Can Financial Participants Improve Price Discovery and Efficiency in Multi-Settlement Markets with Trading Costs?
---- Acknowledgments ----
We would like to thank Severin Borenstein, Jim Bushnell, Lucas Davis, Meredith Fowlie, Bill Hogan, Ali Hortacsu, Paul Joskow, Lynne Kiesling, Erin Mansur, Ignacia Mercadal, Steve Puller, Mar Reguant, Peter Reiss, and Ali Yurukoglu for helpful comments on previous drafts. We would also like to thank Andres Santos and Han Hong for helpful discussions of their hypothesis testing procedures. No external financial support was provided to Akshaya Jha or Frank A. Wolak to complete this research. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.