Stock volatility and hospital admissions for cardiovascular disease: results from the National Insurance Claims for Epidemiological Research (NICER) study

Figure 1. Illustration of the current study and comparison with previous studies. SSE = Shanghai Stock Exchang; FTSE = Financial Times Stock Exchange; CVD = cardiovascular disease.

Figure 2. Daily closing indices of the Shanghai and Shenzhen Stock Exchange Composite Index from January 2014 to December 2017. Daily closing indexes of the Shanghai and Shenzhen Stock Exchange Composite Index were used to print the curve.

Figure 3. National average exposure-response association curve* between daily Shanghai or Shenzhen index returns and percentage change (%) in daily hospital admissions for total cardiovascular disease in 174 Chinese cities, 2014–17. * Adjusted for daily mean PM2·5, temperature, relative humidity, calendar time, and day of the week. Lag 0 referred to the association between absolute index returns and the risk of admissions on the same day; lag 1 referred to the previous one-day absolute index returns.

Figure 4. National average percentage change (%) in daily hospital admissions* for cause-specific cardiovascular diseases per 1% change in daily Shanghai or Shenzhen index returns on different lag days in Chinese cities, 2014–17. SSE = Shanghai Stock Exchange; SZSE = Shenzhen Stock Exchange; CI = confidence interval. * Adjusted for daily mean PM2·5, temperature, relative humidity, calendar time, public holidays, and day of the week. Seven cities (Chizhou, Dongguan, Hetian, Lvliang, Wuwei, Yunfu, and Zhongwei) were excluded for stroke. Lag 0 referred to the association between absolute index returns and the risk of admissions on the same day; lag 1 referred to the previous one-day absolute index returns. Lag 01 or lag 02 referred to the risk of disease associated with average absolute index returns on the same and last one or two days of admission.

Figure 5. National average percentage change in daily hospital admissions* for cause-specific cardiovascular diseases per 1% change in concurrent day returns of Shanghai Composite Index (lag 0) stratified by sex (a), age (b), and GDP relative level (c). GDP = gross domestic products; CI = confidence interval. *Adjusted for daily mean PM2·5, temperature, relative humidity, calendar time, public holidays and day of the week. 7 cities (Chizhou, Dongguan, Hetian, Lvliang, Wuwei, Yunfu, Zhongwei) were excluded for stroke. Lag 0 referred to the association between absolute index returns and the risk of admissions on the same day.