# Study programme a.y. 2018/19

## FIRST YEAR (Total ECTS 58)

#### Principles of mathematics (9 ECTS) – [B]

AIMS: Part I – Basics

Basics of set theory. Real numbers. Powers and logarithms. Sets of real numbers, intervals, maximum, minimum, infimum and supremum. Euclidean distance on the real line, neighborhoods, interior and boundary points, limit points and isolated points, open and closed sets.

Part II – Real functions

The concept of function. Elementary functions. Domain and image. Graph of a function. The inverse function and the composite function. The concept of limit of a function, calculus of limits, computation of simple limits. Theorem of the sign permanence.Continuous functions and related theorems (theorems and intermediate values and zeros). Derivarive of functions, relation between differentiability and continuity. Derivation rules. Maximum and minimum of a function, sufficient conditions. Rolle and Lagrange theorems. Monotone and convex functions.

Part III – Sequences and series

Convergencent sequences and series. Calculus of limits. Theorem of sign permanence. The Cauchy criterion. Basic examples of sequences and series.

Part IV – Integrals

Primitives. Rules for indefinite integration. Riemann integration and related properties. The fundamental theorem of integral calculus. Improper integrals. Riemann-Stieltjes integrals.

EXAMINATION METHOD: The exam consists of a written and an oral test. The written test, lasting 2 hours, consists in carrying out exercises on the topics of the course (that is one-variable functions, series, sequences and integrals). The written test is sufficient if the student reaches a total score of 18, which is necessary to be admitted to the oral examination. The oral exam must be held in the same round as the written test. The oral exam is considered sufficient only if the student has mastered the contents of the course, enunciates and correctly demonstrates a theorem chosen by the instructure, among those scheduled and explicitly demonstrated during the lessons.

PRE-REQUISITES: Equations and inequalities of I and II degree. Generalities on polynomials, algebric fractions of polynomials.

FURTHER INFORMATION: Portale Valutami

#### Business Administration and Management  (12 ECTS) – [B]

AIMS: The course provides notions on the main functions of management, as well as drivers of performance and the most relevant practices. The course also approaches the main issues related to financial accounting, with particular emphasis on the accounting recording process and the preparation of financial statements. Lastly, the course focuses on the managerial accounting, covering the cost concepts, the common methods for determining unit product costs, the cost-volume-profit relationships and the rationale for budgeting. For more information about the syllabus, please see on E-learning Website.

EXAMINATION METHOD: Written final exam with open and multiple choice questions (either theory based and brief exercises).

PRE-REQUISITES: No initial knowledge is needed.

FURTHER INFORMATION: Portale Valutami

#### Language (6 ECTS) – [A]

Students can choose between:

• French Language –> The main purpose of this course is to provide linguistic and communicative competence as well as performance – reading / writing , listening/speaking-. The course will focus on French for special purpose (business and economic world) and will especially concerns the Diplome du Français des Affaires (DFA). FURTHER INFORMATION: Portale Valutami
• Spanish Language –> The course is for beginners. The objectives are the adquisition of the phonetic, the morphology and the grammatical structures of Castilian Spanish in the 4 abilities (speaking, oral comprehension, reading, text comprehension, writing). FURTHER INFORMATION: Portale Valutami
• German Language –> FURTHER INFORMATION: Portale Valutami

#### Principles of Economics (12 ECTS) – [B]

AIMS: Preliminary programme (please check the elearning platform for update)

Detailed list of topics we will deal with:

