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Bond Market Participation by Non-Profit Healthcare Organizations: The Impact on Managerial Discretion and Charity Care

Fri, April 15, 3:55 to 5:35pm, Grand Hyatt Atlanta, TBA

Abstract

In this paper we consider real impacts of debt market participation on managerial disclosure and provision of charity care in the context of hospitals. We find that managers are more likely to manage earnings upward prior to a bond issue. This is consistent with a window dressing hypothesis observed in corporate finance research. We also find that hospitals cut their level of charity care immediately prior to and immediately after a bond issue. We believe that our study is the first to examine the impact of debt market participation in the area of not for profit hospital research.

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