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- People (1)
- News (112)
- Research (195)
- Multimedia (2)
- Faculty Publications (69)
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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
Egan, Mark, Gregor Matvos, and Amit Seru. "The Market for Financial Adviser Misconduct." Journal of Political Economy 127, no. 1 (February 2019): 233–295.
- 05 Aug 2020
- Video
Taking Stock of Financial Adviser Misconduct
- Fall 2024
- Article
The Problem of Good Conduct Among Financial Advisers
By: Mark Egan, Gregor Matvos and Amit Seru
Households in the United States often rely on financial advisers for investment and savings decisions, yet there is a widespread perception that many advisers are dishonest. This distrust is not unwarranted: approximately one in fifteen advisers has a history of... View Details
Egan, Mark, Gregor Matvos, and Amit Seru. "The Problem of Good Conduct Among Financial Advisers." Journal of Economic Perspectives 38, no. 4 (Fall 2024): 193–210.
- July 19, 2011
- Article
Retirement Challenges for Financial Advisers
By: Robert C. Pozen
Pozen, Robert C. "Retirement Challenges for Financial Advisers." Registered Rep (July 19, 2011).
- 12 Aug 2020
- News
Why Investors Often Lose When They Sue Their Financial Adviser
- 12 Aug 2020
- News
Why Investors Often Lose When They Sue Their Financial Adviser
- February 2014
- Teaching Note
Advising Families on Estate Planning
By: Robert C. Pozen
Sean Warrick is an estate planning adviser at Hellwig & Macon. He is preparing for meetings with two clients. His first clients are Peggy and David Bartley, a professional married couple of moderate wealth. His second clients are Ray and Michelle Polanski, a couple... View Details
- March 2005 (Revised February 2006)
- Case
Advising on Currency Risk at ICICI Bank
In March 2003, a client approached the Markets Advisory Group at ICICI Bank, India's second largest bank, about a hedging transaction. The hedge involved multiple interest rates and currencies. Shilpa Kumar, head of the Markets Advisory Group, has to put together a... View Details
Keywords: Risk and Uncertainty; Currency Exchange Rate; Capital Markets; Investment Funds; Banks and Banking; Financial Services Industry; Financial Services Industry; India
Chacko, George C., Marti G Subrahmanyam, Vincent Dessain, and Anders Sjoman. "Advising on Currency Risk at ICICI Bank." Harvard Business School Case 205-074, March 2005. (Revised February 2006.)
- 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
Egan, Mark, Gregor Matvos, and Amit Seru. "When Harry Fired Sally: The Double Standard in Punishing Misconduct." Journal of Political Economy 130, no. 5 (May 2022): 1184–1248.
- January 2004 (Revised February 2006)
- Case
Raymond James Financial
Raymond James Financial (RJF) currently sells financial services through two channels. It is considering adding a third in the "middle" of the other two. The current strategy has one channel with employees and another with independent contractors. These attract very... View Details
Keywords: Organizational Change and Adaptation; Salesforce Management; Marketing; Distribution Channels; Human Resources; Financial Services Industry; Financial Services Industry
Godes, David B. "Raymond James Financial." Harvard Business School Case 504-027, January 2004. (Revised February 2006.)
- 2020
- Working Paper
Arbitration with Uninformed Consumers
By: Mark Egan, Gregor Matvos and Amit Seru
This paper studies the impact of the arbitrator selection process on consumer outcomes by examining roughly 9,000 consumer arbitration cases in the securities industry. Securities disputes present a good laboratory: arbitration is mandatory for all disputes,... View Details
Keywords: Arbitration; Financial Advisers; Financial Advisors; Brokers; Consumer Finance; Financial Misconduct; Fraud; Personal Finance; Conflict and Resolution; Information; Fairness
Egan, Mark, Gregor Matvos, and Amit Seru. "Arbitration with Uninformed Consumers." Harvard Business School Working Paper, No. 19-046, October 2018. (Revise and Resubmit at the Review of Economic Studies. Revised May 2020. NBER Working Paper Series, No. 25150, October 2018)
- February 1997 (Revised April 1997)
- Case
Harrington Financial Group
By: Robert C. Merton and Alberto Moel
In early 1997, Harrington Bank, a small Indiana savings and loan (thrift) wondered what its next move should be. Harrington was acquired in 1988 by the principals of Smith Breeden Associates, a money-management and consulting firm specializing in the application of... View Details
Keywords: Banks and Banking; Mergers and Acquisitions; Price; Risk Management; Mortgages; Contracts; Asset Management; Investment; Financial Services Industry
Merton, Robert C., and Alberto Moel. "Harrington Financial Group." Harvard Business School Case 297-088, February 1997. (Revised April 1997.)
- 01 Dec 2002
- News
Secretary of Labor Elaine Chao Advises New MBA Students on Business Values
of United Way of America a decade ago after financial scandals and executive wrongdoing had shaken public trust in the charity taught her valuable leadership lessons. “Restoring financial integrity to the... View Details
- 17 Apr 2018
- News
Financial services firms expecting a hard Brexit, survey shows
- 01 Sep 2005
- News
Gifts Create Frist Financial Aid Fund
TOMMY, JULIE, AND BILLY FRIST: New fund supports fellowships and innovation in financial aid. Photo Courtesy Frist family Financial aid at HBS has received a $10 million boost, thanks to a $9 million gift... View Details
- 12 Sep 2023
- Research & Ideas
How Can Financial Advisors Thrive in Shifting Markets? Diversify, Diversify, Diversify
finding of a new study by Harvard Business School associate professor Marco Di Maggio. “Having a broader view of the financial picture of the client helps [advisers] keep their clients and helps with growing the clientele as well.”... View Details
- Web
Payment and Financial Aid - HBS Online
provided upon course completion, you may not use it to pay for an HBS Online course, unless the award directly reimburses you. Federal financial aid, except for eligible participants enrolled in the undergraduate credit option of CORe.... View Details
- 08 Jan 2018
- Research & Ideas
The Startling Percentage of Financial Advisors with Misconduct Records
favor of the client, criminal cases in which advisors were found guilty, and any firing for cause. The findings are contained in the forthcoming paper The Market for Financial Adviser Misconduct, scheduled... View Details