• General introduction to some common economic concepts (GDP, inequality, …)
• Absolute and comparative advantages
• Causality vs correlation
• Basic concepts (ceteris paribus, incentives, relative prices, economic rent, technology, isocost lines, innovation)
• Schumpeter’s creative destruction and Malthus’ subsistence wage and diminishing average product of labour
• Production function, average and marginal product
• Utility, indifference curves, opportunity cost and marginal rate of substitution
• The feasible set and frontier, scarcity and marginal rate of transformation
• Budget constraint, income effect and substitution effect
• Real world data on working hours over time and between countries
• Game theory, free riders and dominant strategies
• Prisoner’s dilemma and Nash equilibria
• Public goods with repeated games
• Pareto optimality
• Inequality, Lorenz curve, Gini coefficient and public policies to tackle inequality
• Firms, labour contracts incompleteness, asymmetric information and unemployment benefits
• Efficiency wages and involuntary unemployment
• Economies of scale and network economies
• Cost function, marginal and average cost
• Demand function, profit maximization and isoprofit curve
• Consumer, producer and total surpluses
• Demand elasticity to price, markup, competition, monopoly, market failure
• Demand and supply curves and market equilibrium dynamics
• Exogenous shocks, barriers to entry, taxes as a behavior-changing tool
• Perfect competition and law of one price, price-takers and price-setters
• Unemployment, wages and the labour market, indices of interest
• Labour market shocks and types of unemployment, rigidity of wages
• Unions and bargaining power, wage subsidies, reservation wage and education
• Money, wealth and income. Flows and stocks. Consumption, saving and investment
• Interest rates,intertemporal decisions, myopia vs prudence
• Assets, liabilities, net worth and equity
• Short- and long-run equilibria and elasticities, oligopoly
• Bonds, shares and different types of risk, market bubbles
• Price/rent ceilings and floors
• Positive/negative externalities and market failure, marginal private and social benefits
• Government policies and Pigouvian tax
• Non-rival, non-excludable public goods vs private goods
• Missing markets, merit goods, moral hazard and adverse selection
• Inequality across countries and across time, types of inequality
• Fair and unfair inequality, endowments and human capital
• Redistribution tools, equality and economic performance
• Economic activity and climate change
• Abatement policies(price and quantity based), costs and benefits
• Introducing environment in economic analysis and policies
• Mathematical formalization of fundamental topics
• Introduction to R and R Studio within real economic problems

EXAMINATION METHOD: The exam will be written and oral. Students must obtain 18/30 to be admitted to the oral exam. Students with a mark strictly above 21 can decide not to take the oral exam, but must register the mark during that time.

At the end of the first module there will be the possibility to take an intermediate exam. Student who get more than 18/30 can take only the second module exam at the first prove of the summer exams (end of May or beginning of June). The total mark will be an average of the two intermediate exams.

PRE-REQUISITES: No prerequisite is required, mathematical tools will be used at a basic level.

FURTHER INFORMATION: Portale Valutami

#### Principles of Law (6 ECTS) – [B]

AIMS: The course provides the basic concepts of private law, in perspective of the study of commercial law with a
comparative point of view.
Its purpose is to investigate the discipline of various European legislations on legal entities, private autonomy, general principles
of contract and obligatory relationship, of which it is outlined also the non-fulfillment and responsibility and the real guarantees of
the obligation. Furthermore, the course concerns also principles of property rights and contractual and tort liability.
A detailed study is dedicated to the institute of the Trust, which arose in the Anglo- Saxon countries, and to the theoretical and
practical implications that it could have in Italy.

EXAMINATION METHOD: Written exam and/or oral exam.

PRE – REQUISITES: no.

FURTHER INFORMATION: Portale Valutami

#### Statistics (12 ECTS) – [B]

AIMS: The course provides a strong introduction to statistical procedures, developing understanding of concepts and
emphasizes problem solving using realistic examples. Students will learn how to conduct solid statistical analyses in many
business and economic situations.
By the end of the course, students should be able to:

1. Using graphs to describe data;
2. Using numerical measures to describe data;
3. Explain, calculate, and interpret probability models and random variables for random experiments;
4. Explain, calculate, and interpret inferential statistical procedures,
including confidence intervals and hypothesis tests for one and two populations parameters;
5. Explain, calculate, and interpret linear regression models.
The objectives of the course will be achieved by weekly lectures and tutorials.

EXAMINATION METHOD: Written exam with possibility of additional oral exam.

PRE – REQUISITES: Logic and basic mathematics knowledge is necessary. Attendance to the classes is strongly suggested.

FURTHER INFORMATION: Portale Valutami

## SECOND YEAR  (Total ECTS 63)

#### Financial Accounting (9 ECTS) – [C]

AIMS: The course focus on:

1. Understanding the methods, rules and processes used to develop financial accounting reports;
2. Preparing financial accounting reports; and
3. interpreting financial accounting reports.

The course provides knowledge of the core concepts of financial accounting including how accountants analyze and record the
effects of individual transactions, and the concepts that are essential to understanding financial reports such as assets, liabilities,
owners’ equity, revenues, expenses and cash flows.

