Stock market risk and suicide

Kanghyock Koh, Hyojin Han

Research output: Contribution to journalArticlepeer-review


We study the effects of stock market returns and volatility on suicide. Using data from stock market prices and individual-level death records from 2000 to 2019 in South Korea, we document evidence that one standard deviation increase in stock market volatility increases suicide rate by 3.5%. Unlike the findings of previous studies regarding the relationships between stock market returns and other measures of health, we document evidence of the non-linear effects of stock market returns on suicide rates only. This study contributes to the literature by providing novel evidence on the effects of the risk of household investments on investors' health.

Original languageEnglish
Article number101979
JournalPacific Basin Finance Journal
Publication statusPublished - 2023 Apr

Bibliographical note

Funding Information:
We are very grateful for the comments of the Editor and an anonymous referee. We thank Mimi Jeon for research assistance. All errors are ours. Koh is supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea ( NRF-2021S1A5A2A03064205 ). Han is supported by a research fund from Hanyang University ( HY-2020 ).

Publisher Copyright:
© 2023 Elsevier B.V.


  • Risk
  • Stock market returns
  • Stock market volatility
  • Suicide

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


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