The Market for Financial Adviser Misconduct

Mark Egan, Gregor Matvos, Amit Seru

NBER Working Paper No. 22050
Issued in February 2016, Revised in September 2017

---- Acknowledgments ----

We thank Sumit Agarwal, Ulf Axelson, Jonathan Berk, Jörn Boehnke, Douglas Diamond, Steve Dimmock, Alexander Dyck, Michael Fishman, Mark Flannery, Will Gerken, Erik Hurst, Anil Kashyap, Brigitte Madrian, Robert MacDonald, Lasse Pedersen, Jonathan Sokobin, Amir Sufi, Vikrant Vig, Rob Vishny, Luigi Zingales, and the seminar participants at the Becker Friedman Institute Industrial Organization of the Financial Sector Conference, the NBER Corporate Finance, NBER Summer Institute, NBER Household Finance, NBER Risk of Financial Institutions, CSEF-EIEF-SITE Conference on Finance and Labor, Mitsui Michigan Conference, LBS Summer Symposium, Society for Economic Dynamics Meetings, the University of California Berkeley, Boston College, Columbia University, the University of Chicago, Harvard Business School, London School of Economics, London Business School, the University of North Carolina, the Massachusetts Institute of Technology, the University of Minnesota, New York FED, New York University, FINRA, Oxford University, SEC DERA, SEC Enforcement, Stanford University, University of Virginia, Wharton, and Yale. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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