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  • November 2019
  • Article

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

By: Marco Di Maggio, Francesco Franzoni, Amir Kermani and Carlo Sommavilla
This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then... View Details
Keywords: Broker Networks; Institutional Investors; Asset Prices; Business and Shareholder Relations; Institutional Investing; Information; Knowledge Dissemination; Financial Markets; Asset Pricing
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  • June 2025
  • Article

Collusion in Brokered Markets

By: John William Hatfield, Scott Duke Kominers and Richard Lowery
High commissions in the U.S. residential real estate agency market present a puzzle for economic theory because brokerage is not a concentrated industry. We model brokered markets as a game in which agents post prices for customers and then choose which other agents to... View Details
Keywords: Real Estate Agents; Real Estate; Realtors; Broker Networks; Brokerage; Brokerage Commissions; ＂Brokerage Industry; Brokered Markets; Brokering; Brokers; Industrial Organization; Repeated Game Framework; ＂Repeated Games＂; Collusion; Antitrust; Microeconomics; Market Design; Theory; Game Theory; Real Estate Industry
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  • January 2020
  • Case

Lunchclub: Algorithmic Networking

By: Scott Duke Kominers and George Gonzalez
Algorithmic networking startup Lunchclub coordinates in-person meetings between professionals who would have been unlikely to meet. The company faces marketplace design, growth, and monetization challenges: The executive team has to refine Lunchclub's marketplace... View Details
Keywords: Monetization Strategy; Networking; Business Startups; Marketplace Matching; Market Design; Growth and Development Strategy; Information Industry
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  • 17 Jul 2017
  • Working Paper Summaries

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

Keywords: by Marco Di Maggio, Francesco Franzoni, Amir Kermani, and Carlo Sommavilla
  • Article

The Value of Intermediation in the Stock Market

By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit... View Details
Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing
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  • 2021
  • Working Paper

The Value of Intermediation in the Stock Market

By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit... View Details
Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing; Financial Services Industry
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  • 03 Jun 2010
  • Working Paper Summaries

Platforms and Limits to Network Effects

Keywords: by Hanna Halaburda & Mikolaj Jan Piskorski
  • January 1990 (Revised June 1995)
  • Case

Colliers International Property Consultants

By: Nitin Nohria
Describes the origins, organizational structure, management practices, and use of information technology (IT) in Colliers, a real estate network. Colliers provides local firms with a way to maintain local autonomy while gaining national and international coverage.... View Details
Keywords: Property; Organizational Structure; Information Technology; Management Practices and Processes; Partners and Partnerships; Business Model; Mission and Purpose; Business Growth and Maturation; Conflict and Resolution; Quality; Real Estate Industry
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  • 2015
  • Working Paper

Client Service, Compensation, and the Sell-Side Analyst Objective Function: An Empirical Analysis of Relational Incentives in the Investment-Research Industry

By: David A. Maber, Boris Groysberg and Paul M. Healy
This paper investigates how sell-side analysts build and sustain their client networks; the economic gains to successfully managing this challenge; and the metrics through which these incentives are delivered. In a typical semiannual period, the average analyst... View Details
Keywords: Networks; Measurement and Metrics; Operations; Customer Focus and Relationships; Jobs and Positions
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  • September 2007
  • Article

Collaborative Brokerage, Generative Creativity, and Creative Success

Analyzing data on utility patents from 1975 to 2002 in the careers of 35,400 collaborative inventors, this study examines the influence of brokered versus cohesive collaborative social structures on an individual's creativity. We test the hypothesis that... View Details
Keywords: Collaborative Innovation and Invention; Patents; Personal Development and Career; Creativity; Power and Influence; Social and Collaborative Networks
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  • Research Summary

4. Collaborative Brokerage, Generative Creativity, and Creative Success

Joint work with Lee Fleming (Technology and Operations Management Unit, Harvard Business School) and David Chen (Doctoral Candidate, Harvard Business School and Harvard School of... View Details
  • 16 Apr 2012
  • Research & Ideas

The Inner Workings of Corporate Headquarters

"black box." Peering Into The Black Box In a new working paper written with Adam M. Kleinbaum (HBS DBA'08) of Dartmouth's Tuck School of Business, titled Inside the Black Box of Corporate Staff: Social Networks and the... View Details
Keywords: by Michael Blanding
  • 11 Dec 2012
  • First Look

First Look: Dec. 11

Internet's routing table, which is socially costly, so an IP address market should discourage subdividing IP address blocks more than necessary. Yet IP address transfer rules also need to facilitate purchase by the networks that need the... View Details
Keywords: Sean Silverthorne
  • February 2022
  • Case

NFX Capital and Moov Technologies

By: Scott Duke Kominers and Nicole Tempest Keller
In July 2019, James Currier, a general partner at San Francisco-based NFX Ventures, was considering a seed stage investment of $1.5 million in Moov Technologies, a B2B marketplace for used industrial equipment. NFX was a venture capital firm focused on seed-stage... View Details
Keywords: Venture Capital; Network Effects; Marketplace Matching; Digital Platforms; Market Design; Applications and Software; Semiconductor Industry; Financial Services Industry; San Francisco
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  • 15 Dec 2009
  • First Look

First Look: Dec. 15, 2009

  Working PapersThe Global Networks of Multinational Firms Authors:Laura Alfaro and Maggie Chen Abstract In this paper we characterize the topology of global multinational networks and examine the macro and... View Details
Keywords: Martha Lagace
  • 27 Sep 2011
  • First Look

First Look: September 27

learning and governance process. Implications for organization and leadership development and corporate governance are discussed. Read the paper: http://www.emeraldinsight.com/books.htm?chapterid=1937908&show=pdf Markets as Networks: The Dynamics and Implications... View Details
Keywords: Sean Silverthorne
  • 02 Oct 2017
  • What Do You Think?

Do Bitcoin and Digital Currency Have a Future?

specific use of the asset class when he observed that a possible use of Bitcoin could be “hedge funds betting on sovereign debt defaults.” Charles Sabatier III added that Bitcoin is the most secure financial network in the world. “The... View Details
Keywords: by James L. Heskett; Financial Services
  • 05 Jul 2017
  • Research & Ideas

Are Stockbrokers Illegally Leaking Confidential Information to Favored Clients?

assistant professor in the Finance unit at Harvard Business School. “Furthermore, it might even be illegal.” Di Maggio is the author of the paper The Relevance of Broker Networks for Information Diffusion in... View Details
Keywords: by Carmen Nobel; Financial Services
  • 18 Jul 2017
  • First Look

First Look at New Research and Ideas, July 18, 2017

preferences. Finally, we find no evidence that CEO activists using economic language are more persuasive in their appeals. The Relevance of Broker Networks for Information Diffusion in the Stock Market By:... View Details
Keywords: Sean Silverthorne
  • 10 Jul 2018
  • First Look

New Research and Ideas, July 10, 2018

forthcoming Journal of Financial Economics The Relevance of Broker Networks for Information Diffusion in the Stock Market By: Di Maggio, Marco, Francesco Franzoni, Amir Kermani, and Carlo Sommavilla... View Details
Keywords: Dina Gerdeman

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