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The Moral Components of Financial Misconduct

Author

Listed:
  • Ajmal, Irsa
  • Stewart, Neil
  • Thanassoulis, John

Abstract

Using survey experiments in financial market settings we identify four moral components which contribute to the moral unacceptability of financial misconduct: lying, communication with the victim, colluding and using technology to effect the misconduct. We establish the moral magnitude of these components. We determine which of these are judged by respondents in a scale-sensitive, and which in a scale-insensitive manner. We determine if corporate victims are considered differently to human victims. And we draw out the implications for optimal regulatory policies concerning disclosure, investment advice and perceptions of optimal punishments.

Suggested Citation

  • Ajmal, Irsa & Stewart, Neil & Thanassoulis, John, 2026. "The Moral Components of Financial Misconduct," CEPR Discussion Papers 22084, Centre for Economic Policy Research.
    • Handle: RePEc:cpr:ceprdp:22084
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    File URL: https://cepr.org/publications/DP22084
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    Keywords

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    JEL classification:

    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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