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Hu J, Yin Y, Guo R, Wang Y, Ji S, Wang J, Feng B, Qian J, Zhou B, Li H, Liao F. Association between stock market volatility and severe mental disorders: a multi-city time-series study. SSM Popul Health 2025; 30:101807. [PMID: 40343224 PMCID: PMC12059714 DOI: 10.1016/j.ssmph.2025.101807] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Download PDF] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/26/2024] [Revised: 12/19/2024] [Accepted: 04/22/2025] [Indexed: 05/11/2025] Open
Abstract
Background Stock market volatility was commonly considered as a psychological stressor. However, the association between stock market volatility and severe mental disorders (SMD) has not been investigated. Methods Daily numbers of SMD hospital admissions and Shanghai Stock Exchange Composite (SSEC) Index in 7 cities in southwestern China from 2020 to 2023 were collected. A two-stage time-series analysis was conducted to reveal the association between stock volatility and the risk of hospital admission for SMD. Stratified analyses were performed by age, gender, and ICD-10 codes to explore potential high-risk groups. Results The association between the SSEC percentage change, SSEC closing price and SMD hospital admissions both exhibit a U-shaped curve. A 1 % decrease in SSEC is associated with a 7.2 % (95 %CI: 4.1 %-10.4 %) increase in the SMD admission, while a 1 % increase in SSEC is associated with a 2.6 % (95 %CI: 0.1 %-5.2 %) increase in the SMD admissions. With 3400 points as the dividing point, every 10-point increase in SSEC closing price is associated with a 9 % (95 %CI: 3.6 %-14.7 %) increase in the SMD hospital admissions, while each 10-point decrease is associated with a 4.4 % (95 %CI: 0.6 %-8.3 %) increase in the SMD hospital admissions. Furthermore, these associations tended to be stronger in the female and non-schizophrenia patients. Conclusion These associations indicate that both rise and fall in stock prices increase the risk of SMD. This finding suggests that it is an effective way to take the stock speculation behavior into consideration when managing and treating the SMD patients.
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Affiliation(s)
- Jiangli Hu
- Sichuan Provincial Center for Mental Health, Sichuan Provincial People's Hospital, School of Medicine, University of Electronic Science and Technology of China, Chengdu, China
- Key Laboratory of psychosomatic medicine, Chinese Academy of Medical Sciences, Chengdu, China
| | - Yantao Yin
- Department of HBP Surgical Center and Cell Transplant Center, Sichuan Provincial People's Hospital, University of Electronic Science and Technology of China, Chengdu, China
| | - Ruiqing Guo
- Sichuan Provincial Center for Mental Health, Sichuan Provincial People's Hospital, School of Medicine, University of Electronic Science and Technology of China, Chengdu, China
- Key Laboratory of psychosomatic medicine, Chinese Academy of Medical Sciences, Chengdu, China
| | - Yunqiong Wang
- Sichuan Provincial Center for Mental Health, Sichuan Provincial People's Hospital, School of Medicine, University of Electronic Science and Technology of China, Chengdu, China
- Key Laboratory of psychosomatic medicine, Chinese Academy of Medical Sciences, Chengdu, China
| | - Shuming Ji
- Department of Clinical Research Management, West China Hospital, Sichuan University, Chengdu, China
| | - Jinyu Wang
- Sichuan Provincial Center for Mental Health, Sichuan Provincial People's Hospital, School of Medicine, University of Electronic Science and Technology of China, Chengdu, China
- Key Laboratory of psychosomatic medicine, Chinese Academy of Medical Sciences, Chengdu, China
| | - Benying Feng
- Sichuan Provincial Center for Mental Health, Sichuan Provincial People's Hospital, School of Medicine, University of Electronic Science and Technology of China, Chengdu, China
- Key Laboratory of psychosomatic medicine, Chinese Academy of Medical Sciences, Chengdu, China
| | - Jian Qian
- West China School of Public Health and West China Fourth Hospital, Sichuan University, Chengdu, China
| | - Bo Zhou
- Sichuan Provincial Center for Mental Health, Sichuan Provincial People's Hospital, School of Medicine, University of Electronic Science and Technology of China, Chengdu, China
