EN
IT
Obiettivi Formativi
OBIETTIVI FORMATIVI:
Capacità di leggere un paper, con specifico riferimento al settore bancario.
Capacità di replicare la parte empirica e di proporre nuovi sviluppi di indagine.
CONOSCENZA E CAPACITÀ DI COMPRENSIONE:
Comprendere un problema teorico che abbia valenza anche pratica. Capire come affrontarlo sia da un punto di vista teorico che empirico.
CAPACITÀ DI APPLICARE CONOSCENZA E COMPRENSIONE:
Utilizzare praticamente le conoscenze di econometria tramite specifico software per risolvere le domande di ricerca
AUTONOMIA DI GIUDIZIO:
Capacità di valutare i lavori empirici, riconoscendo I punti di forza e di debolezza.
Proporre come migliorare le analisi e provare ad applicare la proposta
ABILITÀ COMUNICATIVE:
Utilizzo della lingua inglese e d software econometrico.
Learning Objectives
LEARNING OUTCOMES:
Ability to read a paper, specifically related to the banking sector.
Ability to replicate the empirical analysis and proposing new investigations
KNOWLEDGE AND UNDERSTANDING:
Understanding a theoretical problem that has also a practical value. Understand how to deal with it both from a theoretical point of view and an empirical point of view.
APPLYING KNOWLEDGE AND UNDERSTANDING:
Practically use the knowledge of econometrics through specific software to address the research questions.
MAKING JUDGEMENTS:
Ability to evaluate empirical papers, recognizing strengths and weaknesses.
Propose how to improve the analysis and try to apply the proposal
COMMUNICATION SKILLS:
Use of English and specific econometric software
LEARNING SKILLS:
software and statistical techniques.
Prerequisiti
Conoscenze d livello intermedio di micro-econometria e intermediari bancari.
Prerequisiti di Econometria: Conoscenze di base dell'analisi econometrica: regressioni lineari, variabili dummy, termini di interazione, trasformazione di variabili (es. logaritmi). Libro di testo suggerito: Introduzione all'econometria, James H. Stock e Mark W. Watson, terza edizione aggiornata. Pearson Education Limited, 2015.Capitoli consigliati: Ch.1 (1.2, 1.3); Cap.3 (3.1, 3.2, 3.3, 3.4, 3.7); cap.4; Cap.5 (5.3, 5.4); Cap.6 (6.2-6.7); Cap.8 (8.2, 8.3).
Prerequisito del Sistema Bancario e Finanziario: conoscenza di base del funzionamento del sistema finanziario e del sistema bancario in particolare. Libro di testo consigliato: RW Melicher, E.A. Norton. "Introduzione alla finanza: mercati, investimenti e gestione finanziaria" (16a edizione), Wiley.Capitoli consigliati: Ch 1-3.
Prerequisites
Intermediate-level knowledge of Micro-econometrics and Banking.
Econometrics prerequisite: Basic knowledge of econometric analysis: Linear regressions, dummy variables, interaction terms, the transformation of variables (e.g. logarithms).
Suggested textbook: Introduction to Econometrics, James H. Stock and Mark W. Watson, updated Third Edition. Pearson Education Limited, 2015.
Suggested chapters: Ch.1 (1.2, 1.3); Ch.3 (3.1, 3.2, 3.3, 3.4, 3.7 ); Ch.4; Ch.5 (5.3, 5.4); Ch.6 (6.2-6.7); Ch.8 (8.2, 8.3).
Banking and Financial System prerequisite: basic knowledge of the functioning of the financial system and the banking system in particular.
Suggested textbook: R.W. Melicher, E.A. Norton. "Introduction to Finance - Markets, Investments, and Financial Management" (16th edition), Wiley.
Suggested chapters: Ch 1-3.
Programma
• Revisione dei concetti di base sui mercati finanziari e sugli intermediari bancari.
Funzione monetaria e creazione di moneta; Funzione creditizia; Meccanismo di trasmissione della politica monetaria; Regolamentazione del capitale.
• La teoria dell'intermediazione finanziaria.
Modelli neoclassici; Old View e New View; Costi di transazione; Informazione asimmetrica.
• Economie basate sul mercato e sulle banche.
Analisi di sistemi basati su intermediari bancari e mercati finanziari.
• Finanza e crescita.
Canali teorici ed empirici attraverso i quali le banche possono influenzare la crescita economica.
• Banche islamiche.
Caratteristiche e particolarità delle banche islamiche.
• M&A nel settore bancario.
Introduzione alle caratteristiche generali delle M&A; Analisi econometrica dei metodi di pagamento e acquisizioni fallite.
• Rischio di credito –e modelli di scoring.
Introduzione alle caratteristiche e ai problemi statistici dei modelli di scoring.
Program
• Review of basic concepts on financial markets and banking intermediaries.
Monetary functions and money creation; credit function; transmission mechanism of monetary policy; capital regulation.
• The theory of financial intermediation.
Neoclassical models; Old View and New View; Transaction Costs; Asymmetric Information.
• Market-based vs bank-based economies.
Analysis of systems based on banking intermediaries and financial markets.
• Finance and growth.
Theoretical and empirical channels through which banks may affect economic growth.
• Islamic banks.
Characteristics and peculiarities of Islamic banks.
• M&As in the banking sector.
Introduction to the general characteristics of M&As; Econometric analysis of payment methods and failed takeovers.
• Credit risk – and scoring models.
Introduction to the characteristics and statistical problems of scoring models.
Testi Adottati
Sono suggeriti due testi, non obbligatori.
1. Microeconometrcis of Banking - Methods, Applications, and Results. H. Degryse, M. Kim, S. Ongena. Oxford University Press 2009.
2. Modern Banking. S. Hefferman. John Wiley & sons, 2005.
Books
Two textbooks are suggested (non compulsory).