EXAMINATION METHOD: Written exams with multiple choice questions, open-ended questions, exercises.

PRE – REQUISITES: no.

#### European Macroeconomics (9 ECTS) – [C]

AIMS: The course will give students a full understanding of the modern macroeconomics from a European perspective, with a broad coverage of the ongoing economic turmoil in Europe. Students will study the working of the good market, the financial markets and the labour market, and their interconnections in the short, medium, and long run.
At the end of the course students should be able to understand the main macroeconomic events, such as growth, unemployment, inflation, business cycles, and the impacts of fiscal and monetary policies, both for a closed and open economy.

EXAMINATION METHOD: Written exam.

PRE – REQUISITES: The courses Principles of Mathematics and Principles of Economics.

#### International Management and Marketing (12 ECTS) — [C]

AIMS: The course deals with:

• The role of the multinational companies (MNCs) in the globalized economy.
• The nature of the process by which firms internationalize
• The impact of MNCs activity: FDI, growth and development; market structure, perfomance and business practices; political,
cultural and social responsibility issues for MNCs.
The course will also address basic elements of marketing management (segmentation, positioning, 4ps, etc.) with a special focus for its international and cross-cultural dimensions.

EXAMINATION METHOD: Written exam with multiple choice, open-ended, exercises, case studies.

PRE – REQUISITES: no.

#### Business and Commercial Law (12 ECTS) – [C]

AIMS: The aim of the course is to provide a comparative knowledge of company law, focusing attention on the study of the various types of companies and corporate governance, as regulated by the most significant legal systems of civil law and common law. Then it examines the bankruptcy and insolvency proceedings with the same comparative approach. Furthermore, an in-depth study is carried out on M&A operations. In this perspective, the course continues with the analysis of
cross-border mobility of companies, understood as cross-border mergers and freedom of establishment, and with some reflections on European Company (SE). After completing the part of company law, the course carries on offering an overview on general principles of international
commercial contracts and therefore it introduces students to drafting techniques and study of practical cases. Finally, the last lessons are dedicated to financial market law, of which it is highlighted both public profile, as the supervisory activity of Authorities on the markets, and a private profile, as investment services, collective management of savings and corporate compliance, analyzing the changes made by MIFID II.

EXAMINATION METHOD: Written and/or oral exam.

PRE – REQUISITES: The course Principles of Law.

#### Financial reporting and analysis  (9 ECTS) – [C]

AIMS: This course is designed to prepare to interpret and analyze financial statements effectively. The viewpoint is that of the user of financial statements interested in an in-depth analysis of the firm financial position, economic performance, cash flows.

EXAMINATION METHOD: Written exam with multiple-choice questions, open-ended questions, exercises.

PRE – REQUISITES: no.

#### Public Policy (6 ECTS) – [A]

AIMS: The course focuses on the role of the government in the economy. The aim is to provide an understanding of the reasons for government intervention in the economy, analyzing the benefits of possible government policies, and the response of economic agents to the government’s actions. In particular, the course reviews the key microeconomic theory behind the fundamental results in public economics and economics of market regulation. More precisely, the course will cover the topics of markets’ failure, the effects that regulation and antitrust policies exert on the firms activity, public choice. Also aspects on the fiscal systems and tax policy, social insurance, social welfare policy, redistribution programs and public goods will be covered; finally, special emphasis will be on social security
reform such as pension reforms, the role of private pensions and retirement savings. The course introduces the fundamental concepts of public economics. At the end of the course the acquired competencies and abilities will allow students to be familiar with the most relevant theories concerning the reasons and the effects of government
intervention in the economy. The students will be also be introduced to the some of the issues that are on the political agenda of many developed countries, such as tax policy, welfare state and pensions and, at the core of the European Union debate, such as voting mechanisms and fiscal coordination.

EXAMINATION METHOD: Written exam.

PRE – REQUISITES: The courses Principles of Mathematics and Principles of Economics.

#### Students choices (6 ECTS) – [A]

Students may choose and include elective courses from a range of optional courses in the list below.

For those optional exams that are not included in this list, please contact Prof. Silvia Ferramosca (silvia.ferramosca@unipi.it) in order to check their validity for your degree programme.

