Is fraud contagious? Coworker influence on misconduct by financial advisors
Using a novel data set of U.S. fi nancial advisors that includes individuals' employment histories and misconduct records, we show that co-workers influence an individual's propensity to commit financial misconduct. We identify co-workers' effect on misconduct using changes in co-...
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| Main Authors: | , , |
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| 其他作者: | |
| 格式: | Article |
| 語言: | English |
| 出版: |
2019
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| 主題: | |
| 在線閱讀: | https://hdl.handle.net/10356/102643 http://hdl.handle.net/10220/47774 |
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| 機構: | Nanyang Technological University |
| 語言: | English |
| 總結: | Using a novel data set of U.S. fi nancial advisors that includes individuals' employment histories
and misconduct records, we show that co-workers influence an individual's propensity to
commit financial misconduct. We identify co-workers' effect on misconduct using changes
in co-workers caused by mergers of financial advisory firms. The tests include merger-fi rm
fixed effects to exploit the variation in changes to co-workers across branches of the same
fi rm. The probability of an advisor committing misconduct increases if his new co-workers,
encountered in the merger, have a history of misconduct. This effect is stronger between
demographically similar co-workers. |
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