Annual report - CONSOB AND ITS ACTIVITIES
Annual report
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The Annual Report describes the Commission's activity and the changes in the legal framework. It also contains the Chairman's speech on the occasion of the annual meeting with the financial community. The Report is an abridged English translation of the Italian Relazione Annuale. |
Annual report 2021
- Speech by the Chairman to the financial market
Milan, 21 June 2022 - Annual Report
Rome, 31 March 2022
Annual report 2020
- Speech by the Chairman to the financial market
Milan, 14 June 2021 - Annual Report
Rome, 31 March 2021
Annual report 2019
- Speech by the Chairman to the financial market
Milan, 16 June 2020 - Annual Report
Rome, 31 March 2020
Annual report 2018
- Speech by the Chairman to the financial market
Milan, 14 June 2019 - Annual Report
Rome, 31 March 2019
Annual report 2017
- Speech by the Chairman to the financial market
- slides
Milan, 11 June 2018 - Annual Report
Rome, 31 March 2018
Annual report 2016
- Speech by the Chairman to the financial market
Milan, 8 May 2017 - Annual Report
Rome, 31 March 2017
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]
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]
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]
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]
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]
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]
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]
C. Guagliano, C. Mantovani
Quaderno di finanza (Working Paper) No. 77 - June 2014
Abstract
Paper [PDF]
Annual report 2013
- Speech by the Chairman to the financial market
Milan, 5 May 2014 - Annual Report
Rome, 31 March 2014
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]
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]
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]
L. Giordano, G. Siciliano
Quaderno di finanza (Working Paper) No. 74 - August 2013
Abstract
Paper (version published as ESMA Working Paper) [PDF]
Annual report 2012
- Speech by the Chairman to the financial market
Milan, 6 May 2013 - Annual Report
Rome, 31 March 2013
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]
C. Guagliano, N. Linciano, C. Magistro Contento
Quaderno di finanza (Working Paper) No. 73 - January 2013
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]
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]
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]
M. Gentile, L. Giordano
Quaderno di finanza (Working Paper) No. 72 - 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]
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]
N. Linciano, P. Soccorso
Discussion Paper No. 4 - July 2012
Abstract
Paper [PDF]
Annual report 2011
- Speech by the Chairman to the financial market
Milan, 14 May 2012 - Annual Report
Rome, 31 March 2012
Women on boards in Italy
M. Bianco, A. Ciavarella, R. Signoretti
Quaderno di finanza (Working Paper) No. 70 - October 2011
Abstract
Paper [PDF]
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]
S.F. Fioravanti, M. Gentile
Quaderno di finanza (Working Paper) No. 69 - July 2011
Abstract
Paper [PDF]
Annual report 2010
- Speech by the Chairman to the financial market
Milan, 9 May 2011 - Annual Report
Rome, 31 March 2011
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]
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]
R. Grasso, N. Linciano, L. Pierantoni, G. Siciliano
Quaderno di finanza (Working Paper) No. 67 - July 2010
Abstract
Paper [PDF]
Annual report 2009
- Speech by the Chairman to the financial market
Milan, 28 June 2010 - Annual Report
Rome, 31 March 2010
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]
N. Linciano
Quaderno di finanza (Working Paper) No. 66 - January 2010
Abstract
Paper [PDF]
Annual report 2008
- Speech by the Chairman to the financial market
Milan, 13 July 2009 - Annual Report
Rome, 31 March 2009
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]
by the Quantitative Analysis Unit – Consob
Quaderno di finanza (Working Paper) No. 63 - April 2009
Abstract
Paper [PDF]
Extended Abstract (PDF]
Annual report 2007
- Speech by the Chairman to the financial market
Milan, 14 July 2008 - Annual Report
Rome, 31 March 2008
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]
Quaderno di finanza (Working Paper) No. 60 - June 2007
Abstract
Paper [PDF]
Annual report 2006
- Speech by the Chairman to the financial market
Milan, 9 July 2007 - Annual Report
Rome, 31 March 2007
Annual report 2005
- Speech by the Chairman to the financial market
Milan, 3 July 2006 - Annual Report
Rome, 31 March 2006
Annual report 2004
- Speech by the Chairman to the financial market
Milan, 15 July 2005 - Annual Report
Rome, 31 March 2005
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]
N. Linciano, G. Siciliano, G. Trovatore
Quaderno di finanza (Working Paper) No. 58 - May 2005
Abstract
Paper [PDF]
Annual report 2003
- Speech by the Chairman to the financial market
Milan, 7 June 2004 - Annual Report
Rome, 31 March 2004
The Reaction of Stock Prices to Rating Changes
N. Linciano
Quaderno di finanza (Working Paper) No. 57 - June 2004
Abstract
Paper [PDF]
N. Linciano
Quaderno di finanza (Working Paper) No. 57 - June 2004
Abstract
Paper [PDF]
Annual report 2002
- Speech by the Chairman to the financial market
Milan, 6 May 2003 - Annual Report
Rome, 31 March 2003
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]
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]
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]
G. Sabatini e I. Tarola
Quaderni di finanza (Working Paper) No. 50 - May 2002
Paper [PDF]
Annual report 2001
- Speech by the Chairman to the financial market
Milan, 8 April 2002 - Annual Report
Rome, 31 March 2002
Annual report 2000
- Speech by the Chairman to the financial market
Milan, 5 April 2001 - Annual Report
Rome, 31 March 2001
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]
M. Minenna
Quaderno di finanza (Working paper) No. 45 - February 2001
Paper [PDF]
Rules of fairness in UK corporate acquisitions
S. Providenti
Quaderno di finanza (Working Paper) No. 46 - February 2001
Paper [PDF]
S. Providenti
Quaderno di finanza (Working Paper) No. 46 - 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]
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]
N. Linciano
Quaderno di finanza (Working Paper) No. 40 - August 2000
Paper [PDF]
Annual report 1999
- Annual Report
Rome, 31 March 2000
Annual report 1998
- Annual Report
Rome, 31 March 1999
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]
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
J.R. Macey e M. O'Hara
Quaderno di finanza (Working Paper) No. 27 - May 1998