NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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When Harry Fired Sally: The Double Standard in Punishing Misconduct

Mark L. Egan, Gregor Matvos, Amit Seru

NBER Working Paper No. 23242
Issued in March 2017, Revised in August 2018

---- Acknowledgments ----

We thank Jonathan Berk, Marianne Bertrand, Jules van Binsbergen, Kerwin Charles, Darrell Duffie, Elena Espinoza, Matt Gentzkow, Christopher Hennesey, Laurie Hodrick, Emir Kamenica, Lawrence Katz, Crystal Lam, Edward Lazear, Sendhil Mullainathan, Paul Oyer, Chris Palmer, Chris Parsons, Joshua Rauh, Paola Sapienza, Anna Scherbina, Andrei Shleifer, Ken Singleton, Vikrant Vig, Luigi Zingales, and the seminar participants at the Eller College of Management, London Business School, NYU Stern, Princeton University, Stanford University, Tepper School of Business, Tuck School of Business, University of Chicago (economics), University of Chicago Booth School of Business and participants at the American Association Meetings, Bank of England conference, Berkeley-Stanford joint seminar, HBS-MIT Financial Economics conference, NBER Summer Institute and RCFS conference.The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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