麻省理工学院斯隆分校和圣母院的最新研究证明道德培训如何影响金融部门的行为和就业决策-新东方前途出国

　　Can ethics be taught? New research from MIT Sloan and Notre Dame offers first large sample evidence on how ethics training affects behavior and employment decisions in the financial sector 

　　道德可以教吗？麻省理工学院斯隆分校和圣母院的最新研究提供了第一个大样本证据，证明道德培训如何影响金融部门的行为和就业决策 在线咨询

　　Nov 18, 2019

　　2019年11月18日

　　Cambridge, Mass., November 18, 2019— Can ethics be taught? Evidence points towards yes, according to new research that offers the first large sample study on how rules and ethics training affects behavior and employment decisions in the financial sector.

　　马萨诸塞州剑桥市，2019年11月18日-是否可以教授伦理学？根据一项新的研究，证据表明是的，这项研究提供了第一个关于规则和道德培训如何影响金融部门的行为和就业决策的大样本研究。

　　The authors areAndrew G. Sutherland, Associate Professor of Accounting at the MIT Sloan School of Management; Zach Kowaleski, Assistant Professor of Accounting at the University of Notre Dame’s Mendoza College of Business; and Felix Vetter, a PhD candidate at the London School of Economics.

　　作者分别是麻省理工学院斯隆管理学院会计系副教授安德鲁格萨瑟兰（ndrew G.Sutherland）、圣母大学门多萨商学院会计系助理教授扎克科瓦莱斯基（Zach Kowaleski）和伦敦经济学院（London School of Economics）博士生费利克斯维特（Felix Vetter）。

　　The researchers studied nearly 1.2 million investment advisers and financial representatives working at U.S. broker-dealers between 2007 and 2017, with a focus on the consequences of a 2010 change in the investment adviser qualification exam. That year, questions from the rules and ethics section were reallocated to the technical material section. The rules and ethics section covers allowable forms of compensation, disclosure requirements, and prohibitions of unethical business practices while the technical section covers such topics as capital market theory, investment vehicle characteristics, ratios, and financial reporting. Prior to the change, rules and ethics questions received an 80% weight, whereas after their weight was just 50%.

　　研究人员对2007年至2017年间在美国经纪交易商工作的近120万名投资顾问和财务代表进行了研究，重点关注2010年投资顾问资格考试变化的后果。当年，规则和道德科的问题被重新分配到技术材料科。规则和道德部分包括允许的补偿形式、披露要求和禁止不道德商业行为，而技术部分则包括资本市场理论、投资工具特征、比率和财务报告等主题。在改变之前，规则和道德问题的权重为80%，而在改变之后，它们的权重仅为50%。 在线咨询

　　The authors’ analysis effectively compares individuals who took different versions of the exam but are otherwise similar in terms of their current employer, location, qualifications, and experience.

　　作者的分析有效地比较了参加不同版本考试但在其他方面与他们目前的雇主、地点、资格和经验相似的个人。

　　Their main finding is that those passing the older exam, with more rules and ethics coverage, were one-fourth less likely to commit misconduct. A similar pattern appears for egregious misconduct—incidents involving fraud, theft, or deception—indicating the exam alters individuals’ perception of acceptable conduct (i.e., ethics) and not just their awareness of specific rules.

　　他们的主要发现是，那些通过旧的考试，有更多的规则和道德覆盖面，是四分之一的可能性犯下不当行为。类似的模式出现在涉及欺诈、盗窃或欺骗的严重不当行为事件中，表明考试改变了个人对可接受行为（即道德）的看法，而不仅仅是他们对具体规则的认识。 在线咨询

　　In terms of individual characteristics, they found the behavior of the least experienced advisers is most sensitive to the extent of rules and ethics testing. These results are consistent with the exam playing a “priming” role, where early exposure to rules and ethics material prepares the individual to behave appropriately later. Those passing the exam without prior misconduct appear to respond most to the amount of rules and ethics material covered on their exam. Those already engaging in misconduct, or having spent several years working in the securities industry, respond least or not at all.

　　就个人特征而言，他们发现经验最少的顾问的行为对规则和道德测试的程度最为敏感。这些结果与发挥“启动”作用的考试是一致的，在这种情况下，早期接触规则和道德材料可以使个人在以后的行为举止得体。那些通过考试而没有先前不当行为的人似乎对考试中所涉及的规则和道德材料的数量反应最大。那些已经从事不当行为，或在证券业工作了几年的人，反应最少或根本没有反应。

　　As for firm characteristics, the researchers found the exam’s coverage to be less pertinent to those advisers working at firms where misconduct is prevalent. Thus, the contagion of misconduct behavior appears to limit the effectiveness of training in preventing transgressions.

　　至于公司特征，研究人员发现，考试的覆盖范围与那些在不当行为盛行的公司工作的顾问不太相关。因此，不当行为的蔓延似乎限制了培训预防违法行为的有效性。

　　Further, those advisers passing the older exam were more likely to leave employers experiencing a firm-wide spike in misconduct and financial sanctions. Such departures, the researchers noted, are also an early warning sign of future misconduct and sanctions at the firm.

　　此外，那些通过旧的考试的顾问更有可能让雇主遭遇公司范围内的不当行为和经济制裁。研究人员指出，这种离职也是公司未来不当行为和制裁的预警信号。 在线咨询

　　The exam is administered by the Financial Industry Regulatory Authority (FINRA) and designed by the North American Securities Administrators Association (NASAA).

　　考试由金融业监管局（FINRA）管理，由北美证券管理协会（NASAA）设计。

　　“Advisers play an important role in helping households access financial markets, and represent one of the largest financial sector occupations in the United States. The exam appears to affect advisers’ perception of acceptable conduct, and not just their awareness of specific rules or selection into the qualification,” says Prof. Sutherland. “In this context, ethics training can affect an individual’s behavior by increasing the value of their reputation, as well as the psychological costs of committing misconduct.”

　　“顾问在帮助家庭进入金融市场方面发挥着重要作用，是美国最大的金融行业职业之一。萨瑟兰教授说：“这项考试似乎影响了顾问们对可接受行为的看法，而不仅仅是他们对特定规则的认识或对资格的选择。”。“在这种情况下，道德培训可以通过增加个人声誉的价值以及不当行为的心理成本来影响个人的行为。”

　　About the MIT Sloan School of Management

　　关于麻省理工斯隆管理学院

　　The MIT Sloan School of Management is where smart, independent leaders come together to solve problems, create new organizations, and improve the world. Learn more at mitsloan.mit.edu.

　　麻省理工斯隆管理学院（MIT Sloan School of Management）是聪明、独立的领 导者聚集在一起解决问题、创建新组织、改善世界的地方。