Abstract
Do housing markets appropriately assess disaster-resistant structures located in high-potential areas following information shocks? This study considers the disclosure of the potential for soil liquefaction released by the Taiwanese government and discusses the effects of the disclosures on housing prices in Kaohsiung. We find that the influence of this disclosure on the house prices in high-potential areas varies, depending on whether the property is in a high-rise building, and on whether the property was designed in compliance with building regulations amended in 1999, the point in time when soil liquefaction potential was prioritized as important elements of housing construction and maintenance. Our findings imply that information disclosure helps properties to be properly assessed on markets.
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