We jointly model investors' allocation of order flow among over-the-counter dealers and dealers' acquisition of expertise that increases their ability to take advantage of investors across transactions. Investors choose dealers based on their level of expertise and the liquidity they are...

Frontmatter -- CONTENTS -- Preface -- PART ONE Lectures from Fall 1993 -- 1. Bilateral Relations under New Administrations in Japan and the U.S. (September 23, 1993) -- 2. Trade Negotiations and Agreements: A Trend toward Further Liberalization (October 18, 1993) -- 3. International...