Work‐from‐home and the risk of securities misconduct
利用新冠疫情期间的封锁政策作为自然实验，研究发现居家办公降低了证券交易员的不当行为发生率，为管理者平衡远程与办公室工作提供了风险视角。
Abstract In the wake of the global pandemic, a challenge for CEOs and boards is to set a stakeholder‐acceptable organizational balance between remote and traditional office working. However, the risks of work‐from‐home are not yet fully understood. We describe competing theories that predict the effect on misconduct of a corporate shift to work‐from‐home. Using internal bank data on securities traders we exploit lockdown variation induced by emergency regulation of the Covid‐19 pandemic. Our difference‐in‐differences analysis reveals that working from home lowers the likelihood of securities misconduct; ultimately those working from home exhibit fewer misconduct alerts. The economic significance of these changes is large. Our study makes an important step toward understanding the link between the balance of work locations and the risk that comes with this tradeoff.