Untabulated results show that compared to the no jargon condition, the presence of jargon, regardless of whether it is good or bad, decreases the number of recall points for investors without industry knowledge (2.00 for the no jargon condition versus 1.51 for the average of the three jargon-present conditions; F1, 90 = 4.11, p = 0.02, one-tailed) and investors with some-but-low industry knowledge (1.91 for the no jargon condition versus 1.40 for the average of the three jargon-present conditions; F1, 89 = 5.65, p < 0.01, one-tailed). In contrast, for investors with high industry knowledge, the presence of jargon has no effect on the number of recall points (2.00 for the no jargon condition versus 1.83 for the average of the three jargon-present conditions; F1, 99 = 0.44, p = 0.51). These results suggest that the presence of jargon hinders investors from processing information only when they have no or little industry knowledge, but has no impact on the informationprocessing of investors with high industry knowledge.