<abstract xmlns="http://www.w3.org/1999/xhtml"><p>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.</p></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.

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

Faculty of Finance, University of Economics in Wrocław

Real Estate Management and Valuation

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

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...

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

Published Online: Dec 30, 2016

Page range: 23 - 34

DOI: https://doi.org/10.1515/remav-2016-0027

Keywords
real estate development companies, shares, returns, comparative analysis, Poland

© 2016 Iwona Dittmann, published by De Gruyter Open

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

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

Published Online: Dec 30, 2016

Page range: 23 - 34

DOI: https://doi.org/10.1515/remav-2016-0027

Keywordsreal estate development companies, shares, returns, comparative analysis, Poland

© 2016 Iwona Dittmann, published by De Gruyter Open

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
real estate development companies, shares, returns, comparative analysis, Poland