Headshot of Alessandro Melone

Alessandro Melone

Assistant Professor of Finance
Finance

Background

Alessandro Melone joined the Department of Finance at Fisher in 2022, after earning a Ph.D in Finance from the Vienna Graduate School of Finance (VGSF). During his doctoral studies, he was a visiting scholar at Bocconi University and Northwestern University.

Professor Melone’s research interests focus on empirical asset pricing, macro-finance, and investments. His research received the John A. Doukas Ph.D. Best Paper Award (2022) and the IQAM Research Award (2022) and has been featured in major financial media outlets, including The Wall Street Journal, Bloomberg, and the Financial Times. His work has been published in the Journal of Financial and Quantitative Analysis.

Professor Melone teaches Investments to undergraduate students at Fisher.

Publications

Monetary Policy and Bond Pricing with Drifting Equilibrium Rates. with Favero and Tamoni.  Journal of Financial and Quantitative Analysis, forthcoming. 

Working Papers

While rebalancing is a fundamental tool for investors, mechanical rebalancing costs about 8 basis points annually due to price pressures.

 

Threats of adverse geopolitical events align with geopolitical risk perceptions and capital allocation decisions of investors and firms, and capture variation in risk premia across assets and over time. 

  • Conferences: 2027 AFA, 2026 WFA, 2026 EFA, 2026 NFA, 2026 ABFER, 2026 Politics in Finance, 2026 World Symposium on Investment Research, 2026 FSU Truist Beach Conference, 2026 Esade Spring Workshop, 2026 MoFiR Workshop, 2025 Stanford SITE, 2025 WashU Olin Finance Conference, 2025 SAFE Asset Pricing Workshop, 2025 NYU Shanghai-VINS Annual Conference, 2025 International Behavioural Finance Conference at Chicago Booth, 2025 CREDIT

  • 2026 ICPM Research Award - Finalist

  • Media Coverage:  Barron's

 

Reversal Patterns in Risk-Adjusted Anomaly Returns
 
 

(with Carlo Favero and Andrea Tamoni)

Revise and Resubmit, Management Science

We document long-term reversal patterns in risk-adjusted returns across a broad set of equity anomalies. 

  • Conferences: 2025 SFS Cavalcade, 2024 AFA, 2024 MFA, 2024 EWFS, 2023 AiE, 2023 IWiFE

 

Currency markets price global geopolitical risk, and currencies’ risk exposures reflect how expected capital flows respond to geopolitical turmoil.

  • Conferences: 2026 International Finance Society Conference, 2026 LTI-Bank of Italy Workshop

 

Time-Varying Equity Premium with Noisy Consumption
 

A new version is coming soon!

Measurement error—not model failure—largely accounts for the weak empirical performance of the surplus consumption ratio.

  • Conferences: 2025 Finance Down Under, 2023 SoFiE, 2022 SFS Cavalcade Asia-Pacific, 2022 EEA, 2022 IAAE, 2022 EFMA, 2022 NZFM

  • 2023 VGSF Best Dissertation Award, 2022 John Doukas Ph.D. Best Paper Award

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Stock-Oil Comovement:  Fundamentals or Financialization? with Otto Randl, Leopold Sogner and Josef Zechner.  November 2022.  Featured in Wall Street Journal, February 2023.

Macro Trends and Factor Timing, with Carlo Favero and Andrea Tamoni.  October 2021.  Awarded IQAM Research Prize, November 2022.

Consumption Disconnect Redux, October 2021.  Awarded John A. Doukas Best Doctoral Paper Award.

Factor Models with Drifting Prices with Carlo Favero and Andrea Tamoni. 

Long-Run Trends in Demographics, Income Inequality, and the Natural Rate of Interest:  Further Evidence with Carlo Favero, Sladana Krgovic, and Andrea Tamoni)