The Examination of Recency and Knowledge Effect in Stock Investment Decision Making: an Experimental Study  

Oleh:

Sulistiawan, Dedhy

Jenis: Article from Journal - ilmiah internasional - terdaftar di DIKTI
Dalam koleksi: The Indonesian Journal of Accounting Research (Jurnal Riset Akuntansi Indonesia) vol. 13 no. 1 (Jan. 2010), page 45-58.
Topik: Recency Effect; Technical Analysis; Knowledge

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: RR17.8 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Hogarth dan Einhorn (1992) document that, under uncertain comditions, poeple are affected by recency effect in their decision making. Other study finds that knowledge minimize decision maker's bias (Dilla dan Steinbart, 2005). we combine the ideas from these two previous studies by examining recency and knowledge effects in stock investment decision making when mixed information (fundamental and technocal information) is sequentially presented. Using laboratory experimental study of 182 accounting undergraduate students, we test the bias in the stock imvestment decision making. We separete between the treatment and the control groups based on information about simple technical analysis knowledge. The results show that (1) there is recency effet when different information (based on type and content) is sequentially presented; (2) based on technical analysis information, there is difference in the stock investment decision which resulted from fundamental analysis information. The results show that decision makers with accounting background tend to use only financial information, while those who understand tecnical analysis wil consider both fundamental and technical data.

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