Pengujian Efek Resensi dan Pengetahuan pada Penyajian Informasi Analisis Fundamental & Teknis*: Studi Eksperimen pada Pengambilan Keputusan Investasi Saham

Pengujian Efek Resensi dan Pengetahuan pada Penyajian Informasi Analisis Fundamental & Teknis*: Studi Eksperimen pada Pengambilan Keputusan Investasi Saham

Liza Alvia

Universitas Lampung

Dedhy Sulistiawan

Universitas Surabaya

ABSTRACT

The purpose of this research is to examine recency effect and knowledge effect in stock investment decision making when different information (fundamental and technical information) sequentially presented. This research is the combination of Hogarth and Einhorn (1992) and Dilla and Steinbart (2005) researches.

Using a laboratory experimental study of 182 accounting bachelor degree students, this research use independent sample t-test and unbalance ANOVA to examine the bias in stock investment decision making. The separation of treatment and control group is based on information about simple technical analysis knowledge. Control group did not received information about technical analysis knowledge.

The results show that: (1) there is a recency effect when different information (in type and content) sequentially presented. This finding give evidence that investors focus on information presentation than information content itself, (2) based on technical analysis information, there is a different on stock investment decision making between treatment and control group. Conversely, there is no different decision based on fundamental analysis information.

Key words: Recency effect, Technical analysis, Knowledge.

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