This chapter first provides the two main theoretical perspectives related to the U.S. health system: the “market-based” view and the “socially sensitive” argument. The second main section discusses important facts and highlights related to the national health situation of the United States compared with other advanced OECD countries. Taking these facts and highlights into consideration, the final sections of the contribution critically examine the merits and demerits of contrasting approaches to implementing a comprehensive national health and insurance scheme in the United States, and offer concrete policy considerations. Some brief conclusions end the chapter.
We test for the presence of a tail risk premium in the cross-section of mutual fund returns and find that the top tail risk quintile of funds outperforms the bottom by 4.4% per annum. This premium is not simply a reward for market risk, nor do commonly used risk factors offer an adequate explanation. Our findings hold across double-sorted portfolios formed on tail risk and a number of fund characteristics. We also find that funds susceptible to tail risk tend to be small, young, have high management fees, and have managers who do not risk their own capital.
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