- Key Laboratory of psychosomatic medicine, Chinese Academy of Medical Sciences, Chengdu, China
| | - Hui Li
- Sichuan Provincial Center for Mental Health, Sichuan Provincial People's Hospital, School of Medicine, University of Electronic Science and Technology of China, Chengdu, China
- Key Laboratory of psychosomatic medicine, Chinese Academy of Medical Sciences, Chengdu, China
| | - Fang Liao
- Sichuan Provincial Center for Mental Health, Sichuan Provincial People's Hospital, School of Medicine, University of Electronic Science and Technology of China, Chengdu, China
- Key Laboratory of psychosomatic medicine, Chinese Academy of Medical Sciences, Chengdu, China
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Liu S, Ji S, Xu J, Zhang Y, Zhang H, Liu J, Lu D. Exploring spatiotemporal pattern in the association between short-term exposure to fine particulate matter and COVID-19 incidence in the continental United States: a Leroux-conditional-autoregression-based strategy. Front Public Health 2023; 11:1308775. [PMID: 38186711 PMCID: PMC10768722 DOI: 10.3389/fpubh.2023.1308775] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [MESH Headings] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/07/2023] [Accepted: 12/05/2023] [Indexed: 01/09/2024] Open
Abstract
Background Numerous studies have demonstrated that fine particulate matter (PM2.5) is adversely associated with COVID-19 incidence. However, few studies have explored the spatiotemporal heterogeneity in this association, which is critical for developing cost-effective pollution-related policies for a specific location and epidemic stage, as well as, understanding the temporal change of association between PM2.5 and an emerging infectious disease like COVID-19. Methods The outcome was state-level daily COVID-19 cases in 49 native United States between April 1, 2020 and December 31, 2021. The exposure variable was the moving average of PM2.5 with a lag range of 0-14 days. A latest proposed strategy was used to investigate the spatial distribution of PM2.5-COVID-19 association in state level. First, generalized additive models were independently constructed for each state to obtain the rough association estimations, which then were smoothed using a Leroux-prior-based conditional autoregression. Finally, a modified time-varying approach was used to analyze the temporal change of association and explore the potential causes spatiotemporal heterogeneity. Results In all states, a positive association between PM2.5 and COVID-19 incidence was observed. Nearly one-third of these states, mainly located in the northeastern and middle-northern United States, exhibited statistically significant. On average, a 1 μg/m3 increase in PM2.5 concentration led to an increase in COVID-19 incidence by 0.92% (95%CI: 0.63-1.23%). A U-shaped temporal change of association was examined, with the strongest association occurring in the end of 2021 and the weakest association occurring in September 1, 2020 and July 1, 2021. Vaccination rate was identified as a significant cause for the association heterogeneity, with a stronger association occurring at a higher vaccination rate. Conclusion Short-term exposure to PM2.5 and COVID-19 incidence presented positive association in the United States, which exhibited a significant spatiotemporal heterogeneity with strong association in the eastern and middle regions and with a U-shaped temporal change.
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Affiliation(s)
- Shiyi Liu
- Department of Hospital Infection Management, Chengdu First People’s Hospital, Chengdu, China
| | - Shuming Ji
- Department of Clinical Research Management, West China Hospital, Sichuan University, Chengdu, China
| | - Jianjun Xu
- Department of Hospital Infection Management, Chengdu First People’s Hospital, Chengdu, China
| | - Yujing Zhang
- Department of Hospital Infection Management, Chengdu First People’s Hospital, Chengdu, China
| | - Han Zhang
- Department of Hospital Infection Management, Chengdu First People’s Hospital, Chengdu, China
| | - Jiahe Liu
- School of Mathematics and Statistics, University of Melbourne, Melbourne, VIC, Australia
| | - Donghao Lu
- Faculty of Art and Social Science, University of Sydney, Sydney, NSW, Australia
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