Table 6 Mean (M) investments (0–100),...

Table 6

Mean (M) investments (0–100), returns, and 95% confidence intervals (CI)

		Non-professionals n = 80	Finance students n = 28	Professionals n = 33
	Condition	M 95%CI	M 95%CI	M 95%CI
Investment (10³ USD)	Presentation of buy recommendation (Stock 1, 2)	57.12 [52.24; 62.01]	47.43 [39.47; 55.39]	34.61 [25.06; 44.15]
	No presentation of buy recommendation (Stock 1, 2)	51.32 [46.13; 56.52]	47.29 [38.23; 56.34]	30.39 [22.11; 38.68]
	Presentation of sell recommendation (Stock 3, 4)	41.90 [35.76; 48.04]	38.50 [30.18; 46.82]	31.70 [21.58; 41.82]
	No presentation of sell recommendation (Stock 3, 4)	42.52 [36.82; 48.24]	36.43 [28.20; 44.66]	27.61 [18.78; 36.42]
Return (10³ USD)^a	Presentation of buy recommendation (Stock 1, 2)	−4.09 [−3.75; −4.45]	−4.13 [−3.44; −4.82]	−2.67 [−1.93; −3.40]
	No presentation of buy recommendation (Stock 1, 2)	−4.24 [−3.81; −4.67]	−3.15 [−0.97; −3.76]	−2.52 [−1.84; −3.21]
	Presentation of sell recommendation (Stock 3, 4)	−1.17 [−1.00; −1.34]	−1.23 [−0.97; −1.50]	−0.95 [−0.64; −1.24]
	No presentation of sell recommendation (Stock 3, 4)	−1.15 [−0.99; −1.30]	−1.11 [−0.86; −1.37]	−1.03 [−0.70; −1.36]

		Non-professionals n = 80	Finance students n = 28	Professionals n = 33
	Condition	M 95%CI	M 95%CI	M 95%CI
Investment (10³ USD)	Presentation of buy recommendation (Stock 1, 2)	57.12 [52.24; 62.01]	47.43 [39.47; 55.39]	34.61 [25.06; 44.15]
	No presentation of buy recommendation (Stock 1, 2)	51.32 [46.13; 56.52]	47.29 [38.23; 56.34]	30.39 [22.11; 38.68]
	Presentation of sell recommendation (Stock 3, 4)	41.90 [35.76; 48.04]	38.50 [30.18; 46.82]	31.70 [21.58; 41.82]
	No presentation of sell recommendation (Stock 3, 4)	42.52 [36.82; 48.24]	36.43 [28.20; 44.66]	27.61 [18.78; 36.42]
Return (10³ USD)^a	Presentation of buy recommendation (Stock 1, 2)	−4.09 [−3.75; −4.45]	−4.13 [−3.44; −4.82]	−2.67 [−1.93; −3.40]
	No presentation of buy recommendation (Stock 1, 2)	−4.24 [−3.81; −4.67]	−3.15 [−0.97; −3.76]	−2.52 [−1.84; −3.21]
	Presentation of sell recommendation (Stock 3, 4)	−1.17 [−1.00; −1.34]	−1.23 [−0.97; −1.50]	−0.95 [−0.64; −1.24]
	No presentation of sell recommendation (Stock 3, 4)	−1.15 [−0.99; −1.30]	−1.11 [−0.86; −1.37]	−1.03 [−0.70; −1.36]

Note(s): ^a(Investment at t₀) (% price difference at t₁)/100 (see Table 4). Time t₀ refers to when predictions were made; time t₁ refers to three months after the investments were made

Source(s): Authors' own creation/work

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