Abstract This paper investigates the role of happiness in portfolio choices. Previous literature has only emphasized the reverse association. An additional novelty of the paper is that the analysis focuses on a wider country sample, while the literature has mainly focused on the U.S. and U.K. economies. Based on micro data from five European countries, i.e., France, Germany, Italy, the Netherlands, and the U.K., spanning the period 2009–2014, the results show that higher levels of happiness lead to higher shares of risky assets in financial portfolios. The findings survive a number of robustness tests. When asset holdings are disaggregated by the extent of the risk associated with them, this effect remains only for safe and low-risk assets, whereas the effect for assets with higher risks is the reverse.

中文翻译：

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幸福在金融决策中的作用：来自金融投资组合选择和五个欧洲国家的证据

摘要 本文研究了幸福在投资组合选择中的作用。以前的文献只强调反向关联。该论文的另一个新颖之处在于分析侧重于更广泛的国家样本，而文献主要侧重于美国和英国经济。基于来自五个欧洲国家，即法国、德国、意大利、荷兰和英国，跨越 2009 年至 2014 年期间的微观数据，结果表明，幸福水平越高，金融投资组合中风险资产的份额越高。这些发现在许多稳健性测试中幸免于难。当资产持有量按与其相关的风险程度进行分解时，这种影响只对安全和低风险资产有效，而对风险较高的资产则相反。