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Jae-Min Jung and Ho-Yeon Kim: Third-person Effects in the Stock Market:Perception of Experts & Non-experts and Impacts on Attitude
Third-person Effects in the Stock Market:
Perception of Experts & Non-experts and Impacts on Attitude
Jae-Min Jung* and Ho-Yeon Kim**
Abstract: The third-person effect was tested by examining whether people perceive a greater influence of
unidentified information recommending stocks in the Internet on others than on themselves. Findings
confirm the third-person effect but also show subjects with stock market experience perceive a greater
influence on others than did subjects with no stock market experience. Additionally, subjects
demonstrated a larger third-person effect when "others" are specified as novice investors who have little
knowledge or experience in stock trading than when "others" are identified as experienced traders. After
controlling for SES and interest and experience in stock trading, the third-person perception remained.
Keywords: Third-person perception, Behavioral effect, Stock market, Internet information, Expert
as a monster drug even before the FDA approved it.
Pfizer's stock has climbed 20%."Of course, the
people touting a stock may be company insiders or
In his seminal study, Davison (1983) introduced
paid promoters who stand to profit at consumers'
an interesting example about the third person effect:
expense. Thus, when people see an offer on the
"Fluctuations in the stock market are not infrequently
Internet, they have to determine its legitimacy
accounted for by reference to rumors or news reports.
through their own independent research. However,
The reasoning seems to be that these reports will
because a general audience does not have much
cause others to sell (or buy) certain categories of
information and knowledge to analyze all
shares; therefore I will sell (or buy) in order to
information, it is difficult to determine whether or not
anticipate their action" (Davison, 1983, p. 13).
it is reliable information. As a result, many people
There are vast amounts of information available
rely on the news or recommendations to make
online that recommend stocks directly, introduce new
decisions in the stock market. This is common
product development or provide other news that
regardless of countries wherever stocks are being
might influence stock buying decisions. The Internet
traded in the market.
is ideal for financial news because of its real time
More individuals are getting involved in the stock
information. It is not surprising, then, that more and
trading in Korea. A report shows that Internet
more people rely on the Internet to check market
"rumors" have considerable impacts on stock prices
fluctuations for their individual investments.
(Ahn, 2007). Paid web sites provide information that
Internet users, however, risk becoming a stock
reaches hundreds of users, and the number of interest
market loss victim due to the lack of pertinent and
group communities devoted to stock trade is
accurate information. Galarza (1998, p. 36) points to
estimated to be several thousand in Korea.
the impact of the Internet in one specific case:
Furthermore, since more and more people buy and
"Pfizer's Viagra was being touted on Yahoo's board
sell through e-trading, they frequently scan and adopt news and information from the Internet.
At this moment, it is necessary to analyze how
* Position, Associate Professor
people rely on the information on the web and are
Affiliation, KAIST, Korea E-mail : [email protected]
affected by the information. Specifically, this study
** Position,Aassociate Professor
examines how people are affected by unidentified
Affiliation, Kangnam University, Korea
information provided on the Web and how they
E-mail : [email protected]
Pacific Science Review, vol. 15, B, no 4, 2013, pp.48 58
perceive the influence of the information on others as
examined the conditions that facilitate these
well. Based on the third-person effect theory, the
perceptual discrepancies.
perceptions of general individuals and that of experts
First, perceptions rely on the desirability of the
who work at stock trading companies will be
message. Self-enhancement theorists assert that
compared. In other words, we will compare if
people are loathe to admit that they are influenced by
individuals who do not have much knowledge and
messages when such admission reflects negatively on
information and the experts whose daily job is
the self. Third-person effects should be particularly
analyzing stock market perceive information pronounced when the message is perceived as differently. This study also analyzes whether the
undesirable (Perloff, 2009). For example, when the
perception about the influence on people's buying
messages are undesirable such as television violence,
decision leads to behavioral aspects – whether
pornography, negative political advertising or anti
individuals support warnings or regulations about
social rap music, the perceived effects on others are
greater (Cohen et al., 1988; Eveland & McLeod,
Data utilized here come from survey responses of
1999; Gunther & Mundy, 1993; Hoffner, et al., 1999;
335 professional stock market traders, adults and
Lee & Tamborini, 2005; Perloff, 1999).
