AFA Code of Professional Conduct and Ethics

Date Posted: October 18, 2016

AFA News

The AFA Code of Professional Conduct and Ethics is a statement of the values of our profession. The Code was approved by the AFA Board in September 2016.

Dear Member of the American Finance Association:

In January 2015, the Board of Directors of the American Finance Association voted to form a committee to draft a code of professional conduct and ethics. The Board asked David Scharfstein, then Vice President of the AFA, to chair the committee. The Executive Committee then selected Douglas Diamond (Chicago), John Graham (Duke), Maureen O’Hara (Cornell), Ingrid Werner (Ohio State) and Jeffery Wurgler (NYU) to serve on the committee.

In September 2016, the Board of Directors unanimously voted to adopt the Code of Professional Conduct and Ethics drafted by the committee. The committee developed this document after surveying the codes of other academic organizations and speaking with a number of representatives of those organizations. The committee received feedback from the Board and the Executive Committee as it developed the document. The Code covers a wide variety of professional conduct and ethical issues including those related to conflicts of interest, professional relations, publication, research, and teaching. The document also includes a number of examples of how the Code should be interpreted. We anticipate that more examples will be added to the document over time. Indeed, we see the document as one that will evolve over time as new issues arise or as AFA members bring up issues for consideration.

Finally, we encourage you to speak to other financial economists about the Code and we welcome your feedback. Please send your comments to the AFA Executive Secretary Treasurer here.


Campbell Harvey, President
David Scharfstein, President-Elect
Peter DeMarzo, Vice President

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