1,720,972 research outputs found
Informazione finanziaria, percezione del rischio e scelte d’investimento
Get PDFLe scelte di investimento degli individui sono influenzate dal rischio percepito piuttosto che dal
rischio oggettivamente misurato e la percezione del rischio è a sua volta condizionata da molteplici
fattori, quali deficit cognitivi, distorsioni comportamentali, caratteristiche socio-demografiche
e modalità di informazione finanziaria. Da un’analisi che ha coinvolto circa 300 clienti
di otto banche italiane è emerso che la complessità è il driver principale della percezione del
rischio e della propensione a investire. La ricerca della disclosure più efficace deve accompagnarsi
dunque a opportune iniziative di educazione finanziaria che ripropongano la centralità
della relazione intermediario-cliente
Financial advisor-investor relationship. CONSOB Mirroring survey on sustainability and investments
No full textThe integration of the ESG factors (Environment, Social, Governance) in the financial advice process is
among the most important goals of the Action Plan on Financing Sustainable Growth launched by the
European Commission in 2018. The incorporation of sustainability rests on the assumption, supported
by evidence and empirical research, that the financial advisor can play a key role in informing and
promoting investors' interest in sustainable and responsible investments.
It is therefore useful to investigate whether the financial advisor-investor relationship may lead to a
higher consideration of the ESG factors in the individuals’ investment process by leveraging on the
communication between the parties involved.
The present Report pursues this objective by comparing investors' opinions on responsible investment
products with advisors’ perceptions of their clients’ preferences. Building on the answers to a double
interview (so-called mirroring survey), the Report detects some areas for improvement also thanks to
a matching indicator, i.e. a measure of the alignment between investors’ statements and professionals’
perceptions
Attitude towards financial planning of Italian households
Get PDFEmploying structured financial planning to manage personal finances on is associated with higher levels of financial well-being and increased ability to react to shocks. Therefore, it is important to understand the factors associated with the propensity to plan and
what it is that promotes financial planning. Our empirical evidence for a sample of Italian
households shows a poor inclination for financial planning. CONSOB Survey data on the financial investments made by of Italian household (or FIIH) are used to estimate a probit
model which shows a positive association between financial planning and financial
knowledge, and the relevance of personal traits such as financial anxiety and financial selfefficacy, financial control (control over savings, spending and indebtedness) and financial
conditions. The findings provide useful insights for financial decision-makers in the context
of financial education initiatives and client-intermediary relationship aimed at promoting
appropriate attitudes and choices towards managing money
Conoscenze e abilità finanziarie: strumenti di delega o controllo? Una survey su consulenti finanziari e clienti
No full textL’efficacia dell’interazione tra operatori della consulenza finanziaria e investitori è analizzata da un progetto di ricerca curato dalla Consob, da Finer e dall’Università di Roma Tre. Si tratta di un tema di grande importanza in quanto la presenza di eventuali distonie nei rapporti potrebbe comportare una ancora maggiore sensibilizzazione degli intermediari verso l’accrescimento della qualità del dialogo e della consapevolezza dei rapporti tra le parti. Sono stati messi in evidenza temi come le aspettative del cliente, la gestione della sua emotività, la condivisione delle informazioni, l’utilizzo da parte dei clienti delle piattaforme di robo advice. È emerso con evidenza il ruolo determinante giocato dalla tecnologia
Gli investimenti delle famiglie italiane: una ricerca sulla relazione consulente-cliente
No full textFinancial advice and robo advice in the investors’ perception. Evidence from a qualitative study
Get PDFThe ongoing institutional debate wonders whether robo advice may potentially bridge the advice gap, by reaching both ‘underserved’ and ‘excluded’ investors, who are unable to fully access the service. The present work aims to investigate the factors that may trigger both potential and actual interest in robo advice, thus contributing to widen the segment of investors receiving personalised recommendations. The study analyses the qualitative evidence gathered from two focus groups and four in-depth individual interviews, all involving investors. The participants in the focus groups are, respectively, investors
supported by a human financial advisor (i.e., making decisions after receiving a customised recommendation by a dedicated advisor) and individuals interacting with bank staff only (i.e., making decisions without the support of a dedicated advisor). Individual interviews involve four users of one of the main providers of automated advice services active in the
Italian market. Overall, the study highlights that the perceived objectivity of the algorithm and the customer experience granted by a digital platform may trigger (or have already triggered) interest in robo advice, mainly among financially and digitally literate investors. However, the hybrid model is always preferred to the pure automation, as the interaction
with a human advisor is deemed as valuable both on educational grounds and in the occasion of key phases of the investment (e.g., portfolio monitoring or market turmoil). Given the evidence of this qualitative study, therefore, the hybrid robo advice can potentially bridge the advice gap for the more sophisticated investors, to the extent that they are willing to
accept technology developments. To our knowledge, this is the first qualitative study that contributes to the debate on the advice gap by providing food for thought important for consumer protection policies and educational initiatives
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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