Visiting Student Initiative 2017-2018

Objectives and Description of the BAFFI CAREFIN Visiting Student Initiative

Student quality and involvement are among Bocconi’s most strategic assets. The Baffi Carefin Centre for Applied Research in International Markets, Banking, Finance and Regulation invites MSc Finance/CLEFIN, M.Sc. in Economics(ESS)/DES and MSc in Economics and Management of Government and International Organizations students, who are interested in pursuing a research career (e.g., in universities, the ECB, the IMF, the World Bank, the research desks at major international banks, etc.) to join the Centre as Visiting Students. Individual mentors chosen among Baffi Carefin Fellows will supervise students’ research activities. Visiting students are expected to support Baffi Carefin fellows as research assistants and to actively participate in the Center’s activities (e.g., seminars, one-day workshops, etc.).

The affiliation will be structured as an unpaid field research project, which can satisfy M.Sc. students’ requirement for a curricular internship, which will therefore require the approval also by the Director of the competent MSc. program. Only students who have not previously undertaken the curricular internship or a similar activity are eligible. The duration of the affiliation will have a minimum of 4 months (on a part-time basis) and might be prolonged up to six months in case of mutual agreement between the individual visiting student and the research center. This call is aimed at selecting visiting students for the summer 2017 and for the 2017-2018 academic year, and students are invited to specify in which period of the year they could be available (e.g. only during the first semester, only during the second semester, or both).


Baffi Carefin offers up to 10 visiting positions to students who have enrolled in their M.Sc. in September 2016 and are currently finishing the courses of their first year; students who have started their M.Sc. in September 2015 could be considered only if they still have not had their curricular internship. Students may have earned any undergraduate degree. Candidates should have earned a grade average of at least 26/30 during their MSc career, have successfully earned a passing grade in at least THREE of their first-semester compulsory courses, and have never been subject to academic disciplinary procedure for inappropriate academic conduct during the undergraduate and master programs.

Application Submission Rules

Please read carefully the following instructions. Applications lacking one or more requirements will not be considered. Applications should be submitted electronically through this online form:

The application package should provide the following documents in one single PDF:

1. curriculum vitae;

2. grade transcripts from the MSc degree including all grades earned when submitting the application;

3. a brief (one-page) statement of purpose (download the template).

Applicants should clearly specify for which period they would be available to participate to the initiative.

To be considered for the selection process, applications should be received by June 21st 2017 at 11:00 a.m at the following email address: bafficarefin@unibocconi.it. Applications received after this deadline will not be considered.

Selection Process

A selection committee consisting of Baffi CAREFIN fellows and its Director will review the applications received and make a selection. Candidates selected for the Visiting Students Initiative will be notified by July 4th, 2017.

Main research projects

The main research projects on which visiting students could be working are reported in the following table. Further projects may be opened throughout the academic year.


Brief description


Target MSc Program

Corporate hedging policies and firm value

The project aims at analysing the relationship between firms’ hedging policies and firm value, trying to improve on the existing empirical literature on the topic. The visiting student will be involved in data collection about commodity hedging data by large US companies and in the review of previous literature

Massimo Guidolin, Francesco Saita

Clefin/Finance, AFC/Accounting, Financial Management and Control; possible also for undergraduate students

Implied volatility surfaces, option volumes and stock market returns

There is a growing literature devoted to analyzing the relationship between the information contained in option trading volumes and/or in the evolution of implied volatility skew/smiles and implied volatility term structure and underlying asset returns. The project will imply a combination of literature review, database construction and data analysis linked to the ongoing projects in this area

Francesco Saita

Clefin/Finance, DES/ESS

Modelling and forecasting regime shifts in the dynamic relationship between sovereign bond base an CDS premia

It is well known that a long-run relationships should tie down the risk premium on government bonds and the CDS premium for an identical maturity swap that allows an investor to hedge against default risk. Empirically, such a relationship is violated for a number of rational reasons (among them, liquidity and convenience yields of holding bonds vs. just purchasing naked CDS protection) that are found to be time-varying. The goal of the project is to model and forecast deviations from such a no arbitrage relation in a regime switching framework and use such variations over time to disentangle rational sources of such variations.

Massimo Guidolin

Clefin/Finance, DES/ESS

The impact of IFRS9 on loan maturity and cyclicality

The introduction of the new accounting standard IFRS9 can potentially have very large and pro-cyclical effects on bank lending, undoing some of counter-cyclical measures introduced under Basel III. The differences in the adoption and timeline of IFRS9 between US and Europe, and the “cliff” effects in the loan loss provisions lend themselves nicely for empirical identification. The intern will be involved in studying the differences in the implementation of the IFRS9 between US and Europe; cleaning and analyzing data on syndicated deals from Thomson Reuters.

Elena Carletti, Filippo De Marco

Clefin/Finance, DES/ESS

Political and legal risk in sovereign bonds

In recent years, the European political landscape has witnessed the emergence of calls for redenominating sovereign debt in domestic currencies. However, starting from January 2013 bonds of Eurozone issuers have to include collective action clauses that allow for majority thresholds to amend major contractual terms, including the currency of denomination. As a consequence, sovereign debt is, at least in part, hard to restructure. The intern will be involved in studying the impact of political risk on redenomination risk making use of the cross-section of Eurozone countries’ sovereign bonds.

Elena Carletti, Paolo Colla

Clefin/Finance, DES/ESS

Globalization and Competitiveness: a micro-founded approach

The research project aims at revisiting the relation between the increasing international integration of economic activity and competitiveness (productivity) at the firm level. The project capitalizes on a new dataset collected in three waves (2010, 2013, 2015) and covering in each wave a representative sample of firms in five key EU manufacturing regions (Bavaria, Baden, Lombardy, Rhone-Alpes, Cataluna), for a total of around 3,000 surveyed firms. The dataset contains quantitative as well as qualitative information on around 150 variables related to organization, innovation, labor force, finance, international activities for each firm in the sample, as well as balance-sheet information from 2002 to 2015 retrieved from the Amadeus database managed by Bureau van Dijk.

Carlo Altomonte


Globalization and Politics

A recent stream of studies has started to investigate the implications of globalization on workers' health, social and political dynamics. The intern would be involved in a broad research project along these lines of research. In particular, one of the main areas of work would be the analysis of the link between the recent surge of import competition from China and the success of nationalist parties in Europe.

Italo Colantonte, Carlo Altomonte





Last update 05 June 2017 - 15:01:39