The investment effects of dark trading
研究了暗交易对发行公司的影响，发现适度暗交易通过增加价格中的新信息改善投资决策质量，但过高水平时效益减弱甚至逆转。
Almost half of US share trading volume occurs in dark markets, prompting regulatory concerns. We examine the effects of dark trading on issuers and show that, at moderate levels, dark trading improves the quality of corporate investment decisions by increasing the amount of information in prices that is new to managers. Consistent with this mechanism, higher dark trading is associated with greater investment–price sensitivity, improved managerial forecast accuracy, stronger M&A-price sensitivity, and superior future operating performance. These benefits diminish, and can reverse, at high levels of dark trading. We establish causality using exogenous changes in dark trading.