About
Kristjan Markovc, MSc
PhD Candidate in Economics and Finance
Founder of European Academic Association
Partner at Vizaris d.o.o. and eVem
Kristjan “Kris” Markovc is a doctoral student of economics on the University of Naples Federico II in Italy and a visiting scholar on KU Leuven. Born in Slovenia, he started rowing at the age of 10, a path that led to numerous athletic achievements and the invitation to the United States as a varsity athlete. Having completed a bachelor’s degree in the US, he decided to pursue his education on Tohoku University in Japan specializing in economics. For the terminal degree, he decided to pursue a Doctor of Philosophy (PhD) in economics and finance on the University of Naples Federico II in Naples, Italy under the supervision of Prof. Tommaso Oliviero. The academic path has taken him across three (3) continents and four (4) countries, not including the primary and secondary education.
Download: Resumè
Bio
Languages
| Slovenian: | Native – C2 |
| English: | Bilingual Proficiency – C2 |
| Italian: | Working Proficiency – B2 |
| Serbian: | Working Proficiency – B2 |
| Russian: | Limited Working Proficiency – A2 |
| German: | Limited Working Proficiency – A2 |
Programming languages
| Julia: | Professional knowledge |
| Python: | Professional knowledge |
| Stata: | Professional knowledge |
| R: | Supporting statistical software |
| C#: | Basic proficiency |
Athletics
Teams:
Florida Institute of Technology: 2015 – 2018
National Team:
Major Results:
5th place Junior World Championship 2014
6x Slovenian National Champion
1st place Dad Vails Regatta 2016
2x SIRAs Champion 2016, 2017
Tertiary Education
University of Naples Federico II
PhD in Economics and Finance
November 2021 – February 2026
| Fields of Interest: | Monetary Policy, Fiscal Policy, Corporate Finance |
| Department: | Naples School of Economics |
| Mentor: | Prof. Tommaso Oliviero |
| Thesis: | Incentives and the Real Effects of Policy and Exogenous Shocks in Corporate Finance |
KU Leuven
PhD in Economics and Finance – International Scholar
January 2023- January 2024
| Fields of Interest: | Monetary Policy, Fiscal Policy, Corporate Finance |
| Department: | Faculty of Economics and Business (FEB) |
| Inviting Professor: | Prof. Hans Degryse |
Tohoku University
Masters of Economics
October 2019 – September 2021
| Fields of Interest: | Environmental Economics |
| Department: | Graduate School of Economics and Management |
| Supervisor: | Prof. Akira Hibiki |
| GPA: | 3.94 – US Equivalent |
Florida Institute of Technology
Bachelor’s Degree
August 2015 – December 2018
| Major: | Business Administration – Global Management and Finance |
| Department: | Nathan M. Bisk College of Business |
| Supervisor: | Prof. Michael Slotkin |
| GPA: | 3.97 – Summa Cum Laude |
Guest Lectures
The Policy Mix - Fiscal and Monetary Tradeoffs Under Real-World Constraints
National Research University Higher School of Economics,
Saint Petersburg,
Russian Federation
January 22, 2026
Working Papers
Micro Firms Under Gross Receipts Taxation: Regime Choice and Revenue Reporting
Kristjan Markovc
University of Naples Federico II, Department of Economics and Statistics, Naples, Italy
This paper develops a theoretical model of firm behavior under gross receipts taxation (GRT) in an environment where entrepreneurs can choose between a profit-based tax regime and a GRT regime subject to a statutory eligibility threshold. Firms produce both legally reported and illegally concealed income, face convex costs of production, and are subject to an exogenous probability of audit. When audited, firms incur a fine proportional to the magnitude of undeclared income, capturing the increasing marginal risk of evasion. The model characterizes optimal reporting behavior, regime choice, and output decisions across heterogeneous firms, and yields sharp predictions regarding tax evasion, formal profitability, and the incidence of zombie firms. These theoretical predictions are compared to descriptive patterns from the 2013 introduction of the GRT in Slovenia.
Unconventional Monetary Policy and Corporate Bond Underwriting - Evidence from ECB’s Asset Purchase Program
Kristjan Markovc
University of Naples Federico II, Department of Economics and Statistics, Naples, Italy
This paper investigates the impact of the European Central Bank’s Corporate Sector Purchase Program (CSPP) on underwritten bonds within the Eurozone, employing panel data and a difference-in-differences framework. The analysis reveals that CSPP eligibility substantially reduces underwriting costs for eligible firms, with the most pronounced effects observed among those issuing ‘A’-rated bonds. This cost reduction facilitates access to financing under more favorable conditions, thereby enhancing the competitiveness of these firms in the capital markets. Furthermore, the study finds significant spill-over effects, where even non-targeted bonds experience shifts in underwriting cost structures, suggesting that the CSPP not only meets its targeted objectives but also triggers broader market adjustments. These insights underscore the program’s efficiency in lowering financing costs while highlighting the complex interplay between targeted policy interventions and overall market dynamics.