• Financial modeling and analysis (3 ECTS).
PRE-REQUISITE: Corporate Finance is recommanded.
FURTHER INFORMATION: Portale Valutami
• Food quality management and communication (3 ECTS).
PRE-REQUISITE: Management and Fundamentals of Accounting is recommanded.
FURTHER INFORMATION: Portale Valutami
• Health Care Management (3 ECTS).
PRE-REQUISITE: Management and Fundamentals of Accounting is recommanded.
FURTHER INFORMATION: Portale Valutami
• Investment appraisal and capital structure: practice and theory (3 ECTS).
PRE-REQUISITE: Corporate Finance is recommanded.
FURTHER INFORMATION: Portale Valutami
• Principles Of Sustainable Development (3 ECTS)
PRE-REQUISITE: Principles od Economics is recommanded.
FURTHER INFORMATION: Portale Valutami
• Risk management in financial institutions (3 ECTS)
PRE-REQUISITE: Banking and Financial markets is recommanded.
FURTHER INFORMATION: Portale Valutami
• Statistical Methods For Policy Evaluation And Causal Inference (3ECTS)
PRE – REQUISITES: Statistics is recommanded
FURTHER INFORMATION: Portale Valutami
• Welfare And Economic Integration Of The European Union (3 ESCTS)
PRE-REQUISITE: Principles od Economics is recommanded.
FURTHER INFORMATION: Portale Valutami

## THIRD YEAR  (Total ECTS 59)

#### Industrial and Managerial Economics (6 ECTS) – [C]

AIMS: This course covers some major topics in the field of industrial and managerial economics. The course focuses mainly upon the theory of the firm and the industry, with an emphasis upon imperfect competition, asymmetric information and incentives. Of special interest is firms’ strategic behaviour including oligopoly pricing and production, product differentiation, strategic delegation and managerial incentives. The effects of firms’ conduct on economic welfare and feedback effects on market structure are examined.
Acquired competencies and abilities will permit students to understand how price and non-price competition among firms, strategic behaviour in oligopolistic markets, as well as agency issues deriving from separation of firm’s ownership from management affect economic welfare and market structure. The knowledge that the student will derive from the course is useful to understand firm and management behaviour and markets functioning.

EXAMINATION METHOD: Written exam.

PRE – REQUISITES: The courses Principles of Mathematics and Principles of Economics.

#### Quantitative economics for business (6 ECTS) – [A]

AIMS: The objective of the course is to provide students with the confidence and expertise to apply econometric models and methods in business, marketing and finance. Lectures will be supplemented by lab sessions, where students can gain hand-on experience in applied econometric analysis using illustrative applications.
At the end of the course students should have an understanding of econometric methods and an active training in econometrics
as it is applied in practice.

EXAMINATION METHOD: Homework.

PRE – REQUISITES: Principles of Mathematics and Statistics courses.

#### Strategy and Entrepreneurship (9 ECTS) – [C]

AIMS: The course deals with modern strategy frameworks and
methodologies to help the student develop the skills needed to be a successful manager and entrepreneur with responsibility for
the performance of a firm (or business unit within a firm for the managers). The main topics covered are:

1. Understanding the fundamental concepts in competitive strategy;
2. strategy identification and evaluation;
3. competitor analysis, firm and industry evolution, and strategic responses to external changes;
4. entrepreneurial thinking and mindset.

EXAMINATION METHOD: Written exam (with case studies, multiple choice, open-ended questions) with possibility of an additional oral exam.

PRE – REQUISITES: no.

#### Auditing and Management Control (9 ECTS) – [C]

AIMS: The objective of the course is to provide students with knowledge on management auditing and management control principles and techniques. The program includes the following topics: internal auditing, management auditing, risk assessment, management accounting and management control systems.

EXAMINATION METHOD: Written exam (with multiple choice, open-ended, exercises and case studies).

PRE – REQUISITES: the core course in Business Administration and Management.

#### Corporate finance  (6 ECTS) – [C]

AIMS: The main topics of the course are:

• fundamental concepts of corporate finance;
• risk-return relation;
• economic and financial analysis of the firm;
• the cost of capital;
• capital budgeting process;
• working capital management;
• business Plan in appraising the economic and financial convenience of a project.

EXAMINATION METHOD: Written exam.

