Regulating Competition in Stock Markets: Antitrust Measures to Promote Fairness and Transparency Through Investor Protection and Crisis Prevention by Lawrence R. Klein

Part 1: Happiness, Health, and Longevity
during the 2008 Global Financial Crisis

Chapter 1
Does the Recent Financial Crisis Impact
Health and Happiness?
Xin Yan
Lawrence R. Klein
Viktoria Dalko
Ferenc Gyurcsány
Michael H. Wang
Christine Huang
Has the global financial crisis of 2008 had measurable consequences for
broadly defined health and happiness? Is its impact minor, transitory, or
significant? If there is an impact, what are the most critical factors in
determining the level and change of health and happiness in times of crisis?
Our study is among the first to link a financial crisis simultaneously with
both health and happiness. For our longitudinal study we designed a survey
and collected semiannual survey responses from spring 2008 to spring 2010
—five data points over two years, from 335 young professionals, who were
mainly working professionals, and were former graduate students of the
authors. The statistical analysis of the small and unique panel data reveals
that the current global financial crisis has had a measurable and detrimental
impact on health and happiness. In particular, there has been an immediate
loss of happiness. Emotional health deteriorated at the onset of the crisis,
and physical health followed after a delay, resulting in loss of happiness due

Regulating Competition in Stock Markets: Antitrust Measures to Promote Fairness and Transparency Through Investor Protection and Crisis Prevention by Lawrence R. Klein