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This section contains research papers carried out by Consob.

ISSN 2281-3519 [QUADERNI DI FINANZA (Working Papers) online]
ISSN 2281-3160 [DISCUSSION PAPERS online]
ISSN 2281-5236 [QUADERNI GIURIDICI (Legal Research Papers) online]

Publications

Asset Publisher

Attitude towards financial planning of Italian households

Quaderno di finanza (Working Paper) No. 89 - October 2022 [PDF]

Tender offers and takeover bids in Italy from 2007 to 2019

Empirical evidence and discussion points

F. Picco, V. Ponziani, G. Trovatore, M. Ventoruzzo;
with an introduction by R. Lener
Discussion Paper No. 9 - January 2021 [PDF]

The Prospectus Regulation

The long and winding road

Quaderno giuridico (Legal Research Paper) No. 22 - October 2020 [PDF]

Who intends to become financially literate?

Insights from the Theory of Planned Behaviour

Quaderno di finanza (Working Paper) No. 88 - November 2019 [PDF]

Shareholdings of alternative investment funds in listed companies and in banks

A legal perspective

Quaderno giuridico (Legal Research Paper) No. 17 - September 2018 [PDF]

Boardroom gender diversity and performance of listed companies in Italy

Quaderno di finanza (Working Paper) No. 87 - September 2018 [PDF]

Non-bank institutional investors' ownership in non-financial companies listed in major European countries

Quaderno di finanza (Working Paper) No. 86 - January 2018 [PDF]

The marketing of MREL securities after BRRD

Interactions between prudential and transparency requirements and the challenges which lie ahead

Quaderno giuridico (Legal Research Paper) No. 15 - December 2017 [PDF]

Board diversity and firm performance across Europe

Quaderno di finanza (Working Paper) No. 85 - December 2017 [PDF]

Effects of negative interest rates on floating rate loans and bonds

Analysis of legal and financial profiles

Quaderno giuridico (Legal Research Paper) No. 14 - November 2017 [PDF]

Challenges in ensuring financial competencies

Essays on how to measure financial knowledge, target beneficiaries and deliver educational programmes

Quaderno di finanza (Working Paper) No. 84 - October 2017 [PDF]

Asset Publisher

Financial advice seeking, financial knowledge and overconfidence. Evidence from the Italian market
M. Gentile, N. Linciano, P. Soccorso
Quaderno di finanza (Working Paper) No. 83 - March 2016
Abstract
Paper [PDF]

Financial disclosure, risk perception and investment choices. Evidence from a consumer testing exercise
M. Gentile, N. Linciano, C. Lucarelli, P. Soccorso
Quaderno di finanza (Working Paper) No. 82 - May 2015
Abstract
Paper [PDF]

Proxy advisors and shareholder engagement. Evidence from Italian say-on-pay
M. Belcredi, S. Bozzi, A. Ciavarella, V. Novembre
Quaderno di finanza (Working Paper) No. 81 - April 2015
Abstract
Paper [PDF]

The impact of high-frequency trading on volatility. Evidence from the Italian market
V. Caivano
Quaderno di finanza (Working Paper) No. 80 - March 2015
Abstract
Paper [PDF]

The liquidity of dual-listed corporate bonds. Empirical evidence from Italian markets
N. Linciano, F. Fancello, M. Gentile, M. Modena
Quaderno di finanza (Working Paper) No. 79 - December 2014
Abstract
Paper [PDF]

Financial architecture and the source of growth. International evidence on technological change
L. Giordano, C. Guagliano
Quaderno di finanza (Working Paper) No. 78 - July 2014
Abstract
Paper [PDF]

Real-time evaluation of GDP in some Eurozone countries
C. Guagliano, C. Mantovani
Quaderno di finanza (Working Paper) No. 77 - June 2014
Abstract
Paper [PDF]

