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      Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes

      , , ,
      The Review of Financial Studies
      Oxford University Press (OUP)

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          Abstract

          Amid an aging population and a growing role for private equity (PE) in the care of older adults, this paper studies how PE ownership affects U.S. nursing homes using patient-level Medicare data. We show that PE ownership leads to a patient cohort with lower health risk. However, after instrumenting for the patient-nursing home match, we find that PE ownership increases mortality by 11%. Declines in measures of patient well-being, nurse staffing, and compliance with care standards help to explain the mortality effect. Overall, we conclude that PE has nuanced effects with adverse outcomes for a subset of patients.

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            Difference-in-Differences with multiple time periods

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              Incentives and Prosocial Behavior

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                Author and article information

                Journal
                The Review of Financial Studies
                Oxford University Press (OUP)
                0893-9454
                1465-7368
                April 01 2024
                March 18 2024
                November 22 2023
                April 01 2024
                March 18 2024
                November 22 2023
                : 37
                : 4
                : 1029-1077
                Article
                10.1093/rfs/hhad082
                90bed862-e608-4bc4-ac77-9c6f9c4bc57a
                © 2023

                https://academic.oup.com/pages/standard-publication-reuse-rights

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