Monica Gentile

Comissione Nazionale per le Societá e la Borsa | CONSOB · Research Department

The Report presents evidence on financial knowledge, behavioural attitudes and investment choices of Italian households with the aim of gaining insights as to how they manage investment decisions and the main risks they may take. The 2018 edition collects data on several personal traits that may be relevant to financial choices.

This paper investigates how different representations of financial information may be appraised in terms of complexity and usefulness, and how financial disclosure influences individuals’ risk perception. By using a consumer testing analytical approach, we run a survey on a sample of Italian investors: 254 bank customers were submitted 4 different...

The Report presents evidence on the investment choices of Italian households with the aim of gaining insights as to how they manage investment decisions and the main risks they may take. It includes five Sections: Trends in household wealth and saving; Financial knowledge and personal traits; Investment choices and investment habits ; The demand f...

This paper investigates the relationship between the propensity to seek for professional advice, financial knowledge and overconfidence, as well as the determinants of financial knowledge and overconfidence for a representative sample of Italian financial decision makers. The demand for financial advice is found to be positively related to financia...

This paper investigates the subjective understanding and perception of financial information and their impact on investment decisions. A consumer testing approach is applied in order to explore: i) how different representation formats (or Templates) are appraised in terms of complexity, usefulness and information content, ii) how different Tem-plat...

The aim of this paper is to investigate the liquidity of non-government bonds fragmented across the three main Italian retail bond markets (DomesticMOT, ExtraMOT, and EuroTLX) from January 1, 2010 to June 30, 2013. In order to account for different aspects of liquidity, four measures are used: zero-trade, turnover ratio, price impact (Amihud indica...

The recent Euro area crisis, which has originally been driven mainly by macroeconomic factors, has had a strong impact also on financial markets leading internationally to what is referred to as contagion. The term «contagion», generally used in contrast to «interdependence», conveys the idea that during financial crisis there might be breaks or an...

The recent Euro area crisis, which has originally been driven mainly by macroeconomic factors, has had a strong impact also on financial markets leading internationally to what is referred as contagion, that is co-movements among asset prices which have been excessive respect to fundamentals. The term “contagion,” generally used in contrast to “int...

Since the financial crisis and, even more, since the recent sovereign debt crisis, the role of credit default swap (CDS) has been subject to growing attention by policy makers and regulators, because of fears that transactions of a speculative nature on the CDS market may amplify tensions on the bond markets. The link between CDS and bond markets i...

MiFID has fostered competition between stock exchanges and alternative trading systems by removing the possibility for EU Member States to establish that equities must be traded only on regulated markets (so-called concentration rule). This paper empirically measures how market fragmentation is affecting the quality of blue chip’s trading on Europe...

Il lavoro presenta le attività di ricerca e previsione svolte per il nuovo modulo di Previsioni regionali del mercato del lavoro del Progetto MARSS (Modello di analisi regionale della spesa sociale). Dopo un inquadramento della letteratura di riferimento e delle principali caratteristiche dell’approccio seguito, viene descritta la fase di predispos...

In recent years, diffusion models for interest rates became very popular. In this paper, we perform a selection of a suitable diffusion model for the Italian short rate. Our data set is given by the yields on 3-month BOT (Buoni Ordinari del Tesoro), from 1981 to 2001, for a total of 470 observations. We investigate among stochastic volatility model...

Many have questioned the empirical relevance of the Calvo-Yun model. This paper adds a term structure to three widely studied macroeconomic models (Calvo-Yun, hybrid and Svensson). We back out from observations on the yield curve the underlying macroeconomic model that most closely matches the level, slope and curvature of the yield curve. With eac...