Course Topics
Exchange rates and exchange rate systems: Students will learn about the different types of exchange rate regimes (fixed, flexible and hybrid systems) and analyse their impact on capital movements. They will learn how exchange rates are formed and what role central banks and market forces play in this process. Currency convertibility and exchange rate management: Students analyse historical and current examples of exchange rate management and their influence on economic development. Interest rate parity and purchasing power parity: The theoretical foundations of international finance are taught, in particular the conditions of interest rate parity (covered and uncovered interest rate parity) and purchasing power parity. Students learn how these concepts are used to explain exchange rate movements and arbitrage opportunities. The globalisation of financial markets: The increasing networking and liberalisation of financial markets is analysed. Topics include the role of financial innovation, the importance of cross-border capital flows and the challenges for national regulators. International financial markets and financial transactions: Students will gain insights into the structure and functioning of international capital markets, including the issuance and trading of bonds, equities and derivatives. They will learn how companies and countries use international financial markets to raise capital.

Teaching format
Courses in presence.

Educational objectives
Area: Quantitative methods for decision-making Mastery of basic and intermediate mathematical tools for understanding and analysing economic mechanisms using theoretical models and empirical applications Knowledge of tools for statically, dynamically and comparatively analysing data on individuals, companies and the economy Knowledge and understanding of descriptive statistics, the basics of probability theory and sampling methods, standard distributions and their application to economic analyses as well as linear and non-linear regression Knowledge of parametric estimation and hypothesis testing Knowledge of the computer tools required for reading and analysing economic data and models Knowledge of the structure of computer networks, their most important applications and security techniques as well as techniques for collecting, visualising and analysing data using suitable software Knowledge of international accounting systems and double-entry bookkeeping for recording and evaluating business transactions Understanding of annual financial statements Thorough knowledge of accounting data collection or management control Knowledge of the analysis method for estimating present values and discount factors for estimating the cost of capital and the valuation of bonds and shares Knowledge of the methods of medium and long-term financial forecasting and sensitivity analysis with simulation under uncertainty for risk management in the area of corporate and international finance Knowledge and understanding of the international financial environment, multinational risk defence techniques and competitive strategies of global banks Knowledge of the mechanisms underlying effective communication of quantitative topics in three languages: Italian, German and English Area: Quantitative methods for decision making Ability to analyse problems in (unconstrained) optimisation and mathematical interpretation of models of social and economic dynamics be able to formalise and solve economic problems using mathematical models and interpret the results conceptually be able to analyse economic data using methods of descriptive, parametric and non-parametric statistics as well as linear and non-linear regression and interpret the results be able to apply international accounting standards to the various contexts of corporate reality Know how to derive and interpret economic information from the Internet Know how to use computers and computer networks to analyse large amounts of data to solve complex problems and to write dissertations and articles Know how to use spreadsheet programmes to value fixed-interest financial instruments and shares in listed companies be able to analyse financial statements using financial ratios and communicate the results in accordance with international professional standards be able to apply the most important theories about capital, foreign exchange and commodity markets to current observational data, including international data Knowledge of how to set up and carry out an empirical project using econometric software and financial or economic databases Be able to apply techniques to evaluate the performance of financial assets and understand the pricing mechanisms of high-risk financial assets and of spot and forward interest rates Ability to use basic and intermediate mathematical and statistical tools to investigate the behaviour of economic agents from a theoretical and empirical perspective Knowledge of analysing economic data using spreadsheets or other suitable software knowledge of the use of computerised tools for analysing economies be able to communicate the results of quantitative analyses carried out according to international professional standards in three languages: Italian, German and English Making judgements make a critical analysis of the facts and the situations to be dealt with select the most appropriate quantitative and qualitative methods of analysis combine information and analytical methods, also using modern software packages, within the framework of a logical argumentation in order to find a solution Learning skills critically analyse and integrate data, information and future experiences, also using advanced software packages

Assessment
The assessment is the same for participating and non-participating students. The grade is based exclusively on a final written examination without aids. Students have the option of taking a voluntary intermediate examination, which can account for up to 30% of the final grade. The final examination consists of three parts: A) Shorter and longer maths/open questions on lectures 1-9; B) Shorter and longer maths/open questions on lectures 11-18; C) Multiple-choice questions on lectures 1-18. The intermediate examination is a voluntary substitute for part A. This means that students have the following options: (i) Write the midterm exam, keep the result and then answer only parts B and C in the final exam; (ii) Write the midterm exam, discard the result and then answer parts A, B and C in the final exam; (iii) Skip the midterm exam and answer parts A, B and C in the final exam.

Evaluation criteria
The examination consists of open questions and multiple-choice questions. Neither explanations nor calculations are required for multiple-choice questions. Open answers require brief explanations and/or calculations. The assessment is based on the correctness of the calculations and/or the quality of the reasoning in relation to the course content.