Edufin Research Papers
In questa pagina sono pubblicati i paper del Comitato redatti a partire dal 2024.
Edufin Research Paper no. 4 “Guessing in MiFID Tests, Financial Literacy and Investors Trading Behavior”
Autore : Mariachiara Tedde Anno : 2026 Abstract : This paper examines the link between investors financial knowledge and trading behavior by analyzing retake patterns in the Markets in Financial Instruments Directive (MiFID) test. We categorize investors who fill in the MiFID test multiple times into two distinct groups based on their scoring trajectories across multiple attempts: ”guesser” investors, who exhibit inconsistent performance in the test, with initial scores exceeding subsequent results, and ”improver” investors, who demonstrate a progressive improvement in their scores over attempts. We find that ”guesser” investors tend to trade more, yet consistently achieving lower returns compared to their ”improver” counterparts. These results suggest that a ”guessing” attitude to financial assessments may indicate, not only a lack of genuine financial literacy, but possibly overconfidence, which leads to suboptimal investment decisions.
Edufin Research Paper n. 3 "Financial Education and Public Certification: Founding Practice on Theory. The New Portal of Italian Edufin Committee"
Autori : Serena Marzucchi, Donato Masciandaro Anno : 2025 Abstract : The Italian Edufin Committee aims to strenghten its activity as public third-party certifier in the field of financial education, using its new portal as a communication device for such goal. The goal of this article is twofold. On the one side, the setting of the new portal is analyzed. On the other side, the theoretical foundations of the function of the portal are uncovered, discussing the relationships between financial education as a credence good and the role of a public agency that implements its policy by means of ex ante certification of education activities, that in turn implies both effective communication and transparent accountability.
Edufin Research Paper n. 2 "Dall'indebitamento al sovraindebitamento: caratteristiche Individuali e Financial Literacy"
Autori : Prof. A. Bonanomi, Prof. B. Bonfanti, Prof. P. Iannello, Prof. M. Lanz, Prof. E. Lozza, Prof. A. Sciarrone, Prof. G. Sesini Anno : 2024 Abstract : Il fenomeno del sovraindebitamento sta assumendo proporzioni sempre più rilevanti con ricadute particolarmente negative sia sul benessere del singolo individuo sovra-indebitato, sia, in senso più ampio, sulla stabilità del sistema economico e finanziario dell’intera società. Scopo del presente progetto è quello di indagare le caratteristiche e il percorso che porta a una condizione di (sovra)indebitamento coinvolgendo un campione rappresentativo della popolazione italiana maggiorenne e un oversample di sovra-indebitati.