When an agent faces audiences with heterogeneous preferences, it is non-trivial to determine what a “good” reputation … means, and the return to reputation can be a non-monotonic function. We illustrate this through standard IO examples, and … discuss some implications for reputation-building in a simple two-period career concerns framework. We conclude by discussing …

behavior is disciplined by reputational concerns, the value of reputation depends on economic fundamentals that vary over the … for analysts, and expectations about the future. We analyze a dynamic model of ratings where reputation is endogenous and …

reputation, however, depends on economic fundamentals that vary over the business cycle. In a model of ratings incorporating … endogenous reputation and a market environment that varies, we find that ratings quality is countercyclical. Specifically, a CRA …