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  Trustworthiness in the Financial Industry

Gill, A., Heinz, M., Schumacher, H., & Sutter, M. (2020). Trustworthiness in the Financial Industry.

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Item Permalink: http://hdl.handle.net/21.11116/0000-0006-D2B2-3 Version Permalink: http://hdl.handle.net/21.11116/0000-0006-D2B3-2
Genre: Paper

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 Creators:
Gill, Andrej, Author
Heinz, Matthias1, Author              
Schumacher, Heiner, Author
Sutter, Matthias, Author
Affiliations:
1Max Planck Institute for Research on Collective Goods, Max Planck Society, ou_2173688              

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Free keywords: Trustworthiness, Financial Industry, Selection, Social Preferences, Experiment
 JEL: C91 - Laboratory, Individual Behavior
 JEL: G20 - General
 JEL: M51 - Firm Employment Decisions; Promotions
 Abstract: The financial industry has been struggling with widespread misconduct and public mistrust. Here we argue that the lack of trust into the financial industry may stem from the selection of subjects with little, if any, trustworthiness into the financial industry. We identify the social preferences of business and economics students, and follow up on their first job placements. We find that during college, students who want to start their career in the financial industry are substantially less trustworthy. Most importantly, actual job placements several years later confirm this association. The job market in the financial industry does not screen out less trustworthy subjects. If anything the opposite seems to be the case: Even among students who are highly motivated to work in finance after graduation, those who actually start their career in finance are significantly less trustworthy than those who work elsewhere.

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 Dates: 2020-08-10
 Publication Status: Published online
 Pages: -
 Publishing info: Bonn : Max Planck INstitute for Research on Collective Goods, Discussion Paper 2020/19
 Table of Contents: -
 Rev. Type: -
 Identifiers: Other: 2020/19
 Degree: -

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