Marco Di Maggio

Harvard Business School

Assistant Professor of Business Administration

Boston, MA 02163

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

22

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163

Scholarly Papers (22)

The Relevance of Broker Networks for Information Diffusion in the Stock Market

Swiss Finance Institute Research Paper No. 16-63, Harvard Business School Finance Working Paper
Number of pages: 74 Posted: 28 Oct 2016 Last Revised: 30 Aug 2018
Harvard Business School, USI Lugano, University of California, Berkeley and Università della Svizzera italiana (USI), Lugano; Swiss Finance Institute
Downloads 1,560 (10,630)

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broker networks, institutional investors, asset prices, information

The Relevance of Broker Networks for Information Diffusion in the Stock Market

Harvard Business School Finance Working Paper No. 18-001
Number of pages: 76 Posted: 05 Jul 2017
Harvard Business School, USI Lugano, University of California, Berkeley and Università della Svizzera italiana (USI), Lugano; Swiss Finance Institute
Downloads 159 (185,309)

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The Relevance of Broker Networks for Information Diffusion in the Stock Market

NBER Working Paper No. w23522
Number of pages: 75 Posted: 19 Jun 2017
Harvard Business School, USI Lugano, University of California, Berkeley and Università della Svizzera italiana (USI), Lugano; Swiss Finance Institute
Downloads 12 (589,542)

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Brokers and Order Flow Leakage: Evidence from Fire Sales

Swiss Finance Institute Research Paper No. 17-61
Number of pages: 61 Posted: 23 Jun 2017 Last Revised: 13 Jun 2018
Università della Svizzera italiana (USI), Lugano, Harvard Business School, USI Lugano and HEC
Downloads 985 (21,621)

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Predatory Trading, Back Running, Fire Sales, Brokers

Brokers and Order Flow Leakage: Evidence from Fire Sales

Harvard Business School Finance Working Paper No. 18-046
Number of pages: 61 Posted: 29 Nov 2017
Università della Svizzera italiana (USI), Lugano, Harvard Business School, USI Lugano and HEC
Downloads 338 (87,211)
Citation 1

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Brokers and Order Flow Leakage: Evidence from Fire Sales

NBER Working Paper No. w24089
Number of pages: 60 Posted: 06 Dec 2017
Università della Svizzera italiana (USI), Lugano, Harvard Business School, USI Lugano and HEC
Downloads 7 (624,139)
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3.

Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging

Columbia Business School Research Paper No. 14-24
Number of pages: 77 Posted: 03 Sep 2014 Last Revised: 05 Dec 2014
Marco Di Maggio, Amir Kermani and Rodney Ramcharan
Harvard Business School, University of California, Berkeley and University of Southern California, Marshall School of Business
Downloads 1,204 (16,260)
Citation 26

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Monetary policy, Household finance, Refinancing, Contract rigidities, Debt rigidity, MPC, deleveraging

4.

Credit-Induced Boom and Bust

The Review of Financial Studies (Forthcoming)
Number of pages: 63 Posted: 08 Jul 2014 Last Revised: 22 Dec 2016
Marco Di Maggio and Amir Kermani
Harvard Business School and University of California, Berkeley
Downloads 1,029 (20,540)
Citation 13

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Great Recession, subprime, credit supply, credit expansion, household leverage, household debt, preemption rule

How Quantitative Easing Works: Evidence on the Refinancing Channel

Columbia Business School Research Paper No. 16-1
Number of pages: 76 Posted: 09 Dec 2015 Last Revised: 06 Dec 2016
Marco Di Maggio, Amir Kermani and Christopher Palmer
Harvard Business School, University of California, Berkeley and MIT Sloan
Downloads 793 (29,414)
Citation 6

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Monetary policy, MBS, quantitative easing, LSAP, Refinancing, deleveraging, HARP, GSE

