We test whether personal real estate shocks affect professional misconduct by financial advisors. We use a panel of advisors' home addresses and examine within-advisor variation relative to other advisors who work at the same firm and live in the same ZIP code. We find a negative relation between housing returns and misconduct. We show that advisors' housing returns explain misconduct against out-of-state customers, breaking the link between customer and advisor housing shocks. Furthermore, the results are stronger for advisors with lower career risk from committing misconduct, and for advisors with greater borrowing constraints.

中文翻译：

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房地产冲击和财务顾问不当行为

我们测试个人房地产冲击是否会影响财务顾问的专业不当行为。我们使用一组顾问的家庭住址，并检查与在同一家公司工作并居住在相同邮政编码的其他顾问之间的顾问内部差异。我们发现住房回报与不当行为之间存在负相关关系。我们表明，顾问的住房回报解释了对州外客户的不当行为，打破了客户和顾问住房冲击之间的联系。此外，对于因不当行为而导致职业风险较低的顾问以及借款限制较大的顾问，结果更佳。