Mixed effects linear regression analysis of confidence ratings
| Independent variable | b | SE | df | t | p |
|---|---|---|---|---|---|
| Intercept | 44.02 | 2.02 | 139.00 | 21.84 | <0.001 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3, 4) | 2.55 | 0.66 | 414.00 | 3.84 | <0.001 |
| Presentation vs no presentation of buy recommendation (stock 1, 2) | −0.27 | 0.94 | 414.00 | −0.28 | 0.777 |
| Presentation vs no presentation of sell recommendation (stock 3, 4) | −1.06 | 0.94 | 414.00 | −1.13 | 0.260 |
| Non-professionals vs Professionals | 7.28 | 2.96 | 138.00 | 2.70 | 0.015 |
| Non-professionals vs Finance students | −2.50 | 3.10 | 138.00 | −0.81 | 0.420 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | 1.69 | 0.98 | 414.00 | 1.73 | 0.084 |
| X Non-professionals vs Professionals | |||||
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | 1.87 | 1.02 | 414.00 | 1.83 | 0.068 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | −0.87 | 1.38 | 414.00 | −0.63 | 0.528 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | 1.89 | 1.46 | 414.00 | 1.31 | 0.191 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of sell recommendation (stock 1, 2) | −2.67 | 1.38 | 414.00 | −1.93 | 0.054 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of sell recommendation (stock 1, 2) | −1.44 | 1.45 | 414.00 | −0.99 | 0.320 |
| X Non-professionals vs Finance students |
| Independent variable | b | SE | df | t | |
|---|---|---|---|---|---|
| Intercept | 44.02 | 2.02 | 139.00 | 21.84 | <0.001 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3, 4) | 2.55 | 0.66 | 414.00 | 3.84 | <0.001 |
| Presentation vs no presentation of buy recommendation (stock 1, 2) | −0.27 | 0.94 | 414.00 | −0.28 | 0.777 |
| Presentation vs no presentation of sell recommendation (stock 3, 4) | −1.06 | 0.94 | 414.00 | −1.13 | 0.260 |
| Non-professionals vs Professionals | 7.28 | 2.96 | 138.00 | 2.70 | 0.015 |
| Non-professionals vs Finance students | −2.50 | 3.10 | 138.00 | −0.81 | 0.420 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | 1.69 | 0.98 | 414.00 | 1.73 | 0.084 |
| X Non-professionals vs Professionals | |||||
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | 1.87 | 1.02 | 414.00 | 1.83 | 0.068 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | −0.87 | 1.38 | 414.00 | −0.63 | 0.528 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | 1.89 | 1.46 | 414.00 | 1.31 | 0.191 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of sell recommendation (stock 1, 2) | −2.67 | 1.38 | 414.00 | −1.93 | 0.054 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of sell recommendation (stock 1, 2) | −1.44 | 1.45 | 414.00 | −0.99 | 0.320 |
| X Non-professionals vs Finance students |
Note(s): Pseudo R2Fixed-effects = 0.05, Pseudo R2Total = 0.69
Source(s): Authors' own creation/work