Momentum-strategia kiinteistöalalla

Past literature shows consistent positive returns for momentum trading strategies across markets and time periods. Earlier studies focus on various industries, but they often exclude Real Estate Investment Trusts (REITs). In this Bachelor Thesis, I measure the performance of momentum strategy in the real estate industry in recent years. During the sample period, it was shown, that the real estate momentum portfolios did not produce positive abnormal returns. My results were robust to varying portfolio construction time horizons and risk adjustment models