Publications

SSRN

February 2018
Article

Financial Disclosure and Market Transparency with Costly Information Processing

By: Marco Di Maggio and Marco Pagano

We study a model where some investors (“hedgers”) are bad at information processing, while others (“speculators”) have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if... View Details

Keywords: Financial Disclosure; Information Processing; Liquidity; Market Transparency; Rational Inattention; Information; Financial Liquidity; Knowledge Use and Leverage; Corporate Disclosure; Financial Markets; Investment

21 Dec 2015
News

Why the NFL gets a failing grade at Harvard Business School

November 2022
Article

Hate Crime Towards Minoritized Groups Increases as They Increase in Sized-Based Rank

By: Mina Cikara, Vasiliki Fouka and Marco Tabellini

People are on the move in unprecedented numbers within and between countries. How does demographic change affect local intergroup dynamics? In complement to accounts that emphasize stereotypical features of groups as determinants of their treatment, we propose the... View Details

Keywords: Prejudice; Minority; Hate Crimes; Reference Dependence; Prejudice and Bias; Attitudes; Demographics

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02 Jan 2020
News

16 New Business Books You Need to Read in 2020

2024
Working Paper

What Triggers National Stock Market Jumps?

By: Scott R. Baker, Nicholas Bloom, Steven J. Davis and Marco Sammon

We examine newspapers the day after major stock-market jumps to evaluate the proximate cause, geographic source, and clarity of these events from 1900 in the US, 1930 in the UK and 1980 in 12 other countries. We find four main results. First, the United States plays an... View Details

Keywords: Uncertainty; Policy Uncertainty; Stock Market; Financial Markets; Volatility; Risk and Uncertainty; Policy; Newspapers

16 Apr 2019
First Look

New Research and Ideas, April 16, 2019

interrelationships between three distinct parties: payers, providers, and consumers. Each group has its own perspective accompanied by a set of unique incentives, which complicate the adoption of a value-based health care system. To... View Details

Keywords: Dina Gerdeman

October 1996 (Revised April 1997)
Case

Team New Zealand (A)

By: Marco Iansiti and Alan D. MacCormack

The case describes the development process used by Team New Zealand to design their two yachts for the 1995 America's Cup. During development, the team makes extensive use of simulation and physical prototyping to improve the initial design concept. As they approach... View Details

Keywords: Product Design; Design; Product Development; Sports; Ship Transportation; Research and Development; Situation or Environment; Decisions; Sports Industry; New Zealand

January 2013 (Revised April 2013)
Case

Microsoft Server & Tools

By: Marco Iansiti and Alain Serels

In 2011, Microsoft's Server & Tools Business (STB) was large, fast growing and highly profitable on the strength of traditional packaged product lines led by the Windows Server operating system. Even as the current packaged business was performing exceptionally well,... View Details

Keywords: Technology; Computing; Enterprise Computing; Servers; Cloud Computing; Microsoft; Technology Evolution; Technological Innovation; Disruptive Innovation; Information Technology; Information Technology Industry

12 Feb 2019
First Look

New Research and Ideas, February 12, 2019

https://www.hbs.edu/faculty/Pages/item.aspx?num=55160 From Immigrants to Americans: Race and Assimilation During the Great Migration By: Fouka, Vasiliki, Soumyajit Mazumder, and Marco Tabellini Abstract— How... View Details

Keywords: Dina Gerdeman

February 2010 (Revised December 2011)
Case

Ricoh Company, Ltd.

By: Robert G. Eccles, Amy C. Edmondson, Marco Iansiti and Akiko Kanno

Ricoh, the Japanese copier manufacturer, is committed to reducing its environmental impact to one-eighth of its 2000 levels by 2050. It has already introduced three stages of environmental awareness to its operations, and its recycled copier business broke even in... View Details

Keywords: Environmental Accounting; Financial Reporting; Integrated Corporate Reporting; Investment; Operations; Corporate Social Responsibility and Impact; Environmental Sustainability; Electronics Industry; Manufacturing Industry; Japan

22 Mar 2011
First Look

First Look: March 22

and overly restricting access to credit and consumer choice. Nicolas Retsinas, Eric Belsky, and their colleagues aim to stimulate debate based on analysis of the opportunities and challenges presented by the various components of global... View Details

Keywords: Sean Silverthorne

2022
Working Paper

Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect

By: Cheng (Patrick) Luo, Enrichetta Ravina, Marco Sammon and Luis M. Viceira

Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading contributes to post earnings... View Details

Keywords: Retail Investors; Post Earnings Announcement Drift; Price Momentum; Behavioral Finance; Investment; Demographics

SSRN

November 2020 (Revised September 2021)
Case

HP Instant Ink: (Self) Disrupting the Consumer Printing Market

By: Elie Ofek, Marco Bertini, Oded Koenigsberg and George Gonzalez

Seeking to disrupt the consumer printing market (before being disrupted by others), and in response to customer pain points, in 2013 HP Inc. launched an ink replenishment service called Instant Ink, where customers pay a monthly subscription fee based on the number of... View Details

Keywords: Printing; Ink; Subscription Model; Customers; Information Infrastructure; Service Delivery; Business Model; Disruption; Growth and Development Strategy

2007
Working Paper

Dynamics of Platform Competition: Exploring the Role of Installed Base, Platform Quality and Consumer Expectations

By: Feng Zhu and Marco Iansiti

This paper seeks to answer three questions. First, which drives the success of a platform, installed base, platform quality or consumer expectations? Second, when does a monopoly emerge in a platform-based market? Finally, when is a platform-based market socially... View Details

Keywords: Price; Network Effects; Digital Platforms; Monopoly; Quality; Competitive Advantage; Digital Platforms

Article

The Value of Trading Relations in Turbulent Times

By: Marco Di Maggio, Amir Kermani and Zhaogang Song

This paper investigates how dealers’ trading relations shape their trading behavior in the corporate bond market. Dealers charge lower spreads to dealers with whom they have the strongest ties and more so during periods of market turmoil. Systemically important dealers... View Details

Keywords: OTC Markets; Network; Corporate Bonds; Crisis; Intermediation Chains; Leaning Against The Wind; Networks; Bonds; Behavior; Financial Crisis

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Forthcoming
Article

In the Red: Overdrafts, Payday Lending and the Underbanked

By: Marco Di Maggio, Angela Ma and Emily Williams

The reordering of transactions from “high-to-low” is a controversial bank practice thought to maximize fees paid by low-income customers on overdrawn accounts. We exploit multiple class-action lawsuits resulting in mandatory changes to this practice, coupled with... View Details

Keywords: Overdraft; Payday Loans; Excessive Fees; Underbanked; Underserved; Income; Personal Finance; Borrowing and Debt; Banks and Banking