{"id":21,"date":"2017-03-09T12:29:40","date_gmt":"2017-03-09T11:29:40","guid":{"rendered":"\/costanzatorricelli\/?page_id=21"},"modified":"2025-08-02T14:46:19","modified_gmt":"2025-08-02T14:46:19","slug":"pubblicazionipublications-2","status":"publish","type":"page","link":"https:\/\/morespace.economia.unimore.it\/costanzatorricelli\/pubblicazionipublications-2\/","title":{"rendered":"Pubblicazioni\/Publications"},"content":{"rendered":"<p style=\"text-align: left\"><strong>PUBLICATIONS\u00a0<\/strong><\/p>\n<p>Bertelli B., Kocollari U., Merzi L., Torricelli C., 2025, The Role of Circular Economy in Reducing Corporate Default Probability: Insights from Recent Research, Current Opinion in Environmenta Sustainability, 75, 101555.<\/p>\n<p>Bertelli B., Torricelli C., 2025, Sustainable optimal stock portfolios: What relationship between sustainability and performance?, <em>European Journal of Operational Research, <\/em>Volume 323, Issue 1,\u00a016 May 2025, Pages 323-340<\/p>\n<p>Torricelli C., Pederzoli C., Ferrari F., 2025, Climate Stress Test: bad (or good) news for the market? An Event Study Analysis on Euro Zone Banks, <em>Annals of Finance<\/em>, Volume\u00a021,\u00a0pages 1\u201317.<\/p>\n<p>Brunetti, M., Giarda, E. &amp; Torricelli, C., 2024, Financial Fragility Across Europe: Is it the Household or the Country that Matters?.\u00a0<em>Soc Indic Res<\/em>. 176,\u00a0799\u2013850.<\/p>\n<p>Bertelli, B., &amp; Torricelli, C. (2024). The trade-off between ESG screening and portfolio diversification in the short and in the long run. <em>Journal of Economics and Finance<\/em>, 48(2), 298-322.<\/p>\n<p>Torricelli C., Pellati E., 2023, Social Bonds and the \u201cSocial Premium\u201d, Journal of Economics and Finance, Accepted February 2023<\/p>\n<p>Pederzoli C., C. Torricelli, 2021, An assessment of the Fundamental Review of the Trading Book: The capital requirement impact on a stylised financial portfolio, International Journal of Banking, Accounting and Finance (IJBAAF), 15,4, 389-403.<\/p>\n<p>Basiglio S., M. Rossi, R. Salomone, C. Torricelli, 2020, Saving with social impact: evidence from Trento province, Sustainability, 12, 8363.<\/p>\n<p>Baldini M., G. Gallo, C. Torricelli, 2020, The scars of scarcity in the short run: an empirical investigation across Europe, Economia Politica, 37, 1033\u20131069.<\/p>\n<p>Rossi M.C., Sansone D., A. van Soest, C. Torricelli, 2019, Household preferences for Socially Responsible Investments, Journal of Banking and Finance, 105, 107-120.<\/p>\n<p>Gallo G., C. Torricelli, A. van Soest, 2018, Individual heterogeneity and pension choices Evidence from Italy, Journal of Economic Behavior and Organization, 148, 260-281.<\/p>\n<p>Baldini M., C. Torricelli, M.C. Urz\u00ec Brancati, 2018, Family ties: occupational responses to cope with a household income shock, Review of Economics of the Household, 16 (3), 809-832.<\/p>\n<p>Pederzoli C., C. Torricelli, 2017, Systemic risk measures and macroprudential stress tests &#8211; An assessment over the 2014 EBA exercise, <em>Annals of Finance<\/em>, Volume 13, Issue 3, 237\u2013251<\/p>\n<p>Brunetti M., C. Torricelli, 2016, \u201cSecond homes in Italy: every household\u2019s dream or (un)profitable investments?