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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
Life Satisfaction and Stock Market Participation
Author(s): Xiaohui Yang, Enxi An, Bing Chen
Citation: Xiaohui Yang, Enxi An, Bing Chen, (2021) "Life Satisfaction and Stock Market Participation," Journal of Applied Business and Economics, Vol. 23, Iss.5, pp. 154-158
Article Type: Research paper
Publisher: North American Business Press
Abstract:
Prior literature finds mixed evidence on the relationship between life satisfaction and stock market participation. Using the broad U.S. household survey data from the Panel Study of Income Dynamics (PSID), we find that households with higher life satisfaction are less likely to invest in stocks. Our findings hold during both financial crisis and non-crisis periods and remain unaffected after conducting the robustness analysis to mitigate endogeneity concerns. Our findings enrich the literature that examines the effect of emotional factors on household financial behavior. Our study also highlights that life satisfaction is an important factor in understanding investing behavioral biases and thus helps explain stock market participation puzzle.
