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  • Photo du rédacteurHélène Dufour

Distrust Spillover on Banks: The Impact of Financial Advisory Misconduct

Local communities exposed to #fraudulent #investmentadvisory firms tend to withdraw deposits from their affiliated #banks, even though the banks are not involved in the #misconduct. The #reputationalrisk is more significant when banks share names with fraudulent advisory firms or are located in areas with high social norms. The author establishes causality by exploring a quasi-natural experiment in which #fraud is likely exogenously revealed.

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