Behavioral economics: who are the investors with the most sustainable stock happiness, and why? Low aspiration, external control, and country domicile may save your lives—monetary wisdom

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dc.contributor.authorTang, Ningyu
dc.contributor.authorLi, Zhen
dc.contributor.authorChen, Jingqiu
dc.contributor.authorTang, Thomas Li-Ping
dc.date.accessioned2023-03-10T19:19:01Z
dc.date.available2023-03-10T19:19:01Z
dc.date.issued2022
dc.descriptionArticle originally published by Asian Journal of Business Ethics, 11(2), 359–397. Published online 2022. https://doi.org/10.1007/s13520-022-00156-z
dc.description.abstractSlight absolute changes in the Shanghai Stock Exchange Index (SHSE) corresponded to the city’s immediate increases in coronary heart disease deaths and stroke deaths. Signifcant fuctuations in the Shenzhen Stock Exchange Index (SZSE) corresponded to the country’s minor, delayed death rates. Investors deal with money, greed, stock volatility, and risky decision-making. Happy people live longer and better. We ask the following question: Who are the investors with the highest and most sustainable stock happiness, and why? Monetary wisdom asserts: Investors apply their deep-rooted values (avaricious love-of-money aspiration and locus of control, Level 2) as a lens to frame critical concerns in the proximal-immediate (Shanghai Stock Exchange Index changes, Level 1) and the omnibus-distal contexts (domicile: city vs. country, Level 2) to maximize expected utility (portfolio changes, Level 1) and ultimate serenity (stock happiness, Level 1). We collected multilevel data—the longitudinal SHSE and 227 private investors’ daily stock happiness and portfolio changes for 36 consecutive trading days in four regions of China. Investors had an average liquid asset of $76,747.41 and $54,660.85 in stocks. This study is not a “one-shot” game with “nothing at stake.” We classifed Shanghai and Beijing as the city and Shenzhen and Chongqing as the country. Our cross-level 3-D visualization reveals that regardless of SHSE volatility, investors with low aspiration, external control, and country domicile enjoy the highest and most sustainable stock happiness with minimum fuctuations. Independently, investors with low aspiration, external control, and country domicile tend to make fewer portfolio changes than their counterparts. Behaviorally, less is more, debunking the myth—risky decisions excite stock happiness. Our longitudinal study expands prospect theory, incorporates attitude toward money, and makes robust contributions to behavioral economics and business ethics. We help investors and ordinary citizens make happy, healthy, and wealthy decisions. Most importantly, the life you save may be your own.en_US
dc.identifier.citationThis is the published version of an article that is available at https://doi.org/10.1007/s13520-022-00156-z. Recommended citation: Tang, N., Li, Z., Chen, J., & Tang, T. L.-P. (2022). Behavioral economics: Who are the investors with the most sustainable stock happiness, and why? low aspiration, external control, and country domicile may save your lives—monetary wisdom. Asian Journal of Business Ethics, 11(2), 359–397. This item has been deposited in accordance with publisher copyright and licensing terms and with the author’s permission.en_US
dc.identifier.urihttps://hdl.handle.net/11274/14645
dc.identifier.urihttps://doi.org/10.1007/s13520-022-00156-z
dc.language.isoen_USen_US
dc.publisherSpringeren_US
dc.rights.licenseCC BY 4.0
dc.subjectStock volatilityen_US
dc.subjectBoom-busten_US
dc.subjectBull-bear marketsen_US
dc.subjectSSEen_US
dc.subjectShanghai Stocken_US
dc.subjectExchange Indexen_US
dc.subjectGreeden_US
dc.subjectAvaricious monetary aspirationen_US
dc.subjectLove of moneyen_US
dc.subjectInternal vs. external-locus-of-controlen_US
dc.subjectDomicileen_US
dc.subjectResidenceen_US
dc.subjectCity vs. countryen_US
dc.subjectIdentityen_US
dc.subjectEnvironmental capitalen_US
dc.subjectHOPEen_US
dc.subjectPortfolio changesen_US
dc.subjectUtilityen_US
dc.subjectStock happinessen_US
dc.subjectSWBen_US
dc.subjectSerenityen_US
dc.subjectBehavioral economicsen_US
dc.subjectFinanceen_US
dc.subjectProspect theoryen_US
dc.subjectGains vs. lossesen_US
dc.subjectProbabilityen_US
dc.subjectRisk seeking vs. risk aversionen_US
dc.subjectHealthen_US
dc.subjectStressen_US
dc.subjectMindfulnessen_US
dc.subjectValuesen_US
dc.subjectSelf-transcendence vs. self-enhancementen_US
dc.subjectSacred vs. secularen_US
dc.subjectTPBen_US
dc.subjectAttitudeen_US
dc.subjectControlen_US
dc.subjectNormsen_US
dc.subjectBehavioren_US
dc.subjectChinaen_US
dc.titleBehavioral economics: who are the investors with the most sustainable stock happiness, and why? Low aspiration, external control, and country domicile may save your lives—monetary wisdomen_US
dc.typeArticleen_US

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