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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
Keywords: Financial Advisors; Brokers; Consumer Finance; Financial Misconduct And Fraud; FINRA; Financial Institutions; Crime and Corruption; Organizational Culture; Personal Finance; Financial Services Industry
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  • 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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    John Beshears

    John Beshears is the Albert J. Weatherhead Jr. Professor of Business Administration in the Negotiation, Organizations & Markets Unit, teaching the second-year MBA course "Negotiation." He is also a research associate at the National Bureau of Economic Research.... View Details

      John F. Batter

      John Batter is a retired Litigation Partner in the Boston Office of Wilmer Cutler Pickering Hale and Dorr LLP where his practice focussed on on the defense of public and private companies and their directors and management against breach of fiduciary duty claims and... View Details

      • 17 Dec 2018
      • Research & Ideas

      Women Receive Harsher Punishment at Work Than Men

      from our findings that managers are necessarily aware of this bias,” he says. “It could be conscious or unconscious. Just seeing this information and being aware of the bias could help both men and women act more fairly.” After all, he notes, firms have access to the... View Details
      Keywords: by Michael Blanding; Financial Services
      • 12 Aug 2020
      • Research & Ideas

      Why Investors Often Lose When They Sue Their Financial Adviser

      repealed the regulations shortly after they were introduced. Finra has considered measures to level the playing field, including letting parties eliminate more arbitrators and boosting arbitrators’ pay. Egan’s research suggests that those... View Details
      Keywords: by Danielle Kost; Financial Services
      • 21 Jul 2022
      • Research & Ideas

      Did Pandemic Stimulus Funds Spur the Rise of 'Meme Stocks'?

      Authority (FINRA) trading information. In one analysis, the team used FINRA data to compare two groups of more than 500 stocks that retail investors likely targeted. To get a sense of timing, the researchers used US Treasury press... View Details
      Keywords: by Rachel Layne; Financial Services
      • 24 May 2017
      • News

      John J. Brennan, MBA 1980

      1998 Named Chairman, Vanguard 2002 Publishes Straight Talk on Investing: What You Need to Know 2009 Retires from Vanguard 2009 Named head of FINRA Board of Governors 2012 Named Director, General Electric 2015 Elected Chair, University of... View Details
      Keywords: Susan Young
      • 08 Jan 2018
      • Research & Ideas

      The Startling Percentage of Financial Advisors with Misconduct Records

      apples, the industry as a whole doesn’t seem to keep them accountable. Resources for investors If consumers are concerned about the integrity of their advisor, Egan recommends that they look them up on BrokerCheck, a free, publicly accessible portal to the View Details
      Keywords: by Michael Blanding; Financial Services