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...

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.