As financial intermediaries in the health care delivery system, U.S. health insurers will be strongly affected by sweeping legislative reforms adopted in 2010, both in health care and in financial regulation. In this paper, we provide useful context for interpreting these reforms and for...

Market discipline examines the extent to which consumers and investors discipline misbehavior by financial institutions. Most previous studies have examined banks. In addition, the disciplinary function of consumers has been relatively neglected. This paper is the first to examine the...

Health care insurers have faced increased risks under the health care reform (PPACA) in the United States. By increasing the population of insureds, eliminating coverage caps, extending covered perils, and mandating minimum loss ratios, health care reform confronts insurers with the specter of...