Table 8 Controlling For the Effect of Stock Market Fluctuations

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

0.0009

0.0020

0.0246

0.0619**

−0.0053

0.0217

 

(0.975)

(0.909)

(0.214)

(0.013)

(0.799)

(0.152)

StockRetW

−0.0100

−0.0208*

-0.0252

0.0090

0.0007

0.0041

 

(0.443)

(0.090)

(0.104)

(0.584)

(0.962)

(0.819)

N

212

213

211

210

209

208

R2

0.814

0.823

0.733

0.747

0.734

0.734

y=LogVisitW_Local

HRetW

−0.0082

0.0079

0.0239

0.0605**

−0.0061

0.0271

 

(0.771)

(0.676)

(0.249)

(0.017)

(0.781)

(0.107)

StockRetW

−0.0128

−0.0238*

−0.0287*

0.0018

−0.0019

0.0023

 

(0.351)

(0.050)

(0.070)

(0.914)

(0.897)

(0.903)

N

212

213

211

210

209

208

R2

0.790

0.799

0.699

0.712

0.699

0.699

Year, Month and Holiday FE

Yes

Yes

Yes

Yes

Yes

Yes

  1. This table presents the impact of weekly housing market returns on psychiatric outpatient visits controlling for stock market returns. The columns show the relationship between housing market return (HRetW) in week t and psychiatric visits in weeks t − 1 through t + 4. The dependent variable in the top panel is LogVisitW, representing the log of total psychiatric outpatient visits. The bottom panel uses LogVisitW_Local as the dependent variable, which specifically captures visits by local Shenzhen residents (identified through healthcare insurance coverage). StockRetW represents the weekly stock market returns. 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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