Research papers - CONSOB AND ITS ACTIVITIES
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
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The gamification of financial investments
C. Brescia Morra, D. Colonnello, M. Gargantini, G. Sandrelli, G. Trovatore
Quaderno giuridico (Legal Research Paper) No. 32 - January 2025 [PDF]
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AI and market abuse: do the laws of robotics apply to financial trading?
F. Consulich, M. Maugeri, C. Milia, T.N. Poli, G. Trovatore
Quaderno giuridico (Legal Research Paper) No. 29 - May 2023 [PDF]
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Attitude towards financial planning of Italian households
M. Brunetti, R. Ciciretti, M. Gentile, N. Linciano, P. Soccorso
Quaderno di finanza (Working Paper) No. 89 - October 2022 [PDF]
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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]
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The Prospectus Regulation
The long and winding road
S. Alvaro, R. Lener, P. Lucantoni; in collaboration with V. Adriani, F. Ciotti, A. Parziale;
introduced by Carsten Gerner-Beuerle
Quaderno giuridico (Legal Research Paper) No. 22 - October 2020 [PDF]
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Who intends to become financially literate?
Insights from the Theory of Planned Behaviour
F.C. Billari, M. Gentile, N. Linciano, F. Saita
Quaderno di finanza (Working Paper) No. 88 - November 2019 [PDF]
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Shareholdings of alternative investment funds in listed companies and in banks
A legal perspective
S. Alvaro, F. Annunziata; with preface by M. Stella Richter jr
Quaderno giuridico (Legal Research Paper) No. 17 - September 2018 [PDF]
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Boardroom gender diversity and performance of listed companies in Italy
G.S.F. Bruno, A. Ciavarella, N. Linciano
Quaderno di finanza (Working Paper) No. 87 - September 2018 [PDF]
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Non-bank institutional investors' ownership in non-financial companies listed in major European countries
F. Fancello, N. Linciano, L. Gasbarri, T. Giulianelli
Quaderno di finanza (Working Paper) No. 86 - January 2018 [PDF]
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The marketing of MREL securities after BRRD
Interactions between prudential and transparency requirements and the challenges which lie ahead
S. Alvaro, M. Lamandini, D. Ramos Muñoz, E. Ghibellini, F. Pellegrini
Quaderno giuridico (Legal Research Paper) No. 15 - December 2017 [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