It is hard to see from your image? (Is it that the one text is in italics? if so that is a character attribute) Are the two texts on the same place? If you show outlines (cmd/ctrl-Y) then you will see text with no transformation (or other appearance applied).
The appearance panel is where you would see an effect. Note however that an object may be affected by an effect at any higher lever that the object is included in. Appearance can be applied at group, sublayer or layer level, in those cases the object will not show any Appearance applied.