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Politecnico di Milano

Dipartimento di Ingegneria Gestionale

P.zza Leonardo da Vinci 32 - 20133 - Milano

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Professore Associato

General information

Assistant Professor at DIG, Politecnico di Milano

Office 3.14

Telephone +39-02-2399 (2743)    


Areas of specialization corporate finance, innovation, Venture Capital financing.



  • From January 2011: Assistant professor at DIG Politecnico di Milano

  • March 2011– June 2011: Visiting Professor at Universidad Complutense de Madrid

  • March 2007–January 2011: Post-doc at DIG Politecnico di Milano

  • January 2006–May 2006: Visiting PhD Student at Boston College

  • March 2004–March 2007: PhD Student at DIG Politecnico di Milano



My courses the next year: 

  • Economia e Organizzazione Aziendale


Research: Selected pubblications

- Journals

  • Croce A., Daminelli D., Giudici G. (2008), “Stock repurchases and future operating performance: empirical evidence from Italy”, Investment Management and Financial Innovations, vol 5, issue 1.

  • Bertoni F., Colombo M.G., Croce A., (2010), "The Effect of Venture Capital Financing on the Sensitivity to Cash Flow of Firm's Investments", European Financial Management, Vol. 16, n. 4, pages 528–551. IF:0.685.

  • Bertoni F., Croce A., D’Adda D., (2010), “Venture Capital investments and patenting activity of high-tech start-ups: a micro-econometric firm-level analysis”, in Venture Capital: An International Journal of Entrepreneurial Finance, Special Issue on Venture Capital and Technology Based Firms, Vol 10, Issue 4, pag. 307-326.

  • Bertoni, F., Croce A., (2011), “The Productivity of European Life Insurers: Best-Practice Adoption vs. Innovation”, The Geneva Papers on Risk and Insurance - Issues and Practice,  vol. 36, pp. 165-185. IF:0.464.

  • Colombo M.G., Croce A., Guerini M.(2012), "Is the Italian government effective in relaxing the financial constraints of high-tech firms? An analysis by firm’s size, age and geographical area", Prometheus, 30(1), 73-96.

  • Croce A., Martì J., Murtinu S. (2013), “The Impact of Venture Capital on the Productivity Growth of European High-Tech Firms: 'Screening' or 'Value Added' Effect?, Journal of Business Venturing, 28 (4, 489–510. IF: 3.062.

  • Colombo M.G., Croce A., Grilli, (2013), "ICT services and small businesses' productivity gains: an analysis of the adoption of broadband Internet technology", Information Economics and Policy, forthcoming. IF: 0.947.

  • Colombo M.G., Croce A., Murtinu S. (2013), "Ownership Structure, Horizontal Agency Costs and the Performance of High-Tech Entrepreneurial Firms", Small Business Economics, forthcoming. IF: 1.549.

  • Croce A., Grilli L., Murtinu S., (2013), "Venture Capital Enters Academia: An analysis of University-Managed Funds", Journal of Technology Transfer, forthcoming. IF: 1.692.

  • Colombo M.G., Croce A., Guerini M., (2013), “The effect of public subsidies on firm’s investment-cash flow sensitivity: transient or persistent?”, Research Policy, forthcoming. IF: 2.85.


- Books

  • Bertoni F., Colombo M.G., Croce A., Piva E. (2006), A review of the venture capital industry in Italy, in Greg Gregoriou, Maher Kooli, Roman Kraeussl (eds.), Venture Capital in Europe, pp. 129-141, Elsevier, Amsterdam.

  • Bertoni, F. Croce, A. (2011), "Policy reforms for venture capital in Europe", In M.G. Colombo, L. Grilli, L. Piscitello, C. Rossi Lamastra (eds.), Science and innovation policy for the new knowledge economy, Edward Elgar.

  • Bertoni F., Colombo M.G., Croce A., Corporate governance in high-tech firms, in Wright M., Siegel D.S., Keasey K., Filatotchev I. (eds), Handbook of Corporate Governance. Forthcoming.

  • Bertoni F., Croce A., Guerini M., "The effectiveness of private and public Venture Capital in supporting the investments of European young high tech companies", RENT Anthology, Edward Elgar, forthcoming.


- Working Papers

Croce A., Faff R., Lugo S., "Rating Alignment, Rating Shopping and Reputation of Credit Rating Agencies: Evidence from the Subprime Crisis".

Bertoni F., Croce A., Guerini M., " When and how Venture Capital alleviates the financial constraints of its portfolio firms”.

Cambini C., Croce A., Fumagalli E., “Output based incentive regulation: benchmarking with quality of supply in electricity distribution”.

Croce A., D'Adda D., Ughetto E., " Bank-affiliated venture capital and the financial distress risk of portfolio firms".

Bianchi M., Croce A., Dell’Era C., Di Benedetto A., Frattini F. " Understanding the dynamic effects of external technology acquisition: a longitudinal analysis of Spanish manufacturing firms".

Bertoni F., Croce A., Quas A., “How does Venture Capital create value in investee firms? A dynamic analysis”.

Croce A., Martì J., “Productivity Growth in Venture-Backed Family Firms".

Bianchi M., Croce A., Dell’Era C., Di Benedetto A., Frattini F. "Exploring the Impact of R&D Outsourcing on Product Innovation Performance: An Empirical Analysis On Spanish Manufacturing Firms".



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