- Theories of Management: implications of business economics, finance, organization and marketing (42 hours; first year; ITA)
The course aims to transfer the theoretical foundations of the disciplinary fields of management - business economics, Finance, organization and marketing - with the objective of supporting doctoral students in identifying the framework of reference for the design of individual research design.
In particular, theories such as cognitive theory, critical theory, intellectual capital theory, agency theory, behavioral management theory, efficient market hypothesis, valuation theory, contingency theory, and open system theory are covered.
The teaching is divided into sessions of a traditional nature, that is, communication of fundamental knowledge about the relevant theory and critical discussion of its strengths and weaknesses. In addition, doctoral students are required to participate--even in groups--in sessions that require the application of a theory to a specific management scenario outlined.
Evaluation of the pursuit of learning objectives is based on the preparation of an essay (max 3,000 words) by each student on a theory that he or she deems particularly relevant to the disciplinary field of his or her affiliation.
- Micro-Macroeconomics (42 hours; first year; ITA)
Micro-Macroeconomics (42 hours; first year; ITA)
The course provides doctoral students with an introduction to advanced topics in micro- and macroeconomics and is divided into three modules.
The first module-General Economic Equilibrium Theory (Prof. Gabriel Brondino, Università Cattolica del Sacro Cuore; 20 hours)
The objective of the module is to delve into the structure of general equilibrium theory, with a focus on the neoclassical approach. Understanding the various models is fundamental to understanding the fundamental mechanisms by which economies allocate resources and distribute income over time. The analysis will be conducted in successive stages of complexity in which the following will be analyzed successively: the exchange model, the production model with non-reproducible primary inputs, and the production model with reproducible inputs (intertemporal and temporary general equilibrium models). Finally, it will be compared of the latter model with the classical general equilibrium model of accumulation and surplus allocation of production. Bibliography: Petri, Fabio. 2021. "Microeconomics for the Critical Mind." Springer Verlag; Gram, H. and Walsh, V. 1980. "Classical and Neoclassical Theories of General Equilibrium." Oxford University Press; Varian, H. 1992. "Microeconomic Analysis." Norton.
The Second Module - General Economic Equilibrium Theory under Monopolistic Competition (Prof. Silvia Bertarelli; 6 hours)
The Second Module - General Equilibrium Models under Monopolistic Competition (Prof. Silvia Bertarelli; 6 hours) topics related to general equilibrium models under monopolistic competition. The first part is devoted to presenting a general framework that can be useful for studying related current economic issues, including optimal organization of production, innovation, environmental goals, monetary policies and international trade. The second part aspires to generalize it to take into account productivity differences at the firm level within the same industry.
The third module - Economic and Financial Choices in the Presence of Risk (16 hours) explores, first, the topic of Expected Utility and Risk Aversion (Prof. Marco Magnani; 6 hours) by analyzing Von Neumann-Morgenstern Preferences, the risk premium and certain equivalent, measures of risk aversion and preferences with respect to different changes in risk. Second, we will explore Applications to Economic Problems (Prof. Mario Menegatti; 6 hours) such as precautionary saving, standard portfolio model, CCAPM and Self-protection. Finally, the focus will be on asset pricing to provide doctoral students with the basic tools to begin conducting empirical research on financial asset pricing using the factor investing framework originally developed by Fama and French (Prof. Carlo Rosa; 4 hours). Bibliography: Eeckhoudt L., Gollier, C. Schlesinger H. (2005) Economics and Financial Decisions under Risk, Princeton University Press, US; Romer Advanced Macroeconomics; John Y. Campbell, Andrew W. Lo and A. Craig MacKinlay, 1997. The Econometrics of Financial Markets. Princeton University Press; Andrew Ang, 2014. Asset Management: A Systematic Approach to Factor Investing. Oxford University Press.
Two final exams/assignments are scheduled upon completion of the first two modules and the third.
Detailed program first part
General equilibrium models under monopolistic competition
(Silvia Bertarelli) - 6 hours
This PhD module covers topics related to general equilibrium models under monopolistic competition. The first part is devoted to presenting a general framework that can be useful for studying current economic issues related to, among others, the optimal organization of production, innovation, environmental goals, monetary policies, and international trade. The second part aims at generalizing it to account for differences in productivity at the firm level within the same industry.
Detailed program second part
Economic and financial choices in the presence of risk (16 hours)
Expected profitability and risk aversion (Marco Magnani 6 hours)
Preferences Von Neumann-Morgenstern
Risk premium and certain equivalent
Measures of risk aversion
Preferences to different changes in risk
1) Applications to economic problems (Mario Menegatti 6 hours)
Precautionary saving
Standard portfolio model
CCAPM
Self-protection
2) Asset pricing (Carlo Rosa 4 hours)
The main purpose of this module is to provide the student with the basic tools to begin conducting empirical research on financial asset pricing using the factor investing framework, originally developed by Fama and French.
Bibliography (The chapters of the indicated books will be communicated during the course)
Eeckhoudt L., Gollier, C. Schlesinger H. (2005) Economics and Financial Decisions under Risk, Princeton University Press, US
Romer Advanced Macroeconomics
John Y. Campbell, Andrew W. Lo and A.Craig MacKinlay, 1997. The Econometrics of Financial Markets. Princeton University Press.
Andrew Ang, 2014. Asset Management: A Systematic Approach to Factor Investing. Oxford University Press.
Journal articles
- Innovation in the global economy (24 hours; first year; ENG)
Prof. Giulio Buciuni, Trinity College Dublin, Visiting Professor at the University of Parma
The course focuses on the management of innovation in the global economy and aims to provide doctoral students with an in-depth analysis of the different areas of literature dealing with this economic phenomenon. Innovation development is a vital component of any resilient economy, both locally and nationally. Yet its dynamics and mechanisms of operation remain largely unknown. In recent years, a number of research strands have sought to understand the factors that sustain inter-country innovation, fueling an in interesting debate on the topic. This course addresses the issues of Global Value Chains (GVCs) and Entrepreneurial Ecosystems (EEs) to assess how innovation is developing in the global economy, which actors are responsible for its production and governance, and what is the role of institutions in fostering the generation of innovation at various spatial levels.
In addition to familiarizing themselves with the latest theoretical developments in the field of global innovation, doctoral students will have the opportunity to work in groups to produce a literature review on this research topic.
