Mariano (Max) Massimiliano Croce

Finance Department, Bocconi University

Full Professor of Finance

Via Sarfatti, 25

Milan, MI 20136

Italy

http://sites.google.com/view/mmcroce/home

Centre for Economic Policy Research (CEPR)

Research Fellow

London

United Kingdom

  • Finance Department, Bocconi University

  • Centre for Economic Policy Research (CEPR)

SCHOLARLY PAPERS

30

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15,652

SSRN CITATIONS
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SSRN RANKINGS

Top 2,067

in Total Papers Citations

357

CROSSREF CITATIONS

282

Scholarly Papers (30)

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1.

Long-Run Productivity Risk: A New Hope for Production-Based Asset Pricing?

Journal of Monetary Economics 2014
Number of pages: 45 Posted: 18 Mar 2008 Last Revised: 10 Mar 2017
Mariano (Max) Massimiliano Croce
Finance Department, Bocconi University
Downloads 2,108 (9,005)
Citation 98

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Production, Long-Run Risk, Asset Pricing

2.

Risks for the Long-Run and the Real Exchange Rate

Journal of Political Economy, Vol. 119, No. 1, 2011
Number of pages: 34 Posted: 14 Mar 2008 Last Revised: 03 Oct 2012
Ric Colacito and Mariano (Max) Massimiliano Croce
University of North Carolina Kenan-Flagler Business School and Finance Department, Bocconi University
Downloads 1,723 (12,487)
Citation 18

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Exchange rates, international financial markets, long-run risks

3.

Fiscal Policies and Asset Prices

Review of Financial Studies, 2012
Number of pages: 47 Posted: 15 Jun 2011 Last Revised: 10 Mar 2017
Mariano (Max) Massimiliano Croce, Howard Kung, Thien Tung Nguyen and Lukas Schmid
Finance Department, Bocconi University, London Business School, Ohio State University (OSU) - Department of Finance and University of Southern California - Marshall School of Business
Downloads 1,255 (20,385)
Citation 18

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cost of equity, corporate tax uncertainty, tax smoothing

4.

International Asset Pricing with Recursive Preferences

Downloads 1,254 ( 20,420)
Citation 24

International Asset Pricing with Recursive Preferences

Journal of Finance, Volume 68, Issue 6, December 2013
Number of pages: 53 Posted: 23 Jul 2010 Last Revised: 10 Mar 2017
Ric Colacito and Mariano (Max) Massimiliano Croce
University of North Carolina Kenan-Flagler Business School and Finance Department, Bocconi University
Downloads 651 (50,502)
Citation 3

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International Asset Pricing with Recursive Preferences

Journal of Finance, 2013, AFA 2013 San Diego Meetings Paper
Number of pages: 53 Posted: 14 Mar 2012 Last Revised: 10 Mar 2017
Ric Colacito and Mariano (Max) Massimiliano Croce
University of North Carolina Kenan-Flagler Business School and Finance Department, Bocconi University
Downloads 603 (55,808)
Citation 24

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Recursive preferences, risk-sharing, exchange rate

5.

Toward a Quantitative General Equilibrium Asset Pricing Model with Intangible Capital

Review of Financial Studies 26 (2): 491-530, 2013, DOI: doi.org/10.1093/rfs/hhs121
Number of pages: 61 Posted: 15 Mar 2010 Last Revised: 10 Mar 2017
Hengjie Ai, Hengjie Ai, Mariano (Max) Massimiliano Croce and Kai Li
University of Minnesota - Carlson School of ManagementUniversity of Minnesota - Twin Cities - Carlson School of Management, Finance Department, Bocconi University and Peking University HSBC Business School
Downloads 1,075 (25,614)
Citation 29

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Asset Pricing, General Equilibrium, Intangible Capital, Value Premium

6.

