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Author:   Caterina Cruciani ,  Gloria Gardenal ,  Giuseppe Amitrano
Publisher:   Springer International Publishing AG
Imprint:   Palgrave Macmillan
Edition:   1st ed. 2022
Weight:   0.395kg
ISBN:  

9783031131301

ISBN 10:   3031131304
Pages:   180
Publication Date:   28 September 2022
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   Manufactured on demand  
We will order this item for you from a manufactured on demand supplier.

Table of Contents

Chapter 1: Financial risk tolerance: where does it all start from?1.    A crossroad: why looking at risk tolerance?. 3 1.1.     The economists’ view.. 4 1.2.     The macroeconomic perspective. 5 1.3.     The regulator’s view.. 6 2.    Trends in financial risk tolerance. 9 2.1.     Definitions of risk tolerance. 9 2.2.     Risk tolerance determinants. 10 2.2.1.       Socio-demographic factors. 10 2.2.2.       Economic factors. 15 2.2.3.       Personality psychology. 15 2.3.     Measurement tools. 19 Box 1.1 The practitioner’s view... 23 3.    Conclusions and roadmap of the book. 24 References. 24 Chapter 2: Risk tolerance tools: from academia to regulation and back. 28 1.    The Market in Financial Instruments Directive (MiFID) and its impact on risk tolerance measurement  28 1.1.      Introducing MiFID.. 28 1.2.      MiFID and the suitability questionnaire. 31 2.    The academic debate after MiFID.. 35 2.1.      Sociodemographic variables. 35 2.2.      Life events. 37 2.3.      Behavioral and personality factors. 38 2.4.      Risk tolerance: stable trait or adaptive feature?. 39 3.    The Market in Financial Instruments Directive 2 (MiFID2) 40 3.1.      Mifid2, context and content. 40 3.2.      Suitability and MiFID2. 41 3.3.      Implementing the Directive: empirical evidence and practitioners’ views. 42 4.    The academic debate after MiFID2. 43 4.1.      Socio-demographic factors. 44 4.2.      Life events. 47 4.3.      Behavioral and personality factors. 49 4.4.      Risk tolerance: stable trait or adaptive feature?. 50 Box 2.1 The practitioner’s view... 51 5.    Taking stock and looking at the challenges ahead. 53 References. 53 Chapter 3: Challenges and opportunities in the regulation of financial instruments post Mifid2 – Sustainable finance. 59 1.    Sustainable finance in a sustainable Union. 59 1.1.      Sustainable development in the European Union legislation. 59 1.2.      From theory to action: the EU Action Plan on Sustainable development. 60 1.3.      Setting the Plan into Action. 61 1.4.      The Action plan and investor protection: taking stock and moving forward. 69 2.    Investing in sustainability – investor preferences, risk tolerance and investment behavior. 70 2.1.      Sustainability investment – where does Europe stand?. 70 2.2.      Sustainable investors – who are they and why do they choose sustainable products?. 71 2.3.      Are sustainable investors biased?. 79 3.    Implications for financial risk tolerance and investment choices. 82 References. 83 Chapter 4: The digital challenge: how are new technologies shaping the financial industry?. 87 Abstract. 87 1.    The technological revolution of the financial services industry. 87 1.1.      The digitalization and open challenges. 87 2.    Fintech. 88 2.1.      A definition. 88 2.2.      Fintech Users. 89 2.3.      Fintech services. 89 2.4.      The academic point of view on Fintech. 90 3.    Open Banking and Open Finance. 92 3.1.      A definition of Open Banking. 92 3.2.      The evolution of Open Banking: towards Open Finance. 94 3.3.      The academic point of view on Open Banking. 94 4.    Robo advisory. 96 4.1.      A definition of robo advisory services. 96 4.2.      Business models for robo advisory. 97 4.3.      The academic point of view on robo advisory. 98 5.    The Regulatory Framework. 103 5.1.      The Payment Services Directive (PSD2) 103 5.2.      The revised Guidelines on Suitability by ESMA (2018) 104 6.    Conclusions. 106 References. 107 Challenges and opportunities for the future investor – a practitioner’s guide. 112 1.    The survey. 112 1.1.      Some reasons why. 112 1.2.      Survey structure and participant pool 113 2.    Survey results. 115 2.1.      Participants overview.. 115 2.2.      Sustainable finance. 116 2.3.      Robo advisory and open finance. 118 Box 5.1 The practitioner’s view... 120 3.    Final discussion and conclusions. 123 4.    Appendix – the questionnaire. 124 References. 132

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Author Information

Caterina Cruciani is an Assistant Professor in Financial Markets and Institutions at the Department of Management, Ca’ Foscari University of Venice, where she also received a PhD in Economics. She is the Operating Director of the Center for Experimental Research in Management and Economics (CERME) and a member of the Risk-Lab at Ca’ Foscari University of Venice. Gloria Gardenal is Assistant Professor of Corporate Finance and a member of the Risk-Lab and the Center for Experimental Research in Management and Economics (CERME) at Ca’ Foscari University of Venice, where she also received a PhD in Business. Giuseppe Amitrano is the Founder and CEO of WieldMore Investment Management. After over 25 years of experience as managing director in rates, credits and derivatives in leading financial institutions in Europe, Giuseppe has founded and leads as CEO Wieldmore Investment Management

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