Authors : Fatemeh Musavand and Hamid Mahdavirad
Abstract: Conceptual errors are divided into cognitive and feeling categories which have significant effects on investor’s decisions in the financial field. On the other hand, investors have also different personality and due to personality differences move toward the specific types of cognitive errors. The purpose of this study is to examine the relationship between personality type of investors and their conceptual errors in investments. For this purpose, 384 active investors with trading code on Hamedan Stock Exchange were selected as sample and data was collected through a questionnaire by random sampling. To determine the validity of the hypothesis, Correlation tests or ETA coefficient (h2), Hotelling rule, One-Way Analysis of Variance (ANOVA), Tukey’ Multiple Comparison test (HSD) and the Least Significant Difference test (LSD) was used. Obtained Eta coefficient for the first and second hypotheses indicate the relationship between the variables. Also, significant level is <0.05 in both hypotheses and this approves the significant differences between personality’s types in cognitive and feelingperceptual errors. Obtained Eta coefficient is more in feeling perceptual errors compared to cognitive perceptual errors; therefore, influence of these errors was evaluated on personality of higher investors.
Fatemeh Musavand and Hamid Mahdavirad, 2016. The Study of Relationship Between Personality Type of Investors with Perceptual-Cognitive and Perceptual-Feeling Errors in their Investments (Case Study: Hamedan Stock Exchange). International Business Management, 10: 2207-2213.