Learning From the Pros: Influence of Web‐Based Expert Commentary on Vicarious Learning About Financial Markets*

Abstract

ABSTRACT Web‐based financial commentary, in which experts routinely express market‐related thought processes, is proposed as a means for college students to learn vicariously about financial markets. Undergraduate business school students from a regional university were exposed to expert market commentary from a single financial Web site for a 6‐week period. When compared to a control group, students in the experimental group were found to possess higher levels of financial market awareness. Degree of engagement, as approximated by measures of project exposure time and effort, was significantly related to market awareness. Finance majors were found to be more engaged in the process than nonfinance majors. Although this study should be considered exploratory in nature, findings support the notion of using Web‐based vicarious learning processes in financial education. Future research can extend the generalizability of these findings, as well as shape vicarious learning mechanisms for use across business disciplines.

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