Curriculum Vitae

Andrea Beltratti is Full Professor of the Department of Finance at Bocconi University.

From 2004 to 2008, he was Dean for the undergraduate area, while from 2000 to 2004 he was Director of the graduate program in Economics (CLE) and Bachelor's degree in Economics and Social Sciences (DES) at Bocconi University. Since 2016, he is Academic Director of the Executive Master in Finance. He conducted numerous research, training and consulting projects for some of the most important international business group operating in the industrial and financial sector.

His research activities focus on four main areas: stock markets, banks, risk and corporate governance.

He is author of several articles on the subject. His works have been published in Journal of Financial Economics, Journal of Econometrics, Journal of Monetary Economics and Oxford Economic Papers, among others. In the early 90s, he coauthored two papers published with Roberto J. Shiller, Nobel Memorial Prize in Economic Sciences 2013. He was Teaching Assistant at Yale University, Visiting Scholar at London School of Economics and at Melbourne University and Visiting Professor at Stanford University.He is President of Eurizon capital since 2012 and, between 2010 and 2012, he was Chairman of the Management Board of Intesa Sanpaolo. He was part of the Executive Committee of ABI, and currently chairs the Fondazione per l’Educazione Finanziaria. Internationally, he is a Board member of EFAMA (European Fund and Asset Management Association) and of the Board of Directors of Alfunds Bank, and President of the BSI Gamma Foundation. 

Andrea earned a Degree in Economics from Torino University and a Ph.D. in Economics at Yale University.




  • Structural breaks in the volatility of macroeconomic and financial data: The rule not the exception Assets, beliefs, and equilibria in economic dynamics, edited by C. Aliprantis, K. Arrow et al., Springer, 2004 (with Claudio Morana)
  • Financial risk measurement in transition countries in Financial intermediation in the new Europe, edited by D. Masciandaro, Elgar, 2004 (with Riccardo D’Antonio)
  • I fondi comuni di investimento, Carocci editore, Roma, 2001 (with Renato Miraglia)
  • The Effects of the EURO on the Asset Allocation of European investors The euro: a challenge and opportunity for financial markets, edited by Artis M., E. Hennessy and A. Weber, Routledge, London, 2000
  • Comparing models of intra-day seasonal volatility in the foreign exchange market - Computational finance, edited by Abu-Moustafa, S., B. leBaron, A.W. Lo e A.S. Weigend, MIT Press, 2000 (with Claudio Morana)
  • Capire la Borsa, Il Sole 24 Ore editore, first edition in 2000, second edition in 2005, (with Marco Liera)
  • I mercati finanziari, Carocci editore, Roma, 2000
  • Asset Allocation of Pension Funds: Identification of benchmarks Institutional Investors in the new financial landscape, OECD, Paris, 1998
  • The Equity Premium is no Puzzle Endogenous Economic Fluctuations, edited by M. Kurz, Springer, 1997 (with Mordecai Kurz, also published as Temi di Discussione, Banca d’Italia, No. 282)
  • Heterogeneous behavior in exchange rate crises The Microstructure of the Foreign Exchange Market,  edited by J. Frankel, G.P. Galli and A. Giovannini, National Bureau of Economic Research, University of Chicago Press, Chicago, 229-259, 1996 (with Fabio Bagliano and Giuseppe Bertola)
  • Teoria della Finanza. Modelli di Determinazione dei Prezzi delle Attività Finanziarie, Laterza, Roma, 1996
  • Models of Economic Growth with Environmental Assets Kluwer Academic Publisher, The Netherlands, 1996. Translated and published in Japan by Dobunkan Publisher, 2001
  • Artificial neural networks for Economic and Financial Modeling 1995 International Thompson Publisher, London (with Sergio Margarita and Pietro Terna)
  • An Artificial Adaptive speculative stock market Financial Modelling, edited by L. Peccati and M. Virén, 1994, Physica-Verlag, Heidelberg (with Sergio Margarita)
  • Evolution of trading strategies among heterogeneous artificial economic agents From animals to animats II, ed. by J. Meyer, H. Roitblat, S. Wilson, 1993, MIT Press (with   Sergio Margarita)
  • Forecastability of returns with neural networks: an application to spot and futures Italian bond markets proceedings of the second international conference on Artificial Intelligence Applications on Wall Street, edited by R. S. Freedman, 1993, Software   Engineering Press, New York (with Emilio Barone and Sergio Margarita)
  • Stock prices and volume in an artificial adaptive stock market New Trends in Neural Computation, edited by J. Mira, J. Cabestany and A. Prieto, 1993, Springer-Verlag, 714-718 (with Sergio Margarita)
  • Dynamics of a neural network-based financial market Proceedings of the International Conference on Artificial Neural Networks, edited by S. Gielen and B. Kappen, 1993, Springer-Verlag (with Sergio Margarita)
  • Essays in stock market efficiency and time-varying risk premia, Giappichelli, Torino, 1990 (Ph.D. Dissertation, Yale University, May 1989)


