Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/18852 
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dc.contributor.authorHakenes, Hendriken
dc.contributor.authorPeitz, Martinen
dc.date.accessioned2009-01-28T15:53:20Z-
dc.date.available2009-01-28T15:53:20Z-
dc.date.issued2004-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1213en
dc.subject.jelD40en
dc.subject.jelL14en
dc.subject.jelL15en
dc.subject.jelD82en
dc.subject.ddc330en
dc.subject.keywordreputationen
dc.subject.keywordownership changeen
dc.subject.keywordintangible asseten
dc.subject.keywordtheory of the firmen
dc.subject.stwÜbernahmeen
dc.subject.stwUnternehmensnachfolgeen
dc.subject.stwFirmenimageen
dc.subject.stwÄrzteen
dc.subject.stwIntangibles Guten
dc.subject.stwTheorieen
dc.titleSelling reputation when going out of business-
dc.typeWorking Paperen
dc.identifier.ppn856664812en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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