Mariano Max Croce
@MCroce_MacroFin
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都知事選
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Now that my teaching is 99% done, this is the best place to try to make many wonderful coauthors less unhappy/frustrated with me :)
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Big kudos to our 1st-year PhD student
@Unibocconi
#LorenzoSpadavecchia
who (i) got seriously affected by
#COVID19
; (ii) did *not* fall behind with his studies; and (iii) is now a plasma donor.
#GoStrong
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My joint work with
@RColacito
,
#YangLiu
and
#IvanShalistovich
has been conditionally accepted at the
@RevOfFinStudies
! Many kudos to my coauthors (this study required a *lot* of work) and many thanks to our Editor and two anonymous referees!
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1
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My honor to be part of this!
@hanneswagner
and
#FredericoBelo
will join as Associate Editors. A Letter features at most 2000 words: I welcome 'bites' of broader working papers (P&P style), informative results that never got in the published version of your studies, ...
#Submit
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4
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Using ~24M tweets from 100 news outlets in 27 countries,
@MajoArteaga
,
@Biao90
,
@RColacito
& I construct granular, high-frequency,
#ClimateNewsIndices
.👇Countries more exposed to adverse climate news experience an inflow of capital & a currency appreciation.
0
9
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Great news for 2024! The very first
#EconomicsLetters
PhD
#SummerSchool
will take place in
@Unibocconi
at the end of June.
#EricYoung
,
#SydneyLudvigson
,
#ZhiguoHe
and I will deliver three days of lectures:
Deadline: April 30th.
#ApplyNow
!
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As PhD Director, I am trying to invert this trend 👇. We do *not* consider a pre-doc as an essential element of success (creativity & commitment are). We urge our students to start writing their first paper in the summer of their first year and be done by the 5th year.
1980s:
BA (4 years) + PhD (4 years)=>TT Assistant Professor
2020s:
BA (4 years)+MA (2 years)+predoc (2 years)+phd (6 years)+post doc (2 years)=>TT Assistant Professor
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Best time to work on research: 5.30am nobody around!
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Our indices are now available on our data webpage:
In addition, we have a short video about the paper:
#GreatCoauthors
!
Using ~24M tweets from 100 news outlets in 27 countries,
@MajoArteaga
,
@Biao90
,
@RColacito
& I construct granular, high-frequency,
#ClimateNewsIndices
.👇Countries more exposed to adverse climate news experience an inflow of capital & a currency appreciation.
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Back in Milan! Missing a bit the Pantelleria's sunset, but working and running keep me 'sane'
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It was a real pleasure to start teaching
#Empirical
#AP
#Methods
to my
#1st
#year
#PhDs
. This week we are online-only:
@Unibocconi
gave us a Samsung Flip 2 (55') and a good Jabra Speak and it was very cool. Bamboo Paper makes it always very neat.
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Believe it or not, the VSFX ended up with a great surprise for me/my team. Many thanks to both the organizers and to my coauthors
#AndrewSpencer
,
@RColacito
and
@fgavazzoni
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The Bocconi PhD in Econ and Finance call for applications is now on SSRN. We feature an additional curriculum in accounting. The new coordination team comprises me (FIN), Ottaviani (ECON) e Pope (ACC). 1/2
1
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If you have time, tomorrow at 11:30am NY-time,
@virtualmacrosem
will feature "Uncertainty-Induced Reallocations and Growth", joint work with
#RaviBansal
,
@sammy_rosen
and
#WenxiLiao
. Many thanks to the organizers!
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'It takes a village' to train a PhD student. 'It takes a village' to cope with an 'old' reseacher like me 😱. I am very lucky to have so many young, energetic, and smart students in my tribe/family👇
#friday
#AperiCroce
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As you finalize your application docs, do not forget about applying to the
#PhD
in
#Economics
&
#Finance
@Unibocconi
. We have 3 curricula with many spill-overs. Info here:
We have 40+ faculty members waiting to get to know your profiles!
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Yes: I am late with my research tasks... but for a good reason ...
#ScubaWithFamily
#Pantelleria
👍🏽
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As US citizens, we must pay taxes in the US (and Italy). What a pain! In order to make it less stressful, joint filing = joint spritzes !
