We study the spillover of government interventions in the real estate market to the stock market. We find that the more active mutual funds decreased ownership in equities with no short-term reversal. Furthermore, they increased ownership in the finance sector stocks without significant changes to their real estate equity holdings. The interventions affecting the riskiness of the finance sector stocks triggered a larger trading response than the ones focused on the real estate sector stocks’ cash flows. Overall, the spillover of the housing market shocks to the stock market seems to be materialized mostly through the discount rate channel.

中文翻译：

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政府房地产干预与股市

我们研究了房地产市场中政府干预对股票市场的溢出效应。我们发现，更活跃的共同基金减少了股票所有权，而没有短期逆转。此外，他们增加了对金融部门股票的所有权，而房地产股权的持有并未发生重大变化。影响金融板块风险的干预措施引发的交易反应比专注于房地产板块现金流量的干预作用更大。总体而言，住房市场冲击对股市的溢出效应似乎主要通过折现率渠道得以实现。