FINRA - Publications - Faculty & Research

May 2022
Article

When Harry Fired Sally: The Double Standard in Punishing Misconduct

By: Mark Egan, Gregor Matvos and Amit Seru

We examine gender differences in misconduct punishment in the financial advisory industry. We find evidence of a “gender punishment gap”: following an incident of misconduct, female advisers are 20% more likely to lose their jobs and 30% less likely to find new jobs... View Details

Keywords: Financial Advisers; Brokers; Gender Discrimination; Consumer Finance; Financial Misconduct And Fraud; FINRA; Financial Institutions; Employees; Crime and Corruption; Gender; Prejudice and Bias; Personal Finance; Financial Services Industry

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Article

Corporate Culture and Analyst Catering

By: Joseph Pacelli

This study examines the relation between financial institutions’ corporate culture and the quality of analysts’ research services. Using data collected from the Financial Industry Regulatory Authority, I measure the weakness of financial institutions’ corporate culture... View Details

Keywords: Analysts; Corporate Culture; Global Settlement; Financial Institutions; Organizational Culture; Conflict of Interests; Performance; Quality

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February 2019
Article

The Market for Financial Adviser Misconduct

By: Mark Egan, Gregor Matvos and Amit Seru

We construct a novel database containing the universe of financial advisers in the United States from 2005 to 2015, representing approximately 10% of employment of the finance and insurance sector. We provide the first large-scale study that documents the economy-wide... View Details