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首页> 外文期刊>Journal of financial economics >Investment busts, reputation, and the temptation to blend in with the crowd
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Investment busts, reputation, and the temptation to blend in with the crowd

机译：投资失败，声誉下降以及与人群融合的诱惑

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摘要

We provide a real-options model of an industiy 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' quality, many agents abandon their projects strategically even if they are unaffected by the shock. Such "blending in with the crowd" effect creates an additional incentive to delay abandonment ahead of the shock, leading to accumulation of "living dead" projects, which further amplifies the shock. The potential for moderate public common shocks often improves agents' values.
机译：我们提供了一种行业的实物期权模型，在该模型中，代理商为了保护自己的声誉而放弃了他们的项目。代理延迟放弃尝试以发出信号的质量。当公共的共同冲击迫使不管代理商的质量如何放弃一小部分项目时，许多代理商即使没有受到冲击的影响，也会从战略上放弃他们的项目。这种“与人群融合”的效果产生了额外的诱因，使人们在遭受冲击之前推迟了放弃，导致“活死人”项目的积累，这进一步加剧了冲击。潜在的中度公众共同冲击通常会提高代理商的价值。

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