Abstract
The purpose of this research is to investigate the impact of cognitive style to recency effect in stock investment. This study expands Alvia and Sulistiawan (2010) work. Using cognitive style as moderating variable, the study explains the impact of type and order of information to recency bias when the information sequentially presented. This research uses unbalance ANOVA to examine the bias in stock investment decision making through laboratory experimental study. The participants are 172 bachelor degree students in accounting. They represent nonprofessional investor in stock market. The separation of treatment and control group is based on simple training about technical analysis knowledge. Control group did not received training about technical analysis knowledge. The results show that cognitive style enhances the impact of type and order of information to recency bias.
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