The opposite side to these finding is also possible.
According to a self-enhancement view, if the third-
person effect is driven by a desire to preserve self-
LITERATURE REVIEW
esteem, people should be willing to acknowledge
effects of the socially desirable messages such as
anti-smoking and drunk driving PSAs (David, Liu, &
Third-person Perception
Myser, 2004; Henricsen & Flora, 1999; Meirick, 2005), AIDS prevention ads (Duck, Terry, & Hogg,
The strength of the perceptual effect was
1995) and anti-drug ads (Cho & Boster, 2008).
substantially supported by meta-analysis of the third-
Second, social distance is another factor that has
person perception studies (Paul, Salwen, & Dupagne,
an influence on the strength of the third-person
2000; Perloff, 1993; Sun, Pan, & Shen, 2008).
perception. Social distance is typically defined as the
Scholars account for the processes underlying the
degree of similarity between the self and others
third-person effect by applying attribution theory,
(Eveland, Nathanson, Detenber, & McLeod, 1999).
namely fundamental attribution error and egotistical
Generally, "third persons" in third-person effects
differential attributions (Gunther, 1991; Ruciniski &
research have been treated as a singular whole with
Salmon, 1990). According to the fundamental
no effort to break down into smaller parts. However,
attribution error, observers generally underestimate
the magnitude of the third-person effect hinges on the
other people's awareness of situational factors such
particular others that observers have in mind when
as the persuasive intent of media content and, thus,
they estimate media effects (Perloff, 2009). For
overestimate other's susceptibility to this content. But
example, the third-person effect increases as others
in judging themselves, observers are quite aware of
become increasingly general (e.g., others in this
the persuasive intent and are less susceptible to these
classroom, others in this university, others in this
message effects. Observers may also engage in self-
town, others in this state) and hence more socially
positivity bias or egotistical differential attributions
distant (Cohen, Mutz, Price, & Gunther, 1988; Jensen
(Miller, 1976; Stephan & Gollwitzeer, 1981). When a
& Hurley, 2005). Apparently, the greater the
message is deemed negative or when being persuaded
perceived distance between self and others, the easier
by it would be regarded as unintelligent, people
it is to assume that others will fall prey to effects. At
perceive the message to have more influence on
the same time, perceived effects would be greater on
others, enhancing their perception of personal
others who might be considered more vulnerable to a
invulnerability and control (Gunther, 1991).
specific message such as pornography to adolescents,
Then, what conditions influence the strength of
casino gambling to adults (Youn, Faber, & Shah,
the third-person perceptions? Researchers have
2000), or private loan commercials to the poor (Jung, 2007).
Jae-Min Jung and Ho-Yeon Kim: Third-person Effects in the Stock Market:Perception of Experts & Non-experts and Impacts on Attitude
Different individuals or groups also might display
misled by media messages (Driscoll & Salwen, 1997;
different degrees of effects. That is, according to the
Huh & Langteau, 2007; Lasorsa, 1989).
perceived knowledge, expertise, or degree of
involvement for each topic, people perceive the
effects on others differently. For example, highly
The Behavioral Effect
educated people are disposed to see themselves as
mentally superior to others and therefore should
The perceptual component (or the third-person
perceive that they are more resistant to persuasive
perceptions), which has received frequent research
messages (Paul et al, 2000; See also Perloff, 2009).
attention and considerable empirical support, states
However, education has a mixed result in predicting
that people estimate the effects of media messages on
third-person perception. For this reason, researchers
themselves to be less than the effects on others.
