Using a novel data set of U.S. financial advisors that includes individuals' employment histories and misconduct records, we show that co-workers influence an individual's propensity to commit financial misconduct. We identify co-workers' effect on misconduct using changes in co-workers caused...

Clustered covariances or clustered standard errors are very widely used to account for correlated or clustered data, especially in economics, political sciences, or other social sciences. They are employed to adjust the inference following estimation of a standard least-squares regression or...

Clustered covariances or clustered standard errors are very widely used to account for correlated or clustered data, especially in economics, political sciences, or other social sciences. They are employed to adjust the inference following estimation of a standard least-squares regression or...

Financial advisors who have a fiduciary duty receive more than 2/3 of all formal customer complaints despite being slightly fewer in number than brokers. I show that the products and services their employers offer explains this difference; advisors at advisory firms and mutual fund dealers receive...

I examine whether the difficulty of estimating parameters, which is generally referred to as parameter uncertainty or estimation risk, is itself a priced risk. I primarily consider parameter uncertainty in the context of factor models such as the CAPM and Fama-French four factor model, using...