010091 c o u r s e s b r o c h u r e - unito.itchapter 6: the risk and term structure of interest...

010091

C O U R S E SB R O C H U R E

CdLM Business Administration

Printed by Campusnet - 23/03/2020 15:52

Advanced Corporate finance and capital markets - IntegratedcourseAdvanced Corporate finance and capital markets - Integrated courseAcademic year: 2019/2020

Course ID: MAN0529

Teachers: Eleonora Isaia (Lecturer)Nicola Miglietta (Lecturer)Cristina Rovera (Lecturer)

Teacher contacts: 011 6706042, [email protected]

Year: 1st year

Type: Distinctive

Credits/recognition: 10

Course SSD (disciplinary sector): SECS-P/09 - finanza aziendaleSECS-P/11 - economia degli intermediari finanziari

Delivery: Formal authority

Language: English

Attendance: Obligatory

Type of examination: WrittenCOURSE OBJECTIVESCOURSE OBJECTIVES

english

Detailed information are available in the data sheet of each teaching module

italiano

Per le informazioni di dettaglio è possibile fare riferimento alle schede dei singoli moduli checompongono l'insegnamento

COURSE AIMSCOURSE AIMS

english


italiano


COURSE DELIVERYCOURSE DELIVERY

english

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https://www.business-administration.unito.it/do/corsi.pl/Search?format=6;print=1;max=999999;title=none;nohead=1#mainContent


italiano


LEARNING ASSESSMENT METHODSLEARNING ASSESSMENT METHODS

english


italiano


PROGRAMPROGRAM

english


italiano


SUGGESTED TEXTBOOKS AND READINGSSUGGESTED TEXTBOOKS AND READINGS

english


italiano


Course modules:

Advanced Corporate Finance and Capital Markets - Modulo Advanced Capital MarketsAdvanced Corporate finance and capital markets - Modulo Advanced Corporate Finance

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=kfo3

- 2 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=kfo3

Advanced Corporate Finance and Capital Markets - ModuloAdvanced Capital MarketsAdvanced Corporate Finance and Capital Markets - Modulo Advanced CapitalMarketsAcademic year: 2019/2020

Course ID: MAN0529B

Teachers: Eleonora Isaia (Lecturer)Cristina Rovera (Lecturer)Massimo Giorgini (Lecturer)Alessio Bongiovanni (Tutor)


Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): SECS-P/11 - economia degli intermediari finanziari


Language: English



english

At the end of the course, student will gain understanding of the current capital markets landscape,the functioning of Stock Exchanges, the roles of different types of intermediaries and investors, theimpact of technology, the strategic relevance of resilient trading and clearing infrastructures andfast changing regulatory framework for the purpose of market integrity.

The course also provide students with basic knowledge of asset management and RAP ratios, aswell as a brief description of the reform of interest rate benchamrks that drive all prices in themarket.

italiano

Il corso si propone di illustrare il funzionamento dei mercati azionari, il ruolo die diversiintermediari, l'impatto della tecnologia, l'importanza del trading e del clearing, oltre al rapidocambiamento normativo finalizzato all'integrità dei mercati.

Inoltre si forniranno conoscenze base di asset management e di calcolo delle performanceaggiustate per il rishcio (RAP ratios) e dei nuovi tassi benchamerk che guidano tutti i prezzi dimercato.


english

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Students should demonstrate knowledge and understanding of the functions and economics ofExchanges, scenario and main players, the evolving trading venues landscape, the regulationinfluencing industry competition and the fundamentals of markets microstructure.

Students also should learn basics on asset management and risk-performance measurements.

Finally, students should update their knowledge on the reform on interest rate benchmarks thatdrive prices on financial markets.

Learning should be critical and active class participation is required, with opportunity to discuss realcase studies.

italian

Gli studenti conseguiranno conoscenza e comprensione dei funzionamento e dei fondamentieconomici dei mercati, dello scenario e relativi attori, dell'evoluzione delle trading venues, dellaregolamentazione che influenza la competizione nell'industria e dei fondamentali dellamicrostruttura dei mercati.

Inoltre apprenderanno le basi delle teorie di asset allocation e come calcolare le perfomanceaggiustate per il rischio.

Da ultimo, aggiorneranno le loro conoscenze sulla riforma dei tassi benchmark che guidano tutti itassi di mercato.


english

Traditional lectures, seminars by professionals, exercises and virtual rooms.

italian

Lezione tradizionale, testimonianze di professionisti, esercizi e aule virtuali.


english

The final grade is made up:

a written exam on the exchange insdustry (max score 24)a written exam on the asset management and RAP ratios (max score 4)a written and shot essay (max score 2)Questions will consist in questions based on theory as well quantitative exercises.

italian

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Il voto finale sarà calcolato valutando (congiuntamente):

un esame scritto sulla exchange insdustry (max score 24)un esame scritto sulasset management e indicatori RAP (max score 4)una breve relazione scritta sulle novità in tema di tassi di interessi e curve dei tassi (maxscore 2)Le domande delle prove scritte consistono in esercizi e teoria.

SUPPORT ACTIVITIESSUPPORT ACTIVITIES

english

The lecturer provides students with exposure to recent capital market updates. Where possible,information providers will be used to observe financial markets in real-time conditions and howasset prices change when additional information flows to market participants. The course will alsobe featured by the participation of guest speakers who are market experts with respect to recenttrends in asset management and risk management.

italian

TA, guest speakers esperti del mercato.

PROGRAMPROGRAM

english

The evolution of the Exchange industryMarkets infrastructure and market integrityFundamentals of market microstructure

Determinants of markets liquidity and transaction costsRole of algorithmic trading in global fragmented marketsBasics of asset management and RAP ratiosThe reform of interest rate benchmark

italianThe evolution of the Exchange industry

L'evoluzione dell'industria dei mercati azionariInfrastruttuta e integrità dei mercatiFondamenti della microstruttura dei mercati

Determinanti della liquidità dei mercati e dei costi di transazioneRuolo del trading algoritmico nei mercati globali frammentati Basics di asset management e indicatori RAP La riforma epocale dei tassi di interesse di riferimento


english

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F. Mishkin, The Economics of money banking and financial markets, Pearson.

Chapter 6: the risk and term structure of interest rates

Manuela Geranio, Evolution of the Exchange Industry, Springer, 2016

Additional study material will be uploaded on Moodle during the course.

Additional documentation will be provided by the Professor during the course. Students areexpected to review and study the material covered in the handouts.

italian

Capitolo 6: the risk and term structure of interest rates


Materiale addizionale sarà caricato su Moodle durante il corso.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=slfe

- 6 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=slfe

Advanced Corporate finance and capital markets - ModuloAdvanced Corporate FinanceAdvanced Corporate finance and capital markets - Modulo Advanced CorporateFinanceAcademic year: 2019/2020

Course ID: MAN0529A

Teachers: Nicola Miglietta (Lecturer)Fabio Creta (Tutor)

Teacher contacts: + 39 011 6706054, [email protected]

Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): SECS-P/09 - finanza aziendale


Language: English



english

The course aims to provide students with conceptual references and operational tools relating tofinancial transactions with strategic value for the company, analyzing the choices relating to thefinancial structure objective, some forms of financing that are increasingly used by companiesbecause of their importance or topicality. The objective is to highlight the connections betweenfinance and business strategy, also through the analysis of concrete business situations.

italiano

Il corso si propone di fornire agli allievi riferimenti concettuali e strumenti operativi relativi adoperazioni finanziarie dotate di valenza strategica per l'impresa, analizzando le scelte relative allastruttura finanziaria obiettivo, alcune forme di finanziamento che per la loro importanza o attualitàsono sempre più frequentemente utilizzate dalle imprese. Ci si pone l'obiettivo di mettere inevidenza le connessioni tra finanza e strategia aziendale, anche attraverso l'analisi di situazioniaziendali concrete.


english

The student will have to acquire the ability to analyse and evaluate the main advanced financialoperations of strategic importance for the firm.

- 7 -

italiano

Lo studente dovrà acquisire la capacità di analizzare e valutare le principali operazioni finanziarieavanzate d'importanza strategica per l'azienda.


english

Frontal lessons lasting a total of 35 hours (5 CFU), which take place in the classroom with thesupport of slides; there are also exercises, practical cases.

Prof. Nicola Miglietta (14 hours, 2 Credits)Prof. Fernando Diaz (21 hours, 3 Credits)

italiano

Lezioni frontali della durata complessiva di 35 ore (5 CFU), che si svolgono in aula con l'ausilio dislides; sono previsti anche esercizi, casi pratici.

Prof. Nicola Miglietta (14 ore, 2 Crediti)Prof. Fernando Diaz (21 ore, 3 Crediti)


english

During the exam, therefore, the student's preparation for the theoretical part and the applicationpart (exercises) will be verified through a written test (with open questions and exercises).

italiano

In sede di esame, quindi, verrà verificata la preparazione dello studente sulla parte teorica e sullaparte applicativa (esercitazioni), attraverso una prova scritta (con domande aperte ed esercizi).

PROGRAMPROGRAM

english

Programm of the first part (Prof. Nicola Miglietta):

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-Introduction to Corporate Finance.-Tools of Cash Management.-Advanced Capital Structure (Does Debt Policy Matter? How much should a CorporateBorrow? Financing and Valuation).

Programm of the second part (Prof. Fernando Diaz):

-How Corporation Issue Securities.-Governance and Corporate Control Around the World.-Efficient Markets and introduction to Behavioral Finance.-Payout Policy.

italiano

Programma prima parte (Prof. Nicola Miglietta):

-Introduzione alla Corporate FInance.-Strumenti di Cash Management.-Struttura finanziaria avanzata (La politica del debito ha importanza? A Quanto dovrebbeammontare il livello di debito? Finanziamento e valutazione).

Programma seconda parte (Prof. Fernando Diaz):

-Come la società emette titoli.-Governance e Corporate Control nel mondo.-Mercati efficienti e introduzione alla finanza comportamentale.-Payout policy.


english

Brealey, R.A., Myers, S.C. and Allen F., Principles of Corporate Finance, 12/e (Global Ed.), McGrawHill, 2016. Chapters: 1, 9, 13, 14, 15, 16, 17, 18, 19, 33.

italiano


Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=03cw

- 9 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=03cw

Advanced Corporate Finance and Capital Markets - ModuloAdvanced Capital MarketsAdvanced Corporate Finance and Capital Markets - Modulo Advanced CapitalMarketsAcademic year: 2019/2020

Course ID: MAN0529B

Teachers: Eleonora Isaia (Lecturer)Cristina Rovera (Lecturer)Massimo Giorgini (Lecturer)Alessio Bongiovanni (Tutor)


Year: 1st year

Type: Distinctive




Language: English



english

At the end of the course, student will gain understanding of the current capital markets landscape,the functioning of Stock Exchanges, the roles of different types of intermediaries and investors, theimpact of technology, the strategic relevance of resilient trading and clearing infrastructures andfast changing regulatory framework for the purpose of market integrity.

The course also provide students with basic knowledge of asset management and RAP ratios, aswell as a brief description of the reform of interest rate benchamrks that drive all prices in themarket.

italiano

Il corso si propone di illustrare il funzionamento dei mercati azionari, il ruolo die diversiintermediari, l'impatto della tecnologia, l'importanza del trading e del clearing, oltre al rapidocambiamento normativo finalizzato all'integrità dei mercati.

Inoltre si forniranno conoscenze base di asset management e di calcolo delle performanceaggiustate per il rishcio (RAP ratios) e dei nuovi tassi benchamerk che guidano tutti i prezzi dimercato.


english

- 10 -

Students should demonstrate knowledge and understanding of the functions and economics ofExchanges, scenario and main players, the evolving trading venues landscape, the regulationinfluencing industry competition and the fundamentals of markets microstructure.

Students also should learn basics on asset management and risk-performance measurements.

Finally, students should update their knowledge on the reform on interest rate benchmarks thatdrive prices on financial markets.

Learning should be critical and active class participation is required, with opportunity to discuss realcase studies.

italian

Gli studenti conseguiranno conoscenza e comprensione dei funzionamento e dei fondamentieconomici dei mercati, dello scenario e relativi attori, dell'evoluzione delle trading venues, dellaregolamentazione che influenza la competizione nell'industria e dei fondamentali dellamicrostruttura dei mercati.

Inoltre apprenderanno le basi delle teorie di asset allocation e come calcolare le perfomanceaggiustate per il rischio.

Da ultimo, aggiorneranno le loro conoscenze sulla riforma dei tassi benchmark che guidano tutti itassi di mercato.


english

Traditional lectures, seminars by professionals, exercises and virtual rooms.

italian

Lezione tradizionale, testimonianze di professionisti, esercizi e aule virtuali.


english

The final grade is made up:

a written exam on the exchange insdustry (max score 24)a written exam on the asset management and RAP ratios (max score 4)a written and shot essay (max score 2)Questions will consist in questions based on theory as well quantitative exercises.

italian

- 11 -

Il voto finale sarà calcolato valutando (congiuntamente):

un esame scritto sulla exchange insdustry (max score 24)un esame scritto sulasset management e indicatori RAP (max score 4)una breve relazione scritta sulle novità in tema di tassi di interessi e curve dei tassi (maxscore 2)Le domande delle prove scritte consistono in esercizi e teoria.


english

The lecturer provides students with exposure to recent capital market updates. Where possible,information providers will be used to observe financial markets in real-time conditions and howasset prices change when additional information flows to market participants. The course will alsobe featured by the participation of guest speakers who are market experts with respect to recenttrends in asset management and risk management.

italian

TA, guest speakers esperti del mercato.