have argued that psychological processes may be
However, Perloff (2002) argued that "what energizes
more crucial than exogeneous factors like education
and intrigues us all is the behavioral hypothesis,
in explaining third-person effect.
which suggests that perceptions can influence
Davison's original study (1983) noted that experts,
behavior" (p. 499). Rojas et al. (1996) also noted that
because of their special knowledge, may exhibit a
"researchers interested in the third person effect
greater third-person perception than do non-experts.
phenomenon should explore the behavioral
He further proposed that "in a sense, we are all
component with greater scrutiny" (p. 183). In a
experts on those subjects that matter to us, in that we
similar context, McLeod et al. (1997) also asserted
have information not available to other people…
that "This first (perceptual) component of the third-
Other people, we reason, do not know what we know.
person effect, however, is at most interesting
Therefore, they are more likely to be influenced by
perceptual phenomenon. The perceptual tendency
the media" (p. 9). Consistent with this view, self-
predicted by the third-person effects becomes more
perceived knowledge (perceiving that you have
meaningful if it is linked with real-world
expertise on the topic in question) predicts the third-
consequences as hypothesized by Davison" (p. 154).
person perception (Driscoll & Salwen, 1997; Lasorsa,
As a result, exploring the behavioral aspect is
1989; Peiser & Peter, 2000; Salwen & Dupagne,
now the central of the third-person effect research.
2000). These findings, coupled with evidence that
Previous studies showed that perceived effects on
self-esteem magnifies third-person perceptions others have an influence in the context of censorship
(David & Johnson, 1998), are consistent with the
on pornography (Chia, Lu, & McLeod, 2004;
view that self-enhancement underlies the third-person
Gunther, 1995; Lee & Tomborini, 2005; Lo, 2000;
Wu & Koo, 2001), violent TV programs (Rojas, Shah,
Thus, the self enhancement or self-serving bias
& Faber, 1996; Salwen & Dupagne, 1999), realty
has been most commonly used to explain the third-
shows (Cohen & Weimann, 2008), antisocial rap
person effect phenomenon and more specifically to
music (McLeod, Eveland, & Nathanson, 1997),
explain the role of knowledge or expertise in fueling
negative political campaign (Salwen, 1998), or liquor,
greater media effects on others (Driscoll & Salwen,
tobacco and casino ads (Shah, Faber, & Youn, 1999;
1997; Jung & Jo, 2013; Huh & Langteau, 2007;
Youn, Faber, & Shah, 2000).
Perloff, 1999). According to self-enhancement theory,
people are motivated to sustain and reinforce positive
Research Questions and Hypotheses
self-images. In other words, people are smarter and
The first set of hypotheses tested here examine
less vulnerable to media influence than are others
whether the third-person effect can be applied to the
(Eveland, 2002). Applying this notion, individuals
use of advice in Internet content devoted to the stock
with special knowledge concerning a topic and
market. Thus, considering Davison's initial notion,
awareness of a message creator's intent are likely to
this study tests the third-person effect in a new
think that their knowledge protects them from media
domain: the stock market, or whether people perceive
influence whereas others who are less knowledgeable
greater impacts of unidentified information
are more susceptible to media influence and easily
recommending stocks in the Internet on others than on themselves.
Pacific Science Review, vol. 15, B, no 4, 2013, pp.48 58
H1a: Respondents are more likely to believe that
According to the previous literature, the greater the
unidentified information recommending stocks in
perceived effect of media content, the more people
the Internet has more influence on others than on
support censorship for the content. Thus, we predict a
similar outcome here.
When measuring the perception of third person,
H2a: The greater the perceived effect of unidentified
"other" was broken down into the specified groups as
information recommending stocks in the Internet
"novice investors," and "experienced investors." In
on others, the more willing people will be to
this case, the degree of perceived effect might be
support warning against that information.
H2b: The greater the perceived effect of unidentified
H1b: Respondents are more likely to believe that
information recommending stocks in the Internet
unidentified information about stock
on others, the more willing people will be to
recommendation in the Internet has more
support regulation against that information.
influence on novice investors than on themselves.
