Programma

Professor Marco Morelli / Paolo Vitale
Course code SLX
General Discipline (SSD) SECS-P/11
Course Year 2
Semester I Semestre
Course 0
Teaching Language English
Credits 8
Total Workload 200
Total Lesson Hours 60
Course Contents Morelli’s Module

• Equity markets: Public side vs private side; the role of investment banks.
• IPO : General overview and process.
• IPO: Case study.
• Straight equity follow-on : Rights issue, accelerated book fully marketed offerings.
• Equity-linked: overview and rationale.
• Universe of equity markets investors : Long-only, hedge funds, sovereign/wealth funds, retail.
• The role of equity research : Evolution, past issues, regulation.
• Private equity and financial sponsors : investment cycle, domestic vs international.
• Hedge fund testimonial.
• Private equity testimonial.

Vitale’s Module

• Market efficiency and technical analysis.
• Value and growth itnvestment.
• Insider trading.
• Hedge funds’ organization and structure.
• Hedge funds’ strategies: Long/short, market neutral, fixed-income, global macro.
• Performance analysis of funds management.
• Database, indices and benchmarks.
• Diversification and asset allocation.

Reference Books Lhabitant (2007): Handbook of Hedge Funds John Wiley & Sons
Course Formative Objectives To introduce students in a rigorous but intuitive way to the equity market environment and alternative investment techniques.
Prerequisites Basic Knowledge of Microeconomics, Finance, Corporate Finance, Statistics, Econometrics
Teaching Method Main lectures with discussions of numerical exercises, case studies and homework.
Assessment Method Weekly evaluations of assignments or case studies plus final closed book final written exam
Class work and take-home assignements: 40%
Closed book final written exam: 60%
Criteria For Deciding On Subject Of Final Paper No one

 

Extended Program And Reference Reading Material
Week 1 – Lesson 1 Market efficiency and technical analysis
Week 1 – Lesson 2 Equity markets: Public side vs private side; the role of investment banks
Week 2 – Lesson 1 Value and growth investment
Week 2 – Lesson 2 IPO : General overview and process
Week 3 – Lesson 1 Insider trading
Week 3 – Lesson 2 IPO: case study
Week 4 – Lesson 1 Hedge funds’ organization and structure
Week 4 – Lesson 2 Straight equity follow-on : Rights issue, accelerated book fully marketed offerings
Week 5 – Lesson 1 • Hedge funds’ strategies: Long/short, market neutral, fixed-income, global macro.
Week 5 – Lesson 2 Equity-linked: overview and rationale
Week 6 – Lesson 1 Hedge funds’ strategies: Long/short, market neutral, fixed-income, global macro.
Week 6 – Lesson 2 Universe of equity markets investors : Long-only, hedge funds, sovereign/wealth funds, retail
Week 7 – Lesson 1 Performance analysis of funds management
Week 7 – Lesson 2 Universe of equity markets investors : Long-only, hedge funds, sovereign/wealth funds, retail
Week 8 – Lesson 1 Performance analysis of funds management
Week 8 – Lesson 2 The role of equity research : Evolution, past issues, regulation
Week 9 – Lesson 1 Performance analysis of funds management
Week 9 – Lesson 2 The role of equity research : Evolution, past issues, regulation
Week 10 – Lesson 1 Database, indices and benchmarks.
Week 10 – Lesson 2 Private equity and financial sponsors : investment cycle, domestic vs international
Week 11 – Lesson 1 Diversification and asset allocation
Week 11 – Lesson 2 Hedge fund testimonial
Week 12 – Lesson 1 Diversification and asset allocation
Week 12 – Lesson 2 Private equity testimonial