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UID:5f61bed070055a839247f4d7fddc1492
CATEGORIES:Seminars
CREATED:20180103T170740
SUMMARY:Mark L. Egan - Harvard University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nBiased Arbitration (joint with Gregor Matvos and Amit Seru)\n\n\nAbstra
 ct: \nWe examine investor outcomes in securities arbitration. Using a novel
  data set containing roughly 7,000 arbitration cases, we find evidence sugg
 esting that arbitrators exhibit persistent disparity in their decisions. Br
 okerage firms appear to utilize this information in the arbitrator selectio
 n process. Arbitrators that were more industry-friendly in the past are alm
 ost forty percent more likely to be selected relative to arbitrators who we
 re more investor-friendly in the past. The FINRA Code of Arbitration Procee
 dings, which all brokerage firms are bound to, provides both claimants and 
 respondents control over the arbitrator selection process. We develop and e
 stimate a structural model of arbitrator selection to quantify the costs an
 d benefits of the current arbitrator selection system. In the model arbitra
 tors use their reputation to compete against each other for the attention o
 f claimants and respondents. We find evidence suggesting that limiting resp
 ondent's and claimant's inputs over the arbitrator selection process could 
 improve outcomes for investors.\n\n\n\n
DTSTAMP:20260406T002056Z
DTSTART:20180517T163000Z
DTEND:20180517T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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