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"BILLS OF EXCHANGE"
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Studies in financial organization
This text is divided into three parts, discussing the clearing banks, floating debt and the war of 1914.
Book
SOME THEORETICAL AND PRACTICAL ASPECTS ABOUT THE FUNCTIONING MECHANISM OF BILL OF EXCHANGE RELATIONS AND BILL OF EXCHANGE EXECUTION
This study aims to analyze the mechanism of operation of bills of exchange and bill of exchange execution from a theoretical and practical perspective. In this sense, the first research objective will aim to identify the mechanism of formation of bills of exchange relations as well as the mode of operation by referring to elements such as acceptance for payment of the bill of exchange, endorsement or endorsement of the bill of exchange. The second research objective aims to present the most important mechanisms that the person entitled to payment of the bill of exchange has if the amount in the title is not paid. In this sense, we analyzed the provisions relating to bill of exchange execution from both a practical and a jurisprudential perspective. In preparing this study, we analyzed the updated legislation on the subject, the relevant jurisprudence on the subject, but also the theoretical provisions incident to the analyzed topic.
Journal Article
Provider Charges And State Surprise Billing Laws: Evidence From New York And California
Surprise billing laws that allow dispute arbitration relying on provider charges may incentivize out-of-network providers to increase their charges to increase upcoming or future out-of-network payments. Although the federal No Surprises Act forbids arbitrators from considering charges during payment disputes over surprise bills covered by the act, states with existing laws can continue to use the specified state laws, which may allow the consideration of charges. This analysis examined provider charges in two such states, using claims data to compare trends in billed charges for out-of-network care during surprise bill scenarios involving nonemergency inpatient hospitalizations. The analysis considered New York, where state law uses arbitration tied to charges; California, where state law uses a payment standard rather than charges; and a comparison group of states without a law regarding surprise billing. We estimated that provider out-of-network charges for the nonemergency out-of-network bills we studied increased by$1,157 (24 percent) in New York after the passage of New York's surprise billing law and decreased by $ 752 (25 percent) in California compared to states without surprise billing laws. Assistant surgeons and surgical assistants had a large increase in charges in New York from before to after the law's passage, which may have driven the overall increase in charges.
Journal Article
New 2011 survey of patients with complex care needs in eleven countries finds that care is often poorly coordinated
Around the world, adults with serious illnesses or chronic conditions account for a disproportionate share of national health care spending. We surveyed patients with complex care needs in eleven countries (Australia, Canada, France, Germany, the Netherlands, New Zealand, Norway, Sweden, Switzerland, the United Kingdom, and the United States) and found that in all of them, care is often poorly coordinated. However, adults seen at primary practices with attributes of a patient-centered medical home--where clinicians are accessible, know patients' medical history, and help coordinate care--gave higher ratings to the care they received and were less likely to experience coordination gaps or report medical errors. Throughout the survey, patients in Switzerland and the United Kingdom reported significantly more positive experiences than did patients in the other countries surveyed. Reported improvements in the United Kingdom tracked with recent reforms there in health care delivery. Patients in the United States reported difficulty paying medical bills and forgoing care because of costs. Our study indicates a need for improvement in all countries through redesigning primary care, developing care teams accountable across sites of care, and managing transitions and medications well. The United States in particular has opportunities to learn from diverse payment innovations and care redesign efforts under way in the other study countries. Adapted from the source document.
Journal Article
Who Passes Business’s “Model Bills”? Policy Capacity and Corporate Influence in U.S. State Politics
Which policymakers are most likely to enact legislation drafted by organized business interests? Departing from the business power scholarship that emphasizes structural, electoral, or financial mechanisms for corporate influence, I argue that lawmakers are likely to rely on businesses' proposals when they lack the time and resources to develop legislation on their own, especially when they also hold an ideological affinity for business. Using two new datasets of “model bills” developed by the American Legislative Exchange Council (ALEC), a policy group that promotes pro-business legislation across the states, I find strong support for this theory. These results indicate that ALEC provides private policy capacity to state legislators who would otherwise lack such support, and relatedly, that low state policy capacity may favor certain organized interests over others—namely the business interests affiliated with ALEC. My findings have implications for the study of business influence in policymaking, as well as for state politics.
Journal Article
The prosumers and the grid
Prosumers are households that are both producers and consumers of electricity. A prosumer has a grid-connected decentralized production unit and makes two types of exchanges with the grid: energy imports when the local production is insufficient to match the local consumption and energy exports when local production exceeds it. There exists two systems to measure the exchanges: a net metering system that uses a single meter to measure the balance between exports and imports and a net purchasing system that uses two meters to measure separately power exports and imports. Both systems are currently used for residential consumption. We build a model to compare the two metering systems. Under net metering, the price of exports paid to prosumers is implicitly set at the price of the electricity that they import. We show that net metering leads to (1) too many prosumers, (2) a decrease in the bills of prosumers, compensated via a higher bill for traditional consumers, and (3) a lack of incentives to synchronize local production and consumption.
