标题： 金融顾问不当行为与劳动力市场惩罚：在不存在性别差距的情况下揭示种族差异 显示英文标题

标题： Financial Adviser Misconduct and Labor Market Penalties: Uncovering Racial Disparities in the Absence of Gender Gaps

摘要： 使用2008年至2018年美国金融顾问的全面匹配雇主-员工数据集，我们重新审视了金融不当行为后劳动力市场惩罚的既有证据。先前的研究报告称，女性顾问在发生不当行为后更有可能离开其公司，非白人顾问也存在类似的差异。然而，通过将不当行为分解为不同的披露事件——区分那些几乎总是导致工作终止的事件和那些不会导致工作终止的事件，我们发现明显的性别差距消失，而显著的种族差异仍然存在。具体而言，非白人顾问的工作分离率比白人同龄人高约24%。稳健性检验在替代规范下确认了这些发现，表明基于种族的劳动力市场差异对待是一种独特的现象，值得进一步研究。 显示英文摘要

摘要： Using a comprehensive matched employer-employee dataset for U.S. financial advisers from 2008 to 2018, we revisit established evidence on labor market penalties following financial misconduct. Prior studies report that female advisers are 20% more likely to exit their firms following misconduct and that similar disparities exist for non-white advisers. However, by disaggregating misconduct into distinct disclosure events - differentiating those that nearly always trigger job terminations from those that do not - we show that the apparent gender gap vanishes, while significant racial disparities persist. Specifically, non-white advisers face approximately 24% higher job separation rates than their white counterparts. Robustness checks confirm these findings across alternative specifications, suggesting that race-based differential treatment in the labor market is a distinct phenomenon warranting further investigation.