I develop a simple new model of strategic trade with endogenous timing, generalizaing Glosten and Milgrom (1985) : A competitive market maker faces n risk neutral traders with unit demands or suppliers. It is private information whether any given trader is either informed, with a heterogeneous...

While Germany has a very open, export-oriented manufacturing sector, to date there has been little or no research on the role of exporting in German firm performance. This paper documents the significant differences between exporters and non-exporters and attemps to identify the sources of these...

Given standard, transparent assumptions, this paper questions the Wall Street adage that 'timing is everything'. I show that for an Arrow security, a 'small' risk-neutral trader with private information that is conditionally independent of the public information is exactly indifferent about the...

This paper describes information exchange under the Sugar Institute, the trade association of U.S. domestic sugar cane refiners, between 1928 and 1936. The Institute collected production and delivery data from the individual firms and returned i t to them in aggregated form. Attempts to exchange...

A growing body of empirical work has documented the superior performance characteristics of exporting plants and firms relative to non-exporters. Employment, shipments, wages, productivity and capital intensity are all higher at exporters at any given moment. This paper asks whether good firms...

Traditional Trade models focus on aggregate and industry flows and usually ignore firm level factors. This paper presents a dynamic model of the export decision by a profit-maximizing firm.