\u201d, <em>Housing Studies<\/em>, 32 (2), 168-185.<\/p>\n<p>Brunetti M., Giarda E., Torricelli C., 2016, Is financial fragility a matter of illiquidity? An appraisal for Italian households, <em>Review of Income and Wealth ,<\/em> 62 (4), 628\u2013649Torricelli C., Urz\u00ec Brancati M.C., Santantonio M., 2016, Does homeownership partly explain low participation in supplementary pension schemes?, <em>Economic Notes<\/em>, 45 (2), 179-203 .<\/p>\n<p>Bertocchi M., Moriggia V., Torricelli C., Vitali S., 2015, The pricing of convertible bonds in the presence of structured conversion clauses: the case of Cashes, <em>Int. J. of Financial Engineering and Risk Management<\/em>, 2,2, 73-86.<\/p>\n<p>Prast H., Rossi M.C., Torricelli C., Sansone D., 2015, Do women prefer pink? The effect of a gender stereotypical stock portfolio on investing decisions, <em>Politica economica &#8211; Journal of Economic Policy<\/em>, XXXI, 377-420.<\/p>\n<p>Bertocchi M., Torricelli C., 2015, The time dimension of credit risk: modelling issue and regulatory implications, in <em>Cycles, Growth and the Great Recession<\/em>, Cristini A., Fazzari S., Greenberg E. and Leoni R. (Eds.) Routledge, London.<\/p>\n<p>Gianfelice G., Marotta G., C. Torricelli, 2015, A liquidity risk index as a regulatory tool for systemically important banks? An empirical assessment across two financial crises, <em>Applied Economics,47,<\/em>2, 129-147.<\/p>\n<p>Bertocchi G., M. Brunetti, C.Torricelli, \u00a02014, Who holds the purse strings within the household? The determinants of intra-family decision making, <em>Journal of Economic Behavior and Organization<\/em>, 101, 65\u201386.<\/p>\n<p>Pederzoli C., C. Torricelli, 2013, \u00a0Efficiency and unbiasedness of corn futures markets: New evidence across the financial crisis<em>, Applied Financial Economics<\/em>, Vol. 23, No. 24, 1853-1863.<\/p>\n<p>Pederzoli C., Thoma G., C. Torricelli, 2013, \u00a0Modelling credit risk for innovative firms: the role of innovation measures, <em>Journal of Financial Services Research, <\/em>August, Volume 44, Issue 1, 111-129.<\/p>\n<p>Bertocchi G., Brunetti, M., Torricelli C., 2011, \u201cMarriage and other risky assets: a Portfolio Approach\u201d,\u00a0<em>Journal of Banking and Finance<\/em>, Volume 35, Issue 11, November, 2902-291.<\/p>\n<p>Brunetti M., C.Torricelli, \u00a02010, Population age structure and household portfolio choices in Italy, <em>European Journal of Finance<\/em>, Volume16, Number 6, September, 481-502.<\/p>\n<p>Pederzoli C., C. Torricelli, 2010, A Parsimonious Default Prediction Model for Italian SMEs, <em>Banks and Bank Systems<\/em>, <a href=\"http:\/\/www.businessperspectives.org\/component\/option,com_journals\/task,issue\/id,148\/jid,6\/Itemid,74\/\">Vl. 4, 2010<\/a>, 5-9.<\/p>\n<p>Pederzoli C., C.Torricelli, S.Castellani, 2010, The interaction of financial fragility and the business cycle in determining banks&#8217; loan losses: an investigation of the Italian case, <em>Economic Notes, 39:3,<\/em>129-146.<\/p>\n<p>M.Brunetti , C.Torricelli, 2010, Demographics and asset returns: does the dynamics of population ageing matter?, <em>Annals of Finance<\/em>, Volume 6, March, 193-219.