The Impact of Gross Receipt Taxation on Micro-Sized Firms
Kristjan Markovc
University of Naples Federico II, Department of Economics and Statistics, Naples, Italy
The resurgence of gross receipt taxation (“GRT”) as a means of securing reliable tax revenue and simplifying administration raises concerns about its impact on entrepreneurship and micro-sized firms. Using a 2013 legislative change in Slovenia as a natural experiment, this study examines the effects of GRT on micro-sized firms through a robust methodological approach, including difference-in-differences, fuzzy regression discontinuity, and propensity score matching. The findings indicate a statistically significant positive impact of GRT, but only for sole proprietors, with no effect on LLCs. The most plausible mechanism behind these results is improved tax compliance rather than increased investment or financial relief. By incentivizing firms to enter the simplified tax regime, GRT may encourage previously non-compliant businesses to report their true financial performance, leading to an observed rise in gross receipts. However, limitations in external validity persist due to firms’ self-selection into GRT taxation. These insights offer critical implications for policymakers considering GRT as a tool for revenue collection while balancing economic incentives for small business compliance.
Digital Transformation and Bank Risk in the Public Emergency
Yuchen Bian
Donghua University, China
Kristjan Markovc
University of Naples Federico II, Department of Economics and Statistics, Naples, Italy
Haifeng GU
Donghua University, China
Shuiwen GAO
Donghua University, China
Public emergencies significantly impact the stability of the financial system. Leveraging the first COVID-19 outbreak in Hubei Province, China, as a case study, this paper employs a difference-in-difference (DID) model to investigate these effects. The analysis demonstrates the impact of public emergencies on bank risk and explores the role of digital transformation in mitigating these risks. The findings indicate that public emergencies increase bank risk; however, digital transformation can mitigate challenges to credit operations, thereby reducing this risk. Furthermore, the study reveals that only banks’ passive risk-taking is affected by public emergencies, while active risk-taking remains unaffected. This paper advocates for commercial banks to accelerate digital transformation initiatives to control and reduce risks during public emergencies.
Academic Awards
Distinguished Student Scholar Award
Awarded for the outstanding academic performance as a senior student
Institution: Florida Institute of Technology
Date: Spring 2018
Outstanding Student of the Year Award
Awarded for the best performing senior student on Nathan M. Bisk College of Business
Institution: Florida Institute of Technology
Date: Spring 2018
Financial Executives International Senior Distinguished Scholar Award
Awarded for the outstanding academic performance in finance
Institution: Financial Executives International
Date: Spring 2018
Employee of the Semester
Awarded for the best performing employee in Clemente Center in Fall 2017 semester
Institution: Clemente Center, Florida Institute of Technology
Date: Fall 2017
Dean's List
Awarded for the maintaining high GPA in during the semester
Institution: Nathan M. Bisk College of Business
Date: Fall 2015 to Spring 2018
Scholar-Athlete Award
Awarded for the best academic performance among all varsity athletes on men’s rowing team
Institution: Florida Institute of Technology
Date: Spring 2017
Projects and Courses
8th Macroeconomist Training
Institution: International Monetary Fund (IMF)
Location: Tokyo, Japan
Date: January, 2020
Japanese Language Program
Institution: Tohoku University
Location: Sendai, Japan
Date: 04/2019 – 08/2019
X-Culture Project
Institution: Florida Institute of Technology
Location: Melbourne, Florida, USA
Date: 08/2018 – 12/2018
Anti-Defamation League (ADL) – Innovate Against Hate
Institution: Florida Institute of Technology
Location: Melbourne, Florida, USA
Date: 01/2018 – 05/2018
Conferences
Young Researchers Meeting on Social Risks
Title: Impact of Temperature Rise on Productivity of Vegetables in Japan
Authors: Kristjan Markovc and Prof. Akira Hibiki
Institution: Tohoku University
Date: August, 2021
Society for Environmental Economics and Policy Studies (SEEPS)
Conference participation
Date: September 2019
“[1] De liberalibus studiis quid sentiam scire desideras: nullum suspicio, nullum in bonis numero quod ad aes exit. Meritoria artificia sunt, hactenus utilia si praeparant ingenium, non detinent. Tamdiu enim istis inmorandum est quamdiu nihil animus agere maius potest; rudimenta sunt nostra, non opera. [2] Quare liberalia studia dicta sint vides: quia homine libero digna sunt. Ceterum unum studium vere liberale est quod liberum facit, hoc est sapientiae, sublime, forte, magnanimum: cetera pusilla et puerilia sunt. An tu quicquam in istis esse credis boni quorum professores turpissimos omnium ac flagitiosissimos cernis? Non discere debemus ista, sed didicisse.”
“EPISTULAE MORALES AD LUCILIUM” LXXXVIII. SENECA LVCILIO SVO SALVTEM — SENECA ~65AD