Data for: The “inflow-effect”—Trader inflow and price efficiency

Abstract of associated article: We investigate the impact of cash and trader inflow on price efficiency in multi-period experimental asset markets. Implementing eight treatments with 672 subjects, we find that (i) the joint inflow of cash and traders triggers strong overvaluation and massive price run-ups (inflow-effect). Remarkably, the effect occurs in almost all of the 30 markets with joint cash and trader inflow and is very robust. The effect even prevails in markets with complete and symmetric fundamental information. We further show that (ii) in treatments with the joint inflow of cash and traders, prices crash to fundamentals towards maturity of the asset. The analysis of traders׳ beliefs reveals that (iii) despite fundamental values staying constant, beliefs about fundamentals co-move with upwardly trending prices. Finally, we report a speculative motive only among the optimists in treatments where we observe the inflow-effect.

相关文章摘要：本研究探讨现金与交易者流入对多期实验性资产市场价格效率的影响。通过实施八种处理方案，并涉及672名参与者，我们得出以下结论：（一）现金与交易者共同流入导致显著的高估和大规模的价格上涨（流入效应）。值得注意的是，该效应在包含现金与交易者共同流入的30个市场中几乎普遍存在，且表现出极高的稳健性。即使在拥有完整且对称基本信息的市场中，该效应依然存在。（二）在现金与交易者共同流入的处理方案中，随着资产到期，价格崩溃回归基本面。（三）通过对交易者信念的分析显示，尽管基本面价值保持恒定，但关于基本面的信念与上涨趋势的价格同步变动。最后，我们报告称，仅在观察到流入效应的处理方案中，乐观者中存在投机动机。