Flori Andrea

PHD: Economics, IMT School for Advanced Studies Lucca.

Master of Science: Finance, University of Siena.

His research interests include the study of the stability conditions, the dynamics and impact appraisal of complex socio-economic, environmental and financial systems, with a particular focus on the application of econometrics and network theory techniques to the analysis of shocks transmission channels and mechanisms.

Andrea Flori and Alessandro Spelta. Carbon trade biases and the emerging mesoscale structure of the European Emissions Trading System network. Nature Communications, 16, 5199 (2025). Doi: https://doi.org/10.1038/s41467-025-59913-w..

Andrea Flori and Francesco Scotti. When the intensity of trading meets compliance requirements: An assessment for firms operating within the EU ETS. Energy Economics, Vol. 147, p. 108542 (2025). Doi: https://doi.org/10.1016/j.eneco.2025.108542.

Mattia Chiappari, Francesco Scotti, and Andrea Flori. Hedging financial risks with a climate index based on EU ETS firms. Energy, Vol. 320, p. 135277 (2025). Doi: https://doi.org/10.1016/j.energy.2025.135277.

Mattia Chiappari, Francesco Scotti, and Andrea Flori. Portfolio hedging through a novel equity index based on the verified emissions of EU ETS-regulated firms. Economics Letters, Vol. 247, p. 112132 (2025). Doi: https://doi.org/10.1016/j.econlet.2024. 112132.

Elsa Amaddeo, Marika Arena, Angela Stefania Bergantino, Giovanni Bonaccorsi, Alessandro Buongiorno, Antonello Clemente, Andrea Flori, Mario Intini, Francesco Scotti, Valeria Maria Urbano, and Michele Vitagliano. A set of multidimensional indicators to assess the resilience and attractiveness of Italian provinces and municipalities (2010-2022 panel data). Data in Brief, Vol. 57, p. 111042 (2024). Doi: https://doi.org/10.1016/j.dib.2024.111042.

Mattia Chiappari, Francesco Scotti, and Andrea Flori. Market responses to spillovers in the energy commodity markets: Evaluating short-term vs. long-term effects and business-as-usual vs. distressed phases. International Review of Financial Analysis, Vol. 96, p. 103665 (2024). Doi: https://doi.org/10.1016/j.irfa.2024.103665.

Andrea Flori. Energy commodities spillover analysis for assessing the functioning of the European Union Emissions Trading System trade network of carbon allowances. Scientific Reports, 14, 21708 (2024). Doi: https://doi.org/10.1038/s41598-024-72518-5.

Francesco Scotti, Andrea Flori, Riccardo Crescenzi, and Fabio Pammolli. Demand-pull and technology-push environmental innovation: a policy mix analysis on EU ETS and EU Cohesion Policy. Climate Policy, Vol. 25(2), 153170 (2024). Doi: https: //doi.org/10.1080/14693062.2024.2366894.

Giovanni Bonaccorsi, Francesco Scotti, Francesco Pierri, Andrea Flori, and Fabio Pammolli. Targeted policies and household consumption dynamics: Evidence from high-frequency transaction data. Journal of Economic Behavior & Organization, Vol. 224, p. 111-134 (2024). Doi: https://doi.org/10.1016/j.jebo.2024.05.017.

Albert J. Menkveld, Anna Dreber, Felix Holzmeister, [..] Andrea Flori et al. Nonstandard errors. Journal of Finance, Vol. 79(3), p. 2339-2390 (2024). Doi: https://doi.org/10.1111/jofi.13337.

Francesco Scotti, Andrea Flori, Piercesare Secchi, Marika Arena, and Giovanni Azzone. Exploring drivers of overnight stays and same-day visits in the tourism sector. Scientific Reports, 14, 9840 (2024). Doi: https://doi.org/10.1038/s41598-024-60229- w.

Andrea Flori, Simone Borghesi, and Giovanni Marin. The environmental-financial performance nexus of EU ETS firms: A quantile regression approach. Energy Economics, Vol. 131, p. 107328 (2024). Doi: https://doi.org/10.1016/j.eneco.2024.107328.

Francesco Scotti, Laura Dell’Agostino, Andrea Flori, and Fabio Pammolli. Premature exit from and delayed entrance into the less developed status: An empirical appraisal of the structural funds allocation criterion. Journal of Regional Science, Vol. 64(1), p. 5-59 (2024 - Published online Aug 2023). Doi: https://doi.org/10.1111/jors.12665.

Simone Giansante, Andrea Flori, and Alessandro Spelta. On the Fragility of the Italian Economic Territories under SARS-COV2 Lockdown Policies. Annals of Operations Research, (2023). Doi: https://doi.org/10.1007/s10479-023-05635-5.

Giovanni Bonaccorsi, Francesco Scotti, Andrea Flori, and Fabio Pammolli. Balancing health and economic impacts from targeted pandemic restrictions. Journal of Evolutionary Economics, Vol. 33, p. 1047-1083 (2023). Doi: https://doi.org/10.1007/ s00191-023-00834-6.

Francesco Pierri, Francesco Scotti, Giovanni Bonaccorsi, Andrea Flori, and Fabio Pammolli. Predicting economic resilience of territories in Italy during the COVID-19 first lockdown. Expert Systems with Applications, Vol. 232, p. 120803 (2023). Doi: https://doi.org/10.1016/j.eswa.2023.120803.

Francesco Scotti, Andrea Flori, Giovanni Bonaccorsi, and Fabio Pammolli. Do We Learn From Errors? The Economic Impact of Differentiated Policy Restrictions in Italy. International Regional Science Review, Vol. 46(5-6), p. 613-648 (2023). Doi: https: //doi.org/10.1177/01600176231168027.

Alessandro Spelta, Nicolò Pecora, Andrea Flori, and Paolo Giudici. The impact of the SARS-CoV-2 pandemic on financial markets: a seismologic approach. Annals of Operations Research, Vol. 330, p. 639-664, (2023 - Published online May 2021). Doi: https: //doi.org/10.1007/s10479-021-04115-y.

Andrea Mascaretti, Laura Dell’Agostino, Marika Arena, Andrea Flori, Alessandra Menafoglio, and Simone Vantini. Heterogeneity of technological structures between EU countries: An application of complex systems methods to Input-Output Tables. Expert Systems with Applications, Vol. 206, p. 117875 (2022). Doi: https://doi.org/10.1016/j.eswa.2022.117875.

Paolo Pagnottoni, Alessandro Spelta, Andrea Flori, and Fabio Pammolli. Climate change and financial stability: Natural disaster impacts on global stock markets. Physica A: Statistical Mechanics and its Applications, Vol. 599, p. 127514 (2022). Doi: https: //doi.org/10.1016/j.physa.2022.127514.

Francesco Scotti, Andrea Flori, and Fabio Pammolli. The economic impact of structural and Cohesion Funds across sectors: Immediate, medium-to-long term effects and spillovers. Economic Modelling, Vol. 111, p. 105833 (2022). Doi: https://doi.org/10.1016/ j.econmod.2022.105833.

Francesco Scotti, Francesco Pierri, Giovanni Bonaccorsi, and Andrea Flori. Responsiveness of open innovation to COVID-19 pandemic: The case of data for good. PloS ONE, 17(4), e0267100 (2022). Doi: https://doi.org/10.1371/journal.pone.0267100.

Maria Elena De Giuli, Andrea Flori, Daniela Lazzari, and Alessandro Spelta. Brexit news propagation in financial systems: multidimensional visibility networks for market volatility dynamics. Quantitative Finance, Vol. 22(5), p. 973-995 (2022 - Published online October 2021). Doi: https://doi.org/10.1080/14697688.2021.1970212.

Andrea Flori, Fabio Pammolli, and Alessandro Spelta. Commodity prices co-movements and financial stability: a multidimensional visibility nexus with climate conditions. Journal of Financial Stability, Vol. 54, p. 100876 (2021). Doi: https://doi.org/10. 1016/j.jfs.2021.100876.

Andrea Flori and Daniele Regoli. Revealing Pairs-Trading Opportunities with Long Short-Term Memory Networks. European Journal of Operational Research, Vol. 295(2), p. 772-791 (2021). Doi: https://doi.org/10.1016/j.ejor.2021.03.009.

Alex Smolyak, Giovanni Bonaccorsi, Andrea Flori, Fabio Pammolli, and Shlomo Havlin. Effects of mobility restrictions during COVID19 in Italy. Scientific Reports, 11, 21783 (2021). Doi: https://doi.org/10.1038/s41598-021-01076-x.

Giovanni Bonaccorsi, Francesco Pierri, Francesco Scotti, Andrea Flori, Francesco Manaresi, Stefano Ceri, and Fabio Pammolli. Socioeconomic differences and persistent segregation of Italian territories during COVID-19 pandemic. Scientific Reports, 11, 21174 (2021). Doi: https://doi.org/10.1038/s41598-021-99548-7.

Sergey V. Buldyrev, Andrea Flori, and Fabio Pammolli. Market instability and the size-variance relationship. Scientific Reports, 11, 5737 (2021). Doi: https://doi.org/10.1038/s41598-021-84680-1. 19.

Paolo Pagnottoni, Alessandro Spelta, Nicolò Pecora, Andrea Flori, and Fabio Pammolli. Financial earthquakes: SARS-CoV-2 news shock propagation in stock and sovereign bond markets. Physica A: Statistical Mechanics and its Applications, Vol. 582, p. 126240 (2021). Doi: https://doi.org/10.1016/j.physa.2021.126240.

Alessandro Spelta, Andrea Flori, Nicolò Pecora, and Fabio Pammolli. Financial crises: Uncovering self-organized patterns and predicting stock markets instability. Journal of Business Research, Vol. 129, p. 736-756 (2021 - Published online November 2019). Doi: https://doi.org/10.1016/j.jbusres.2019.10.043.

Andrea Flori, Simone Giansante, Claudia Girardone, and Fabio Pammolli. Banks business strategies on the edge of distress. Annals of Operations Research, Vol. 299, p. 481-530 (2021 - Published online September 2019). Doi: https://doi.org/10.1007/ s10479-019-03383-z.

