The Equitable Economy

Is Nonprofit Ownership Really About Purpose?

Why is nonprofit ownership gaining traction in the U.S., with companies like OpenAI and Patagonia mirroring long-standing models in Europe, such as Novo Nordisk and IKEA? In new research, Ofer Eldar and Mark Ørberg unpack the economic rationales behind nonprofit business ownership, challenge the idea that it’s all about purpose, and highlight the overlooked risks of nonprofit control.

Individual Investors Are Polarized, Large Funds Are Not

Despite individual investors being strongly divided on environmental, social, and governance (ESG) issues, corporate policies are largely determined by large institutional investors that adopt predominantly moderate ESG stances. In new research, Nicola Persico and Enrichetta Ravina explore this disconnect by examining the mechanisms driving the moderate ESG positions of major financial institutions and investigating potential impacts of allowing individual investors to select their own proxy voters.

Why Blue Collars Went Red

The following is an excerpt from Joan Williams' new book, “Outclassed: How the Left Lost the Working Class and How to Win Them Back,” now out at St. Martin's Press.

Is Private Equity’s Involvement in Healthcare Really Harmful?

Anthony T. LoSasso, Ge Bai, and Lawton Robert Burns argue that critics of private equity’s involvement in healthcare ignore that it is often the only financial lifeline available to distressed healthcare providers and can introduce an improvement in outcomes, including quality of care.

How Private Equity Hurts the Healthcare Workforce

Theodosia Stavroulaki reviews how the involvement of private equity in American healthcare leads to, among other negative outcomes, burnout and stress among healthcare workers, particularly physicians. She writes that the consequences could cripple America’s healthcare system.

Does Private Equity Harm the Welfare of Residents in Nursing Homes?

Robert I. Field argues that private equity’s impact on price competition among nursing homes is limited because prices are mostly determined by Medicaid. However, private equity does impact quality and labor outcomes, which deserve greater government scrutiny.

Does Private Equity Harm Competition in the Hospital Industry?

Brent Fulton discusses private equity’s investments in hospitals and assesses the risks it presents to key stakeholders: private equity investors, debt investors, patients, and the government. He argues financial transparency regulation is needed so fraudulent transfer and bankruptcy laws can be enforced to reduce uncompensated risk being borne by patients and the government (ultimately taxpayers).

Do Private Equity and Other Investors Harm Competition in the Pharmaceutical Industry?

Melissa Newham reviews how investors can alter the incentives and behavior of pharmaceutical companies to reduce competition and consumer welfare through common ownership and “rollup” deals.

The Curious Case of Private Equity in Health Care’s Market Failures

Over the last year, the United States government has demonstrated increased concern about private equity’s involvement in health care. Barak Richman and Richard Scheffler...

The Historically Diverse Goals of European Competition Recommend a New Emphasis on Democracy

Marios Constantine Iacovides discusses his and Konstantinos Stylianou’s empirical investigations into how the goals of competition policy have evolved over time. They find that a multitude of goals have always been present in judicial and regulatory decisions, but the emphasis on certain goals has vacillated in response to the concerns of the time. Contemporary concerns about the health of democracy suggest a revival of ordoliberalism and protection of the competitive process.

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