Emmanuel Yimfor, assistant professor of finance at the University of Michigan, joins the Business Scholarship Podcast to discuss his paper Misconduct Synergies, which was co-authored with Heather Tookes of Yale University. In this paper, Yimfor and Tookes conduct a study of M&A in the investment-advisory industry and find that following mergers, a large share employees of the acquired firm who have prior misconduct leave the combined firm. Contrary to some expectations in the literature, the authors find that firms with high or low misconduct tend to acquire firms with similar misconduct histories.

This episode is hosted by Andrew Jennings, assistant professor at Brooklyn Law School, with editing by Daniel Hamilton, a third-year student at Brooklyn Law School.