Happiness and Stock-Market Participation: Empirical Evidence from China

Yulei Rao, Lixing Mei () and Rui Zhu

Journal of Happiness Studies, 2016, vol. 17, issue 1, 293 pages

Abstract: Using the data from the China Household Finance Survey in 2011, we study the relation between happiness and stockholding. We find that a household’s propensity of investing in stocks or mutual funds, as well as household asset shares invested in stocks or mutual funds, is strongly associated with happiness. Moreover, empirical results suggest that among the three potential channels we propose, the association between happiness and stockholding is driven by trust (or social capital), rather than households’ risk preference or optimism level. Copyright Springer Science+Business Media Dordrecht 2016

Keywords: Happiness; Stock market participation; Risk; Trust; Social capital (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/s10902-014-9594-4

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