Working Papers

2025

Muzzioli, S. e L., Vitale. "Accounting for controversies in ESG scores: a Fuzzy TOPSIS approach" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2025.

Muzzioli, S. e L., Vitale. "ESG criteria for the evaluation of European countries: a multicriteria analysis (MCDA)" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2025.

Barua Mimbela, C. A. e S., Muzzioli. "Investor Sentiment Indicators and the Prediction of European Equity Index Returns: A Machine Learning Approach" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2025.

Barua Mimbela, C. A. e S., Muzzioli. "Multicriteria Decision Analysis (MCDA) for Sustainability Assessment in EU Countries" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2025.

Barua Mimbela, C. A., S., Muzzioli e L., Vitale. "The assessment of environmental sustainability of European companies: a MCDM approach" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2025.

Ferraboschi, P. e S., Muzzioli. "The green premium in the European stock market" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2025.

2024

Capriotti, A. e S., Muzzioli. "A note on the Pastor et al. (2021) model" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2024. https://doi.org/10.25431/11380_1362076

Ferrara, M., T., Ciano, A., Capriotti e S., Muzzioli. "Climate change and asset pricing: a focused review of literature" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2024. https://doi.org/10.25431/11380_1339488

Capriotti, A., A., Cipollini e S., Muzzioli. "Climate risk definition and measures: asset pricing models and stock returns" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2024. https://doi.org/10.25431/11380_1339487

Capriotti, A. e S., Muzzioli. "Climate risk measures and main data providers" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2024. https://doi.org/10.25431/11380_1362075

Ferrara, M., T., Ciano, A., Capriotti e S., Muzzioli. "Machine learning technique to compute climate risk in finance" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2024. https://doi.org/10.25431/11380_1362074

Capriotti, A. e S., Muzzioli. "Model-free moments: predictability of STOXX Europe 600 Oil & Gas future returns" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi, 2024. https://doi.org/10.25431/11380_1339489

2023

Gambarelli, L. e S., Muzzioli. "Aggregating sentiment in Europe: the relationship with volatility and returns" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università degli Studi di Modena e Reggio Emilia, 2023. https://doi.org/10.25431/11380_1329487

Gambarelli, L. e S., Muzzioli. "Googling Investor Sentiment around Europe" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2023. https://doi.org/10.25431/11380_1296311

Elyasiani, E., L., Gambarelli e S., Muzzioli. "Understanding the SKEW Index: the relationship with sentiment and returns" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2023. https://doi.org/10.25431/11380_1296312

Gambarelli, L. e S., Muzzioli. "Unveiling Sentiment Dynamics and Forecasting Future Economic Sentiment in the Eurozone using Option-Implied Asymmetry Measures" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università degli Studi di Modena e Reggio Emilia, 2023. https://doi.org/10.25431/11380_1329488

2022

Gambarelli., L., S., Muzzioli e B., De Baets. "An OWA Analysis of the VSTOXX volatility index" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università degli Studi di Modena e Reggio Emilia, 2022. https://doi.org/10.25431/11380_1261316

Gambarelli., L., G., Marchi e S., Muzzioli. "Asymmetric correlations and hedging effectiveness of cryptocurrencies for the European stock market" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università degli Studi di Modena e Reggio Emilia, 2022. https://doi.org/10.25431/11380_1261318

Campisi, G. e S., Muzzioli. "Asymmetric semi-volatility spillover in a nonlinear model of interacting markets" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università degli Studi di Modena e Reggio Emilia, 2022. https://doi.org/10.25431/11380_1261314

Campisi, G., B., De Baets, L., Gambarelli e S., Muzzioli. "Forecasting returns in the US market through fuzzy rule-based classification systems" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università degli Studi di Modena e Reggio Emilia, 2022. https://doi.org/10.25431/11380_1261315

Gambarelli., L. e S., Muzzioli. "News Sentiment indicators and the Cross‐Section of Stock Returns in the European Stock Market" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università degli Studi di Modena e Reggio Emilia, 2022. https://doi.org/10.25431/11380_1261317

Damiani, F., S., Muzzioli e B, De Baets. "Regional innovation in southern Europe: a poset-based analysis" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2022. https://doi.org/10.25431/11380_1270080

2021

Muzzioli, S., G., Campisi e B., De Baets. "A comparison of machine learning methods for predicting stock returns in the US market" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2021. https://doi.org/10.25431/11380_1235339

Damiani, F., S., Muzzioli e B., De Baets. "A poset-based analysis of regional innovation at European level" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2021. https://doi.org/10.25431/11380_1237049

Ferrarini, F., S., Muzzioli e B., De Baets. "A TOPSIS analysis of regional competitiveness at European level" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2021. https://doi.org/10.25431/11380_1237050

Russo, T., T., Addabbo, S., Muzzioli e B., De Baets. "Tools and practices for LGBT+ inclusion in tertiary education: the development of the LGBT+ University Inclusion Index and its application to Italian universities" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2021. https://doi.org/10.25431/11380_1235337

Campisi, G., S., Muzzioli e F., Tramontana. "Uncertainty about fundamental and pessimistic traders: a piecewise-linear maps approach" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2021. https://doi.org/10.25431/11380_1235338

2020

Campisi, G. e S., Muzzioli. "Fundamentalists heterogeneity and the role of the sentiment indicator" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2020. https://doi.org/10.25431/11380_1207428

Campisi, G. e S., Muzzioli. "Investor sentiment and trading behavior" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2020. https://doi.org/10.25431/11380_1207427

2019

Campisi, Giovanni e Silvia, Muzzioli. "Construction and properties of volatility indices for Austria, Finland and Spain" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2019. https://doi.org/10.25431/11380_1207422

Gambarelli, Luca e Silvia, Muzzioli. "Risk-asymmetry indices in Europe" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia Marco Biagi - Università di Modena e Reggio Emilia, 2019. https://doi.org/10.25431/11380_1207394