News Shocks and the Production-Based Term Structure of Equity Returns

Downloads 852 ( 35,583)
Citation 28

News Shocks and the Production-Based Term Structure of Equity Returns

Number of pages: 67 Posted: 18 Nov 2012 Last Revised: 05 Sep 2017
Hengjie Ai, Hengjie Ai, Mariano (Max) Massimiliano Croce, Anthony M. Diercks and Kai Li
University of Minnesota - Carlson School of ManagementUniversity of Minnesota - Twin Cities - Carlson School of Management, Finance Department, Bocconi University, Board of Governors of the Federal Reserve System and Peking University HSBC Business School
Downloads 762 (40,856)
Citation 9

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News Shocks, Learning, Term Structure of Equity, Duration

Production-Based Term Structure of Equity Returns

UNC Kenan-Flagler Research Paper No. 2336099
Number of pages: 42 Posted: 09 Oct 2013
Mariano (Max) Massimiliano Croce, Hengjie Ai, Hengjie Ai, Anthony M. Diercks and Kai Li
Finance Department, Bocconi University, University of Minnesota - Carlson School of ManagementUniversity of Minnesota - Twin Cities - Carlson School of Management, Board of Governors of the Federal Reserve System and Peking University HSBC Business School
Downloads 90 (354,534)
Citation 1

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Term Structure, Duration, Value Premium

News Shocks and the Production-Based Term Structure of Equity Returns

CEPR Discussion Paper No. DP12661
Number of pages: 70 Posted: 05 Feb 2018
Hengjie Ai, Hengjie Ai, Mariano (Max) Massimiliano Croce, Anthony M. Diercks and Kai Li
University of Minnesota - Carlson School of ManagementUniversity of Minnesota - Twin Cities - Carlson School of Management, Finance Department, Bocconi University, Board of Governors of the Federal Reserve System and Peking University HSBC Business School
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Citation 11
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7.

Currency Risk Factors in a Recursive Multi-Country Economy

Journal of Finance, Forthcoming, Simon Business School Working Paper No. FR 15-10, INSEAD Working Paper No. 2015/40/FIN
Number of pages: 51 Posted: 24 Dec 2014 Last Revised: 25 Aug 2018
Ric Colacito, Mariano (Max) Massimiliano Croce, Federico Gavazzoni and Robert C. Ready
University of North Carolina Kenan-Flagler Business School, Finance Department, Bocconi University, INSEAD and University of Oregon - Department of Finance
Downloads 841 (36,211)
Citation 9

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Recursive Risk Sharing, Carry Trade, Currency Risk Factors

8.

The Market Price of Fiscal Uncertainty

Carnegie-Rochester Conference Series on Public Policy, JME 2012
Number of pages: 41 Posted: 01 Nov 2011 Last Revised: 10 Mar 2017
Mariano (Max) Massimiliano Croce, Thien Tung Nguyen and Lukas Schmid
Finance Department, Bocconi University, Ohio State University (OSU) - Department of Finance and University of Southern California - Marshall School of Business
Downloads 732 (43,788)
Citation 10

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Robustness, Endogenous Growth, Asset Prices

9.

Government Debt and the Returns to Innovation

Downloads 641 ( 52,216)
Citation 11

Government Debt and the Returns to Innovation

Journal of Financial Economics (JFE), Forthcoming, Fisher College of Business Working Paper No. 2016-03-10, Charles A. Dice Center Working Paper No. 2016-10
Number of pages: 81 Posted: 24 May 2016 Last Revised: 25 Jul 2018
Mariano (Max) Massimiliano Croce, Thien Tung Nguyen, Steve Raymond and Lukas Schmid
Finance Department, Bocconi University, Ohio State University (OSU) - Department of Finance, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School and University of Southern California - Marshall School of Business
Downloads 641 (51,562)
Citation 4

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Government Debt, Fiscal Uncertainty, Cross Section of Stock Returns, Predictability, R&D, Growth

Government Debt and the Returns to Innovation

CEPR Discussion Paper No. DP12617
Number of pages: 81 Posted: 22 Jan 2018
Mariano (Max) Massimiliano Croce, Thien Tung Nguyen, Steve Raymond and Lukas Schmid
Finance Department, Bocconi University, Ohio State University (OSU) - Department of Finance, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School and University of Southern California - Marshall School of Business
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Citation 3
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Cross Section of Stock Returns, Fiscal Uncertainty, Government Debt, growth, predictability, R&D

10.

