Political instability and stock market returns: Evidence from OECD countries

This paper examines the relationship between political instability and stock market returns using quarterly time series data from 1993 to 2013. In this paper, stock market returns are defined as the returns of the general stock market index and banking index for 18 OECD countries. Five different political instability indicators are constructed in order to measure political uncertainty. The empirical part utilizes the EFA, PCA and GARCH-M methodologies. The findings indicate a direct and an indirect impact between the PI indicators and the returns of the Banking Index and the Overall Stock Market Index. The research contributes to the literature by providing empirical evidence to policy makers on the effects that political instability has on stock markets

The Behaviour of Banking Stocks During the Financial Crisis and Recessions. Evidence from Changes-in-Changes Panel Data

This paper examines the impact of the financial crisis and economic recessions on bank shares compared to the overall stock market index for 18 OECD countries from 1993 to 2015. The empirical methodology utilizes the changes-in-changes approach. We compare and contrast the returns of the bank ing stock price index (treatment group) in each country with their general stock price index (control group), which experiences smaller changes. Our results suggest that bank returns on average perform significantly worse than that of the general stock pr ice index during recessions. In addition we also find significantly greater volatility in bank share returns

Biogenic amine turnover and serum cholesterol in suicide attempt

The investigation of biological correlates of suicidal behavior is important in searching for possible changes in neuronal systems activity related to that behavior, so that pharmacological interventions may be proposed, especially in high-risk subjects. In a sample of 111 subjects admitted in a general hospital after suicide attempt, we studied the turnover of neurotransmitters by measuring the urinary output of the main metabolites of serotonin, dopamine and noradrenaline (5-HIAA, HVA, MHPG respectively), as well as serum cholesterol, and compared them to those of a group of 62 healthy controls. Venous blood samples and urine samples were collected within 24 hours of admission. Psychiatric diagnosis was made according to DSM-IIIR criteria and assessment of suicide intent with Beck’s Suicidal Intent Scale (SIS). Fifty-four (54) subjects received the diagnosis of adjustment disorder, 25 of depression, 16 of schizophrenia and 16 of personality disorder. Fourteen subjects (14) had employed a violent mode of attempt. Urinary MHPG was found significantly higher in all diagnostic groups compared to controls. No difference was found concerning the excretion of HVA and 5-HIAA. Serum total cholesterol was found significantly lower both in violent and non-violent attempters compared to controls after correcting for age. No difference in serum cholesterol or MHPG was found between violent and non-violent attempts. Serum cholesterol and MHPG correlated negatively, while the correlations between cholesterol and 5-HIAA or HVA were not significant. Our results confirm previous reports of lower serum cholesterol in attempted suicide. They are also indicative of an increased noradrenaline turnover in subjects who attempt suicide, at least within 24 hours after the attempt. Whether this activation precedes or follows the attempt because of the specific stress, can not be answered at present

Neurochemical variables in subjects with adjustment disorder after suicide attempts

The investigation of biological correlates of suicidal behavior is important for identifying high-risk subjects. The objective of this study was to examine the neurochemical variables’ platelet MAO activity and urinary MHPG, 5HIAA and HVA, the main metabolites of noradrenaline, serotonin and dopamine, neurotransmitters that are considered to be involved in the pathophysiology of suicidal behavior, as well as plasma cortisol, in a group of subjects with adjustment disorder after a suicide attempt. Fifty-three patients, 42 females and 11 males, were included in the study and were compared to a group of 50 healthy controls, 25 females and 25 males. Platelet MAO activity was found to be significantly lower in both male and female patients compared to controls of the same sex (P < 0.001 for both comparisons). 5HIAA and HVA were not different between patients and controls, but MHPG was significantly higher in the patients group (P = 0.008). Moreover, plasma levels of cortisol were significantly higher in the patients compared to the controls (P < 0.001). Our results confirm the hypothesis of low platelet MAO activity as a biological characteristic of patients who attempt suicide. They also point to a possible parallel activation of the noradrenergic system. (C) 2000 Editions scientifiques et medicales Elsevier SAS

Platelet MAO activity in patients with dysthymic disorder

The aim of the present study was to examine possible associations between platelet monoamine oxidase (MAO) activity and primary dysthymic disorder. For that purpose we estimated the enzyme activity in 58 patients (15 males and 43 females) selected according to DSM-III-R criteria and in 61 healthy controls (30 males and 31 females). Platelet MAO activities were found significantly lower in the female patients compared to female controls. Moreover, the enzyme activities were found to be even lower in the female patients who had attempted suicide. These differences did not exist in the male population. We could not find any associations of MAO activity to the age of the patients, the age of onset, the duration of dysthymia, or HAM-D and SCL-90R scores. Our findings are consistent with the hypothesis that platelet MAO activity is a trait-dependent indicator of vulnerability to dysthymic disorder and suicidality in our female population. (C) 1998 Elsevier Science Ireland Ltd