Is Fraud Contagious? Coworker Influence on Misconduct by Financial Advisors
利用美国金融顾问的就业与不当行为记录，研究发现同事的不当行为史会显著增加个人实施金融欺诈的概率，且该效应在人口特征相似的同事间更强。
ABSTRACT Using a novel data set of U.S. financial advisors that includes individuals' employment histories and misconduct records, we show that coworkers influence an individual's propensity to commit financial misconduct. We identify coworkers' effect on misconduct using changes in coworkers caused by mergers of financial advisory firms. The tests include merger‐firm fixed effects to exploit the variation in changes to coworkers across branches of the same firm. The probability of an advisor committing misconduct increases if his new coworkers, encountered in the merger, have a history of misconduct. This effect is stronger between demographically similar coworkers.