Diving Into Dark Pools* Page 1 Diving Into Dark Pools* Sabrina Buti† Barbara Rindi‡ and
Ingrid M. Werner§ Fisher College of Business The Ohio State University Date: November 17 …

Many stock exchanges choose to reduce market transparency by allowing traders to hide
some or all of their order size. We study the costs and benefits of order exposure and test …

We consider a large trader liquidating a portfolio using a transparent trading venue with
price impact and a dark pool with execution uncertainty. The optimal execution strategy uses …

We report evidence that the presence of hidden liquidity is associated with greater liquidity
in the order books, greater trading volume, and smaller price impact. Limit and market order …

We study limit order traders' joint decisions regarding order price, order size, and order
exposure in a market where they have the option to hide a portion of order size. Using order …

Since the 2008 financial crisis, researchers and policy makers have been looking to
empirical data to distil both what happened and how a similar event can be avoided in the …

Securitization is a financial innovation that experiences a boom-bust cycle, as many other
innovations before. This paper analyzes possible reasons for the breakdown of primary and …