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

Author

Listed:
  • Juwan Kim

    (Korea University Business School)

  • Cheolyoung Kim

    (Changwon National University)

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.

Suggested Citation

  • Juwan Kim & Cheolyoung Kim, 2010. "Does the Learning Effect of Housing Policies Affect Anomalies in the Apartment Market? Evidence from Korea," International Real Estate Review, Global Social Science Institute, vol. 13(2), pages 157-189.
    • Handle: RePEc:ire:issued:v:13:n:02:2010:p:157-189
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Apartment asset; Anomaly; Housing policies; Economic factors;
    All these keywords.

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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