Andrea Flori, Fabrizio Lillo, Fabio Pammolli, and Alessandro Spelta. Better to stay apart: asset commonality, bipartite network centrality, and investment strategies. Annals of Operations Research, Vol. 299, p. 177-213 (2021 - Published online June 2019). Doi: https://doi.org/10.1007/s10479-019-03277-0.

Giovanni Bonaccorsi, Francesco Pierri, Matteo Cinelli, Andrea Flori, Alessandro Galeazzi, Francesco Porcelli, Ana Lucia Schmidt, Carlo Michele Valensise, Antonio Scala, Walter Quattrociocchi, and Fabio Pammolli. Economic and social consequences of human mobility restrictions under COVID-19. Proceedings of the National Academy of Sciences, 117(27), p. 15530-15535 (2020). Doi: https://doi.org/10.1073/pnas.2007658117.

Stefano Martinazzi and Andrea Flori. The evolving topology of the Lightning Network: Centralization, efficiency, robustness, synchronization, and anonymity. PloS ONE, 15(1), e0225966 (2020). Doi: https://doi.org/10.1371/journal.pone.0225966.

Stefano Martinazzi, Daniele Regoli, and Andrea Flori. A Tale of Two Layers: The Mutual Relationship between Bitcoin and Lightning Network. Risks, 8(4), 129 (2020). Doi: https://doi.org/10.3390/risks8040129.

Antonio Scala, Andrea Flori, Alessandro Spelta, Emanuele Brugnoli, Matteo Cinelli, Walter Quattrociocchi, and Fabio Pammolli. Time, space and social interactions: exit mechanisms for the COVID-19 epidemics. Scientific Reports, 10, 13764 (2020). Doi: https: //doi.org/10.1038/s41598-020-70631-9.

Alessandro Spelta, Andrea Flori, Nicolò Pecora, Sergey V. Buldyrev, and Fabio Pammolli. A behavioral approach to instability pathways in financial markets. Nature Communications, 11, 1707 (2020). Doi: https://doi.org/10.1038/s41467-020- 15356-z.

Alessandro Spelta, Andrea Flori, Francesco Pierri, Giovanni Bonaccorsi, and Fabio Pammolli. After the lockdown: simulating mobility, public health and economic recovery scenarios. Scientific Reports, 10, 16950 (2020). Doi: https://doi.org/10.1038/ s41598-020-73949-6.

Simone Borghesi and Andrea Flori. With or without U(K): A pre-Brexit network analysis of the EU ETS. PloS ONE 14(9), e0221587 (2019). Doi: https://doi.org/10.1371/journal.pone.0221587.

Andrea Flori. Cryptocurrencies in Finance: Review and Applications. International Journal of Theoretical and Applied Finance (IJTAF), Vol. 22(05), 1950020 (2019). Doi: https://doi.org/10.1142/S0219024919500201.

Andrea Flori. News and Subjective Beliefs: A Bayesian Approach to Bitcoin Investments. Research in International Business and Finance, Vol. 50, p. 336-356 (2019). Doi: https://doi.org/10.1016/j.ribaf.2019.05.007.

Andrea Flori, Fabio Pammolli, Sergey V. Buldyrev, Luca Regis, and Eugene H. Stanley. Communities and regularities in the behavior of investment fund managers. Proceedings of the National Academy of Sciences, 116(14), p. 6569-6574 (2019). Doi: https: //doi.org/10.1073/pnas.1802976116.

Simone Borghesi and Andrea Flori. EU ETS facets in the net: Structure and evolution of the EU ETS network. Energy Economics, Vol. 75, p. 602-635 (2018). Doi: https://doi.org/10.1016/j.eneco.2018.08.026.

Alessandro Spelta, Andrea Flori, and Fabio Pammolli. Investment communities: Behavioral attitudes and economic dynamics. Social Networks, Vol. 55, p. 170-188 (2018). Doi: https://doi.org/10.1016/j.socnet.2018.07.004.

Michele Bonollo, Irene Crimaldi, Andrea Flori, Laura Gianfagna, and Fabio Pammolli. Assessing financial distress dependencies in OTC markets: a new approach using trade repositories data. Financial Markets and Portfolio Management, Vol. 30(4), p. 397-426 (2016). Doi: https://doi.org/10.1007/s11408-016-0275-7.

Michelangelo Puliga, Andrea Flori, Giuseppe Pappalardo, Alessandro Chessa, and Fabio Pammolli. The accounting network: How financial institutions react to systemic crisis. PloS ONE, 11(10), e0162855 (2016). Doi: https://doi.org/10.1371/journal. pone.0162855.

Michele Bonollo, Irene Crimaldi, Andrea Flori, Fabio Pammolli, and Massimo Riccaboni. Systemic risk and banking regulation: Some facts on the new regulatory framework. Corporate Ownership & Control, Vol. 12(2), p. 52-63 (2015). Doi: https://doi. org/10.22495/cocv12i2p5.