Can ethics be taught? Evidence from securities exams and investment adviser misconduct


Kowaleski, Zachary T. ; Sutherland, Andrew G. ; Vetter, Felix W.



DOI: https://doi.org/10.1016/j.jfineco.2020.04.008
URL: https://www.sciencedirect.com/science/article/abs/...
Additional URL: https://www.semanticscholar.org/paper/Can-Ethics-b...
Document Type: Article
Year of publication: 2020
The title of a journal, publication series: Journal of Financial Economics
Volume: 138
Issue number: 1
Page range: 159-175
Place of publication: Amsterdam [u.a.]
Publishing house: Elsevier
ISSN: 0304-405X
Publication language: English
Institution: Business School > Accounting & Taxation (Juniorprofessur) (Vetter 2020-)
Subject: 330 Economics
Abstract: We study the consequences of a 2010 change in the investment adviser qualification exam that reallocated coverage from the rules and ethics section to the technical material section. Comparing advisers with the same employer in the same location and year, we find those passing the exam with more rules and ethics coverage are one-fourth less likely to commit misconduct. The exam change appears to affect advisers’ perception of acceptable conduct and not just their awareness of specific rules or selection into the qualification. Those passing the rules and ethics-focused exam are more likely to depart employers experiencing scandals. Such departures also predict future scandals. Our paper offers the first archival evidence on how rules and ethics training affects conduct and labor market activity in the financial sector.
Translation of the title: Kann Ethik gelehrt werden? Beweise aus Wertpapierprüfungen und Fehlverhalten von Anlageberatern (German)

Dieser Eintrag ist Teil der Universitätsbibliographie.




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Kowaleski, Zachary T. ; Sutherland, Andrew G. ; Vetter, Felix W. (2020) Can ethics be taught? Evidence from securities exams and investment adviser misconduct. Journal of Financial Economics Amsterdam [u.a.] 138 1 159-175 [Article]


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