讲座题目：Can Nonprofits Save Lives Under Financial Stress? Evidence from the Hospital Industry

主讲嘉宾：Janet Gao

Georgetown University

JFE副主编RFS副主编JFI副主编

讲座时间：2025年5月30日（周五）14:00 

讲座地点：金融学院348教室

嘉宾简介

Janet Gao is the Lapeyre Family Associate Professor in Finance at McDonough School of Business, Georgetown University. Janet's research interests are in the areas of Financial Intermediation, Labor and Finance, and Sustainable Finance. Her work has been published in many top journals, including Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Accounting and Economics, The Accounting Review, Management Science, and Review of Finance. Janet Gao serves as an Associate Editor for the Journal of Financial Economics, the Review of Financial Studies and the Journal of Financial Intermediation.

摘要

The U.S. hospital industry has seen a dramatic growth of for-profit hospitals. We show that the vulnerability of for-profit hospitals to external financing shocks generates adverse outcomes for patients. Using confidential patient discharge data, we show that negative shocks in external capital markets increase patient mortality of for-profit hospitals, but not of nonprofit hospitals. This effect is robust to refined controls for hospital characteristics, patient demographics, diagnoses and treatment procedures. It is concentrated among patients holding public insurance and facing greater health risks. Our evidence points to nonprofit hospitals’ deeper cash reserves serving as a cushion against negative financing shocks.