Worrying about the Stock Market: Evidence from Hospital Admissions
利用1983至2011年加州所有医院的个人患者记录，发现日股票回报与住院人数（尤其是焦虑、恐慌障碍和重度抑郁等心理疾病）之间存在强烈的反向关系，且对心理疾病的影响几乎在当天发生。
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.