PROGRAMPROGRAM

english

The evolution of the Exchange industryMarkets infrastructure and market integrityFundamentals of market microstructure

Determinants of markets liquidity and transaction costsRole of algorithmic trading in global fragmented marketsBasics of asset management and RAP ratiosThe reform of interest rate benchmark

italianThe evolution of the Exchange industry

L'evoluzione dell'industria dei mercati azionariInfrastruttuta e integrità dei mercatiFondamenti della microstruttura dei mercati

Determinanti della liquidità dei mercati e dei costi di transazioneRuolo del trading algoritmico nei mercati globali frammentati Basics di asset management e indicatori RAP La riforma epocale dei tassi di interesse di riferimento


english

- 12 -

F. Mishkin, The Economics of money banking and financial markets, Pearson.

Chapter 6: the risk and term structure of interest rates


Additional study material will be uploaded on Moodle during the course.

Additional documentation will be provided by the Professor during the course. Students areexpected to review and study the material covered in the handouts.

italian

Capitolo 6: the risk and term structure of interest rates


Materiale addizionale sarà caricato su Moodle durante il corso.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=slfe

- 13 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=slfe

Advanced Corporate finance and capital markets - ModuloAdvanced Corporate FinanceAdvanced Corporate finance and capital markets - Modulo Advanced CorporateFinanceAcademic year: 2019/2020

Course ID: MAN0529A

Teachers: Nicola Miglietta (Lecturer)Fabio Creta (Tutor)


Year: 1st year

Type: Distinctive




Language: English



english

The course aims to provide students with conceptual references and operational tools relating tofinancial transactions with strategic value for the company, analyzing the choices relating to thefinancial structure objective, some forms of financing that are increasingly used by companiesbecause of their importance or topicality. The objective is to highlight the connections betweenfinance and business strategy, also through the analysis of concrete business situations.

italiano

Il corso si propone di fornire agli allievi riferimenti concettuali e strumenti operativi relativi adoperazioni finanziarie dotate di valenza strategica per l'impresa, analizzando le scelte relative allastruttura finanziaria obiettivo, alcune forme di finanziamento che per la loro importanza o attualitàsono sempre più frequentemente utilizzate dalle imprese. Ci si pone l'obiettivo di mettere inevidenza le connessioni tra finanza e strategia aziendale, anche attraverso l'analisi di situazioniaziendali concrete.


english

The student will have to acquire the ability to analyse and evaluate the main advanced financialoperations of strategic importance for the firm.

- 14 -

italiano

Lo studente dovrà acquisire la capacità di analizzare e valutare le principali operazioni finanziarieavanzate d'importanza strategica per l'azienda.


english

Frontal lessons lasting a total of 35 hours (5 CFU), which take place in the classroom with thesupport of slides; there are also exercises, practical cases.

Prof. Nicola Miglietta (14 hours, 2 Credits)Prof. Fernando Diaz (21 hours, 3 Credits)

italiano

Lezioni frontali della durata complessiva di 35 ore (5 CFU), che si svolgono in aula con l'ausilio dislides; sono previsti anche esercizi, casi pratici.

Prof. Nicola Miglietta (14 ore, 2 Crediti)Prof. Fernando Diaz (21 ore, 3 Crediti)


english

During the exam, therefore, the student's preparation for the theoretical part and the applicationpart (exercises) will be verified through a written test (with open questions and exercises).

italiano

In sede di esame, quindi, verrà verificata la preparazione dello studente sulla parte teorica e sullaparte applicativa (esercitazioni), attraverso una prova scritta (con domande aperte ed esercizi).

PROGRAMPROGRAM

english

Programm of the first part (Prof. Nicola Miglietta):

- 15 -

-Introduction to Corporate Finance.-Tools of Cash Management.-Advanced Capital Structure (Does Debt Policy Matter? How much should a CorporateBorrow? Financing and Valuation).

Programm of the second part (Prof. Fernando Diaz):

-How Corporation Issue Securities.-Governance and Corporate Control Around the World.-Efficient Markets and introduction to Behavioral Finance.-Payout Policy.

italiano

Programma prima parte (Prof. Nicola Miglietta):

-Introduzione alla Corporate FInance.-Strumenti di Cash Management.-Struttura finanziaria avanzata (La politica del debito ha importanza? A Quanto dovrebbeammontare il livello di debito? Finanziamento e valutazione).

Programma seconda parte (Prof. Fernando Diaz):

-Come la società emette titoli.-Governance e Corporate Control nel mondo.-Mercati efficienti e introduzione alla finanza comportamentale.-Payout policy.


english


italiano


Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=03cw

- 16 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=03cw

Brand ManagementBrand ManagementAcademic year: 2019/2020

Course ID: MAN0304

Teachers: Fabrizio Mosca (Lecturer)Philip J. Kitchen (Lecturer)Valentina Chiaudano (Tutor)

Teacher contacts: 011 670 6058, [email protected]

Year: 2nd year

Type: Elective


Course SSD (disciplinary sector): SECS-P/08 - economia e gestione delle imprese


Language: English

Attendance: Optional

Type of examination: OralCOURSE OBJECTIVESCOURSE OBJECTIVES

english

The brand management course aims to define the role of brand management inside a company andto illustrate its principles and rules. The objective is to professionalise students with the necessarynotions requested by marketing department of international companies. The course includesthe use of case studies discussed in class with an international professor, to stimulate thediscussion and exposition capacity in the classroom, with a problem solving-oriented approach.

italiano


english

Knowledge and understanding capacity. During the course, through face-to-face lessons withthe Professor, students will be provided with the knowledge about brand managementstrategies applied to international companies.Capacity to use knowledge and understanding. The notion studied will be applied through theanalysis of specific case studies. Communication skills. Students are requested to play an active role in class presenting casestudies and relative solutions.Learning capacity. Notions learned through face to face lessons and case presentations aretested by a written exam.

italiano


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english

- Frontal lectures

- Case studies in class

italiano


english

- Written exam with 5 open questions.

- Presentations in class.

italiano

PROGRAMPROGRAM

english

1. Marketing Strategy and Tactics

2. Brands as a Means of Creating Market Value

3. Developing brand Strategy

4. Designing Brand Tactics

5. Managing Brand Portfolios

6. Managing Brand Dynamics

7. Protecting the Brand

8. Brand Analysis and Planning

9. Brand Equity and Brand Power

10. Brand Research

italiano


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english

Strategic Brand Management, Alexander Chernev, 2018 (2nd edition), Cerebellum Press.

Additional reading:

Communicating Globally, Don E Schultz, Philip J. Kitchen, 2000, McGraw Hill Professional.italianoCourse webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=3ywb

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https://www.business-administration.unito.it/do/corsi.pl/Show?_id=3ywb

Business Organization and BehaviourBusiness Organization and BehaviourAcademic year: 2019/2020

Course ID: MAN0294

Teachers: Remigia Spagnolo (Tutor)Chiara Maria Succi (Lecturer)Marina Della Giusta (Lecturer)Daniel Torchia (Tutor)

Teacher contacts: n/d, [email protected]

Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): SECS-P/07 - economia aziendale


Language: English



english

This course, cognitive but also highly experiential, has been designed to help students understandthe behavior of people at work and make the learning process enjoyable. We will explore a range ofperspectives that explain the dynamics of individual, interpersonal, group, and organizationalstructure and processes, to make sense of today's organisational world. Scientific concepts,theories, teaching methods and ideas, will be delivered to:

- understand the various aspects of human behaviour and cognition, both at the level of groups'dynamics and of individuals' changes within a social system;

- provide students tools and techniques to develop personal awareness about individual andorganisational behaviour, gender & diversity management;

- help students who want to self-fulfil professionally to develop a growth mindset and to start atailored, authentic and personal achievement process toward their professional dream supported bysuitable psychological tools and techniques referring to "the psychology of professional dreamsfulfilment" (Professional Dreamers Project by Remigia Spagnolo);

- to disseminate knowledge that advances the understanding of how and when to follow,manage, lead, in order to increase personal and organisational effectiveness.

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english

Students will be able to:

reflect on human behaviour and develop personal and social awareness and interpersonalskills, which have a fundamental importance of improving both social and individualrelationships within teamwork-based organization;acquire relevant conceptual frameworks to better describe and understand dynamics withindifferent organisations;assume a critical attitude towards key components of human nature, such as personality andpersonal awareness, authentic professional dream, motivation and self-motivation, influenceand power in groups and organisations;understand the causes and consequences of failing to manage diversity and gain basicbehavioural insights in decision making;acquire practical tools to both reveal and contrast unconscious bias at the individual andorganizational level.


english


englishTopics will be introduced by means of a brief overview at the start of class, followed by classparticipation:

- Discussions

- Group exercises

- Simulations

- Role-playing

- Movies parts and videos viewing

- Case Studies

- Anecdotes and methaphores

Participating students- The assessment will be divided in two parts:

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Class participation task: We are mainly looking for quality in class participation, not justquantity.50% of final evaluation. Class participation covers your own contribution to classroomlearning. There will be two class participation tasks: one on October 26th and the other oneduring the last lesson on November 9th . The total mark of both participation tasks will bescored up until 15/30.Final written exam: 50%. The exam is based on a written text and it is composed by 3 openquestions to be answered within 60 minutes. Each answered question can weight maximumfive points for a maximum total of 15/30.

Not-participating students - Only final written exam

Final written exam: The exam is based on a written text with 6 open questions to be answeredwithin 90 minutes. Each answered question can weight maximum five points for a maximum totalof 30/30.

PROGRAMPROGRAM

english

The course is structured in different topics which are:

Introduction to OBGender & Diversity ManagementSelf Awareness and PersonalityEmotional IntelligenceFollowership, Management, LeadershipGrowth mindsetConflict ManagementGroup dynamicsA model of intervention at individual and organisational level: Professional Dreamers Project -developing professional dreaming intelligence (by Remigia Spagnolo)


english-

Reading and studying material will be given during the lectures and put on Moodle platform

A list of suggested watching or reading material will be available during lectures

TEXTBOOK – FOR EXAM PREPARATION

Robbins, S. P. (2011). Organizational Behavior, Concepts, Controversies and Applications, sixthedition, Prentice Hall International, Inc,Bohnet, I. (2016). What Works: gender equality by design. Cambridge, MA: Belknap Press ofHarvard University Press.

REFERENCE BOOKS

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Italian books about the following topics: "professional dreaming intelligence"; followership,management, leadership.

SPAGNOLO, R. (2017) Un ignoto promettente: realizzare il proprio sogno professionaleper un destino ori-geniale (A promising unknown: fulfilling your professional dreamtoward an ori-genius destiny) Giappichelli Editore, Torino, Italy. A project/book aboutthe psychology of professional self-actualization and self-discoveryCORTESE, C.G; SPAGNOLO. (2013) Leader e Follower nei gruppi di lavoro (Leader &follower on Work Teams) Giappichelli Editore, Torino, ItalySPAGNOLO, R. (2013) Sognatori di Professione. Storie di Creatività e di Successi(Professional Dreamers. Creativity and Success Stories) Giappichelli Editore, Torino, Italy

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=pd99

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https://www.business-administration.unito.it/do/corsi.pl/Show?_id=pd99

Business PlanBusiness PlanAcademic year: 2019/2020

Course ID: MAN0311

Teachers: Antonio Capo (Lecturer)Edoardo Crocco (Tutor)


Year: 2nd year

Type: Elective




Language: English


Type of examination: Written and oralPREREQUISITESPREREQUISITESNone

COURSE OBJECTIVESCOURSE OBJECTIVES

Defining the content of a Business Model Canvas, from both a theoretical and practial point of view.

Taking the notions learned in the first part of the course and applying them to a practical businesscase, working in groups on a oral presentation via PowerPoint.


Students will be able to evaluate Business Cases using the Business Model Canvas. They will alsohave a better understanding of the competitive markets Business Plans, with a strong focus onCustomer Value and Value Proposition


Frontal classes and group work

Updated Timetable

Friday 9.00-9.45 Introduction 10:15 - 12:00: Total Addressable Market 12:30 - 14:15: ValueProposition 14:45 - 16:30: The MoatBy the end of the day we expect students to form their teams. Each team will then come up with apreliminary idea of their presentation case. Saturday: 9.00 - 10.45: Customer Lifetime Value

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11.00 - 12.45: Customer Acquisition Cost 12.45-13:45: Project Selection (Each team will presenttheir project ideas and with the help of the teacher they will agree on a definitive business case towork on for the presentation) Monday: 9.00-11.30: Cash Flow projections 12.00-14:30 Valuation Tuesday: Individual sessions with each team Wednesday: Team Presentation LEARNING ASSESSMENT METHODSLEARNING ASSESSMENT METHODS

english

PROGRAMPROGRAM

1) How to write a Business Plan

2) Business Plan Structure (with focuses on specific cases)

3) The Business Model Canvas

4) Evaluating a Business Model

5) The Business Plan: Competitive Advantage, Customer Lifetime Value, Customer Acquisition Costs


english

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=u37x

- 25 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=u37x

Corporate Governance and Strategic AnalysisCorporate Governance and Strategic AnalysisAcademic year: 2019/2020

Course ID: MAN0301

Teachers: Gabriele Santoro (Lecturer)Claudio Benedetto (Lecturer)Mirko Goria (Tutor)


Year: 2nd year

Type: Related or integrative




Language: English



english

The course emphasizes key hallmarks in strategic management/analysis and corporate governance.From one hand, the part on strategic analysis is designed to explore an organisation's vision,mission, examine principles, techniques and models of organisational and environmental analysis,discuss the theory and practice of strategy formulation and implementation. From the other hand,the part on corporate governance aims to outline the history of the corporation, boards of directors,the division of profit sharing and various forms of employee ownership and equity ownership amonginsiders, regulation, shareholder activism, the impact of takeovers and mergers and acquisitions ongovernance, ethical issues such as conflicts of interest and insider trading.


english

At the end of the course, the student should be able to:

- Acquire the fundamentals of strategic analysis (analysis of internal and externalenvironment)

- Acquire key tools for taking strategic decisions in the current dynamic environment

- Understand how to take relevant decisions based on strategic analysis

- Know key hallmarks in corporate governance

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english

Lessons lasting 84 hours in total (12 CFU), which take place in the classroom with front lectures,case studies, presentations and discussions.


english

Knowledge and skills provided will be verified through a written test with questions and based onclass participation/presentations. The preparation will be considered adequate (with marksexpressed out of thirty), if the student will demonstrate ability to synthesize, using the terminologyrequired; whether on their own - so, without depending on the presentation of the argumentsoffered by the texts - will prove familiar with strategic analysis and corporate governance; whetherhe/she will be able to think on simple connections between various topics covered during thecourse. The exam lasts 90 minutes. To pass the exam the students has to take 18/30.

