Garmon, Christopher; Bhatt, Kishan - In: The journal of law & economics 65 (2022) 3, pp. 465-486
Certificates of public advantage (COPAs) grant antitrust immunity to merging hospitals conditional on active state regulation. We investigate the long-run effects of the four horizontal hospital mergers shielded with COPAs prior to 2015. We find that COPA regulation, if properly designed, can...