1. Microeconometrcis of Banking - Methods, Applications, and Results. H. Degryse, M. Kim, S. Ongena. Oxford University Press 2009.
2. Modern Banking. S. Hefferman. John Wiley & sons, 2005.
Bibliografia
AAllen, F., and Gale, D. (1995). A welfare comparison of intermediaries and financial markets in Germany and the US. European Economic Review, 39, 179-209.
Beck, T., Levine, R., and Loayza, N. (2000). Finance and the Sources of Growth. Journal of Financial Economics, 58, 261-300.
Beck, T., Demirgüç-Kunt, A., and Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37, 433-447.
Caiazza, S., Pozzolo, A.F. (2016). The determinants of failed takeovers in the banking sector: Deal or country characteristics?. Journal of Banking & Finance, 72, S92-S103.
DeYoung, R., Evanoff, D.D., and Molyneux, P. (2009). Mergers and Acquisitions of Financial Institutions: A Review of the Post-2000 Literature. Journal of Financial Services Research, 36, 87-110.
Faccio, M., and Masulis, R.W. (2005). The Choice of Payment Method in European Mergers and Acquisitions. The Journal of Finance, 60, 1345–1388.
King, R.G., and Levine, R. (1993). Finance and Growth: Schumpeter Might Be Right. The Quarterly Journal of Economics, 108, 717-737.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R.W. (1998). Law and Finance. Journal of Political Economy, 106, 1113-1155.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R.W. (2008). The Economic Consequences of Legal Origins. Journal of Economic Literature, 46, 285-332.
Levine, R. (1997). Financial Development and Economic Growth: Views and Agenda. Journal of Economic Literature, 35, 688-726.
Levine, R., and Zervos, S. (1998). Stock Markets, Banks, and Economic Growth. The American Economic Review, 88, 537-558.
Martynova, M, and Renneboog, L. (2008). A Century of Corporate Takeovers: What Have We Learned and Where Do We Stand? Journal of Banking & Finance, 32, 2148-2177.
Rajan, R.G., and Zingales, L. (1998). Financial Dependence and Growth. American Economic Review, 88, 559-586.
Stiglitz, J.E., and Weiss, A. (1981). Credit Rationing in Markets with Rationing Credit Information Imperfect. The American Economic Review, 71, 393-410.
Bibliography
Allen, F., and Gale, D. (1995). A welfare comparison of intermediaries and financial markets in Germany and the US. European Economic Review, 39, 179-209.
Beck, T., Levine, R., and Loayza, N. (2000). Finance and the Sources of Growth. Journal of Financial Economics, 58, 261-300.
Beck, T., Demirgüç-Kunt, A., and Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37, 433-447.
Caiazza, S., Pozzolo, A.F. (2016). The determinants of failed takeovers in the banking sector: Deal or country characteristics?. Journal of Banking & Finance, 72, S92-S103.
DeYoung, R., Evanoff, D.D., and Molyneux, P. (2009). Mergers and Acquisitions of Financial Institutions: A Review of the Post-2000 Literature. Journal of Financial Services Research, 36, 87-110.
Faccio, M., and Masulis, R.W. (2005). The Choice of Payment Method in European Mergers and Acquisitions. The Journal of Finance, 60, 1345–1388.
King, R.G., and Levine, R. (1993). Finance and Growth: Schumpeter Might Be Right. The Quarterly Journal of Economics, 108, 717-737.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R.W. (1998). Law and Finance. Journal of Political Economy, 106, 1113-1155.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R.W. (2008). The Economic Consequences of Legal Origins. Journal of Economic Literature, 46, 285-332.
Levine, R. (1997). Financial Development and Economic Growth: Views and Agenda. Journal of Economic Literature, 35, 688-726.
Levine, R., and Zervos, S. (1998). Stock Markets, Banks, and Economic Growth. The American Economic Review, 88, 537-558.
Martynova, M, and Renneboog, L. (2008). A Century of Corporate Takeovers: What Have We Learned and Where Do We Stand? Journal of Banking & Finance, 32, 2148-2177.
Rajan, R.G., and Zingales, L. (1998). Financial Dependence and Growth. American Economic Review, 88, 559-586.
Stiglitz, J.E., and Weiss, A. (1981). Credit Rationing in Markets with Rationing Credit Information Imperfect. The American Economic Review, 71, 393-410.
Modalità di svolgimento
Lezioni frontali.
Se disponibile un assistente alla didattica:
- Esercitazioni in aula computer.
- Esercizi da svolgere a livello di piccoli gruppi a casa con invio al TA.
- Svolgimento di un piccolo paper empirico a livello di piccoli gruppoi
Teaching methods
Frontal class.
If a TA will be available:
- Computer classroom excercises.
- Take-home to sent to the TA.
- Short empirical paper
Regolamento Esame
1. Regole per sostenere l'esame
Requisito fondamentale per sostenere la prova di esame è la prenotazione sul sistema Delphi nell'intervallo di tempo previsto. La mancata prenotazione non permette di sostenere l’esame. In caso di problemi a prenotarsi durante il periodo in cui è possibile prenotarsi, avvisare immediatamente il docente.
Arrivare nell’aula 15 minuti prima dell’inizio della prova.
Lo studente deve avere con sé un documento di identità in corso di validità. Se lo studente non può essere identificato con certezza, deve lasciare l’aula.
2. Regole durante l'esame
Non è possibile uscire dall’aula durante lo svolgimento della prova.
Lo studente può riturarsi dopo che siano trascorsi 10 minuti dall’inizio della prova per permettere agli studenti ritardatari di accedere in aula. Lo studente che rimane in aula dopo il decimo minuto è tenuto a consegnare il compito.
Gli studenti ritardatari che arrivassero dopo 10 minuti dall'inizio della prova non possono entrare in aula e dovranno prenotarsi in un appello successivo.
