Publications

 Publications in Peer Reviewed International Academic Journals

1. Croci, Ettore, Marta Degl’Innocenti, and Si Zhou, 2026. “Banking Competition and Gender Debt Bias Evidence from China”. Small Business Economics, 66, 923-948. 

2. Casu, Barbara, Laura Chiaramonte, Ettore Croci, and Stefano Filomeni, 2024. “Access to Credit in a Market Downturn”. Journal of Financial Services Research, 66, 143-169.

3. Croci Ettore, Mieszko Mazur, Galla Salganik-Shoshan, 2024. “Coordinated Monitoring and Mergers and Acquisitions”. European Financial Management, 30(3), pp. 1422–1459. 

4. Croci, Ettore, Gerard Hertig, Layla Khoja, and Luh Luh Lan, 2024. “Board characteristics and firm resilience: Evidence from disruptive events”. Corporate Governance An International Review, 32(1), pp. 2–32. 

5. Ahmad, Muhammad Farooq, Nihat Aktas, and Ettore Croci, 2023. “Climate risk and deployment of corporate resources to working capital”. Economics Letters, 224, 111002, https://doi.org/10.1016/j.econlet.2023.111002.

6. Baros, Aleksandra, Ettore Croci, Viktor Elliott, and Magnus Willesson, 2023. “Bank Liquidity Management and Regulatory Arbitrage in Unconventional Times”, European Journal of Finance, 29(14),  1678-1703.  

7. Croci, Ettore, Silvia Rigamonti, and Andrea Signori, 2022. “Performance, Investment, and Financing Patterns of Family Firms after Going Public”. Corporate Governance An International Review, 30, 686–712. 

8. Aktas, Nihat, Aleksandra Baros, and Ettore Croci, 2022. “Corporate divestitures around acquisitions”.  Journal of Corporate Finance, Volume 73, April 2022, 102189.  

9. Aktas, Nihat, Ettore Croci, Oguzhan Ozbas and Dimitris Petmezas, 2021. “Executive Compensation and Deployment of Corporate Resources: Evidence from Working Capital”. Review of Corporate Finance, Vol. 1, No. 1-2, pp 43-80. 

10. Aktas, Nihat, Audra Boone, Ettore Croci, and Andrea Signori, 2021. “Reductions in CEO Career Horizons and Corporate Policies”. Journal of Corporate Finance, Volume 66, February 2021, 101862.  

11. Croci, Ettore, Marta Degl’Innocenti, and Si Zhou, 2021. “Large Customer-supplier Links and Syndicate Loan Structure”. Journal of Corporate Finance, Volume 66, February 2021, 101844. 

12. Bajo, Emanuele, Massimiliano Barbi, Marco Bigelli, Ettore Croci, 2020. "Bolstering Family Control: Evidence from Loyalty Shares". Journal of Corporate Finance, Volume 65, December 2020, 101755. https://doi.org/10.1016/j.jcorpfin.2020.101755

13. Bajo, Emanuele, Ettore Croci, and Nicoletta Marinelli, 2020. “Institutional Investor Networks and firm value”, Journal of Business Research, 112, 65-80. 

14. Aktas, Nihat, Kathleen Andries, Ettore Croci, and Ali Ozdakak, 2019. “Stock market development and the financing role of IPOs in acquisitions”. Journal of Banking & Finance, 98, 25-38. 

15. Croci, Ettore, Christos Pantzalis, Jung Chul Park, and Dimitris Petmezas, 2017. “Corporate political strategies and M&As”. Journal of Corporate Finance, 43, 260-287. https://doi.org/10.1016/j.jcorpfin.2017.01.009

16. Croci, Ettore, Alfonso Del Giudice, and Hakan Jankensgard, 2017. “CEO Age, Risk Incentives and Hedging Instrument Choice”. Financial Management, 46, 687-716. 

17. Croci, Ettore, Eric Nowak, and Olaf Ehrardt, 2017. "The Corporate Governance Endgame –An Economic Analysis of Minority Squeeze-out Regulation in Germany". Managerial Finance, 43, 1-31. 

18. Croci, Ettore, Gerard Hertig, and Eric Nowak, 2016. “Decision making during the Crisis: Why did the Treasury let Commercial Banks fail?”. Journal of Empirical Finance, 38A, 476-497.  

19. Aktas, Nihat, Ettore Croci, and Santo Centineo, 2016. “Value of Control in Family Firms: Evidence from Mergers and Acquisitions”. Multinational Finance Journal, 20, 85-126. 

20. Aktas, Nihat, Ettore Croci, and Serif Aziz Simsir, 2016. “Corporate Governance and Takeover Outcomes”. Corporate Governance: An International Review, 24(3), 242–252. 

21. Croci, Ettore and Dimitris Petmezas, 2015. “Do Risk-Taking Incentives Induce CEOs to Invest? New Evidence from Acquisitions”. Journal of Corporate Finance, 32, 1-23. 

22. Chiaramonte, Laura, Ettore Croci, and Federica Poli, 2015. “Should we trust the Z-score? Evidence from the European Banking Industry”. Global Finance Journal, 28, 111-131. 

