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本期主题
Shorting in the Dark: The Dual Role of Short Sales in Off-Exchange Trading
时 间：2026年3月19日（Thur.）
10:00 - 11:30 a.m.
地 点：同德楼111
主 讲：Ke Xu (University of Victoria)
论文摘要
Using transaction-level data, we examine the role of “dark” off-exchange short sales in the U.S. stock market. We find that passive dark venue short sales can be uninformed, acting as an important mechanism for liquidity provision, in contrast to active short sales, which are primarily employed by informed traders. Nevertheless, increased liquidity provision in dark venues reduces liquidity on lit exchanges and raises trading costs there. Since lit exchange quotes serve as benchmarks for dark venue pricing, higher trading costs on lit exchanges may, in turn, increase execution costs in dark venues.
主讲简介
Ke Xu is an Associate Professor in the Department of Economics at the University of Victoria. Her core research interests span Financial Economics, Market Microstructure, Macroeconomics, and Applied Econometrics, with impactful work on high-frequency trading, cryptocurrency markets, price discovery, commodity futures, and cross-border financial market dynamics. Xu has published 20 peer-reviewed articles in leading finance and econometrics journals such as the Journal of Finance, Financial Management, Journal of Banking and Finance, with additional working papers under review and in-progress research on market stability and sustainable investment. As a Principal Investigator (PI), she has secured major research funding from tri-agency and internal sources, including SSHRC Insight Development Grants, IRCPG, and the SSHRC COVID Supplement Fund. She is an active member of over 10 professional societies including the American Economic Association and Financial Management Association, and regularly presents research at international conferences worldwide. Xu also serves on multiple administrative and equity committees at UVic, advancing faculty governance, equity, diversity, and inclusion in academia.
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