PROGRAMPROGRAM

english

Key blocks of the course are:

- Introduction to strategic analysis

- Strategic analysis of internal and external environment

- Business strategies and models

- Corporate strategies

- Key principles in corporate governance

- Governance systems


english

Materials provided by the teacher.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=tk3v

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https://www.business-administration.unito.it/do/corsi.pl/Show?_id=tk3v

EntrepreneurshipEntrepreneurshipAcademic year: 2019/2020

Course ID: MAN0308

Teachers: Veronica Scuotto (Lecturer)Francesca Serravalle (Tutor)


Year: 2nd year

Type: Elective




Language: English


Type of examination: Practice testCOURSE OBJECTIVESCOURSE OBJECTIVES

This module will develop enterprising thinking within our students. We will learn how to look atchallenges with a view to not only overcoming them, but also how to exploit the potentialopportunities they offer. We will develop a questioning approach to the information that we aregiven, to be inquisitive, opportunistic and challenging of traditional ways of thinking. We will alsoexplore different ways of knowledge\product creation.

We will achieve these objectives in a number of practical ways. The module will be workshop-basedand activity-driven with less emphasis on formal lectures. Students will use case studies, practicalexercises and group activities to develop their skills and we will develop their learning throughdiscussion, presentations and self-assessment tools.

This module will also offer a framework to support the learner in successfully assimilating thepersonal, academic and professional skills required to be effective in the field of business. Academicdevelopment will be enhanced in the areas of referencing, research skills, essays and report writing,and presentation skills. Transferable employability skills will be developed via group interaction,teamwork and individual exercises.


At the end of this module the student will be able to:

L1. Explain the meaning of enterprise and entrepreneurship using examples.

L2. Apply a variety of approaches to solving problems in both team and individual situations.

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AssessmentCategory 1LearningOutcome(Footnote B.)

LearningOutcome(1)

LearningOutcome(2)

LearningOutcome(3)

LearningOutcome(4)

LearningOutcome(5)

Weighting (%) ofAssessmentElement

TimetabledContactHours

Group

Presentation

60 0

AssessmentCategory 2

Learning Outcome(Footnote B.)

LearningOutcome(1)

LearningOutcome(2)

LearningOutcome(3)

LearningOutcome(4)

LearningOutcome(5)

Weighting (%) ofAssessmentElement

TimetabledContactHours

Ongoingassessment

40 0

Combined Total ForAll AssignmentCategories

100% 0 hours

L3. Describe the enterprising citizen and recognise examples of personal enterprising behaviour.

L4. Identify and discuss examples of entrepreneurial behaviour in organisations.

L5. Demonstrate a range of academic and professional skills required for successful employment inthe field of business.


The module combines theoretical frameworks, practicalities and experience the realities ofEntrepreneurialism. The module offers different activities such as workshops, guest speakers, etc.In addition to this, access to expertise from a variety of academic staff, entrepreneurs, and supportagencies will provide the opportunity to learn and put into practice digital and entrepreneurialskills.

Attendance to both the lecture and the group session is compulsory, if you want to be undertakethe exam for attendees.


Assessment Outcome Grids - For attendees

N.B. It is important to remember that the unlicensed use or copying of another person's work is notpermissible. Such attempts at plagiarism may result in disciplinary procedures being taken againstyou.

Especially, the exam is divided in two types of assessments:

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Assessment Category 1

Entrepreneurial Thinking - Group presentation (60%)

Assignment 1 (Group) worth 60%

Part 1 - Select a Small to Medium Enterprise (SME) of your choosing and appraise the nature of thecontribution that SMEs in general make to the Italian economy, highlighting the specificcontribution made by your chosen enterprise.

Part 2 - Map your chosen enterprise against the Business Model Canvas, identify the specificchallenges which they face, and suggest possible solutions to these challenges. Apply anddemonstrate your critical entrepreneurial thinking and validate your solution with supportingevidence e.g. videos, articles etc. Demonstrate your research skills by drawing on evidence tosupport your case.

This assignment calls for your group (e.g. min. 3; max. 5 people) to appraise the nature of thecontribution that SMEs make to the Italian economy, to identify the challenges faced by a specificcase study organisation and to offer solutions to those challenges. This will involve developingoriginal and creative responses to the identified challenges that the case-study firm faces.

The assignment will take the form of a group oral presentation and students should employ theBusiness Model Canvas to demonstrate knowledge and experience acquired from the module insolving business problems.

Group Work

One of the objectives of group work is that you learn to work as part of a team and to resolveconflict and differences in opinion. It is inevitable that some groups will find working togetherdifficult but it is the responsibility of each member to try to resolve tensions.

Once the groups are selected it will NOT be possible to move to another. Therefore, think verycarefully before agreeing to join a particular group.

Each member of the team/group will make a full contribution to the final output of the group.Freeloading (i.e. letting others do all the work) will be heavily penalised. To reduce the risk of thisoccurring each student will keep a weekly record of their dealings with other group members notingany contentious issue that arose and how the group was able to resolve it.

Assessment Category 2

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Entrepreneurial Thinking - Individual exam\ ongoing assessment(40%)

Assessment 2 (Individual): worth 40%

Each student will be evaluated during the class for his\her interactions, committment in working ina group, level of enegagement with the topic.

FOR NOT ATTENDEES

The exam is written and it is composed of 5 open questions to be completed in 50 minutes.

The questions will be based on the following books:

Scuotto V., Murray A., 2018, Effectiveness of Internal Entrepreneurship Education Ecosystem onforming a new entrepreneurial mind-set, Book Chapter 3 - 'Experiential Learning forEntrepreneurship' Palgrave.

Carter and Evans (2012). Enterprises and Small Business, Pearson Education Limited.

ICT Adoption for Knowledge Management: Opportunities for SMEs by Scuotto

https://www.publicationsales.com/store/p29/ICT_Adoption_for_Knowledge_Management%3A_Opportunities_for_SMEs.html

PROGRAMPROGRAM

Traditional business programmes focus on preparing students for the world of employment. Thepresent module entitled Entrepreneurship recognises that there are alternative, equally valid andrewarding futures available to our graduates. One of these is self-employment. Starting anenterprise requires qualities which in some ways are different from those demanded of anemployee. This module examines 'entrepreneurialness' from a number of perspectives; we look atenterprise in the modern business world in the context of organisations, self-employment andcrucially enterprise within ourselves. We will learn about creativity, innovation, goal directedbehaviour and risk-taking and discover that we already display many of these qualities. Alongside,we will also learn how an entrepreneur manages the knowledge circulaton within and outsidehis\her business.

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Session Lecture Tutorial Introduction to Enterprise and Entrepreneurship Group work Theory of Entrepreneurship Group work Creativity and Innovation Group work Intrapreneurship Group work Knowledge Management Group work

Business Entrepreneurship

Group work

Business Model Canvas Business Model Canvas workshop Technology Entrepreneurship Guest Speaker Social Entrepreneurship Group work Family business Group work/ Guest Speaker Sum Up Sum UP Group Assignment Group Presentation

The content of the program includes:Note.Theprogramcould beslightlychanged

according to the level of the knowledge of the students.


Scuotto V., Murray A., 2018, Effectiveness of Internal Entrepreneurship Education Ecosystemon forming a new entrepreneurial mind-set, Book Chapter 3 - 'Experiential Learning forEntrepreneurship' Palgrave.

Carter and Evans (2012). Enterprises and Small Business, Pearson Education Limited.

ICT Adoption for Knowledge Management: Opportunities for SMEs by Scuotto

https://www.publicationsales.com/store/p29/ICT_Adoption_for_Knowledge_Management%3A_Opportunities_for_SMEs.html

NOTENOTEIndependent Learning

In order to succeed you must ensure that you remain focused and undertake the work you aregiven.

You must take responsibility for your own learning and engage with both staff and fellow students.

- 32 -

You will be expected to:

Participate in group discussions;Submit coursework on time;Respect your fellow students;Respect your lecturers.

How can this be achieved?

Attend classes;Prepare for tutorial sessions;Take relevant notes during classes;Read recommended and/or relevant textbooks, journals, and periodicals;Review materials provided and/or notes taken, for preparation of assessments;Complete assessments by given deadlines and to agree standards;Work independently or as part of a team where required.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=e90j

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https://www.business-administration.unito.it/do/corsi.pl/Show?_id=e90j

Financial Risk ManagementFinancial Risk ManagementAcademic year: 2019/2020

Course ID: MAN0303

Teachers: Paola De Vincentiis (Lecturer)Jonathan Michael Williams (Lecturer)Alessio Bongiovanni (Tutor)


Year: 2nd year





Language: English



The course aims at discussing various type of risks that affect financial and non financialcompanies. In particular the focus is on:

a) market risks (interest rate risk, foreign exchange risk, equity price risk)

b) credit risk

c) operational risks


By the end of the course the student shoud be able to:

a) analyse the main sources of risk potentially affecting the activity of a company

b) understand the main types of risk assessment metrics

c) propose basic risk mitigation strategies


The course will alternate traditional lectures with group works and computer lab simulations.


- 34 -

The final grade will be determined taking into consideration three components:

a) written exam with quantitative exercises

b) group works assessment

c) oral examination on the main concepts covered during the lectures


A tutor will be available to clarify doubts and support the leaning process. The tutor will organise aminimum of 3 training sessions (2 hours each), especially focusing on the quantitative exercises.

PROGRAMPROGRAM

Overview of the main types of risks

Market risk

a) Interest rate risk measurement (repricing gap and duration gap)

b) Interest rate risk management (internal trasfer rate system)

c) Market risk measurement (Var and expected shortfall)

Credit risk

a) Expected loss and unexpected loss

b) Exposure at default, probability of default, loss given default and recovery rate

c) Credit scoring and credit rating

d) Credit classification and credit risk provisioning

Risk mitigation techiniques:

a) Hedging

b) Insurance

c) Transfer

Enteprise risk management structure:

- 35 -

a) First, second and third level control

b) Risk appetite framework and risk strategy

c) Board of directors' role, directors' selection criteria and intra-board committees

d) Remuneration policies for material risk takers


A. Resti, A. Sironi, Risk management and shareholders' value in banking. From risk measurementmodels to capital allocation policies, Wiley, 2007

(the chapters to be studies for the exam will be detailed on Moodle later on, during the course).

Extra material uploaded on Moodle platform.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=zpvz

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https://www.business-administration.unito.it/do/corsi.pl/Show?_id=zpvz

International Accounting PrinciplesInternational Accounting PrinciplesAcademic year: 2019/2020

Course ID: MAN0309

Teacher: Donatella Busso (Lecturer)

Teacher contacts: 011-6706028, [email protected]

Year: 2nd year

Type: Elective




Language: English


Type of examination: WrittenBORROWED FROMBORROWED FROM

International Gaap and Financial Statement Analysis (MAN0521)CdLM Business Administration

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=od0y

- 37 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=oygl

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=od0y

International Business StragegyInternational Business StragegyAcademic year: 2019/2020

Course ID: MAN0306

Teacher: Alberto Ferraris (Lecturer)Rebecca Pera (Lecturer)Mirko Goria (Tutor)

Teacher contacts: 0116706592, [email protected]

Year: 2nd year

Type: Elective




Language: English


Type of examination: OralCOURSE OBJECTIVESCOURSE OBJECTIVES

english

The course is designed to systematically analyze international business and provide someframeworks for exploring opportunities and threats in their environments. Starting from theunderstanding of multinational corporations and global business environment, the course aims atanalyzing firms strategic decisions (e.g. market selection, mode of entry) in foreign markets as wellas at underlining the emergent role of foreign subsidiaries and cross cultural management.


english

It aims to prepare students for global leadership through the application of various models and useof tools to evaluate the potential in new markets, decide modes of entry, and develop go-to-marketplans. Moreover, it provides useful insights and guidelines in order to understand managerialpractices and challenges in an international scenario.


english

Lessons lasting 35 hours in total (5 CFU), which take place in the classroom with presentations andmultimedia materials. They are also provided case studies, corporate meeting and interactivediscussion.

