Laurea Magistrale (European Master) in Economics and Market Policy - EMP (academic year 2013/14)

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EPM - European master in Economics and Market Policy

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INFORMATION FOR PROSPECTIVE STUDENTS

The Laurea Magistrale in Economics and Market Policy (EMP) at the University of Bologna, Rimini Campus School of Economics, Management and Statistics
Economics and Market Policy (EMP) is a second-degree cycle - two year master degree, equivalent to an M.A./M.Sc., that offers excellent preparation in applied economics and quantitative techniques, particularly in the analysis of real and financial markets and economic systems. Built on a solid foundation in economics, this preparation will distinguish Economics and Market Policy graduates for their ability to critically evaluate the qualitative and quantitative implications of economic policy manoeuvres and to autonomously produce research, forecasts and plans concerning the evolution of markets and macroeconomic systems. EMP students will work closely with the resident faculty and distinguished professors from foreign Universities (Canada, Uk, Russia) in a programme designed to meet individual research interests and professional goals. The Laurea Magistralis/Master Degree in Economics and Market Policy of the University of Bologna signed an agreement with the Master of Science in Economics at Higher School of Economics - Moscow, RU on the basis of the program Master of Science in Economics with the major in Strategic Corporate Finance; and also with "Master degree in Economics" of Vilnius University, LT. At the end of their agreed study path, students will obtain both the Italian and the foreign degree. 1 The School of Economics, Management and Statistics, which offers the Master in Economics and Market Policy, is part of the University of Bologna. Founded in 1088, it is the oldest academic institution of the Western world and is one of the most important higher education institutions in Italy and the whole of Europe. EMP will be offered at the Rimini Campus of the University of Bologna. Admission to EPM requires an undergraduate bachelor degree in Economics/Business. Also other degrees are welcome: Political Sciences, Mathematics, Engineering, Computer Sciences and Physics. A Scientific Committee will verify if the student holds the skills and the competence required on the basis of the curriculum vitae and other documents sent to the Commission. This booklet provides a description of the study programme, the admission requirements for the 2013/2014 edition, and the list of current teaching staff. Further information about EMP and application procedures can be found on: www.emp.unibo.it or by contacting: Ms. Valeria Macchini Students Adviser : +39 0541 4 34 337 :+39 0541 4 34 235 Economia Rimini Dr. Rainer Andergassen Director of EMP programme : rainer.andergassen@unibo.it : economiarimini.orientamento@unibo.it EMP Rimini

: +39 051 209 8666

: +39 051 209 8143

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TABLE OF CONTENTS
1. Organization of study
1.1 Introduction and learning outcomes......................................................................................03 1.2 Pre-requisite knowledge and crash courses...........................................................................04 1.3 Programme Structure............................................................................................................06 1.4 Double Degrees.....................................................................................................................07 1.5 Career and job opportunities.................................................................................................07 1.6 Tuition Fees and scholarships................................................................................................08 1.7 Studying at the University of Bologna..................................................................................09 1.8 Living in Rimini....................................................................................................................11

2. The Study Programme 2013/2014in details

2.1 First year, first semester.........................................................................................................12 2.2 First year, second semester....................................................................................................13 2.3 Second year, first semester....................................................................................................14 2.4 Second year, second semester................................................................................................15 2.5 Faculty...................................................................................................................................16 2.6 The calendar..........................................................................................................................16

3. Requirements for the completion of EMP

3.1 Compulsory and elective courses..........................................................................................17 3.2 Stage / Internship...................................................................................................................17 3.3 Performance assessment........................................................................................................17 3.4 Advisers and tutors................................................................................................................17 3.5 International mobility............................................................................................................18 2

4. How to apply
4.1 Italian and other EU citizens.................................................................................................18 4.2 Non-EU citizens....................................................................................................................18 4.3 Deadlines and enrolment procedures....................................................................................19 4.4 Ranking of applicants and admission....................................................................................19 4.5 When to apply Deadlines and enrolment procedures.........................................................19 4.6 Contacts.................................................................................................................................20

