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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