Fires in the Built Environment and Residential Market Demand
利用韩国全国多户住宅交易数据，研究发现公寓楼内火灾导致房价短期下跌约9%，而稍远或非住宅火灾无显著影响，媒体关注度并非主因。
<h3>Abstract</h3> Using nationwide data on multifamily residential transactions in South Korea, we investigate how large-scale fires in the built environment affect housing markets. We make use of geo-spatial data and apply the difference-in-differences research design to show that fires within an apartment complex cause an approximately 9 percent decline in housing prices over a 1-2 month-long period. In contrast, fires that occur slightly farther away or in non-residential buildings have no significant effect. Text mining analysis further suggests that greater media coverage—often associated with fires in nonresidential structures—does not necessarily result in larger price declines.