haku: @journal_id 63 / yhteensä: 1221
viite: 9 / 1221
| Tekijä: | Dimson, E. Spaenjers, C. |
| Otsikko: | Ex post: the investment performance of collectible stamps |
| Lehti: | Journal of Financial Economics
2011 : MAY, VOL. 100:2, p. 443-458 |
| Asiasana: | alternative investment return on investment |
| Vapaa asiasana: | philately stamps indexes |
| Kieli: | eng |
| Tiivistelmä: | This paper uses stamp catalogue prices to examine the returns on British collectible postage stamps over the years 19002008. The annualized return on stamps is found to be 7.0% in nominal terms, or 2.9% in real terms. These returns are higher than those on bonds but lower than those on equities. The volatility of stamp prices is near that of equities. Stamp returns take effect from movements in the equity market, but the systematic risk of stamps remains low. Stamps partially hedge against unanticipated inflation. Estimates of average after-cost returns for individual investors suggest that stamps may challenge equities in terms of realized performance. |
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