About
Experience & Education
Publications
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01. Global Political Risk and International Stock Returns
Journal of Empirical Finance, 72, 78-102, 2023
Equity investment strategies exploiting cross-country return predictability by politics-policy uncertainty generate abnormal returns as large as 15% per annum with significant low-cost diversification benefits. A global multi-factor model including a tradeable political risk factor successfully prices country returns.
Other authorsSee publication -
02. Decomposing Firm Value
Journal of Financial Economics, 143(2), 619-639, 2022 - Lead Article & Editor's Choice
Novel, robust, and empirically successful valuation model accounting for multiple sources of firm value, including intangibles. On average, labor accounts for about 23% of firm market value, physical capital accounts for 30%, knowledge capital accounts for 38% and brand capital accounts for 9%. Direct empirical evidence of the importance of labor and intangibles for firm valuation.
Other authorsSee publication -
03. Government Spending, Political Cycles and the Cross Section of Stock Returns
Journal of Financial Economics, 107(2), 305–324, 2013
Novel robust evidence on predictable impact of political cycles on US stock returns. ‘Presidential’ long-short equity investment strategies provide large risk-adjusted returns with significant low-cost diversification benefits.
- Crowell Memorial Third Prize, PanAgora Asset Management, 2011
- Top 3% All-Time Papers by Downloads and Citations on SSRN, March 2019
- London Business School Research Grant, 2012
- Media: London Business School Review, Business Strategy Review, Emarat…Novel robust evidence on predictable impact of political cycles on US stock returns. ‘Presidential’ long-short equity investment strategies provide large risk-adjusted returns with significant low-cost diversification benefits.
- Crowell Memorial Third Prize, PanAgora Asset Management, 2011
- Top 3% All-Time Papers by Downloads and Citations on SSRN, March 2019
- London Business School Research Grant, 2012
- Media: London Business School Review, Business Strategy Review, Emarat Alyoum (Emirates Today), The Financial, Financial Times, London Business School Press, Financial Times, Source, The Conversation, The FastCompany, ForbesOther authorsSee publication -
04. Equilibrium Value and Size Premia
Working Paper, 2010
Investment-based asset pricing model explaining quantitatively the value and size premia, and the success of empirical multi-factor models of equity returns. Provide economic foundations for factor-based strategies.
- Lehman Brothers Fellowship for Research Excellence in Finance, Finalist Prize, 2004 & 2005
- Sanford J. Grossman Fellowship in Honor of Arnold Zellner, 2005
- Fondazione IRI Fellowship, 2004 -
05. Investment without Q
Journal of Monetary Economics, 116, 266–282, 2020
New robust applied method to successfully estimate dynamic models of investment behavior based on empirical policy functions. Suitable for analysis of both public and private firms.
- London Business School Research Grant, 2013Other authorsSee publication -
06. Cash Flow Risk, Discounting Risk, and the Equity Premium Puzzle: Comment
Handbook of the Equity Risk Premium, Elsevier, Amsterdam, 2008
Critical review of proposed explanations of the equity premium puzzle highlighting the limitations of partial equilibrium models for understanding risk premia.
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07. Measuring Marginal q
Jacobs Levy Equity Management Center for Quantitative Financial Research Paper, 2015
Novel robust model-free method to efficiently estimate the marginal value of capital - key predictor of investment behavior - based on empirical value functions. Successfully explain dynamic investment policies.
- London Business School Research Grant, 2014 -
08. Estimating Shadow Values
Working Paper, 2016
New applied method to efficiently estimate dynamic models of firm behavior based on empirical value functions. New approach dominates existing methodologies as it allows to achieve more, more easily, and with less assumptions. Use machine learning for robust estimates of shadow values of firm resources as key predictors of corporate policies and returns.
- Rodney L. White Center Research Grant, The Wharton School, 2016Other authorsSee publication -
09. Firm Size and Corporate Investment
Working Paper, 2016
Robust empirical evidence of size effects in corporate investments - small firms have significantly higher investment rates than large firms. Contrary to common wisdom, firm size proxies for decreasing returns to scale rather than firms’ financing conditions. Using simulated method of moments, we estimate a neoclassical model of investment replicating successfully the empirical evidence on size effects.
