Worrying about the Stock Market: Evidence from Hospital Admissions

• 成果类型: Article
• 署名作者: Engelberg, Joseph; Parsons, Christopher A.
• 署名单位: University of California System; University of California San Diego
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12386
• 发表日期: 2016
• 页码: 1227-1250
• 关键词: long-run; economic-conditions; temporal behavior; equity premium; asset returns; risk-aversion; LOSING SLEEP; HEALTH; consumption; Sentiment

摘要

Using individual patient records for every hospital in California from 1983 to 2011, we find a strong inverse link between daily stock returns and hospital admissions, particularly for psychological conditions such as anxiety, panic disorder, and major depression. The effect is nearly instantaneous (within the same day) for psychological conditions, suggesting that anticipation over future consumption directly influences instantaneous utility.