Essays on the relationship between financial wealth and happiness

Abstract

This dissertation presents essays regarding the relationship between financial wealth and happiness sentiment. Essay I (Chapter 3) investigates the relationship between global wealth and happiness in terms of return and volatility spillovers. Essay I finds that wealth influences happiness positively and happiness mitigates the volatility of wealth. Essay II (Chapter 4) investigates the nexus between global stock markets and precious metals under Covid-19 and happiness perspectives. Essay II finds evidence that happiness could explain interactions among financial markets in the context of global volatility. Essay III (Chapter 5) investigates the connection between the global economic policy uncertainty and happiness sentiment. Essay III finds that happiness co-moves with uncertainty, and therefore we can use these two factors to supervise daily economic and social volatilities. Essay IV (Chapter 6) investigates the relation between financial technology (Fintech) and happiness sentiment. Essay IV finds that the development of the Fintech era may be challenged by its impact on happiness. Essay V (Chapter 7) extends the relationship between financial wealth and happiness sentiment in terms of language-based communications via social networks. Essay V affirms the robustness of Essay I for specific countries including Australia, Canada, the United Kingdom, and the United States of America. Essay VI (Chapter 8) seeks the relationship between happiness and the daily performance of solar energy firms. Essay VI finds that the solar energy development was challenged by the happiness goal before the Covid-19 pandemic and the two variables positively interact to each other after the outbreak. This clarifies the linkage between happiness and solar energy in the global volatility context. Empirical findings from this dissertation states that happiness shall be the more favorable goal of human beings. The multidisciplinary approach of this dissertation generates the connection between financial economics and social sciences. This dissertation also reflects current trends such as the digital era, the post-pandemic context, and the pursuit of sustainable development goals. In accordance with this dissertation, relevant parties can refer to happiness as a measure for stable economic growth accompanying social and environmental issues.