Multilevel Structural Equation Modeling (MSEM) is used to estimate latent variable models in the presence of multilevel data. A key feature of MSEM is its ability to quantify the extent to which a hypothesized model fits the observed data. Several test statistics and so-called fit indices can be...

Over the last decade, managed care has grown rapidly. While many studies have examined the relationship between managed care market growth and health care costs, and managed care market growth and health care utilization in the literature, very few studies have examined the relationship between...

New creative approaches are needed to manage emerging biotechnology innovations, regulations, and payor environments to enhance product pipeline productivity, valuation, and risk management. Biopharmaceutical firms must make dynamic resource allocation decisions on their relative levels of...

There is a link between barrier options and tax shields of interest expense. We combine this link with a traditional valuation approach, to present practical valuation formulas for interest tax shields in three debt scenarios with risk of default: (1) constant debt, (2) delayed debt, and (3)...

We examine reverse mergers (RMs) in the biotechnology industry and find that, when compared to initial public offerings (IPOs), RMs are smaller, have significantly lower market valuations relative to size, and generally invest less. We also find that RMs exhibit positive abnormal returns on the...