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1. Organization of study
1.1 Introduction and Learning outcomes
The European Master (Laurea Magistrale) in Economics and Market Policy (EMP) is a two-year postgraduate degree which is equivalent to an M.A. or M.Sc. Expected learning outcomes: KNOWLEDGE AND UNDERSTANDING 2nd cycle graduates in Economics and Market Policy will have a solid grasp of the modern theoretical aspects of micro- and macroeconomics, economic policy and econometrics, as well as specific, indepth knowledge of the main empirical research techniques in these areas. The teaching tools include an appropriately balanced ratio of lectures, seminars, practical exercises and discussion groups, as well as supervised and autonomous self-study. Assessment is mainly through written and oral exams, with some written assignments set for specific activities. ABILITY TO APPLY KNOWLEDGE AND UNDERSTANDING: Economics and Market Policy graduates: - will possess appropriate specialist knowledge of economics and are able to apply: a) highly qualified information on the internal framework of organisations and the regulatory and institutional framework of complex and rapidly transforming markets; b) information analysis and synthesis skills; c) skills to formulate flexible strategies to effectively pursue objectives (maximisation of profit for private, for profit companies, accountability, cohesion and equality objectives for non-profit organisations); - will be able to use the relevant results, primarily mathematical and statistical techniques and knowledge of business and legal fields, in other fields; - will be fully familiar with business and market information flow analysis techniques and will be able to process them for strategic and forecasting purposes. The teaching tools implemented aim to develop application skills in specific, concrete situations. They include an appropriate, balanced ratio of lectures, laboratory work, practical exercises and the development of individual and group projects. Assessment is done through written and oral exams, written assignments, practical work and problem solving activities which aim to demonstrate the students' command of tools, methods and critical autonomy. JUDGEMENT SKILLS: Economics and Market Policy graduates: will be able to competently and autonomously manage business and legal problems; will be able to consider the aspects of anti-monopolistic and market regulatory legislation as well as issues concerning the market and financial strategies of businesses; will be able to apply these techniques to real cases and data; will have a critical approach to the most recent issues and instruments of their field. Judgement skills are particularly developed in individual and group project work, and during the production of an original, partly autonomous dissertation on a research subject agreed with the supervising professor. Seminars and laboratory activities, personal assignments and oral presentations will also allow the students to develop their critical and judgement skills. www.emp.unibo.it economiarimini.orientamento@unibo.it

They are assessed during the course units chosen by the students in their studies and their ability to work autonomously as well as in groups. Great importance is also placed on the assessment of the report presented by the students following their internships, the final examination and relative preparatory activities. COMMUNICATION SKILLS: Economics and Market Policy graduates: will be able to communicate the results of their own research and other economic literature through oral presentations to scientific conventions, workshops and working meetings, and through analytical business reports presented to top company management. will be able to communicate their research results in written form and produce company reports. Communication skills will be developed through a variety of learning activities and assessed through written assignments, laboratory work, oral presentations, the coordination of or participation in working groups and seminars, as well as the comprehension of texts, interventions and seminars in the English language. Students will also be required to coordinate and participate actively in study groups. LEARNING SKILLS: Economics and Market Policy graduates will be able to: understand the main theoretical and empirical results of modern economics and economic policy. - develop applied research projects, under supervision. Learning skills are developed and assessed through various activities self-study (monitored through periodic tests), the organisation of study time dedicated to laboratories, bibliographic studies and continuous research, interaction in seminars, the correction and, where required, rewriting of assignments. The study programme offers ample opportunity for autonomous activities, including individual and group project work. It is completed by the production of a dissertation, guided by the professors acting as supervisors and external examiners. The final examination also provides an incentive for autonomous research as well as collaboration with the supervising professors, and is a further opportunity for the assessment of learning skills.

1.2 Pre-requisite knowledge and crash courses

The EMP is open to graduates of Economics/ Business/ Finance, although also degrees are welcome (Political Sciences, Mathematics, Engineering, Computer Sciences and Physics). To provide first-year students with the basic tools and pre-requisites needed to successfully attend the EMP programme, crash courses are organized in Mathematics and Econometrics. These courses are fully integrated into the official timetable and do not give any credit to the attending students. For the academic year 2013/204 the crash courses are organized as follows: I. Introduction to Mathematics (30 hours, first term). At the end of the course, the student knows the basic mathematical concepts and techniques that are of central importance for modern economic analysis. In particular, the student is able to apply fruitfully standard tools and concepts from differential calculus, such as the implicit function theorem and static optimization; handle the matrix notation and apply linear algebra techniques to the representation and the solution of standard problems from economic theory.

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II.

ii) Introduction to Econometrics (30 hours, second term);

This course introduces students to linear regression models. It reviews the main theoretical properties of least squares estimation, testing of the parameters under the Gauss-Markov assumptions and discusses the violation of classical assumptions; it provides an introduction to no linear least square and maximum likelihood estimation, and discusses some empirical examples in various fields using the econometric software Stata and EViews. English Knowledge: Candidates must have a good command of the English language (equivalent to the B2 level). The following score are therefore considered acceptable. TOEFL minimum score 510 PBT; 180 CBT, 65 IBT IELTS: minimum score 6.5 CPE: grades A, B, C

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1.3 Programme Structure

The programme is developed in four semesters (two years), granting to the successful student 120 credits (European Credit Transfer System - ECTS). The programme consists of coursework (102 ECTS), seminars (3 ECTS) and the writing and the discussion of a final dissertation (15 ECTS). Most individual courses are organized with lectures and lab sessions, and employ a pro-active teaching methodology so that students are stimulated to develop critical thinking and acquire independent research skills. In the following table, the study plan for students enrolling in the Academic Year 2013/2014 is outlined. A full description of the individual courses is in Section 2.
PERIOD First year, first semester
Applied Microeconomics Strategic Management Module I: Business strategy Module II: International business Advanced Mathematics for Economics 12 30 12 12 60 60

ECTS

HOURS

First year, second semester

Applied Macroeconomics 6 30

Econometics Module I: Econometric Theory Module II: Applied EconometricsI Public law and regulation

