Control Without Ownership: Governance of Nonprofit Hospitals

We thank Rachel Davis and Molly Deveraux from Vanderbilt Law School at Vanderbilt University for excellent research assistance. We thank participants at the Annual Drexel Corporate Governance Conference, Boca-ECGI Corporate Finance and Governance Conference, Corporate Finance Conference, Exeter, ESE Finance Conference, EFMA annual meeting (Athens), FMA Annual Meeting, FMARC (Cyprus), FSU Truist Conference, Ownership and Corporate Social and Sustainable Policies Conference (Helsinki), Finance, Organization, and Markets (FOM) online seminar, MFA, SFS Cavalcade North America, University of Tennessee Finance Conference, seminar participants at ESCP Paris, McGill University, PUC (Chile) University of Wisconsin Milwaukee, and Felipe Aldunate, Ilona Babenko, Abishek Ganguly, Janet Gao, Jillian Grennan, Christoph Herpfer, Jonathan Karpoff, Xuelin Li, Sophia Mao, Daniel Neely, Neslihan Ozkan, Yihui Pan, and Rick Sen for their helpful comments. Sertsios acknowledges the financial support from the Centro de Gobierno Corporativo UC (CGCUC). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• August 13, 2025