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#RobertoMarfe
(
#UTorino
)
@nicolaborri
(
@UniLUISS
) and I (
@unibocconi
) just won a national grant (
#PRIN
) for a project entitled '𝐏𝐚𝐧𝐝𝐞𝐦𝐢𝐜 𝐑𝐢𝐬𝐤𝐬 𝐚𝐜𝐫𝐨𝐬𝐬 𝐌𝐚𝐫𝐤𝐞𝐭𝐬 𝐚𝐧𝐝 𝐂𝐫𝐢𝐬𝐢𝐬 𝐒𝐭𝐚𝐠𝐞𝐬'. Many thanks to our anonymous referees for their trust!
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On the Italian newspapers, there is concern about the cost of a day at the beach in Italy (banks are a second-order problem 🤪). In
#Pantelleria
you can work on an R&R while having a snack, espresso, and water for 4.26Eur.
#Reallocation
#GeneralEquilibrium
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Many thanks to my coauthors
@RColacito
,
@fgavazzoni
and
#ASpencer
, our RAs, the Editor, and our anonymous referee. This article will appear in the
@J_Fin_Economics
! 👇
Since 2008, the slope carry has been paying a positive average return. This average return is concealed (nearly zero) over longer samples. Why?
#Spencer
@RColacito
,
@fgavazzoni
and I provide an explanation in our new WP:
#International
#Macrofinance
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Very honored!
Forthcoming: Volatility Risk Pass-Through by Riccardo Colacito
@kenanflagler
, Mariano M Croce
@MCroce_MacroFin
@Unibocconi
, Yang Liu
@HKUFBE
, and Ivan Shaliastovich
@UWBusiness
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Honored to join
@UniBocconi
as a Full Professor of Finance. Excited to be part of a well organized and vibrant university with an ambitious research-oriented initiative. As a macro-finance economist, being an IGIER Fellow is a plus: great team&seminars!
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We are a multi-field group. Econ? Finance? Empirical? Theory? That's OK, just apply!
#Research
#GreatIdeas
#Collegial
Dear Job Market Candidates in Finance, we are hiring!!!
From October 6, we will accept applications at for 3 tenure-track Assistant Prof positions, Finance Dept, starting Fall 2021.
We look forward to your applications!
@UniBocconi
@Bocconi
#BocconiFinance
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I took a break from teaching Investments to
#MBAs
in
#Milan
in order to deal with real estate investments in
#Pantelleria
... just found time for a short-and-sweet swimming break :)
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After 2 years, I finally had the honor to host a 'welcome aperitivo' with my 1st and 2nd year PhD students. So much vibrant talent:
Many thanks to my 'partners in crime' who helped with our selection
#PhD
@Unibocconi
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Academia is great, I am counting my blessings. I completed a fun PhD course with wonderful students; went to a wonderful conference (
@m_maggiori
,
@BrentNeiman
,
#TarekHassan
,
#LoukasKarabarbounis
) with lots of friends, and then ... wonderful Bormio...
#niiice
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Just saw this! Nice. Many thanks to
@jfe
, the Editor, an anonimous referee and two amazing coauthors.
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My undergrad students may think that profs have a lot of free time. I have two manuscripts & a grant proposal to referee: my Saturday is gone. Recommendation letters are due tomorrow :( Said so, it's 8am, the view is great, and the day is warm enough for a
#splash
.
#KeepSwimming
!
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1
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*The Leading Premium* will be published in the RFS
@SFSjournals
! The latest WP version is available on SSRN (same url 👇). 25633 is the number assigned to of an earlier
@nberpubs
WP version.
Many thanks to the editor
@rkoijen
, 2 devoted referees, and 2 wonderful coauthors!
Are firms leading the economic cycle riskier than lagging firms? Yes. The equity leading premium is 4\% per year, with an implied information timing premium ranging between 1.5\% and 2\%. Our revised version of `The Leading Premium' is here:
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Best way to celebrate 'Labor Day' in Italy
#Villa_dEste
#cernobbio
. 👇Incidentally, Greta Gerwig (Barbie) and Laura Dern (Star Wars) are here as well 🤪
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Many thanks to both my colleagues & PhD students
@Unibocconi
for their help with our
#PhDAdmission
process. In Finance, our top-candidates accepted. Very diverse origins (MEX; ESP; DEU; IRN), training (CIDE; UPenn; Yale; Sharif) & experiences (BdeM; ECB; ECB; Fin. Ind.)