Attitude toward warnings or regulation against the
H1c: Respondents are more likely to believe that
unidentified information recommending stocks in the
unidentified information recommending stocks in
Internet might be influenced by other factors. Thus,
the Internet has more influence on experience
the final research question deals with whether the
investors than on themselves.
third-person perception influence remains after
controlling for other variables.
H1d: Respondents are more likely to believe that
unidentified information recommending stocks in
RQ3. After controlling other confounding variables,
the Internet has more influence on novice
are the third-person perception variables still
investors than on experienced investors.
predictive of attitudes regarding warnings or
regulation toward unidentified information
Respondents of the survey in this study are
recommending stocks in the Internet?
composed of an expert group (employees at stock
trading company) and a non-expert group (students
and general adults). Whether and how experts and
non-experts differently perceive the influence on
others are important subjects for study.
RQ1: Is there any difference in the perception about
the degree of influence among different
In April and May 2009, a self-administered survey
respondent groups (experts vs. non-experts)?
using a convenience sample of professional stock
Respondents also can be grouped by the previous
traders at stock trading companies, college
experience in stock trading. Thus, the next research
undergraduate students in communication courses at
question asks whether there is any difference in the
a university in Seoul, South Korea, and their parents
third-person perception based on prior experience in
or relatives, was conducted. Final sample size was
335, with 89 professional experts, 126 college
students and 120 adults. Of participants, since the
RQ2: Is there any difference in the perception about
survey was conducted at a women's university,
the degree of influence among respondents based
college students were all female. In an adult group,
on the previous experience in stock trading?
65 respondents were male (54.2%) and in the expert
group 82 respondents were male (92.1%). Although
A second set of hypotheses tests the effects of the
the gender distribution was not proportionate in this
third-person perception on the attitude toward the
survey, it is not expected to have a critical impact at
unidentified information recommending stocks. this research.
Jae-Min Jung and Ho-Yeon Kim: Third-person Effects in the Stock Market:Perception of Experts & Non-experts and Impacts on Attitude
Measurement
Control Variables
For the purpose of control, prior experience in
First person Effect: Influence on Self
stock trading (Yes/No) was asked. Since total amount
Survey participants were asked how strongly they
of investment is a private issue, degree of interest in
agreed or disagreed with the statement asked in
the stock trading (5-point Likert scale) was asked,
regard to themselves: Unidentified information
instead of actual amount.
recommending stocks in the Internet has an influence
on myself. This question was measured on a 5-point
Likert scale from 1 (strongly disagree) to 5 (strongly
Third Person Effect: Influence on Others
Hypotheses 1a through 1c stated that people
Respondents also answered their opinion about
would perceive that unidentified information
the effects of unidentified information recommending
recommending stocks in the Internet has a greater
stocks in the Internet on others. "Others" were
impact on others than on one's self. To test these
specified as others in general, novice investors, and
hypotheses, paired t-test were run. A significant
experienced investors in stock trading: (a) third- person perception was found in all cases. The
Unidentified information recommending stocks in the
mean estimate of the impact on others was
Internet has an influence on others, (b) Unidentified
significantly higher than the mean estimate of the
information recommending stocks in the Internet has
impacts on themselves. The perceived impact on self
an influence on novice investors, and (c) Unidentified
was 2.10 and that of others was 3.68. When others
information recommending stocks in the Internet has
were specifically designated as novice investors and
an influence on experienced investors. Answers were
experienced investors, both groups also showed
measured by 5-point Likert scale from 1 (strongly
higher mean scores in the perception of the impact on
disagree) to 5 (strongly agree).
others than the impact on self. Thus, the first three
hypotheses were supported.
