Last, we test a one-way, two-level nested model that compares the no jargon versus good jargon alone versus both-good-and-bad jargon conditions, results of which are presented in Table 6 , Panel C. We find that the presence of good jargon does not affect investment willingness (1.77 for the no jargon condition versus 1.44 for the average of the two good jargon-present conditions; F1, 74 = 0.39, p = 0.53). We also find that when good jargon is present, the presence of additional bad jargon leads to a lower investment willingness (1.92 for the good jargon alone condition versus 0.98 for the both-good-and-bad jargon condition; F1, 74 = 2.50, p = 0.06, one-tailed), supporting our prediction in H3b. Overall, our results are consistent with the effect of jargon predicted in H3a and H3b for investors with high industry knowledge.