#Nice
!
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Many thanks to (i) my coauthors
#ThienNguyen
&
#SteveRaymond
,(ii) our Editor
#RonKaniel
, and (iii) a great referee. We just got a conditional acceptance at the
#JournalofFinancialEconomics
for our latest joint paper on fiscal policy risks! Perfect email right before going to bed.
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I thank all students and colleagues who nominated me for a PhD teaching award and a research award, respectively. What a year!
Bocconi, premi alla didattica 2019: ecco chi sono i prof che hanno ottenuto il riconoscimento
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The deadline to apply for our PhD in Economics and Finance
@Unibocconi
is approaching. We are looking for junior researchers to work with. We carefully read your entire application package and pay marginal attention to standardized tests.
#ApplyNow
!!
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31
What a morning: I am done with 90% of my teaching; I got a 6-year old WP accepted for publication, and I am ready for a long permanence in my 'research tank', which ia as good as a bacta tank (
#StarWars
reference) 👇
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My Adv Macro-Finance PhD course has started: Teams+Bamboo+4G(from
#Pantelleria
) do miracles. Syllabus here: (broader literature review in class).
#GreatTA
:
@Biao90
who has used these tools to write a wonderful solo paper on the
#Greenium
.
#10GreatStudents
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Do you know that from
#Pantelleria
(Italy) you regularly see Africa, but not Sicily?
#Niiice
#ReadingPhDStudentsPapersAtSunset
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Solving
#BellmanEquations
looked difficult when I was a PhD student. In retrospective: not too bad. I am now scared by simultaneously cooking
#Okra
Indian style,
#Broccoli
Asian style, and
#FavaBeans
Italian style ...
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@jenniferdoleac
Why not investing in appropriate modern equipment for hybrid conferences? I have been at conferences with smart equipment (you can also rent it) and it was great! Modern systems have 360° cameras that track who is speaking in real time (powered by AI).
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#arbitrage
is the ability of getting a benefit 'for free' (at no additional cost). For example, getting your carbonara at 'da Enzo al 29' in Rome in 7 minutes without waiting on a 700-feet long line
#Niiiice
👍🏽
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Like my retirement portfolio, last week I decided to 'go south' 🤪 Great news from
#Pantelleria
: the olives' harvest went well and the conversion rate to 'super-organic' olive oil was HUGE!!
#Diversification
#AlternativeInvestments
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Working hard on working papers? You need comfort-food. Simple recipe: sautee garlic+anchioves, mix pasta with sword fish caviar, hazel nuts, fennel herb, season with red hot chilly pepper,...
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Working hard on a joint paper with my great coauthors,
#AndrewSpencer
,
@RColacito
and
@fgavazzoni
. Our
#ConcealedCarry
paper will be posted soon. Meanwhile, in order to stay awake, I relay on two things:
@Zicaffe
and
#swimming
. Nice day here!
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Since 2008, the slope carry has been paying a positive average return. This average return is concealed (nearly zero) over longer samples. Why?
#Spencer
@RColacito
,
@fgavazzoni
and I provide an explanation in our new WP:
#International
#Macrofinance
1
4
28
Just downloaded the app 'at'voice. It works very well with text in pdf files: what a
#ProductivityGain
, I can finally 'read' academic papers while running/exercising! Unfortunately, the app fails with formulas. I am a late bloomer with this technology: suggestions?
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The 2019/20 seminar sequence at Bocconi Finance is shaping nicely. Big thanks to the co-organizers
@NicolaLimodio
and
#ChristianJensen
, as well as to the speakers! Nice mix of topics and academic backgrounds.
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Wonderful finance conference
@UniLUISS
. Many thank to the organizers and especially to (i)
@nicolaborri
for the invitation, and (ii)
@MajoArteaga
for presenting our joint work 👍🏽
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My honor to talk to many-many wonderful students about our
#EconFin
#PhD
@Unibocconi
. We have 9 fellowships in Econ, 4 in Finance and 3 in Accounting. Many thanks to
@ProfPeterpope
,
#AnnitaFlorou
,
#MarcoOttaviani
and
#HeleneOlsen
.
