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Journal of Happiness Studies
Erschienen in: Journal of Happiness Studies 6/2018

14.06.2017 | Research Paper

Monetary Wisdom: How Do Investors Use Love of Money to Frame Stock Volatility and Enhance Stock Happiness?

verfasst von: Ningyu Tang, Jingqiu Chen, Kaili Zhang, Thomas Li-Ping Tang

Erschienen in: Journal of Happiness Studies | Ausgabe 6/2018

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Abstract

Monetary intelligence asserts: individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. Bridging the gap between stock volatility and behavioral economics, we collected longitudinal data from multiple sources and at multiple times: First, private investors (N = 229) in Shanghai—the financial capital of China—completed their love of money attitude measure (Rich-affect, Motivator-behavior, and Importance-cognition) and demographic variables in a survey. Second, we recorded daily Shanghai Stock Exchange Composite Index (“the Index”) for 30 consecutive trading days during the financial crisis in 2008—public records. Third, we text-messaged investors, collecting their daily Index Happiness, Stock Percentage (stocks/liquid assets), and Stock Happiness—private information. Here, investors illustrate: high Rich investors fret about low Index happiness, yet high Rich and high Importance investors boast high stock happiness, supporting the endowment effect and investor hubristic smirk. High Motivator investors quickly adjust their stock percentage/portfolio, suffering low Index happiness and low stock happiness. Gender moderates the relationship between the Index and Index happiness. Our panel data of intra-personal changes of stock happiness demonstrate investor monetary wisdom in the boom-and-bust cycles. Behaviorally, investor must become masters (but not slaves) of money and deactivate money as a Motivator. Curbing the desire to become Rich enhances happiness after gains (boom/risk aversion); appreciating money’s Importance bestows happiness after losses (bust/risk seeking). We expand prospect theory and offer implications to investor wealth, health, and happiness during financial crisis in particular as well as individual subjective well-being and happiness in general.
Vorheriger Artikel Children’s and Adolescents’ Conceptions of Happiness at School and Its Relation with Their Own Happiness and Their Academic Performance
Nächster Artikel General Need for Autonomy and Subjective Well-Being: A Meta-Analysis of Studies in the US and East Asia

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Fußnoten
1
To anyone who has more will be given and he will grow rich; from anyone who has not, even what he has will be take away (Matthew 13: 12).
 
2
Those who want to get rich are falling into temptation and a trap and into many foolish and harmful desires, which plunge them into ruin and destruction. For the love of money is the root of all evils (1 Timothy 6: 9–10).
 
3
Brady’s two yoked monkey received electric shocks every 20 s that were signaled by a preceding tone. After training, the executive monkey was able to press a level to avoid shocks, whereas the other yoked control monkey could not. These monkeys were in a continuous 6 h on and 6 h off schedule of electric shocks. After 23 days, the executive monkey died from perforated ulcers. No yoked control monkey ever developed an ulcer. It is not the electric shock, but the stress that causes the death of the executive monkey.
 
4
We thank an outstanding reviewer for this interesting comment.
 
5
We thank another excellent reviewer for this important point.
 
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Metadaten
Titel
Monetary Wisdom: How Do Investors Use Love of Money to Frame Stock Volatility and Enhance Stock Happiness?
verfasst von
Ningyu Tang
Jingqiu Chen
Kaili Zhang
Thomas Li-Ping Tang
Publikationsdatum
14.06.2017
Verlag
Springer Netherlands
Erschienen in
Journal of Happiness Studies / Ausgabe 6/2018
Print ISSN: 1389-4978
Elektronische ISSN: 1573-7780
DOI
https://doi.org/10.1007/s10902-017-9890-x

Weitere Artikel der Ausgabe 6/2018

Journal of Happiness Studies 6/2018 Zur Ausgabe

Erratum

Erratum to: The Happy Farmer: Self-Employment and Subjective Well-Being in Rural Vietnam

Research Paper

Set-Point Theory and Societal Collapse: The Case of Russia

Research Paper

Mindfulness Can Make You Happy-and-Productive: A Mindfulness Controlled Trial and Its Effects on Happiness, Work Engagement and Performance

Research Paper

Children’s and Adolescents’ Conceptions of Happiness at School and Its Relation with Their Own Happiness and Their Academic Performance

Research Paper

The Happy Farmer: Self-Employment and Subjective Well-Being in Rural Vietnam

Research Paper

Happy PIIGS?