â¢GUIDA ECONOMIA 07-08 - Università degli studi di Udine
â¢GUIDA ECONOMIA 07-08 - Università degli studi di Udine
â¢GUIDA ECONOMIA 07-08 - Università degli studi di Udine
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prospectus u<strong>di</strong>ne<br />
169<br />
grated by studying set texts in<strong>di</strong>cated by<br />
the lecturer. There will be some optional<br />
tests during the course.<br />
ASSET MANAGEMENT ECONOMICS<br />
Prof. Enrico Geretto<br />
Contents<br />
Asset management sector.<br />
Management companies (‘Società <strong>di</strong> Gestione<br />
del Risparmio’): features and operational<br />
issues.<br />
Asset allocation: policies and techniques.<br />
In<strong>di</strong>vidual asset management: types,<br />
operational features and management<br />
(policies and styles).<br />
Unit trusts: types, operational features<br />
and management (policies and styles).<br />
Pension funds: types, operational features<br />
and management (policies and<br />
styles).<br />
Performance evaluation.<br />
Pre-requisites<br />
The courses of ‘Financial Interme<strong>di</strong>aries<br />
(advanced course)’ and ‘Corporate<br />
Finance (advanced course)’ are preparatory.<br />
Bibliography<br />
- F. CAPARRELLI, E. CAMERINI, Guida<br />
all’asset allocation, E<strong>di</strong>bank, Roma, 2004.<br />
Some issues will be analyzed in more<br />
detail: a rea<strong>di</strong>ng list will be provided during<br />
the course.<br />
ASYMMETRIC INFORMATION<br />
AND FINANCIAL CONTRACTING<br />
Prof.ssa Clara Graziano<br />
Aims<br />
The course addresses the main topics in<br />
microeconomic theory required to understand<br />
financial economics and corporate<br />
finance. The course aims to introduce<br />
risk theory and agency theory by developing<br />
the numerous applications to financial<br />
theory.<br />
Contents<br />
Theory<br />
Risk and uncertainty. Expected utility.<br />
Risk aversion and its measures. Portfolio<br />
choice. (VARIAN, ch. 12).<br />
Moral hazards and incentives related to<br />
asymmetric information. Optimal contracts<br />
(MILGROM, ROBERTS, chps. 6 and 7).<br />
Principal-agent model with adverse selection<br />
(VARIAN, ch. 35).<br />
Applications to Financial theory<br />
Ownership and property rights (MIL-<br />
GROM, ROBERTS, ch. 9).<br />
Debt contract (BAGLIONI, ch. 6).<br />
Agency cost of equity financing. Conflict<br />
of interest between debtholders and<br />
shareholders. (BAGLIONI, ch. 8).<br />
Cre<strong>di</strong>t rationing (BAGLIONI, ch. 7).<br />
Agency problems and <strong>di</strong>vidend policy.<br />
Bibliography<br />
- H. VARIAN, Microeconomics, ch. 12 e ch.<br />
35.<br />
- P. MILGROM, J. ROBERTS, Economics,<br />
Organization and Management, Prentice<br />
Hall, 1992.<br />
- A. BAGLIONI, Informazione e Incertezza<br />
nella teoria finanziaria, Hoepli, 2000,<br />
Chapters 6, 7 and 8.<br />
Recommended Rea<strong>di</strong>ng<br />
- L. GUISO, D. TERLIZZESE, Economia<br />
dell’Incertezza e dell’Informazione, Hoepli,<br />
1994.<br />
- J. TIROLE, The Theory of Corporate Finance,<br />
Princeton University Press, 2006.<br />
Exam<br />
Course assessment: paper presentation<br />
30%, exam 70%.
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