Gaia Rubera

Università Bocconi, Marketing, Faculty Member

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Full Professor of Marketing, Bocconi UniversityDirector, MSc in Data Science
Phone: +39 02 5836288
Address: GAIA RUBERA
Department of Marketing
Bocconi University
Via Roentgen 1, 20136 Milan (Italy)
4th floor, room C1-15
e-mail: gaia.rubera@unibocconi.it

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Papers by Gaia Rubera

Monetary Policy, Twitter and Financial Markets: Evidence from Social Media Traffic

Capital Markets: Market Efficiency eJournal, 2021

How does central bank communication affect financial markets? This paper shows that the monetary ... more How does central bank communication affect financial markets? This paper shows that the monetary policy announcements of three major central banks, i.e. the European Central Bank, the Federal Reserve and the Bank of England, trigger significant discussions on monetary policy on Twitter. Using machine learning techniques we identify Twitter messages related to monetary policy around the release of monetary policy decisions and we build a metric of the similarity between the policy announcement and Twitter traffic before and after the announcement. We interpret large changes in the similarity of tweets and announcements as a proxy for monetary policy surprise and show that market volatility spikes after the announcement whenever changes in similarity are high. These findings suggest that social media discussions on central bank communication are aligned with bond and stock market reactions.

Selfie, Big Data e Customer Intelligence

Electronic Markets, 2015

The Moderating Effects of National Innovation Systems on the Firm Innovativeness-Performance Relationship

Spinoffs versus Buyouts: Profitability of Alternate Routes to Commercializing Innovations

SSRN Electronic Journal, 2013

This research compares innovation-related spinoffs and buyouts. Innovation-related divestitures a... more This research compares innovation-related spinoffs and buyouts. Innovation-related divestitures are companies created with the intent of better developing and marketing new products in new or existing markets. We investigate how and why spinoffs' and buyouts' strategic emphasis, radicalness of products, and profits diverge over time. Using longitudinal data on 126 spinoffs and 102 buyouts over 5 years, this study provides three critical findings. First, spinoffs and buyouts have similar profits in the first two years after divestiture; afterwards buyouts have much higher profits than spinoffs. Second, divestiture type influences performance through two routes: a one-step mediated effect via strategic emphasis; and a two-step mediated effect via strategic emphasis and radicalness. The two routes have opposite effects on performance. Third, strategic emphasis is the central, causal mechanism that generates heterogeneity in the evolution of spinoffs' and buyouts' performance.

Gaia Rubera

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