How Does the Stock Market Affect Investor Sentiment? -- Evidence from Antidepressant Usage

摘要: This study examines the effects of local stock returns on antidepressant usage using Truven Health MarketScan® individual prescription drug data. There are three main findings. First, a one standard deviation decrease in return increases investor’s by approximately 0.42 percent, causing 2,773 more prescriptions filled (a medical expense 2.3 million dollars) subsequent weeks than would have been absence return; contrast, price increase has no impact usage. Second, effect depends an array socioeconomic characteristics. Third, fluctuations significant certain physical illnesses that comorbidities depression. The results consistent across variety robustness checks.