Deputizing financial institutions to fight elder abuse *

• 成果类型: Article
• 署名作者: Carlin, Bruce; Umar, Tarik; Yi, Hanyi
• 署名单位: Rice University; Boston College
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2023.06.004
• 发表日期: 2023
• 页码: 557-577
• 关键词: Elder abuse; FRAUD; Investment advisers; Financial institutions; regulation

摘要

Permissive laws deputize financial professionals to screen for misbehavior without pro-viding explicit incentives. These are very common in financial markets. To evaluate their effectiveness, we exploit the staggered adoption of the 2016 Model Act provisions intended to curb elder abuse. We find a drop in reports of abuse by financial professionals to the Department of Treasury and, separately, in financial crimes against the elderly as mon-itored by the FBI. The effect is stronger where the elderly are more isolated. Our results highlight the role financial professionals play in combating social problems and the impact of permissive policies. & COPY; 2023 Elsevier B.V. All rights reserved.