<\/p>\n<p>Brunetti, C. Torricelli, 2010, &#8220;The impact of population ageing on household portfolios, Life-cycle allocations and asset returns&#8221;, in <em><a href=\"http:\/\/eu.wiley.com\/WileyCDA\/WileyTitle\/productCd-0470377348.html\">Optimizing the Ageing, Retirement and Pensions Dilemma<\/a><\/em>, M. Bertocchi, S.L. Schwartz and W. Ziemba (eds.), Wiley, ISBN: 9780470377345, February.<\/p>\n<p>Pederzoli, Torricelli C., Tsomocos D., Rating systems, procyclicality and Basel II: an evaluation in a general equilibrium framework, <em>Annals of Finance<\/em>, Volume 6, January 2010, <a href=\"http:\/\/www.springerlink.com\/content\/j19114j97l5m2323\/fulltext.pdf\">33-49<\/a>.<\/p>\n<p>M.Brunetti, C.Torricelli, Economic Activity and Recession Probabilities: information content and predictive power of the term spread in Italy,<em> Applied \u00a0Economics<\/em>, 41:18, 2009, 2309-2322.<\/p>\n<p>Moriggia, S. Muzzioli, C. Torricelli, 2009, \u201cOn the no arbitrage condition in option implied trees\u201d <em>European Journal of <\/em><em>Operational Research<\/em>, 13,1, 212-221.<\/p>\n<p>Bertocchi, M.Brunetti, C.Torricelli, 2008, Portfolio choices, Gender and Marital Status, <em>Rivista di Politica Economica<\/em>, Issue IX-X, 119-153.<\/p>\n<p>S.Castellani, C. Pederzoli, C.Torricelli, 2008, Indebtedness, macroeconomic conditions and banks&#8217; loan losses: evidence from Italy, in Moriggia V. &amp; Torricelli C. (Eds.), <em>Bank Capital in risk management and\u00a0investment strategies<\/em>, \u00a0Esculapio, Bologna, October .<\/p>\n<p>Pederzoli, C. Torricelli, 2007, Banks\u2019 optimal rating systems and procyclicality, <em>Communications to SIMAI Congress<\/em>, Vl.2, ISSN 1827-9015, DOI: 10.1685\/CSC06147.<\/p>\n<p>Brunetti, M., Torricelli C., The Population Ageing in Italy: Facts and Impact on Household Portfolios, in &#8220;<em>Money, Finance and Demography: The Consequences of Ageing<\/em>,&#8221; SUERF Colloquium Volumes, SUERF &#8211; The European Money and Finance Forum, Morten Balling &amp; Ernest Gnan &amp; Frank Lierman (eds.), 2007.<\/p>\n<p>V.Moriggia, S.Muzzioli, C.Torricelli, \u00a0Call and put implied volatilities and the derivation of option implied trees, <em>Frontiers in Finance and Economics, <\/em>Vl. 4, N.1, June 2007.<\/p>\n<p>M.Brunetti, C.Torricelli, The internal and cross market efficiency in index option markets: an investigation of the Italian market,<em> Applied \u00a0Financial Economics<\/em>, 17, 2007, 25-33.<\/p>\n<p>Marotta, G., Pederzoli, C., Torricelli,C., \u00a02006, Forward-looking estimation of default probabilities with Italian data,\u00a0 <em>Euro-Mediterranean Economics and Finance Review<\/em>, 1, 1, 6-19.<\/p>\n<p>C.Pederzoli, C. Torricelli, Capital requirements and Business Cycle Regimes: Forward-looking modelling of Default Probabilities , <em>Journal of Banking and Finance<\/em>, 2, 2005, 3121-3140.<strong>\u00a0\u00a0<\/strong><\/p>\n<p>M.Brunetti, C.Torricelli, Put-Call Parity and cross-market efficiency in the Index Options Markets: evidence from\u00a0 the Italian market, <em>International Review of Financial Analysis<\/em>, Vl.14, 2005, 508-532.<\/p>\n<p>S.Muzzioli, C.Torricelli, The pricing of options on an interval binomial tree: an application to the DAX index option market, <em>European Journal of Operational Research<\/em>, 163, 2005, 192-200.