Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/228629 
Year of Publication: 
2020
Series/Report no.: 
CFR Working Paper No. 20-05
Version Description: 
November 2020
Publisher: 
University of Cologne, Centre for Financial Research (CFR), Cologne
Abstract: 
We document a significant decline in the level of generalized trust among finance professionals relative to the decline of trust in the general U.S. population. This decline occurs across all subsectors and at all hierarchy levels and is unique to the finance industry. It is related to a lack of confidence only in institutions that are relevant to the finance industry. The relative decline of trust is associated with a decreasing level of socialization among finance professionals as well as with changes in economic conditions and the professional environment in the finance industry.
Subjects: 
Finance industry
Generalized trust
Implicit incentives
Professional environment
Socialization
JEL: 
G20
G21
G22
G24
L14
A14
Document Type: 
Working Paper

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