Table 8 Results of estimating the adjustment equation of the rent to cheonsei ratio based on real transaction data and on appraisal price data

	KAB’s rent to cheonsei ratio(Jan. 2011 - Dec. 2014)	KAB’s monthly rent interest rate(Jan. 2011 - Dec. 2014)
Constant term	-0.0347***	-0.0424***
Korea 3-year Treasury Bond yield difference	0.0451***	0.0214***
EC (-1)	-0.0068***	0.0116***
Standard error of regressor	0.054***	0.026***

Note: *** means that the estimation coefficient is significant at the significance level of 1%.