对冲还是疗愈：商业周期敞口如何影响安全网
发布时间：2026-01-28
1月
30
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时间和日期
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2026-01-30 (星期五) 10:30 上午
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12:00 下午
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地点
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综合教学楼D904会议室
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| 标题 | 对冲还是疗愈：商业周期敞口如何影响安全网 |
| 日期和时间 |
2026年1月30日（周五） 10:30-12:00 |
| 地点 | 综合教学楼D904会议室 |
| 主讲人 |
李学林教授 哥伦比亚大学 |
| 摘要 | Tax exemption and government support are intended to insulate non-profit hospitals from business cycles, who are expected to provide stable community benefits. This paper documents erosion in the stability of this social safety net. The rising popularity of high-deductible health plans (HDHPs) reduces insurance risk sharing and increases the cyclicality of hospital operations. Realized income shocks induce more ex post procyclical responses in hospital revenues and utilization in markets with higher pre-shock HDHP penetration. Claims data confirm that HDHP enrollees reduce inpatient visits in downturns. Ex ante, hospitals hedge this exposure by cutting staff, investment, uncompensated care, and Medicare admissions. Surprisingly, mission-driven non-profit hospitals hedge more aggressively, reflecting their lack of geographic diversification and internal capital markets compared to large for-profit systems. Counties with higher pre-pandemic HDHP prevalence and non-profit dominance experienced greater COVID-19 mortality. |
| 主讲人简介 | 李学林是哥伦比亚大学哥伦比亚商学院的金融学助理教授。他也是哥伦比亚商学院医疗保健与制药管理项目的教员。他的研究兴趣包括创新、医疗保健金融与创业金融，其研究成果发表于《美国经济评论》《金融经济学期刊》《金融研究评论》等期刊。李教授拥有明尼苏达大学卡尔森管理学院博士学位，以及北京大学学士学位。 |
