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Rates of Return on Shares of Real Estate Development Companies in Poland in the Years 2001-2015. A Comparative Analysis

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  • Dittmann Iwona

    (Faculty of Finance, University of Economics in Wrocław)

Abstract

The paper presents an analysis of the diversity of real estate development companies listed on the Warsaw Stock Exchange based on the rates of return on their shares which were attained in 2001-2015. The study included 10 real estate development companies. The analysis was conducted for different investment horizons (from 1 year to 10 years), and based on the quartiles of the empirical distributions of the rates of return on the shares of individual companies. The empirical distributions were obtained using a rolling window of observation based on daily share quotation. The diversity of the funds was examined by formulating six hypotheses concerning: the diversity of the quartiles of the distributions of returns on individual funds, the differences between the values of the quartiles of returns for the best and worst companies during each investment horizon, changes in the value of individual quartiles of returns for individual companies along with a lengthening of the investment horizon, differences in the positions of the companies in the rankings of companies based on different investment horizons and having different quartiles being accepted as the criterion for the rankings. The results obtained did not indicate grounds for the rejection of the formulated hypotheses.

Suggested Citation

  • Dittmann Iwona, 2016. "Rates of Return on Shares of Real Estate Development Companies in Poland in the Years 2001-2015. A Comparative Analysis," Real Estate Management and Valuation, Sciendo, vol. 24(4), pages 23-34, December.
    • Handle: RePEc:vrs:remava:v:24:y:2016:i:4:p:23-34:n:3
    DOI: 10.1515/remav-2016-0027
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    References listed on IDEAS

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    1. Martin Haran & Michael McCord & Peadar Davis & John McCord & Colm Lauder & Graeme Newell, 2016. "European emerging real estate markets," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 34(1), pages 27-50, February.
    2. Jianfu Shen & Xianting Yin, 2016. "Credit expansion, state ownership and capital structure of Chinese real estate companies," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 34(3), pages 263-275, April.
    3. Norman Hutchison & Graham Squires & Alastair Adair & Jim Berry & Daniel Lo & Stanley McGreal & Sam Organ, 2016. "Financing infrastructure development: time to unshackle the bonds?," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 34(3), pages 208-224, April.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    real estate development companies; shares; returns; comparative analysis; Poland;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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