NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Gordon Gekko Effect: The Role of Culture in the Financial Industry

Andrew W. Lo

NBER Working Paper No. 21267
Issued in June 2015, Revised in July 2015

---- Acknowledgments ----

Prepared for the Federal Reserve Bank of New York’s Financial Advisory Roundtable (FAR) meeting, October 17, 2014. I thank Tobias Adrian, Bev Hirtle, and Antoine Martin for inviting me to discuss this topic, and Tobias Adrian, Brandon Becker, Roland Bénabou, Jayna Cummings, Jakob de Haan, Leigh Hafrey, Claire Hill, Ed Kane, Joe Langsam, Hamid Mehran, Adair Morse, Antoinette Schoar and participants at the October 2014 FAR meeting and the May 2015 Consortium for Systemic Risk Analytics meeting for helpful comments and suggestions. The views and opinions expressed in this article are those of the author only, and do not necessarily represent the views and opinions of any institution or agency, any of their affiliates or employees, or any of the individuals acknowledged above, or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Andrew W. Lo ----

Research support from the MIT Laboratory for Financial Engineering and its sponsors is gratefully acknowledged. Sponsors include: The Clearing House, Natixis Global Asset Management, and the Alfred P. Sloan Foundation.

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