12

60

6
6 30

Second year, first semester

Elective course 30 CFU Development and Growth Economic Policy Empirical Economics Environmental Economics Financial Risk Management Industrial Organization 6 6 6 6 12 6 60 30 30 30 30 60 30

Second year, second semester

Research Methods in Economics Module I: Research Methods in financial economics Module II: Research Methods in macroeconomics

12

60

Seminars Final Dissertation

3 15

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1.4 Double Degrees

The Laurea Magistralis/Master Degree in Economics and Market Policy of the University of Bologna signed an agreement with the Master of Science in Economics at Higher School of Economics Moscow, RU on the basis of the program Master of Science in Economics with the major in Strategic Corporate Finance; and also with "Master degree in Economics" of Vilnius University, LT. Students must obtain a minimum of 30 ECTS at the partner university. At the end of their agreed study path, students will obtain both the Italian and the foreign degree. Each year study grants designed for the double degree programme are available. Additional information can be found in the section Double degrees of the web-page www.emp.unibo.it.

1.5 Career and Job Opportunities

2nd cycle graduates may cover a range of professional positions in the listed fields of employment: 1) Market researcher Functions: The Market researcher: Carries out market research and develops scenario evaluations; carries out statistical studies on the market progress of a product and monitors the product market/distribution. Determines product costs and analyses areas for improvement. Analyses market data and competition, produces statistical reports and processes data Career opportunities: Public and private research departments Planning departments of public authorities and private companies Public territorial and planning departments and authorities Division management in private companies 2) Business (econometric) economist Functions: The Business (econometric) economist: Carries out quantitative evaluations of market and business trends. Makes numerical forecasts on micro and macroeconomic issues. Draws up and evaluates alternative scenarios on the evolution of businesses and sectors due to modifications in market competition and in the regulatory and institutional framework. In an econometric capacity, carries out research, develops or designs economic concepts, operative theories and methods to describe the behaviour of local, national and international markets in terms of goods, services and the workforce. Provides consulting services and applies information to draw up economic policies to meet business objectives, and defines solutions to current or forecast economic problems. Career opportunities: Private companies Planning departments of public authorities and private companies

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3) Regional economic development plan and programme expert Functions: The Regional economic development plan and programme expert plans territorial development projects and draws up economic plans based on the analysis and knowledge of the economic contexts and their main indicators. Career opportunities: Public territorial authorities Private and public research and study centres Public territorial and planning departments and authorities 4) Economic scenarios expert Functions The Economic scenarios expert: Follows the evolution of local and national markets, products and economic systems to support the process of expansion and development into new business markets (from new local markets to foreign markets) Carries out a variety of tasks and activities relating to new markets. Analyses and studies international scenarios used by companies to develop appropriate marketing and export management strategies. Carries out research and processes data concerning the orientation of international economics within a general process of market globalisation. Processes information on foreign market trends and peculiarities. Provides the indispensible elements and information for the strategic planning of international business development. In a research capacity in study centres, produces economic and quantitative studies on market trends. Monitors the market and makes market and product forecasts. Working in a company research department, analyses market data and competition, produces statistical reports and processes data. Effectively applies appropriate theoretical and empirical research knowledge. Career opportunities: Strategic management of private companies (industry, tertiary, banks) Public authorities Public or private research and study centres.

1.6 Tuition Fees and Scholarships

The tuition fee for academic year 2012/2013 was 1.995,00 per academic year. The final decision about tuition fees for 2013/2014 will be taken by the University of Bologna around May 2013. When the figure will be official, it will be published on the EMP website. Students with low incomes are entitled to get allowances and partial exemptions (more information on the ER.GO website: http://www.er-go.it/ ). Students can officially start enrolment procedure starting from end of July up to end of November2013. A few scholarships/tuition fee waiver are available for the academic year 2013/2014 for foreign students and for talented students. In particular: 1.6.1 Study grants for international students (Unibo Action 2) 2013/2014 The University of Bologna offers study grants to international talented student who wish to register for first or second cycle Degree Programme at the University of Bologna for A.Y. 2013/14. If you are an international student, of any nationality in possession of (or about to obtain) a qualification from an institute outside of the Italian system, you may apply for an annual study grant of 11,000 gross www.emp.unibo.it economiarimini.orientamento@unibo.it

