How Does the Economy Shape the Financial Advisory Profession?
研究发现，在经济衰退期开始职业生涯的金融顾问，其整个职业生涯中发生职业不当行为的可能性更低，即使与同一公司、同一地点、同一时间的同事相比也是如此。
We examine whether economic conditions have a long-term impact on the composition of available financial advisors in the profession. We find that financial advisors who start their career in recessions are less likely to commit professional misconduct throughout their career, even compared with their colleagues working in the same firm, at the same location, and at the same point in time. We show that this relation between early economic conditions and advisor misconduct remains after controlling for differences in hiring firms, advisor characteristics, and opportunities to commit misconduct. Collectively, our evidence suggests that economic conditions shape the types of financial advisors who are ultimately available in the profession. This paper was accepted by Brian Bushee, accounting.