Support for Censorship
H1d stated that people would perceived that a
In order to measure support for censorship,
greater impact would be given to novice investors
respondents were asked to indicate how strongly they
rather than experienced investors, because novice
agreed or disagreed with two statements: (a) A
investors are more vulnerable to the information. The
warning notice is necessary to protect ordinary
mean score of novice investors was 4.17 and that of
people from unidentified information recommending
experienced investors was 2.60. As expected, people
stocks in the Internet, and (b) A strong regulation is
perceive that novice investors are more vulnerable to
necessary to protect ordinary people from unidentified information about stock
unidentified information recommending stocks in the
recommendation in the Internet than investors who
Internet. Answers were measured by 5-point Likert
have more stock trading experience. This hypothesis
scale from 1 (strongly disagree) to 5 (strongly agree).
was also supported.
Table 1. Paired t-test of perceived effects of stock recommendation
2.10 (.95) - 3.68 (.67)
Self - Novice investors
2.10 (.95) - 4.17 (.83)
Self - Experienced investors
2.10 (.95) - 2.60 (.83)
Novice investors – Experienced investors
4.17 (.83) - 2.60 (.83)
Score ranged from (1) strongly disagree to (5) strongly agree
Pacific Science Review, vol. 15, B, no 4, 2013, pp.48 58
Additionally, research question 1 asked the
There was a statistical difference among groups in
difference in the perception, if any, among
the perception about impact on themselves, on others,
respondents groups. This study used three types of
and on novice investors. However, the perception
respondent groups; college students, general adults,
about the impact on experienced investors was not
and experts in stock trading who work at stock
significant among respondent groups.
trading companies. An ANOVA test was
conducted to answer the research question.
Table 2. AVOVA test among three groups
Students General
N M(s.d) N M(s.d) N M(s.d)
120 2.48(.80) 89 2.72(.52) 2.12
*P< .05; *** p < .001
Further analysis for the difference between two
respondents (54.1%) had prior experience in stock
groups using Scheffer post hoc test revealed that
trading. The independent t-test results showed that
mostly the statistical significance in the ANOVA test
experience of stock trading had some impacts on the
came from the expert group's lower perceived impact
perception on others and novice investors.
on self and higher perception on others. On the
Respondents who had experience showed higher
perceived impacts on self, on others, on novice
mean scores than respondents with no experience.
investors and on experienced investors, there was no
This means that people who have stock trading
significant difference between students and general
experience were more worried about the influence of
adults group. In the later analysis, these two
unidentified information recommending stocks in the
respondent groups are combined as the non-expert
Internet on others and especially novice investors. In
the perception on themselves and on experienced
Research question 2 addressed the impact of
investors, regardless of stock trading experience, the
previous experience in stock trading. A total of 200
mean score did not reveal any statistical difference.
Table 3. Impact of previous stock trading experience on the perception
Novice investors
Experienced investors
** p<.05' ***p<.001
Jae-Min Jung and Ho-Yeon Kim: Third-person Effects in the Stock Market:Perception of Experts & Non-experts and Impacts on Attitude
Hypotheses 2a and 2b predicted that perceived
The perceived effect on others also showed
effect of unidentified information recommending
significant impacts on the both attitudes (β=.176,
stocks in the Internet on others would lead to
p<.01 for warning; β=.110, p<.068 for regulation).
people's willingness to support warnings or However, the perceived effect on experienced regulation against that information. To test these
investors showed no statistical significance in the
hypotheses, regressions were performed. The impact
impacts on warnings or regulation against
of first and third-person variables was analyzed
unidentified information recommending stocks.
individually as independent variables and each
Surprisingly, the perceived impacts on self were
attitude served as dependent variables. Bivariate
significantly related to the attitudes toward
correlations were tested between independent unidentified information recommending stocks in the variables to ensure no problems due to Internet. The less perceived impacts on self, the more multicollinearity existed. Although the correlation
supported for warning (β=-.128, p<.05). In other
between the perceived impact on others and its effect
words, people showed strong support for warning
on novice investors(r=.53) was high, the tolerence
toward unidentified information recommending
and VIF (less than 1.5) test showed that stocks in the Internet, because they believe they are multicollinearity was not a problem.
