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The effectiveness of the contrarian and momentum strategies on the US REIT market

Kowalke Krzysztof

Management

2023

Vol. 27, no. 1

1--19

When making investment decisions in financial markets, investors use various investment strategies. The traditional ones include the contrarian strategy and the moment strategy. In recent years, one of the dynamically developing segments of the global financial market has been the American REIT market. The literature on the subject lacks research on the effectiveness of investment strategies in this market. The aim of the article is therefore to compare the effectiveness of the contrarian strategy and momentum strategy on the US REIT market in different ranking periods. Based on the data on the rates of return of individual REITs listed on public capital markets in the US, the rates of return resulting from the application of the contrarian and momentum strategies were estimated. The results of the conducted analyses showed that for the three-year ranking period, the rates of return of the portfolio composed of loser REITs significantly exceeded the rates of return of the portfolio of winner REITs. This means that during this period the use of the contrarian strategy was more effective than the use of the momentum strategy. For other analysed ranking periods, the differences in rates of return were not statistically significant. The results of the conducted analyses may help investors in choosing the most effective investment strategy on the REIT market. This research also answers the question whether the REIT market should use investment strategies that, according to research, are effective on the broad stock market, or strategies that work well on the investment fund market.

Poszukiwanie optymalnej strategii inwestycyjnej w energetyce. Metodyka i wyniki przykładowych obliczeń

Bartnik R.

Energetyka

2015

nr 10

627--631

Jak wynika z przeprowadzonych obliczeń, stosowanie technologii CCS oxy-spalania w elektrowniach węglowych jest całkowicie ekonomicznie nieuzasadnione. Bardzo wysoki koszt wytwarzania w nich elektryczności spowoduje, co bardzo istotne, nie tylko zahamowanie wzrostu gospodarczego w krajach, w których technologia CCS byłaby stosowana, ale także brak akceptacji i niepokoje społeczne z powodu znacznych wówczas podwyżek cen energii elektrycznej. Koszt wytwarzania elektryczności w blokach węglowych z technologiami CCS jest bowiem co najmniej dwukrotnie wyższy od kosztów w blokach bez tych technologii. Jest nawet istotnie wyższy od kosztu w elektrowniach atomowych, mimo że jednostkowe (na jednostkę zainstalowanej mocy) nakłady inwestycyjne na bloki jądrowe są dwukrotnie większe.

The carried out calculations show that application of CCS technology for oxy-combustion in coal-fired power plants is economically entirely unjustified. A very high production costs of electricity generated in such plants will not only result in, and that is of crucial importance, possible bringing an end to economic growth in countries where CCS technology would be in use but also in the lack of social approval and civil disturbances caused by substantial increases in electric energy prices. One must here remember that the cost of electricity generated by coal-fired units with the CCS technology is at least twice as big as the same cost for units without this technology. Moreover, it is even significantly higher than the cost of energy produced in nuclear plants though the specific investment expenditure (per one unit of installed capacity) on a nuclear power unit is twice as high.