PRE – REQUISITES: The core course in Business Administration and Management.

#### Banking and Financial Markets (6 ECTS) – [C]

AIMS: The goal of this course is to provide the students with a general understanding of the different functions performed by financial markets and institutions as well as their role in the economy.
In particular, the topics covered are:

• The financial system: structure and functions
• Financial institutions: business model, strategic and manegement issues
• Focus on Banks: banking regulation; deposits and lending activities; liquidity management; capital adequacy; risk management.

EXAMINATION METHOD: Written exam (with multiple choice, open-ended , exercises and case studies) with possibility of additional oral exam.

PRE – REQUISITES: The core course in Business and Management.

#### Human Capital Management (6 ECTS) – [C]

AIMS: The course aims to provides fundamental concepts, approaches and techniques of managing human resources in order to develop skills and attitude concerning people management processes.
In the first part of the course, a general framework concerning Human Resources policies and practices will be illustrated and discussed. We will then examine the strategic view on Human Resource Management. In the second part, we will provide some tools and applications, with particular reference to recruitment, training and development programmes, performance appraisal, reward systems. Implications of HRM for performance and satisfaction will be discussed.
The main objectives of the course are:

• How to develop and implement effective strategies of HR: main approaches
• Concept, scope and objectives of HRM: characteristics and functions of HRM
• Job analysis and job design
• Recruitment, selection and socialization
• Training and development
• Performance appraisal
• Job evaluation
• Compensation

At the end of the course, students will be able to train some appropriate skills in order to:
1. analyze actual situations with human resources in the company,
2. identify main problems concerning HRM,
3. propose well-reasoned decisions aimed to solve main problems concerning HRM
4. choose appropriate methods of HRM practices.

EXAMINATION METHOD: Written and/or oral exam.

PRE – REQUISITES: the core course in Business Administration and Management.

#### Students choices (6 ECTS) – [A]

Students may choose and include elective courses from a range of optional courses in the list below.

For those optional exams that are not included in this list, please contact Prof. Silvia Ferramosca (silvia.ferramosca@unipi.it) in order to check their validity for your degree programme.

• Financial modeling and analysis (3 ECTS).
PRE-REQUISITE: Corporate Finance is recommanded.
FURTHER INFORMATION: Portale Valutami
• Food quality management and communication (3 ECTS).
PRE-REQUISITE: Management and Fundamentals of Accounting is recommanded.
FURTHER INFORMATION: Portale Valutami
• Health Care Management (3 ECTS).
PRE-REQUISITE: Management and Fundamentals of Accounting is recommanded.
FURTHER INFORMATION: Portale Valutami
• Investment appraisal and capital structure: practice and theory (3 ECTS).
PRE-REQUISITE: Corporate Finance is recommanded.
FURTHER INFORMATION: Portale Valutami
• Principles Of Sustainable Development (3 ECTS)
PRE-REQUISITE: Principles od Economics is recommanded.
FURTHER INFORMATION: Portale Valutami
• Risk management in financial institutions (3 ECTS)
PRE-REQUISITE: Banking and Financial markets is recommanded.
FURTHER INFORMATION: Portale Valutami
• Statistical Methods For Policy Evaluation And Causal Inference (3ECTS)
PRE – REQUISITES: Statistics is recommanded
FURTHER INFORMATION: Portale Valutami
• Welfare And Economic Integration Of The European Union (3 ESCTS)
PRE-REQUISITE: Principles od Economics is recommanded.
FURTHER INFORMATION: Portale Valutami

#### Internship, field projects (2 ECTS)

Students are required to earn 2 ECTS by performing an internship or a field project in Italy or abroad, in any entity (pub entity, private or public firm, non-profit or non-governmental organization). Alternative ways to earn 2ECTS obtaining a GMAT, attending Summer Schools, participating to research projects are under assessment.

FURTHER INFORMATION: visit the page.

#### Final examination (3 ECTS)

Students are required to write a short essay/article on a topic coherent with the Bcs in Management for Business and Economics. The topic is to be agreed with a Faculty Member. The student must show critical thinking capabilities, analytical skills and in-depth knowledge of the topic selected.

[B] stands for “DI BASE” exam

[C] refers to “CARATTERIZZANTE” exam

[A] means “AFFINE” exam