In many environments, including credit and online markets, past records about participants are collected, published, and erased after some time. We study the effects of erasing past records on trade and welfare in a dynamic market where each seller's quality follows a Markov process and buyers...

Arbitrageurs with a short investment horizon gain from accelerating price discovery by advertising their private information. However, advertising many assets may overload investors' attention, reducing the number of informed traders per asset and slowing price discovery. So arbitrageurs...

A rater is paid by a seller, observes a signal about the seller's product, and issues a public cheap-talk rating for potential buyers. I characterize the partition of the rater's information into ratings issued following public payments from the seller to the rater, and ratings issued when the...

We statistically identify institutional investors who persistently hold the most underpriced US IPOs. As a group, these key investors' holdings are strongly related to IPO underpricing and offer price revisions, more so than any other variables. Key investors are better informed than other...

Arbitrageurs with a short investment horizon gain from accelerating price discoveryby advertising their private information. However, advertising many assets mayoverload investors' attention, reducing the number of informed traders per assetand slowing price discovery. So arbitrageurs optimally...

We propose a model of intertemporal competition for institutional capital in initial public offerings (IPOs) of equity. A firm issuing shares in period t courts institutional investors that also consider investing in a firm that will issue shares in the next period. We characterize stationary...

Arbitrageurs with a short investment horizon gain from accelerating price discovery by advertising their private information. However, advertising many assets may overload investors' attention, reducing the number of informed traders per asset and slowing price discovery. So arbitrageurs...