Table 5 Effect of housing market return on psychiatric outpatient visits

From: Assessing the mental health impact of China’s housing boom through national and city-level data analysis

 

(1)

(2)

(3)

(4)

(5)

(6)

t − 1

t

t + 1

t + 2

t + 3

t + 4

y = LogVisitW

HRetW

0.0208

0.0091

0.0187

0.0579**

−0.0037

0.0194

 

(0.487)

(0.603)

(0.325)

(0.014)

(0.846)

(0.171)

N

219

220

218

217

216

215

R2

0.753

0.769

0.73

0.749

0.734

0.733

y = LogVisitW_Age(0–22)

HRetW

−0.0031

−0.0238

0.0302

0.0088

0.0103

−0.0076

 

(0.935)

(0.491)

(0.480)

(0.817)

(0.784)

(0.832)

N

219

220

218

217

216

215

R2

0.519

0.514

0.527

0.526

0.514

0.510

y = LogVisitW_Age(22–45)

HRetW

0.0253

0.0045

0.0281*

0.0463**

0.0047

0.0141

 

(0.331)

(0.758)

(0.064)

(0.038)

(0.791)

(0.285)

N

219

220

218

217

216

215

R2

0.766

0.764

0.745

0.754

0.744

0.741

y = LogVisitW_Age(45–60)

HRetW

0.0116

0.0071

0.0139

0.0677***

−0.0088

0.0142

 

(0.716)

(0.724)

(0.457)

(0.006)

(0.647)

(0.329)

N

219

220

218

217

216

215

R2

0.736

0.755

0.708

0.734

0.710

0.709

y = LogVisitW_Age(60+)

HRetW

0.0270

0.0170

0.0149

0.0566**

−0.0050

0.0333*

 

(0.438)

(0.449)

(0.572)

(0.045)

(0.833)

(0.084)

N

219

220

218

217

216

215

R2

0.696

0.706

0.674

0.688

0.681

0.680

y = LogVisitW_male

HRetW

0.0208

0.0091

0.0187

0.0579**

−0.0037

0.0194

 

(0.487)

(0.603)

(0.325)

(0.014)

(0.846)

(0.171)

N

219

220

218

217

216

215

R2

0.753

0.769

0.730

0.749

0.734

0.733

y = LogVisitW_female

HRetW

0.0246

0.0046

0.0175

0.0615***

−0.0012

0.0173

 

(0.414)

(0.802)

(0.358)

(0.008)

(0.948)

(0.230)

N

219

220

218

217

216

215

R2

0.759

0.765

0.731

0.749

0.734

0.732

Year, Month and Holiday FE

Yes

Yes

Yes

Yes

Yes

Yes

  1. This table shows the results of the test on the predictability of the housing market return in week t for psychiatric outpatient visits from week t − 1 to week t + 4. The dependent variable LogVisitW is the natural logarithm of one plus the weekly number of outpatients diagnosed with mental disorder symptoms (i.e., anxiety, panic, sleep disorders, depression). The independent variable HRetW represents the weekly residential housing market returns based on average weekly transaction prices of residential properties, scaled by the sample standard deviation in Shenzhen. P-values are reported in parentheses. Statistical significance levels are indicated as follows: *p < 0.1; **p < 0.05; ***p < 0.01.
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