  • The role of pre-payment penalties in mortgage loans CEPR Discussion Paper no. 10504, 2015 (with Matteo Benetton and Alessandro Gavazza)
  • Bank sovereign bond holdings, sovereign shock spillovers, and moral hazard during the European crisis, National Bureau of Economic Research working paper no. 21150, May 2015, (with René M. Stulz)
  • Bank leverage and profitability. Evidence from a sample of international banks, Review of Financial Economics, 2015, 27, 46-57 (with Giovanna Paladino)
  • Stock market efficiency in China: Evidence from the split-share reform, Quarterly Review of Economics and Finance, 2015, forthcoming (also Bank of Italy working paper No. 969, September 2014, Rome, with Bernardo Bortolotti and Marianna Caccavaio)
  • Is M&A different during a financial crisis? Evidence from the European banking sector, Journal of Banking and Finance, 2013, 37, 5394-5405 (with Giovanna Paladino)
  • The value relevance and timeliness of write-downs during the financial crisis of 2007-2009, International Journal of Accounting, 2013, 48, 467-494 (with Nasser Spear and Mark Szabo)
  • The credit crisis around the globe: Why did some banks perform better?, Journal of Financial Economics, 2012, 105, 1-17, Lead article (with René M. Stulz, also NBER working paper n. 15180. Top Ten download for Corporate Governance and Finance in January 2013 with 4.835 downloads)
  • The stock market reaction to the 2005 split share structure reform in China, Pacific Basin Finance Journal, 2012, 20, 543-560 (with Bernardo Bortolotti and Marianna Caccavaio, also European Central Bank working paper series no. 1339, ECB, Frankfurt)
  • International house prices and macroeconomic fluctuations, Journal of Banking and Finance, 2010, 34, 533-545 (with Claudio Morana)
  • Net inflows an time-varying alphas: The case of hedge funds, Quantitative and Qualitative Analysis in Social Sciences, 2009 (with Claudio Morana)
  • Aggregate hedge funds flows and returns, Applied Financial Economics, 2008, 18, 1755-1764 (with Claudio Morana)
  • Comovements in international stock markets, Journal of International Financial Markets, Institutions & Money, 2008, 18, 31-45 (with Claudio Morana)
  • Why are insurance companies different?, The limits of convergence among financial institutions, Geneva Papers, 2008, 33, 363-388 (with Giuseppe Corvino)
  • A portfolio based evaluation of affine term structure models, Annals of Operations Research, 2007, Annals of Operations Research, 151, 193-222 (with Paolo Colla)
  • Potential drawbacks of price-based accounting in the insurance sector, Geneva Papers, 2007, 32, 163-177 (with Giuseppe Corvino)
  • Does the stock market affect income distribution? Some empirical evidence for the US, Applied Economics Letters, 2007, 14, 99-104 (with Claudio Morana)
  • Breaks and persistency: macroeconomic causes of stock market volatility, Journal of Econometrics, 2006, 131, 151-177 (with Claudio Morana)
  • Structural breaks and common factors in the volatility of the Fama-French factors, Applied Financial Economics, 2006, 16, 1-15 (with Claudio Morana)
  • Estimating long memory in the mark-dollar exchange rate with high frequency data, Applied Financial Economics Letters, 2006, 6, 361-64 (with Claudio Morana)
  • Capital market equilibrium with externalities, production, and heterogeneous agents, Journal of Banking and Finance, 2005, 29, 3061-3073
  • Statistical benefits of value-at-risk with long memory, Journal of Risk, 2005, 7, 47-73 (with Claudio Morana)
  • The complementarity between corporate governance and corporate social responsibility, Geneva Papers, 2005, 30, 373-386
  • Scenario modelling for selective hedging strategies, Journal of Economic Dynamics and Control, 2004 28, 955-974 (with Andrea Laurent and Stavros Zenios)
  • Structural change and long run dependence in volatility of exchange rates: either, neither or both?, Journal of Empirical Finance, 2004 11, 629-658 (with Claudio Morana)
  • The effects of the introduction of the euro on the volatility of European stock markets, Journal of Banking and Finance, 2002, 26, 2047-2064 (with Claudio Morana)
  • The cross section of risk premia in the Italian stock market,  Economic Notes, 2002, 31, 389-416 (with Massimo Di Tria)
  • Deterministic and stochastic methods for estimation of intra-day seasonal components with high-frequency data, Economic Notes, 2001, 30, 205-234 (with Claudio Morana)
  • Central bank interventions and exchange rates: An analysis with high frequency data, Journal of International Financial Markets, Institution and Money, 10, 2000, 349-362 (with Claudio Morana)
  • Scenario modelling for the management of international bond portfolios, Annals of Operations Research, 1999, 85, 227-247 (with Andrea Consiglio and Stavros Zenios)
  • Computing value at risk with high frequency Data, Journal of Empirical Finance, 1999, 6, 431-455 (with Claudio Morana)
  • Stock Returns, the Interest rate and Inflation in The Italian Stock Market: A Long-Run perspective, Giornale degli Economisti, 56, 139-167, 1997 (with Fabio C. Bagliano)
  • Actual and warranted relations between asset prices, Oxford Economic Papers, 45,1993,387-402, (with Robert J. Shiller, also NBER Working Paper No. 3640)
  • Stock prices and bond yields: can their comovements be explained in terms of present value models?, Journal of Monetary Economics, 30, 1992, 25-46, (with Robert J. Shiller, also Cowles Foundation Discussion Paper, Yale, 1990
  • NBER Working Paper, Boston 1990, mentioned during Nobel Prize Award Cerimony, 2013)
  • Empirical estimates of the capacity to repay a foreign debt: A vector autoregressive methodology, European Journal of Development Research, 1989, 1, 45-59
  • U.S. military expenditure and the dollar, Economic Inquiry, 27, 1989, 1-7 (with Vittorio Grilli)


Director/Coordinator for

Executive Master in Finance