3. Prova di esame
La prova di esame è scritta e verte sul programma del corso.
La prova consiste in tre domande, ognuna della quali può presentare uno o più sottopunti da sviluppare. Almeno una domanda sarà sul commento di una tavola di un paper analizzato a lezione
Prova scritta sulla parte teorica e commento di una tavola di un paper analizzato a lezione.
Se disponibile un teaching assistant, svolgimento di un progetto empirico in piccoli gruppi e difesa del lavoro con il docente e gli altri studenti.
Non è ammesso l'uso di calcolatrice, telefono cellulare e altri strumenti elettronici salvo diversa indicazione del docente.
I risultati sono pubblicati sul sito del corso.
Gli studenti possono sostenere l'esame in ogni appello della sessione d'esame.
Tuttavia, è possibile rifiutare il voto finale una sola volta. Il secondo voto sarà verbalizzato registrato. La bocciatura verrà sempre verbalizzata.
Lo studente che si presenta all'esame rispondendo all’appello iniziale e successivamente decide di ritirarsi, viene considerato presente all'esame. La volta successiva che sosterrà l'esame, il voto verrà registrato.
4. Visione del compito e accettazione del voto
Lo studente può visionare il compito nel giorno ed ora indicata dal docente e, in ogni caso, entro 15 giorni dalla data dell'esame.
In condizioni “normali” la discussione del compito avviene unicamente in presenza.
E’ possibile rifiutare il voto una sola volta.
Lo studente che non intende accettare il voto deve darne comunicazione al docente nella modalità indicata dal docente in sede di pubblicazione dei risultati.
5. Valutazione della prova di esame
La prova di esame sarà valutata secondo i seguenti criteri:
Non idoneo: Importanti e gravi lacune e/o inaccuratezze nella conoscenza e comprensione degli argomenti; limitate capacità di analisi, frequenti generalizzazioni e limitate capacità critiche e di giudizio. Gli argomenti sono esposti in modo scarso e non coerente, con linguaggio inappropriato.
18-20: Conoscenza e comprensione degli argomenti appena sufficiente con possibili generalizzazioni e imperfezioni; capacità di analisi e autonomia di giudizio appena sufficienti, gli argomenti sono esposti frequentemente con un linguaggio poco appropriato e spesso poco coerente. Scarso approfondimento delle tematiche.
21-23: Conoscenza e comprensione degli argomenti routinaria; capacità di analisi corretta con argomentazione logica sufficientemente coerente e linguaggio per lo più appropriato. L’approfondimento dei temi è per lo più scarso.
24-26: Discreta conoscenza e comprensione degli argomenti; buone capacità di analisi e sintesi con argomentazioni espresse in modo rigoroso ma con un linguaggio non sempre appropriato. Discreto approfondimento dei temi.
27-29: Conoscenza e comprensione degli argomenti completa; notevoli capacità di analisi e sintesi. Buona autonomia di giudizio. Argomenti esposti in modo rigoroso e con linguaggio appropriato. Approfondimento dei temi buono e buona capacità di collegamento tra i temi.
30-30L: Ottimo livello di conoscenza e comprensione approfondita degli argomenti. Ottime capacità di analisi, di sintesi e di autonomia di giudizio. Argomentazioni espresse in modo originale e con linguaggio tecnico appropriato. Ottima capacità di approfondimento ed eccellenti collegamento tra i temi.
Exam Rules
1. Rules for taking the exam
A fundamental requirement for the exam is to book on the Delphi system within the scheduled time interval. Failure to book does not allow you to take the exam. In case of problems in booking during the period in which it is possible to book, notify the teacher immediately.
Arrive in the classroom 15 minutes before the start of the test.
The student must have a valid identity document with him. If the student cannot be identified with certainty, she must leave the classroom.
2. Rules during the exam
It is not possible to leave the classroom during the test.
The student can withdraw after 10 minutes have elapsed from the start of the test to allow late students to enter the classroom. The student who remains in the classroom after the tenth minute is required to hand in the assignment.
Late students who arrive 10 minutes after the test start cannot enter the classroom and will have to book a subsequent session.
3. Exam test
The exam is written and focuses on the course program.
The test consists of three questions, each of which can present one or more sub-points to be developed. At least one question will be on the comment of a table of a paper analyzed in class.
The use of calculators, mobile phones, and other electronic tools is not allowed unless otherwise indicated by the teacher.
The results are published on the course website.
Students can take the exam in any session appeal.
However, it is possible to reject the final grade just once. The resit grade will be registered. Fail will be always registered.
The student who presents himself to the exam by answering the initial call and then decides to withdraw, is considered present at the exam. The next time the student takes the exam, grade will be recorded.
4. Vision of the task and acceptance of the vote
The student can view the assignment on the day and time indicated by the teacher and, in any case, in the 15 days following the exam.
Under "normal" conditions, the task discussion only occurs in the presence.
It is possible to refuse the vote only once.
The student who does not intend to accept the grade must notify the teacher in the manner indicated by the teacher when publishing the results.
5. Evaluation of the exam
The exam will be assessed according to the following criteria:
Fail: Important and serious gaps and / or inaccuracies in the knowledge and understanding of the topics; limited analytical skills, frequent generalizations and limited critical and judgmental skills. Topics are sparsely and inconsistently presented, with inappropriate language..
18-20: Knowledge and understanding of the arguments just sufficient with possible generalizations and imperfections; just sufficient analytical skills and autonomy of judgment, the arguments are frequently presented with inappropriate and often inconsistent language. Poor in-depth study of the topics.
21-23: Routine knowledge and understanding of topics; ability to correct analysis with sufficiently coherent logical argument and mostly appropriate language. The in-depth study of the topics is mostly scarce.
24-26: Fair knowledge and understanding of the topics; good skills of analysis and synthesis with arguments expressed in a rigorous way but with a language that is not always appropriate. Discreet deepening of the topics.