How Quantitative Easing Works: Evidence on the Refinancing Channel

NBER Working Paper No. w22638
Number of pages: 77 Posted: 20 Sep 2016 Last Revised: 11 May 2018
Marco Di Maggio, Amir Kermani and Christopher Palmer
Harvard Business School, University of California, Berkeley and MIT Sloan
Downloads 21 (530,507)
Citation 1

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Financial Disclosure and Market Transparency with Costly Information Processing

Forthcoming, Review of Finance, ECGI - Finance Working Paper
Number of pages: 47 Posted: 21 Oct 2012 Last Revised: 07 Dec 2016
Marco Di Maggio and Marco Pagano
Harvard Business School and University of Naples Federico II - Department of Economics and Statistics
Downloads 388 (74,483)
Citation 1

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disclosure, transparency, complex assets

Financial Disclosure and Market Transparency with Costly Information Processing

Forthcoming, Review of Finance
Number of pages: 47 Posted: 01 Nov 2014 Last Revised: 07 Dec 2016
Marco Di Maggio and Marco Pagano
Harvard Business School and University of Naples Federico II - Department of Economics and Statistics
Downloads 284 (105,710)

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disclosure, transparency, financial literacy, limited attention, OTC markets

Financial Disclosure and Market Transparency with Costly Information Processing

CEPR Discussion Paper No. DP9207
Number of pages: 40 Posted: 01 Feb 2013
Marco Di Maggio and Marco Pagano
Harvard Business School and University of Naples Federico II - Department of Economics and Statistics
Downloads 2 (666,280)
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financial disclosure, information processing, liquidity, market transparency, rational inattention

7.
Downloads 647 ( 39,381)
Citation 45

The Value of Trading Relationships in Turbulent Times

Journal of Financial Economics (JFE), Forthcoming, Columbia Business School Research Paper No. 15-65
Number of pages: 54 Posted: 07 Jul 2015 Last Revised: 20 Jul 2016
Marco Di Maggio, Amir Kermani and Zhaogang Song
Harvard Business School, University of California, Berkeley and Johns Hopkins University - Carey Business School
Downloads 636 (39,739)
Citation 4

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OTC markets, network, corporate bonds, crisis, intermediation chains, leaning against the wind

The Value of Trading Relationships in Turbulent Times

NBER Working Paper No. w22332
Number of pages: 52 Posted: 13 Jun 2016
Marco Di Maggio, Amir Kermani and Zhaogang Song
Harvard Business School, University of California, Berkeley and Johns Hopkins University - Carey Business School
Downloads 11 (596,381)
Citation 15

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Unemployment Insurance as an Automatic Stabilizer: The Financial Channel

Harvard Business School Finance Working Paper Forthcoming
Number of pages: 64 Posted: 08 Mar 2015 Last Revised: 22 May 2017
Marco Di Maggio and Amir Kermani
Harvard Business School and University of California, Berkeley
Downloads 504 (53,805)
Citation 1

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Unemployment insurance, automatic stabilizers, Bartik shocks, volatility, aggregate demand

The Importance of Unemployment Insurance as an Automatic Stabilizer

NBER Working Paper No. w22625
Number of pages: 72 Posted: 12 Sep 2016
Marco Di Maggio and Amir Kermani
Harvard Business School and University of California, Berkeley
Downloads 7 (624,139)

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The Unintended Consequences of the Zero Lower Bound Policy

Journal of Financial Economics (JFE), Forthcoming, Columbia Business School Research Paper No. 14-25
Number of pages: 57 Posted: 25 Jun 2014 Last Revised: 09 Feb 2016
Marco Di Maggio and Marcin T. Kacperczyk
Harvard Business School and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 425 (66,588)
Citation 1

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Quantitative easing, money market funds, reaching for yield, risk taking, fund exit, unconventional monetary policy

The Unintended Consequences of the Zero Lower Bound Policy

NBER Working Paper No. w22351
Number of pages: 51 Posted: 20 Jun 2016
Marco Di Maggio and Marcin T. Kacperczyk
Harvard Business School and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 11 (596,381)
Citation 4

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10.

