underlying evolves according to either a discrete-time or a continuous time model. It also deals with credit risk and interest rates derivatives. Specific goals: - At the end of lectures students will be able to recognize, define and analyze models and pricing methods for derivatives traded in the main financial markets (interest rates, credit and equity derivatives). Moreover, they will manage to apply the theoretical framework to practical experiences. -The students who pass the exam can identify the suitable model to describe the financial structure, and also establish the most efficient methodologies to solve the related financial issues. - By using the information inferred from the lectures, students autonomously may inspect the financial context, take into account the whole range of methods to use, and interpret the obtained results. - After passing the exam (that consists of a written text with open-ended questions and/or exercises), students will be able to adequately outline the main topics covered by the lectures, either verbally or through written documents. - Standard lectures and self study enable students to develop a method to autonomously acquire new financial knowledge and theoretical\practical skills.
THREE-DIMENSIONAL MODELING

2nd year

Lesson	Semester	CFU	Language
10599982 \| Financial optimization and asset management	1st	6	ENG
Educational objectives Students learn how to formulate mathematical models to tackle relevant finance and asset management problems, in particular those related to Portfolio Selection. They are introduced to different quantitative analysis and decision tools, mainly based on Optimization and Mathematical Programming. In addition, they acquire the capacity of using, understanding, and developing computational tools suitable for the efficient solution of the models proposed. Particular goals 1) Knowledge and understanding. At the end of the course, students will have a sound knowledge of optimization theory and of the main algorithms to solve optimization problems. They will also know the main optimization models used in finance and particularly in Portfolio Selection and Asset Management. 2) Applying knowledge and understanding. This course will enable students to address several practical problems in finance and asset management with the aid of quantitative models and with the use of computational tools for their solution. For each specific problem they will know which is the best fitting model and they will be able to evaluate the output solutions also under a multicriteria viewpoint. 3) Making judgements. On the basis of the knowledge variety of models presented in the course and of the capacity of each of them to capture the essence of a problem, students will develop an attitude to critical thinking and rigorous reasoning, being aware of the relations between models and real problems to which they are applied. They will be able to structure a problem, identifying the fundamental elements that should be included in the model which represents it. 4) Communication skills. To deal with decision problems via the application of quantitative models it is necessary to know a proper formal language. Students will be asked to discuss models and present the arguments of the course, also in a group collaboration. They will be stimulated by the teacher to write models in their algebraic form and to illustrate them orally. This is important for the student to become familiar with the use of the formal language, but also to reach the capacity of illustrating and explaining the models to every possible interlocutor, possibly using a non-technical language, but however precise and rigorous. 5) Learning skills. During the course the students will be required to conduct autonomous researches, with possible support from the teacher when necessary, referring to the related literature and reading specific papers published in the scientific journals of the disciplinary field. Students will be subsequently capable to deepen and continue the studies in this field. More generally, they will acquire the capacity of performing bibliographic researches on a specific subject of their interest. This is also useful for the student for the future development of her/his master thesis.
10592627 \| TIME SERIES AND FINANCIAL TIME SERIES	1st	9	ENG
Educational objectives The course aims at showing, both from a graphical point of view and from a methodological one, the main tools for analyzing economic and financial time series. Students will also learn to use to the statistical software R as a tool for applying statistical methodologies to real data, as well as for understanding the theory behind a model. Students who pass the exam will know the main concepts and procedures for model building when analyzing economic and financial time series. Students who pass the exam will have skills for data analysis: on the basis of the methodologies introduced in the course and of the knowledge of the R software tools, they will be able to choose the best model to represent real economic and financial phenomena. Starting from real data they will be able to find the best strategy to represent data. They will also be able to analyze in a critical way the obtained results, highlighting pros and cons of the chosen procedures. Students’ skills are stimulated by tackling real case studies and developing a research project which will be discussed in class. The evaluation of the report will also concern students’ communication skills and their ability to explain what they learned and the results of the quantitative analysis. The deep comprehension of the learned methodologies, will allow the student to understand more general models not explained in the course, evaluating advantages and disadvantages.
Elective course	2nd	9	ITA
AAF1462 \| DISSERTATION	2nd	21	ENG
Educational objectives After the courses the students will have knowledge and will be able to apply the main models and computational techniques to deal with financial and actuarial problems. Furthermore the students will be able to discuss the chosen models and will be able to test their skills of analysis as well as communication. Students will have the basics that are indispensable to continue the studies such as PhD or master in finantial or actuarial fields, and to acquire the skills to pass the tests certification to practice as profession of Actuary.
THREE-DIMENSIONAL MODELING
THREE-DIMENSIONAL MODELING