27-29: Complete knowledge and understanding of the topics; remarkable abilities of analysis and synthesis. Good autonomy of judgment. Topics exposed rigorously and with appropriate language. In-depth study of the themes good and good ability to connect among topics.
30-30L: Excellent level of knowledge and in-depth understanding of the topics. Excellent skills of analysis, synthesis and autonomy of judgment. Arguments expressed in an original way and with appropriate technical language. Excellent in-depth skills and excellent connection among topics.
EN
IT
Obiettivi Formativi
OBIETTIVI FORMATIVI:
Capacità di leggere un paper, con specifico riferimento al settore bancario.
Capacità di replicare la parte empirica e di proporre nuovi sviluppi di indagine.
CONOSCENZA E CAPACITÀ DI COMPRENSIONE:
Comprendere un problema teorico che abbia valenza anche pratica. Capire come affrontarlo sia da un punto di vista teorico che empirico.
CAPACITÀ DI APPLICARE CONOSCENZA E COMPRENSIONE:
Utilizzare praticamente le conoscenze di econometria tramite specifico software per risolvere le domande di ricerca
AUTONOMIA DI GIUDIZIO:
Capacità di valutare i lavori empirici, riconoscendo I punti di forza e di debolezza.
Proporre come migliorare le analisi e provare ad applicare la proposta
ABILITÀ COMUNICATIVE:
Utilizzo della lingua inglese e d software econometrico.
CAPACITÀ DI APPRENDIMENTO:
Capacità di impostazione di una ricerca, critica costruttiva alla letteratura esistente, uso di software econometrico e tecniche statistiche.
Learning Objectives
LEARNING OUTCOMES:
Ability to read a paper, specifically related to the banking sector.
Ability to replicate the empirical analysis and proposing new investigations
KNOWLEDGE AND UNDERSTANDING:
Understanding a theoretical problem that has also a practical value. Understand how to deal with it both from a theoretical point of view and an empirical point of view.
APPLYING KNOWLEDGE AND UNDERSTANDING:
Practically use the knowledge of econometrics through specific software to address the research questions.
MAKING JUDGEMENTS:
Ability to evaluate empirical papers, recognizing strengths and weaknesses.
Propose how to improve the analysis and try to apply the proposal
COMMUNICATION SKILLS:
Use of English and specific econometric software
Prerequisiti
Conoscenze d livello intermedio di micro-econometria e intermediari bancari.
Prerequisiti di Econometria: Conoscenze di base dell'analisi econometrica: regressioni lineari, variabili dummy, termini di interazione, trasformazione di variabili (es. logaritmi). Libro di testo suggerito: Introduzione all'econometria, James H. Stock e Mark W. Watson, terza edizione aggiornata. Pearson Education Limited, 2015.Capitoli consigliati: Ch.1 (1.2, 1.3); Cap.3 (3.1, 3.2, 3.3, 3.4, 3.7); cap.4; Cap.5 (5.3, 5.4); Cap.6 (6.2-6.7); Cap.8 (8.2, 8.3).
Prerequisito del Sistema Bancario e Finanziario: conoscenza di base del funzionamento del sistema finanziario e del sistema bancario in particolare. Libro di testo consigliato: RW Melicher, E.A. Norton. "Introduzione alla finanza: mercati, investimenti e gestione finanziaria" (16a edizione), Wiley.Capitoli consigliati: Ch 1-3.
Prerequisites
Intermediate-level knowledge of Micro-econometrics and Banking.
Econometrics prerequisite: Basic knowledge of econometric analysis: Linear regressions, dummy variables, interaction terms, the transformation of variables (e.g. logarithms).
Suggested textbook: Introduction to Econometrics, James H. Stock and Mark W. Watson, updated Third Edition. Pearson Education Limited, 2015.
Suggested chapters: Ch.1 (1.2, 1.3); Ch.3 (3.1, 3.2, 3.3, 3.4, 3.7 ); Ch.4; Ch.5 (5.3, 5.4); Ch.6 (6.2-6.7); Ch.8 (8.2, 8.3).
Banking and Financial System prerequisite: basic knowledge of the functioning of the financial system and the banking system in particular.
Suggested textbook: R.W. Melicher, E.A. Norton. "Introduction to Finance - Markets, Investments, and Financial Management" (16th edition), Wiley.
Suggested chapters: Ch 1-3.
Programma
• Revisione dei concetti di base sui mercati finanziari e sugli intermediari bancari.
Funzione monetaria e creazione di moneta; Funzione creditizia; Meccanismo di trasmissione della politica monetaria; Regolamentazione del capitale.
• La teoria dell'intermediazione finanziaria.
Modelli neoclassici; Old View e New View; Costi di transazione; Informazione asimmetrica.
• Economie basate sul mercato e sulle banche.
Analisi di sistemi basati su intermediari bancari e mercati finanziari.
• Finanza e crescita.
Canali teorici ed empirici attraverso i quali le banche possono influenzare la crescita economica.
• Banche islamiche.
Caratteristiche e particolarità delle banche islamiche.
• M&A nel settore bancario.
Introduzione alle caratteristiche generali delle M&A; Analisi econometrica dei metodi di pagamento e acquisizioni fallite.
• Rischio di credito –e modelli di scoring.
Introduzione alle caratteristiche e ai problemi statistici dei modelli di scoring.
Program
• Review of basic concepts on financial markets and banking intermediaries.
Monetary functions and money creation; credit function; transmission mechanism of monetary policy; capital regulation.
• The theory of financial intermediation.
Neoclassical models; Old View and New View; Transaction Costs; Asymmetric Information.
• Market-based vs bank-based economies.
Analysis of systems based on banking intermediaries and financial markets.
• Finance and growth.
Theoretical and empirical channels through which banks may affect economic growth.
• Islamic banks.
Characteristics and peculiarities of Islamic banks.
