Nadia Linciano

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

PhD in Economics, University of York

About

65
Publications
9,219
Reads
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242
Citations
Citations since 2017
34 Research Items
168 Citations
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2017201820192020202120222023051015202530
2017201820192020202120222023051015202530
Introduction
Nadia Linciano is Head of the Economic Studies Unit at the Research Department of the Italian securities regulator CONSOB (Commissione Nazionale per le Societá e la Borsa). Nadia does research in Behavioural Economics, Financial Economics, Law and Economics, Financial Education. Her current project is 'Fintech and Robo Advice: Trends and Perspectives'.
Additional affiliations
February 1998 - present
Comissione Nazionale per le Societá e la Borsa
Position
  • Head of Economic Research Unit

Publications

Publications (65)
Chapter
Finance has been increasingly acknowledged as key to sustainable development as it can efficiently and effectively channel resources towards sustainable activities. However, conditions for this to happen are not met yet. Lack of homogeneity in terminology and definitions translates into lack of comparability of sustainability-related disclosures an...
Chapter
The development of sustainable finance builds on an efficient ecosystem of sustainability-related information. The incorporation into market prices of sustainability-related risks and opportunities is essential to efficiently channel resources to sustainable projects and to mitigate the risk of abrupt repricing of financial assets exposed to climat...
Technical Report
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.
Article
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...
Technical Report
Full-text available
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...
Article
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...
Article
Full-text available
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...
Article
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...
Article
Full-text available
This work estimates a reduced model of the determinants of the 10-year yield spreads relative to Germany for 10 Eurozone countries. Results show that since the inception of the 2007 crisis, spreads have exhibited a rising time-dependent component. Country specific estimated responses to financial turmoil highlight three major results. Core countrie...
Article
Full-text available
This work estimates a reduced model of the determinants of the 10-year yield spreads relative to Germany for 10 Eurozone countries. Results show that since the inception of the 2007 crisis, spreads have exhibited a rising time-dependent component. Country specific estimated responses to financial turmoil highlight three major results: core countrie...
Article
This paper examines abnormal stock returns around the publication of 1,167 reports issued by 26 brokerage firms on 37 small caps admitted to listing on the Italian stock market from 2003 to 2011. The focus is on small caps going public because, for such firms, information asymmetries may be severe and, therefore, analyst reports should be particula...
Article
Negli ultimi anni il progresso tecnologico e l’innovazione finanziaria hanno favorito la diffusione di attività di trading ad alta frequenza, o high frequency trading, una modalità operativa basata sull’impiego di algoritmi che consentono di acquisire, elaborare e reagire alle informazioni di mercato con una velocità elevata. Nei principali paesi e...
Article
This paper analyses the determinants of sovereign spreads in the euro area from January 2002 to May 2012. The objective is to disentangle the role of country-specific fundamentals, driven by fiscal and macroeconomic factors, from what is referred to as contagion. Following the existing empirical literature, the work estimates a model of the determi...
Article
The English version of this paper can be found at: http://ssrn.com/abstract=2207958 La rilevazione della tolleranza al rischio degli investitori da parte degli intermediari è un tema cruciale sia per i regolatori sia per l’industria dei servizi di investimento. La letteratura economica e psicologica ha individuato un insieme di fattori che incidono...
Article
Full-text available
The Italian version of this paper can be found at http://ssrn.com/abstract=2126578.The assessment of investors' risk tolerance by investment firms is a crucial issue both for regulators and for the industry. The economic and psychological literature has identified a set of factors affecting the risk preferences and perception by individuals and a s...
Article
Bank bonds are among the main source of funding for Italian banks and among the most important financial assets held by Italian households. At the end of 2009, the bond-to-deposit ratio was about 40% for Italian banks, thus reaching the highest value in Europe after Germany, while the households’ portfolio share consisting of bank bonds was around...
Article
Bonds are among the main source of external funding for Italian banks and one of the most important financial assets held by Italian households. The bond-to-deposit ratio of Italian banks is about 40%, the highest value in Europe after Germany, while the share of bank bonds on Italian households’ portfolio is by far the highest among major industri...
Article
Classical financial theory assumes that individuals are perfectly rational and act by usingcomplete and homogeneous information sets. For a long time, this has been used both ondescriptive and normative grounds. However, empirical research has shown thatinvestors systematically commit reasoning or preference errors hard to reconcile with therationa...
Article
Full-text available
We formalise the joint choice of labour force participation and mode of travel to work together with the hours of work decision for unitary and collective households. Conditioning on the primary workers decisions, we analyse the decisions of the secondary worker in a simplified setting in which the amount of work travel is independent of hours of w...
Article
The structure and the development of the clearing and settlement industry have long been paid attention by national and international regulators. Given the key role of clearing and settlement for the growth, the integrity and the integration of capital markets, regulators are deeply concerned with the competition and the stability issues raised bot...
Article
The paper investigates the reaction of common stock returns to rating changes for a sample of 299 rating actions involving Italian firms and announced by Fitch, Moody's and Standard&Poor's from January 1991 till August 2003. Rating changes and credit watches are classified according to direction, reason, the sector of the rated entities, anticipati...
Article
The present paper investigates the reaction of common stock returns to rating changes: it is the first empirical evidence for the Italian case. The analysis focuses on a sample of 299 rating actions announced by Fitch, Moody's and Standard & Poor's with respect to Italian firms in the period January 1991-August 2003. Rating changes announcement are...
Article
Researchers have recently devoted their attention to the relationship between corporate and securities laws and the development of stock markets, claiming that high quality regulation, by reducing private benefits of control, stimulates broader and deeper capital markets. This paper tries to assess the impact of changes in Italian corporate law on...
Article
All developed countries and most emerging countries restrict insider trading transactions on the belief that the phenomenon may undermine investors’ confidence and the integrity of financial markets. Apart from the United States, however, such regulation has turned to be partially ineffective, as showed by the records on prosecution in the last de...
Article
The Italian corporate bankruptcy law has long been found to suffer from indirect and direct costs, being biased towards liquidation and having usually resulted into very lengthy procedures. This paper seeks to outline the principles which might imbue the reform of the Italian bankruptcy regime. To accomplish this aim, first the economic debate on t...
Article
The present work analyses the determinants of car usage conditional on car ownership for one vehicle households in the United Kindom. Given the long acknowledged centrality of discrete choices in the study of cosumer demand for services, car ownership and usage have been investigated through a selectivity specification, the Heckman model. The data...
Article
Pension financing and alternative arrangements for the provision of retirement incomes have been paid increasing attention in the last decades. The major concern relates the sustainability of pay-as-you-go pension (PAYGO) schemes, undermined also by population ageing and by an increasing dependency ratio. Privatisation of social security, defined a...

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Projects (2)
Project
The goal of this joint reaserch with collegues from Consob and the Italian academia is to understand how the development of robo advice may impact people's understanding and attitude towards financial risk and people's financial decisions