The Effects of the Real Estate Crisis on Institutional Stock Prices
研究了金融机构股票价格对房地产负面消息的反应，发现银行、储蓄机构和保险公司股价显著下跌，且保险公司反应更强，个股反应与其房地产风险敞口相关。
This article investigates the contagious movement of financial institutions' common stock prices in response to real estate news. The basic hypothesis is that because real estate assets are traded infrequently, the market has incomplete information about their true value. The stock price reaction by banks, thrifts and insurance companies to announcements of poorly performing real estate portfolios is studied. Consistent with the hypothesis, significantly negative reactions obtain, both within and across industries, to these announcements. Reflecting the differential regulatory environment and disclosure policies, insurance companies, in general, react more strongly to adverse real estate news. Also, the price reaction of an individual firm is significantly associated with the level of its real estate exposure.