Who Posts the Reputational Bond? Advertising and Cobranding in Vertical Relationships
研究了在道德风险下，供应链上下游企业谁更愿意承担声誉债券（广告）角色，以及这种选择对福利的影响。
I identify and explore the relationship between two views of brands and advertising, one emphasizing their role in assuring quality and the other emphasizing their role in shifting rents across firms in the supply chain. I show that in the presence of moral hazard, the identity of the reputational bondposter matters, and that both the upstream and the downstream prefer to be the bondposter. I determine the welfare costs of bondposter identity, and who would pay more (or be willing to advertise more) to become the bondposter.