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The impact of PPS on investors' perc...

Yang, Chiang-Hsing.

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The impact of PPS on investors' perceived risk: A nonstationarity test of hospital sector capital markets.

Record Type:	Electronic resources : Monograph/item
Title/Author:	The impact of PPS on investors' perceived risk: A nonstationarity test of hospital sector capital markets./
Author:	Yang, Chiang-Hsing.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 1994,
Description:	187 p.
Notes:	Source: Dissertations Abstracts International, Volume: 56-09, Section: B.
Contained By:	Dissertations Abstracts International56-09B.
Subject:	Health care. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9512273
ISBN:	9798208485187

The impact of PPS on investors' perceived risk: A nonstationarity test of hospital sector capital markets.
Yang, Chiang-Hsing.

The impact of PPS on investors' perceived risk: A nonstationarity test of hospital sector capital markets. - Ann Arbor : ProQuest Dissertations & Theses, 1994 - 187 p.

Source: Dissertations Abstracts International, Volume: 56-09, Section: B.

Thesis (Ph.D.)--The University of Alabama at Birmingham, 1994.

The implementation of the prospective payment system (PPS) in 1983 is the most significant hospital reimbursement change in the history of Medicare. The PPS scheme changed the payment for hospitals from a cost-based to a pre-determined fixed one, which placed hospital operations and financing at a higher risk. According to financial theories, there is a positive relationship between the expected returns and a firm's risk. In addition, this relationship is observable in an efficient market. Thus, whether hospitals need to pay higher financing costs confronting a higher risk operation environment deserves investigation. Previous studies concerning how PPS affected the financial performance of hospitals focused more on hospitals' internal operations; few studies have been conducted from a market's perspective. Moreover, those studies examined PPS impact only on the equity financing of proprietary hospitals' use of the methodologies and data that aimed at capturing only short-term PPS impact on the market. This study examined how the capital markets for the financing of hospitals responded to PPS from the investors' perspective. To capture the potential PPS impact on the market more completely, three categories of securities commonly used for hospital financing were studied. In addition, the statistical methods and time series data used allows one to observe the long-term impact of PPS on the capital market. The data sources for this study are three: tax-exempt hospital bonds and municipal bonds from Bloomburg and The Bond Buyer for a period from August 1982 to August 1992, taxable hospital bonds from Standard and Poor's Bond Guide and Ibbotson for a period between January 1978 and December 1990, and hospital stocks from CRSP. A quasi-experimental study design was employed. The market model was used with modification adjusted to data measurement level. The CUSUM and CUSUM of squares tests with newly refined Bos-Fetherston procedure were performed. This study did not find that the yields or expected returns on hospital securities were particularly higher during the period surrounding potential PPS impact. Consequently, the empirical results provide insufficient evidence for the belief that the implementation of PPS caused hospital securities to be perceived as riskier by investors.

ISBN: 9798208485187Subjects--Topical Terms:

2213177
Health care.

The impact of PPS on investors' perceived risk: A nonstationarity test of hospital sector capital markets.
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