Private Equity, Consumers, and Competition: Evidence from the Nursing Home Industry

The authors thank Manuel Adelino, Samuel Antill, John Asker, Victor Bennett, Paul Eliason, David Grabowski, John Graham, Martin Hackmann, Manuel Hermosilla, Nathan Hipsman, Josh Lerner, Alex MacKay, Filippo Mezzanotti, Manju Puri, and David Robinson for valuable discussions. In addition, the authors appreciate helpful feedback and comments from seminar participants at Duke’s Fuqua School of Business, UCLA, UCSD, FDIC, Census Bureau SEHSD, and the Harvard-MIT-BU Health Economics Seminar, as well as participants at the Private Equity Research Symposium, Volatility Institute at NYU Shanghai Annual Conference, Eastern Finance Association Meeting, Annual Conference of the American Society of Health Economists, Mannheim Centre for Competition and Innovation Annual Conference, Becker Friedman Institute Health Economics Initiative Annual Conference, and the International Industrial Organization Conference. Chase McDonald, Yoon Sang Moon, Fuman Xie, Huizi Yu, Yan Bo Zeng, and Zhijian Li provided excellent research assistance. The views and conclusions expressed herein are those of the authors and do not purport to represent the views of the United States Department of Labor, the United States government, or the National Bureau of Economic Research.