“…In the literature, information disclosure usually produces a persistent price differential for houses in risky areas, because people form new beliefs following the disclosure (Brookshire et al, 1985;Sanders, 2012;Hidano, Hoshino and Sugiura, 2015;Votsis and Perrels, 2016;Billings and Schnepel, 2017). However, given the existing risk information, some of the literature studies the effect of the occurrence of huge natural disasters on housing prices, both persistent and temporary effects can be found (Naoi, Seko and Sumita, 2009;Bin and Landry, 2013;Boes, Nüesch and Wüthrich, 2015;Gibbons et al, 2016;Tanaka and Zabel, 2018).…”