Journal Article
Credit, Honor, and the Early Modern French Legend of the Jewish Invention of Bills of Exchange
Bills of exchange exemplified the potential benefits and hidden dangers of credit. They allowed merchants to remit payments in foreign cities, to extend short-term credit, and to speculate on currency arbitrage. The expediency with which these financial instruments combined many useful functions gained them a reputation as one of the marvels of Europe's supposedly unique entrepreneurial spirit. It was once common to see these bills cited along with the compass and the \"discovery of America\" as the greatest achievements of European inventiveness. But as bills of exchange became increasingly complex financial tools, lay observers and even some knowledgeable ones were baffled by the ways in which they worked. Trivellato discusses credit, honor, and the early modern French legend of the Jewish invention of bills of exchange.
Journal Article
Arbitration Over Out-Of-Network Medical Bills: Evidence From New Jersey Payment Disputes
In 2018 New Jersey implemented a final-offer arbitration system to resolve payment disputes between insurers and out-of-network providers over surprise medical bills. Similar proposals are being considered by Congress and other states. In this article we examine how arbitration decisions compare with other relevant provider payment amounts by linking administrative data from New Jersey arbitration cases to Medicare and commercial insurance claims data. We find that decisions track closely with one of the metrics that arbitrators are shown-the eightieth percentile of provider charges-with the median decision being 5.7 times prevailing in-network rates for the same services. It is not a foregone conclusion that arbitrators will select winning offers based on proximity to this target, although our findings suggest that it is a strong anchor. The amount that providers can expect to receive through the arbitration process also affects their bargaining leverage with insurers, which could affect in-network negotiated rates more broadly. Therefore, basing arbitration decisions or a payment standard on unilaterally set provider-billed charges appears likely to increase health care costs relative to other surprise billing solutions and perversely incentivizes providers to inflate their charges over time.
Journal Article
The convention on tax mutual administrative assistance and divestment: Evidence from China
Various policy instruments have been employed to combat international tax avoidance by multinational corporations (MNCs), with a focus on corporate tax disclosure. However, corporate tax disclosure to tax authorities alone is insufficient to address the issue. The Convention on Mutual Administrative Assistance in Tax Matters (the Convention) goes beyond tax disclosure by featuring direct international tax administrative assistance and aiming to strengthen governments’ tax enforcement. Intrigued by the uniqueness of the Convention, we examine its effect on Chinese MNCs’ tax avoidance, particularly their investments in tax-haven jurisdictions. We conjecture that Chinese MNCs, anticipating strengthened tax enforcement after the Convention, may reduce tax-avoidance behavior and divest from tax havens. Using the staggered entry of China and other countries into the Convention, we find that after the Convention, Chinese MNCs tend to divest from tax havens, with a stronger effect observed in MNCs whose parent firms are in regions with weak tax enforcement. Additionally, we observe a decline in overall tax aggressiveness following the Convention. Our findings highlight the Convention’s disciplining effect, extend the tax avoidance literature on international collaboration, and help the OECD and other international regulators better understand its impact on countries with limited administrative capacity.
Journal Article
Out-of-pocket expenses and hospital write-offs are associated with patient reported financial toxicity
Purpose
Financial toxicity is an adverse outcome of cancer care and is often quantified by patient-reported validated survey tools, such as The Comprehensive Score for Financial Toxicity (COST). We aimed to examine the association of objective financial measures of hospital out-of-pocket (OOP) expenses and write-offs with the patient derived COST scores in patients with gynecologic cancer.
Methods
We identified individuals who completed our cross-sectional survey in discrete periods between 2017 and 2021. Response rates for these periods ranged from 75 to 95%. Hospital financial data was abstracted for respondents, including OOP payments and write-offs in the year before survey completion. Write-offs occurred when patients did not complete payments and included bills forgiven by the hospital or sent to collections. Chi-square, Fisher’s exact, Kruskal–Wallis, and Cochran-Armitage tests were used to compare variables.
Results
Among 323 respondents, median COST score was 29 (IQR 22–36) and 13% had severe, 25% moderate and 62% mild financial toxicity. Increased financial toxicity was associated with age, race, partner, employment status, insurance type, and income (
p
< 0.05). Most (63%) respondents had OOP payments and 31% had write-offs. The moderate financial toxicity group had the highest median OOP payment ($799 ($246–$2,004)) as compared to those with severe and mild financial toxicity (
p
= 0.01). Meanwhile, those with severe financial toxicity were more likely to have a write-off (44%), compared to the moderate and mild financial toxicity groups (
p
trend = 0.02) and had the highest median write-off amount ($417 ($150–$827),
p
= 0.03).
Conclusion
Patient-reported financial toxicity is associated with objective financial measures of hospital out-of-pocket costs and write-offs.
Journal Article