Does A Bullish Stock Market Promote Risky Health Behavior?

12 Pages Posted: 4 Sep 2020 Last revised: 22 Feb 2021

Date Written: June 17, 2020


Using an international dataset, this letter examines the consequences of stock market fluctuations for health outcomes. We find that high returns are associated with increased death rates from alcohol consumption, smoking, obesity, and drug use disorders. Although the out-of-pocket expenditure on healthcare also rises one year after the stock market surge, the net effect of stock index upswings on life expectancy is significantly negative.

Keywords: Health Behaviors, Life Expectancy, Stock Market

JEL Classification: G10, I12

Suggested Citation

Wisniewski, Tomasz Piotr and Lambe, Brendan John, Does A Bullish Stock Market Promote Risky Health Behavior? (June 17, 2020). Available at SSRN: or

Tomasz Piotr Wisniewski (Contact Author)

Open University, UK ( email )

Walton Hall
Milton Keynes, Buckinghamshire MK7 6AA
United Kingdom

Brendan John Lambe

Alfaisal University

P.O. Box 50927
Riyadh, 11533
Saudi Arabia

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics