Studying at the University of Verona

Here you can find information on the organisational aspects of the Programme, lecture timetables, learning activities and useful contact details for your time at the University, from enrolment to graduation.

A.A. 2020/2021

Academic calendar

The academic calendar shows the deadlines and scheduled events that are relevant to students, teaching and technical-administrative staff of the University. Public holidays and University closures are also indicated. The academic year normally begins on 1 October each year and ends on 30 September of the following year.

Academic calendar

Course calendar

The Academic Calendar sets out the degree programme lecture and exam timetables, as well as the relevant university closure dates..

Definition of lesson periods
Period From To
primo semestre (lauree magistrali) Oct 5, 2020 Dec 23, 2020
secondo semestre (lauree magistrali) Mar 1, 2021 Jun 1, 2021
Exam sessions
Session From To
sessione invernale Jan 11, 2021 Feb 12, 2021
sessione estiva Jun 7, 2021 Jul 23, 2021
sessione autunnale Aug 23, 2021 Sep 17, 2021
Degree sessions
Session From To
sessione autunnale (validità a.a. 2019/20) Dec 9, 2020 Dec 11, 2020
sessione invernale (validità a.a. 2019/20) Apr 7, 2021 Apr 9, 2021
sessione estiva (validità a.a. 2020/21) Sep 6, 2021 Sep 8, 2021
Period From To
Vacanze di Natale Dec 24, 2020 Jan 6, 2021
Vacanze di Pasqua Apr 3, 2021 Apr 6, 2021
Vacanze estive Aug 9, 2021 Aug 15, 2021

Exam calendar

Exam dates and rounds are managed by the relevant Economics Teaching and Student Services Unit.
To view all the exam sessions available, please use the Exam dashboard on ESSE3.
If you forgot your login details or have problems logging in, please contact the relevant IT HelpDesk, or check the login details recovery web page.

Exam calendar

Should you have any doubts or questions, please check the Enrolment FAQs

Academic staff


Baruffi Maria Caterina

Bottiglia Roberto 045 802 8224

Bracco Emanuele 045 802 8293

Brunetti Federico 045 802 8494

Bucciol Alessandro 045 802 8278

Carluccio Emanuele Maria 045 802 8487

Chiaramonte Laura

Cortese Mauro

De Mari Michele 045 802 8226

Faccincani Lorenzo 045 802 8610

Gnoatto Alessandro 045 802 8537

Grossi Luigi 045 802 8247

Mancini Cecilia

Menon Martina 045 802 8420

Minozzo Marco 045 802 8234

Noto Sergio 045 802 8008

Patacca Marco 0458028788

Perali Federico 045 802 8486

Picarelli Athena 045 8028242

Pichler Flavio 045 802 8273

Renò Roberto 045 802 8526

Rossi Francesco 045 8028067

Scricciolo Catia 045 802 8341

Stacchezzini Riccardo 045 802 8186

Vannucci Virginia

Zoli Claudio 045 802 8479

Study Plan

The Study Plan includes all modules, teaching and learning activities that each student will need to undertake during their time at the University. Please select your Study Plan based on your enrolment year.

Final exam

2° Year

Final exam
Modules Credits TAF SSD
Between the years: 1°- 2°

Legend | Type of training activity (TTA)

TAF (Type of Educational Activity) All courses and activities are classified into different types of educational activities, indicated by a letter.

SPlacements in companies, public or private institutions and professional associations

Teaching code



Cecilia Mancini



Scientific Disciplinary Sector (SSD)





secondo semestre (lauree magistrali) dal Mar 1, 2021 al Jun 1, 2021.

Learning outcomes

The course offers an introduction to arbitrage theory and its applications to financial derivatives pricing in discrete and continuous time.


1. Discrete market models

Uniperiod models: binomial and general. Multiperiod models: binomial and general.
Financial portfolios, the principle of non-arbitrage.
Derivatives: definition, examples, properties.
Absence of arbitrage.
Discrete-time martingale processes
Equivalent martingale measures and risk neutrality.
Replicable securities and valuation of derivatives
Completeness of the markets
The return of risky securities
The two fundamental asset pricing theorems

2. Market models in continuous time

Transition from discret to continuous times.
Geometric Brownian motion and modeling of empirical data
Risk quantification with a model
Ito Integral Ito, quadratic variation / covariation,
stochastic differential equations, characterization of martingales
Ito Lemma
Market model with n + 1 assets and m Brownian motions
Self-financing portfolios
Absence of arbitrage
Girsanov's theorem
Equivalent martingale measure
Replicability and pricing of derivatives
Completeness and EDP for the price function of a derivative
Delta hedging
Black and Scholes model
Formula for the price of call and put options

Useful material on the moodle page of the course: slides of the lessons, link to the notes on OneNote, exercises

Important knowledge for a successful learning: matrix calculations, linear systems, real functions of one or more real variables (in particular: continuous functions, composition of functions, partial derivatives), basic concepts of financial mathematics (interest rate, return of an investment, difference between bonds and shares of a firm), fundamental concepts of probability theory (sigma algebra, random variables, expected values, covariance, space L ^ 2 of rv, independence, conditional probabilities and expected values, equivalent probability measures, probability density, distribution function, Gaussian law, convergence in distribution, in probability, in L ^ 2, almost certain equality), basic concepts on stochastic processes (martingale, Brownian motion)

Preparatory courses: Mathematics, Financial Mathematics, Stochastic processes

Skills necessary for successful learning: willingness and ability to conduct logical reasoning in a rigorous way, and to motivate each step and the conclusions

Organization of teaching activities: lessons, exercises


Reference texts
Author Title Publishing house Year ISBN Notes
T. Bjork Arbitrage theory in continuous time (Edizione 3) Oxford University Press 2009 978-0-199-57474-2
F. Menoncin Mercati finanziari e gestione del rischio Isedi 2006

Examination Methods

The exam consists of a written test. Also an oral examination could be compulsory, in case the teacher needs for specific insights

The written test consists of practical exercises and theoretical questions, and can cover the whole programme of the course. Using notes or books or similar material during the test is forbidden

The exam is not passed if the mark in the written test is less than 18/30.