(Unibo Action 2).These study grants are awarded on the basis of the results of the GRE test (http://www.ets.org/gre/) The test can be sat in authorised centres in various countries around the world and it is held in English. You must enrol for the test on the websites of the authorised organization. To send the results, the GRE code for UNIBO is 7850. Warning: you must have sat the GRE test by the deadline since you need the receipt for the application. To apply for the study grant under Unibo Action 2 there are two deadlines: Deadline for first session Presentation of applications: 30 January 2013 Evaluation of candidatures: February 2013 Publication of results: March 2013 Deadline for second session Presentation of applications: March 2013 Evaluation of candidatures: April 2013 Publication of results: May 2013 The call for applications for the first session is available in the "Attachments" box, on the following website: http://www.eng.unibo.it/PortaleEn/vademecum/GrantsUniboAction2.htmThe The call for applications for the second session will be published by March 2013. Remember that the application for the scholarship and/or the tuition fee waiver are different from the application to EMP degree course (i.e., students also have to apply to EMP following the guidelines highlighted in Section 4). 1.6.2 Erasmus Mundus Programme Students from several non EU countries can apply to Erasmus Mundus scholarships for those programmes in which the University of Bologna is partner. The list of programmes is available online: http://www.eng.unibo.it/PortaleEn/Students/International+Students/ScholarshipsFellowships/Erasmus MundusAction2.htm 1.6.3 Tuition Fee Waivers A few tuition fee waivers are available for talented international students. The waiver covers the whole tuition fee (except the government tax that was of 304.93 for academic year 2012/2013). The call for application and the administrative procedure will be available in March 2013 on the EMP website and on the following web page: http://www.eng.unibo.it/PortaleEn/vademecum/exemptionFromFeesAction1.htm 1.6.4 Other financial opportunities Other funding schemes might be available and will be posted on EMP website. For more information on scholarships, please visit the following webpage: http://www.eng.unibo.it/PortaleEn/Students/Services+and+facilities/Scholarships-for-students-Bologna.htm 9

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1.7 Studying at the University of Bologna

The University of Bologna was probably the first University in the western world (in the nineteenth century a committee of historians, led by Giosu Carducci, attributed the birth of the University to the year 1088). Its history is one of great thinkers in science and the humanities, making it an indispensable point of reference in the panorama of European culture. The institution that we today call the University began to take shape in Bologna at the end of the eleventh century, when masters of Grammar, Rhetoric and Logic began to devote themselves to the law. In 1158 Federico I promulgated the Constitutio Habita, in which the University was legally declared a place where research could develop independently from any other power. Dante Alighieri, Francesco Petrarca, Nicol Copernico, Paracelso, Raimundo de Pegafort, Albrecht Drer, St. Carlo Borromeo, Torquato Tasso, Carlo Goldoni, Luigi Galvani, Giosu Carducci and Giovanni Pascoli, among the others, all spent time at the University of Bologna. On 18 September 1988 in Bologna's main square (Piazza Maggiore), the Rectors of 430 universities signed the Magna Charta Universitatum Europaeum. The Magna Charta, which has since been signed by other 400 Rectors, affirmed the autonomy of the University, the essential link between teaching and research activities which transcend the limits imposed by "any geographical or political border". The signing took place as part of the ninth centennial of the University of Bologna, which was formally recognised as the Alma Mater of all universities. Since 1989, the Alma Mater has carried out the largest decentralisation programme in the history of Italian universities, establishing new University Campuses in four towns of Romagna (Cesena, Forl, Ravenna and Rimini). In 1998 the University also inaugurated a branch in Buenos Aires (Argentina). On 19 June 1999 in the Aula Magna of the University of Bologna, 29 European Ministers of Higher Education signed the so-called Declaration of Bologna, which defines the "most relevant objectives for the creation of a European Area of higher education" and the promotion of this system in the world. To meet these objectives, European Union members have been restructuring their university systems following the guidelines known as the Bologna Process. Today there are about 90,000 students enrolled at the University of Bologna, making our University one of the largest in Italy (with more than 3,000 professors and lecturers). In 2012/2013 the 11 Schools offered 104 Bachelor degrees, 101 European Master Degrees, 30 Professional Master Programmes. Attention to carrier opportunities for future graduates has led the University to stipulate over 3,500 agreements with businesses and public organisations, leading to some 13,000 students carry out a period of internship every year. According to a recent report by the National Committee for the Evaluation of the University System, the University of Bologna is today the most internationalised of all Italian universities. The number of foreign students regularly enrolled is 3,600, while another 1,500 arrive every year on international mobility programmes such as Erasmus and Overseas. Recent years have seen a rapid expansion of computing services. There are 30,000 students linked to the university's e-mail service and 70,000 computers connected to the university network. Through the library service, users can access a catalogue of 2,000,000 books and 5,239 periodicals which garner 64 million contacts and offers 36 million pages of responses each year. The oldest Italian university is also one of the most technologically advanced. Each month there are 3,000,000 accesses to the University's Web Portal which makes it one of the most visited university sites in the world.

