Summarizes a report that identifies potential mechanisms through which health care reform might affect claim costs for several major types of liability coverage, especially auto insurance, workers’ compensation coverage, and medical malpractice.
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The RAND Institute for Civil Justice uses empirical and objective research methods to search out the root causes of system problems and identify the best fixes. We find common ground among adversaries, and interpret findings for policymakers. Our work aims to make the system more efficient and equitable for all, protecting society from the economic and social costs of a system that could become arbitrary and capricious.
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This report identifies potential mechanisms through which the Affordable Care Act (ACA) might affect liability claim costs and develops rough estimates of the size and direction of expected impacts as of 2016. Overall, effects of the ACA appear likely to be small relative to aggregate auto, workers' compensation, and medical malpractice insurer payouts, but some states and insurance lines may experience cost changes as high as 5 percent or more.
Culture, Compliance, and the C-Suite: How Executives, Boards, and Policymakers Can Better Safeguard Against Misconduct at the Top 2013
These proceedings summarize discussion at a symposium convened by the RAND Corporation about the challenges posed by misconduct by top-level executives; on the risk factors that contribute to such misconduct; and on practical steps that could be taken to strengthen compliance and ethical tone. White papers written by some presenters are included.
Systemic Risk in the Financial Sector: The Role of Fair Value Accounting Versus Historical Cost Accounting 2013
Examines the relationship between fair value accounting and historical cost accounting and systemic risk to the financial system, including the role that accounting approaches played in the 2008 and earlier financial crises.
Fair Value Accounting, Historical Cost Accounting, and Systemic Risk: Policy Issues and Options for Strengthening Valuation and Reducing Risk 2013
In the wake of the 2008 financial crisis, conflicting arguments have been made about fair value accounting (FVA) versus historical cost accounting (HCA) and the role that each played in the crisis. This report examines the relationship between both types of accounting practices and systemic risk in the financial sector, providing recommendations on how FVA and HCA can both be improved.
These proceedings summarize the key themes and issues raised during a symposium on September 24, 2012, hosted by the RAND Center for Corporate Ethics and Governance. Discussion focused on the ways in which hedge funds might contribute to systemic risk and the extent to which recent financial reforms address these potential risks. Participants included thought leaders from industry, government, and academia.
Economic Effects of Product Liability and Other Litigation Involving the Safety and Effectiveness of Pharmaceuticals 2013
Liability effects on the economic performance of the pharmaceutical industry play a prominent role in the debate about the economic effects of product liability in the United States. The author analyzes incentive effects on company decisions, implications for economic outcomes such as drug safety and effectiveness, and suggests how public policy changes could mitigate liability-based sources of inefficient decisions of pharmaceutical companies.
Corporate Culture and Ethical Leadership Under the Federal Sentencing Guidelines: What Should Boards, Management, and Policymakers Do Now? 2012
On May 16, 2012, RAND brought together a group of public company directors and executives, chief ethics and compliance officers, and stakeholders from the government, academic, and nonprofit sectors for a series of conversations about organizational culture, as well as to explore the business and policy ramifications of efforts to build better ethical cultures in corporations.
This report explores the extent to which hedge funds create or contribute to systemic risk, the role they played in the financial crisis, and whether and how the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 addresses the potential systemic risks posed by hedge funds.
RAND research finds that hedge funds did not play a pivotal role in the financial crisis of 2007–2008 but assesses how such funds could contribute to systemic risk in the future.