Financial misconduct rates differ widely between major cities, up to a factor of three; rates strongly related to other unethical behavior, involving politicians, doctors, and (potentially unfaithful) spouses, in the city

The Geography of Financial Misconduct. Christopher A Parsons, Johan Sulaeman, Sheridan Titman. The Journal of Finance, https://doi.org/10.1111/jofi.12704

ABSTRACT: Financial misconduct (FM) rates differ widely between major U.S. cities, up to a factor of three. Although spatial differences in enforcement and firm characteristics do not account for these patterns, city‐level norms appear to be very important. For example, FM rates are strongly related to other unethical behavior, involving politicians, doctors, and (potentially unfaithful) spouses, in the city.