Corporate Culture In Financial Markets
Corporate culture within financial institutions relates to the extent to which norms and values within promote regulatory objectives to protect investor welfare and promote market integrity. Using hand-collected measures of corporate culture based on U.S. security code violations issued by the Financial Industry Regulatory Authority (FINRA), I examine how corporate culture relates to financial institutions' roles as information intermediaries in capital markets. Analysts employed by financial institutions with weaker corporate cultures produce less accurate forecasts, more strategically biased forecasts, and less informative reports. These findings offer important implications for regulators regarding the role of cultural forces in financial institutions.
Culture; Analysts; Compliance
Michaely,Roni; Bloomfield,Robert J.
Ph. D., Management
Doctor of Philosophy
dissertation or thesis