000			01086nam a22001457a 4500
999			_c521203 _d521203
008			221226b ||||| |||| 00| 0 eng d
100			_aBoard, Simon and Ter-Vehn, Moritz Meyer _936417
245			_aA reputational theory of firm dynamics
260			_aAmerican Economic Journal: Microeconomics
300			_a14(2), May, 2022: p.44-80
520			_aWe study the life cycle of a firm that produces a good of unknown quality. The firm manages its quality by investing while consumers learn via public breakthroughs; if the firm fails to generate such breakthroughs, its revenue falls and it eventually exits. Optimal investment depends on the firm's reputation (the market's belief about its quality) and self-esteem (the firm's own belief about its quality), and is single-peaked in the time since a breakthrough. We derive predictions about the distribution of revenue and propose a method to decompose the impact of policy changes into investment and selection effects. – Reproduced
773			_aAmerican Economic Journal: Microeconomics
906			_aBUSINESS
942			_cAR