Investment busts, reputation, and the temptation to blend in with the crowd
We provide a real-options model of an industry in which agents time abandonment of their projects in an effort to protect their reputations. Agents delay abandonment attempting to signal quality. When a public common shock forces abandonment of a small fraction of projects irrespective of agents...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier,
2018-03-06T22:59:47Z.
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| Subjects: | |
| Online Access: | Get fulltext |