Mixed effects linear regression analysis of return predictions (%)
| Independent variable | b | SE | df | t | p |
|---|---|---|---|---|---|
| Intercept | 0.88 | 0.88 | 138.00 | 1.00 | 0.318 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3, 4) | 2.55 | 0.70 | 414.00 | 3.66 | <0.001 |
| Presentation vs no presentation of buy recommendation (stock 1, 2) | 2.05 | 0.99 | 414.00 | 2.08 | 0.038 |
| Presentation vs no presentation of sell recommendation (stock 3, 4) | 0.54 | 0.99 | 414.00 | 0.54 | 0.586 |
| Non-professionals vs Professionals | 0.19 | 1.29 | 138.00 | 0.14 | 0.886 |
| Non-professionals vs Finance students | 1.16 | 1.35 | 138.00 | 0.86 | 0.392 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | 1.28 | 1.02 | 414.00 | 1.24 | 0.214 |
| X Non-professionals vs Professionals | |||||
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | −0.64 | 1.07 | 414.00 | −0.60 | 0.552 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | −1.36 | 1.45 | 414.00 | −0.94 | 0.347 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | 0.91 | 1.52 | 414.00 | 0.60 | 0.550 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of sell recommendation (stocks 3, 4) X | −0.09 | 1.45 | 414.00 | 0.06 | 0.953 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of sell recommendation (stock 3, 4) X | −0.79 | 1.52 | 414.00 | −0.55 | 0.602 |
| X Non-professionals vs Finance students |
| Independent variable | b | SE | df | t | |
|---|---|---|---|---|---|
| Intercept | 0.88 | 0.88 | 138.00 | 1.00 | 0.318 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3, 4) | 2.55 | 0.70 | 414.00 | 3.66 | <0.001 |
| Presentation vs no presentation of buy recommendation (stock 1, 2) | 2.05 | 0.99 | 414.00 | 2.08 | 0.038 |
| Presentation vs no presentation of sell recommendation (stock 3, 4) | 0.54 | 0.99 | 414.00 | 0.54 | 0.586 |
| Non-professionals vs Professionals | 0.19 | 1.29 | 138.00 | 0.14 | 0.886 |
| Non-professionals vs Finance students | 1.16 | 1.35 | 138.00 | 0.86 | 0.392 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | 1.28 | 1.02 | 414.00 | 1.24 | 0.214 |
| X Non-professionals vs Professionals | |||||
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | −0.64 | 1.07 | 414.00 | −0.60 | 0.552 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | −1.36 | 1.45 | 414.00 | −0.94 | 0.347 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | 0.91 | 1.52 | 414.00 | 0.60 | 0.550 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of sell recommendation (stocks 3, 4) X | −0.09 | 1.45 | 414.00 | 0.06 | 0.953 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of sell recommendation (stock 3, 4) X | −0.79 | 1.52 | 414.00 | −0.55 | 0.602 |
| X Non-professionals vs Finance students |
Note(s): Pseudo R2Fixed-effects = 0.04, Pseudo R2total = 0.17
Source(s): Authors' own creation/work
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