Mixed effects linear regression analysis of investment
| Independent variable | b | SE | df | t | p |
|---|---|---|---|---|---|
| Intercept | 40.57 | 1.52 | 138.00 | 26.62 | <0.001 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3, 4) | 4.13 | 0.98 | 414.00 | 4.19 | <0.001 |
| Presentation vs no presentation of buy recommendation (stock 1, 2) | 1.69 | 1.39 | 414.00 | 1.22 | 0.224 |
| Presentation vs no presentation of sell recommendation (stock 3, 4) | 0.92 | 1.39 | 414.00 | 0.66 | 0.507 |
| Non-professionals vs Professionals | 9.49 | 2.24 | 138.00 | 4.24 | <0.001 |
| Non-professionals vs Finance students | −1.84 | 2.34 | 138.00 | −0.79 | 0.430 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | 2.70 | 1.45 | 414.00 | 1.87 | 0.062 |
| X Non-professionals vs Professionals | |||||
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | −0.82 | 1.51 | 414.00 | −0.54 | 0.578 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | −0.41 | 2.04 | 414.00 | −0.20 | 0.840 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | 1.62 | 2.14 | 414.00 | 0.76 | 0.449 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of sell recommendation (stock 1, 2) | −1.12 | 2.04 | 414.00 | −0.55 | 0.583 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of sell recommendation (stock 1, 2) | −0.11 | 2.14 | 414.00 | −0.05 | 0.958 |
| X Non-professionals vs Finance students |
| Independent variable | b | SE | df | t | |
|---|---|---|---|---|---|
| Intercept | 40.57 | 1.52 | 138.00 | 26.62 | <0.001 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3, 4) | 4.13 | 0.98 | 414.00 | 4.19 | <0.001 |
| Presentation vs no presentation of buy recommendation (stock 1, 2) | 1.69 | 1.39 | 414.00 | 1.22 | 0.224 |
| Presentation vs no presentation of sell recommendation (stock 3, 4) | 0.92 | 1.39 | 414.00 | 0.66 | 0.507 |
| Non-professionals vs Professionals | 9.49 | 2.24 | 138.00 | 4.24 | <0.001 |
| Non-professionals vs Finance students | −1.84 | 2.34 | 138.00 | −0.79 | 0.430 |
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | 2.70 | 1.45 | 414.00 | 1.87 | 0.062 |
| X Non-professionals vs Professionals | |||||
| Buy-recommended stock (1, 2) vs sell-recommended stock (3.4) | −0.82 | 1.51 | 414.00 | −0.54 | 0.578 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | −0.41 | 2.04 | 414.00 | −0.20 | 0.840 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of buy recommendation (stock 1, 2) | 1.62 | 2.14 | 414.00 | 0.76 | 0.449 |
| X Non-professionals vs Finance students | |||||
| Presentation vs no presentation of sell recommendation (stock 1, 2) | −1.12 | 2.04 | 414.00 | −0.55 | 0.583 |
| X Non-professionals vs Professionals | |||||
| Presentation vs no presentation of sell recommendation (stock 1, 2) | −0.11 | 2.14 | 414.00 | −0.05 | 0.958 |
| X Non-professionals vs Finance students |
Note(s): Pseudo R2Fixed-effects = 0.12, Pseudo R2Total = 0.34
Source(s): Authors' own creation/work
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