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1.8 Living in Rimini

Rimini is a pleasant middle-sized city of about 150,000 inhabitants facing the Adriatic sea. It is home of one of the campuses of the University of Bologna and therefore it is the place in which the excellence of the most ancient University in the western world meets the ability of local entrepreneurs and of the public administration in developing a flourishing environment. The Rimini Campus of the University of Bologna has approximately 6,000 students and: 5000 square meters of teaching rooms; 7 computer rooms, with a total of 170 personal computers 52 European university partners and 131 Erasmus scholarships (School of Economics only) WiFi connection in the whole campus (Almawifi) University library (opened until 10 pm) bars and restaurants with student discounts For more information about Rimini, see http://www.riminiturismo.it/; http://www.comune.rimini.it. 1.8.1 The Students' Residence The students' residence "Palace Hotel" is situated in front of Rimini Railway Station close to the Campus buildings. 5000 square meters to house 90 students in 76 rooms arranged on four floors: 14 double rooms, 57 single rooms, 5 rooms for disabled students fully equipped with television, internet connection, air conditioning, kitchenette and private bathrooms. It also offers a wide range of common areas, as dining rooms on each floor, a large foyer, internet point, television and music room, fitness centre with locker room, a library, study halls and meeting rooms. The residence is also equipped with a motorcycle garage and bike parking area, a laundry and an ironing room. Admission to the Palace Hotel" requires particular conditions as provided by lodging announcements of the Regional Grants Committee (ER.GO). More details are available on the web site: www. ergo.it. For more information please contact: polorn.foreignstudents@unibo.it or campusrn.studenti@unibo.it. The most common way to live in Rimini for students is, however, to rent bedplaces / rooms / apartments in the private market. Once in Rimini, students can easily browse the many noticeboards (within or outside the University) or local newspapers to find a suitable accommodation. 11

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2. The study programme 2013/2014 in detail

2.1 First year, first semester
Applied Microeconomics (12 ECTS) Learning Outcomes: Should be aware of the most relevant issues in applied microeconomics. In particular, students will be able: - to understand the current debate on applied microeconomics; - to perform their own analysis on applied microeconomic issues; - to understand the main quantitative methods developed in applied microeconomics; - to combine theoretical analysis with the most recent applications of empirical research. 60 hours of Lectures (Corrado Benassi) STRATEGIC MANAGEMENT (12 ECTS) Learning Outcomes: At the end of the course students will have acquired skills regarding the analysis of the environment outside the firm, i.e. sector analysis, and the application of this analysis to achieve a competitive advantage in the framework of international business. More specifically, students will be able to: identify the main structural characteristics of an industrial sector and their impact on competition and performance; identify the available opportunities of influencing the structure so that competition can be mitigated and performance increased; identify the advantages and disadvantages associated with alternative strategies of international expansion (e.g., greenfield investments, merger and acquisition, licensing, etc.); identify the opportunities stemming from the decentralization of key business activities like R&D, production and marketing. 60 hours of Lectures (Salvo Torrisi 40 hours, Marco Corsino 20 hours) ADAVANCED MATHEMATICS FOR ECONOMICS (12 ECTS) Learning Outcomes: Students will be able to employ some advanced mathematical methods necessary to understand the economic and financial models that are developed in the courses of the economic field. 60 hours of Lectures (Roberto Dieci) 12

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2.2 First year, second semester

APPLIED MACROECONOMICS (6 ECTS) Learning Outcomes: The purpose of this course is to introduce students to some advanced issues of modern macroeconomics, with particular emphasis on the theory of investment, inflation, consumption and unemployment. Different and alternative insights in growth and business cycle theories are discussed and compared. Students will be capable of: - critically evaluating the current literature; - developing their own analysis on current developments in applied macroeconomics; - learning the main quantitative methods developed in applied macroeconomics; - integrating theoretical analysis with empirical applications from recent literature. 30 hours of Lectures (Gianluigi Pelloni) ECONOMETRICS (12 ECTS) Learning Outcomes: Students will learn the econometric methods used in applied research and the skills to perform their own empirical research using different econometric packages and software. Particularly, students will be able: - to use linear regression model in different contexts and to critically evaluate its principal economic applications; - to learn the basic methods of time series and dynamical models; - to acquire knowledge of the basic techniques of cross sections and panel data. 60 hours of Lectures (Thanasis Stengos, Theodor Panagiotidis) 13 PUBLIC LAW AND REGULATION (6 ECTS) Learning Outcomes: At the end of the course students will have acquired skills regarding: 1. the relationship between public law and regulation in a general perspective; 2. the relationship between public law and economics in a general perspective; 3. the command and control model and the role of the market; 4. the relationship between public law and regulation: a) in different legal systems (such as: common law orders, civil law orders, with a focus on EU legal system and on Italian legal system); b) in specific sectors, such as: i. the protection of human and fundamental rights; ii. the protection of the environment; iii. the protection of the intangible cultural heritage; iv. the use of energy resources; v. the control on banking and financial services. 30 hours of Lectures (Melania D'angelosante)

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2.3 Second year, first semester

