Trust Busting: The Effect of Fraud on Investor Behavior
利用麦道夫庞氏骗局受害者的地理分布，研究信任在投资咨询行业的重要性，发现受欺诈影响的社区居民会从投资顾问处撤资并增加银行存款，且受影响的顾问更可能关闭。
Abstract We study the importance of trust in the investment advisory industry by exploiting the geographic dispersion of victims of the Madoff Ponzi scheme. Residents of communities that were exposed to the fraud subsequently withdrew assets from investment advisers and increased deposits at banks. Additionally, exposed advisers were more likely to close. Advisers who provided services that can build trust, such as financial planning advice, experienced fewer withdrawals. Our evidence suggests that the trust shock was transmitted through social networks. Taken together, our results show that trust plays a critical role in the financial intermediation industry. Received April 18, 2016; editorial decision March 8, 2017 by Editor Robin Greenwood.