Learning objectives
The basic elements that are useful to evaluate an asset management company. The course will start with an analysis of the different business models in asset management, and then will focus on understanding investment organization, product development, distribution, operational and control functions.
Content
Professor
Learning objectives
Why and how public authorities intervene in financial markets, with a special focus on wealth management. The starting point is the reason why the financial system needs regulation. Then, we will look through the wealth management characteristics and business models and debate the impact of the prudential regulation and the investor protection approach. We will discuss the regulatory framework on both the investment services production side and the distribution side. Finally, we will address the topic of the reputational risk in wealth management, having a special look at the distribution side.
Content
Professor
Learning Objectives
The basic ideas of risk measurement and risk management. Stress is given to classic multifactor models for the statistical analysis of vectors of returns (in particular in the stock market case). The basic ideas of Value at Risk and its estimation are discussed with examples. A quick description of more advanced techniques and of the computation of VaR for derivatives is provided.
Content
Professor
Obiettivi
Analizzare le tecniche per la creazione di portafogli sensibili a specifici fattori di rischio, come size, value e momentum, che rappresentano le basi per la nuova generazione di prodotti smart beta, e discutere gli strumenti per la gestione di portafoglio di lungo periodo.
Contenuti
Docenti
Learning Objectives
The trading environment –market structure, venues, and participants. The course will start with an overview of the trading process, focusing on the orders traders place and the clearing mechanisms in order-driven markets. An analysis of the organization and regulation of trading venues around the world will follow. Finally, the course will deal with quote-driven markets with special attention devoted to the microstructure of the corporate bond market.
Content
Professor
Learning Objectives
Valuation of different commodities assets like energy, precious and industrial metals as well as agricultural commodities. We also address the question if commodities have a risk premia like other traditional asset classes and look into other factors that drive price returns of commodities apart from valuation. Lastly we will look into the role of commodities within a wider multi-asset portfolio and the benefit to diversification of the overall portfolio risk.
Content
Professor
Obiettivi
Imparare ad ottimizzare la struttura di portafoglio, sia in ottica asset-only sia nell’ottica della gestione congiunta di attività e passività finanziarie. Discuteremo i limiti dei modelli tradizionali nell’ambito generale degli errori di stima dei parametri e dell’alternativa costituita dai metodi di ottimizzazione. Il secondo obiettivo del corso è quello di considerare l’ottimizzazione nell’ambito della tecnica di liability-driven investment, includendo le tecniche dinamiche che usano o simulano la presenza di opzioni, come la CPPI.
Contenuti
Docenti
Learning Objectives
The first part of the course outlines various stages of portfolio decision making and compares optimal precepts to actual household decisions as measured in the data. Do households follows the basic precepts of financial theory? Which households makes the largest mistakes? How costly are deviations from optimal behavior? How do households invests as they get richer?
The second part of the course will focus on three key issues: the characterization of households preference for risk, their measurement and determinants; the role of trust in shaping households financial decisions and the relation with financial intermediaries; and finally the role and working of financial advice, investigating who relies on advice, why they do and whether advice is rewarding or not. .
Content
Professor