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LTI@Unito and Fondazione Collegio Carlo Alberto
are pleased to
invite you to
the following
seminar
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November 7, 2023 | 12:00 - 13:15
The Real Effects of Dark
Trading
Leonidas Barbopoulos
(University of
Edinburgh
Business
School)
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Abstract. Up to 50% of trading
in some stocks
is in opaque
off-market
venues,
prompting
regulatory
debate about
dark trading.
We analyze the
real effects
of dark
trading and
find that it
positively
impacts
corporate
investment
decisions. In
moderate
amounts, it
makes stock
prices more
informative,
thereby
helping
managers learn
from stock
prices, and
improving
company
performance.
It also
increases
manager
forecast
accuracy and
influences
decisions
during
M&As.
However, high
levels can be
harmful. We
address
identification
through a
quasi-natural
experiment,
instrumental
variables, and
Heckman
selection
models.
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Sostieni il
Collegio Carlo
Alberto con il
5x1000 | c.f.
94049090015
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INFORMATION
UNDER THE NEW
GENERAL DATA
PROTECTION
REGULATION
(GDPR)
Your personal
information
has been
gathered for
the exclusive
purpose of
informing you
about the
Collegio's
initiatives,
considering
our and your
legitimate
interest or
your consent.
If you wish to
have your
personal data
modified
please contact
Fondazione
Collegio Carlo
Alberto,
piazza
Arbarello 8,
1022 Torino,
Italy -
phone:+39011
15630 800 - privacy@carloalberto.org
To find out
about the
policies
regarding the
processing of
personal data
pursuant to
articles 13-14
of EU
Regulation
2016/679,
consult the
information at
the following
link
https://www.carloalberto.org/privacy/
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