Relationship Between the Declines of Stock Price Index and Suicide Death in Taiwan from 2012 to 2022: Moderating Effects of Sex, Age and Business Cycle Index.

Abstract

Purpose: We aimed to examine the associations between various magnitudes of declines in the Taiwan Stock Exchange Capitalization-Weighted Stock Index (TAIEX) and suicides on the day following these declines and its possible moderating effects.

Methods: We analyzed daily suicide data between January 1, 2012, and December 31, 2022. Quasi-Poisson regression models were employed to examine the cross-sectional (the same day) and lagged (one to seven days later) relationships between falls of TAIEX and suicide death.

Results: Suicide rates increased two days after days with ≥ 5% declines in daily TAIEX. Associations between slight declines in the daily TAIEX (such as ≥ 1% and ≥ 2%) and suicides were less pronounced in females; however, associations between substantial declines (≥ 3%) and suicides were more prominent in females. The associations between substantial declines in the TAIEX (such as ≥ 4% and ≥ 5%) and suicides were more pronounced in middle-aged and older individuals. As business cycle conditions improved, the associations between falls in TAIEX and suicides intensified.

Conclusion: We should pay more attention to the risk of suicide when the stock market index declines by 5% or more, especially among females, middle-aged, and older individuals, during periods of economic prosperity.