Investment Busts, Reputation, and the Temptation to Blend in with the Crowd
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We provide a dynamic model of an industry in which agents strategically time liquidation decisions in an effort to protect their reputations. As in traditional models, agents delay liquidation attempting to signal their quality. However, when the industry faces a common shock that indiscriminately
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美国国家经济研究局创建时间：
2012-03-01
