091EC - FINANCIAL MARKETS AND INSTITUTIONS 2022
Schema della sezione
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Keep an eye on this section for the latest news about this course!
08/02/2024 - Sixth exam session: results. Unfortunately no one that wished to take the oral exam qualified for it. You can check here the solution. The other results will be published later, probably tomorrow.
UPDATE: Here are the complete results. Those that want to check their exams can meet me in my office tomorrow from 14 PM.
25/01/2024 - Fifth exam session: results. Please find all results in the attached file. No one either wanted or qualified for the oral. Nonetheless, those wishing to see their test can show up on the 26/01, from 9.00, in my office (third floor). You can check here the solution to each question.
14/09 - Fourth exam session: results. Please find all results in the attached file. No one that qualified for the oral chose it, but on the 15th September from 14.00 in my office (third floor) you can see your exam and ask any question. You can check here the solution to each question.
29/06 - Third exam session: results. Please find all results in the attached file. Those qualifying for the oral exam will be heard on the 30th June, from 9.00, in my office (third floor). Those wishing to see their exam can also show up on the 30th June, or can arrange a later meeting. I will upload all results on Esse3 after the oral exam. You can check here the solution to each question.
15/06 - Second exam session: results. Please find all results in the attached file. Those qualifying for the oral exam will be heard on the 16th June, from 9.00, in my office (third floor). Those wishing to see their exam can also show up on the 16th June, or can arrange a later meeting. I will upload all results on Esse3 after the oral exam. You can check here the solution to each question.
01/06 - First exam session: results. Please find all results in the attached file. Those qualifying for the oral exam will be heard on the 6th June, from 9.00, in my office (third floor). Those wishing to see their exam can also show up on the 6th June, or can arrange a later meeting. I will upload all results on Esse3 after the oral exam. You can check here the solution to each question.
22/05 - Here is the final self assessment, B8 (Derivatives) - since we skipped B7 "Other intermediaries".
17/05 - Here is the next self assessment, B5-B6 (Insurance and pensions, Securities' industry).
15/05 - Here is the self-assessment for parts B3-B4 (Banks, Mutual funds), whereas here you can find the one for B1-B2 (Financial crises, Central banks). Still encouraging you to take them all as soon as possible...
14/04 - Here is the self-assessment for parts A7 and A8 (Mortgage market, Forex). So far only 19 took the first test, 14 the second, and 12 the third. I encourage you to use this tool, but if you are not interested, I can save some time and do other things.
13/04 - I have corrected the mistake on the Interest Rates presentation. Thanks again to those finding it and letting me know!
29/03 - Here is the self-assessment for parts A5 and A6 (Bond markets, Stock markets).
27/03 - Please note that some changes occured to our calendar. In particular, no class will be held on the 3rd April.
24/03 - Some news for Italian students. A challenge on financial education is open from a collaboration between the Italian government and the association of scholars in financial markets and institutions. There is a prize in money, and it could be a chance to prove your ideas and your understanding of the most complex topic in financial education: pensions. Worse: the target is young people as you, those that could not care less about retirement... But here is the link. Deadline is 30th April! I can provide some help if a team is formed. Last year the team from this university won!
22/03 - Here is the self-assessment for parts A3 and A4 (Efficient markets & behavioural finance, Money markets).
16/03 - Click here to find an online self-assessment test for the first 2 parts of our topics (the financial system, interest rates). My plan is to provide more of them as we continue our classes. Do it to check your understanding of our topics, and to allow me to see the progress of the class.
06/03 - Dear students, our university needs your help for a project we have together with an Italian bank. What you are asked to do, only if you want to participate, is to provide the requested information to this form. I did not create it (unfortunately, it's in Italian), but what happen after it will happen in English. You are requested to send your family name (cognome), given name (nome), name of the degree you are attending (corso di studi) and your email address. You will then receive directly in your email a survey that will ask you to review a simulated job proposal. The purpose is to adress how young people reacts to how a job offer is designed. Your personal data will be deleted after you provide this feedback, that as of itself is anonymous. The need to collect addresses and names is to have some control on who is answering and avoiding the usual issues of totally uncontrolled anonymous surveys. It won't take more than 5 minutes or so, when you receive the email. Please do, if you feel like it!
24/02 - Due to the unexpected large number of students taking this course compared to the past, I need to change the assessment method compared to what was included in the original syllabus. Please see below the explanation, in the Syllabus section.
21/02 - The Teams page is online. Moreover, we have our first seminar confirmed for the 17th March (outside class hours), 10-11.30, Room 3_B in Building D (also online for those unable to attend, link will be provided on Teams).
17/01 - Moodle Page created
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Please find here the syllabus of this course, and read it carefully.