In case of oral exam, the mark may become insufficient if inconsistencies are found with what is written. The mark score may increase if parts of exercises have not been evaluated for doubt of interpretation. Requests for further questions to increase the score are not accepted. The adequacy of requesting the necessary clarifications will be established only by the teacher.

Characteristics of the expected performance. The student is required to demonstrate a critical and in-depth knowledge of the topics covered in the course. The concepts must not be exposed mechanically but in a reasoned way, the student is expected to be able to recognize when a formula obtained for a specific example is not appropriate for the case she has to deal with. Connections among different parts of the program may be required and advanced level exercises can be (marginally) proposed.
The concise but comprehensive exposure, the rigor, the direct pointing towards the core of the matter will be particularly appreciated. Vague, inaccurate, poorly detailed or incorrect answers will be penalized

Students not attending the lectures: the examination methods are not differentiated between attending and non-attending students

The exam will be organized either as remote quiz or as written test in class. Since for the whole academic year 2020/21 the remote modality must be guaranteed for all students who request it, students wishing to adopt the remote modality are therefore strongly encouraged to notify as soon as possible.
At the closure of the exam registration list, the participants will be notified if the exam will be in presence or not.

The next exam (13-1-2021) will be in the form of a quiz on the web: 4-5 exercises, exactly as for a usual written exam.

For further details about the exam see the forum at the moodle page

Type D and Type F activities

primo semestre (lauree) From 9/28/20 To 12/23/20
years Modules TAF Teacher
1° 2° Future matters D Alessandro Bucciol (Coordinatore)
1° 2° Future matters D Alessandro Bucciol (Coordinatore)
primo semestre (lauree magistrali) From 10/5/20 To 12/23/20
years Modules TAF Teacher
1° 2° The fashion lab (1 ECTS) D Maria Caterina Baruffi (Coordinatore)
1° 2° The fashion lab (2 ECTS) D Maria Caterina Baruffi (Coordinatore)
1° 2° The fashion lab (3 ECTS) D Maria Caterina Baruffi (Coordinatore)
secondo semestre (lauree) From 2/15/21 To 6/1/21
years Modules TAF Teacher
1° 2° Design and Evaluation of Economic and Social Policies D Federico Perali (Coordinatore)
1° 2° Public debate and scientific writing - 2020/2021 D Martina Menon (Coordinatore)
1° 2° Wake up Italia - 2020/2021 D Sergio Noto (Coordinatore)
List of courses with unassigned period
years Modules TAF Teacher
1° 2° Ciclo di video conferenze: "L’economia del Covid, Verona e l’Italia. Una pandemia che viene da lontano?" - 2020/21 D Sergio Noto (Coordinatore)
1° 2° Ciclo tematico di conferenze (on-line): “Come saremo? Ripensare il mondo dopo il 2020” - 2020/21 D Federico Brunetti (Coordinatore)
1° 2° Elements of financial risk management D Claudio Zoli (Coordinatore)
1° 2° Integrated Financial Planning - 2020/21 D Riccardo Stacchezzini (Coordinatore)
1° 2° Introduction to the Java Programming Language - 2020/21 D Alessandro Gnoatto (Coordinatore)
1° 2° Data Analysis Laboratory with R (Verona) D Marco Minozzo (Coordinatore)
1° 2° Data Visualization Laboratory D Marco Minozzo (Coordinatore)
1° 2° Python Laboratory D Marco Minozzo (Coordinatore)
1° 2° Data Science Laboratory with SAP D Marco Minozzo (Coordinatore)
1° 2° Advanced Excel Laboratory (Verona) D Marco Minozzo (Coordinatore)
1° 2° Marketing plan - 2020/21 D Virginia Vannucci (Coordinatore)
1° 2° Programming in Matlab D Marco Minozzo (Coordinatore)
1° 2° Programming in SAS D Marco Minozzo (Coordinatore)
1° 2° 3° Excel Laboratory (Verona) D Marco Minozzo (Coordinatore)

Career prospects

Module/Programme news

News for students

There you will find information, resources and services useful during your time at the University (Student’s exam record, your study plan on ESSE3, Distance Learning courses, university email account, office forms, administrative procedures, etc.). You can log into MyUnivr with your GIA login details.



List of theses and work experience proposals

theses proposals Research area
Tesi di laurea magistrale - Tecniche e problemi aperti nel credit scoring Statistics - Foundational and philosophical topics
Il metodo Monte Carlo per la valutazione di opzioni americane Various topics

Gestione carriere

Linguistic training CLA

Further services

I servizi e le attività di orientamento sono pensati per fornire alle future matricole gli strumenti e le informazioni che consentano loro di compiere una scelta consapevole del corso di studi universitario.