• M&As in the banking sector.
Introduction to the general characteristics of M&As; Econometric analysis of payment methods and failed takeovers.
• Credit risk – and scoring models.
Introduction to the characteristics and statistical problems of scoring models.
Testi Adottati
Sono suggeriti due testi, non obbligatori.
1. Microeconometrcis of Banking - Methods, Applications, and Results. H. Degryse, M. Kim, S. Ongena. Oxford University Press 2009.
2. Modern Banking. S. Hefferman. John Wiley & sons, 2005.
Books
Two textbooks are suggested (non compulsory).
1. Microeconometrcis of Banking - Methods, Applications, and Results. H. Degryse, M. Kim, S. Ongena. Oxford University Press 2009.
2. Modern Banking. S. Hefferman. John Wiley & sons, 2005.
Bibliografia
AAllen, F., and Gale, D. (1995). A welfare comparison of intermediaries and financial markets in Germany and the US. European Economic Review, 39, 179-209.
Beck, T., Levine, R., and Loayza, N. (2000). Finance and the Sources of Growth. Journal of Financial Economics, 58, 261-300.
Beck, T., Demirgüç-Kunt, A., and Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37, 433-447.
Caiazza, S., Pozzolo, A.F. (2016). The determinants of failed takeovers in the banking sector: Deal or country characteristics?. Journal of Banking & Finance, 72, S92-S103.
DeYoung, R., Evanoff, D.D., and Molyneux, P. (2009). Mergers and Acquisitions of Financial Institutions: A Review of the Post-2000 Literature. Journal of Financial Services Research, 36, 87-110.
Faccio, M., and Masulis, R.W. (2005). The Choice of Payment Method in European Mergers and Acquisitions. The Journal of Finance, 60, 1345–1388.
King, R.G., and Levine, R. (1993). Finance and Growth: Schumpeter Might Be Right. The Quarterly Journal of Economics, 108, 717-737.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R.W. (1998). Law and Finance. Journal of Political Economy, 106, 1113-1155.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R.W. (2008). The Economic Consequences of Legal Origins. Journal of Economic Literature, 46, 285-332.
Levine, R. (1997). Financial Development and Economic Growth: Views and Agenda. Journal of Economic Literature, 35, 688-726.
Levine, R., and Zervos, S. (1998). Stock Markets, Banks, and Economic Growth. The American Economic Review, 88, 537-558.
Martynova, M, and Renneboog, L. (2008). A Century of Corporate Takeovers: What Have We Learned and Where Do We Stand? Journal of Banking & Finance, 32, 2148-2177.
Rajan, R.G., and Zingales, L. (1998). Financial Dependence and Growth. American Economic Review, 88, 559-586.
Stiglitz, J.E., and Weiss, A. (1981). Credit Rationing in Markets with Rationing Credit Information Imperfect. The American Economic Review, 71, 393-410.
Bibliography
Allen, F., and Gale, D. (1995). A welfare comparison of intermediaries and financial markets in Germany and the US. European Economic Review, 39, 179-209.
Beck, T., Levine, R., and Loayza, N. (2000). Finance and the Sources of Growth. Journal of Financial Economics, 58, 261-300.
Beck, T., Demirgüç-Kunt, A., and Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37, 433-447.
Caiazza, S., Pozzolo, A.F. (2016). The determinants of failed takeovers in the banking sector: Deal or country characteristics?. Journal of Banking & Finance, 72, S92-S103.
DeYoung, R., Evanoff, D.D., and Molyneux, P. (2009). Mergers and Acquisitions of Financial Institutions: A Review of the Post-2000 Literature. Journal of Financial Services Research, 36, 87-110.
Faccio, M., and Masulis, R.W. (2005). The Choice of Payment Method in European Mergers and Acquisitions. The Journal of Finance, 60, 1345–1388.
King, R.G., and Levine, R. (1993). Finance and Growth: Schumpeter Might Be Right. The Quarterly Journal of Economics, 108, 717-737.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R.W. (1998). Law and Finance. Journal of Political Economy, 106, 1113-1155.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R.W. (2008). The Economic Consequences of Legal Origins. Journal of Economic Literature, 46, 285-332.
Levine, R. (1997). Financial Development and Economic Growth: Views and Agenda. Journal of Economic Literature, 35, 688-726.
Levine, R., and Zervos, S. (1998). Stock Markets, Banks, and Economic Growth. The American Economic Review, 88, 537-558.
Martynova, M, and Renneboog, L. (2008). A Century of Corporate Takeovers: What Have We Learned and Where Do We Stand? Journal of Banking & Finance, 32, 2148-2177.
Rajan, R.G., and Zingales, L. (1998). Financial Dependence and Growth. American Economic Review, 88, 559-586.
Stiglitz, J.E., and Weiss, A. (1981). Credit Rationing in Markets with Rationing Credit Information Imperfect. The American Economic Review, 71, 393-410.
Modalità di svolgimento
Lezioni frontali.
Se disponibile un assistente alla didattica:
- Esercitazioni in aula computer.
- Esercizi da svolgere a livello di piccoli gruppi a casa con invio al TA.
- Svolgimento di un piccolo paper empirico a livello di piccoli gruppoi
Teaching methods
Frontal class.
If a TA will be available:
- Computer classroom excercises.
- Take-home to sent to the TA.
- Short empirical paper
Regolamento Esame
1. Regole per sostenere l’esame
Requisito fondamentale per sostenere la prova di esame è la prenotazione sul sistema Delphi nell’intervallo di tempo previsto. La mancata prenotazione non permette di sostenere l’esame. In caso di problemi a prenotarsi durante il periodo in cui è possibile prenotarsi, avvisare immediatamente il docente.
Arrivare nell’aula 15 minuti prima dell’inizio della prova.