<\/p>\n<p>S.Muzzioli &#8211; C.Torricelli, A multiperiod binomial model for pricing options in a vague world, <em>Journal of\u00a0 Economic Dynamics and Control<\/em>, 28, 2004, 861-887.<\/p>\n<p>D.Mercurio, C.Torricelli, Estimation and arbitrage opportunities for exchange rate baskets, <em>Applied Economics<\/em>, 35,October 2003, 1689-1698.<br \/>\nS.Muzzioli, C.Torricelli, Implied trees in illiquid markets: a Choquet pricing approach, <em>International Journal of Intelligent <\/em><em>Systems<\/em>, 17, 6, 2002.<\/p>\n<p>Boero, C. Torricelli, &#8220;The information in the term structure of interest rates: further results for Germany&#8221;,\u00a0 <em>European Journal of Finance<\/em>, vl.8, Issue 1, 20-44, 2002.<\/p>\n<p>L.Malaguti, C.Torricelli, The Rational Expectation Dynamics of a Model for the Term Structure and Moneatry Policy, <em>Decisions in Economics and Finance<\/em>,\u00a0 Vl.24, N.2, November 2001, 137-152.<\/p>\n<p>S.Muzzioli, C. Torricelli, &#8220;A model for pricing an option with a fuzzy payoff&#8221;, <em>Fuzzy Economic Review<\/em>, 6 (1), May 2001.<\/p>\n<p>Malaguti, C. Torricelli, 1997, \u201cMonetary policy and the term structure of interest rates: a generalisation of McCallum (1994) two-period model\u201d, ed. C.Hipp, <em>Geld, Finanz, Banken und Versicherung<\/em>, VVW Karlsruhe.<\/p>\n<p>Boero, C. Torricelli, &#8220;A comparative evaluation of alternative models of the term structure of interest rates&#8221;, <em>European Journal of Operational Research<\/em>, vl. 93, n.1, 205-223, August 1996.<\/p>\n<p>C.Torricelli: &#8220;Futures Market and Spot Price Volatility: a Model for a Storable Commodity&#8221;, 1994, <em>European Journal of Political Economy<\/em>, vol.10, 339-355.<\/p>\n<p>Bassetti, C. Torricelli: &#8220;Optimal Portfolio Selection as a Solution to an Axiomatic Bargaining Game&#8221;, 1992, ed. G. Feichtinger,<em> Dynamic Economic Models and Optimal Control<\/em>, Amsterdam, Elsevier Publisher.<\/p>\n<p>A.Bassetti, C.Torricelli: &#8220;Optimal Portfolio Selection as a Bargaining Game&#8221;,1991, eds. R.P.Hamalainen e H.Ehtamo, <em>Springer Verlag Lectures Notes in Control and Information Sciences<\/em>, <em>vol.II, Dynamic Games in Economic Analysis<\/em>, Heidelberg, Springer<\/p>\n<p>Verlag.<br \/>\nC.Torricelli: &#8220;A Survey in the Theory of Futures Markets&#8221;, <em>Ricerche Economiche<\/em>, 4(1989).<\/p>\n<p><strong>BOOK REVIEW <\/strong><br \/>\nC. Torricelli, 2020, Collected Works of Marida Bertocchi by Rita L. D&#8217;Ecclesia, Stavros A. Zenios, and William T. Ziemba (ed.), World Scientific Publishing (2019), <em>Quantitative Finance<\/em>, 20 (5), 721-722.<\/p>\n<p><strong>IN ITALIAN<\/strong><\/p>\n<p>Brunetti B., Bertelli B., Torricelli C., Zoli M., 2025, COME STIMOLARE GLI INVESTIMENTI IN TITOLI ESG DEI CLIENTI BANCARI ITALIANI, in ASVIS Rapporto di Primavera 2025, pag. 76<br \/>\nTorricelli, Pederzoli C., Ferrari F., 2024, Gli stress test climatici della BCE sulle banche: quale informazione per il mercato?, Anteo n. 125 Prometeia SIM, Febbraio.<br \/>\nTorricelli C., 2023, Finanza sostenibile: un nuovo mantra?, Periodico di Matematiche, 99, 37-46.