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Worrying about the Stock Market: Evidence from Hospital Admissions
Author(s) -
ENGELBERG JOSEPH,
PARSONS CHRISTOPHER A.
Publication year - 2016
Publication title -
the journal of finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 18.151
H-Index - 299
eISSN - 1540-6261
pISSN - 0022-1082
DOI - 10.1111/jofi.12386
Subject(s) - anticipation (artificial intelligence) , panic disorder , stock market , anxiety , panic , stock (firearms) , psychology , economics , psychiatry , medicine , geography , context (archaeology) , archaeology , artificial intelligence , computer science
ABSTRACT 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.