ELECTIVE COURSES (18 ECTS) DEVELOPMENT AND GRWOTH (6 ECTS) Learning Outcomes: The purpose of this course is to review fundamental issues of economic development and growth from a theoretical viewpoint. Basic questions will be asked and a framework for some answers will be provided. What hurdles are there to a steady path of economic development? Which the pitfalls? Whence success? What do growth models contribute to the understanding of development processes and, vice versa, what do historical development patterns suggest to the making of growth models? Although cast in a historical context, these issues will be framed in an analytical approach: history matters but theoretical simplification is unavoidable. The course aims at enabling students to analyse historical experiences of development by applying as tools and comparing different strains of growth models. 30 hours of Lectures (Massimo Ricottilli) ECONOMIC POLICY (6 ECTS) Learning Outcomes: The purpose of this course is to introduce students to some advanced issues of contract theory and information theory, the principal-agent model and the failures of the Coase theorem. In particular, at the end of the course students will be able to understand, explain and discuss: how to enforce contracts (trading and bargaining games, ownership rights); how to deal with implicit and incomplete contracts; how to deal with the asymmetric information problems, i.e. moral hazard (hidden action) and adverse selection (hidden information); how to find and distinguish first best and second best contracts (incentive rationality and incentive compatibility constraints, revelation principle); how to deal with bilateral asymmetric information (bilateral trades, complement and substitute transaction costs, Coasian solution/negotiation). 30 hours of Lectures (Maurizio Mussoni) EMPIRICAL ECONOMICS (6 ECTS) Learning Outcomes The objective of the course is to employ econometric methods to fill the gap between economic theory and observed data. First, it explores the standard tools of modern empirical economic research, covers topics as the estimation of established relationships between economic variables, testing of hypotheses derived from economic theory, treatment effect estimation, policy evaluation, simulation, forecasting, as well as econometric methods and measurement. Tutorial exercises and case studies from the literature offer hands-on experiences in utilizing these concepts and methods 30 hours of Lectures (Antonello Scorcu) ENVIRONMENTAL ECONOMICS (6 ECTS)

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Learning Outcomes: The purpose of this course is to introduce students to some advanced conceptual and formal tools applied in environmental economics: optimal use of renewable and non-renewable resources as well as optimal pollutant emissions will be discussed, within partial and general equilibrium models. At the end of the course students will be capable of: critically evaluating the current literature; analysing the main environmental issues; discussing the main environmental policies; assessing the main features of environmental projects. 30 hours of Lectures (Fabio Zagonari)

FINANCIAL RISK MANAGEMENT (12 ECTS) Learning Outcomes: The purpose of this course is to give a practical understanding of financial risks and of methods and tools for managing these risks under normal as well as stressful market conditions, such as those that we have experienced in recent years. Students will be able to manage market risk, credit risk, sovereign, and liquidity risk with a number of quantitative techniques. Research seminars are also included, dealing with new issues, i.e. how financial innovation, risk mutation, the increasingly systemic nature of risk, and regulatory changes have made risk management more challenging. 60 hours of Lectures (Elettra Agliardi)

INDUSTRIAL ORGANIZATION (6 ECTS) Learning Outcomes: At the end of the course students have acquired an in-depth knowledge of the markets' characteristics and the firms' strategies. In particular, students are able to: - assess the implications of a market structure in terms of allocative and productive efficiency; - analyze the firms' competitive strategies; evaluate and recommend regulation and liberalization policies. 30 hours of Lectures (Rainer Andergassen) 15

2.4 Second year, second semester

RESEARCH METHODS - COLLOQUIUM (12 ECTS) Learning Outcomes: Students will be capable of performing their own analysis on specific topics in economics, using either a theoretical or an empirical approach. Students will achieve specific skills: - to critically evaluate the current advanced literature; - to present and discuss the modern issues in microeconomics and macroeconomics, using either a theoretical or an empirical approach; - to conduct their own evaluation of recent advances in micro-macroeconomics. 60 hours of Lectures (Gianluigi Pelloni, Ramazan Gencay) SEMINARS (3 ECTS) Students must attend some seminars chosen from a list of seminars and workshops organized by the School of Economics, Management and Statistics. Seminars account for 3 ECTS, provided that the student writes a short report on the content of the attended seminars. www.emp.unibo.it economiarimini.orientamento@unibo.it

Learning Outcomes: Al the end of the seminars the student is able to identify and evaluate the main topics of current research in a chosen field, and to deepen the analysis through brief essays.

FINAL DISSERTATION (15 ECTS) During the second year each student writes a thesis under the guidance of a supervisor, chosen among the teaching staff. The topic of the dissertation is associated with either a core subject or a specialist subject. Supervisors are assigned on the basis of students preferences and research specialization. Students meet the supervisor to discuss an outline of the topic, the use of appropriate data and methods of analysis, the relevant literature and drafts of the dissertation. When the student is near to completion of the final draft of his/her thesis, he/she chooses the title and, with the supervisor s approval, communicates it to the University administration. The School of Economics, Management and Statistics and the EMP director will set the date for defence. The final dissertation accounts for 15 ECTS. Learning Outcomes: The final dissertation evaluates the achievement of the EMP learning outcomes, and consists of the discussion of a written thesis. At the end of the thesis the student is able to apply in a novel and original way the skills developed during the studies to a specific topic, and to critically evaluate the conclusions. The student is also able to communicate the results in a proper way, consistent with the language developed by the specific discipline.

