Ricerc@Sapienza

Il capitolo ha lo scopo di introdurre l'obiettivo e la struttura del libro. In particolare, l'obiettivo è quello di costruire un ponte tra la responsabilità sociale delle imprese (CSR) e la finanza sostenibile nei mercati finanziari. Gli argomenti di CSR classici sono stati studiati alla luce di una moderna concezione di sostenibilità. Il libro è organizzato in due blocchi principali.

The global financial crisis of 2008 proved that a sovereign of last
resort would always rescue the financial system from self-destruction.
In constitutional democracies, stability and change are balanced
through constitutional devices and procedures. In global finance's
realm, on the contrary, no room is left for a dialectic between stability
and change. The question of how power is distributed within the
financial system is not only intrinsically connected with the analysis of

This paper deals with the theme of contagion in financial markets. At this aim, we develop
a model based on Mixed Poisson Processes to describe the abnormal returns of financial
markets of two considered countries. In so doing, the article defines the theoretical
conditions to be satisfied in order to state that one of them – the so-called leader –
exercises contagion on the others — the followers. Specifically, we employ an invariant
probabilistic result stating that a suitable transformation of a Mixed Poisson Process is still

This paper investigates whether news about Greek exit from the euro area has affected other European countries’ sovereign bond yields. Our empirical analysis covers more than 64,000 daily news items on Grexit between December 2014 and October 2015. We build a Grexit intensity index that captures policy concerns about the euro area break-up. Higher intensity of Grexit news drives up government bond yields in peripheral countries (Italy, Portugal, and Spain, excluding Ireland), whereas there are no effects on core countries.

SOMMARIO: 1. MiFID II. – 2. La regola di adeguatezza in MiFID II. – 2.1. Campo di applicazione
della regola di adeguatezza. – 2.2. Il primo momento della regola di adeguatezza: la raccolta
delle informazioni. – 2.3. Il secondo momento della regola: la valutazione dell’operazione e la
dichiarazione di adeguatezza. – 2.4. Attendibilità delle informazioni. – 2.5. Il divieto di prestare
un servizio di risparmio gestito non adeguato. – 3. La conferma della rottura con il paradigma

In modern information economies, economic success increasingly depends on the ability to apply knowledge and to transform it into firm value. While intellectual capital plays a critical role in firm success, it is an intangible asset that is difficult to measure and that is unrecorded by the firm. Difficulties in measuring intellectual capital, as well as the dynamic nature of the firms that rely on it, may lead to greater stock market volatility/risk.