Author
Mark Egan
Other affiliations: National Bureau of Economic Research
Bio: Mark Egan is an academic researcher from Harvard University. The author has contributed to research in topics: Health care & Misconduct. The author has an hindex of 9, co-authored 27 publications receiving 564 citations. Previous affiliations of Mark Egan include National Bureau of Economic Research.
Papers
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TL;DR: In this paper, the authors developed and estimated an empirical model of the U.S. banking sector using a new data set covering the largest U. S. banks over the period 2002-2013.
Abstract: PRELIMINARY AND INCOMPLETE, PLEASE DO NOT CITE WITHOUT PERMISSION. We develop and estimate an empirical model of the U.S. banking sector using a new data set covering the largest U.S. banks over the period 2002-2013. Our model incorporates insured depositors and run-prone uninsured depositors who have rich preferences over dierentiated banks. Banks compete for deposits in the spirit of Matutes and Vives (1996) and can endogenously default. We estimate demand for uninsured
185 citations
TL;DR: In this article, the authors document the economywide extent of misconduct among financial advisers and the associated labor market consequences, and show that seven percent of financial advisers have misconduct records, and this share reaches a maximum of 15%.
Abstract: 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 mor...
123 citations
TL;DR: In this paper, the authors examine gender differences in misconduct punishment in the financial advisory industry and find evidence of a "gender punishment gap": following an incident of misconduct, female advisers are 20% more likely to lose their jobs and 30% less likely to find new jobs relative to male advisers.
Abstract: We examine gender differences in misconduct punishment in the financial advisory industry. We find evidence of a "gender punishment gap": following an incident of misconduct, female advisers are 20% more likely to lose their jobs and 30% less likely to find new jobs relative to male advisers. Females face harsher outcomes despite engaging in misconduct that is 20% less costly and having a substantially lower propensity towards repeat offenses. The gender punishment gap in hiring and firing dissipates at firms with a greater percentage of female managers at the firm or local branch level. The gender punishment gap is not driven by gender differences in occupation (type of job, firm, market, or financial products handled), productivity, misconduct, or recidivism. We extend our analysis to explore the differential treatment of ethnic minorities and find similar patterns of "in-group" tolerance. Our evidence is inconsistent with a simple Bayesian model and suggests instead that managers are more forgiving of missteps among members of their own gender/ethnic group.
111 citations
TL;DR: In this paper, the authors constructed a database containing the universe of financial advisers in the United States from 2005 to 2015, representing approximately 10% of employment of the finance and insurance sector.
Abstract: We construct a novel database containing the universe of financial advisers in the United States from 2005 to 2015, representing approximately 10% of employment of the finance and insurance sector. Roughly 7% of advisers have misconduct records. Prior offenders are five times as likely to engage in new misconduct as the average financial adviser. Firms discipline misconduct: approximately half of financial advisers lose their job after misconduct. The labor market partially undoes firm-level discipline: of these advisers, 44% are reemployed in the financial services industry within a year. Reemployment is not costless. Following misconduct, advisers face longer unemployment spells, and move to less reputable firms, with a 10% reduction in compensation. Additionally, firms that hire these advisers also have higher rates of prior misconduct themselves. We find similar results for advisers of dissolved firms, in which all advisers are forced to find new employment independent of past misconduct or performance. Firms that persistently engage in misconduct coexist with firms that have clean records. We show that differences in consumer sophistication may be partially responsible for this phenomenon: misconduct is concentrated in firms with retail customers and in counties with low education, elderly populations, and high incomes. Our findings suggest that some firms "specialize" in misconduct and cater to unsophisticated consumers, while others use their reputation to attract sophisticated consumers.
106 citations
TL;DR: The authors found that consumers often purchase dominated bonds and brokers are incentivized to sell the dominated bonds, typically earning two times greater fees for selling them, and developed and estimated a broker-intermediated search model that rationalizes this behavior.
Abstract: I study how brokers distort household investment decisions. Using a novel convertible bond data set, I find that consumers often purchase dominated bonds—cheap and expensive otherwise‐identical bonds coexist in the market. Brokers are incentivized to sell the dominated bonds, typically earning two times greater fees for selling them. I develop and estimate a broker‐intermediated search model that rationalizes this behavior. The estimates indicate that costly search is a key friction in financial markets, but the effects of search costs are compounded when brokers are incentivized to direct the search of consumers toward high‐fee inferior products.
77 citations
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TL;DR: In this paper, the identification and inference for econometric models essays in honor of thomas rothenberg PDF is available on our online library. But they do not provide a review of the essays.
Abstract: IDENTIFICATION AND INFERENCE FOR ECONOMETRIC MODELS ESSAYS IN HONOR OF THOMAS ROTHENBERG PDF Are you looking for Ebook identification and inference for econometric models essays in honor of thomas rothenberg PDF? You will be glad to know that right now identification and inference for econometric models essays in honor of thomas rothenberg PDF is available on our online library. With our online resources, you can find identification and inference for econometric models essays in honor of thomas rothenberg or just about any type of ebooks, for any type of product.
767 citations
TL;DR: In this article, the authors study how two forces, regulatory differences and technological advantages, contributed to the growth of shadow banks in residential mortgage origination, concluding that traditional banks contracted in markets where they faced more regulatory constraints; shadow banks partially filled these gaps.
584 citations
572 citations