The influence of regional gambling on financial advisor misconduct in the United States
研究了美国区域赌博倾向是否影响金融顾问的不当行为，发现高赌博偏好地区的顾问和公司更易违规，对监管者和从业者有启示。
This study examines whether regional gambling attitudes influence financial advisor misconduct in the United States. Using a sample of more than 2.5 million advisor–year observations, we find that financial advisors and financial advisory firms operating in areas with high local gambling preferences are more likely to engage in misconduct. In-depth analyses at both the individual and firm levels, employing alternative measures of local gambling preference, different estimation models and instrumental variable approaches, confirm this finding. Our findings shed light on the role of regional gambling in shaping unethical financial conduct, offering valuable insights for practitioners and regulators.