Course 2025-2026 a.y.

Classes: 31 (II sem.)

Instructors:
Class 31: GIUSEPPE CORVINO

An openness to develop and apply teamwork, communication, and critical thinking skills in a collaborative, international learning environment is essential to fully benefit from the course experience. In addition, students are expected to have the following foundational knowledge and skills: • A solid understanding of basic financial principles, such as time value of money, portfolio theory, and risk–return trade-offs • Familiarity with macroeconomic concepts, particularly those related to interest rates, exchange rates, and monetary policy • Basic knowledge of corporate finance and financial accounting, including balance sheet structure and financial statement interpretation • Exposure to financial instruments, such as bonds, equities, and derivatives • Comfort with quantitative reasoning and the use of analytical tools for problem-solving • A general awareness of current events and trends in global financial markets (e.g., through financial press, reports, or institutional updates) Prior experience with tools such as Bloomberg, Excel, or other data platforms is not required but may provide an advantage in practical sessions.

Global financial markets have undergone rapid and profound transformation in recent years. Technological innovations and deeper regulatory integration have interconnected global capital markets more than ever before. These developments have made economies of scale and cross-border expansion not only possible but critical for success in modern financial institutions. This course is designed to equip students with a comprehensive understanding of the institutional, regulatory, and operational frameworks governing global financial markets and institutions. At the same time, it emphasizes the development of advanced technical skills and real-world business judgment essential for making sound financial decisions in a global context. A central goal of the course is to cultivate a global mindset — the ability to understand, collaborate, and succeed in diverse, international environments. This means: • Knowing how to work effectively in teams, often across different business divisions or geographic regions • Aligning with a shared strategic vision, even when roles, perspectives, or functions differ • Appreciating the value of cross-functional collaboration to achieve common goals in multinational settings The course fosters this mindset through interactive group work, exposure to international professionals, and simulation of real-world challenges, thereby preparing students for impactful careers in global finance.

The course offers a comprehensive overview of the structure, evolution, and functioning of global financial markets and institutions in today’s increasingly interconnected and regulated environment. Students will explore how global regulatory integration and technological advancements have shaped the behavior, organization, and interaction of markets, asset managers, banks, and insurance companies operating across borders.

 

Key topics include the central role of regulation in enabling business activity in highly regulated sectors such as financial markets; the importance of economies of scale; the operational challenges of cross-border activity; and the tools used by global financial institutions to design globally diversified investment strategies, manage private markets investments, and mitigate interest rate and currency risk through instruments such as swaps and other derivatives.

 

Students will engage directly with seasoned professionals from leading organizations through guest lectures, gaining practical insights into the principles, risks, and decision-making processes that shape global financial activity.

 

The course features multiple team-based projects, designed to simulate high-stakes consulting assignments for global financial institutions. These collaborative tasks enable students to apply theoretical knowledge to real-world scenarios, strengthen professional communication skills, and practice effective teamwork within diverse and international groups.

 

Hands-on sessions in Bocconi’s Bloomberg LAB will complement classroom instruction, offering direct experience with real-time market data and professional financial tools.

 

Strong emphasis is placed on teamwork and global collaboration, preparing students to operate effectively across business divisions and geographic boundaries in pursuit of shared strategic objectives.

At the end of the course student will be able to...

The learning experience of this course is structured to balance theoretical instruction with practical application, aiming to prepare students for real-world challenges in global finance.

 

By the end of the course, students will be able to:

• Describe the structure, evolution, and functioning of global financial markets and institutions.

• Explain the role of regulation in enabling and shaping financial business across borders.

• Identify the key actors in global financial systems, including banks, asset managers, and insurance companies.

• Distinguish between different types of financial instruments used for risk management, such as swaps and other derivatives.

• Summarize the operational implications of economies of scale and cross-border financial activity.

• Illustrate how global regulatory integration influences financial strategy and market access.

• Recognize the relevance of private markets in global investment strategies.

• Define the core functionalities of Bloomberg Terminal and its relevance for financial analysis and decision-making.

At the end of the course student will be able to...

By the end of the course, students will be able to:

• Apply regulatory, financial, and operational frameworks to assess real-world decisions faced by global financial institutions.

• Develop globally diversified investment strategies incorporating asset allocation, risk hedging, and market constraints.

• Use Bloomberg Terminal tools to retrieve and analyze real-time financial data and indicators.

• Interpret Bloomberg outputs to support investment decisions and risk analysis.

• Collaborate effectively in diverse teams to complete group-based consulting-style projects simulating real financial challenges.

• Communicate complex financial concepts clearly and professionally in both written and oral formats.

• Analyze the risks and trade-offs involved in managing global private markets and multi-currency exposures.

• Demonstrate a global mindset and the ability to work toward common goals across different functional areas and geographic divisions.

• Lectures
• Guest speaker's talks (in class or in distance)
• Company visits
• Practical Exercises
• Collaborative Works / Assignments
• Interaction/Gamification
• Competitions/Hackathons

The learning experience of this course is structured to balance theoretical instruction with practical application, aiming to prepare students for real-world challenges in global finance.

