Matt Levine, Columnist

Fraud, Satisfaction and Bubbles

Also VIX worries, earnouts, the fiduciary rule, subscription line financing and various flavors of unicorn.

April 19, 2017 at 1:28 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Fraud and happiness.

This is so lovely and straightforward that I almost can't believe it worked: Three academics, Yuan Ji, Oded Rozenbaum and Kyle Welch, just went and looked at "1,112,476 employee ratings of 14,282 public firms in the period 2008-2015, obtained from the website Glassdoor," to see whether the employee satisfaction ratings predicted fraud. They did: