Electronic limit order books are prevalent in financial markets. Most allow quot;hidden orders,quot; in which the order's information is neither revealed to the market nor reflected in the National Best Bid and Offer quotes. Hidden orders comprise a large portion of the trading activity in many...

Equity trading volume is increasingly moving to dark venues from lit exchanges. Theory provides opposing predictions about the effect of dark trading on stock price crash risk. The price efficiency theory predicts a negative relation while the liquidity externality theory predicts a positive...

Electronic limit order books are prevalent in financial markets. Most allow 'hidden orders,' in which the order's information is neither revealed to the market nor reflected in the National Best Bid and Offer quotes. While they enable traders to conceal information, hidden orders lose time...