This paper examines how rm nancial policy impacts investment in workplace safety. The agency theory of capital structure hypothesizes that the use of corporate debt can have a signi cant impact on the rm's nonnancial stakeholders such as its employees. Using plant-level data on employee injuries from the Survey of Occupational Injuries and Illnesses, this paper tests whether rm leverage and nan...

How valuable are restrictive debt covenants in reducing the agency costs of debt? I answer this question by exploiting the revealed preference decision to refinance fixed-coupon debt, which weighs observable interest rate savings against the unobservable costs of a change in restrictive debt covenants induced by refinancing. Plausibly exogenous variation in this trade-off reveals that firms req...

health clinic services and other ambulatory services on the basis of the cost reimbursement principles in part 413 of this chapter. For purposes of this section, a provider clinic is an integral part of a hospital, skilled nursing facility, or home health agency that is participating in Medicare and is licensed, governed, and supervised with other departments of the facility. (b) For clinics ot...

We investigate the impact of founding family ownership structure on the agency cost of debt. We find that founding family ownership is common in large, publicly traded firms and is related, both statistically and economically, to a lower cost of debt financing. Our results are consistent with the idea that founding family firms have incentive structures that result in fewer agency conflicts bet...

Presented are 1986 data and trend data (1974-86) on the use and cost of home health agency services rendered to aged and disabled Medicare beneficiaries. Since 1974, reimbursements for these services have grown more rapidly than overall Medicare expenditures. From 1974 to 1986, Medicare expenditures for these services increased from $141 million to $1.8 billion, an average annual rate of 24 per...

We use the Medical Expenditure Panel Survey to estimate the direct medical costs of diabetes. Separate estimates of the cost of diabetes are developed from an attributable risk procedure and a two-part regression model. Costs include expenditures to treat diabetes, chronic complications of the disease, and co-morbidities requiring additional health care resources because the person is diabetic....