This study examines the market responses and return comovement between real estate and financial stocks around the reclassification of real estate firms from the financial sector to a standalone new real estate sector. We find that real estate stocks experience positive abnormal returns at the announcement of new sector creation, and attract more investor attention after the announcement. In addition, the comovement between real estate and financial stocks decreases dramatically after the new sector creation. These findings demonstrate the market impact of new real estate sector creation and provide important implications for real estate investors, portfolio managers, and policy makers.

中文翻译：

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房地产作为一个新的股票市场部门：市场反应和回报联动

本研究围绕房地产公司从金融部门重新分类为独立的新房地产部门，研究了房地产和金融股之间的市场反应和回报联动。我们发现，房地产股在新板块发布时出现正异常收益，并在发布后吸引更多投资者关注。此外，房地产和金融股之间的联动性在新板块创建后急剧下降。这些发现证明了新的房地产行业创造的市场影响，并为房地产投资者、投资组合经理和政策制定者提供了重要的启示。