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Discussion Paper
The Indirect Costs of Lehman’s Bankruptcy
In our previous post, we assessed losses to customers and clients from foregone opportunities after Lehman Brothers filed for bankruptcy in September 2008. In this post, we examine losses to Lehman and its investors in anticipation of bankruptcy. For example, if bankruptcy is expected, Lehman’s earnings may decline as customers close their accounts or certain securities (such as derivatives) to which Lehman is a counterparty may lose value. We estimate these losses by analyzing Lehman’s earnings and stock, bond, and credit default swap (CDS) prices.
Discussion Paper
What are the Costs of Superstorm Sandy?
Superstorm Sandy has had widespread effects in the tri-state region. Early estimates of the total national costs have been in the range of $30 billion to $50 billion. More recently, the New York State governor’s office has estimated state costs to be $32.8 billion, while the New Jersey governor’s office has calculated state costs to be $29.5 billion; these figures exclude mitigation costs—money spent to protect against future storms. It is important to remember that such figures incorporate two distinct types of costs: first, direct costs related to the destruction of physical ...
Journal Article
Medicine Markup: Americans pay a lot for prescription drugs. Does that mean we pay too much?
Diabetics rationing their insulin because they can't afford the full dose. Senior citizens choosing between filling their prescriptions and buying groceries. Parents hoping an expired EpiPen will still work if their child has an allergic reaction. {{p}} Stories about Americans unable to pay the high cost of prescription drugs are not new. But in recent years, drug prices have drawn increased attention from policymakers on both sides of the aisle, prompted by the advent of expensive new treatments for Hepatitis C, cancer, and other illnesses, as well as steep price increases for existing ...