Say-on-pay in a context of concentrated ownership. Evidence from Italy
M. Belcredi, S. Bozzi, A. Ciavarella, V. Novembre
Quaderno di finanza (Working Paper) No. 76 - February 2014
Abstract
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
Quaderno di finanza (Working Paper) No. 75 - January 2014
Abstract
Paper [PDF]

Real-world and risk-neutral probabilities in the regulation on the transparency of structured products
L. Giordano, G. Siciliano
Quaderno di finanza (Working Paper) No. 74 - August 2013
Abstract
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
Quaderno di finanza (Working Paper) No. 73 - January 2013
Abstract
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
Quaderno di finanza (Working Paper) No. 72 - December 2012
Abstract
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
Abstract
Paper [PDF]

The determinants of government yield spreads in the euro area
L. Giordano, N. Linciano, P. Soccorso
Quaderno di finanza (Working Paper) No. 71 - October 2012
Abstract
Paper [PDF]

Assessing investors' risk tolerance through a questionnaire
N. Linciano, P. Soccorso
Discussion Paper No. 4 - July 2012
Abstract
Paper [PDF]

Women on boards in Italy
M. Bianco, A. Ciavarella, R. Signoretti
Quaderno di finanza (Working Paper) No. 70 - October 2011
Abstract
Paper [PDF]

The impact of market fragmentation on European stock exchanges
S.F. Fioravanti, M. Gentile
Quaderno di finanza (Working Paper) No. 69 - July 2011
Abstract
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)
Abstract
Paper [PDF]

Bonds issued by Italian banks. Risk and return characteristics
R. Grasso, N. Linciano, L. Pierantoni, G. Siciliano
Quaderno di finanza (Working Paper) No. 67 - July 2010
Abstract
Paper [PDF]

Cognitive biases and instability of preferences in the portfolio choices of retail investors. Policy implications of behavioural finance
N. Linciano
Quaderno di finanza (Working Paper) No. 66 - January 2010
Abstract
Paper [PDF]

A quantitative risk-based approach to the transparency on non-equity investment products
by the Quantitative Analysis Unit – Consob
Quaderno di finanza (Working Paper) No. 63 - April 2009
Abstract
Paper [PDF]
Extended Abstract (PDF]

Survey on disclosure and correctness of behaviour in marketing classes of units and shares of harmonised UCITS in Italy
Quaderno di finanza (Working Paper) No. 60 - June 2007
Abstract
Paper [PDF]

The Clearing and Settlement Industry. Structure, Competition and Regulatory Issues
N. Linciano, G. Siciliano, G. Trovatore
Quaderno di finanza (Working Paper) No. 58 - May 2005
Abstract
Paper [PDF]

The Reaction of Stock Prices to Rating Changes
N. Linciano
Quaderno di finanza (Working Paper) No. 57 - June 2004
Abstract
Paper [PDF]

The detection of market abuse on financial markets: a quantitative approach
M. Minenna
Quaderno di finanza (Working Paper) No. 54 - May 2003
Abstract
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
Quaderno di finanza (Working Paper) No. 52 - December 2002
Abstract
Paper [PDF]

Transparency on Secondary Markets. A Survey of Economic Literature and Current Regulation in Italy
G. Sabatini e I. Tarola
Quaderni di finanza (Working Paper) No. 50 - May 2002
Paper [PDF]

Rules of fairness in UK corporate acquisitions
S. Providenti
Quaderno di finanza (Working Paper) No. 46 - February 2001
Paper [PDF]

Insider trading, abnormal return and preferential information: supervising through a probabilistic model
M. Minenna
Quaderno di finanza (Working paper) No. 45 - February 2001
Paper [PDF]

Corporate governance in Italy after the 1998 reform: what role for institutional investors?
M. Bianchi e L. Enriques
Quaderno di finanza (Working Paper) No. 43 - January 2001
Paper [PDF]

Privatisation of social security: theoretical issues and empirical evidence from four countries' reforms
N. Linciano
Quaderno di finanza (Working Paper) No. 40 - August 2000
Paper [PDF]

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

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

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Research papers - CONSOB AND ITS ACTIVITIES

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