Ex post: The investment performance of collectible stamps

Abstract : This paper uses stamp catalogue prices to investigate the returns on British collectible postage stamps over the period 1900-2008. We find an annualized return on stamps of 7.0% in nominal terms, or 2.9% in real terms. These returns are higher than those on bonds but below those on equities. The volatility of stamp prices approaches that of equities. Stamp returns are impacted by 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 show that stamps may rival equities in terms of realized performance.
Type de document :
Article dans une revue
Journal of Financial Economics, Elsevier, 2011, 100 (2), pp.443-458. 〈10.1016/j.jfineco.2010.12.005〉
Liste complète des métadonnées

https://hal-hec.archives-ouvertes.fr/hal-00623442
Contributeur : Amaury Bouvet <>
Soumis le : mercredi 14 septembre 2011 - 11:46:42
Dernière modification le : mercredi 19 décembre 2012 - 20:29:15

Lien texte intégral

Identifiants

Collections

Citation

Elroy Dimson, Christophe Spaenjers. Ex post: The investment performance of collectible stamps. Journal of Financial Economics, Elsevier, 2011, 100 (2), pp.443-458. 〈10.1016/j.jfineco.2010.12.005〉. 〈hal-00623442〉

Partager

Métriques

Consultations de la notice

166