Optional groups

The student must acquire 6 CFU from the following exams

Lesson	Year	Semester	CFU	Language
1017112 \| FINANCIAL ECONOMICS	1st	1st	6	ITA
Educational objectives The course provides the basic principles of financial economics. This objective is pursued in two ways: describing the main features of the modern financial systems; downloading data from the web and elaborating them in order to provide an intuitive approach to financial economics. After completing the course students should be able: · to understand the functioning of modern financial systems; · to explain the principles of financial economics, · to apply and use basic asset pricing models.
10596470 \| MICROECONOMICS - ANALYSE AND POLICIES	1st	1st	6	ITA
Educational objectives The main objective of the course is to provide students with the notions and tools of the theoretical analysis of the general economic equilibrium, the welfare economics and the main cases of inefficiency and market failure. Solving exercises related to the main topics requires students to develop the skills to recognize and apply the appropriate solutions to each problem, as well as using the necessary analytical tools. The final part of the course allows students to use the acquired theoretical knowledge in the specific context of the labour market. More in detail, following the Dublin descriptors, it is possible to articulate the objectives of the course as follows: A. The student integrates the microeconomic knowledge acquired during the three-year degree course with the analysis of the general economic equilibrium and of the problem of efficiency referred to a plurality of agents. In this way he/she understands the meaning of the affirmations relating to the welfare generated in the markets as well as the origin of the possible causes of their inefficiency. B. The theoretical and analytical basis acquired enables the student to analyse the functioning of a concrete market, to recognize both the conditions and the benefits of its proper functioning and the various causes and consequences of its divergence from those conditions. Furthermore, on this basis he/she will be able to assess the economic rationales and the effects of the policies and institutions operating in a market. C. The course, through the study of the theory, the solution of the exercises and the in-depth study of selected topics relating to the labour market, requires the students to apply the theoretical notions, establishing a direct link between theory and economic reality. This link allows students to verify the usefulness of the theory and helps them to develop an independent analytical ability. D. The student acquires the ability to communicate the economic analyses: this result is reached through the acquisition of the formalized language, both mathematical and graphic, used for the theoretical analysis and in the solution of the exercises. E. The course aims at providing the student with the ability to study independently, thanks to the advancement of theoretical knowledge. Finally, the student develops the skills necessary for the preparation of the final thesis, the continuation of studies in the various fields of the economy or in different professional positions and environments.

The student must acquire 6 CFU from the following exams

Lesson	Year	Semester	CFU	Language
1055909 \| Econometrics I	1st	2nd	6	ITA
Educational objectives Objective of the course is making the student able to apply the basic methods of Econometrics and to perform an econometric analysis of simple economic and financial phenomena. These phenomena may regard both the whole economic system in a Country, and particular sectors of its.
1051447 \| Advanced monetary economics and policy	1st	2nd	6	ITA
Educational objectives The Advanced Course in Monetary Economics and Policy aims at introducing students to the recent debate on the theory of monetary policy. To this end, students learn the concepts, methodologies and analytical tools which are necessary to understand the advanced theoretical models on the subject matter. Special attention is devoted to the analysis of dynamical system, to the methods of expectation formation and to the foundations of game theory. Based on these conceptual and analytical elements, the course pursues the general objective of deepening the main theoretical issues which contributed to design the monetary policy regimes actually realised in the last decades. In this way, the course allows students to understand the current debate on the accomplished realizations and on the limits encountered by the central banks of the main industrialized countries. This requires to devote a specific part of the course to the theoretical models recently employed to identify the optimal behaviour of central banks. In this way, the course offers students the possibility to learn both advanced theoretical notions, which are useful to understand the real economic world and which are necessary for those who wish to continue the study of economics, and the actual behaviour of monetary authorities, of particular relevance for those who are interested in monetary and financial issues and wish to enter the labour market after the Laurea. The acquisition of all the tools that are necessary to achieve the teaching targets is guaranteed by specific sections of the program. Acquired knowledge Students passing the exam know at an upper intermediate level the most recent theory of monetary policy and they understand the most recent theoretical models underlying the behaviour of the central banks of the main industrialized countries. They possess the advanced mathematical and economic tools required by this task and have a particularly good knowledge of game theory and economic dynamics. They understand the problems introduced into monetary economic modelling by the presence of multiplicative uncertainty. Specific knowledge refers to both New Classical and New Keynesian theorising in monetary policy, to the design of constraints on central banking and to the problem of transparency in monetary policy. The simulation of dynamical economic systems is known at an introductory level. Acquired skills Students passing the exam are able to understand the current debate on the theory of monetary policy and to read without any problem National and International reports on central banking by private and public institutions (starting from the monthly bulletins and the annual reports by central banks, the Bank for International Settlements, the International Monetary Fund and the other main international institutions). They read without difficulties scientific papers on the studied topics at an upper intermediate level. They are also able to construct upper intermediate models employing game theory and dynamic optimisation methods. They can simulate the response of economic variable to shocks in basic dynamic stochastic general equilibrium models by use of the Dynare freeware software. Finally, they can understand the motivations underlying the actual choices of central banks and to derive their effects on the (current and expected) main economic variables.

