Setting to Disable Automatic Text Replace (OS X 10.9.1)
Nevermind, I have found the answer to my problem. As I was writing the question, I found another setting under Keyboard > Text; Use smart quotes and dashes.

This option is probably set to true by default. Leave it unchecked and the problem is solved.

I actually clicked Post your question and answer when submitting the question, but somehow the answer doesn't show up.