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Journal of Happiness Studies

, Volume 19, Issue 6, pp 1831–1862 | Cite as

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

  • Ningyu Tang
  • Jingqiu Chen
  • Kaili Zhang
  • Thomas Li-Ping TangEmail author
Research Paper

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.

Keywords

Behavioral/financial economics Prospect theory Volatility Framing Love of money attitude/value Rich/motivator/importance Gaines-losses Boom-bust cycle 2008 Financial crisis Intra-personal changes of stock happiness Risk aversion/seeking Wealth/health/happiness/quality of life Portfolio Endowment Hedonic editing Longitudinal/panel Hubristic smirk Philanthropy The Matthew Effect 

Notes

Acknowledgements

We would like thank Hai Fu Tong Investment Management Co. Ltd. for data collection, Chinese National Science Foundation (Grant Numbers: 71132003 and 71672114 to Ningyu Tang and 71571118 to Jingqiu Chen) and Shanghai Education Science Research Fund (B11006) to Jingqiu Chen for financial support, Christopher K. Hsee for offering his insightful suggestions to this research project, Ping Ou, Yue Zhou, Xiang Luo, Guomei Yu, Wenjing Liu, Qian Li, Bo Zhu, and Qiufeng Huang for data collection; Dan Morrell and Kevin M. Zhao for their comments; Daniel Coleman Mangrum, Joshua D. Pentecost, and Xinyan Ye for their assistance, and late Fr. Wiatt Funk, and late Kuan-Ying and Fang Chen Tang for their inspiration. Brenda and Deacon John D'Amico (God sent an angle and revealed his amazing grace and miracle on June 11, 2017. I would not discover my typo, If Brenda did not check the Bible. Brenda stated: “It never ceases to amaze me who God uses as a vessel for a particular moment. I am humbled by His faith in us... Thanks be to Our Loving Father.” Here were the lessons for the day: “Bless the Lord, all you angels”, Psalm 103: 20; “I will never forsake you or abandon you”, Hebrews 13: 5).

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Copyright information

© Springer Science+Business Media Dordrecht 2017

Authors and Affiliations

  1. 1.Management and Organization Department, Antai College of Economics and ManagementShanghai Jiao Tong UniversityShanghaiChina
  2. 2.Department of Management, Jennings A. Jones College of BusinessMiddle Tennessee State UniversityMurfreesboroUSA

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