Do Stock Market Fluctuations Affect Suicide Rates?

45 Pages Posted: 1 Aug 2018 Last revised: 7 Jul 2020

Date Written: July 13, 2018


In this study, we extend the standard economic model of suicide by considering a new influential factor driving the voluntary death rate. Using an international sample, we estimate the model and document a robust and significant inverse relationship between stock market returns and the percentage increase in suicide rates. Trends in male and female suicide are affected by market fluctuations both contemporaneously and at a lag. This predictive quality of stock returns offers the potential to implement pro-active suicide prevention strategies for those who could be affected by the vagaries of the market and general economic downturns.

Keywords: Suicides, Stock Market, Stock Returns

JEL Classification: G11, I12, I18

Suggested Citation

Wisniewski, Tomasz Piotr and Lambe, Brendan John and Shrestha, Keshab, Do Stock Market Fluctuations Affect Suicide Rates? (July 13, 2018). Available at SSRN: or

Tomasz Piotr Wisniewski

Open University, UK ( email )

Walton Hall
Milton Keynes, Buckinghamshire MK7 6AA
United Kingdom

Brendan John Lambe (Contact Author)

University of Leicester ( email )

University Road
Leicester, LE1 7RH
United Kingdom
01162297420 (Phone)

Keshab Shrestha

Sunway University ( email )


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