<br \/>\nRossi M.C., Salomone R., Torricelli C. (Eds.), 2023, FINANZA SOSTENIBILE PER IL LAVORO E PER IL WELFARE, Percorsi Economia \/ Diritto, Il Mulino, Bologna, ISBN 978-88-15-38692-2<br \/>\nGambardella D., Rossi M.C., Torricelli C., Salomone R., 2023, Gli strumenti di finanza sociale come leva di innovazione per le politiche pubbliche, in Rossi M.C., Salomone R., Torricelli C. (Eds.), FINANZA SOSTENIBILE PER IL LAVORO E PER IL WELFARE, Percorsi Economia \/ Diritto, Il Mulino, Bologna, ISBN 978-88-15-38692-2 .<br \/>\nBasiglio S., Rossi M.C., Torricelli C., Salomone R., 2023, Il risparmio a impatto sociale: nuove evidenze dopo una survey in Trentino, in Rossi M.C., Salomone R., Torricelli C. (Eds.), FINANZA SOSTENIBILE PER IL LAVORO E PER IL WELFARE, Percorsi Economia \/ Diritto, Il Mulino, Bologna, ISBN 978-88-15-38692-2 .<\/p>\n<p>Social bond: un mercato in forte espansione, (con E.Pellati) Anteo116, Prometeia Advisor SIM, aprile 2022<br \/>\nhttps:\/\/www.prometeia.com\/it\/financial-advisory_anteo-article\/116-i-social-bond-un-mercato-in-forte-espansione<br \/>\nGreen finance, Glossario delle disuguaglianze sociali, Fondazione Ermanno Gorrieri, http:\/\/www.disuguaglianzesociali.it\/glossario\/?idg=88<br \/>\nSocial finance, Glossario delle disuguaglianze sociali, Fondazione Ermanno Gorrieri, http:\/\/www.disuguaglianzesociali.it\/glossario\/?idg=87<br \/>\nBrunetti M., Giarda E., Torricelli C., 2012, Illiquidit\u00e0 dei portafogli e fragilit\u00e0 finanziaria delle famiglie italiane, Approfondimento, Prometeia, luglio.<br \/>\nA cura di Costanza Torricelli: S. B\u00adenninga, Modelli finanziari &#8211; La finanza con Excel 2\u00b0 ed. italiana, con CD-Rom, settembre 2010, ISBN \u2013 978883866637-7, <a href=\"http:\/\/www.ateneonline.it\/schede\/benninga.asp\">http:\/\/www.ateneonline.it\/schede\/benninga.asp<\/a><br \/>\nBonollo M., Morandi D., Pederzoli C., Torricelli C., 2007, \u201cModel risk e tecniche di contollo dei market parameter. L\u2019esperienza di Banco Popolare\u201d, CEFIN Working Papers, N. 5.<br \/>\nTorricelli: varie voci redatte per <em>Enciclopedia di Repubblica, UTET<\/em>, 2003.<br \/>\nTorricelli: voci redatte per <em>l&#8217;Enciclopedia dell&#8217;Economia dell&#8217;Impresa, volume Economia Politica, UTET<\/em>, maggio 1994: Capital Asset Pricing Model(CAPM), Credito, Futures Markets, Intermediazione Finanziaria, Mercati a termine, Mercati Finanziari, Teorie delle Opzioni.<br \/>\nC.Torricelli: &#8220;<em>I MERCATI FUTURES &#8211; Teorie, modelli e applicazioni<\/em>&#8220;, Bologna, 1992, CLUEB.<br \/>\nRicci &#8211; C.Torricelli : &#8220;<em>Strumenti matematici per le decisioni finanziarie<\/em>&#8220;, Collana di Argomenti di Matematica Applicata, 1992, Bologna, PATRON.<\/p>\n<p><strong>EDITORIALS\u00a0<\/strong><br \/>\n<a href=\"http:\/\/www.ingenere.it\/articoli\/risparmiare-pensando-alla-collettivita\">Risparmiare pensando alla collettivit\u00e0<\/a> (con Mariacristina Rossi), Ingenere 22\/05\/2017<br \/>\n<a href=\"http:\/\/www.ingenere.it\/articoli\/seconde-case-sogno-di-vita-o-investimento-sbagliato\">Seconde case: sogno di una vita o investimento sbagliato?<\/a> (con Marianna Brunetti), Ingenere 04\/06\/2015<br \/>\n<a href=\"http:\/\/www.ingenere.it\/articoli\/shock-di-reddito-come-reagiscono-le-donne\">Shock di reddito, come reagiscono le donne<\/a> (con massimo Baldini e Cesira Urz\u00ec), Ingenere, 22\/01\/2015<br \/>\n<a href=\"http:\/\/www.lavoce.info\/serie-a-quanto-conta-allenatore\/\">Serie A: quanto conta un allenatore<\/a> (con Luca Mirtoleni e Cesira Urz\u00ec), La voce, 15\/09\/2014<br \/>\n<a href=\"http:\/\/www.ingenere.it\/articoli\/portafoglio-di-marca-donne-che-investono\">Portafoglio \u201cdi marca\u201d per donne che investono<\/a> (con Henriette Prast e Mariacristina Rossi), Ingenere24\/04\/2014<br \/>\n<a href=\"http:\/\/www.ifanews.it\/consulenti\/interviste\/4519-la-bolla-dei-sub-prime-e-il-fallimento-di-lehman-brothers-quali-lezioni-per-i-portafogli-delle-famiglie-video\">La bolla dei mutui subprime e il fallimento Lehman Brothers: quali lezioni per i portafogli delle famiglie<\/a>, IFANEWS.it, 11\/10\/2012<br \/>\n<a href=\"http:\/\/www.lavoce.info\/articoli\/-famiglia\/pagina1003253.html\">Poca liquidit\u00e0 nei portafogli degli italiani<\/a> (con Marianna Brunetti e Elena Giarda), La Voce, 31\/08\/2012<br \/>\n<a href=\"http:\/\/www.voxeu.org\/index.php?q=node\/4743\">Are married women less risk averse? If so, why?<\/a> (with Graziella Bertocchi and Marianna Brunetti), VOX, 13\/03\/2010.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <strong>\u00a0 <\/strong><br \/>\n<strong>\u00a0<\/strong><br \/>\n<strong>MEDIA:<br \/>\n<\/strong><a href=\"http:\/\/www.trc.tv\/produzioni\/detto-tra-noi\/#.VNtdAPmG_w8\">Intervista su \u201cLa finanza familiare\u201d,<\/a> TRC TV, Modena 27 aprile 2015<br \/>\nLa nuova sfida per l&#8217; economia: finanza familiare e i diritti dei cittadini, 08\/04\/2015 Prima Pagina Reggio Pagina 21<br \/>\nLa finanza familiare al centro dell&#8217; attenzione di Unimore che vi dedica una due giorni di convegno a Modena, 07\/04\/2015 Bologna2000 e Sassuolo2000<br \/>\nDocenti universitari spiegano la &#8220;finanza familiare&#8221; , 07\/04\/2015 Gazzetta di Modena Pagina 11<br \/>\n<a href=\"https:\/\/www.youtube.com\/watch?v=s4cQYN45yQs\">La bolla dei mutui subprime e il fallimento di Lehman Brothers<\/a>, video, La finanza in piazza, Salice Terme 14 settembre 2012<br \/>\n<u>&#8220;Why wealthy women don\u2019t invest like men would&#8221;<\/u>, Marina Ashade, The Globe and Mail, 26\/11\/2012.<br \/>\n<u>&#8220;Quando il buon partito \u00e8 lei&#8221;<\/u>, Maria Novella De Luca, 21\/06\/2012<br \/>\n<u>&#8220;Chi dice donna dice business&#8221;<\/u>, Ildegarda Ferraro, Misurare la comunicazione, 16\/05\/2011<br \/>\n<u>&#8220;Automobili, mutui e azioni in famiglia decide la donna&#8221;<\/u>, Vera Schiavazzi, La Repubblica, 08\/11\/2010<br \/>\n<u>&#8220;Le italiane? Pi\u00f9 prudenti degli uomini&#8221;<\/u>, Mo. D., Il Sole 24 ore, 31\/07\/2010<\/p>\n<p><strong>RECENT WORKING PAPERS<\/strong><\/p>\n<p>Bertelli B., Di Lorenzo E., Roviello A., Torricelli C., Who (and why) is still afraid of Reverse Mortgages?<br \/>\nResults from survey in Italy, Working Paper CEFIN N. 100, May.