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|Title:||Is fraud contagious? Coworker influence on misconduct by financial advisors||Authors:||Dimmock, Stephen G.
Gerken, William C.
Graham, Nathaniel P.
|Issue Date:||2018||Source:||Dimmock, S. G., Gerken, W. C., & Graham, N. P. (2018). Is fraud contagious? Coworker influence on misconduct by financial advisors. The Journal of Finance, 73(3), 1417-1450. doi:10.1111/jofi.12613||Series/Report no.:||The Journal of Finance||Abstract:||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.||URI:||https://hdl.handle.net/10356/102643
|ISSN:||0022-1082||DOI:||http://dx.doi.org/10.1111/jofi.12613||Rights:||© 2018 The American Finance Association. All rights reserved. This paper was published in Journal of Finance and is made available with permission of The American Finance Association.||Fulltext Permission:||open||Fulltext Availability:||With Fulltext|
|Appears in Collections:||NBS Journal Articles|
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