Adelino, Manuel; Lewellen, Katharina; Sundaram, Anant K. - 2022
-for-profits, similar to the Q-theory for shareholder owned firms. We then test how exogenous shocks to cash flows affect hospital spending … on different types of investments, salaries, and perks. The not-for-profit hospital sector provides a unique setting to … examine these questions because most hospitals hold large financial assets (e.g., endowments), and hospital-specific shocks to …