Reputation and Asset Prices: Evidence From Trump Real Estate
利用特朗普在曼哈顿房地产中的知名度，研究发现其总统竞选引发的争议导致特朗普品牌公寓价格折价14.5%，且该冲击持续至2022年，表明声誉风险对资产价格有显著且持久的影响。
ABSTRACT We analyze the impact of brand reputation on asset prices by exploiting the prominence of Donald Trump in Manhattan real estate. Our quasi‐experiment identifies a 14.5% discount to condominiums in Trump‐branded buildings after controversies surrounding Trump's presidential candidacy began in June 2015 up to 2022. The shock is immediately priced in the second half of 2015 and is persistent until 2022. We create a monthly indicator of Trump's negative reputation in New York City using Twitter data and find that a one‐standard‐deviation increase in our indicator predicts a 3.7% price discount to branded units. Property assessment data indicate no tax benefits to owners of branded condominiums but imply an around almost $700 million decline in their properties' values. Overall, our results show that reputation shocks can be large and persistent and that reputational risk should be taken into account by risk managers.