Asymmetry and Spillover Effects in the Relationship Between Stock Markets and Mental Health: An Alternative Approach
利用英国2010-2023年面板数据，研究发现股市下跌比上涨对心理健康影响更大，支持前景理论；男性不符合该理论；股市负面回报对投资者家庭成员有心理健康溢出效应。
Despite the arguments made by prospect theory, there is a lack of studies investigating asymmetric effects in the relationship between stock markets and mental health. We use the UK based Understanding Society panel dataset between 2010 and 2023 to investigate if stock market fluctuations have an asymmetric impact on mental health, and if there are mental health spillover effects on investors' household members, providing the first paper to investigate this relationship using an asymmetric fixed effects model for panel data. We find that a decreasing stock market index has a stronger impact on mental health than an increasing one, supporting prospect theory. We also suggest that prospect theory does not hold for males in explaining the relationship between stock market fluctuations and mental health. Finally, we provide novel evidence for a mental health spillover effect of negative 52-week returns on investors' household members.