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  • 08 Aug 2016
  • Working Paper Summaries

The Unintended Consequences of the Zero Lower Bound Policy

Keywords: by Marco Di Maggio and Marcin Kacperczyk; Banking
  • 25 Oct 2020
  • Research & Ideas

The Dark Side of Fintech Borrowing

Cream-Skimming?, was written by Marco Di Maggio, the Ogunlesi Family Associate Professor of Business Administration at Harvard Business School, View Details
Keywords: by Rachel Layne; Financial Services; Banking
  • 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
  • 17 Aug 2023
  • Research & Ideas

‘Not a Bunch of Weirdos’: Why Mainstream Investors Buy Crypto

wild ride. That is, until now. A new study by Harvard Business School professor Marco Di Maggio shows that on average, cryptocurrency investors... View Details
Keywords: by Ben Rand
  • 12 Sep 2023
  • Research & Ideas

How Can Financial Advisors Thrive in Shifting Markets? Diversify, Diversify, Diversify

finding of a new study by Harvard Business School associate professor Marco Di Maggio. “Having a broader view of the financial picture of the client helps [advisers] keep their... View Details
Keywords: by Ben Rand; Financial Services
  • 21 Nov 2022
  • Research & Ideas

Buy Now, Pay Later: How Retail's Hot Feature Hurts Low-Income Shoppers

offer the short-term loans to consumers. And it’s no wonder: Consumers using the payment method often spend more than they would with a credit card, according to new research by Harvard Business School... View Details
Keywords: by Rachel Layne; Retail; Financial Services; Technology
  • 18 May 2022
  • Research & Ideas

Are Banks the ‘Bad Guys’? Overdraft Fees Are Crushing Low-Income Customers

people." “The misconception is that checking accounts are vanilla products that don't screw people,” says Marco Di Maggio, the Ogunlesi Family Associate Professor of Business Administration at HBS. “Well,... View Details
Keywords: by Rachel Layne; Financial Services
  • 31 Oct 2016
  • Research & Ideas

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

and spending decisions.” Origination volume of refinance mortgages below and above the conforming loan limit following the first two rounds of quantitative easing, as recorded View Details
Keywords: by Carmen Nobel
  • 22 May 2019
  • Research & Ideas

Forgiving Student Loan Debt Leads to Better Jobs, Stronger Consumers

Life Without Student Debt” by Marco Di Maggio, Ankit Kalda, and Vincent W. Yao. And it’s important to remember,... View Details
Keywords: by Dina Gerdeman
  • August 2017
  • Comment

Comment on: "Dealer Balance Sheets and Bond Liquidity Provision" by Adrian, Boyarchenko and Shachar

By: Marco Di Maggio
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  • 13 Mar 2018
  • First Look

March 13, 2018

multidivisional enterprises that have diversified into related product lines. The present book aims to fill in this gap in the literature by adopting a coherent approach to this elusive subject. Publisher's link:... View Details
Keywords: Sean Silverthorne
  • November 2017
  • Article

Credit-Induced Boom and Bust

By: Marco Di Maggio and Amir Kermani
Can a credit expansion induce a boom and bust in house prices and real economic activity? This paper exploits the federal preemption of national banks in 2004 from local laws against predatory lending to gauge the effect of the supply of credit on the real economy.... View Details
Keywords: Great Recession; Subprime; Credit Supply; Credit Expansion; Household Leverage; Household Debt; Preemption Rule; Mortgages; Laws and Statutes; Credit; Household; Borrowing and Debt; Economic Slowdown and Stagnation
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  • 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
Related
  • Article

The Unintended Consequences of the Zero Lower Bound Policy

By: Marco Di Maggio and Marcin Kacperczyk
We study the impact of the zero lower bound interest rate policy on the industrial organization of the U.S. money fund industry. We find that in response to policies that maintain low interest rates, money funds change their product offerings by investing in riskier... View Details
Keywords: Quantitative Easing; Money Market Funds; Reaching For Yield; Risk Taking; Fund Exit; Unconventional Monetary Policy; Investment Funds; Interest Rates
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  • July 2019 (Revised March 2020)
  • Case

At-Bay Cyber Insurance

By: Marco Di Maggio and David Lane
At-Bay was a cyber insurance startup that offered companies coverage against a wide array of cyber risks—exposure to which the firm was able to quickly assess and price on the basis of technical expertise that traditional insurance carriers lacked. In mid-2019, At-Bay... View Details
Keywords: Business Startups; Insurance; Disruptive Innovation; Risk Management; Product Marketing; Distribution Channels; Information Technology; Salesforce Management; Insurance Industry
Related
  • August 2019 (Revised April 2021)
  • Case

Zillow Offers: Winning Online Real Estate 2.0

By: Luis Viceira, Marco Di Maggio and Allison Ciechanover
Founded in 2005, Zillow had become the leading online real estate and home-related marketplace. The brand was recognized as a trusted resource for players in the real estate market, providing information and transparency on home prices. Revenue, which was historically... View Details
Keywords: Real Estate; Corporate Culture; Intermediation; Brokerage; Startup; Evaluating Business Investments; Property; Information Technology; Business Model; Expansion; Business Startups; Media and Broadcasting Industry; Media and Broadcasting Industry; United States
Related
  • 2017
  • Working Paper

The Importance of Unemployment Insurance as an Automatic Stabilizer

By: Marco Di Maggio and Amir Kermani
We assess the extent to which unemployment insurance (UI) serves as an automatic stabilizer to mitigate the economy's sensitivity to shocks. Using a local labor market design based on heterogeneity in local benefit generosity (defined as the percentage of household... View Details
Keywords: Unemployment Insurance; Automatic Stabilizers; Bartik Shocks; Aggregate Demand; System Shocks; Employment; Balance and Stability; Insurance; Volatility; Insurance Industry
Related
  • October 2021
  • Article

Fintech Borrowers: Lax Screening or Cream-Skimming?

By: Marco Di Maggio and Vincent Yao
Personal credit is the fastest-growing segment of the consumer credit market, mainly driven by fintech lenders' staggering expansion. We study this market using a unique individual-level data, which covers most of the top fintech and traditional lenders, and provides... View Details
Keywords: Fintech; Lending; Consumer Finance; Credit History; Self-control; Present Bias; Financing and Loans; Personal Finance; Credit; Behavior
Related
  • 03 Jan 2017
  • First Look

January 3, 2017

January 2017 Journal of Financial Economics The Unintended Consequences of the Zero Lower Bound Policy By: Di Maggio, Marco, and Marcin View Details
Keywords: Carmen Nobel
  • 02 Aug 2016
  • First Look

August 2, 2016

The Unintended Consequences of the Zero Lower Bound Policy By: Di Maggio, Marco, and Marcin Kacperczyk Abstract—We study the impact of the zero... View Details
Keywords: Sean Silverthorne

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