Employment of physicians by hospitals – typically referred to as vertical integration – has increased significantly. Received theories fail to explain a key fact: The extent of vertical integration in not-for-profit (NFP) hospitals is substantially higher than in for-profit (FP) hospitals....

This paper documents and explains the amazing growth of the largest firms in law, accounting, and investment banking. Scholars to date have used various supply-side theories to explain the growth, and have generally examined only one industry at a time. We give the first demand-side explanation...

This Article documents and explains the amazing growth of the largest firms in law, accounting, and investment banking. Scholars to date have used various supply-side theories to explain this growth, and have generally examined only one industry at a time. This Article emphasizes a demand-side...

Prior empirical research on US hospitals mostly concludes that ownership type – not-for-profit (NFP) versus for-profit (FP) – does not affect financial performance. This is surprising, in light of strong predictions from theories of NFP firm behavior. We revisit the issue with a...

The environmental problems of the United States and the European nations have generated a dynamic body of literature in legal and economic research. One of the most significant branches of this research has been the analysis of strict liability versus ex post negligence standards, and the...

In academic circles, there are now a myriad of proposals for reform of Chapter 11 of the U.S. bankruptcy law. Many of these proposals call for the replacement of Chapter 11 with market-oriented alternatives, including in some cases, auction of insolvent, publicly held companies. Auctions in...