<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-3053</journal-id>
<journal-title><![CDATA[Apuntes del Cenes]]></journal-title>
<abbrev-journal-title><![CDATA[Apuntes del Cenes]]></abbrev-journal-title>
<issn>0120-3053</issn>
<publisher>
<publisher-name><![CDATA[Universidad Pedagógica y Tecnológica de Colombia (UPTC)]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-30532022000100061</article-id>
<article-id pub-id-type="doi">10.19053/01203053.v41.n73.2022.13025</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The Role of Heuristic Factors in Investment Performance: Exploring the Market Anomalies in a Volatile Environment]]></article-title>
<article-title xml:lang="es"><![CDATA[El papel de los factores heurísticos en el rendimiento de las inversiones: exploración de las anomalías del mercado de valores en un entorno volátil]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Malik]]></surname>
<given-names><![CDATA[Kaleem Ullah]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Malik]]></surname>
<given-names><![CDATA[Muhammad Shaukat]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Irfan]]></surname>
<given-names><![CDATA[Muhammad]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mehdi]]></surname>
<given-names><![CDATA[Hussain]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Zakariya University  ]]></institution>
<addr-line><![CDATA[Multan ]]></addr-line>
<country>Pakistan</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Zakariya University  ]]></institution>
<addr-line><![CDATA[Multan ]]></addr-line>
<country>Pakistan</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Zakariya University  ]]></institution>
<addr-line><![CDATA[Multan ]]></addr-line>
<country>Pakistan</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Zakariya University  ]]></institution>
<addr-line><![CDATA[Multan ]]></addr-line>
<country>Pakistan</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<volume>41</volume>
<numero>73</numero>
<fpage>61</fpage>
<lpage>82</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-30532022000100061&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-30532022000100061&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-30532022000100061&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The literature of heuristic factors and investment performance is less confirmatory. That is why it is quite important to explore and quantify the mediation mechanism of stock market anomalies in a volatile environment. For this research, the data were collected through a survey to stock investors who are actively involved in investing. The findings of this study show that heuristic factors, availability, conservatism, and illusion of control have a significant and positive direct relationship to investment performance. For heuristic factors like anchoring and gambler's fallacy, there has been an insignificant direct relationship to investment performance. While in indirect relationship to the investment performance, illusion of control and conservatism generate both fundamental and technical anomalies in the market, and they affect the investment performance via technical and fundamental anomalies. Anchoring bias, availability bias and gambler fallacy do not generate both technical and fundamental anomalies in market. Fundamental and technical anomalies have a significant and positive relationship to investment performance.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La literatura sobre factores heurísticos y rendimiento de la inversión no es muy precisa. Por eso es muy importante explorar y cuantificar el mecanismo de mediación de las anomalías del mercado de valores en un entorno volátil. Los datos para esta investigación se recopilaron a través de una encuesta a inversores bursátiles que participan activamente en la inversión. Los hallazgos de este estudio indican que los factores heurísticos, la disponibilidad, el conservadurismo y la ilusión de control tienen una relación directa significativa y positiva con el rendimiento de la inversión. Para factores heurísticos como el anclaje y la falacia del apostador, ha habido una relación directa insignificante con el rendimiento de la inversión. Mientras que la ilusión de control y el conservadurismo, en relación indirecta con el rendimiento de la inversión, generan anomalías tanto fundamentales como técnicas en el mercado y afectan el rendimiento de la inversión a través de ambas anomalías. El sesgo de anclaje, el sesgo de disponibilidad y la falacia del apostador no causan anomalías técnicas y fundamentales en el mercado. Las anomalías fundamentales y técnicas tienen una importancia y una relación positiva con el rendimiento de la inversión.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[heuristic factors]]></kwd>
<kwd lng="en"><![CDATA[technical anomalies]]></kwd>
<kwd lng="en"><![CDATA[fundamental anomalies]]></kwd>
<kwd lng="en"><![CDATA[stock exchange]]></kwd>
<kwd lng="en"><![CDATA[investment performance]]></kwd>
<kwd lng="en"><![CDATA[mediation analysis]]></kwd>
<kwd lng="es"><![CDATA[factores heurísticos]]></kwd>
<kwd lng="es"><![CDATA[anomalías técnicas]]></kwd>
<kwd lng="es"><![CDATA[anomalías fundamentales]]></kwd>
<kwd lng="es"><![CDATA[bolsa de valores]]></kwd>
<kwd lng="es"><![CDATA[rendimiento de la inversión]]></kwd>
<kwd lng="es"><![CDATA[análisis de mediación]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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