Good for your fiscal health? The effect of the affordable care act on healthcare borrowing costs

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dc.contributor.authorGao, Pengjieko
dc.contributor.authorLee, Chang Jooko
dc.contributor.authorMurphy, Dermotko
dc.date.accessioned2022-08-16T01:01:40Z-
dc.date.available2022-08-16T01:01:40Z-
dc.date.created2022-08-15-
dc.date.created2022-08-15-
dc.date.created2022-08-15-
dc.date.issued2022-08-
dc.identifier.citationJOURNAL OF FINANCIAL ECONOMICS, v.145, no.2, pp.464 - 488-
dc.identifier.issn0304-405X-
dc.identifier.urihttp://hdl.handle.net/10203/297940-
dc.description.abstractWe study the effect of the US Affordable Care Act (ACA) on healthcare borrowing costs. The ACA provides insurance subsidies to low-income enrollees. States could accept funding to expand Medicaid, although many declined, citing the cost burden. The ACA significantly reduced healthcare yields after a favorable 2012 Supreme Court ruling. Furthermore, hospital investment spending increased, and investment-cash flow sensitivities decreased. The yield effect was double in Medicaid expansion states, and insignificant in rural areas of non-expansion states. Our results highlight how the municipal market can be used to evaluate the heterogeneous effects of public policy and guide a targeted policy approach. (C) 2021 Elsevier B.V. All rights reserved.-
dc.languageEnglish-
dc.publisherELSEVIER SCIENCE SA-
dc.titleGood for your fiscal health? The effect of the affordable care act on healthcare borrowing costs-
dc.typeArticle-
dc.identifier.wosid000833536100007-
dc.identifier.scopusid2-s2.0-85116774056-
dc.type.rimsART-
dc.citation.volume145-
dc.citation.issue2-
dc.citation.beginningpage464-
dc.citation.endingpage488-
dc.citation.publicationnameJOURNAL OF FINANCIAL ECONOMICS-
dc.identifier.doi10.1016/j.jfineco.2021.09.003-
dc.contributor.localauthorLee, Chang Joo-
dc.contributor.nonIdAuthorGao, Pengjie-
dc.contributor.nonIdAuthorMurphy, Dermot-
dc.description.isOpenAccessN-
dc.type.journalArticleArticle-
dc.subject.keywordAuthorPublic finance-
dc.subject.keywordAuthorHealth economics-
dc.subject.keywordAuthorMunicipal bonds-
dc.subject.keywordAuthorAffordable care act-
dc.subject.keywordAuthorMedicaid-
dc.subject.keywordPlusMEDICAID EXPANSION-
dc.subject.keywordPlusINSURANCE-COVERAGE-
dc.subject.keywordPlusACCESS-
dc.subject.keywordPlusLIQUIDITY-
dc.subject.keywordPlusHOSPITALS-
dc.subject.keywordPlusRATINGS-
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