Changes to the exam from the A.Y. 2022/23
Due to the growing number of students taking this course, the exam will change from now on. Therefore, unlike what you can find in the original syllabus, consider the following as the instructions for the assessment phase. Students from previous years (a.y. 2021/22 or earlier) will also be subject to the new method, starting with the Summer session 2023. Unfortunately, the oral exam is becoming increasingly challenging with growing numbers of participants, for both the lecturer and students.
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Assessment and grading (Modalità di verifica dell'apprendimento)
Grading is based on a final written exam and a non-mandatory oral exam.
The written exam is required for all students. It consists of three parts: 1) ten multiple choice questions; 2) one open question with short answer; 3) one numerical exercise.
Multiple choice questions address basic concepts of this course, such as definitions and overarching features of financial markets, institutions and instruments. Each question has 4 alternatives, of which only one is correct. Each correct answer is worth 1 point and there is no penalty for wrong answers. However, it is required to provide a correct answer to at lest 5 of these 10 questions, otherwise the test will be considered failed. Examples of these questions are covered during classes.
The open question addresses a more advanced understanding of one of the topics covered during classes. It requires a short answer, no longer than 10 handrwitten lines. The focus here is on the ability to correctly identify and describe the most relevant aspects pertaining to the topic. A few examples: 1) Describe the most relevant assets and liabilities (or revenues and costs) of a financial institution; 2) Describe the main players (or instruments) pertaining to a specific financial market; 3) Illustrate the main advantages and disadvantages of a specific financial performance metric (such as the yield to maturity, the duration, the dividend discount model, etc.). This question is worth up to 10 points, awarded on the basis of the correct identification of the most relevant contents pertaining to the question, and the quality of the explanation (level of knowledge, proper use of technical language, ability to sum up).
The numerical exercise will require participant to provide a specific calculation for a financial performance metric that was presented and discussed during classes. A pocket calculator can be used. The exercise is worth up to 10 points, awarded on the basis of the correctness of the calculation and the quality of the explanatory text.
The exam, assuming that at least 5 multiple choice questions are right, is passed with a total score of at least 18, summing its three parts.
The oral discussion is non mandatory and it is designed for those aiming at higher grades. The choice is given to participants obtaining at least 27 in the written exam. Who does not wish to take this chance will get a maximum grade of 27, even if their starting score is higher. The oral discussion can increase this value up to 30 (eventually with honors), but can lead on a downgrade of maximum 2 points. With a score between 18 and 26, no oral will take place and the grade will be confirmed. With 27-30 from the written exam, those choosing not to take the oral exam will all get 27. Those taking the chance will get from 2 grades lower (25 with a score of 27, 26 for 28, and so on) to 30 with honors.
The oral discussion is based on one or two questions, for a total of 5-15 minutes (the shorter the better is the outcome). The questions require to apply evaluation tools in a real-world scenario taken from financial markets, institutions, instruments or recent news on them. The purpose is to demonstrate higher levels of understanding, competence, critical thinking and application of knowledge. The oral exam will typically take place one or two days after the written exam.
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Any changes will be announced as early as possible. Last update: 15/05/2023
Classroom 2_A (Building D). Classes are held on Mon, 11-14, and Wed, 13-15, unless stated otherwise
DAY START END HOURS ACTIVITY TOPIC 27/2 11:00 14:00 3 0001 Course presentation. Overview of financial markets 1/3 NO CLASS! 6/3 11:00 14:00 3 0001 Interest rates 8/3 NO CLASS! 13/3 11:00 14:00 3 0001 Interest rates 15/3 13:00 15:00 2 0001 Market efficiency and behavioural finance 17/3 10:00 11:30 2 0003 SEMINAR (prof. Paltrinieri): Understanding oil&gas markets 20/3 11:00 14:00 3 0001 Money markets 22/3 13:00 15:00 2 0001 Bond markets 27/3 11:00 14:00 3 0001 Bond markets 29/3 13:00 15:00 2 0001 Stock markets. 3/4 NO CLASS! 5/4 13:00 15:00 2 0001 Mortgage markets 10/4 NO CLASS! 12/4 13:00 15:00 2 0001 The Forex 17/4 11:00 14:00 3 0001 The Forex 19/4 13:00 15:00 2 0001 Financial crisis. Central banks and monetary policy 24/4 NO CLASS! 26/4 13:00 15:00 2 0001 Central banks and monetary policy 1/5 NO CLASS! 3/5 13:00 15:00 2 0001 Banks 8/5 11:00 14:00 3 0001 Banks 10/5 13:00 15:00 2 0001 Mutual funds. Insurance and pensions 15/5 11:00 14:00 3 0001 Insurance and pensions 17/5 13:00 15:00 2 0001 Securities industry. Other intermediaries 22/5 11:00 14:00 3 0001 Derivatives 24/5 13:00 15:00 2 0001 Derivatives -
Here you can find presentations, readings and other useful teaching resources.