- 38 -


english

Knowledge and skills provided will be verified through a written test with questions. Thepreparation will be considered adequate (with marks expressed out of thirty), if the student willdemonstrate ability to synthesize, using the terminology required; whether on their own - so,without depending on the presentation of the arguments offered by the texts - will prove familiarwith the management of internationalization aspects; whether you will be able to think on simpleconnections between various topics covered during the course. The exam lasts 90 minutes. To passthe exam the students has to take 18/30

PROGRAMPROGRAM

english

Key blocks of the course are:

Globalization & OrganizationThe Environment: Socio-Political & EconomicStrategic Decisions: Market Selection, Mode of Entry, AdaptationCross-Cultural Management in International BusinessThe role of subsidiaries and embeddedness


english

Materials provided by the teachers

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=u646

- 39 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=u646

International Gaap and Financial Statement AnalysisInternational Gaap and Financial Statement AnalysisAcademic year: 2019/2020

Course ID: MAN0521

Teacher: Donatella Busso (Lecturer)Rezarta Shkurti (Lecturer)Simona Fiandrino (Tutor)

Teacher contacts: 011-6706028, [email protected]

Year: 1st year

Type: Distinctive




Language: English


Type of examination: WrittenPREREQUISITESPREREQUISITESBasics of financial statements and double entry.


englishThe main objective of this course is to give students a critical understanding of financial statementsprepared in an international environment. IFRS are used by many companies all over the world inpreparing separate and consolidated financial statements. Students will be able to understand howIFRSs work, how transactions made by companies are depicted in financial statements and howinvestors read and interpret financial statements.Therefore, students will be able to work for preparers and investors.

italianoIl principale obiettivo del corso è fornire agli studenti una conoscenza critica dei bilanci preparati inun contesto internazionali. Gli IFRS sono utilizzati da molte società in tutto il mondo per lapreparazione dei bilanci separati e consolidati. Gli studenti saranno in grado di comprendere imeccanismi di funzionamento degli IFRS, come le transazioni delle società e dei gruppi sonorappresentate nei bilanci e come gli investori leggono e interpretano i bilanci.Pertanto, gli studenti saranno in grado di lavorare sia per le imprese (preparers) sia per gliinvestitori.


english- Be able to identify the consequences of the main economic decisions on the financial statements.- Know how to interpret IFRS financial information published by groups.

- 40 -

- Develop a critical mind as a preparer and user of financial statements: understand the impact ofmanagement estimates on the financial statements, identify earnings management practices andareas of risk.- Be able to perform a basic vertical and horizontal analysis of Financial Statements.- Be able to calculate and interpret the most common financial ratios, such as liquidity ratios, debtratios and profitability indicators.- Organize an opinion as to how the company is performing, regarding an overall assessment basedon all financial ratios.- Perceive how the financial ratios are used by various actors in the market, such as banks,corporate controllers, certified public accountants and chartered financial analysts

In order to obtain these goals, traditional teaching methods (lessons, exercises and cases) areutilized together with group or individual assignments. Moreover, a problem solving approach isutilized (for example, students are asked to identify the effects of various solutions in differentcomplex situations).A complex learning approach is utilized and students are asked to have a personal involvement anda critical approach to manage complex situations.Ability to handle and communicate useful information related to IFRSs is obtained thanks to towritten and oral assignments.

italiano

- Essere in grado di identificare le principali conseguenze delle più importanti economiche decisionidelle società/gruppi sui bilanci.- Sapere come interpretare le informazioni finanziarie preparate in conformità agli IFRS pubblicatedai gruppi.- Sviluppare una forma mentis critica come preparer e come utilizzatori dei bilanci: comprenderel'impatto delle stime del management, identificando le pratiche di earnings management e aree dirischio.- Essere in grado di effettuare un'analisi orizzontale e verticale dei bilanci.- Essere in grado di calcolare e interpretare gli indici finanziari più comuni, quali indici di liquidità, disostenibilità finanziaria e indicatori di redditività.- Organizzare un parere sulla performance dell'impresa, basandosi su una valutazione complessivadegli indicatori finanziari.- Comprendere come gli indici finanziari sono utilizzati dai vari attori, quali banche, controller dellesocietà, dottori commercialisti, revisori e analisti finanziari.

Per ottenere questi obiettivi, saranno utilizzati metodi didattici tradizionali (lezioni, esercitazioni,casi) nonchè lavori di gruppo o individiduali. Inoltre, verrà utilizzato un approccio problem solving (adesempio, agli studenti verrà richiesto di identificare gli effetti di differenti soluzioni in situazionicomplesse). Un approccio complex learning è utilizzato e agli studenti verrà richiesto uncoinvolgimento personale ed un approccio critico per gestire situazioni complesse.L'abilità a gestire e comunicare informazioni utili relativamente agli IFRS è ottenuta attraversolavori scritti e orali


englishThe course is articulated in 70 hours of formal in‐class lecture time. During the in-class lecturetime, we analyze the accounting for the most important transactions under IFRSs, discuss cases

- 41 -

and solve exercises. Moreover, students can use some questionnaires to verify their learning. At thebeginning of the course, a consolidated financial statements is assigned to the students: they haveto analize it and to orally discuss IFRS application (first part of the course) and financial statementanalysis (second part of the course).

italianoIl corso è articolato in 70 ore di lezioni frontali. Durante le ore di lezione, sarà analizzata larappresentazione nel bilancio IFRS per le più importanti transazioni delle società, saranno discussicasi e risolti esercizi. Inoltre, gli studenti potranno utilizzare alcuni questionari per verificare il loroapprendimento. All'inizio del corso, verrà assegnato agli studenti (in gruppo o individualmente) unbilancio consolidato: gli studneti dovranno analizzarlo e discuterlo oralmente, sia con riferimentoall'applicazione degli IFRS (prima parte del corso) e analisi di bilancio (seconda parte del corso).


englishThe exam consists of:

First part (70% of the final grade)- A written examination on the topics of the first part of the course (weight 60%). The writtenexamination is composed of some parts of financial statements to be commented and exerciseswhere students are identify the effects of transanctions performed by a group. The duration of thewritten examination is 1,5 hours maximum;- An individual or group assignment on the interpretation of IFRS financial statements. The outputconsists of a powerpoint presentation to be orally presented (weight 40%). The procedure regardingthe assignment will be issued at the beginning of the course and set out on Moodle.

Second part (30% of the final grade)- A written examination containing questions and exercises regarding calculation andinterpretation of different ratios (weight 60%). The exam will last about 70 minutes.- Preparation and calculation of a thorough analysis of financial statements with which studentswill work during the hours of the course (weight 40%). They may work individually or organized ingroups with financial statements provided by the instructors. The ratios will then be presented inpowerpoint towards the end of the course.

italianoL'esame è così strutturato:

Prima parte (70% del voto finale)- Esame scritto sugli argomenti della prima parte del corso (peso 60%). L'esame scritto consiste inalcune parti di bilanci reali da commentare e esercizi da svolgere. La durata dell'esame scritto è 1,5ore;- Analisi (di gruppo o individuale) sull'utilizzo degli IFRS da parte di un gruppo. L'output consiste inuna presentazione powerpoint da discutere oralmente (peso 40%). Le modalità relativeall'assegnazione dei bilanci sarà comunicata all'inizio del corso tramite Moodle.

Seconda parte (30% del voto finale)- Esame scritto contenente domande e esercizi relativi al calcolo e all'interpretazione di diversiindici di bilancio (peso 60%). L'esame ha una durata di 70 minuti.

- 42 -

- Analisi di bilancio approfondita di un bilancio cui gli studenti lavoreranno durante il corso (peso40%). Il lavoro può essere svolto in gruppo o individualmente (il bilancio sarà fornito dal docente). Gliindicatori saranno discussi oralmente attraverso una presentazione powerpoint presentata alla finedel corso.


englishHomework sets will be assigned, and their solution will be discussed in class and posted on Moodle.Exercises with the tutor. Forum and online questionnaires are used to support students.

italianoSaranno assegnati lavori da svolgere al di fuori delle ore di lezione, le cui soluzioni saranno discussein aula e pubblicate su moodle. Esercitazioni con il tutor. Forum e questionari online a supporto deglistudenti.

PROGRAMPROGRAM

englishThe course is divided into two parts:

First part: Financial statements under IFRS (49 hours)- Institutional issues of IFRS and introduction to IFRS financial statements- Group, consolidated financial statements and business combinations- Revenue recognition- Non-current assets (tangible and intangible assets, impairment test)- Financial assets and financial liabilities- Non-financial liabilities (provisions, deferred taxation, post-retirement benefits)

Second part: Financial statement analysis (21 hours)- Basics of financial statement analysis- Liquidity of short term assets- Long term debt paying ability- Profitability measures- Analysis performed by banks, corporate controllers, CPAs and CFAs.

italianoIl corso è suddiviso in due parti:

Prima parte: Il bilancio secondo gli IFRS (49 ore)- Aspetti istituzionali relativi agli IFRS e introduzione al bilancio IFRS- Gruppi, bilancio consolidato e aggregazioni aziendali- Rilevazione dei ricavi- Attività non correnti (materiali, immateriali e impairment test)- Attività e passività finanziarie- Passività non finanziarie (accantonamenti, imposte differite, piani pensionistici)

Seconda parte: Analisi di bilancio (21 ore)- I fondamenti dell'analisi di bilancio

- 43 -

- La liquidità delle attività di breve termine- La sostenibilità del debito nel medio termine- Indicatori di redditività- Le analisi effettuate dalle banche, dai controller delle aziende, dei revisori, dei commercialisti edegli analisti finanziari.


englishSlides, exercises and cases available on Moodle for both first and second part.

Main literature:- First part: Picker et al – Applying IFRS standards – 4th Edition – Wiley ISBN 9781119159223(pbk) ISBN 9781119250777 (ebk) - Part 1 - Part 2 (except chapters 6, 8, 10) - Part 3 - Part 4 (onlychapters 20 and 21)- Second part: Gibson - Financial Statement Analysis – International Edition ISBN -10: 1-133-18940-7 ISBN – 13: 987-1-133-18940-4. - Chapters 5, 6, 7, 8, 11

italianoSlide, esercizi e casi disponibili su Moodle sia per la prima sia per la seconda parte del corso.

Letteratura principale:- Prima parte: Picker et al – Applying IFRS standards – 4th Edition – Wiley ISBN 9781119159223(pbk) ISBN 9781119250777 (ebk) - Part 1 - Part 2 (salvo i capitoli 6, 8, 10) - Part 3 - Part 4 (solo icapitoli 20 e 21)- Second part: Gibson - Financial Statement Analysis – International Edition ISBN -10: 1-133-18940-7 ISBN – 13: 987-1-133-18940-4. - Capitoli 5, 6, 7, 8, 11

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=oygl

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https://www.business-administration.unito.it/do/corsi.pl/Show?_id=oygl

International Law and Taxation (on-line) - Integraded courseInternational Law and Taxation (on-line) - Integraded courseAcademic year: 2019/2020

Course ID: MAN0547

Teacher: Luciano Matteo Quattrocchio (Lecturer)Mario Grandinetti (Lecturer)

Teacher contacts: 011.506.30.10, [email protected]

Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): IUS/04 - diritto commercialeIUS/12 - diritto tributario


Language: English


Type of examination: WrittenCourse modules:

International Law and Taxation (on-line) - Modulo International Contracts and Corporate Law(on-line)International Law and Taxation (on-line) - Modulo International Law and Taxation (on-line)

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ev6d

International Law and Taxation (on-line) - Modulo InternationalContracts and Corporate Law (on-line)International Law and Taxation (on-line) - Modulo International Contracts andCorporate Law (on-line)Academic year: 2019/2020

Course ID: MAN0547B

Teachers: Luciano Matteo Quattrocchio (Lecturer)Barbara Veronese (Tutor)Federica Antonella Vincent (Tutor)


Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): IUS/04 - diritto commerciale


Language: English


Type of examination: OralPREREQUISITESPREREQUISITESThe fundamental concepts of private and company law must be known

- 45 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ev6d

PROPEDEUTIC FORPROPEDEUTIC FORIt is not preparatory to other examinations


The course aims to provide the basic notions of comparative company law and internationalcontract law.


Students will learn comparative techniques and be able to make proper comparisons betweendifferent legislations at European level and will be able to understand and interpret the key clausesof international contracts.


The course will consist of lectures and exercises on case law cases


The vote will be based on intermediate tests and a final examination.


Exercises on case law are planned.

PROGRAMPROGRAM

Comparative Company Law

1. What Is Corporate Law? - 2. Agency Problems and Legal Strategies - 3. The Basic GovernanceStructure: The Interests of Shareholders as a Class - 4. The Basic Governance Structure: MinorityShareholders and Non-Shareholder Constituencies - 5. Transactions with Creditors - 6. Related-Party Transactions - 7. Fundamental Changes 8. Control Transactions - 9. Corporate Law andSecurities Markets - 10. Beyond the Anatomy

International Contract law

1. Contract practice and its expectations in terms of the governing law - 2. The role of transnationallaw - 3. The impact of the governing law - 4. Which state law governs an international contract? -5. Does arbitration ensure a self-sufficient contract?

- 46 -


AA.VV., The Anatomy of Corporate Law A Comparative and Functional Approach, Third Edition,Oxford University Press, 2017

G. CORDERO-MOSS, International Commercial Contracts, Cambridge University Press, 2014

NOTENOTE

Course attendance is recommended.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ocuk

- 47 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ocuk

International Law and Taxation (on-line) - Modulo InternationalLaw and Taxation (on-line)International Law and Taxation (on-line) - Modulo International Law and Taxation(on-line)Academic year: 2019/2020

Course ID: MAN0547A

Teachers: Mario Grandinetti (Lecturer)Dr. Leopoldo Parada, Ll.m. (Lecturer)Elisa Maria Veikkola (Tutor)


Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): IUS/12 - diritto tributario


Language: English



The course has the purpose of providing the students the main tools to understand the generalaspects and problems on international tax law, including e.g. issues on double taxation and doublenon-taxation; the role of multinationals enterprises within the international tax system; transferpricing; issues on international tax avoidance and tax evasion and the role of exchange ofinformation, among others important international tax law issues.


The course should prepare the students with the necessary tools to develop a critical approach onthe current international tax law developments, using as starting point the study of the OECDModel Tax Convention as well as some basic notions of European Tax Law.


The course is a 100% on-line.


