Title: | Limited Partnerships and Reputation Formation |
Authors: | Kallberg, Jarl G. Liu, Crocker H. Srinivasan, Anand |
Issue Date: | 22-Nov-2002 |
Series/Report no.: | S-CG-02-11 |
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/2451/26717 |
Appears in Collections: | Corporate Governance |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
S-CG-02-11.pdf | 644.69 kB | Adobe PDF | View/Open |
Items in FDA are protected by copyright, with all rights reserved, unless otherwise indicated.