The Disutility of Stock Market Losses: Evidence From Domestic Violence
研究发现周内股票负回报与周末家庭暴力发生率上升相关，损失越大效应越强，且当地股市参与度越高影响越明显，表明股市损失会加剧亲密关系中的压力并引发暴力。
Abstract Stock returns during the week are negatively associated with the reported incidence of domestic violence during the weekend. This relationship is primarily driven by negative returns. The incidence of domestic violence increases with the magnitude of losses, and the effect increases with local stock market participation. Our findings suggest that negative wealth shocks caused by stock market crashes can affect stress levels within intimate relationships, escalate arguments, and trigger domestic violence. Stock market losses may reduce household utility beyond the shock to financial wealth, supporting gain-loss models where disutility from losses outweighs the utility from gains of a similar magnitude. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.