Mariano Massimiliano Croce
Full Professor

Biography
His collaboration with SDA Bocconi began in 2018, in the Asia Center (Mumbai, India). He has coordinated major international research projects which have been published in leading international scientific journals. Many of his projects have been funded by external sources, both private and public, in the USA. He has taught in several leading institutions such as Wharton, STERN-NYU, Indian School of Business, University of North Carolina.
The research of finance professor Mariano Massimiliano Croce focuses on asset pricing in general equilibrium models in which there is uncertainty about the long horizon perspectives of the economy (growth shocks). His projects include the study of international asset prices and exchange rates; the interaction between asset prices, investment decisions, wealth and welfare on a global scale; links between investors’ information and asset prices; growth implications of fiscal policy risks and economic growth.
His work has been published in leading academic journals such as The American Economic Review, The Journal of Political Economy, The Journal of Finance, The Journal of Financial Economics, The Review of Financial Studies, and The Journal of Monetary Economics. Since September 2017, he has been a CEPR Research Fellow. In April 2018, he was appointed as an NBER Research Associate. He has spent long periods doing research abroad. He has been a Visiting Professor at Wharton, STERN-NYU, Indian School of Business, University of North Carolina, Goethe University (Frankfurt).
Massimiliano earned a Degree in Economics from Università Bocconi and a Ph.D. in Economics from the New York University (NYU).
Recent Publications
- 2025
Volatility (Dis)Connect in International Markets
COLACITO, R., M. M. CROCE, Y. LIU, I. SHALIASTOVICH, "Volatility (Dis)Connect in International Markets", Management Science, 2025 - 2024
When the markets get CO.V.I.D: COntagion, Viruses, and Information Diffusion
ARTEAGA-GARAVITO, M. J., M. M. CROCE, P. FARRONI, I. WOLFSKEIL, "When the markets get CO.V.I.D: COntagion, Viruses, and Information Diffusion", Journal of Financial Economics, 2024, vol. 157, pp. 103850 - 2024
Concealed carry
ANDREWS, S., R. COLACITO, M. M. CROCE, F. GAVAZZONI, "Concealed carry", Journal of Financial Economics, 2024, vol. 159, pp. 103874 - 2023
The Leading Premium
CROCE, M. M., T. MARCHUK, C. SCHLAG, "The Leading Premium", Review of Financial Studies, 2023, vol. 36, no. 8, pp. 2997-3033 - 2022
Volatility Risk Pass-Through
COLACITO, R., M. M. CROCE, Y. LIU, I. SHALIASTOVICH, R. KOIJEN, "Volatility Risk Pass-Through", Review of Financial Studies, 2022, vol. 35, no. 5, pp. 2345–2385 - 2021
Persistent government debt and aggregate risk distribution
CROCE, M. M., T. T. NGUYEN, S. RAYMOND, "Persistent government debt and aggregate risk distribution", Journal of Financial Economics, May 2021, vol. 140, no. 2, pp. 347-367 - 2021
Growth risks, asset prices, and welfare
CROCE, M. M., "Growth risks, asset prices, and welfare", Economics Letters, 2021, vol. 202, pp. 109817 - 2020
When the Markets Get COVID: Contagion, Viruses, and Information Diffusion
CROCE, M. M., P. FARRONI, I. WOLFSKEIL - "When the Markets Get COVID: Contagion, Viruses, and Information Diffusion" - 2020, SSRN Electronic Journal - 2019
Government debt and the returns to innovation
CROCE, M. M., T. T. NGUYEN, S. RAYMOND, L. SCHMID, "Government debt and the returns to innovation", Journal of Financial Economics, 2019, vol. 132, no. 3, pp. 205-225 - 2019
Recursive allocations and wealth distribution with multiple goods: Existence, survivorship, and dynamics
COLACITO, R., M. M. CROCE, Z. LIU, "Recursive allocations and wealth distribution with multiple goods: Existence, survivorship, and dynamics", Quantitative Economics, 2019, vol. 10, no. 1, pp. 311-351
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Grants & Honors
Excellence in Research Award, Università Commerciale Luigi Bocconi, 2024
Excellence in Research Award, Università Commerciale Luigi Bocconi, 2023
Excellence in Research Award, Università Commerciale Luigi Bocconi, 2022
Research Excellence Award, Università Commerciale Luigi Bocconi, 2020
Teaching Award - PhD School, Università Commerciale Luigi Bocconi, 2019