 

Key teaching methods include:

 

• Problem sets, assigned regularly so that students can practice and apply the analytical tools demonstrated during lectures

• Group-based case study analysis, where student teams evaluate real corporate and investment decisions. As these cases are part of the final examination material, each group must understand them as thoroughly as the textbook content

• Interactive class discussions, where teams present their findings and students are encouraged to share perspectives and critically evaluate financial strategies and global market developments

• Trading simulations, allowing student groups to experience decision-making in dynamic market environments

• Hands-on sessions in the Bloomberg LAB, particularly in the second part of the course, where students work in teams with real-time financial data and professional tools

• Guest speakers from global financial institutions, offering insights into professional practice and current market issues

• Company visits, offering firsthand exposure to financial institutions’ environments and operations

• A Bloomberg-based trading competition, designed to test students’ ability to react to market conditions, manage portfolios, and make strategic decisions under time constraints. The competition adds a dynamic, gamified element to the learning process and simulates real market pressures.

 

 

Guest speakers for the current academic year will be confirmed before the start of the course.

 

To provide a sense of the profiles typically invited, the following professionals participated in the previous academic year:

 

• Alberto Corinti, former Secretary General of the European Insurance and Occupational Pension Supervisors

• Alessandro Raspa, Managing Director at Apollo Global Management

• Antonio Rizzo, Financial Planning Manager at ENI SpA Finance

• Luca Tres, Head of EMEA Strategic Risk and Capital Life Solutions at Guy Carpenter

• Paolo Turchetti, Spencer Stuart’s Financial Services Practice

 

As part of the experiential learning component, a company visit was also organized at UniCredit, giving students direct exposure to the dynamics of a major European financial institution.

 

This combination of lectures, team-based projects, simulations, lab sessions, guest insights, and corporate exposure ensures that students develop both technical expertise and essential soft skills — particularly teamwork, communication, and strategic thinking — to succeed in global finance.

	Continuous assessment	Partial exams	General exam
Written individual exam (traditional/online)			x
Individual Works/ Assignment (report, exercise, presentation, project work etc.)	x
Collaborative Works / Assignment (report, exercise, presentation, project work etc.)	x

 

The final grade combines student performance across two parts of the course, with different components weighted accordingly:

 

 

Part I – Prof. Corvino

 

Students will be assessed based on the most advantageous of the following two grading schemes:

 

1. Mixed Evaluation:

    

   • Intermediate Test 1: 15%

   • Intermediate Test 2: 15%

   • Final Exam: 70%

    

2. Final Exam Only:

    

   • Final Exam: 100%

    

The grading scheme that results in the higher final score will automatically be selected.

 

Examples:

 

• If a student scores 24 and 26 on the intermediate tests and 28 on the final exam:

   

  • Mixed: (0.15 × 24) + (0.15 × 26) + (0.70 × 28) = 27.1

  • Final only: 28

  • Final grade: 28

   

• If a student scores 24 and 26 on the intermediate tests and 20 on the final exam:

   

  • Mixed: (0.15 × 24) + (0.15 × 26) + (0.70 × 20) = 22.2

  • Final only: 20

  • Final grade: 22.2

   

To provide a sense of the structure of the intermediate tests here are two examples of group assignments used in the previous academic year;

 

Example 1

 

“ARE GLOBAL FINANCIAL MARKETS MOVING TOWARDS GREATER DEREGULATION OR STRICTER REGULATION? WHAT IS HAPPENING AND WHY?”

 

Instructions:

Prepare a six-page PowerPoint group presentation (plus one cover page with team member names).

You are interning at a global consulting firm. Your supervisor, working for a financial institution planning a cross-border merger, asks you to prepare a regulatory risk assessment—your future with the firm depends on it.

 

 

 

Example 2

 

 

Each group acts as a multi-role team composed of professionals from:

 

• Investment Banking (Total Return Swap structurer)

• Asset Management (targeted return strategy manager)

• Strategic Consulting (retail insurance product expert)

• Legal Advisory (partner specialized in financial regulation)

 

 

Objective:

Design a financial structure for a global life insurance firm seeking to shift from traditional products to capital-light solutions, while preserving client capital protection.

 

Constraints:

 

• Product: 8-year single-premium unit-linked

• Premium volume: EUR 1–1.2 billion

• Max total client fees: 1%

• Reference 8-year Zero-Coupon Rate: 4%

 

Note: If the difference between the highest and lowest group scores is less than 3 points, all teams receive a bonus point in the intermediate assessment — to foster inter-group cooperation.

 

 

Part II – Prof. Cimino

 

Assessment is based on a combination of activities directly connected to real-market practice:

 

• Trading Competition (Bloomberg-based): 15%

• Pitching a Trading Idea: 15%

• Class Participation: 10%

• Final Exam: 60%

 

 

The final written exam (covering both parts of the course) will last 75 minutes.

 

The final course grade is the mathematical average, rounded to the nearest integer, of the grades obtained in Part I and Part II.

The lecture is the central learning component of the course and will be supported by dedicated teaching materials uploaded to the course website.

 

All content made available on the course website is considered relevant for the exam.

 

Students are strongly encouraged to actively participate in discussions, engage with guest speakers, contribute during group activities, and attend all lab and simulation sessions.