The study looked at how companies with good reputations compared to average ones handle selling their assets and making investment decisions. They found that companies with good reputations tend to hold onto losing investments longer and are more confident in their decisions. This trend was seen in both good and bad market conditions. In bear markets, both types of companies showed similar behaviors, but in bull markets, the differences were less pronounced. Overall, companies with good reputations tend to exhibit more confidence and hold onto losing investments longer compared to average companies.