Real Estate Shocks and Financial Advisor Misconduct
研究发现，金融顾问个人房产价值下降会显著增加其职业不当行为，且对跨州客户影响更明显，对职业风险低或借贷约束强的顾问影响更大。
ABSTRACT We test whether personal real estate shocks affect professional misconduct by financial advisors. We use a panel of advisors' home addresses and examine within‐advisor variation relative to other advisors who work at the same firm and live in the same ZIP code. We find a negative relation between housing returns and misconduct. We show that advisors' housing returns explain misconduct against out‐of‐state customers, breaking the link between customer and advisor housing shocks. Furthermore, the results are stronger for advisors with lower career risk from committing misconduct, and for advisors with greater borrowing constraints.