OBSERVABLE REPUTATION TRADING*
研究当所有权变更可被客户观察到时，企业声誉是否仍可交易。模型显示，好的新所有者会从好的老所有者手中购买企业，并留住高价值客户，因此声誉仍是一种可交易的无形资产。
Is the reputation of a firm tradable when the change in ownership is observable? We consider a competitive market in which a share of owners must retire in each period. New owners bid for the firms that are for sale. Customers learn the owner's type, which reflects the quality of the good or service provided, through experience. After observing an ownership change they may want to switch firms. However, in equilibrium, good new owners buy from good old owners and retain high‐value customers. Hence reputation is a tradable intangible asset, although ownership change is observable.