Student guide Facoltą di Economia A.A. 2007/08

Asset Management
Aim of the course
The course aims to develop the technical framework needed to take and execute properly investment decisions regarding financial assets, mainly equities. Therefore it deals with issues such as investor’s decision theory in theory and in practice, asset pricing, stock evaluation, market efficiency, price forecasts, risk management, performance assessment and attribution, as well as the most relevant debate concerning the structure and dynamics of the money management industry in the current economic environment.
  1. The investment environment: markets, instruments, trading system, investors
  2. The history of market prices and interest rates
  3. Basic of investment decision theory: the expected utility approach
  4. Portfolio theory with and without the riskfree asset
  5. Models of asset pricing
  6. Stock evaluation
  7. From theory to practice: asset allocation vs. stock picking
  8. Managing market and specific risks
  9. Market efficiency and price forecasts
  10. Performances of asset managers: measures and attribution
  11. The asset management industry: family offices, mutual funds, hedge funds
  12. Hot current debates: fees, transparency, conflict of interest, value of the research
Home assignment and closed book exam. 
Reading list
Bodie Z., A. Kane, A.J. Marcus, Investments, McGraw-Hill, last edition
Additional material will be listed at the beginning of the course