Mariano (Max) Massimiliano Croce

University of North Carolina Kenan-Flagler Business School

Associate Professor of Finance

McColl Builiding

Chapel Hill, NC North Carolina 27599-3490

United States

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

Centre for Economic Policy Research (CEPR)

77 Bastwick Street

London, EC1V 3PZ

United Kingdom

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

24

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13,510

CITATIONS
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Top 3,090

in Total Papers Citations

178

Scholarly Papers (24)

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
University of North Carolina Kenan-Flagler Business School
Downloads 1,865 (7,172)
Citation 23

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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 University of North Carolina Kenan-Flagler Business School
Downloads 1,289 (8,996)
Citation 38

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Exchange rates, international financial markets, long-run risks

3.
Downloads 1,109 ( 16,584)
Citation 3

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 University of North Carolina Kenan-Flagler Business School
Downloads 586 (40,225)
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 University of North Carolina Kenan-Flagler Business School
Downloads 523 (46,615)
Citation 3

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Recursive preferences, risk-sharing, exchange rate

4.

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
University of North Carolina Kenan-Flagler Business School, London Business School, Ohio State University (OSU) - Department of Finance and Duke University - The Fuqua School of Business
Downloads 908 (15,882)
Citation 9

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cost of equity, corporate tax uncertainty, tax smoothing

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, Mariano (Max) Massimiliano Croce and Kai Li
University of Minnesota - Twin Cities - Carlson School of Management, University of North Carolina Kenan-Flagler Business School and Hong Kong University of Science & Technology (HKUST) - HKUST School of Business and Management
Downloads 856 (18,658)
Citation 9

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Asset Pricing, General Equilibrium, Intangible Capital, Value Premium

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

Number of pages: 75 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, University of North Carolina Kenan-Flagler Business School, Columbia University, Graduate School of Arts and Sciences, Department of Economics and Wake Forest University - School of Business
Downloads 780 (27,365)

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

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, University of North Carolina Kenan-Flagler Business School, Columbia University, Graduate School of Arts and Sciences, Department of Economics and Wake Forest University - School of Business
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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, Mariano (Max) Massimiliano Croce, Anthony M. Diercks and Kai Li
University of Minnesota - Twin Cities - Carlson School of Management, University of North Carolina Kenan-Flagler Business School, Board of Governors of the Federal Reserve System: Monetary and Financial Market Analysis and Hong Kong University of Science & Technology (HKUST) - HKUST School of Business and Management
Downloads 680 (33,028)

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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, Anthony M. Diercks and Kai Li
University of North Carolina Kenan-Flagler Business School, University of Minnesota - Twin Cities - Carlson School of Management, Board of Governors of the Federal Reserve System: Monetary and Financial Market Analysis and Hong Kong University of Science & Technology (HKUST) - HKUST School of Business and Management
Downloads 78 (286,520)

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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, Mariano (Max) Massimiliano Croce, Anthony Diercks and Kai Li
University of Minnesota - Twin Cities - Carlson School of Management, University of North Carolina Kenan-Flagler Business School, Board of Governors of the Federal Reserve System and Hong Kong University of Science & Technology (HKUST) - HKUST School of Business and Management
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8.

Fiscal Policy and the Distribution of Consumption Risk

Number of pages: 49 Posted: 29 Jun 2011 Last Revised: 18 Oct 2013
Mariano (Max) Massimiliano Croce, Thien Tung Nguyen and Lukas Schmid
University of North Carolina Kenan-Flagler Business School, Ohio State University (OSU) - Department of Finance and Duke University - The Fuqua School of Business
Downloads 623 (29,797)
Citation 5

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Fiscal Policy, Endogenous Growth, Recursive Preferences, Welfare Costs

9.

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
University of North Carolina Kenan-Flagler Business School, Ohio State University (OSU) - Department of Finance and Duke University - The Fuqua School of Business
Downloads 507 (34,306)
Citation 7

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Robustness, Endogenous Growth, Asset Prices

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: 79 Posted: 24 May 2016 Last Revised: 19 Sep 2017
Mariano (Max) Massimiliano Croce, Thien Tung Nguyen, Steve Raymond and Lukas Schmid
University of North Carolina Kenan-Flagler Business School, Ohio State University (OSU) - Department of Finance, University of North Carolina (UNC) at Chapel Hill - Department of Economics and Duke University - The Fuqua School of Business
Downloads 428 (60,020)