Lo studente deve avere con sé un documento di identità in corso di validità. Se lo studente non può essere identificato con certezza, deve lasciare l’aula.
2. Regole durante l’esame
Non è possibile uscire dall’aula durante lo svolgimento della prova.
Lo studente può riturarsi dopo che siano trascorsi 10 minuti dall’inizio della prova per permettere agli studenti ritardatari di accedere in aula. Lo studente che rimane in aula dopo il decimo minuto è tenuto a consegnare il compito.
Gli studenti ritardatari che arrivassero dopo 10 minuti d all’inizio della prova non possono entrare in aula e dovranno prenotarsi in un appello successivo.
3. Prova di esame
La prova di esame è scritta e verte sul programma del corso.
La prova consiste in tre domande, ognuna della quali può presentare uno o più sottopunti da sviluppare. Almeno una domanda sarà sul commento di una tavola di un paper analizzato a lezione
Prova scritta sulla parte teorica e commento di una tavola di un paper analizzato a lezione.
Se disponibile un teaching assistant, svolgimento di un progetto empirico in piccoli gruppi e difesa del lavoro con il docente e gli altri studenti.
Non è ammesso l’uso di calcolatrice, telefono cellulare e altri strumenti elettronici salvo diversa indicazione del docente.
I risultati sono pubblicati sul sito del corso.
4. Visione del compito e accettazione del voto
Lo studente può visionare il compito nel giorno ed ora indicata dal docente.
In condizioni “normali” la discussione del compito avviene unicamente in presenza.
E’ possibile rifiutare il voto una sola volta.
Lo studente che non intende accettare il voto deve darne comunicazione al docente nella modalità indicata dal docente in sede di pubblicazione dei risultati.
5. Valutazione della prova di esame
La prova di esame sarà valutata secondo i seguenti criteri:
Non idoneo: Importanti e gravi lacune e/o inaccuratezze nella conoscenza e comprensione degli argomenti; limitate capacità di analisi, frequenti generalizzazioni e limitate capacità critiche e di giudizio. Gli argomenti sono esposti in modo scarso e non coerente, con linguaggio inappropriato.
18-20: Conoscenza e comprensione degli argomenti appena sufficiente con possibili generalizzazioni e imperfezioni; capacità di analisi e autonomia di giudizio appena sufficienti, gli argomenti sono esposti frequentemente con un linguaggio poco appropriato e spesso poco coerente. Scarso approfondimento delle tematiche.
21-23: Conoscenza e comprensione degli argomenti routinaria; capacità di analisi corretta con argomentazione logica sufficientemente coerente e linguaggio per lo più appropriato. L’approfondimento dei temi è per lo più scarso.
24-26: Discreta conoscenza e comprensione degli argomenti; buone capacità di analisi e sintesi con argomentazioni espresse in modo rigoroso ma con un linguaggio non sempre appropriato. Discreto approfondimento dei temi.
27-29: Conoscenza e comprensione degli argomenti completa; notevoli capacità di analisi e sintesi. Buona autonomia di giudizio. Argomenti esposti in modo rigoroso e con linguaggio appropriato. Approfondimento dei temi buono e buona capacità di collegamento tra i temi.
30-30L: Ottimo livello di conoscenza e comprensione approfondita degli argomenti. Ottime capacità di analisi, di sintesi e di autonomia di giudizio. Argomentazioni espresse in modo originale e con linguaggio tecnico appropriato. Ottima capacità di approfondimento ed eccellenti collegamento tra i temi.
Exam Rules
1. Rules for taking the exam
A fundamental requirement for the exam is to book on the Delphi system within the scheduled time interval. Failure to book does not allow you to take the exam. In case of problems in booking during the period in which it is possible to book, notify the teacher immediately.
Arrive in the classroom 15 minutes before the start of the test.
The student must have a valid identity document with him. If the student cannot be identified with certainty, she must leave the classroom.
2. Rules during the exam
It is not possible to leave the classroom during the test.
The student can withdraw after 10 minutes have elapsed from the start of the test to allow late students to enter the classroom. The student who remains in the classroom after the tenth minute is required to hand in the assignment.
Late students who arrive 10 minutes after the test start cannot enter the classroom and will have to book a subsequent session.
3. Exam test
The exam is written and focuses on the course program.
The test consists of three questions, each of which can present one or more sub-points to be developed. At least one question will be on the comment of a table of a paper analyzed in class.
The use of calculators, mobile phones, and other electronic tools is not allowed unless otherwise indicated by the teacher.
The results are published on the course website.
4. Vision of the task and acceptance of the vote
The student can view the assignment on the day and time indicated by the teacher.
Under "normal" conditions, the task discussion only occurs in the presence.
It is possible to refuse the vote only once.
The student who does not intend to accept the grade must notify the teacher in the manner indicated by the teacher when publishing the results.
5. Evaluation of the exam
The exam will be assessed according to the following criteria:
Fail: Important and serious gaps and / or inaccuracies in the knowledge and understanding of the topics; limited analytical skills, frequent generalizations and limited critical and judgmental skills. Topics are sparsely and inconsistently presented, with inappropriate language..
18-20: Knowledge and understanding of the arguments just sufficient with possible generalizations and imperfections; just sufficient analytical skills and autonomy of judgment, the arguments are frequently presented with inappropriate and often inconsistent language. Poor in-depth study of the topics.
21-23: Routine knowledge and understanding of topics; ability to correct analysis with sufficiently coherent logical argument and mostly appropriate language. The in-depth study of the topics is mostly scarce.
24-26: Fair knowledge and understanding of the topics; good skills of analysis and synthesis with arguments expressed in a rigorous way but with a language that is not always appropriate. Discreet deepening of the topics.
27-29: Complete knowledge and understanding of the topics; remarkable abilities of analysis and synthesis. Good autonomy of judgment. Topics exposed rigorously and with appropriate language. In-depth study of the themes good and good ability to connect among topics.