Volatility Risk Pass-Through

Downloads 590 ( 58,010)
Citation 2

Volatility Risk Pass-Through

Number of pages: 66 Posted: 27 Nov 2015 Last Revised: 18 Oct 2021
Ric Colacito, Mariano (Max) Massimiliano Croce, Yang Liu and Ivan Shaliastovich
University of North Carolina Kenan-Flagler Business School, Finance Department, Bocconi University, The University of Hong Kong - Faculty of Business and Economics and University of Wisconsin - Madison
Downloads 573 (59,519)
Citation 2

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Volatility pass-through, foreign exchange disconnect, risk sharing

Volatility Risk Pass-Through

NBER Working Paper No. w25276
Number of pages: 51 Posted: 19 Nov 2018
Ric Colacito, Mariano (Max) Massimiliano Croce, Yang Liu and Ivan Shaliastovich
University of North Carolina Kenan-Flagler Business School, Finance Department, Bocconi University, The University of Hong Kong - Faculty of Business and Economics and University of Wisconsin - Madison
Downloads 17 (686,083)

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Volatility Risk Pass-Through

CEPR Discussion Paper No. DP13325
Number of pages: 53 Posted: 19 Nov 2018
Ric Colacito, Mariano (Max) Massimiliano Croce, Yang Liu and Ivan Shaliastovich
University of North Carolina Kenan-Flagler Business School, Finance Department, Bocconi University, The University of Hong Kong - Faculty of Business and Economics and University of Wisconsin - Madison
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foreign exchange disconnect, Risk Sharing, Volatility pass-through

Volatility Risk Pass-Through

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Posted: 01 Oct 2018 Last Revised: 29 Apr 2021
Ric Colacito, Mariano (Max) Massimiliano Croce, Yang Liu and Ivan Shaliastovich
University of North Carolina Kenan-Flagler Business School, Finance Department, Bocconi University, The University of Hong Kong - Faculty of Business and Economics and University of Wisconsin - Madison

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Volatility, International Risk Sharing, Exchange Rate

11.

The Leading Premium

Downloads 551 ( 63,249)
Citation 3

The Leading Premium

Number of pages: 61 Posted: 20 Nov 2015 Last Revised: 18 Oct 2021
Mariano (Max) Massimiliano Croce, Tatyana Marchuk and Christian Schlag
Finance Department, Bocconi University, BI Norwegian Business School and Goethe University Frankfurt
Downloads 544 (63,549)

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The Leading Premium

NBER Working Paper No. w25633
Number of pages: 71 Posted: 12 Mar 2019 Last Revised: 17 Jul 2021
Mariano (Max) Massimiliano Croce, Tatyana Marchuk and Christian Schlag
Finance Department, Bocconi University, BI Norwegian Business School and Goethe University Frankfurt
Downloads 7 (770,463)
Citation 2

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The Leading Premium

CEPR Discussion Paper No. DP12631
Number of pages: 52 Posted: 29 Jan 2018
Mariano (Max) Massimiliano Croce, Tatyana Marchuk and Christian Schlag
Finance Department, Bocconi University, BI Norwegian Business School and Goethe University Frankfurt
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12.

When the Markets Get CO.V.I.D.: COntagion, Viruses, and Information Diffusion

Downloads 538 ( 65,122)
Citation 15

When the Markets Get CO.V.I.D.: COntagion, Viruses, and Information Diffusion

Number of pages: 55 Posted: 25 Mar 2020 Last Revised: 19 Oct 2021
Maria Jose Arteaga-Garavito, Mariano (Max) Massimiliano Croce, Paolo Farroni and Isabella Wolfskeil
Bocconi University, Finance Department, Bocconi University, Bocconi University and Bocconi University
Downloads 536 (64,728)
Citation 17

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Contagion, Announcements, Information, Asset Prices

When the Markets Get Covid: Contagion, Viruses, and Information Diffusion

CEPR Discussion Paper No. DP14674
Number of pages: 39 Posted: 08 May 2020
Mariano (Max) Massimiliano Croce, Paolo Farroni and Isabella Wolfskeil
Finance Department, Bocconi University, Bocconi University and Bocconi University
Downloads 2 (815,473)
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asset prices, contagion, Epidemic

13.

