Do Dark Pools Harm Price Discovery?
研究了暗池（不公开显示订单的股票交易系统）对价格发现的影响，发现暗池可能将知情交易者吸引到交易所，从而改善价格发现，但会降低交易所流动性。
Dark pools are equity trading systems that do not publicly display orders. Dark pools offer potential price improvements but do not guarantee execution. Informed traders tend to trade in the same direction, crowd on the heavy side of the market, and face a higher execution risk in the dark pool, relative to uninformed traders. Consequently, exchanges are more attractive to informed traders, and dark pools are more attractive to uninformed traders. Under certain conditions, adding a dark pool alongside an exchange concentrates price-relevant information into the exchange and improves price discovery. Improved price discovery coincides with reduced exchange liquidity.