Interpret the presentation (F=4.54) statistic for the "collapsed over" group in Panel B.

November 2014 The Accounting Review TABLE 2 Results of Experiment Three Puttable Bonds, Managers' Preference Judgments under Pressure for Transparency Panel A: Descriptive Statistics-Mean Judgments (Standard Deviations) Collapsed Over Lower Perceived Higher Perceived Manipulated Transparency Transparency Pressure Transparency Pressure Presentation Presentation Presentation Row Row Row Outcome Aggregated Disaggregated Means Aggregated Disaggregated Means Aggregated Disaggregated Means Small Net Gain 60.3 58.6 60.24 65.75 53.28 59.52 54.67 64.42 59.54 (13.96) (15.54) (15.35) (12.08) (16.72) (15.77) (13.69) (11.96) (13.66) n = 62 n = 62 n= n = 32 n = 32 n = 64 n = 30 n = 30 n = 60 Large Net Loss 50.02 61.64 55.29 50.56 61.38 55.97 49.30 62.00 55.65 (17.33) (16.61) (19.40) (14.04) (13.90) (14.91) (21.20) (19.94) (21.37) n = 63 n = 63 n = 126 n = 36 n = 36 n = 72 n = 27 n = 27 n = 54 Column Means 54.94 60.44 57.71 57.57 52.12 63.27 (17.85) (17.18) (15.13) (15.72) (17.69) (16.13) n = 125 n = 125 1 = 68 n = 68 n = 57 n = 57 Panel B: Analysis of Variance Results and Simple Effects Tests Collapsed Over Manipulated Transparency Partitioned on Perceived Transparency Pressure Two-Tailed Two-Tailed Source Statistic p-value Source Statistic p-value Presentation F = 4.54