This paper examines the mechanisms by which acquirer CEOs are incentivized and their impact on merger decisions. We argue that the pre-merger structure of CEO wealth impacts a CEO's risk tolerance and ultimately her willingness to undertake a merger as well as the framework of the deal. As the...

Following the optimal contracting hypothesis, this study investigates the issue of whether the board of director's ex ante choice to incorporate individual performance evaluation (IPE) measures into the CEO bonus plan rewards managerial decisions not reflected in measures of the firm's current...

The Patient Protection and Affordable Care Act of 2010 (“ACA”) requires most Americans to obtain health insurance for themselves and their dependents by 2014. In a recent essay, Professor Douglas Kahn and Professor Jeffrey Kahn take issue with one of several justifications for what has...

The Patient Protection and Affordable Care Act, 2010, and the Health Care and Education Reconciliation Act, 2010, (together known as “Obamacare”) have as their objective the provision of comprehensive health care coverage for most residents of the United States. But rather than follow the...

When the Medicare Part D prescription drug benefit was implemented in 2006, six drug classes were designated “protected classes.” Because responsibility for obtaining favorable drug prices depends on private insurers’ abilities to negotiate with pharmaceutical manufacturers using the...

The difficulties that Medicaid beneficiaries face accessing medical care are often attributed to the program’s low reimbursement rates relative to other payers. There is little evidence, however, as to the actual effects of Medicaid payment rates for providers on access and health...

In the United States, most labor force participants have health insurance plans sponsored and subsidized by their employers. The Affordable Care Act (ACA) improved and expanded the availability of non-employer-based health insurance, with protections for pre-existing conditions, guaranteed...

In response to the significant premium increases and the “death spiral” concern, this research examines the stability and affordability of the ACA individual markets by quantifying appropriate premium increases in expanded cross-subsidization groups and determining cost reduction potentials....

To design premium subsidies in a health insurance market it is necessary to estimate consumer demand, cost, and study how different subsidy schemes affect insurers' incentives. I combine data on household-level enrollment and plan-level claims from the Californian Affordable Care Act insurance...