How Dark Trading Harms Financial Markets
通过实验分析暗交易对金融市场的影响，发现信息集中时暗交易损害价格质量，信息分散时则造成福利损失，但不会扩大知情与不知情交易者的收益差距。
Abstract We design an experiment to analyse the consequences of dark trading in a financial market. The channel through which dark trading affects market efficiency critically depends on how information regarding fundamentals is distributed among investors. When information is concentrated in the hands of a few investors, possibly due to sparse investor connectedness or low media coverage, dark trading primarily impacts market efficiency by deteriorating the quality of asset prices. When information is diffused, dark trading no longer harms price discovery, but the unobserved liquidity entails welfare loss. Dark trading does not widen the earnings gap between informed and uninformed traders.