Recursive Allocations and Wealth Distribution with Multiple Goods: Existence, Survivorship, and Dynamics

Number of pages: 62 Posted: 23 Jul 2010 Last Revised: 14 Apr 2020
Ric Colacito, Mariano (Max) Massimiliano Croce and Zhao Liu
University of North Carolina Kenan-Flagler Business School, Finance Department, Bocconi University and Duke University, Department of Economics
Downloads 410 (90,444)
Citation 4

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14.

The Short- and Long-Run Benefits of Financial Integration

American Economic Review, Papers and Proceedings, May 2010
Number of pages: 5 Posted: 04 Feb 2010
Ric Colacito and Mariano (Max) Massimiliano Croce
University of North Carolina Kenan-Flagler Business School and Finance Department, Bocconi University
Downloads 404 (91,940)
Citation 3

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15.

Uncertainty-Induced Reallocations, Innovation, and Growth

Number of pages: 73 Posted: 18 Nov 2016 Last Revised: 24 Feb 2021
Ravi Bansal, Mariano (Max) Massimiliano Croce, Wenxi Liao and Samuel Rosen
Duke University and NBER, Finance Department, Bocconi University, Fuqua School of Business, Duke University and Temple University, Fox School of Business
Downloads 391 (95,472)
Citation 1

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Uncertainty shocks, Reallocation, Growth

16.

International Asset Pricing with Risk-Sensitive Agents

Number of pages: 41 Posted: 05 Feb 2010 Last Revised: 03 Oct 2012
Ric Colacito and Mariano (Max) Massimiliano Croce
University of North Carolina Kenan-Flagler Business School and Finance Department, Bocconi University
Downloads 336 (113,300)
Citation 2

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Recursive Preferences, time-varying volatility, international finance, exchange rates

17.

Investor Information, Long-Run Risk, and the Duration of Risky Cash Flows

Downloads 320 (119,496)
Citation 50

Investor Information, Long-Run Risk, and the Duration of Risky Cash Flows

AFA 2008 New Orleans Meetings, AFA 2009 San Francisco Meetings Paper
Number of pages: 59 Posted: 26 Feb 2007
Mariano (Max) Massimiliano Croce, Martin Lettau and Sydney C. Ludvigson
Finance Department, Bocconi University, University of California - Haas School of Business and New York University - Department of Economics
Downloads 168 (222,465)

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Investor Information, Long-Run Risk, and the Duration of Risky Cash Flows

Review of Financial Studies, 2015, NYU Working Paper No. FIN-06-011
Number of pages: 58 Posted: 03 Nov 2008 Last Revised: 10 Mar 2017
Mariano (Max) Massimiliano Croce, Martin Lettau and Sydney C. Ludvigson
Finance Department, Bocconi University, University of California - Haas School of Business and New York University - Department of Economics
Downloads 88 (359,656)
Citation 4

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Investor Information, Long-Run Risk, and the Term Structure of Equity

NBER Working Paper No. w12912
Number of pages: 57 Posted: 17 Feb 2007 Last Revised: 14 Oct 2021
Mariano (Max) Massimiliano Croce, Martin Lettau and Sydney C. Ludvigson
Finance Department, Bocconi University, University of California - Haas School of Business and New York University - Department of Economics
Downloads 64 (432,321)
Citation 19

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18.

International Robust Disagreement

American Economic Review, Vol. 102, No. 2, May 2012
Number of pages: 5 Posted: 14 Jan 2012
Ric Colacito and Mariano (Max) Massimiliano Croce
University of North Carolina Kenan-Flagler Business School and Finance Department, Bocconi University
Downloads 259 (148,941)

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Robustness, Disagreement, International

19.

