Killing in the Stock Market: Evidence From Organ Donations

Abstract

Daily individual patient records for every organ transplant capable hospital in the United States from 1987 to 2018 indicate a negative relationship between stock market returns and deaths. Stress related deaths, such as heart attacks and strokes, are the most pronounced around stock market movements. Market shifts also alter the availability of organ transplants creating life altering consequences for organ wait list patients. A geographic effect exists within states as well. An interrupted time series specification mitigates some endogeneity concerns. The findings imply that wealth shocks alter current utility even at the extremes emphasizing the spillover effects of finance.

Keywords: stock returns, organ donor deaths, financial spillovers

JEL Classification: D91, G12, G41, I12