30-30L: Excellent level of knowledge and in-depth understanding of the topics. Excellent skills of analysis, synthesis and autonomy of judgment. Arguments expressed in an original way and with appropriate technical language. Excellent in-depth skills and excellent connection among topics.
EN
IT
Aggiornato A.A. 2021-2022
PROGRAMME
This course aims to provide an overview of important topics in empirical banking.
Students will be introduced to the relevant literature.
Students are helped to read, understand and assess the scientific contribution of papers in empirical banking.
Topics:
- Review of basic concepts on financial markets and banking intermediaries
- Market-based vs bank-based economies
- The role of banking intermediaries
- Finance and growth
- Islamic banks
- M&As in the banking sector
- Managing credit risk – the scoring models
- Bank crises
TEXTBOOK REFERENCES
Modern Banking. S. Heffernan, John Wiley & sons, 2005.
Microeconomics of Banking. X. Freixas and J-C. Rochet, II Edition, The MIT Press, II Edition, 2008.
OTHER MATERIALS
Slides and notes.
Papers (they will be available during the course).
These materials could be downloaded from the web-site of the course by enrolled students.
PREREQUISITE KNOWLEDGE
Econometrics: basic knowledge of econometric analysis: Linear regressions, dummy variables, interaction terms, transformation of variables (e.g. logarithms).
Suggested textbook: Introduction to Econometrics, James H. Stock and Mark W. Watson, updated third Edition. Pearson Education Limited, 2015.
Suggested chapters: Ch.1 (1.2, 1.3); Ch.3 (3.1, 3.2, 3.3, 3.4, 3.7 ); Ch.4; Ch.5 (5.3, 5.4); Ch.6 (6.2-6.7); Ch.8 (8.2, 8.3).
Banking and the Financial System: basic knowledge of the functioning of the financial system and of the banking system in particular.
Suggested textbook: R.W. Melicher, E.A. Norton. "Introduction to Finance - Markets, Investments, and Financial Management" (16th edition), Wiley.
Suggested chapters: Ch 1-3.
Aggiornato A.A. 2021-2022
PROGRAMME
This course aims to provide an overview of important topics in empirical banking.
Students will be introduced to the relevant literature.
Students are helped to read, understand and assess the scientific contribution of papers in empirical banking.
Topics:
- Review of basic concepts on financial markets and banking intermediaries
- Market-based vs bank-based economies
- The role of banking intermediaries
- Finance and growth
- Islamic banks
- M&As in the banking sector
- Managing credit risk – the scoring models
- Bank crises
TEXTBOOK REFERENCES
Modern Banking. S. Heffernan, John Wiley & sons, 2005.
Microeconomics of Banking. X. Freixas and J-C. Rochet, II Edition, The MIT Press, II Edition, 2008.
OTHER MATERIALS
Slides and notes.
Papers (they will be available during the course).
These materials could be downloaded from the web-site of the course by enrolled students.
PREREQUISITE KNOWLEDGE
Econometrics: basic knowledge of econometric analysis: Linear regressions, dummy variables, interaction terms, transformation of variables (e.g. logarithms).
Suggested textbook: Introduction to Econometrics, James H. Stock and Mark W. Watson, updated third Edition. Pearson Education Limited, 2015.
Suggested chapters: Ch.1 (1.2, 1.3); Ch.3 (3.1, 3.2, 3.3, 3.4, 3.7 ); Ch.4; Ch.5 (5.3, 5.4); Ch.6 (6.2-6.7); Ch.8 (8.2, 8.3).
Banking and the Financial System: basic knowledge of the functioning of the financial system and of the banking system in particular.
Suggested textbook: R.W. Melicher, E.A. Norton. "Introduction to Finance - Markets, Investments, and Financial Management" (16th edition), Wiley.
Suggested chapters: Ch 1-3.
EN
IT
Aggiornato A.A. 2019-2020
PROGRAMME
This course aims to provide an overview of important topics in empirical banking.
Students will be introduced to the relevant literature and presented with empirical applications.
Students are helped to read, understand and assess the scientific contribution of papers in empirical banking.
Moreover, students will manage with real banking data.
Review of basic concepts on financial markets and banking intermediaries
Market-based vs bank-based economies
The role of banking intermediaries
Finance and growth
M&As in the banking sector
Managing credit risk – the scoring models
Individual bank run and systemic risk
TEXTBOOK REFERENCES
Microeconometrics of Banking – Methods, Applications, and Results. H. Degryse, M. Kim, S. Ongena, Oxford University Press, 2009.
Modern Banking. S. Heffernan, John Wiley & sons, 2005.
Microeconomics of Banking. X. Freixas and J-C. Rochet, II Edition, The MIT Press, II Edition, 2008.
OTHER MATERIALS
Slides, notes and do-files.
Papers (they will be available during the course).
These materials could be downloaded from the web-site of the course by enrolled students.
PREREQUISITE KNOWLEDGE
Econometrics: basic knowledge of econometric analysis: Linear regressions, dummy variables, interaction terms, transformation of variables (e.g. logarithms).
Suggested textbook: Introduction to Econometrics, James H. Stock and Mark W. Watson, updated third Edition. Pearson Education Limited, 2015.
Suggested chapters: Ch.1 (1.2, 1.3); Ch.3 (3.1, 3.2, 3.3, 3.4, 3.7 ); Ch.4; Ch.5 (5.3, 5.4); Ch.6 (6.2-6.7); Ch.8 (8.2, 8.3).
Banking and the Financial System: basic knowledge of the functioning of the financial system and of the banking system in particular.
Suggested textbook: R.W. Melicher, E.A. Norton. "Introduction to Finance - Markets, Investments, and Financial Management" (16th edition), Wiley.
Suggested chapters: Ch 1-3.
Aggiornato A.A. 2019-2020
PROGRAMME
This course aims to provide an overview of important topics in empirical banking.