2.5 Faculty
The web pages of our current full-time Faculty are available in the University of Bologna portal and are accessible from the University directory (http://search.unibo.it/CMSUniboWeb/UniboSearch/Rubrica.aspx?lang=en) or from the EMP website (http://corsi.unibo.it/emp/Pages/TeachingsStaff.aspx) Visiting Professors and Professional Experts will complete the teaching organization of EMP with course teaching, invited lectures, seminars and workshops. The updated list of visiting will be available on the EMP website. 16

2.6 The academic calendar

The academic year at the School of Economics, Management and Statistics is composed of two semesters. Each semester is composed of two terms of six weeks each, with an interval of one week for mid-term assessments. The academic year starts in the last week of September with the first semester, which ends before Christmas. Lectures of the second semester start in mid-February and end at the end of May, with one week of interval for mid-term assessments and one week of holiday for Easter. Apart from weeks in which mid- term assessments are scheduled, exams are organized in three sessions: the winter session (January through mid February), the summer session (June through July) and the fall session (first three weeks of September). The academic calendar for 20.13/2014 will be available on EMP website around march 2013. Although not compulsory, attendance to lectures and university life is strongly advised. Special permissions (and a personalised study plane) will be granted to students with a working activity. Students with such requirements are kindly invited to contact the Director before the start of the academic year.

www.emp.unibo.it

economiarimini.orientamento@unibo.it

3. Requirements for the completion of EMP

3.1 Compulsory and elective courses
In accordance with the so-called Bologna process, the title of European Master is granted when 120 ECTS (credits) are attained by the student. To attain credits, students have to take compulsory and elective courses and pass their respective exams (see Section 3.2). The programme ends with the writing and the defence of a final dissertation. Although students at the University of Bologna are free to take their exams either at the exam session scheduled right at the end of each teaching activity or later on during the academic year, it is strongly recommended that EMP students follow instead the "right" schedule, giving each exam right at the end of the corresponding course. Such schedule ensures that students complete course requirements in the most appropriate order and in due time, allowing them to dedicate a relevant part of the fourth semester to work on the final dissertation.

3.2 Performance assessment

Students performance is assessed in a variety of different ways (written and oral exams, short essays, lab projects, oral presentations). The type of assessment is defined by the teacher in charge of each course (for example, it can be a written or an oral test, it may include midterm assessments, homework, class presentations and essays). Exams are marked with a grade between 0 and 30, plus, possibly, the Laude. The minimum passing grade is 18/30. Passed exams (with a mark equal or higher than 18) are automatically registered, unless the teacher previously states differently. If a student fails an exam, he/she has the opportunity to retake it in a following date. For each course there are six exam dates during the academic year: the first one is at the end of the course. The others are schedule during Winter, Summer and Autumn session. Seminars, which consist of 3 ECTS, do not have a grade but only a "pass" mark. On completion of all exams and seminars (105 ECTS), the average mark (weighted by the number of ECTS of each course) is transformed out of 110 points (for example, an average mark of 27/30 is equivalent to 99/110). On top of that mark, the student adds 2 points if he/she graduates before the end of the second year, 0.33 points for each laude awarded and, finally, from 0 to 7 points can be added for the discussion of the final dissertation in front of a commission. The points are awarded by the commission jointly with the thesis's supervisor. If the student reaches the maximum point of 110, the commission can unanimously award the Laude. 17

3.3 Advisers and tutors

Upon entry, students are assigned advisers for guidance through their first year. During the second year they are allotted to supervisors who oversee the preparation of their final dissertations. Supervisors are determined on the basis of students preferences. Each course (and teacher) also avails of a tutor who organizes the lab sessions and who are available for office hours. Students are invited to meet tutors in order to receive help on what they do not understand in class.

3.4 Job Placement

A service of job placement is available for EMP graduates. For further information on stage and job placement, visit the: Careers Guidance Service www.emp.unibo.it economiarimini.orientamento@unibo.it

3.5 International mobility

EMP strongly advises students to spend one semester abroad, studying at one of the many international partners of the University of Bologna. The University is involved in many international programs of student exchange and cooperation, such as Erasmus, Erasmus Mundus, Overseas, Tempus. We believe that international mobility enriches the student's experience and extends the horizon. More details are available on the EMP website and the International Relations Office web page: http://www.eng.unibo.it/PortaleEn/International+Relations/default.htm

4. How to apply
4.1. Italian and other EU citizens (and associated countries) holding an Italian bachelor degree (Laurea triennale)
Italian and other EU applicants from Italian universities holding a Laurea Triennale (bachelor s degree) have to apply by submitting the following documents: Application form Copy of Passport or Identity Card Curriculum vitae Copy of the bachelor degree with transcript of exams Any other useful documents Letter of motivation (maximum length 1500 words): a short explanation in English on the academic and professional reasons explaining why the applicant is interested in EMP 18

4.2. Italian and other EU citizens (and associated countries) holding a foreign degree
The enrolment procedure is in two steps: Step 1: PRE-APPLICATION - Prospective students can start a pre-application procedure by emailing the following documents to the appointed committee: Application form Copy of Passport or Identity Card Curriculum vitae Copy of the B.A degree with transcript of exams (translated into English) Any other useful documents Letter of motivation (maximum length 1500 words).

