Figure 1: Overlapping generations End Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 of # of 16 Subjects 5 G0 T1 5 D G1 5 G0 5 T2 G1 5 D G2 5 G0 5 G1 5 T4 G2 5 G3 5 D G4 5 G0 5 G1 5 G2 5 G3 5 T8 G4 5 G5 5 G6 5 G7 5 G8 D Notes: D means that the last generation of investors receives terminal dividends (50) at the end of Period 16. Figure 2: Period-wise Average Transaction Prices in High-liquidity Treatments. Notes: Volume-weighted mean prices from six individual sessions (grey lines), mean prices across the six sessions (blue bold line with hollow circles) and Fundamental Value (red bold straight line) by period on vertical axis. Broken vertical lines mark the entry/exit points of overlapping generations of investors. Each panel is identified by treatment: T1H, T2H, T4H, and T8H. Figure 3: Period-wise Average Transaction Prices in Low-liquidity Treatments. Notes: Volume-weighted mean prices from six individual sessions (grey lines), mean prices across the six sessions (blue bold line with hollow circles) and Fundamental Value (red bold straight line) by period on vertical axis. Broken vertical lines mark the entry/exit points of overlapping generations of investors. Each panel is identified by treatment: T1L, T2L, T4L, and T8L. Figure 4: Average for each period number: Comparison between the Period-RAD markets with dividend-collecting investors and those with only speculating
Figure 1: Overlapping generations Period # of Subjects 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 End of 16 T1 5 G0 5 G1 D T2 5 G0 5 G1 5 G2 D T4 5 G0 5 G1 5 G2 5 G3 5 G4 D T8 5 G0 5 G1 5 G2 5 G3 5 G4 5 G5 5 G6 5 G7 5 G8 D Notes: D means that the last generation of investors receives terminal dividends (50) at the end of Period 16. Figure 2: Period-wise Average Transaction Prices in High-liquidity Treatments. Notes: Volume-weighted mean prices from six individual sessions (grey lines), mean prices across the six sessions (blue bold line with hollow circles) and Fundamental Value (red bold straight line) by period on vertical axis. Broken vertical lines mark the entry/exit points of overlapping generations of investors. Each panel is identified by treatment: T1H, T2H, T4H, and T8H. Figure 3: Period-wise Average Transaction Prices in Low-liquidity Treatments. Notes: Volume-weighted mean prices from six individual sessions (grey lines), mean prices across the six sessions (blue bold line with hollow circles) and Fundamental Value (red bold straight line) by period on vertical axis. Broken vertical lines mark the entry/exit points of overlapping generations of investors. Each panel is identified by treatment: T1L, T2L, T4L, and T8L. Figure 4: Average Period-RAD for each period number: Comparison between the markets with dividend-collecting investors and those with only speculating
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