Students will be introduced to the relevant literature and presented with empirical applications.
Students are helped to read, understand and assess the scientific contribution of papers in empirical banking.
Moreover, students will manage with real banking data.
Review of basic concepts on financial markets and banking intermediaries
Market-based vs bank-based economies
The role of banking intermediaries
Finance and growth
M&As in the banking sector
Managing credit risk – the scoring models
Individual bank run and systemic risk
TEXTBOOK REFERENCES
Microeconometrics of Banking – Methods, Applications, and Results. H. Degryse, M. Kim, S. Ongena, Oxford University Press, 2009.
Modern Banking. S. Heffernan, John Wiley & sons, 2005.
Microeconomics of Banking. X. Freixas and J-C. Rochet, II Edition, The MIT Press, II Edition, 2008.
OTHER MATERIALS
Slides, notes and do-files.
Papers (they will be available during the course).
These materials could be downloaded from the web-site of the course by enrolled students.
PREREQUISITE KNOWLEDGE
Econometrics: basic knowledge of econometric analysis: Linear regressions, dummy variables, interaction terms, transformation of variables (e.g. logarithms).
Suggested textbook: Introduction to Econometrics, James H. Stock and Mark W. Watson, updated third Edition. Pearson Education Limited, 2015.
Suggested chapters: Ch.1 (1.2, 1.3); Ch.3 (3.1, 3.2, 3.3, 3.4, 3.7 ); Ch.4; Ch.5 (5.3, 5.4); Ch.6 (6.2-6.7); Ch.8 (8.2, 8.3).
Banking and the Financial System: basic knowledge of the functioning of the financial system and of the banking system in particular.
Suggested textbook: R.W. Melicher, E.A. Norton. "Introduction to Finance - Markets, Investments, and Financial Management" (16th edition), Wiley.
Suggested chapters: Ch 1-3.
EN
IT
Aggiornato A.A. 2018-2019
PROGRAMME
This course aims to provide an overview of important topics in empirical banking.
Students will be introduced to the relevant literature and presented with empirical applications.
Students are helped to read, understand and assess the scientific contribution of papers in empirical banking.
Moreover, students will manage with real banking data.
Review of basic concepts on financial markets and banking intermediaries
Market-based vs bank-based economies
The role of banking intermediaries
Finance and growth
M&As in the banking sector
Managing credit risk – the scoring models
Individual bank run and systemic risk
TEXTBOOK REFERENCES
Microeconometrics of Banking – Methods, Applications, and Results. H. Degryse, M. Kim, S. Ongena, Oxford University Press, 2009.
Modern Banking. S. Heffernan, John Wiley & sons, 2005.
Microeconomics of Banking. X. Freixas and J-C. Rochet, II Edition, The MIT Press, II Edition, 2008.
OTHER MATERIALS
Slides, notes and do-files.
Papers (they will be available during the course).
These materials could be downloaded from the web-site of the course by enrolled students.
PREREQUISITE KNOWLEDGE
Econometrics: basic knowledge of econometric analysis: Linear regressions, dummy variables, interaction terms, transformation of variables (e.g. logarithms).
Suggested textbook: Introduction to Econometrics, James H. Stock and Mark W. Watson, updated third Edition. Pearson Education Limited, 2015.
Suggested chapters: Ch.1 (1.2, 1.3); Ch.3 (3.1, 3.2, 3.3, 3.4, 3.7 ); Ch.4; Ch.5 (5.3, 5.4); Ch.6 (6.2-6.7); Ch.8 (8.2, 8.3).
Banking and the Financial System: basic knowledge of the functioning of the financial system and of the banking system in particular.
Suggested textbook: R.W. Melicher, E.A. Norton. "Introduction to Finance - Markets, Investments, and Financial Management" (16th edition), Wiley.
Suggested chapters: Ch 1-3.
Aggiornato A.A. 2018-2019
PROGRAMME
This course aims to provide an overview of important topics in empirical banking.
Students will be introduced to the relevant literature and presented with empirical applications.
Students are helped to read, understand and assess the scientific contribution of papers in empirical banking.
Moreover, students will manage with real banking data.
Review of basic concepts on financial markets and banking intermediaries
Market-based vs bank-based economies
The role of banking intermediaries
Finance and growth
M&As in the banking sector
Managing credit risk – the scoring models
Individual bank run and systemic risk
TEXTBOOK REFERENCES
Microeconometrics of Banking – Methods, Applications, and Results. H. Degryse, M. Kim, S. Ongena, Oxford University Press, 2009.
Modern Banking. S. Heffernan, John Wiley & sons, 2005.
Microeconomics of Banking. X. Freixas and J-C. Rochet, II Edition, The MIT Press, II Edition, 2008.
OTHER MATERIALS
Slides, notes and do-files.
Papers (they will be available during the course).
These materials could be downloaded from the web-site of the course by enrolled students.
PREREQUISITE KNOWLEDGE
Econometrics: basic knowledge of econometric analysis: Linear regressions, dummy variables, interaction terms, transformation of variables (e.g. logarithms).
Suggested textbook: Introduction to Econometrics, James H. Stock and Mark W. Watson, updated third Edition. Pearson Education Limited, 2015.
Suggested chapters: Ch.1 (1.2, 1.3); Ch.3 (3.1, 3.2, 3.3, 3.4, 3.7 ); Ch.4; Ch.5 (5.3, 5.4); Ch.6 (6.2-6.7); Ch.8 (8.2, 8.3).
Banking and the Financial System: basic knowledge of the functioning of the financial system and of the banking system in particular.
Suggested textbook: R.W. Melicher, E.A. Norton. "Introduction to Finance - Markets, Investments, and Financial Management" (16th edition), Wiley.
Suggested chapters: Ch 1-3.
Prof.ssa Lucia Leonelli