For details see https://start.unito.it/

PROGRAMPROGRAM

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Introduction: International Tax LawThe Organization for Economic Co-operation and Development (OECD) and the role of theOECD Model Tax ConventionGeneral aspects on the OECD Model Tax Convention:

Persons and taxes coveredResidents for tax treaty purposesResidence v. SourceThe interaction between tax treaty law and domestic tax law

Specific provisions of the OECD Model Tax Convention:InterestDividendsRoyaltiesCapital GainsOther incomeBusiness Profits and the concept of Permanent Establishment (PE)

Double Taxation (and Double Non-Taxation)Credit methodExemption method

International Tax Evasion, Tax Avoidance and Exchange of InformationTax Evasion and Tax Avoidance as a global issueThe OECD Model Tax Convention and Exchange of Information

Types of Exchange of InformationFishing ExpeditionsCase Law (e.g. Julius Baer case -Switzerland)

National attempts on exchange of information, e.g. FATCA in theU.S./Intergovernmental Agreements (IGAs).

Taxation of Multinationals and other International Tax Law Issues:Transfer pricingInternational Tax PlanningBase Erosion and Profit Shifting (BEPS) and other current international taxdevelopments

Basic notions on European Tax LawFundamental FreedomsEU Directives concerning International Tax Law Issues

Interest and Royalty Directive (I&R)Parent-Subsidiary Directive (PSD)Anti-Tax Avoidance Directive (ATAD) I and II

Case Law of the CJEU


Minimum materials required:

OECD Model Tax Convention 2017 and its Commentaries.

Michael Lang, Introduction to the Law of Double Taxation Conventions, 2nd Ed., Linde, Vienna,2013.

Michael Lang et al., Introduction to European Tax Law on Direct Taxation 5th Ed., Linde,Vienna, 2018.

NOTE: The text of the OECD Model Tax Convention and its commentaries can be downloaded forfree at www.oecd.org . The books from M. Lang should be available at the library of the School of

- 49 -

Management and Economics.

Additional Supporting Materials:

Books

Klaus Vogel on Double Taxation Conventions, Vol. 1 and Vol. 2, 4th Ed. (Eds. Ekkehart Reimerand Alexander Rust), Kluwer Law International, Alphen aan den Rijn, 2015.

B. Terra and P. Wattel, European Tax Law, Kluwer Law International, Alphen aan den rijn, theNetherlands, 2012.

NOTE: The use of these books is not mandatory, although it might help those students willing to godeeper in the topics treated during the course. The books should be available at the library of theDepartment of Management and Economics.

Academic papers

Ault H., Some Reflections on the OECD and the Sources of International Tax Principles, 70 TaxNotes Int'l 12 (2013).

Avery Jones J., Avoiding Double Taxation: Credit versus Exemption ‒ The Origins, 66 Bull. Intl.Taxn. 2 (2012), Journals IBFD.

Avi-Yonah R., The International Tax Regime: A Centennial Reconsideration, University ofMichigan Public Law Research Paper No. 462 (2015).

Dagan T., The Tax Treaty Myth, 32 N.Y.U. J. Int'l L. Pol. 939 (2000).

Navarro A., Parada L. and Schwarz P., The Proposal for an EU Anti-avoidance Directive: SomePreliminary Thoughts, 25 EC Tax Rev. 3 (2016).

Parada L., Intergovernmental Agreements and the Implementation of FATCA in Europe, 7World Tax Journal 2 (2015), Journals IBFD.

Parada L., Lessons Learned From the Swiss Julius Baer case, 74 Tax Notes Int'l 13 (2014).

Ring D., One Nation Among Many: Policy Implications of Cross-Border Tax Arbitrage, 44Boston College Law Review 1 (2002).

Roin J., Taxation Without Coordination, 31 The Journal of Legal Studies 1, Part 2 (2002).

Rosembuj T., International Tax Arbitrage, 39 Intertax 4 (2011).

Rosenbloom H. D., Cross-Border Arbitrage: The Good, The Bad and the Ugly, Taxes-The TaxMagazine, Vol. 85 (2007).

Ting A., iTax-Apple's International Tax Structure and the Double Non-Taxation Issue, BTR 1(2014).

Van den Hurk H., Starbucks versus the People, 68 Bull. Intl. Taxn. 1 (2014), Journals IBFD.

NOTE: All these academic papers will be provided to the students in an electronic copy (PDF).Additional reading materials in the form of academic papers; chapter of books and case law texts

- 50 -

might also be requested/provided during the course and as per the specific topics discussed duringits development.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=f8xz

- 51 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=f8xz

International Law and Taxation (on-line) - Modulo InternationalContracts and Corporate Law (on-line)International Law and Taxation (on-line) - Modulo International Contracts andCorporate Law (on-line)Academic year: 2019/2020

Course ID: MAN0547B

Teacher: Luciano Matteo Quattrocchio (Lecturer)Barbara Veronese (Tutor)Federica Antonella Vincent (Tutor)


Year: 1st year

Type: Distinctive




Language: English


Type of examination: OralPREREQUISITESPREREQUISITESThe fundamental concepts of private and company law must be known

PROPEDEUTIC FORPROPEDEUTIC FORIt is not preparatory to other examinations






The course will consist of lectures and exercises on case law cases



- 52 -



PROGRAMPROGRAM








NOTENOTE


Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ocuk

- 53 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ocuk

International Law and Taxation (on-line) - Modulo InternationalLaw and Taxation (on-line)International Law and Taxation (on-line) - Modulo International Law and Taxation(on-line)Academic year: 2019/2020

Course ID: MAN0547A

Teacher: Mario Grandinetti (Lecturer)Dr. Leopoldo Parada, Ll.m. (Lecturer)Elisa Maria Veikkola (Tutor)


Year: 1st year

Type: Distinctive




Language: English



The course has the purpose of providing the students the main tools to understand the generalaspects and problems on international tax law, including e.g. issues on double taxation and doublenon-taxation; the role of multinationals enterprises within the international tax system; transferpricing; issues on international tax avoidance and tax evasion and the role of exchange ofinformation, among others important international tax law issues.


The course should prepare the students with the necessary tools to develop a critical approach onthe current international tax law developments, using as starting point the study of the OECDModel Tax Convention as well as some basic notions of European Tax Law.


The course is a 100% on-line.


For details see https://start.unito.it/

PROGRAMPROGRAM

- 54 -

Introduction: International Tax LawThe Organization for Economic Co-operation and Development (OECD) and the role of theOECD Model Tax ConventionGeneral aspects on the OECD Model Tax Convention:





Types of Exchange of InformationFishing ExpeditionsCase Law (e.g. Julius Baer case -Switzerland)








OECD Model Tax Convention 2017 and its Commentaries.

Michael Lang, Introduction to the Law of Double Taxation Conventions, 2nd Ed., Linde, Vienna,2013.

Michael Lang et al., Introduction to European Tax Law on Direct Taxation 5th Ed., Linde,Vienna, 2018.

NOTE: The text of the OECD Model Tax Convention and its commentaries can be downloaded forfree at www.oecd.org . The books from M. Lang should be available at the library of the School of

- 55 -

Management and Economics.


Books

Klaus Vogel on Double Taxation Conventions, Vol. 1 and Vol. 2, 4th Ed. (Eds. Ekkehart Reimerand Alexander Rust), Kluwer Law International, Alphen aan den Rijn, 2015.

B. Terra and P. Wattel, European Tax Law, Kluwer Law International, Alphen aan den rijn, theNetherlands, 2012.


Academic papers


Avery Jones J., Avoiding Double Taxation: Credit versus Exemption ‒ The Origins, 66 Bull. Intl.Taxn. 2 (2012), Journals IBFD.

Avi-Yonah R., The International Tax Regime: A Centennial Reconsideration, University ofMichigan Public Law Research Paper No. 462 (2015).

Dagan T., The Tax Treaty Myth, 32 N.Y.U. J. Int'l L. Pol. 939 (2000).

Navarro A., Parada L. and Schwarz P., The Proposal for an EU Anti-avoidance Directive: SomePreliminary Thoughts, 25 EC Tax Rev. 3 (2016).

Parada L., Intergovernmental Agreements and the Implementation of FATCA in Europe, 7World Tax Journal 2 (2015), Journals IBFD.

Parada L., Lessons Learned From the Swiss Julius Baer case, 74 Tax Notes Int'l 13 (2014).

Ring D., One Nation Among Many: Policy Implications of Cross-Border Tax Arbitrage, 44Boston College Law Review 1 (2002).

Roin J., Taxation Without Coordination, 31 The Journal of Legal Studies 1, Part 2 (2002).

Rosembuj T., International Tax Arbitrage, 39 Intertax 4 (2011).

Rosenbloom H. D., Cross-Border Arbitrage: The Good, The Bad and the Ugly, Taxes-The TaxMagazine, Vol. 85 (2007).

Ting A., iTax-Apple's International Tax Structure and the Double Non-Taxation Issue, BTR 1(2014).

Van den Hurk H., Starbucks versus the People, 68 Bull. Intl. Taxn. 1 (2014), Journals IBFD.

NOTE: All these academic papers will be provided to the students in an electronic copy (PDF).Additional reading materials in the form of academic papers; chapter of books and case law texts

- 56 -

might also be requested/provided during the course and as per the specific topics discussed duringits development.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=f8xz

- 57 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=f8xz

International Law and Taxation - Integraded courseInternational Law and Taxation - Integraded courseAcademic year: 2019/2020

Course ID: MAN0299

Teacher: Luciano Matteo Quattrocchio (Lecturer)Mario Grandinetti (Lecturer)


Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): IUS/04 - diritto commercialeIUS/12 - diritto tributario


Language: English


Type of examination: WrittenCourse modules:

International Law and Taxation - Modulo International Contracts and Corporate LawInternational Law and Taxation - Modulo International Law and Taxation

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=f2cj

International Law and Taxation - Modulo International Contractsand Corporate LawInternational Law and Taxation - Module International Contracts and Corporate LawAcademic year: 2019/2020

Course ID: MAN0299B

Teachers: Luciano Matteo Quattrocchio (Lecturer)Emilio Villano (Lecturer)Barbara Veronese (Tutor)Federica Antonella Vincent (Tutor)


Year: 1st year

Type: Distinctive




Language: English


Type of examination: OralPREREQUISITESPREREQUISITESIl candidato deve avere una conoscenza dei concetti fondamentali del diritto privato e commerciale.The fundamental concepts of private and company law must be known.

- 58 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=f2cj

PROPEDEUTIC FORPROPEDEUTIC FORIl Corso non è propedeutico ad altri insegnamenti. It is not preparatory to other examinations.


english


italiano

Il corso intende offrire le nozioni fondamentali del diritto societario comparato e del dirittocontrattuale internazionale.


english


italiano

Gli studenti impareranno le tecniche comparative e saranno capaci di effettuare comparazioni tradifferenti legislazioni a livello europeo, nonché comprendere e interpretare le clausole chiave dicontratti internazionali.


english

The course will consist of lectures and exercises on case law cases.

italiano

Il Corso si svilupperà attraverso una serie di lezioni frontali e esercitazioni su casi di giurisprudenza.


english


italiano

- 59 -

L'esame consisterà in test intermedi e un esame finale.


english


italiano

Sono previste esercitazioni su casi di giurisprudenza.

PROGRAMPROGRAM

english





italiano

Il programma comprende gli argomenti di seguito indicati:

Diritto societario comparato

1. Diritto societario – 2. Conflitti di interessi e strategie – 3. Corporate Governance: gli interessi deisoci come classe – 4. Corporate Governance: soci di minoranza e esterni – 5. Accordi con i creditori– 6. Accordi con parti correlate – 7. Cambiamenti fondamentali – 8. Accordi di controllo – 9. Dirittosocietario e mercato mobiliare

Diritto contrattuale internazionale

1. Pratica contrattuale – 2. Diritto transnazionale – 3. L'impatto del diritto governativo – 4.Contratti internazionali – 5. Arbitrato

- 60 -


english



italiano



NOTENOTE

english


italiano

La frequenza delle lezioni non è obbligatoria, ma vivamente consigliata.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=t4w2

- 61 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=t4w2

International Law and Taxation - Modulo International Law andTaxationInternational Law and Taxation - Modulo International Law and TaxationAcademic year: 2019/2020

Course ID: MAN0299A

Teacher: Mario Grandinetti (Lecturer)


Year: 1st year

Type: Distinctive




Language: English



englishThe course has the purpose of providing the students the main tools to understand the generalaspects and problems on international tax law, including e.g. issues on double taxation and doublenon-taxation; the role of multinationals enterprises within the international tax system; transferpricing; issues on international tax avoidance and tax evasion and the role of exchange ofinformation, among others important international tax law issues.

italiano

Il corso si propone di fornire agli studenti i principali strumenti per comprendere gli aspetti generalie i problemi relativi alla normativa fiscale internazionale, tra cui ad esempio le questioni relativealla doppia imposizione e alla doppia non imposizione; il ruolo delle imprese multinazionali nelsistema fiscale internazionale; i prezzi di trasferimento; le questioni relative all'elusione fiscale eall'evasione fiscale internazionali e al ruolo dello scambio di informazioni, tra le altre importantiquestioni di diritto tributario internazionale.


englishThe course should prepare the students with the necessary tools to develop a critical approach onthe current international tax law developments, using as starting point the study of the OECDModel Tax Convention as well as some basic notions of European Tax Law.

