EQUITY MARKETS AND ALTERNATIVE INVESTMENTS
Paolo Vitale, Marco Morelli
Paolo Vitale
pvitale@luiss.it
Marco Morelli
mmorelli@luiss.it
Obiettivi formativi
Introdurre gli studenti in modo rigoroso ed intuitivo ai mercati azionari e alle tecniche di investimento alternative
Prerequisiti
Conoscenze di base di Microeconomia, Finanza, Finanza Aziendale, Statistica, Econometria
Risultati di apprendimento attesi
Conseguimento delle conoscenze analitiche per l'analisi della performance del comparto dei fondi speculativi e di altri veicoli di investimento alternativo; acquisizione di competenze per il collocamento di titoli finanziari.
Contenuti Del Corso
Modulo di Morelli
• Equity markets: public side vs private side; the role of investment banks.
• IPO: general overview, process and case study.
• Equity Research: overview, activities and regulation.
• Universe of equity markets investors: long-only, hedge funds, sovereign wealth funds, retail and Investor Relations Testimonial.
• Equity Follow-ons: rights issues and accelerated offerings overview, technicalities and rationale.
• Debt Capital Markets, Ratings and Equity Linked Securities: overview and rationale.
• ESG and Responsible Investing: Latest Trends in ESG and Investor Focus.
• ESG and Responsible Investing: Framework and KPI.
• M&A: public vs. private, key themes and most common structures.
• Alternative Investments: real assets and structured finance.
• Private Equity, Venture Capital and Financial Sponsors: overview, strategies, investment cycle and Testimonial.
• Portfolio Manager Testimonial.
Modulo di Vitale
• Efficienza di mercato e analisi tecnica.
• Value and growth investment.
• Insider trading.
• Organizzazione e struttura degli hedge funds.
• Strategie degli Hedge fundss: Long/short, market neutral, fixed-income, global macro.
• Analisi della performance della gestione del risparmio gestito.
• Database, indici e benchmark.
• Diversificazione e allocazione finanziaria.
Testi Di Riferimento
Lhabitant (2007): Handbook of Hedge Funds John Wiley & Sons (Vitale)
Investment Banks, Hedge Funds & Private Equity David Stowell Academic Press (Morelli)
Metodologie Didattiche
Lezioni frontali con discussioni di esempi numerici, case studies ed esercitazioni.
Modalità di verifica dell'apprendimento
esame scritto finale: 50% domande a scelta multiple, 50% domande aperte.
Criteri per l’assegnazione dell’elaborato finale
Nessuno
Settimana 1
Equity markets: public side vs private side; the role of investment banks.
IPO: general overview, process and case study.
Settimana 2
Performance Analysis: Preliminary Instruments and Definitions.
Settimana 3
Equity Research: overview, activities and regulation.
Universe of equity markets investors: long-only, hedge funds, sovereign wealth funds, retail and Investor Relations Testimonial.
Settimana 4
Performance Analysis: Summary Statistics and Risk Measures; Risk-adjusted Measures
of Performance.
Settimana 5
Equity Follow-ons: rights issues and accelerated offerings overview, technicalities and rationale.
Debt Capital Markets, Ratings and Equity Linked Securities: overview and rationale.
Settimana 6
Hedge Funds: Definitions, and
Characteristics; Databases and Biases; Strategies and Classifications.
Settimana 7
ESG and Responsible Investing: Latest Trends in ESG and Investor Focus.
ESG and Responsible Investing: Framework and KPI.
Settimana 8
Long/Short Equities; Short-Selling; The Mechanisms of Long/Short Equity Investing.
Settimana 9
M&A: public vs. private, key themes and most common structures.
Alternative Investments: real assets and structured finance.
Settimana 10
Dedicated Short and
Market Neutral; Equity Market Neutral; Pair Trading; Statistical Arbitrage.
Settimana 11
Private Equity, Venture Capital and Financial Sponsors: overview, strategies, investment cycle and Testimonial.
Portfolio Manager Testimonial.
Settimana 12
Global Macro: Speculative Attacks, Carry Trade, Euro Convergence.