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Thanassoulis, John (2023) Competition and misconduct. Journal of Finance, 78 (4). pp. 2277-2327. doi:10.1111/jofi.13227 ISSN 0022-1082.
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Official URL: https://doi.org/10.1111/jofi.13227
Abstract
Misconduct is widespread. Practices such as misselling, pump and dump, and money laundering cause harm while raising profits. This paper presents a mechanism that can determine what sorts of misconduct can be sustained in competitive equilibrium in concentrated markets, oligopoly settings, and markets with many small competing firms. The model studied allows general demand and distinguishes types of ethical dilemma using current psychological understanding. The paper shows, for example, that markets with many small competing firms are not vulnerable to misconduct if firms respond to entry with niche strategies or if the ethical dilemma draws an emotional response.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HF Commerce |
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| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
| Library of Congress Subject Headings (LCSH): | Competition, Malpractice, Financial institutions -- Econometric models | ||||||||
| Journal or Publication Title: | Journal of Finance | ||||||||
| Publisher: | Wiley-Blackwell Publishing, Inc. | ||||||||
| ISSN: | 0022-1082 | ||||||||
| Official Date: | August 2023 | ||||||||
| Dates: |
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| Volume: | 78 | ||||||||
| Number: | 4 | ||||||||
| Page Range: | pp. 2277-2327 | ||||||||
| DOI: | 10.1111/jofi.13227 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Reuse Statement (publisher, data, author rights): | This is the peer reviewed version of the following article: THANASSOULIS, J. (2023), Competition and Misconduct. J Finance. Accepted Author Manuscript. https://doi.org/10.1111/jofi.13227, which has been published in final form at https://doi.org/10.1111/jofi.13227. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited. | ||||||||
| Access rights to Published version: | Open Access (Creative Commons) | ||||||||
| Date of first compliant deposit: | 11 January 2022 | ||||||||
| Date of first compliant Open Access: | 25 July 2023 | ||||||||
| Open Access Version: |
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