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Please use this identifier to cite or link to this item:
http://hdl.handle.net/2451/26504
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| Title: | Limited Partnerships and Reputation Formation |
| Authors: | Kallberg, Jarl G.
Liu, Crocker H.
Srinivasan, Anand |
| Issue Date: | 22-Nov-2002 |
| Series/Report no.: | FIN-02-060 |
| Abstract: | This paper analyzes the optimal quality decision of a producer in a
multi-period setting with reputation effects. Using a unique database of
returns on real estate limited partnerships (RELPs), we empirically
examine alternative theoretical predictions of optimal producer
strategy. In particular, we test whether the producers in our market
invest in reputation building by initially selling high quality goods
and then lowering quality. Using a variety of statistical tests, we find
evidence for reputation building, both in the aggregate and for
individual developers. |
| URI: | http://hdl.handle.net/2451/26504 |
| Appears in Collections: | Finance Working Papers
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