Concealed Carry

Number of pages: 75 Posted: 10 Feb 2021 Last Revised: 10 Aug 2021
Spencer Andrews, Ric Colacito, Mariano (Max) Massimiliano Croce and Federico Gavazzoni
University of North Carolina (UNC) at Chapel Hill - Finance Area, University of North Carolina Kenan-Flagler Business School, Finance Department, Bocconi University and INSEAD
Downloads 247 (156,129)

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Currency Risk, Carry Trade, Inflation Risk

20.

Welfare Costs in the Long Run

UNC Kenan-Flagler Research Paper No. 2013-3
Number of pages: 29 Posted: 18 May 2012 Last Revised: 12 Nov 2013
Mariano (Max) Massimiliano Croce
Finance Department, Bocconi University
Downloads 242 (159,211)
Citation 9

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Welfare Costs, Long-Run Risk, Asset Pricing, Recursive Utility

21.

SONOMA: A Small Open ecoNOmy for MAcrofinance

Number of pages: 61 Posted: 29 Nov 2018 Last Revised: 15 Jun 2020
Mariano (Max) Massimiliano Croce, Mohammad R. Jahan-Parvar and Samuel Rosen
Finance Department, Bocconi University, Board of Governors of the Federal Reserve System and Temple University, Fox School of Business
Downloads 238 (161,832)
Citation 1

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Small Open Economy, Credit Shocks, Asset Pricing

22.

Risks for the Long Run and the Real Exchange Rate: Technical Appendix

Number of pages: 16 Posted: 14 Sep 2008
Ric Colacito and Mariano (Max) Massimiliano Croce
University of North Carolina Kenan-Flagler Business School and Finance Department, Bocconi University
Downloads 169 (221,106)
Citation 18

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23.

Persistent Government Debt and Aggregate Risk Distribution

Downloads 167 (223,309)
Citation 3

Persistent Government Debt and Aggregate Risk Distribution

Fisher College of Business Working Paper No. 2019-03-02, Charles A. Dice Center Working Paper No. 2019-2
Number of pages: 73 Posted: 29 Nov 2018 Last Revised: 14 Apr 2020
Mariano (Max) Massimiliano Croce, Thien Tung Nguyen and Steve Raymond
Finance Department, Bocconi University, Ohio State University (OSU) - Department of Finance and University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Downloads 164 (227,036)

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Fiscal Policy, Endogenous Growth Risk, Asset Prices

Persistent Government Debt and Aggregate Risk Distribution

NBER Working Paper No. w26177
Number of pages: 64 Posted: 27 Aug 2019
Mariano (Max) Massimiliano Croce, Stephen Raymond and Thien T. Nguyen
Finance Department, Bocconi University, University of North Carolina (UNC) at Chapel Hill and Ohio State University (OSU) - Fisher College of Business
Downloads 2 (815,473)
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Persistent Government Debt and Aggregate Risk Distribution

CEPR Discussion Paper No. DP13922
Number of pages: 66 Posted: 20 Aug 2019
Mariano (Max) Massimiliano Croce and Steve Raymond
Finance Department, Bocconi University and University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Downloads 1 (828,687)
Citation 3
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asset prices, Endogenous Growth Risk, Fiscal policy

24.

A Tax Plan for Endogenous Innovation

Downloads 127 (278,167)

A Tax Plan for Endogenous Innovation

Number of pages: 44 Posted: 14 Apr 2017
Mariano (Max) Massimiliano Croce, Anastasios G. Karantounias, Steve Raymond and Lukas Schmid
Finance Department, Bocconi University, Federal Reserve Banks - Federal Reserve Bank of Atlanta, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School and University of Southern California - Marshall School of Business
Downloads 100 (331,157)

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Innovation, endogenous growth, government debt, labor tax, subsidy, profit tax

A Tax Plan for Endogenous Innovation

FRB Atlanta Working Paper No. 2017-13
Number of pages: 45 Posted: 23 Aug 2018 Last Revised: 14 Apr 2020
Mariano (Max) Massimiliano Croce, Anastasios G. Karantounias, Stephen Raymond and Lukas Schmid
Finance Department, Bocconi University, Federal Reserve Banks - Federal Reserve Bank of Atlanta, University of North Carolina (UNC) at Chapel Hill and University of Southern California - Marshall School of Business
Downloads 27 (610,471)

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innovation, R&D investment, endogenous growth, government debt, labor tax, subsidy, profit tax

25.

