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https://hdl.handle.net/10419/18852
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Hakenes, Hendrik | en |
dc.contributor.author | Peitz, Martin | en |
dc.date.accessioned | 2009-01-28T15:53:20Z | - |
dc.date.available | 2009-01-28T15:53:20Z | - |
dc.date.issued | 2004 | - |
dc.identifier.uri | http://hdl.handle.net/10419/18852 | - |
dc.description.abstract | Is the reputation of a firm tradeable when the previous owner has to retire even thoughownership change is observable? We consider a competitive market in which a share ofowners must retire in each period. New owners, observing only recent profits, bid for thefirms on sale. Customers are concerned with the owners? type, which reflects the quality ofthe good or service provided. When a customer observes an ownership change, he may havean incentive to switch to a different firm even if his past experience was good. However, weshow that, in equilibrium, customers believe that also the new owner is of the good type.Hence reputation is tradeable, although ownership change is observable. In our model,reputation is an intangible asset, embodied in an attractive customer base. Firms owned by agood type sell at a premium. | en |
dc.language.iso | eng | en |
dc.publisher | |aCenter for Economic Studies and ifo Institute (CESifo) |cMunich | en |
dc.relation.ispartofseries | |aCESifo Working Paper |x1213 | en |
dc.subject.jel | D40 | en |
dc.subject.jel | L14 | en |
dc.subject.jel | L15 | en |
dc.subject.jel | D82 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | reputation | en |
dc.subject.keyword | ownership change | en |
dc.subject.keyword | intangible asset | en |
dc.subject.keyword | theory of the firm | en |
dc.subject.stw | Übernahme | en |
dc.subject.stw | Unternehmensnachfolge | en |
dc.subject.stw | Firmenimage | en |
dc.subject.stw | Ärzte | en |
dc.subject.stw | Intangibles Gut | en |
dc.subject.stw | Theorie | en |
dc.title | Selling reputation when going out of business | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 856664812 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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