Leverage and Bargaining Benefits: Evidence from U.S. Hospitals
Abstract
This paper uses the health care industry as a novel laboratory in which to study a firm's strategic use of debt to enhance its bargaining power during negotiations with non-financial stakeholders. I show that reimbursement rates negotiated between a hospital and insurers for a specific procedure are higher when the hospital has more debt. I show that this effect is stronger when hospitals have less bargaining power relative to insurers ex ante....
Paper Details
Title
Leverage and Bargaining Benefits: Evidence from U.S. Hospitals
Published Date
Jan 1, 2015
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