Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/18852
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dc.contributor.authorHakenes, Hendriken_US
dc.contributor.authorPeitz, Martinen_US
dc.date.accessioned2009-01-28T15:53:20Z-
dc.date.available2009-01-28T15:53:20Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/18852-
dc.description.abstractIs 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_US
dc.language.isoengen_US
dc.publisher|aCenter for Economic Studies and Ifo Institute (CESifo) |cMunichen_US
dc.relation.ispartofseries|aCESifo Working Paper |x1213en_US
dc.subject.jelD40en_US
dc.subject.jelL14en_US
dc.subject.jelL15en_US
dc.subject.jelD82en_US
dc.subject.ddc330en_US
dc.subject.keywordreputationen_US
dc.subject.keywordownership changeen_US
dc.subject.keywordintangible asseten_US
dc.subject.keywordtheory of the firmen_US
dc.subject.stwÜbernahmeen_US
dc.subject.stwUnternehmensnachfolgeen_US
dc.subject.stwFirmenimageen_US
dc.subject.stwÄrzteen_US
dc.subject.stwIntangibles Guten_US
dc.subject.stwTheorieen_US
dc.titleSelling reputation when going out of businessen_US
dc.typeWorking Paperen_US
dc.identifier.ppn856664812en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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