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Selling reputation when going out of business

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dc.creator Hakenes, Hendrik
dc.creator Peitz, Martin
dc.date 2004
dc.date.accessioned 2013-10-16T07:01:39Z
dc.date.available 2013-10-16T07:01:39Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/18852
dc.identifier ppn:393377601
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/18852
dc.description Is the reputation of a firm tradeable when the previous owner has to retire even though ownership change is observable? We consider a competitive market in which a share of owners must retire in each period. New owners, observing only recent profits, bid for the firms on sale. Customers are concerned with the owners? type, which reflects the quality of the good or service provided. When a customer observes an ownership change, he may have an incentive to switch to a different firm even if his past experience was good. However, we show 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 a good type sell at a premium.
dc.language eng
dc.publisher
dc.relation CESifo working papers 1213
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject D40
dc.subject L14
dc.subject L15
dc.subject D82
dc.subject ddc:330
dc.subject reputation
dc.subject ownership change
dc.subject intangible asset
dc.subject theory of the firm
dc.subject Übernahme
dc.subject Unternehmensnachfolge
dc.subject Firmenimage
dc.subject Ärzte
dc.subject Intangibles Gut
dc.subject Theorie
dc.title Selling reputation when going out of business
dc.type doc-type:workingPaper


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