Article:

Does the Learning Effect of Housing Policies Affect Anomalies in the Apartment Market? Evidence from Korea

Author: Juwan Kim, Cheolyoung Kim

Start Page: 157
End Page: 189
Volume: 13
Issue Number: 2
Year: 2010
Publication: International Real Estate Review

Abstract:

This paper examines whether the learning effect of housing policies could empirically affect anomalies in the apartment market in Korea. We find that a learning effect exists in apartment market anomalies, but depending on area, estimation period and size, investors behave differently to anomalies in an apartment market that is affected by housing policies. Furthermore, we confirm that in order to explain anomalies in detail with housing policies, we need to consider economic factors. Of these economic factors, surprisingly, oil price plays the most important role in explaining the anomalies.
 

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