Dear Colleagues,

it is my pleasure to forward you the invitation to the following seminar organized by LTI@UniTO and CCA. The seminar can be attended online via zoom (link below).

Best regards,

Luca Regis

https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/sh/SMK1E8tHeFuBlzkcYLDa5hFz9Ao6/rkB9ImDUru9E ­

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LTI@Unito and Fondazione Collegio Carlo Alberto are pleased to invite you to the following seminar

*November 7, 2023 | 12:00 - 13:15*

*The Real Effects of Dark Trading*

*Leonidas Barbopoulos (University of Edinburgh Business School)*

*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. To attend online, join Zoom meeting https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/sh/SMK1E8tHeG13E8ZZjVN4BWYj7TOM/QB2OJ3JXTLnr ­

*Fondazione Collegio Carlo Alberto*

Piazza Arbarello 8 - 10122 Torino, Italy phone: +3901115630800 segreteria@carloalberto.org - www.carloalberto.org https://4z5y5.r.a.d.sendibm1.com/mk/mr/sh/SMJz09SDriOHTzBFUp7SyDdkW9eU/axWYZmtAdQ4s

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Luca Regis Associate Professor ESOMAS Department University of Torino sites.google.com/view/lucaregis www.carloalberto.org/lti