Two alternate formulas for determining the significance of the difference between a certain two correlation coefficients have been reported in the literature.2 These coefficients, r13 and r23, denote the correlation of two predictor variables (1 and 2) with a predictand (3) within a single sample drawn from a population. From these statistics the researcher can tell whether the correlation of 1 with 3 is significantly different from the correlation of 2 with 3. The older formula for testing the significance of this difference was derived by Hotelling (1940) and is commonly cited in statistics textbooks (e.g. Ferguson, 1966; McNemar, 1969; Tate, 1955; and Walker and Lev, 1953). This statistic, which has Student's t distribution with N 3 degrees of freedom (where N is the sample size), is
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Hendrickson et al. (1970) studied this question.
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