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Publications

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  • 20 Feb 2018
  • Working Paper Summaries

Stock Market Returns and Consumption

Keywords: by Marco Di Maggio, Amir Kermani, and Kaveh Majlesi; Financial Services
  • 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
  • 31 Aug 2020
  • Working Paper Summaries

The Pass-Through of Uncertainty Shocks to Households

Keywords: by Marco Di Maggio, Amir Kermani, Rodney Ramcharan, Vincent Yao, and Edison Yu
  • 19 May 2022
  • News

Cratering Markets Blowing a Bigger Hole in Consumer Psychology

  • 05 Dec 2016
  • News

What Trump Didn't Learn From the Financial Crisis

  • 05 Jul 2017
  • Research & Ideas

Are Stockbrokers Illegally Leaking Confidential Information to Favored Clients?

strategy, thus earning higher returns themselves—to the detriment of the rest of the market, which was not privy to the leak. “It’s a huge issue, because it hurts the investors who try to implement their investment ideas and puts the... View Details
Keywords: by Carmen Nobel; Financial Services
  • 31 Oct 2016
  • Research & Ideas

Quantitative Easing Didn’t Ease the Housing Crisis for the Neediest

virtual roller coaster of the financial markets. The findings are detailed in the paper How Quantitative Easing Works: Evidence on the Refinancing Channel, co-authored by Marco View Details
Keywords: by Carmen Nobel
  • December 2020
  • Article

Stock Market Returns and Consumption

By: Marco Di Maggio, Amir Kermani and Kaveh Majlesi
This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households’ portfolio weights in previous years as an instrument for actual... View Details
Keywords: Capital Gain; Dividend Income; Consumption; Near-rational Behavior; Investment Return; Household; Spending; Behavior
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  • 27 Feb 2018
  • First Look

First Look at New Research and Ideas, February 27, 2018

https://www.hbs.edu/faculty/Pages/item.aspx?num=54078 Stock Market Returns and Consumption By: Di Maggio, Marco, Amir View Details
Keywords: Sean Silverthorne
  • October 22, 2012
  • Article

Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging

By: Marco Di Maggio, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru and Vincent Yao
Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50%) induces a significant increase in car purchases (up to 35%). This effect is attenuated by voluntary deleveraging. Borrowers... View Details
Keywords: Monetary Policy; Household Finance; Refinancing; Contract Rigidities; Debt Rigidity; MPC; Deleveraging; Personal Finance; Household; Policy; Borrowing and Debt; Macroeconomics
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  • Web

Behavioral Finance & Financial Stability

research here , Vincent’s other research here , and Edison’s other research here . More Info Stock Market Returns and Consumption By: Marco Di... View Details
  • July 2022
  • Article

The Pass-Through of Uncertainty Shocks to Households

By: Marco Di Maggio, Amir Kermani, Rodney Ramcharan, Vincent Yao and Edison Yu
Using new employer-employee matched data, this paper investigates the impact of uncertainty, as measured by idiosyncratic stock market volatility, on individual outcomes. We find that firms provide at best partial insurance to their workers. An increase in firm-level... View Details
Keywords: Employment Risk; Consumption; Employment; Risk and Uncertainty; System Shocks; Insurance; Household; Spending
Related
  • Web

Research - Behavioral Finance & Financial Stability

Partial Deregulation and Competition: Effects on Risky Mortgage Origination By: Marco Di Maggio , Amir Kermani & Sanket Korgaonkar NOV 2016 How... View Details