Italian Abstract: Il lavoro effettua una verifica della capacità dell'oro di costituire un'attività rifugio (safe haven asset) nelle fasi di forte tensione sui mercati finanziari. Sotto questo aspetto, l'oro viene confrontato con altri potenziali safe haven assets (titoli sovrani tedeschi e...

Financial exclusion concerns 2.5 billion individuals and more than 450 million enterprises. The G20 countries are committed to the reduction of this phenomenon. The Bank of Italy has a fundamental role in the field of financial inclusion, both on a national and an international scale through...

Italian Abstract: Le valutazioni sul debito sovrano emesse dalle agenzie di rating del credito possono avere una grande influenza sulle aspettative degli investitori. Durante la crisi del debito europeo, i paesi periferici della zona euro sono stati ripetutamente retrocessi. Secondo molti...

English abstract: This paper investigates how Covid mobility restrictions impacted the population of investors of the Italian stock market.The research is the result of a collaboration between Consob and the Scuola Normale Superiore di Pisa. The analysis tracks the trading activity of individual...

Causes and consequences of the current "subprime" financial crisis are analysed. The large number of fraudulent and criminal mortgages obtained by means of false statements unverified by the mortgagees, explains why this crisis was not predicted. The crisis was enhanced by unwise regulations...

English Abstract: The European Directive on mortgage loans provides important new set of rules specially for those civil law countries (as Italy) having a no efficient foreclosure procedure. The main task of the Directive is not only to give more protection to consumer, in fact the main task is...

Italian Abstract: L'informazione letterale, anche nella più sintetica disciplina delle informazioni chiave, sembra aver definitivamente fallito la sua missione di consentire all'investitore di compiere una decisione di investimento informata. Le nuove regole esaltano il dato numerico...

English Abstract: This study investigates the effect of the publication of spin-off news, published between 2000 and 2011 in the Wall Street Journal (WSJ), on the abnormal returns of companies involved in the deal. The results of the empirical analysis developed through an event study on a...

English Abstract: They can be seen as the sum of a bond and an option (derivative component). The work explores some of the issues for the evaluation of the theoretical value (or fair value) of this type of bonds, providing an order of magnitude of the difference between the issue price (gross...