More than 20% of U.S. firms are nonprofit, yet this organizational form has received little attention in corporate finance. This paper takes a step towards closing this gap by examining investment choices of nonprofit hospitals. Most hospitals hold large financial assets, and hospital-specific...

This paper examines the investment decisions of not-for-profit hospitals. More than 20% of U.S. firms are not-for-profit, yet this organizational form has received little attention in corporate finance. This paper takes a step towards closing this gap. Our goal is to examine the role of...