- London Business School Research Grant, 2010Other authorsSee publication -
10. The Decline in Corporate Investment
Working Paper, 2018
A secular decline in productivity growth, a tightening of financial constraints, and an increase in policy uncertainty are all quantitatively important to account for the sudden investment collapse during the Great Recession. However only slow productivity growth can best account for the long-term decline in corporate investment.
Other authorsSee publication -
11. The Distribution of Firm Size and Aggregate Investment
Working Paper, 2012
Quantitative empirical analysis of the impact of the joint distribution of firm investment rates and firm size on aggregate investment. Higher moments of the cross-sectional distribution of firm size are key predictors of aggregate US investment.
- London Business School Research Grant, 2011Other authorsSee publication -
12. Public Information and Inefficient Investment
Working Paper, 2012
Public information may trigger allocative inefficiency and liquidity crises in presence of uninsurable aggregate liquidity shocks.
Other authors -
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13. The Political Economy of Personal Bankruptcy Law
Working Paper, 2013
Theoretical and empirical analysis of the political and economic determinants of US states' choices of homestead exemptions.
- London Business School Research Grant, 2009Other authors -
Honors & Awards
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Top 3% All-Time Authors SSRN
Social Sciences Research Network
Top 3% All-Time Authors by Downloads and Citations on SSRN
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Rodney L. White Center Research Grant
Rodney L. White Center, The Wharton School
Co-recipient of competitive research grant for applied finance research
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London Business School Research Grants
London Business School
Awarded competitive multi-year research grants for empirical finance research
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Crowell Memorial Prize
PanAgora Asset Management
Awarded competitive third prize for best scholarly research in quantitative asset management
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Honorary Gold Medal “Gonfalone d’Oro”
City of Bitonto, Italy
Highest honor awarded for distinguished achievements and outstanding career by the City of Bitonto
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Nomination for Best Young Italian Economist under 40
Collegio Carlo Alberto
Nomination for Carlo Alberto Medal awarded every two years to a young Italian economist under 40 for outstanding research contributions in economics
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Teaching Distinction Award
The University of Chicago, Booth School of Business
Awarded for outstanding teaching in Executive MBA Program
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Lehman Brothers Fellowship for Research Excellence in Finance
Lehman Brothers
Awarded finalist prize for best PhD thesis in Finance
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The Sanford J. Grossman Fellowship
The University of Chicago, Booth School of Business
Awarded for outstanding scholarship and research in the PhD Program
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Teaching Distinction Award
The University of Chicago, Booth School of Business
Awarded for outstanding teaching in Executive MBA Program
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Lehman Brothers Fellowship for Research Excellence in Finance
Lehman Brothers
Awarded finalist prize for best PhD thesis in Finance
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Fondazione IRI Fellowship
Fondazione IRI
Competitive merit-based fellowship awarded for PhD studies abroad
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Ente Luigi Einaudi Fellowship
Ente Luigi Einaudi
Competitive merit-based fellowship awarded for PhD studies abroad
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Center for Research in Security Prices Research Award
Center for Research in Security Prices, The University of Chicago
Awarded for outstanding research in financial economics
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University of Chicago, GSB Doctoral Fellowship
The University of Chicago, Booth School of Business
Competitive multi-year merit-based fellowship awarded for PhD studies at The University of Chicago
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Bocconi University Fellowship
Bocconi University
Competitive multi-year merit-based fellowship awarded for graduate studies abroad
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Bocconi University Double Honors on Dissertation Thesis
Bocconi University
Special mention ("Dignita' di Stampa") for outstanding academic dissertation thesis
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Bocconi University Gold Medal
Bocconi University
Outstanding academic achievement award as top student in graduating class 1999-2000
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Bain & Company Scholarship
Bain & Company
Competitive merit-based scholarship for outstanding academic achievements
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Bruno Lochis Scholarship
Bocconi University
Awarded for outstanding scholarship at Bocconi University
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Oscar e Giulia Zannini Scholarship
Bocconi University
Awarded for outstanding scholarship at Bocconi University
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Giuseppe De Finetto Scholarship
Bocconi University
Awarded for outstanding scholarship at Bocconi University
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INPDAP Scholarship
INPDAP
Competitive multi-year merit-based scholarship awarded for undergraduate studies
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