This study examines how the market share of dark venues changes at earnings announcements. Our analysis shows a statistically significant increase in dark market share in the weeks prior to, during, and following the earnings announcement. We also predict and find evidence that increases in dark market share around earnings announcements are higher for firms with high quality accounting information. In addition, we find a positive relation between the change in dark market share and the speed of resolution of investor disagreement-a key dimension of informational efficiency, which suggests that dark trading is associated with an improvement in market quality. How market fragmentation changes around news events, the role accounting information plays in market fragmentation, and how changes in market fragmentation relate to market quality can help provide insights to securities regulators.

中文翻译：

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围绕收益公告和投资者分歧解决速度的黑暗市场份额

本研究探讨了在收益公告中黑暗场所的市场份额如何变化。我们的分析显示，在财报公布之前、之中和之后的几周内，暗市份额在统计上显着增加。我们还预测并发现证据表明，对于具有高质量会计信息的公司，收益公告周围的暗市份额增加更高。此外，我们发现暗市份额的变化与投资者分歧的解决速度之间存在正相关关系——这是信息效率的一个关键维度，这表明暗交易与市场质量的提高有关。市场分散如何围绕新闻事件发生变化，会计信息在市场分散中的作用，