cautious and intelligent enough not to be vulnerable
The results demonstrated a strong linkage
by the information. At the same time, because they
between the third-person perception and people's
were more worried novice investors might be more
attitude toward warnings or regulation. The perceived
vulnerable to the information, they support warning
effect on novice investors appeared as the strongest
against information more. It should be noted,
predictor in explaining people's willingness to
however, that as expected, the perceived impacts on
support warnings and regulation (β=.256, p<.001 for
self were not significantly related to attitude toward
warnings; β=.254, p<.001 for regulation).
Table 4. Regression of attitude on first and third person effect
R2 beta Adjusted
Others .176** .110+
Novice investors
Experienced investors
+p<.10; *P<.05; ** p<.01; ***p<.001
To determine if third person variables were still
the first block. Respondent group as the expert or the
predictive of attitudes after controlling other
non-expert, prior stock trading experience, and the
confounding variables, and to estimate the degree of interest in stock trading were included in incremental and total variance associated with the
the second block. And each of the first and third
variable groups in accounting for attitudes such as
person variables was then entered lastly. The order of
supporting warnings or regulation, hierarchical
entry of the variable groups followed the approach
regression analyses were conducted.
advocated by Werner (1985), proceeding from
Eleven independent variables were divided into
general characteristics of the subjects to specific
three separate blocks. Demographic variables such as
values or attitudes, and then to perceptions – here, the
gender, age, income, and education were entered in
third person perceptions.
Pacific Science Review, vol. 15, B, no 4, 2013, pp.48 58
Table 5. Hierarchical regression of attitudes on demographic, involvement, and third person variables
Education .012 -.036 Income .090+ .116* Block 2
Previous experience
Interest .153+ .213* Block 3
Others .167** .100
Experienced investor
Adjusted R2 .156
Model fitness (F)
6.854 *** 9.284***
+p<.10; *P<.05; ** p<.01; ***p<.001
Overall, all variables included in this analyses
Overall, in predicting pro-warning attitudes,
accounted for 15.6% of total variance in the pro-
people who worried about impacts on the others
warning attitude and 20.1% in the pro-regulation
showed more active attitudes to support it. It should
attitude. After all other variables were controlled for,
be noted, however, that when others were specified
the impact of the third person effect variable,
as novice investors and experienced investors, the
particularly the perceived effect on novice investors,
results were clearly different. The reason why people
remained stable and as the most powerful predictor
support warnings against unidentified information
for each attitude toward unidentified information
recommending stocks in the Internet lies in the
recommending stocks in the Internet.
concern about the novice investors rather than
In the case of pro-warning attitude, both estimated
experienced investors. They believe caution should
impacts on others (ß=.167, p<.01) and novice
be emphasized to protect novice investors who are
investors (ß=.235, p<.001) continued to be powerful
vulnerable to the unidentified information.
predictors of people's willingness to support
Pro-regulation attitudes showed slightly different
warnings. However, the perceived impact on
results. As in the case of pro-warning, the perceived
experienced investors did not show any statistical
impact on novice investors was the strongest
significance. On the other hand, the perceived impact
predictor (ß=.248, p<.001). However, the variable of
on self showed significant result (ß=-.158, p<.05) in
general others did not show statistical significance
predicting pro-warning attitudes. People who believe
after controlling other variables. On the other hand,
they are less influenced by unidentified information
the perceived impacts on self was revealed as a
recommending stocks in the Internet showed more
significant predictor (β=-.184, p<.01). The less
supportive attitudes toward warning against that
impact on self, the more positive respondents were
information. Income and the degree of interest in
toward supporting regulation.
stock trading showed some marginal significance at
Several variables such as income, prior stock
the p<.10 level in predicting pro-warning attitudes.
