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   "estimand": "Cross-city dispersion in financial misconduct rates beyond sampling variation, and the association of city FM rates with measures of local social norms (non-FM misbehavior).",
   "strategy": "Negative binomial and Poisson count regressions at the city and city-year level testing excess variance and city fixed effects; cross-sectional regressions of FM on a misbehavior index; controls for regional characteristics, enforcement proxies, and firm characteristics; peer logit regressions.",
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    "claim": "Each of five non-FM misbehavior measures is positively related to city FM rates; the combined index has a t-statistic above four.",
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    "claim": "City FM rates and the misbehavior index ranking are strongly correlated (rho of about 0.60).",
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    "claim": "Including the misbehavior index eliminates significant excess clustering of FM across cities.",
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  "structural_summary": "Opens with the gap between Becker-style crime models and observed spatial variation in crime, then previews numbered findings and walks through the sections. A stylized cost-benefit model motivates three candidate explanations: norms, enforcement, and firm heterogeneity. The analysis first measures excess clustering of FM with count models, then relates FM to observable regional traits and to an index of non-FM misbehavior. Separate sections rule out enforcement and firm-characteristic explanations. The paper closes by acknowledging that the sources of norms remain unidentified and flags them for future research.",
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