---
title: Off-Exchange Trading Impact on Stock Price Crashes: Dark Trading
url: https://www.ml-quant.com/papers/ssrn/4532007/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 4532007
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4532007
featured: 2023-08-09
citations: unknown
topic: Trading, Microstructure & Execution
---


# Off-Exchange Trading Impact on Stock Price Crashes: Dark Trading

Dark Trading: Dark trading, or trading that occurs off-exchange, has been found to significantly increase the risk of stock price crashes, especially for stocks with high institutional ownership and negative earnings news.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4532007
- Identifier: SSRN 4532007
- Released: 2022-08-09
- First featured: Quant Letter No. 11 (2023-08-09): https://www.ml-quant.com/issues/2023-08-09/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Trading, Microstructure & Execution

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