Utilizing a national individual‐level medical dataset and the home bias phenomenon in investment, our study shows a strong and robust link between declines in local stock returns and increased antidepressant consumption among investors. This effect intensifies in areas with higher per capita dividend income, suggesting a direct relationship between higher stock ownership and stronger responses. We confirm that portfolio losses, not local economic conditions, are responsible for increased antidepressant usage during market downturns. Using the frequency of psychotherapy sessions yields similar findings. Moreover, our study supports the loss aversion hypothesis as we find positive stock returns do not influence antidepressant usage.

中文翻译：

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股市与投资者心理健康

利用全国个人层面的医疗数据集和投资中的本土偏见现象，我们的研究表明，当地股票回报率下降与投资者抗抑郁药物消费增加之间存在密切联系。这种效应在人均股息收入较高的地区加剧，表明较高的持股量和较强的反应之间存在直接关系。我们确认，在市场低迷时期，抗抑郁药物的使用量增加是由投资组合损失而非当地经济状况造成的。使用心理治疗的频率也能得到类似的结果。此外，我们的研究支持损失厌恶假说，因为我们发现正的股票回报不会影响抗抑郁药物的使用。