Abstract
Previous studies have examined the impact of heuristics on the investment performance of individuals. This paper examines mediated links through fundamental and technical stock market anomalies. Findings rely on data collected through surveys of 324 investors. The results show that one mechanism, fundamental anomalies mediate the heuristics–investment performance link, and technical anomalies are not significant mediators of impact on investment performance of individuals. Of four heuristics components, Availability and representativeness is the strongest predictor of investment performance, followed by fundamental anomalies. Overconfidence is also a positive predictor of investment performance of individuals followed by fundamental anomalies.
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