주택 시장 효율성에 관한 연구

Abstract

In this paper, we examine the residential market reaction to changes in real estate policy in line with the theory of market efficiency in residential real estate market in recent decade. As empirical methodology, we use the Event Study to assess the impact of changes in housing policy. We provide the evidence that there exists an abnormal return after announcement of housing policy and the magnitude of responsiveness varies across the markets segmented, implying the weak form of in market efficiency. We also extend real estate industry into equity market proxied by construction industry where the equity market has shown a form of semi-strong market efficiency. The analysis reveals that the regional variation of response in real estate markets exists against residential market policy. The results suggest that the effective real estate policy consider segmented regional market characteristics.