Step 2: ENROLMENT AT THE UNIVERITY OF BOLOGNA After acceptance, to formally enrol at the University of Bologna through the StudentiOnline website (opening approximately at the end of July 2013), prospective students have to provide further documents: Copy of the B.A degree with transcript of exams (with certified translation into Italian) Declaration of value for the Academic degree (issued by the Italian Embassy/Consulate)

Original documents must be translated and certified in Italian. The declaration of value for the Academic Degree issued by the Embassy or Consulate of the applicants' home country has to be enclosed in your application. Applicants can self-certify the translation, while the Declaration of Value for degrees awarded by an EU University can be replaced by the Diploma Supplement, when available. www.emp.unibo.it economiarimini.orientamento@unibo.it

4.3 Non-EU citizens

For Non-EU citizens, an annual quota of places is set each year by the EPM programme. In the academic year 2013/2014, a maximum of 30 Non-EU students (8 of which Chinese) will be accepted. The enrolment procedure is in three steps. STEP 1: PRE-APPLICATION - Prospective students have to start a pre-application procedure by emailing the following documents to the appointed committee: Application form Copy of Passport Curriculum vitae Copy of the B.A degree with transcript of exams (translated into English) Any other useful documents Letter of motivation (maximum length 1500 words).

STEP 2: PRE-ENROLMENT THROUGH THE ITALIAN EMBASSY/CONSULATE - In case the application is positively evaluated by the appointed committee, applicants will receive a letter of acceptance which will be used to pre-enrol through the Italian Embassy-Consulate in their own country of residence within due date, as established in each country by the Italian Embassy (in most countries the deadline is around April June) STEP 3: ENROLMENT AT UNIVERSITY OF BOLOGNA - After acceptance, to formally enrol at the University of Bologna through the StudentiOnline system (opening approximately at the end of July 2013), prospective students have to provide further documents: Copy of the B.A degree with transcript of exams (with certified translation into Italian) Declaration of value for the Academic degree (issued by the Italian Embassy/Consulate) 19

Original documents must be translated and certified in Italian. The declaration of value for the Academic Degree issued by the Embassy or Consulate of the applicants' home country has to be enclosed in your application.

4.4. Ranking of Applicants and Admission

Admission to EMP is conditional on the assessment of the personal qualification by the Admission Board through the evaluation of the submitted documents, according to the following criteria: 1. Academic merit (it refers to the quality of the bachelor degree attended as well as to the final mark attained): max 50 points; 2. Motivation (quality of the motivation letter and presentation letter) : max 20 points; 3. Coherence between the academic curriculum and the learning objectives of EMP: max 15 points. 4. Work experience assessed by the CV or letter of reference: max 15 point. Only students who reach a minimum of 60 point will be accepted.

4.5. When to apply - Deadlines and enrolment procedures

Applicants will be evaluated on a first-come first-serve basis, so students are invited to apply as early as possible, starting from March 2013. The early application is particularly important for non-EU students, since they have to pre-enrol through the Italian Embassy-Consulate in their own country of residence within the date established by Italian Embassy (in most countries the deadline is around April May), and for students applying to the scholarships and fee waivers offered by University of Bologna (see Section 1.6). For individual advisory on the application and personal requisites, students can get in touch by writing to: economiarimini.orientamento@unibo.it www.emp.unibo.it economiarimini.orientamento@unibo.it

Although there is no official limit in the number of available places, the efficient size for the EMP class is around 40-45 students. An appointed Admission Board will examine the application forms in several intakes, within the following deadlines schedule:
Intake 1st intake 2nd intake 3rd intake 4th intake 5th intake 6th intake 7th intake Application Deadline March 31, 2013 April 30, 2013 June 15, 2013 July 31, 2013 September 30, 2013 October 31, 2013 November 30, 2013 Results not later than April 8, 2013 not later than May 10, 2013 not later than June 21, 2013 not later than August 9, 2013 not later than October 4, 2013 not later than November 8, 2013 not later than December 8, 2013 NON- EU Students EU Students

YES YES YES* YES* NO NO NO

YES YES YES YES YES YES YES

* Non-EU applicants are invited to check if the deadline is compatible with the deadline set by the Italian Embassy in their home countries.

Applications, including all the above-mentioned documents scanned as PDF or JPG, have to be sent either by: E-mail, to the following address: economiarimini.orientamento@unibo.it or Fax, to the following number: +39 0541 434235 Within the deadlines, the student will receive a communication by the Admission Board. If the evaluation is positive, an official letter of pre-acceptance will be issued, which can be used by non- EU students to start the pre-enrolment procedure through the Italian Consulate in their home country (see the official web page of the University of Bologna about admission procedures for international students). Finally, accepted students will be invited to enrol through the official enrolment procedures of the StudentiOnline website, which usually opens at the end of July. 20

4.6. Contacts
For further information about admission procedure and/or immigration rules please contact: Valeria Macchini or Klara Uhlirova at economiarimini.orientamento@unibo.it and/or visit www.emp.unibo.it. For further information on the academic content of the degree programme please contact the Director of EMP Rainer Andergassen at rainer.andergassen@unibo.it.

www.emp.unibo.it

economiarimini.orientamento@unibo.it