23. Aktas, Nihat, Ettore Croci, and Dimitris Petmezas, 2015. “Is working capital management value-enhancing? Evidence from firm performance and investments”. Journal of Corporate Finance, 30, 98-113. 

24. Croci, Ettore and Giovanni Petrella, 2015. “Price changes around hedge fund trades: Disentangling trading and disclosure effects”.  Journal of Management and Governance, 19, 25-46. 

25. Croci, Ettore and Rosanna Grassi, 2014. “The economic effect of interlocking directorates in Italy: New evidence using centrality measures”. Computational and Mathematical Organization Theory, 20, 89–112. 

26. Croci, Ettore and Alfonso Del Giudice, 2014. “Delistings, Controlling Shareholders, and Firm Performance in Europe”. European Financial Management, 20 (2), 374-405.  

27. Croci, Ettore and Marco Bigelli, 2013. “Dividend Privileges, Measurement Errors, and the Value of Voting Rights: Evidence from Italy”. Journal of Empirical Finance, 24, 94-107.  

28. Croci, Ettore, Halit Gonenc, and Neslihan Ozkan, 2012. “CEO Compensation, Family Control, and Institutional Investors in Continental Europe”. Journal of Banking & Finance, 36(12), 3318-3335. 

29. Croci, Ettore, Dimitris Petmezas, and Nick Travlos, 2012. “Asymmetric information and target firm returns”. European Journal of Finance, 18 (7), 639-661. 

30. Croci, Ettore, Lorenzo Caprio, and Alfonso Del Giudice, 2011. "Ownership Structures, Family Control, and Acquisition decisions". Journal of Corporate Finance, 17 (5), 1636-1657.

31. Croci, Ettore, John Doukas, and Halit Gonenc, 2011. "Family control and Financing decisions”. European Financial Management, 17 (5), 860-897. 

32. Croci, Ettore, Dimitris Petmezas, and Evangelos Vagenas-Nanos, 2010. “Managerial overconfidence in High and Low valuation markets: Evidence from the UK”. International Review of Financial Analysis, 19, 368-378. 

33. Croci, Ettore, and Dimitris Petmezas, 2010. “Minority Shareholders’ Wealth Effects and Stock Market Development: Evidence from Increase-in-Ownership M&As”. Journal of Banking & Finance, 34, 681-694. 

34. Croci, Ettore and Lorenzo Caprio, 2008. "The Determinants of the Voting Premium in Italy: The Evidence from 1974 to 2003". Journal of Banking & Finance, 32, 2433-2443. 

35. Croci, Ettore, 2007. “Corporate Raiders, Performance, and Governance in Europe”. European Financial Management, 13 (5), 949-978.  

Publications in Italian Academic Journals

1. Belcredi, Massimo, Ettore Croci and Alfonso Del Giudice, 2011, “Il silenzio degli agnelli: Risparmiatori e obbligazioni bancarie in Italia”, Mercato concorrenza regole, a. XIII, n. 1, aprile 2011, 91-114.

Books & Book Chapters

1. Croci, Ettore, “The Boards of Directors: Corporate Governance and the Effect on Firm Value", 2018. Palgrave McMillan, Palgrave Pivot Series. ISBN 978-3-319-96615-1. 

2. Croci, Ettore, “Shareholder Activism: Azionisti, investitori istituzionali e hedge fund", 2011. Franco Angeli Editore, Collana Economia - Ricerche. ISBN 978-88-568-4492-4.

3. Andres, Christian, Lorenzo Caprio, and Ettore Croci, 2013, "Restructuring in Family Firms: A tale of the two crises", in Massimo Belcredi and Guido Ferrarini (eds.) “Boards and Shareholders in European Listed Companies: Facts, Context and Post-Crisis Reforms”, Cambridge University Press, ISBN: 9781107040564.  

Working Papers

1. Faverzani, Lara and Ettore Croci (April 2026). “Acquirer Type, Spillovers and Corporate Policies”. Submitted 2nd Round European Journal of Finance.

2. Croci, Ettore, Mattia Girotti, Federica Salvadè, and Aleksandra Baros (February 2026). “Information Salience and Credit Supply: Evidence from Payment Defaults on Trade Bills”. R&R Review of Finance.

3. Aktas, Nihat, Ettore Croci, Andrea Signori (February 2026). “Post-Merger Integration under Crisis: Temporary Valuation Losses and Restructuring Benefits”.   

4. Faverzani, Lara and Ettore Croci (July 2026). Are All Foreign Directors Alike? Evidence from European Boards”.

5. Croci, Ettore, Marta Degl’Innocenti, Michela Rancan and Si Zhou (December 2025). “Trimming the Sails: Natural Disasters and Controlling Shareholder Divestments”.

6. Croci, Ettore, Federica Cupelli, Andrea Viola (May 2025). “Mapping Corporate Ownership and Control Changes for Public and Private Companies” European Corporate Governance Institute – Finance Working Paper No. 1076/2025.