INVESTMENT - 87197

courses

ID:

87197

Dettaglio:

SSD: Economics of Financial Intermediaries Duration: 48 CFU: 6

Located in:

BERGAMO

Url:

Course Details:

BUSINESS ADMINISTRATION - 87-270/International Business e mercati finanziari Year: 3

BUSINESS ADMINISTRATION - 87-270/Amministrazione e controllo Year: 3

Year:

2026

Date/time interval

Primo Semestre (14/09/2026 - 18/12/2026)

Course Objectives

The course introduces students to the capital market, its main instruments, and the logic underlying investment decisions. Through a theoretical and empirical approach, the course provides the foundations for understanding the functioning of financial markets and for analysing the characteristics of stocks and bonds, with particular attention to their risk and return profiles. The course also introduces the nature, main features, and purposes of derivative instruments.

By the end of the course, students will be able to understand the role of the main financial instruments, value stocks and bonds, analyse the relationship between risk and return, and interpret the principles underlying portfolio diversification, construction, and management. The course also addresses the fundamental principles of financial market efficiency and the organisational structure of markets, providing an essential foundation for the study and analysis of investment decisions.

Course Prerequisites

Compulsory prerequisites required (Propedeuticità) are published on the web site: https://lt-ea.unibg.it/it/node/106.

Teaching Methods

Teaching will mainly consist of lectures, complemented by opportunities for discussion and interaction with students. During the course, students may suggest specific topics for further analysis, provided they are consistent with the course contents.

Particular attention will be devoted to linking theoretical concepts with developments in financial markets, also through references to financial newspapers, specialised websites, and the main sources of market information.

Assessment Methods

The exam will be written and will consist of a single general test.

For the January and February exam sessions, the test will consist of 31 multiple-choice questions.

For subsequent exam sessions, the test will be divided into two parts: a first part consisting of multiple-choice questions, worth up to 16 points, and a second part consisting of three/four open-ended questions, worth up to 15 points.

The instructor reserves the right to require an additional oral examination, also after the written test has taken place, where this is deemed necessary in order to verify the actual acquisition of the knowledge and skills set out in the course learning objectives and to ensure the correct attribution of the final grade.

PART ONE — Price Formation in Capital Markets

The concepts of return, risk, and liquidity
Fixed-income securities: characteristics, return, risk, and liquidity
The yield curve
The immunization theorem
Equity securities: characteristics, return, and risk
Equity securities: valuation and multiples

PART TWO — Construction and Management of Bond and Equity Portfolios

Portfolio return and risk indicators
Diversification and portfolio construction
Benchmarking strategies
Active strategies relative to the benchmark
Bond portfolio management: duration, convexity, and immunization strategies
Equity portfolio management and the main factor models, with reference to the Fama-French model
Portfolio performance evaluation

PART THREE — Efficiency, Structure, and Regulation of Capital Markets