#Apply
!
#SendUsYourBestStudents
!
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If you fly to Europe and you need to have a layover, stop in
#Milan
.
#LaScala
ballet offers a wonderful
#nutcracker
.
#niiiiice
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Best way to think about the report written by the 6th Referee (yes: 6 referees!!) 👇...
Back to
#Milan
, it is time to write 😱
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Wonderful to finally meet in person my coauthors. Thanks to covid, we wrote a paper together; because of covid, we never had an in-person research meeting 😅 ...
@Pfarroni1
@WolfskeilI
@MajoArteaga
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Our PhD Students are back to campus and have a lot of exciting research results to share. Here
#GiovanniMorzenti
shows us the disruptive effects of
#StealthConsolidation
using international data.
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A wonderful time with wonderful friends at a wonderful conference
@MacroFinanceSoc
.
@MGoFinance
: great job!!
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When a picture doesn't look 100% right 👇... just opening a bottle🤪
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If you need a wonderful colleague with expertise in corporate finance, financial intermediaries, text analysis and big data, have a look at my student
@WolfskeilI
!
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After 5 weeks of hot Sirocco/no wind with 35-40°C (very hot in fahrenheit), finally we got a fresh wind storm. This is what I call a positive productivity shock!
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Back to
#Pantelleria
(what a weather!) from the
@nberpubs
(what a great conference!). Many thanks to
@LudvigsonSydney
&
@rkoijen
for including our paper in the AP program! Great discussion by
@HannoLustig
!
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Many thanks to my coauthors, the
#RFS
,
@SVNieuwerburgh
,
@rkoijen
and many referees! The
#Dual_Submission
really helped us. The manuscript now features a model with a network of industries with *endogenous* leads and lags of growth news shocks! Leading firms bear a risk premium.
#RFS
#Forthcoming
: The Leading Premium
Mariano M Croce
@MCroce_MacroFin
@Unibocconi
Tatyana Marchuk
@HandelshoyskBI
Christian Schlag
@SAFE_Frankfurt
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Many thanks to our applicants! We got a total of ~500 applications
#RecordHigh
! When I was appointed Director in 2019, we had 330 applications. Most importantly, after a preliminary look at our files, I see high-quality growth: good news for
@Unibocconi
!
The deadline to apply for our PhD in Economics and Finance
@Unibocconi
is approaching. We are looking for junior researchers to work with. We carefully read your entire application package and pay marginal attention to standardized tests.
#ApplyNow
!!
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As the job market dinner craziness unfolds ... how about some pasta with oysters-champagne sauce?
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Cold weather in Pantelleria, today. Yet, a warm soup with local fish and vegetables and a great seminar by
#FredericoBelo
@INSEAD
are
#PricelessConsumpion
(topic of the paper 😀) to me!
#finance
@Unibocconi
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Great session, it was a great honor for me,
@sammy_rosen
and
@mrjahan49
!
Day 3 of NBER SI IFM starts in 30 minutes, please join us for talks by among others
@MCroce_MacroFin
@fabrizio_perri
@GitaGopinath
@InaSimonovska
@pogourinchas
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I went for a quick 6Km run (about 3.5 miles): art at times of Coronavirus concerns ...
#MilanKeepsWorking
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#AnotherDayAtTheOffice
! Wonderful department retreat in
@Franciacorta
. Lots of cool presentations by our junior colleagues + great location for running & 🍾 tasting!
Many thanks to our Head of department
@SRossi_official
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Time to
#apply
to the
#PhD
in Econ/Fin/Acc
@Unibocconi
! Save the date for our webinar:
Our new students have multiple complete-and-high-quality papers already by the end of their 2nd year. Check their webpages:
#Research
!
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New evidence for International macro-finance.
New CEPR Discussion Paper - DP17101
Volatility (Dis)Connect in International Markets
Riccardo Colacito
@RColacito
@UNC
, Mariano Massimiliano Croce
@MCroce_MacroFin
@Unibocconi
, Yang Liu
@hkuofficial
, Ivan Shaliastovich
@UWMadison
#CEPR_FE
,
#CEPR_IMF
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Family dynamics: I am in
#Pantelleria
busy with major landscaping work 😱, whereas Mr Cool (my son) is training at
#SanSiro
...
