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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.
Keywords: Financial Misconduct
Financial Advisors
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.
ISSN: 0022-1082
DOI: 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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