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The influence of regional gambling on financial advisor misconduct in the United States

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  • Yunzhe Zhu
  • Jiali Fang
  • Harvey Nguyen
  • Mia Hang Pham

Abstract

This study examines whether regional gambling attitudes influence financial advisor misconduct in the United States. Using a sample of more than 2.5 million advisor–year observations, we find that financial advisors and financial advisory firms operating in areas with high local gambling preferences are more likely to engage in misconduct. In-depth analyses at both the individual and firm levels, employing alternative measures of local gambling preference, different estimation models and instrumental variable approaches, confirm this finding. Our findings shed light on the role of regional gambling in shaping unethical financial conduct, offering valuable insights for practitioners and regulators.

Suggested Citation

  • Yunzhe Zhu & Jiali Fang & Harvey Nguyen & Mia Hang Pham, 2025. "The influence of regional gambling on financial advisor misconduct in the United States," Regional Studies, Taylor & Francis Journals, vol. 59(1), pages 2442006-244, December.
    • Handle: RePEc:taf:regstd:v:59:y:2025:i:1:p:2442006
    DOI: 10.1080/00343404.2024.2442006
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