作者：Egan, Mark; Matvos, Gregor; Seru, Amit
作者单位：Harvard University; University of Texas System; University of Texas Austin; Stanford University
摘要：We document the economywide extent of misconduct among financial advisers and the associated labor market consequences. Seven percent of advisers have misconduct records, and this share reaches more than 15 percent at some of the largest firms. Roughly one-third of advisers with misconduct are repeat offenders. Approximately half of advisers lose their jobs after misconduct. The labor market partially undoes firm-level discipline by rehiring such advisers. Firms that persistently engage in mis...
作者：Meirowitz, Adam; Morelli, Massimo; Ramsay, Kristopher W.; Squintani, Francesco
作者单位：Utah System of Higher Education; University of Utah; Bocconi University; Centre for Economic Policy Research - UK; Princeton University; University of Warwick
摘要：Engagement in a destructive war can be understood as the punishment for entering into a dispute. Institutions that reduce the chance that disputes lead to war make this punishment less severe. This may incentivize hawkish policies like militarization and potentially offset the benefits of peace brokering. We study a model in which unmediated peace talks are effective at improving the peace chance for given militarization but lead to more militarization and ultimately to a higher incidence of w...
