Momentum in individual stocks’ return performance have been linked to industry effects, i.e., the notion that certain industries’ returns go through “hot” and “cold” spells. We so undertook a back-test study to see how a momentum investment strategy of going long in “Winner” industries (industries with high past returns), and shorting “Loser” industries (industries with poor past returns), would have performed if implemented in real time.

I attempt to see if consumer debt burden has a causal impact on the major drivers of GDP growth in Kenya hence an impact on GDP growth (Economic Business Cycles).