Collateral Shortages and Intermediation Networks

Columbia Business School Research Paper No. 14-40
Number of pages: 33 Posted: 24 Sep 2014 Last Revised: 03 Nov 2015
Marco Di Maggio and Alireza Tahbaz-Salehi
Downloads 433 (65,723)
Citation 4

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Financial intermediation, financial networks, secured lending, collateral, repo runs, ABCP collapse

11.

Partial Deregulation and Competition: Effects on Risky Mortgage Origination

Harvard Business School Finance Working Paper, Columbia Business School Research Paper No. 15-47
Number of pages: 55 Posted: 08 Apr 2015 Last Revised: 03 Mar 2017
Marco Di Maggio, Amir Kermani and Sanket Korgaonkar
Harvard Business School, University of California, Berkeley and University of Virginia - McIntire School of Commerce
Downloads 337 (88,132)
Citation 6

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Great Recession, subprime, complex mortgages, credit supply, competition, household debt, preemption rule

12.
Downloads 273 (110,905)
Citation 8

Stock Market Returns and Consumption

Number of pages: 56 Posted: 24 Jan 2018 Last Revised: 18 Feb 2018
Marco Di Maggio, Amir Kermani and Kaveh Majlesi
Harvard Business School, University of California, Berkeley and Lund University
Downloads 246 (122,930)
Citation 9

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Capital gain, Dividend income, Consumption, Near-rational behavior

Stock Market Returns and Consumption

IZA Discussion Paper No. 11357
Number of pages: 58 Posted: 12 Mar 2018
Marco Di Maggio, Amir Kermani and Kaveh Majlesi
Harvard Business School, University of California, Berkeley and Lund University
Downloads 18 (549,814)

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capital gain, dividend income, consumption, near-rational behavior

Stock Market Returns and Consumption

NBER Working Paper No. w24262
Number of pages: 52 Posted: 29 Jan 2018
Marco Di Maggio, Amir Kermani and Kaveh Majlesi
Harvard Business School, University of California, Berkeley and Lund University
Downloads 9 (610,213)
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13.

Information Sharing, Social Norms and Performance

Number of pages: 51 Posted: 23 Jul 2011 Last Revised: 05 Sep 2013
Marco Di Maggio and Marshall W. Van Alstyne
Harvard Business School and Boston University – Questrom School of Business
Downloads 264 (114,798)

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learning effect, information sharing, productivity, communication

Second Chance: Life without Student Debt

Number of pages: 63 Posted: 26 Apr 2019 Last Revised: 02 Aug 2019
Marco Di Maggio, Ankit Kalda and Vincent W. Yao
Harvard Business School, Indiana University - Kelley School of Business - Department of Finance and Georgia State University - J. Mack Robinson College of Business
Downloads 238 (127,683)

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Student Debt, Private Student Loans, Legal Settlement, Mobility, Debt Collection

Second Chance: Life Without Student Debt

NBER Working Paper No. w25810
Number of pages: 59 Posted: 07 May 2019
Marco Di Maggio, Ankit Kalda and Vincent W. Yao
Harvard Business School, Indiana University - Kelley School of Business - Department of Finance and Georgia State University - J. Mack Robinson College of Business
Downloads 11 (596,381)
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15.

Market Turmoil and Destabilizing Speculation

Columbia Business School Research Paper No. 13-80
Number of pages: 53 Posted: 13 Nov 2013 Last Revised: 03 Aug 2016
Marco Di Maggio
Harvard Business School
Downloads 212 (142,847)
Citation 1

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Market freeze, arbitrageurs, amplification mechanism, price overshooting, financial crisis, speculation

16.

