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


  • Juwan Kim

    () (Korea University Business School)

  • Cheolyoung Kim

    () (Changwon National University)


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, Asian Real Estate Society, 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

    1. Peter Blair Henry, 2000. "Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices," Journal of Finance, American Finance Association, vol. 55(2), pages 529-564, April.
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    More about this item


    Apartment asset; Anomaly; Housing policies; Economic factors;

    JEL classification:

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


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