This paper analyzes the impact of changes in regulatory priorities and resource allocation on criminal enforcement of white‐collar criminal activities. Using the 9/11 terrorist attacks as a shock to the FBI's priorities and allocation of investigative resources, as well as variation in the Muslim population in the United States, I examine whether prioritization of counterterrorism investigations after 9/11 is associated with weaker enforcement of laws targeting white‐collar crime. I then use a difference‐in‐differences estimation to study the magnitude of any increase in white‐collar crime resulting from reduced oversight. I find a significantly greater reduction in white‐collar criminal cases referred by FBI field offices that shifted more of their investigative focus away from white‐collar crime to counterterrorism. Further, geographic areas in the jurisdictions of FBI field offices with greater shifts in attention from white‐collar crime to counterterrorism experienced greater increases in wire fraud, illegal insider‐trading activities, and fraud within financial institutions.

中文翻译：

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白领犯罪执法的有效性：来自反恐战争的证据

本文分析了监管重点和资源分配的变化对白领犯罪活动刑事执法的影响。利用9/11恐怖袭击对FBI的优先事项和调查资源分配以及美国穆斯林人口的变化产生冲击，我研究了9/11之后优先开展反恐调查是否与执法力度减弱有关针对白领犯罪的法律。然后，我使用差异差异估算来研究由于监督减少而导致的白领犯罪数量增加的幅度。我发现联邦调查局外地办事处转介的白领刑事案件有了大幅度减少，这使他们的调查重点从白领犯罪转向了反恐。进一步，