FINANCIAL DISCLOSURE, RISK PERCEPTION AND INVESTMENT CHOICES

The paper by Commissione Nazionale per le Società e la Borsa (CONSOB) investigates the relationship between financial information and decision making process over a sample of 254 Italian investors.

The main contribution of the paper is the evidence that the risk perception is modified by the way the information is provided to investors. This fact is of special relevance for Governmental organization, legislators and market makers.