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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
University of North Carolina Kenan-Flagler Business School, Ohio State University (OSU) - Department of Finance, University of North Carolina (UNC) at Chapel Hill - Department of Economics and Duke University - The Fuqua School of Business
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Cross Section of Stock Returns, Fiscal Uncertainty, Government Debt, growth, predictability, R&D

11.
Downloads 352 ( 76,444)

The Leading Premium

Number of pages: 49 Posted: 20 Nov 2015 Last Revised: 12 Dec 2017
Mariano (Max) Massimiliano Croce, Tatyana Marchuk and Christian Schlag
University of North Carolina Kenan-Flagler Business School, BI Norwegian Business School and Goethe University Frankfurt - Research Center SAFE
Downloads 352 (75,826)

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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
University of North Carolina Kenan-Flagler Business School, BI Norwegian Business School and Goethe University Frankfurt - Research Center SAFE
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12.

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 University of North Carolina Kenan-Flagler Business School
Downloads 316 (83,118)
Citation 1

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

13.

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 University of North Carolina Kenan-Flagler Business School
Downloads 300 (72,751)
Citation 3

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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
University of North Carolina Kenan-Flagler Business School, University of California - Haas School of Business and New York University - Department of Economics
Downloads 130 (201,087)
Citation 31

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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
University of North Carolina Kenan-Flagler Business School, University of California - Haas School of Business and New York University - Department of Economics
Downloads 65 (317,961)
Citation 30

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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: 03 Oct 2012
Mariano (Max) Massimiliano Croce, Martin Lettau and Sydney C. Ludvigson
University of North Carolina Kenan-Flagler Business School, University of California - Haas School of Business and New York University - Department of Economics
Downloads 43 (386,360)
Citation 31

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15.

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

Number of pages: 62 Posted: 23 Jul 2010 Last Revised: 03 Apr 2018
Ric Colacito, Mariano (Max) Massimiliano Croce and Zhao Liu
University of North Carolina Kenan-Flagler Business School, University of North Carolina Kenan-Flagler Business School and Duke University, Department of Economics, Students
Downloads 218 (77,431)
Citation 1

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16.

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 University of North Carolina Kenan-Flagler Business School
Downloads 181 (118,346)
Citation 4

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Robustness, Disagreement, International

17.

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: 77 Posted: 24 Dec 2014 Last Revised: 05 Dec 2017
Ric Colacito, Mariano (Max) Massimiliano Croce, Federico Gavazzoni and Robert C. Ready
University of North Carolina Kenan-Flagler Business School, University of North Carolina Kenan-Flagler Business School, INSEAD and University of Oregon - Department of Finance
Downloads 168 (41,649)

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Recursive Risk Sharing, Carry Trade, Currency Risk Factors

18.

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
University of North Carolina Kenan-Flagler Business School
Downloads 138 (138,274)
Citation 1

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

19.

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 University of North Carolina Kenan-Flagler Business School
Downloads 123 (179,503)
Citation 35

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20.

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
University of North Carolina Kenan-Flagler Business School, Ohio State University (OSU) - Department of Finance and Duke University - The Fuqua School of Business
Downloads 9 (285,941)

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Global Growth, Entropy, Contagion

21.

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, University of North Carolina Kenan-Flagler Business School, INSEAD and University of Rochester
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22.

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
University of North Carolina Kenan-Flagler Business School, Federal Reserve Banks - Federal Reserve Bank of Atlanta, University of North Carolina (UNC) at Chapel Hill - Department of Economics and Duke University - The Fuqua School of Business
Downloads 0 (311,548)

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

23.

Uncertainty-Induced Reallocations and Growth

Number of pages: 57 Posted: 18 Nov 2016 Last Revised: 05 Dec 2017
Ravi Bansal, Mariano (Max) Massimiliano Croce, Wenxi Liao and Samuel Rosen
Duke University and NBER, University of North Carolina Kenan-Flagler Business School, Fuqua School of Business, Duke University and Temple University, Fox School of Business
Downloads 0 (168,077)

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Uncertainty shocks, Reallocation, Safe Public Capital

24.

Volatility Risk Pass-Through

Number of pages: 50 Posted: 27 Nov 2015 Last Revised: 02 Apr 2018
Ric Colacito, Mariano (Max) Massimiliano Croce, Yang Liu and Ivan Shaliastovich
University of North Carolina Kenan-Flagler Business School, University of North Carolina Kenan-Flagler Business School, The University of Hong Kong - Faculty of Business and Economics and University of Wisconsin - Madison
Downloads 0 (102,532)

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