trading experience and the degree of interest in stock
People who have more income and more interest in
trading also showed significant results. Higher
stock trading were more supportive for warnings.
income (ß=.116, p<.05) was related to pro-regulation,
Jae-Min Jung and Ho-Yeon Kim: Third-person Effects in the Stock Market:Perception of Experts & Non-experts and Impacts on Attitude
and people who have stock trading experience in the
prices in chat rooms, bulletin boards and interest
past (ß=.240, p<.001) showed stronger pro-regulation
groups in the Internet have intensified anxiety about
attitudes. Unlike the case of pro-warning attitude, the
the protection of less experienced stock investors.
prior experience in stock trading significantly
Clearly, the current study revealed that people are
predicted the pro-regulation attitude. That is, people
worried about novice investors who are more
who have some experience in stock trading were
vulnerable to the unidentified information
concerned about negative impact from unidentified
recommending stocks. Moreover, experts who work
information recommending stocks in the Internet and
at stock trading companies showed high levels of
supported regulation against those information. The
concern for novice investors. This concern leads to
degree of interest in stock trading also showed
behavioral support for warnings and regulation of
significance at .05 level (β=.213) in predicting pro-
unidentified information recommending stocks in the
regulation attitudes.
Overall, in predicting pro-regulation attitudes,
The present study has some limitations.
people who worried about impacts on novice
Compared to the sample of the non-expert group, that
investors showed the strongest attitude to support it.
of the expert group is limited due to the difficulty in
They believe the regulation is necessary to protect
collecting the data. Future studies may add more
novice investors who are more vulnerable to stock
samples to test the third-person effect in stock trading.
Another limitation involves some of the measures
used in this study. The measurement of expertness
was self-reported. Instead of measuring the self-
DISCUSSION
perceived knowledge, this study defined the experts
as employees working for the stock trading
companies. Since they sell and buy stocks as a
This study found support for the contention that a
common duty in daily life, it is no doubt that they
third-person effect occurs when people consider the
have more information and further knowledge in the
potential impact of media content on others in the
stock market. However, it is plausible that the degree
context of stock trading. Particularly, this study
of self-perceived knowledge might be different, even
surveyed general public and expert groups to
though they work as professional stock traders. In the
compare the perceived impacts, if any, on self and
measurement of third-person perception consequence,
others. Several significant findings emerged.
this study used the degree of pro-warning or pro-
Furthermore, this study investigated influences on
regulation about the unidentified information
respondents support for warning statements on sites
recommending stocks in the Internet. However, it is
and regulation restricting stock trading information.
unlikely that these actions will be implemented.
When the third-person is assumed as a member of a
Future research can challenge the issue of compliance
specific vulnerable group rather than just others in
versus defiance as a consequence of the third-person
general, the third-person effect is more significant in
perception in the stock trading.
predicting attitudes. Respondents worried that the
In spite of these limitations, this study makes
novice investors are more vulnerable to the
some contributions to the body of mass
unidentified information recommending stocks in the
communication research. First, the current study
empirically tested the third-person perception and
The Internet is an ideal medium to distribute
consequence of that perception in the context of stock
financial information because of its real time updates
market. Thus, it expanded the area of the third-person
and wide accessibility. Certainly, the influence of the
study application. Second, this study empirically
information in the Internet cannot be exaggerated in
tested Davidson's initial third-person speculation on
the society. However, unidentified and unaccountable
experts' perception of greater media influence on
stock buying or selling recommendations might
others and showed that experts do tend to attribute
confuse or mislead to general public, especially those
greater media influence on others than do non-experts.
who do not have much information and knowledge in
Third, typically, self-other disparities grow in
stock trading. Unaccountable stories about stock
magnitude with increases in perceived distance
Pacific Science Review, vol. 15, B, no 4, 2013, pp.48 58
between self and comparison others, as predicted by
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Source: http://psr.kangnam.ac.kr/psr_bk_iss/vol15/V15_04_B_09.pdf
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