#daddy
#inequality
🤪
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#AdressDoNotDismiss
: how to convey the real meaning of this sentence to PhD students? Perhaps with the pic below. 13 months ago, this paper was 150gr (5.3oz) lighter 🧐. Credits go to
@sammy_rosen
#Wenxi
#Ravi
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Crazy & sad times... at least the olive harvest went well ... time to rest a bit...
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My honor to contribute to ECONLET! Do you think that the welfare costs of aggregate consumption fluctuations are mainly driven by risk aversion/equity premium puzzle? Not really: focus on patience/risk-free rate puzzle.
My honor to be part of this!
@hanneswagner
and
#FredericoBelo
will join as Associate Editors. A Letter features at most 2000 words: I welcome 'bites' of broader working papers (P&P style), informative results that never got in the published version of your studies, ...
#Submit
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Leaving this 👇in order to go to the
@nberpubs
SI AP meeting.
Will meet
@RColacito
who will present
#ConcealedCarry
Our job is awesome
#SuperLucky
!
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Many thanks to my coauthors,
@MajoArteaga
@Pfarroni1
&
@WolfskeilI
, for building a great dataset of medical announcements and a new Twitter-based COVID sentiment index. It's forthcoming in the
@Jfinece
: great Editor & referee! My first paper with WONDERFUL
@Unibocconi
Ph.D.s!
Our updated version of `When the Markets Get Co.V.I.D' is here:
We now account for the `Delta-variant' effects. In about two weeks, data will be updated here:
Kudos to
@MajoArteaga
,
@Pfarroni1
and
@WolfskeilI
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About 5 years ago,
#EFarhi
and I had a conversation about both his view of scarsity of (government) safe assets and my concerns about abundance of political/fiscal risks. That conversation was as inspirational as pleasant. Huge loss: difficult to accept.
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My yankee-wife made this in
#Pantelleria
. Fried green tomatoes. From the US South to the ITA South.
#friedgreentomatoes
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To those of you who took seriously this tweet in October:
#ThankYou
! Our applications increased by 28%! I thank in advance my
@Unibocconi
colleagues who will help us screen about 450 applications for our 16 fellowships.
#MayTheForceBeWithUs
My honor to talk to many-many wonderful students about our
#EconFin
#PhD
@Unibocconi
. We have 9 fellowships in Econ, 4 in Finance and 3 in Accounting. Many thanks to
@ProfPeterpope
,
#AnnitaFlorou
,
#MarcoOttaviani
and
#HeleneOlsen
.
#Apply
!
#SendUsYourBestStudents
!
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Phd students wondering what to do during their free summer time should read this. Takeaway: start research NOW!
We started this project 12 (?) years ago.
Main result: A close link between CEO turnover and firm performance. We estimate that ~50% of turnovers are performance induced, i.e., would not have happened had performance been great.
All credit to the amazing Katharina Lewellen.
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Another day at the office! 👇 Many thanks to the organizers of the 10TH HEC - MCGILL WINTER FINANCE WORKSHOP 2023. Our discussant was awesome!
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Many thanks to both the Editor,
@CharlesWyplosz
, and an anonymous referee.
@cepr_org
is really providing a valuable public good. With
@Pfarroni1
&
@WolfskeilI
,
@Unibocconi
.
You can find the latest version here:
#COVID19
#FinancialMarkets
#CovidEconomics
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One of our last 'Carthage' (Tunisian) sunsets before going back to Milan.
#Pantelleria
had a record of turists this year and no official COVID-19 cases. Super lucky!
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It has been a while since I have sent my last tweet. Directing a PhD program with 60+ students at a time of on-line lectures and quarintine is demanding. The attached figure is my way to vent. Apologies if it sounds explicit.
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#CasaRio
in San Antonio has good margaritas. They also have a specific policy (see pic 👇) that let me feel good about my "Concealed Carry" (with
@fgavazzoni
,
@RColacito
,
#SpencerAndrews
, forthcoming
@J_Fin_Economics
)!
🤪🍸
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