Global Entropy

Number of pages: 53 Posted: 16 Feb 2014 Last Revised: 11 Sep 2015
Mariano (Max) Massimiliano Croce, Thien Tung Nguyen and Lukas Schmid
Finance Department, Bocconi University, Ohio State University (OSU) - Department of Finance and University of Southern California - Marshall School of Business
Downloads 119 (291,839)
Citation 1

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Global Growth, Entropy, Contagion

26.

Growth Risks, Asset Prices, and Welfare

Economics Letters, Forthcoming
Number of pages: 7 Posted: 28 Mar 2021
Mariano (Max) Massimiliano Croce
Finance Department, Bocconi University
Downloads 56 (455,172)

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Welfare Costs, Long-Run Risk, Asset Pricing

27.

Uncertainty-Induced Reallocations and Growth

Downloads 7 (740,268)

Uncertainty-Induced Reallocations and Growth

NBER Working Paper No. w26248
Number of pages: 60 Posted: 09 Sep 2019 Last Revised: 20 Sep 2021
Ravi Bansal, Mariano (Max) Massimiliano Croce, Wenxi Kiao and Samuel Rosen
Duke University, Finance Department, Bocconi University, Duke University and Temple University, Fox School of Business
Downloads 7 (770,463)

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Uncertainty-Induced Reallocations and Growth

CEPR Discussion Paper No. DP13964
Number of pages: 62 Posted: 07 Oct 2019
Ravi Bansal, Mariano (Max) Massimiliano Croce, Wenxi Kiao and Samuel Rosen
Duke University, Finance Department, Bocconi University, Duke University and Temple University, Fox School of Business
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growth, reallocation, Uncertainty shocks

28.

Currency Risk Factors in a Recursive Multicountry Economy

CEPR Discussion Paper No. DP12610
Number of pages: 79 Posted: 22 Jan 2018
Ric Colacito, Mariano (Max) Massimiliano Croce, Federico Gavazzoni and Robert Ready
University of North Carolina Kenan-Flagler Business School, Finance Department, Bocconi University, INSEAD and University of Rochester
Downloads 0 (809,212)
Citation 9
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29.

BKK the EZ Way. International Long-Run Growth News and Capital Flows

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BKK the EZ Way. International Long-Run Growth News and Capital Flows

CEPR Discussion Paper No. DP12783
Number of pages: 82 Posted: 13 Mar 2018
Ric Colacito, Mariano (Max) Massimiliano Croce, Steven Wei Ho and Philip Howard
University of North Carolina Kenan-Flagler Business School, Finance Department, Bocconi University, Columbia University, Graduate School of Arts and Sciences, Department of Economics and Wake Forest University - School of Business
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Citation 7
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BKK the EZ Way: International Long-Run Growth News and Capital Flows

Posted: 18 Nov 2012 Last Revised: 10 Mar 2017
Ric Colacito, Mariano (Max) Massimiliano Croce, Steven Wei Ho and Philip Howard
University of North Carolina Kenan-Flagler Business School, Finance Department, Bocconi University, Columbia University, Graduate School of Arts and Sciences, Department of Economics and Wake Forest University - School of Business

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International Investment Flows, Long-Run Growth News, Recursive Preferences

30.

Fiscal Policy and the Distribution of Consumption Risk

Posted: 29 Jun 2011 Last Revised: 19 Nov 2018
Mariano (Max) Massimiliano Croce, Thien Tung Nguyen and Lukas Schmid
Finance Department, Bocconi University, Ohio State University (OSU) - Department of Finance and University of Southern California - Marshall School of Business

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Fiscal Policy, Endogenous Growth, Recursive Preferences, Welfare Costs