The Market for Financial Adviser Misconduct
研究了金融顾问不当行为在经济中的普遍程度及其劳动力市场后果，发现7%的顾问有不当行为记录，约三分之一是惯犯，部分公司专门从事不当行为并迎合不成熟的消费者。
We document the economywide extent of misconduct among financial advisers and the associated labor market consequences. Seven percent of advisers have misconduct records, and this share reaches more than 15 percent at some of the largest firms. Roughly one-third of advisers with misconduct are repeat offenders. Approximately half of advisers lose their jobs after misconduct. The labor market partially undoes firm-level discipline by rehiring such advisers. Firms that persistently engage in misconduct coexist with firms that have clean records. We show that this phenomenon may be explained by some firms “specializing” in misconduct and catering to unsophisticated consumers.