- 62 -

italiano

Il corso dovrebbe offrire agli studenti gli strumenti necessari per sviluppare un approccio criticosugli attuali sviluppi del diritto tributario internazionale, utilizzando come punto di partenza lostudio del Modello di Convenzione fiscale dell'OCSE e alcune nozioni di base del Diritto tributarioeuropeo.


english

The course is a 100% face-to-face course, which requires the assistance of students and theirparticipation with questions and opinions during the class.

italiano

Lezioni frontali in aula, con l'intervento degli studenti con lavori di gruppo e presentazioni.


english

The course will require the elaboration of a short essay (5-10 pages) and a presentation of 15minutes about an international tax law topic, followed by a discussion. Accordingly, the course willhave a final written exam, which shall be divided in theoretical and practical questions.

italiano Il corso richiederà l'elaborazione di un breve saggio (5-10 pagine) e una presentazione di 15 minutisu un argomento di diritto tributario internazionale, seguito da una discussione. Di conseguenza, ilcorso sarà caratterizzato da una prova scritta finale suddivisa in domande teoriche e pratiche.


englishSupporting activities might be arranged and will be informed to the students during the course.

italianoEsercitazioni e discussioni di casi in aula

PROGRAMPROGRAM

english

Program

Introduction: International Tax LawThe Organization for Economic Co-operation and Development (OECD) and the role of the

- 63 -

OECD Model Tax ConventionGeneral aspects on the OECD Model Tax Convention:





Types of Exchange of InformationFishing ExpeditionsCase Law (e.g. Julius Baercase -Switzerland)






italiano

Introduzione: il Diritto Tributario InternazionaleL'Organizzazione per la Cooperazione e lo Sviluppo Economico (OCSE) e il ruolo del Modello diConvenzione fiscale OCSEAspetti generali del Modello di Convenzione OCSE:

Soggetti e imposte coperteI residenti ai fini della Convenzione fiscaleResidenza v. FonteL'interazione tra la Convenzione e la normativa fiscale nazionale

Disposizioni specifiche del Modello di Convenzione OCSE:InteressiDividendiRoyaltiesPlusvalenze

- 64 -

Altri redditiUtili di impresa e il concetto di Stabile Organizzazione

Doppia Tassazione (e Doppia Non-Tassazione)Metodo del Credito d'ImpostaMetodo dell'Esenzione

Evasione fiscale internazionale, Elusione Fiscale e Scambio di informazioniEvasione Fiscale ed Elusione Fiscale come tema di portata generaleIl Modello di Convenzione OCSE e lo Scambio di InformazioniGli interventi nazionali sullo scambio di informazioni, ad es. FATCA negli Stati Uniti /Accordi intergovernativi (IGAs).

Tassazione dei gruppi multinazionali Prezzi di TrasferimentoPianificazione fiscale internazionaleBase Erosion and Profit Shifting (BEPS) e altri attuali sviluppi fiscali internazionali

Nozioni di base sul Diritto Tributario EuropeoDirettiva su Interessi e Royalty (I&R)Direttiva sulle società madri e figlie (PSD)Direttiva Anti-Elusione (ATAD) I e IILibertà fondamentaliDirettive dell'UE in materia di Diritto Tributario InternazionaleCasi giurisprudenziali della Corte di Giustizia dell'UE



OECD Model Tax Convention 2017 and its Commentaries.Michael Lang, Introduction to the Law of Double Taxation Conventions, 2nd, Linde, Vienna,2013.Michael Lang et al., Introduction to European Tax Law on Direct Taxation 4th, Linde, Vienna,2015.

NOTE: The text of the OECD Model Tax Convention and its commentaries can be downloaded forfree at www.oecd.org. The books from M. Lang should be available at the library of the School ofManagement and Economics.


Books

Klaus Vogel on Double Taxation Conventions, Vol. 1 and Vol. 2, 4th (Eds. Ekkehart Reimer andAlexander Rust), Kluwer Law International, Alphen aan den Rijn, 2015.Terra and P. Wattel, European Tax Law, Kluwer Law International, Alphen aan den rijn, theNetherlands, 2012.


Academic papers


- 65 -

Avery Jones J., Avoiding Double Taxation: Credit versus Exemption ‒ The Origins, 66 Bull.Taxn. 2 (2012), Journals IBFD.Avi-Yonah R., The International Tax Regime: A Centennial Reconsideration, University ofMichigan Public Law Research Paper No. 462 (2015).Dagan T., The Tax Treaty Myth, 32 N.Y.U. J. Int'l L. Pol. 939 (2000).Navarro A., Parada L. and Schwarz P., The Proposal for an EU Anti-avoidance Directive: SomePreliminary Thoughts, 25 EC Tax Rev. 3 (2016).Parada L., Intergovernmental Agreements and the Implementation of FATCA in Europe, 7World Tax Journal 2 (2015), Journals IBFD.Parada L., Lessons Learned From the Swiss Julius Baer case, 74 Tax Notes Int'l 13 (2014).Ring D., One Nation Among Many: Policy Implications of Cross-Border Tax Arbitrage, 44Boston College Law Review 1 (2002).Roin J., Taxation Without Coordination, 31 The Journal of Legal Studies 1, Part 2 (2002).Rosembuj T., International Tax Arbitrage, 39 Intertax 4 (2011).Rosenbloom H. D., Cross-Border Arbitrage: The Good, The Bad and the Ugly, Taxes-The TaxMagazine, Vol. 85 (2007).Ting A., iTax-Apple's International Tax Structure and the Double Non-Taxation Issue, BTR 1(2014).Van den Hurk H., Starbucks versus the People, 68 Bull. Taxn. 1 (2014), Journals IBFD.

NOTE: All these academic papers will be provided to the students in an electronic copy (PDF).Additional reading materials in the form of academic papers; chapter of books and case law textsmight also be requested/provided during the course and as per the specific topics discussed duringits development.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ajkm

- 66 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ajkm

International Law and Taxation - Modulo International Contractsand Corporate LawInternational Law and Taxation - Module International Contracts and Corporate LawAcademic year: 2019/2020

Course ID: MAN0299B

Teacher: Luciano Matteo Quattrocchio (Lecturer)Emilio Villano (Lecturer)Barbara Veronese (Tutor)Federica Antonella Vincent (Tutor)


Year: 1st year

Type: Distinctive




Language: English


Type of examination: OralPREREQUISITESPREREQUISITESIl candidato deve avere una conoscenza dei concetti fondamentali del diritto privato e commerciale.The fundamental concepts of private and company law must be known.

PROPEDEUTIC FORPROPEDEUTIC FORIl Corso non è propedeutico ad altri insegnamenti. It is not preparatory to other examinations.


english


italiano

Il corso intende offrire le nozioni fondamentali del diritto societario comparato e del dirittocontrattuale internazionale.


english


- 67 -

italiano

Gli studenti impareranno le tecniche comparative e saranno capaci di effettuare comparazioni tradifferenti legislazioni a livello europeo, nonché comprendere e interpretare le clausole chiave dicontratti internazionali.


english

The course will consist of lectures and exercises on case law cases.

italiano

Il Corso si svilupperà attraverso una serie di lezioni frontali e esercitazioni su casi di giurisprudenza.


english


italiano

L'esame consisterà in test intermedi e un esame finale.


english


italiano

Sono previste esercitazioni su casi di giurisprudenza.

PROGRAMPROGRAM

english


1. What Is Corporate Law? - 2. Agency Problems and Legal Strategies - 3. The Basic GovernanceStructure: The Interests of Shareholders as a Class - 4. The Basic Governance Structure: MinorityShareholders and Non-Shareholder Constituencies - 5. Transactions with Creditors - 6. Related-

- 68 -

Party Transactions - 7. Fundamental Changes 8. Control Transactions - 9. Corporate Law andSecurities Markets - 10. Beyond the Anatomy



italiano

Il programma comprende gli argomenti di seguito indicati:

Diritto societario comparato

1. Diritto societario – 2. Conflitti di interessi e strategie – 3. Corporate Governance: gli interessi deisoci come classe – 4. Corporate Governance: soci di minoranza e esterni – 5. Accordi con i creditori– 6. Accordi con parti correlate – 7. Cambiamenti fondamentali – 8. Accordi di controllo – 9. Dirittosocietario e mercato mobiliare

Diritto contrattuale internazionale

1. Pratica contrattuale – 2. Diritto transnazionale – 3. L'impatto del diritto governativo – 4.Contratti internazionali – 5. Arbitrato


english



italiano



NOTENOTE

english


- 69 -

italiano

La frequenza delle lezioni non è obbligatoria, ma vivamente consigliata.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=t4w2

- 70 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=t4w2

International Law and Taxation - Modulo International Law andTaxationInternational Law and Taxation - Modulo International Law and TaxationAcademic year: 2019/2020

Course ID: MAN0299A

Teacher: Mario Grandinetti (Lecturer)


Year: 1st year

Type: Distinctive




Language: English



englishThe course has the purpose of providing the students the main tools to understand the generalaspects and problems on international tax law, including e.g. issues on double taxation and doublenon-taxation; the role of multinationals enterprises within the international tax system; transferpricing; issues on international tax avoidance and tax evasion and the role of exchange ofinformation, among others important international tax law issues.

italiano

Il corso si propone di fornire agli studenti i principali strumenti per comprendere gli aspetti generalie i problemi relativi alla normativa fiscale internazionale, tra cui ad esempio le questioni relativealla doppia imposizione e alla doppia non imposizione; il ruolo delle imprese multinazionali nelsistema fiscale internazionale; i prezzi di trasferimento; le questioni relative all'elusione fiscale eall'evasione fiscale internazionali e al ruolo dello scambio di informazioni, tra le altre importantiquestioni di diritto tributario internazionale.


englishThe course should prepare the students with the necessary tools to develop a critical approach onthe current international tax law developments, using as starting point the study of the OECDModel Tax Convention as well as some basic notions of European Tax Law.

- 71 -

italiano

Il corso dovrebbe offrire agli studenti gli strumenti necessari per sviluppare un approccio criticosugli attuali sviluppi del diritto tributario internazionale, utilizzando come punto di partenza lostudio del Modello di Convenzione fiscale dell'OCSE e alcune nozioni di base del Diritto tributarioeuropeo.


english

The course is a 100% face-to-face course, which requires the assistance of students and theirparticipation with questions and opinions during the class.

italiano

Lezioni frontali in aula, con l'intervento degli studenti con lavori di gruppo e presentazioni.


english

The course will require the elaboration of a short essay (5-10 pages) and a presentation of 15minutes about an international tax law topic, followed by a discussion. Accordingly, the course willhave a final written exam, which shall be divided in theoretical and practical questions.

italiano Il corso richiederà l'elaborazione di un breve saggio (5-10 pagine) e una presentazione di 15 minutisu un argomento di diritto tributario internazionale, seguito da una discussione. Di conseguenza, ilcorso sarà caratterizzato da una prova scritta finale suddivisa in domande teoriche e pratiche.


englishSupporting activities might be arranged and will be informed to the students during the course.

italianoEsercitazioni e discussioni di casi in aula

PROGRAMPROGRAM

english

Program

Introduction: International Tax LawThe Organization for Economic Co-operation and Development (OECD) and the role of the

- 72 -

OECD Model Tax ConventionGeneral aspects on the OECD Model Tax Convention:





Types of Exchange of InformationFishing ExpeditionsCase Law (e.g. Julius Baercase -Switzerland)






italiano

Introduzione: il Diritto Tributario InternazionaleL'Organizzazione per la Cooperazione e lo Sviluppo Economico (OCSE) e il ruolo del Modello diConvenzione fiscale OCSEAspetti generali del Modello di Convenzione OCSE:

Soggetti e imposte coperteI residenti ai fini della Convenzione fiscaleResidenza v. FonteL'interazione tra la Convenzione e la normativa fiscale nazionale

Disposizioni specifiche del Modello di Convenzione OCSE:InteressiDividendiRoyaltiesPlusvalenze

- 73 -

Altri redditiUtili di impresa e il concetto di Stabile Organizzazione

Doppia Tassazione (e Doppia Non-Tassazione)Metodo del Credito d'ImpostaMetodo dell'Esenzione

Evasione fiscale internazionale, Elusione Fiscale e Scambio di informazioniEvasione Fiscale ed Elusione Fiscale come tema di portata generaleIl Modello di Convenzione OCSE e lo Scambio di InformazioniGli interventi nazionali sullo scambio di informazioni, ad es. FATCA negli Stati Uniti /Accordi intergovernativi (IGAs).

Tassazione dei gruppi multinazionali Prezzi di TrasferimentoPianificazione fiscale internazionaleBase Erosion and Profit Shifting (BEPS) e altri attuali sviluppi fiscali internazionali

Nozioni di base sul Diritto Tributario EuropeoDirettiva su Interessi e Royalty (I&R)Direttiva sulle società madri e figlie (PSD)Direttiva Anti-Elusione (ATAD) I e IILibertà fondamentaliDirettive dell'UE in materia di Diritto Tributario InternazionaleCasi giurisprudenziali della Corte di Giustizia dell'UE



OECD Model Tax Convention 2017 and its Commentaries.Michael Lang, Introduction to the Law of Double Taxation Conventions, 2nd, Linde, Vienna,2013.Michael Lang et al., Introduction to European Tax Law on Direct Taxation 4th, Linde, Vienna,2015.

NOTE: The text of the OECD Model Tax Convention and its commentaries can be downloaded forfree at www.oecd.org. The books from M. Lang should be available at the library of the School ofManagement and Economics.


Books

Klaus Vogel on Double Taxation Conventions, Vol. 1 and Vol. 2, 4th (Eds. Ekkehart Reimer andAlexander Rust), Kluwer Law International, Alphen aan den Rijn, 2015.Terra and P. Wattel, European Tax Law, Kluwer Law International, Alphen aan den rijn, theNetherlands, 2012.


