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Who Cares about Stock Market Booms and Busts? Evidence from Data on Mental Wellbeing

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Author Info

  • Anita Ratcliffe

    ()
    (Department of Economics,)

  • Karl Taylor

    ()
    (Department of Economics, The University of Sheffield)

Abstract

This paper investigates the correlation between stock prices and mental wellbeing, exploiting the availability of interview dates in the British Household Panel Survey to match the level and changes in the FTSE 100 stock price index to respondents over the period 1991-2008. We present evidence that the level, 6 month and yearly changes in the price index are associated with better mental wellbeing while greater uncertainty, proxied by volatility in the price index, is associated with poorer mental wellbeing. Moreover, using several proxies of stockholder status, we find little evidence that this association is confined to holders of equity-based assets, which is inconsistent with a pure wealth effect.

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File URL: http://www.shef.ac.uk/economics/research/serps/articles/2012_021.html
File Function: Revised version, 2013
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Bibliographic Info

Paper provided by The University of Sheffield, Department of Economics in its series Working Papers with number 2012021.

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Length: 30 pages
Date of creation: 2013
Date of revision:
Handle: RePEc:shf:wpaper:2012021

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Keywords: share prices; wealth; economic conditions; mental health;

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