<br \/>\nRevised version submitted to an International Journal<\/p>\n<p>Brunetti M., Bertelli B., Torricelli C., Zoli M., 2025, The role of households in financing the move towards a sustainable economy: results from a lab-in-the-field experiment in Italy, Working Paper CEFIN N. 98, April.<br \/>\nRevised version submitted to an International Journal<\/p>\n<p>Torricelli C., Torelli A., 2024, Different approaches to integrate sustainability in corporate valuation, Working Paper CEFIN N. 95, Agosto.<\/p>\n<p>Bertelli B., Kocollari U., Merzi L., Torricelli C., 2024, Circularity and Default Probabilities: an empirical investigation based on the 3R principles, Working Paper CEFIN N. 94, Maggio.<br \/>\nRevised version submitted to an International Journal<\/p>\n<p>Bertelli B., Torricelli C., 2022, ESG screening strategies and portfolio performance: how do they fare in periods of financial distress?, Working Paper CEFIN N. 87, June.<br \/>\nRevised version published Journal of Economics and Finance\u00a0 2024<\/p>\n<p>Torricelli C., Ferrari F., 2022, Climate Stress Test: bad (or good) news for the market? An Event Study Analysis on Euro Zone Banks, Working Paper Cefin N.86, May.<br \/>\nRevised version accepted Annals of Finance 2024<\/p>\n<p>Torricelli C., Pellati E., 2022, Social Bonds and the \u201cSocial Premium\u201d, Working Paper Cefin N.83, April.<br \/>\nRevised version published Journal of Economics and Finance\u00a0 2023<\/p>\n<p>Bertelli B., Torricelli C., 2022, ESG compliant optimal portfolios: The impact of ESG constraints on portfolio optimization in a sample of European stocks, Working Paper CEFIN N. 88, October.<br \/>\nRevised version accepted January 2025 European Journal of Operational Research<\/p>\n<p>Bertelli B., Boero G., Torricelli C., 2021, The market price of greenness: a factor pricing approach for Green Bonds, Working Paper Cefin N.83, June.<br \/>\nRevised version under revision for an international journal<\/p>\n<p>Brunetti M., Giarda E., Torricelli C., 2020,\u00a0 Financial fragility across Europe and the US: The role of portfolio choices, household features and economic-institutional setup, Working Paper Cefin N.81, April<br \/>\nAccepted Social Indicator Research 2024<\/p>\n<p>Modena, June 2025<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PUBLICATIONS\u00a0 Bertelli B., Kocollari U., Merzi L., Torricelli C., 2025, The Role of Circular Economy in Reducing Corporate Default Probability: Insights from Recent Research, Current Opinion in Environmenta Sustainability, 75, 101555. Bertelli B., Torricelli C., 2025, Sustainable optimal stock portfolios:<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-21","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pubblicazioni\/Publications - Costanza Torricelli<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/morespace.economia.unimore.it\/costanzatorricelli\/pubblicazionipublications-2\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pubblicazioni\/Publications - Costanza Torricelli\" \/>\n<meta property=\"og:description\" content=\"PUBLICATIONS\u00a0 Bertelli B., Kocollari U., Merzi L., Torricelli C., 2025, The Role of Circular Economy in Reducing Corporate Default Probability: Insights from Recent Research, Current Opinion in Environmenta Sustainability, 75, 101555. 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