Academic papers


- 74 -

Avery Jones J., Avoiding Double Taxation: Credit versus Exemption ‒ The Origins, 66 Bull.Taxn. 2 (2012), Journals IBFD.Avi-Yonah R., The International Tax Regime: A Centennial Reconsideration, University ofMichigan Public Law Research Paper No. 462 (2015).Dagan T., The Tax Treaty Myth, 32 N.Y.U. J. Int'l L. Pol. 939 (2000).Navarro A., Parada L. and Schwarz P., The Proposal for an EU Anti-avoidance Directive: SomePreliminary Thoughts, 25 EC Tax Rev. 3 (2016).Parada L., Intergovernmental Agreements and the Implementation of FATCA in Europe, 7World Tax Journal 2 (2015), Journals IBFD.Parada L., Lessons Learned From the Swiss Julius Baer case, 74 Tax Notes Int'l 13 (2014).Ring D., One Nation Among Many: Policy Implications of Cross-Border Tax Arbitrage, 44Boston College Law Review 1 (2002).Roin J., Taxation Without Coordination, 31 The Journal of Legal Studies 1, Part 2 (2002).Rosembuj T., International Tax Arbitrage, 39 Intertax 4 (2011).Rosenbloom H. D., Cross-Border Arbitrage: The Good, The Bad and the Ugly, Taxes-The TaxMagazine, Vol. 85 (2007).Ting A., iTax-Apple's International Tax Structure and the Double Non-Taxation Issue, BTR 1(2014).Van den Hurk H., Starbucks versus the People, 68 Bull. Taxn. 1 (2014), Journals IBFD.

NOTE: All these academic papers will be provided to the students in an electronic copy (PDF).Additional reading materials in the form of academic papers; chapter of books and case law textsmight also be requested/provided during the course and as per the specific topics discussed duringits development.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ajkm

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https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ajkm

Interpreting the Macroeconomic ScenarioInterpreting the Macroeconomic ScenarioAcademic year: 2019/2020

Course ID: MAN0293

Teacher: Prof.ssa Mariacristina Rossi (Lecturer)Teodoro Togati (Lecturer)Elena Stancanelli (Lecturer)Gustavo Rinaldi (Tutor)Alessandro Lavia (Tutor)


Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): SECS-P/01 - economia politica


Language: English


Type of examination: WrittenPREREQUISITESPREREQUISITESMacroeconomics


englishThe aim of the course is to provide students with basic competences to read and interepretmacroeconomic statistics and macro-trends.


englishKnowledge and competences in putting in context the polices implemented across Europe, with thesupport of the data scenarios.


english


englishLab sessions tests, exams

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PROGRAMPROGRAM

englishMacro Revision

Dynamics of Growth

Public expenditures across EU

Pension Systems


englishBlanchard, Macroeconomics

Gruber, Public Finance

Ray, Development Economics

OECD, Pension at a Glance , various years

OECD data portal

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ql9x

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https://www.business-administration.unito.it/do/corsi.pl/Show?_id=ql9x

Interpreting the Macroeconomic Scenario (on-line)Interpreting the Macroeconomic Scenario (on-line)Academic year: 2019/2020

Course ID: MAN0546

Teacher: Prof.ssa Mariacristina Rossi (Lecturer)Teodoro Togati (Lecturer)


Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): SECS-P/01 - economia politica


Language: English


Type of examination: WrittenPREREQUISITESPREREQUISITESMacroeconomics


englishThe aim of the course is to provide students with basic competences to read and interepretmacroeconomic statistics and macro-trends.


englishKnowledge and competences in putting in context the polices implemented across Europe, with thesupport of the data scenarios.


english


englishLab sessions tests, exams

PROGRAMPROGRAM

- 78 -

englishMacro Revision

Dynamics of Growth

Public expenditures across EU

Pension Systems


englishBlanchard, Macroeconomics

Gruber, Public Finance

Ray, Development Economics

OECD, Pension at a Glance , various years

OECD data portal

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=9ty0

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https://www.business-administration.unito.it/do/corsi.pl/Show?_id=9ty0

Management Information Systems and Internal ControlManagement Information Systems and Internal ControlAcademic year: 2019/2020

Course ID: MAN0302

Teacher: Fabrizio Bava (Lecturer)Riccardo Bovetti (Lecturer)Valerio Brescia (Tutor)Maha Mohamed Radwan Ahmed Salem (Tutor)


Year: 2nd year





Language: English



Module I. Understand base elements of Computer Science and Managerial Information System inthe light of the current Digital Transformation Era.

Module II. Develop a feel for the basic concepts of auditing.

COURSE AIMSCOURSE AIMSGain a basic understanding on digital evolution starting from ICT basis, database concept,Programming Language concepts, ERP and Application Layers. Be able to understand issues andopportunities for MIS adoption in complex organization. Be able to assess value generated from MISand evaluate impact on people and process. Be able to assess audit risks.

COURSE DELIVERYCOURSE DELIVERYLecture with case studies Team Work over assignement

LEARNING ASSESSMENT METHODSLEARNING ASSESSMENT METHODSFinal written examination Classroom work in team Team and personal assignement during thecourse period


Office hours

PROGRAMPROGRAM

- 80 -

-Managerial Information systems: infrastructure, architecture, components and link

-Managerial Information systems in the age of Digital Transformation: blockchain, intelligentautomation, analytics

-Managerial information systems: transactional layer

-Managerial Information systems: applications (from collaboration and CRM to operation) layer

-Managerial information systems: analytical level (from reporting to analysis to prediction)

-Managing the MIS: governance, rules and balance

- Financial Audit: the process


Material uploaded on Moodle platform.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=2c8w

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https://www.business-administration.unito.it/do/corsi.pl/Show?_id=2c8w

Mergers, Acquisitions and Corporate AlliancesMergers, Acquisitions and Corporate AlliancesAcademic year: 2019/2020

Course ID: MAN0314

Teacher: Enrico Battisti (Lecturer)Helene Loe Colman (Lecturer)Niccolò Nirino (Tutor)


Year: 2nd year

Type: Elective




Language: English


Type of examination: WrittenPREREQUISITESPREREQUISITESBasic knowledge of corporate finance and business management.


english

In general term, the course provides a general understanding of Mergers & Acquisitions ("M&A")and valuation, also making reference to empirical experience and case studies. Students will learnabout strategic and financial rationale for M&A, and consequences for corporations and the variousplayers involved. They will learn how to value companies and how to assess the strategicimplications of M&As.

The course is divided in two main parts. The first part about Merger & Acquisition strategy andimplementation (21 hours - 3 Credits) and the second part (14 hours - 2 Credits) about financialvaluation.

A) The main objective of the first part is to familiarize students with the research-based literatureon Mergers and Acquisitions. The course gives (i) a broad overview of the opportunities andchallenges facing firms involved in M&As in an increasingly open and dynamic world, and (ii) anintroduction to the research-based literature on M&As. M&As provide provide firms with access tocomplementary resources, increased flexibility and learning, and the objective of the course is tounderstand how firms create value from M&As.

B) The main objective of the second part is to develop, from a theoretical and practical point of view,the knowledge of the principles of valuation and the connected main methods.


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englishA) The first part of the course provides an overview of core parts of the research-based literature onM&A strategy and implementation. The course will develop students' understanding of thechallenges involved in identifying the rationale for, planning and managing the M&A process. B) Inthe second part, the student should acquire a good knowledge of principles and methods ofcompany valuation and a good capacity to apply the main methods.


english

Lectures, class discussion, cases and exercises


english

The exam is structured in two distinct parts. For the first part, assessment will be in the form of a48 hour exam to be solved groups of two (2) to three (3) students. Specific information regarding theexam will be provided in class. For the second part, the valuation is based in a written exam with anexercise and two open questions. The final grade will be given by the weighted average of the twomodules.

PROGRAMPROGRAM

english

I part (Helene Loe Colman):

M&A strategies and integration;Post-acquisition integration and the human side of M&As;International M&As and knowledge transfer;Serial acquisitions.

II part (Enrico Battisti):

Overview of valuation: objectives and application;Principles of valuation and information base;Discounted Cash Flow valuation;Relative valuation.


englishFor the first part, papers and cases. For the second part, materials provided by the teacher. See onmoodle for more information.

Suggest textbook: Damodaran A. (2006), Damodaran on Valuation: Security Analysis for Investmentand Corporate Finance, 2ed., Wiley Finance.

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Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=zpkd

- 84 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=zpkd

Quantitative Methods for Decision Making - Integraded courseQuantitative Methods for Decision Making - Integraded courseAcademic year: 2019/2020

Course ID: MAN0523

Teacher: Luisa Tibiletti (Lecturer)Simonetta Longhi (Tutor)

Teacher contacts: [email protected]

Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): SECS-S/01 - statisticaSECS-S/06 - metodi matematici dell'economia e delle scienze att.e finanz.


Language: English



english


italiano

Le informazioni di dettaglio sono inserite sulle schede dei moduli didattici


english


italiano



english


- 85 -

italiano



english


italiano



english


italiano


PROGRAMPROGRAM

english


italiano



english


italiano


Course modules:

- 86 -

Quantitative Methods for Decision Making - Modulo Data AnalysisQuantitative Methods for Decision Making - Modulo Financial Mathematics

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=46th

Quantitative Methods for Decision Making - Modulo DataAnalysisQuantitative Methods for Decision Making - Modulo Data AnalysisAcademic year: 2019/2020

Course ID: MAN0523B

Teachers: Arthur Van Soest (Lecturer)Stefania Basiglio (Tutor)


Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): SECS-S/01 - statistica


Language: English


Type of examination: WrittenCourse webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=kqih

- 87 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=46th

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=kqih

Quantitative Methods for Decision Making - Modulo FinancialMathematicsQuantitative Methods for Decision Making - Modulo Financial MathematicsAcademic year: 2019/2020

Course ID: MAN0523A

Teachers: Luisa Tibiletti (Lecturer)Giovanni Longo (Lecturer)Paolo Rosano (Tutor)Federica Bellando (Tutor)Valentina Bellando (Tutor)


Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): SECS-S/06 - metodi matematici dell'economia e delle scienze att.e finanz.


Language: English


Type of examination: WrittenPREREQUISITESPREREQUISITESenglishSuccessful course completion requires knowledge of the subjects of analysis developed in thecourse of Mathematics.italianoPer una proficua frequenza dell'insegnamento è necessaria la conoscenza degli argomenti di analisisviluppati nei corsi di base di Matematica per l'Azienda.COURSE OBJECTIVESCOURSE OBJECTIVES

englishThis course provides an introduction to fundamental concepts in Financial Mathematics. The courseis intended to equip the students with some basic mathematical tools that can be usefully appliedboth in financial theory and in corporate finance.

italianoObiettivo dell'insegnamento è familiarizzare lo studente con i concetti fondamentali, i metodi dicalcolo e le prassi presenti nel calcolo finanziario.


englishThe ability to analyze standard behaviors of brokers on the financial market by understanding therelationship between performance and remunerations. The ability to build models referring tofinancial applications and to develop new models.

- 88 -

italianoCapacità di analizzare comportamenti standard degli operatori sul mercato finanziariocomprendendo la relazione tra prestazioni e controprestazioni. Capacità di costruire modelli diapplicazioni finanziarie e di sviluppare nuovi modelli.


englishThe course is organized in 35 hours of lectures.

italianoL'insegnamento è organizzato in 35 ore di lezioni frontali.


english

The exam consists in a compulsory written test (lasting about 1 hour) and it is aimed at ascertainingthe students' ability to:

briefly introduce the main concepts and tools developed in the course;use these tools to solve practical financial exercises.

This aim is achieved through:the formulation of two open ended questions, of a theoretical nature, with the purpose of

illustrating one or more concepts developed during lessonsthe formulation of four multiple choice questions, with the purpose of carrying out short

numerical exercises that require the application of the acquired competences.The answers are to be crossed on the question paper. In addition, it is mandatory to give on a whitesheet a detailed report about the given answers.

italiano

L'esame è costituito da una prova scritta obbligatoria (della durata indicativa di 1 ora) ed è volta adaccertare la capacità degli studenti di:

presentare brevemente i principali concetti e strumenti sviluppati nel corso;usare questi strumenti per risolvere esercizi di natura finanziaria.

Questo viene raggiunto attraverso:la formulazione di due domande a risposta aperta, di natura teorica e applicativa, con lo scopo di

illustrare uno o più concetti sviluppati durante le lezioni;la formulazione di quattro domande a risposta multipla, con lo scopo di svolgere brevi esercizi di

natura numerica che richiedono l'applicazione dei concetti presentati durante le lezioni.Le risposte vanno indicate tutte sul foglio delle domande mentre la giustificazione delle risposte,ossia lo svolgimento, deve essere riportata obbligatoriamente su un foglio bianco distribuitoall'inizio della prova.


- 89 -

english

During the course, activities will be carried out. In particular, some practical questions involved inFinancial choices will be tackled.

italiano

Durante l'insegnamento, verranno svolte attività nel corso delle quali gli studenti potrannoapprofondire alcuni aspetti sulle scelte finanziarie affrontati in ambito professionale.

PROGRAMPROGRAM

english

Financial calculus

Common financial laws. One-variable and two-variable financial laws. Inflation and the real rate ofinterest. Rolling over and buy and hold strategies. Term structure of interest rates. Annuities andamortization plans.

Financial choices

Financial objectives. The Net Present Value (NPV) and NPV of levered investments (APV). IRRcriterium. Valuation of a fixed-income asset. Immunization, duration and convexity.

Financial applications

Construction of leasing contracts. Microsoft Excel for financial valuations.

italiano

Calcolo finanziario

Regimi finanziari usuali di capitalizzazione e attualizzazione. Leggi finanziarie in una e due variabili.Valutazioni in termini reali. Strategie di rolling over e buy and hold. Struttura per scadenze dei tassi.Costituzione di un capitale. Ammortamenti a tasso d'interesse variabile e a due tassi.

