摘要：Introduction/Main Objectives: This study aims to examine the role ofheuristic behavior toward the formation of fundamental and technicalanomalies in the capital market. This study also aims to examine the roleof fundamental and technical anomalies on investment performance.Background Problems: Efficient Market Hypothesis (EMH) is notalways able to explain all of the events or phenomena so that it still raisesquestions and produces research results that do not meet expectations, soin the end these phenomena are categorized as market anomalies. Thisstudy investigates whether heuristics have an effect on fundamental andtechnical anomalies and whether the anomalies have an effect on invest-ment performance. Novelty: There is no research that uses hindsightvariables incorporated into heuristics; therefore, this study confirms thatthe indicators used for hindsight measurements are appropriate formeasuring what will be measured. Previous research did not involvehindsight in the heuristic category. Research Methods: Data manage-ment are done by using Structural Equation Modelling (SEM) with thehelp of the WarpPLS analysis tool. Mediation exploration testing wasaccomplished with variance accounted for (VAF). Findings/Results: Theresults of the study show that heuristics (availability, representativeness,and hindsight) are proven to be one of the factors that cause fundamentaland technical anomalies in the capital market, except for availabilityheuristics. Conclusion: A large number of anomalies in the capitalmarket do not stop investors from continuing to invest, so that at a certainlevel, investors are satisfied with their investments’ performance becausethey use heuristics in an efficient way.
关键词：heuristics; availability; representativeness; hindsight; fundamental anomalies; technical anomalies; investment performance
