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This section contains research papers carried out by Consob.

ISSN 2281-3519 [Working Papers online]
ISSN 2281-3160 [Discussion Papers online]

Financial advice seeking, financial knowledge and overconfidence. Evidence from the Italian market
M. Gentile, N. Linciano, P. Soccorso
Working Paper No. 83 (March 2016)
view abstract abstract  -  download paper paper [pdf]

Financial disclosure, risk perception and investment choices. Evidence from a consumer testing exercise
M. Gentile, N. Linciano, C. Lucarelli, P. Soccorso
Working Paper No. 82 (May 2015)
view abstract abstract  -  download paper paper [pdf]

Proxy advisors and shareholder engagement. Evidence from Italian say-on-pay
M. Belcredi, S. Bozzi, A. Ciavarella, V. Novembre
Working Paper No. 81 (April 2015)
view abstract abstract  -  download paper paper [pdf]

The impact of high-frequency trading on volatility. Evidence from the Italian market
V. Caivano
Working Paper No. 80 (March 2015)
view abstract abstract  -  download paper paper [pdf]

The liquidity of dual-listed corporate bonds. Empirical evidence from Italian markets
N. Linciano, F. Fancello, M. Gentile, M. Modena
Working Paper No. 79 (December 2014)
view abstract abstract  -  download paper paper [pdf]

Financial architecture and the source of growth. International evidence on technological change
L. Giordano, C. Guagliano
Working Paper No. 78 (July 2014)
view abstract abstract  -  download paper paper [pdf]

Real-time evaluation of GDP in some Eurozone countries
C. Guagliano, C. Mantovani
Working Paper No. 77 (June 2014)
view abstract abstract  -  download paper paper [pdf]

Say-on-pay in a context of concentrated ownership. Evidence from Italy
M. Belcredi, S. Bozzi, A. Ciavarella, V. Novembre
Working Paper No. 76 (February 2014)
view abstract abstract  -  download paper paper [pdf]

Regulation and self-regulation of related party transactions in Italy. An empirical analysis
M. Bianchi, A. Ciavarella, L. Enriques, V. Novembre, R. Signoretti
Working Paper No. 75 (January 2014)
view abstract abstract  -  download paper paper [pdf]

Real-world and risk-neutral probabilities in the regulation on the transparency of structured products
L. Giordano, G. Siciliano
Working Paper No. 74 (August 2013)
view abstract abstract  -  download paper paper (version published as ESMA Working Paper) [pdf]

The impact of financial analyst reports on small caps prices in Italy
C. Guagliano, N. Linciano, C. Magistro Contento
Working Paper No. 73 (January 2013)
view abstract abstract  -  download paper paper [pdf]

Financial contagion during Lehman default and sovereign debt crisis. An empirical analysis on Euro area bond and equity markets
M. Gentile, L. Giordano
Working Paper No. 72 (December 2012)
view abstract abstract  -  download paper paper [pdf]

High frequency trading. Definition, effects, policy issues
V. Caivano, S. Ciccarelli, G. Di Stefano, M. Fratini, G. Gasparri, M. Giliberti, N. Linciano, I. Tarola
Discussion Paper No. 5 (December 2012)
view abstract abstract  -  download paper paper [pdf] (available at the moment only in Italian)

The determinants of government yield spreads in the euro area
L. Giordano, N. Linciano, P. Soccorso
Working Paper No. 71 (October 2012)
view abstract abstract  -  download paper paper [pdf]

Assessing investors' risk tolerance through a questionnaire
N. Linciano, P. Soccorso
Discussion Paper No. 4 (July 2012)
view abstract abstract  -  download paper paper [pdf] 

Women on boards in Italy
M. Bianco, A. Ciavarella, R. Signoretti
Working Paper No. 70 (October 2011)
view abstract abstract  -  download paper paper [pdf]

The impact of market fragmentation on European stock exchanges
S.F. Fioravanti, M. Gentile
Working Paper No. 69 (July 2011)
view abstract abstract  -  download paper paper [pdf]

Credit default swaps. Contract characteristics and interrelations with the bond market
L. Amadei, S. Di Rocco, M. Gentile, R. Grasso, G. Siciliano
Discussion Paper No. 1 (February 2011)
view abstract abstract  -  download paper paper [pdf]

Bonds issued by Italian banks. Risk and return characteristics
R. Grasso, N. Linciano, L. Pierantoni, G. Siciliano
Working Paper No. 67 (July 2010)
view abstract abstract  -  download paper paper [pdf]

Cognitive biases and instability of preferences in the portfolio choices of retail investors. Policy implications of behavioural finance
N. Linciano
Working Paper No. 66 (January 2010)
view abstract abstract  -  download paper paper [pdf]

A quantitative risk-based approach to the transparency on non-equity investment products
by the Quantitative Analysis Unit – Consob
Working Paper No. 63 (April 2009)
view abstract abstract  -  download paper paper [pdf]   - download extended abstractextended abstract [pdf] 

Survey on disclosure and correctness of behaviour in marketing classes of units and shares of harmonised UCITS in Italy
Working Paper No. 60 (June 2007)
view abstract abstract  -  download paper paper [pdf]

The Clearing and Settlement Industry. Structure, Competition and Regulatory Issues
N. Linciano, G. Siciliano, G. Trovatore
Working Paper No. 58 (May 2005)
view abstract abstract  -  download paper paper [pdf]

The Reaction of Stock Prices to Rating Changes
N. Linciano
Working Paper No. 57 (June 2004)
view abstract abstract  -  download paper paper [pdf]

The detection of market abuse on financial markets: a quantitative approach
M. Minenna
Working Paper No. 54 (May 2003)
view abstract abstract  -  download paper paper [pdf]

Venture capital, stock exchanges for high-growth firms and business creation: a study of IPOs on the Neuer Markt and the Nuovo Mercato
N. Susi
Working Paper No. 52 (December 2002)
view abstract abstract  -  download paper paper [pdf]

Transparency on Secondary Markets. A Survey of Economic Literature and Current Regulation in Italy
G. Sabatini e I. Tarola
Working Paper No. 50 (May 2002)
download paper paper [pdf]

Rules of fairness in UK corporate acquisitions
S. Providenti
Working Paper No. 46 (February 2001)
download paper paper [pdf]

Insider trading, abnormal return and preferential information: supervising through a probabilistic model
M. Minenna
Working paper No. 45 (February 2001)
download paper paper [pdf]

Corporate governance in Italy after the 1998 reform: what role for institutional investors?
M. Bianchi e L. Enriques
Working Paper No. 43 (January 2001)
download paper paper [pdf]

Privatisation of social security: theoretical issues and empirical evidence from four countries' reforms
N. Linciano
Working Paper No. 40 (August 2000)
download paper paper [pdf]

The Stock-Exchange Industry: network effects, implicit mergers and corporate governance
C. Di Noia
Working Paper No. 33 (March 1999)
download paper paper [pdf]

Regulating Exchanges and Alternative Trading Systems: A Law and Economics Perspective
J.R. Macey e M. O'Hara
Working Paper No. 27 (May 1998)

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