Scelte finanziarie

Obiettivi finanziari. Valore attuale netto (VAN). VAN con uso di capitale proprio e capitale di debito(APV). Il criterio del TIR. Valutazione di titoli a reddito fisso. Immunizzazione e durata mediafinanziaria.

Applicazioni finanziarie

Contratti di vendita rateale e di leasing. Uso di Microsoft Excel per le valutazioni finanziarie.

- 90 -


CASTAGNOLI, M. CIGOLA, L. PECCATI, Financial Calculus with Applications, Milano, EGEA, 2013.

Teaching notes and slides provided by the teachers.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=zjk4

- 91 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=zjk4

Quantitative Methods for Decision Making - Modulo DataAnalysisQuantitative Methods for Decision Making - Modulo Data AnalysisAcademic year: 2019/2020

Course ID: MAN0523B

Teacher: Arthur Van Soest (Lecturer)Stefania Basiglio (Tutor)


Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): SECS-S/01 - statistica


Language: English


Type of examination: WrittenCourse webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=kqih

- 92 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=kqih

Quantitative Methods for Decision Making - Modulo FinancialMathematicsQuantitative Methods for Decision Making - Modulo Financial MathematicsAcademic year: 2019/2020

Course ID: MAN0523A

Teacher: Luisa Tibiletti (Lecturer)Giovanni Longo (Lecturer)Paolo Rosano (Tutor)Federica Bellando (Tutor)Valentina Bellando (Tutor)


Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): SECS-S/06 - metodi matematici dell'economia e delle scienze att.e finanz.


Language: English


Type of examination: WrittenPREREQUISITESPREREQUISITESenglishSuccessful course completion requires knowledge of the subjects of analysis developed in thecourse of Mathematics.italianoPer una proficua frequenza dell'insegnamento è necessaria la conoscenza degli argomenti di analisisviluppati nei corsi di base di Matematica per l'Azienda.COURSE OBJECTIVESCOURSE OBJECTIVES

englishThis course provides an introduction to fundamental concepts in Financial Mathematics. The courseis intended to equip the students with some basic mathematical tools that can be usefully appliedboth in financial theory and in corporate finance.

italianoObiettivo dell'insegnamento è familiarizzare lo studente con i concetti fondamentali, i metodi dicalcolo e le prassi presenti nel calcolo finanziario.


englishThe ability to analyze standard behaviors of brokers on the financial market by understanding therelationship between performance and remunerations. The ability to build models referring tofinancial applications and to develop new models.

- 93 -

italianoCapacità di analizzare comportamenti standard degli operatori sul mercato finanziariocomprendendo la relazione tra prestazioni e controprestazioni. Capacità di costruire modelli diapplicazioni finanziarie e di sviluppare nuovi modelli.


englishThe course is organized in 35 hours of lectures.

italianoL'insegnamento è organizzato in 35 ore di lezioni frontali.


english

The exam consists in a compulsory written test (lasting about 1 hour) and it is aimed at ascertainingthe students' ability to:

briefly introduce the main concepts and tools developed in the course;use these tools to solve practical financial exercises.

This aim is achieved through:the formulation of two open ended questions, of a theoretical nature, with the purpose of

illustrating one or more concepts developed during lessonsthe formulation of four multiple choice questions, with the purpose of carrying out short

numerical exercises that require the application of the acquired competences.The answers are to be crossed on the question paper. In addition, it is mandatory to give on a whitesheet a detailed report about the given answers.

italiano

L'esame è costituito da una prova scritta obbligatoria (della durata indicativa di 1 ora) ed è volta adaccertare la capacità degli studenti di:

presentare brevemente i principali concetti e strumenti sviluppati nel corso;usare questi strumenti per risolvere esercizi di natura finanziaria.

Questo viene raggiunto attraverso:la formulazione di due domande a risposta aperta, di natura teorica e applicativa, con lo scopo di

illustrare uno o più concetti sviluppati durante le lezioni;la formulazione di quattro domande a risposta multipla, con lo scopo di svolgere brevi esercizi di

natura numerica che richiedono l'applicazione dei concetti presentati durante le lezioni.Le risposte vanno indicate tutte sul foglio delle domande mentre la giustificazione delle risposte,ossia lo svolgimento, deve essere riportata obbligatoriamente su un foglio bianco distribuitoall'inizio della prova.


- 94 -

english

During the course, activities will be carried out. In particular, some practical questions involved inFinancial choices will be tackled.

italiano

Durante l'insegnamento, verranno svolte attività nel corso delle quali gli studenti potrannoapprofondire alcuni aspetti sulle scelte finanziarie affrontati in ambito professionale.

PROGRAMPROGRAM

english

Financial calculus

Common financial laws. One-variable and two-variable financial laws. Inflation and the real rate ofinterest. Rolling over and buy and hold strategies. Term structure of interest rates. Annuities andamortization plans.

Financial choices

Financial objectives. The Net Present Value (NPV) and NPV of levered investments (APV). IRRcriterium. Valuation of a fixed-income asset. Immunization, duration and convexity.

Financial applications

Construction of leasing contracts. Microsoft Excel for financial valuations.

italiano

Calcolo finanziario

Regimi finanziari usuali di capitalizzazione e attualizzazione. Leggi finanziarie in una e due variabili.Valutazioni in termini reali. Strategie di rolling over e buy and hold. Struttura per scadenze dei tassi.Costituzione di un capitale. Ammortamenti a tasso d'interesse variabile e a due tassi.

Scelte finanziarie

Obiettivi finanziari. Valore attuale netto (VAN). VAN con uso di capitale proprio e capitale di debito(APV). Il criterio del TIR. Valutazione di titoli a reddito fisso. Immunizzazione e durata mediafinanziaria.

Applicazioni finanziarie

Contratti di vendita rateale e di leasing. Uso di Microsoft Excel per le valutazioni finanziarie.

- 95 -


CASTAGNOLI, M. CIGOLA, L. PECCATI, Financial Calculus with Applications, Milano, EGEA, 2013.

Teaching notes and slides provided by the teachers.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=zjk4

- 96 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=zjk4

Safety, Quality and Environment ManagementSafety, Quality and Environment ManagementAcademic year: 2019/2020

Course ID: MAN0298

Teacher: Riccardo Beltramo (Lecturer)Stefano Duglio (Lecturer)Jacopo Fresta (Tutor)


Year: 1st year

Type: Distinctive


Course SSD (disciplinary sector): SECS-P/13 - scienze merceologiche


Language: English



englishQuality, Environment and Safety Management (Prof. Riccardo Beltramo)

Quality, Environment and Safety are key issues for enterprises wherever they are and whateverproduct they manufacture. Quality defines the capacity to listen to customers and to satisfy theirdesires, accordingly to resources, capacities and technologies available. Environment provides vitalresources, input for the entrepreneurial activity and receives outputs, able to modify itscharacteristics. Safety is related to risks of negative events regarding to operations, humanresources and products.

Their vital importance is generally recognized, at the point that there are International standardswhich guide the enterprises in identifying critical variables and in designing and implementingmanagement systems to relentlessly drive the enterprises towards defined goals. Moreover, theholistic approach in management stresses the importance of developing integrated solutions, ableto identify and monitor the relations which exist among quality, environment and safety.

International Standards (ISO9001, ISO 14001, OHSAS 18001, …) can also be helpful for theidentification of strategies to drive enterprises towards circular economy, which is and will be theguiding principle of development in the coming decades. The transition from linear transformativesystems to circular systems is driven by the progressive reduction of material and energy resourcesand the resulting environmental, economic and social implications. It is a overwhelming movementthat involves manufacturing and service activities.

Circular Economy implies strategic visions, based on a Life Cycle Thinking approach, which maturesthrough the collaborative behavior of many subjects who define new collaborative relationships forthe material and energy utilization of waste.

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The evolution of the present production paradigm can only be achieved through technological andorganizational innovations. The creative process that determines them is fueled by the knowledgeof management models, related to products and processes, that integrate environmental, economicand social requirements. The lessons concern methodological fundamentals and case studies. Themost relevant international management models will be described in detail and, through thepresentation of success stories, the effectiveness of innovations will be analyzed. Optimizing theuse of resources not only involves the individual companies themselves but redefines the mutualrelationship between businesses and between them and the environment. From theseconsiderations comes the opportunity to know the methodologies that are supportive in dealingwith the unstoppable change.


english


englishTeaching is structured in 35 hours of classroom teaching. The program addresses the foundations ofbusiness relationships and the environment, and aims to guide the student towards identifyingaspects relevant to quality, safety and the environment. It also aims to fully illustrate theoperational tools that make integrated management possible, with insights on Life Cycle Thinkingand Circular Economy.

Didactic media are diversified (slides, articles, videos) and are designed to encourage active learning.

During the course, students are offered some exercises to take place in the classroom and in acollective manner to verify the understanding of the topics discussed and to facilitate learning.

Frequency is optional, recommended, and the final exam will be the same for attendants and not.


englishVerification of student preparation will take place with written exam, consisting of open questions,with a default response space. The total points (30) will be subdivided on the basis of the questionsin the test by relevance and extension and pre-announced during the exam. The final score will begiven by the sum of the partial scores. No oral exam is scheduled. The duration of the written test is1 hour and 15 minutes. The subjects of the written exam will reflect the ones taught in the courseand contained in the program, designed to bring students to reflect on the issues of quality, safetyand environment management in enterprises. In addition to verifying the knowledge andunderstanding of the topics discussed, the written examination aims at verifying the abilitiesmentioned above (see Expected Learning Outcomes). The questions, in fact, include descriptive butcritical elements as well. It is necessary to overcome the examination the appropriate use ofterminology and a clear and concise written exposition that shows the logical links between theaspects considered.

PROGRAMPROGRAM

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englishFundamentals:

- Quality, Safety, Environment

- Management

- Systemic approach

- Life Cycle Thinking

International Standards and Management Systems for Organizations

ISO 9001: 2015

ISO 14001: 2015

Circular Economy: concept and examples

ISO 26000: 2010

Eco-Management and Audit Scheme


english

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=h1rx

- 99 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=h1rx

Strategic MarketingStrategic MarketingAcademic year: 2019/2020

Course ID: MAN0300

Teacher: Chiara Civera (Lecturer)Augusto Bargoni (Tutor)


Year: 2nd year





Language: English


Type of examination: WrittenCourse webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=cd7m

- 100 -

https://www.business-administration.unito.it/do/corsi.pl/Show?_id=cd7m

Strategic Marketing - 1° yearStrategic MarketingAcademic year: 2019/2020

Course ID: MAN0522

Teacher: Rebecca Pera (Lecturer)Gabriele Baima (Tutor)


Year: 1st year

Type: Distinctive




Language: English



This course aims at training students around the strategic aspects of marketing, by focusing onlong-term strategies to creating company value, customer value and collaborator value. It seeks togo beyond the typical marketing tactics to include stakeholder theory and business ethics as maindrivers of value creation and optimal value proposition. The principal marketing strategies will beinvestigated under the lens of Corporate Social Responsibility in order to outline what competitiveadvantages companies can gain and sustain while creating value for society and environment atthe same time.


Students will be able to create a marketing plan that groups together strategies for sustainingcompetitive advantages in the long-term and will be able to change their mindset from the merelogic of competition to the broader logic of co-creation, cooperation and jointness of interest amongall stakeholders involved in the value creation process. They will eventually understand theusefulness and the complexity of strategic marketing under unusual perspectives, by intergatingstakeholder theory and corporate social responsibility to the everyday marketing activities.


Frontal lectures.

Case studies where the participation of all students in class is required.


Written exam with 2/3 open questions.

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From 1 to 3 extra-points obtained from the case studies work in class.

The Slow food project (preparation and presentation in group) weights 1/3 of the exam, only forattendants.

PROGRAMPROGRAM

1. Marketing Strategy and Tactics

2. Targeting, Segmentation & Positioning

3. Repositioning & Marketing Plan

4. Case study on SWOT

5. Value Creation: customers, companies, collaborators

6. Value co-creation: participation, collaboration and engagement + case study

7. Corporate Social Responsibility & stakeholder management

8. McDonald's case: sustainability & repositioning

9. Managing Communication: how to balance new communication purposes?

10. Everyday Sustainability for Business

All the modules will be integrated with case studies developed around specific topics applied tovarious firms such as Netflix, Air Asia, Amazon, Fitbit.

Students will be involved in the preparation and presentation of new proposals of businessdevelopment of the Terra Madre Salone del Gusto by Slow Food. A company visit will facilitate thedelivery of such project.


- Strategic Marketing Management, Alexander Chernev, 2018 (9th edition), Cerebellum Press USA

- Integrated Company Responsibility in the Food and Beverage Industry, Chiara Civera (2018),Giappichelli

- Good Strategy Bad Strategy, Rummelt (2013)

- Freeman, R. E., Wicks, A. C., & Parmar, B. (2004). Stakeholder theory and "the corporate objectiverevisited". Organization science, 15(3), 364-369.

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- Harrison, J. S., & Wicks, A. C. (2013). Stakeholder theory, value, and firm performance. Businessethics quarterly, 23(1), 97-124.

- Sulkowski, A. J., Edwards, M., & Freeman, R. E. (2017). Shake Your Stakeholder: Firms LeadingEngagement to Cocreate Sustainable Value. Organization & Environment, 1086026617722129.

Course webpage: https://www.business-administration.unito.it/do/corsi.pl/Show?_id=0922

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https://www.business-administration.unito.it/do/corsi.pl/Show?_id=0922

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010091 c o u r s e s b r o c h u r e - unito.itchapter 6: the risk and term structure of interest...

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