Next, we test a one-way, two-level nested model that compares the no jargon versus bad jargon alone versus both-good-and-bad jargon conditions. As shown in Table 4 , Panel B, we find that investors exhibit lower investment willingness in the absence of bad jargon than in its presence (0.93 for the no jargon condition versus 2.16 for the average of the two bad jargon-present conditions; F1, 66 = 4.23, p = 0.02, one-tailed). However, the bad jargon alone condition is not significantly different from the both-good-and-bad jargon condition (1.85 versus 2.48; F 1, 66 = 0.84, p = 0.18, one-tailed), although cell means are directionally consistent with our prediction.