We address the joint hypothesis problem in cross-sectional asset pricing by using measured analyst expectations of earnings growth.

Lack of co-movement between consumption differentials and real exchange rates is a traditional indicator of a disconnect of foreign exchange markets from economic fundamentals.

Croce is internationally recognized for his research on asset pricing in general equilibrium models, with a focus on uncertainty about the long-run economic outlook ("growth news shocks").

We study time variation in the shape of the distribution of stock returns. In a global sample covering 17 countries, returns are more left skewed and fat tailed during good times than during bad times.

Bocconi University on May 5-6, 2025