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

  • Harvard Business School

  • National Bureau of Economic Research (NBER)

SCHOLARLY PAPERS

21

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Scholarly Papers (21)

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1.

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

Downloads 1,674 ( 9,480)

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
Marco Di Maggio, Francesco A. Franzoni, Amir Kermani and Carlo Sommavilla
Harvard Business School, USI Lugano, University of California, Berkeley and Università della Svizzera italiana (USI), Lugano; Swiss Finance Institute
Downloads 1,511 (10,984)

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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
Marco Di Maggio, Francesco A. Franzoni, Amir Kermani and Carlo Sommavilla
Harvard Business School, USI Lugano, University of California, Berkeley and Università della Svizzera italiana (USI), Lugano; Swiss Finance Institute
Downloads 153 (188,411)

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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
Marco Di Maggio, Francesco A. Franzoni, Amir Kermani and Carlo Sommavilla
Harvard Business School, USI Lugano, University of California, Berkeley and Università della Svizzera italiana (USI), Lugano; Swiss Finance Institute
Downloads 10 (591,547)

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2.

Brokers and Order Flow Leakage: Evidence from Fire Sales

Downloads 1,298 ( 14,164)

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
Andrea Barbon, Marco Di Maggio, Francesco A. Franzoni and Augustin Landier
Università della Svizzera italiana (USI), Lugano, Harvard Business School, USI Lugano and HEC
Downloads 960 (21,933)

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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
Andrea Barbon, Marco Di Maggio, Francesco A. Franzoni and Augustin Landier
Università della Svizzera italiana (USI), Lugano, Harvard Business School, USI Lugano and HEC
Downloads 331 (87,803)

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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
Andrea Barbon, Marco Di Maggio, Francesco A. Franzoni and Augustin Landier
Università della Svizzera italiana (USI), Lugano, Harvard Business School, USI Lugano and HEC
Downloads 7 (611,335)
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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 1,191 (16,179)

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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 1,018 (20,481)

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

5.

How Quantitative Easing Works: Evidence on the Refinancing Channel

Downloads 799 ( 29,061)

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 780 (29,548)

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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 19 (533,504)

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6.

Financial Disclosure and Market Transparency with Costly Information Processing

Downloads 660 ( 37,706)
Citation 1

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 382 (74,276)
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 276 (107,178)
Citation 1

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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 (651,297)
Citation 1
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financial disclosure, information processing, liquidity, market transparency, rational inattention

7.

The Value of Trading Relationships in Turbulent Times

Downloads 639 ( 39,296)

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 629 (39,571)

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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 10 (591,547)

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8.

Unemployment Insurance as an Automatic Stabilizer: The Financial Channel

Downloads 501 ( 53,866)

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 495 (54,074)

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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 6 (618,096)

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9.

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
Harvard Business School and Northwestern University - Kellogg School of Management
Downloads 430 (65,122)

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

10.

The Unintended Consequences of the Zero Lower Bound Policy

Downloads 430 ( 65,122)

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 420 (66,335)

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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 10 (591,547)

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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 Pennsylvania State University - Smeal College of Business
Downloads 332 (88,101)

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

12.

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 262 (113,762)

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learning effect, information sharing, productivity, communication

13.

Stock Market Returns and Consumption

Downloads 257 (116,041)

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 233 (127,732)

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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 15 (558,919)

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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 (598,135)
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14.

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 205 (144,983)

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

15.

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 181 (162,564)

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

16.

Second Chance: Life without Student Debt

Downloads 122 (226,487)

Second Chance: Life without Student Debt

Number of pages: 45 Posted: 26 Apr 2019 Last Revised: 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 117 (234,866)

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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: 46 Posted: 07 May 2019
Marco Di Maggio, Ankit Kalda and Vincent W. Yao
Harvard Business School, Indiana University - Kelley School of Business and Georgia State University - J. Mack Robinson College of Business
Downloads 5 (624,958)
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17.

Household Credit and Local Economic Uncertainty

Downloads 99 (261,138)

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 71 (323,234)

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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 28 (479,180)

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consumer credit, mortgages, credit cards, lending practices

18.

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
Marco Di Maggio, Francesco A. Franzoni, Massimo Massa and Roberto Tubaldi
Harvard Business School, USI Lugano, INSEAD - Finance and USI Lugano
Downloads 72 (317,169)

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

19.

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
Marco Di Maggio, Andrew Haughwout, Amir Kermani, Matthew Mazewski and Maxim Pinkovskiy
Harvard Business School, Federal Reserve Bank of New York, University of California, Berkeley, Columbia University and Federal Reserve Bank of New York
Downloads 19 (515,520)

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health spending, Great Recession, anti-predatory lending

20.

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

21.

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