The Moral Components of Financial Misconduct

Irsa Ajmal, Neil Stewart and John Thanassoulis

No 22084, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: Using survey experiments in financial market settings we identify four moral components which contribute to the moral unacceptability of financial misconduct: lying, communication with the victim, colluding and using technology to effect the misconduct. We establish the moral magnitude of these components. We determine which of these are judged by respondents in a scale-sensitive, and which in a scale-insensitive manner. We determine if corporate victims are considered differently to human victims. And we draw out the implications for optimal regulatory policies concerning disclosure, investment advice and perceptions of optimal punishments.

Keywords: Moral dilemma; ethical decision making; financial misconduct (search for similar items in EconPapers)
JEL-codes: D91 G41 (search for similar items in EconPapers)
Date: 2026-10
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