The student must acquire 3 CFU from the following exams

Lesson	Year	Semester	CFU	Language
AAF1946 \| COMPUTATIONAL TOOLS FOR FINANCE	1st	1st	3	ITA
Educational objectives This course is an introduction to the use of the statistical software R. It aims at making students able to synthesize data, especially those concerning the financial markets. Students who have actively attended the course, will have learned basic commands in R, will be able to read and analyze external data sets, to create new data sets, to make operations among vectors and matrices, to give the most appropriate graphic representation, to make tables (simple and multiple), to analyze data under restriction, to implement loops. Acquiring the basic notions, students will be able to use R even in more specific contexts, which require ad hoc procedures, as in the estimate of particular statistical and econometric models. Furthermore, understanding the underlying logic of this kind of computer language, will allow students to autonomously derive command sequences, even concerning functions not explained in the classrooms.
AAF1575 \| FURTHER KNOWLEDGE FOR PLACEMENT ON THE JOB MARKET	1st	1st	3	ENG
Educational objectives Experts from job market give some lessons on their activity

The student must acquire 12 CFU from the following exams

Lesson	Year	Semester	CFU	Language
10592800 \| ECONOMETRICS FOR FINANCIAL MARKETS	2nd	1st	12	ENG
Educational objectives The course aims at introducing students to the theory, the techniques and the advanced practice of econometric analysis in economics and in finance, with special regard to: measuring non observable economic variables, verifying economic theories, forecasting future pattern of real economic and financial variables, evaluating the effects of macro and micro-economic policies. Furthermore, the course will also address some situations where the assumptions of the Ordinary Least Squares estimator do not hold and thus classical regression analysis is not applicable. Particular attention will be paid to models for limited dependent variables and to Vector Autoregressive (VAR) models. Concepts will be presented by means of an extensive use of examples with real economic and financial data, in order to achieve a better understanding of the theoretical concepts and to introduce the students to the practice of computationally-based estimation and validation techniques. Students who pass the exam will know and understand the basic instruments of econometrics and their use to solve empirical economic and financial problems. The discussion of case-studies will make students able to apply econometric tools to answer economic and financial questions of interest. Students will be able to autonomously conduct and comment empirical analyses, also evaluating possible violations of the basic assumptions. Finally, students will be able to interpret and present the results coming from the estimated models, both in oral and in written form.
10612672 \| FURTHER PROFESSIONALIZING ACTIVITIES - TRAINING MINOR	2nd	1st	12	ENG

The student must acquire 9 CFU from the following exams

Lesson	Year	Semester	CFU	Language
10592804 \| MODELS FOR RISK AND FORECASTING	2nd	2nd	9	ENG
Educational objectives The course introduces and develops the most important risk measures for risk management, like Value at Risk and Expected Shortfall, teaches how to build models that are able to estimate and to forecast them using financial data. During the course we will build static and dynamic models to forecast future risk situations. Distinct risk measures have diﬀerent impacts on asset pricing, portfolio hedging, capital allocation, and investment performance evaluation. Moreover statistical tools and systemic risk measures will be considered in order to evaluate the interconnection in risk propagation between financial systems. Real data will be analyzed using the most common statistical software. Students who pass the exam will know the main concepts and procedures for quantifying model risk and for evaluating systemic risk also in a forecasting framework, using backtesting to find the best model. Students who pass the exam will acquire skills for real data analysis. Starting from real data, they will be able to find the best model to control risk in a financial environment. They will also be able to analyze in a critical way the obtained results, highlighting advantages and disadvantages of the chosen procedures. Students’ skills are stimulated by tackling real case studies and developing a research project which will be discussed in class. The evaluation of the report will also concern students’ communication skills and their ability to explain what they learned and the results of the quantitative analysis. The deep comprehension of the learned methodologies, will allow students to tackle risk problem related with the risk management environment both from a job and from a research point of view.
10592806 \| RISK MANAGEMENT AND CAPITAL REQUIREMENTS	2nd	2nd	9	ENG
Educational objectives The aim of the course is to provide students with the advanced quantitative tools for developing an economic capital model to measure and control the financial stability of Banks, Investment Funds and Insurances, in accordance with the international rules imposed by Regulators. Main topics of the course are: (a) to define a quantitative model of a measure of economic value (e.g., EVA, embedded value, economic capital), (b) to apply risk measures and to demonstrate how to use them in an economic capital theoretical framework, (c) to propose techniques of allocation/appropriating the “cost” of risk/capital/hedge strategy to business units in order to gauge risk adjusted performances (e.g., returns on marginal capital). Knowledge and comprehension. After attending the course, students will be able to know the evaluation methods of capital requirements and to understand the results of mathematical models used to control the risk exposure of a financial entity. Ability to apply knowledge and comprehension. At the end of the course, students will be able to use advanced computational tools to evaluate financial stability of financial institutions in accordance with the international regulation and to apply a right knowledge in their use to monitor the stability level of a bank, an investment fund and an insurance company. Judgment skills. At the end of the course students will be able to understand the results derived from a specific risks aggregation formula adopted to calculate the capital allocation and to explain the contribution of each risk source (interest risk, equity risk, spread risk, concentration risk, correlation risk, operational risk, etc.) to the entity financial stability. Communication skills. After passing the exam, students will be able to explain and discuss about the arguments treated during the course, giving their comments and remarks on the use of the quantitative tools learnt. Self-learning skills. After passing the exam, students will have a knowledge of the advanced quantitative and technical tools for capital requirements evaluation under a risk based approach that will permit them to face future studies and applications in the risk management sector.