Observable reputation trading

Hendrik Hakenes; Martin Peitz

Is the reputation of a firm tradable when the change in ownership is observable? We consider a competitive market in which a share of owners must retire in each period. New owners bid for the firms that are for sale. Customers learn the owner's type, which reflects the quality of the good or service provided, through experience. After observing an ownership change they may want to switch firm. However, in equilibrium, good new owners buy from good old owners and retain high-value customers. Hence reputation is a tradable intangible asset, although ownership change is observable.

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Year of publication:	2006 ; First version: July 21, 2003, this version: June 23, 2006
Authors:	Hakenes, Hendrik ; Peitz, Martin
Publisher:	Mannheim [u.a.] : Sonderforschungsbereich/Transregio 15
Subject:	Reputation \| ownership change \| intangible assets \| theory of the firm \| Immaterielle Güter \| Intangible goods \| Immaterielle Werte \| Intangible assets \| Theorie der Unternehmung \| Theory of the firm \| Eigentümerstruktur \| Ownership structure \| Unternehmensverkauf \| Company sell-off \| Unternehmenswert \| Firm value \| Ärzte \| Physicians

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Extent:	Online-Ressource ([2], 39 S.) graph. Darst.
Series:	Discussion papers / Governance and the Efficiency of Economic Systems. - Bonn : [Verlag nicht ermittelbar], ZDB-ID 2499250-1. - Vol. 131
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Notes:	Systemvoraussetzungen: Acrobat Reader
Other identifiers:	hdl:10419/94042 [Handle]
Classification:	D40 - Market Structure and Pricing. General ; D82 - Asymmetric and Private Information ; L14 - Transactional Relationships; Contracts and Reputation; Networks ; L15 - Information and Product Quality; Standardization and Compatibility
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10010365880