Fake Alphas, Tail Risk and Reputation Traps

Columbia Business School Research Paper No. 14-4
Number of pages: 49 Posted: 14 Dec 2013 Last Revised: 08 Jun 2015
Marco Di Maggio
Harvard Business School
Downloads 184 (162,890)

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reputation, alphas, flight to safety, hedge funds, John Paulson

Strategic Trading As a Response to Short Sellers

Swiss Finance Institute Research Paper No. 19-23
Number of pages: 56 Posted: 05 Apr 2019 Last Revised: 08 May 2019
Harvard Business School, USI Lugano, INSEAD - Finance and USI Lugano
Downloads 129 (220,160)

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Short selling, Informed trading, Strategic traders, Institutional Investors, Market efficiency

Strategic Trading as a Response to Short Sellers

CEPR Discussion Paper No. DP13812
Number of pages: 60 Posted: 30 Jul 2019
Harvard Business School, USI Lugano, INSEAD - Finance and USI Lugano
Downloads 1 (680,701)
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Informed trading, institutional investors, Market Efficiency, Short selling, Strategic traders

Household Credit and Local Economic Uncertainty

Number of pages: 44 Posted: 27 Jun 2017
Marco Di Maggio, Amir Kermani, Rodney Ramcharan and Edison Yu
Harvard Business School, University of California, Berkeley, University of Southern California, Marshall School of Business and Federal Reserve Bank of Philadelphia
Downloads 75 (318,341)

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Household Credit and Local Economic Uncertainty

FRB of Philadelphia Working Paper No. 17-21
Number of pages: 45 Posted: 04 Aug 2017
Marco Di Maggio, Amir Kermani, Rodney Ramcharan and Edison Yu
Harvard Business School, University of California, Berkeley, University of Southern California, Marshall School of Business and Federal Reserve Bank of Philadelphia
Downloads 31 (471,898)

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consumer credit, mortgages, credit cards, lending practices

The Value of Intermediation in the Stock Market

Number of pages: 53 Posted: 02 Aug 2019 Last Revised: 09 Aug 2019
Marco Di Maggio, Mark Egan and Francesco A. Franzoni
Harvard Business School, Harvard Business School and USI Lugano
Downloads 31 (477,039)

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Financial Intermediation, Institutional Investors, Research Analysts, Broker Networks, Equity Trading

The Value of Intermediation in the Stock Market

NBER Working Paper No. w26147
Number of pages: 54 Posted: 12 Aug 2019
Marco Di Maggio, Mark Egan and Francesco A. Franzoni
Harvard Business School, Harvard Business School and USI Lugano
Downloads 2 (666,280)
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20.

Health Spending Slowed Down in Spite of the Crisis

FRB of NY Staff Report No. 781
Number of pages: 22 Posted: 29 Jun 2016 Last Revised: 11 Nov 2017
Harvard Business School, Federal Reserve Bank of New York, University of California, Berkeley, Columbia University and Federal Reserve Bank of New York
Downloads 22 (507,374)

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health spending, Great Recession, anti-predatory lending

21.

Fintech Borrowers: Lax-Screening or Cream-Skimming?

Posted: 16 Aug 2018 Last Revised: 15 Feb 2019
Marco Di Maggio and Vincent W. Yao
Harvard Business School and Georgia State University - J. Mack Robinson College of Business

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Fintech, Credit History, Self-Control, Present-Bias

22.

Valuing Snap After the IPO Quiet Period (A)

HBS Case No. 218-095
Posted: 12 Jul 2018
Marco Di Maggio, Benjamin Esty and Greg Saldutte
Harvard Business School, Harvard Business School and Harvard Business School

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Initial Public Offering (IPO), Quiet Period, Sell-Side Analysts, Underwriters, Investment Banking, Affiliation Bias, Equity Research, Social Networks, Internet Companies, Discounted Cash Flow (DCF), Cost of Capital, Valuation, Conflicts of Interest, Corporate Governance, Online Advertising, Forecast