Ex post: The investment performance of collectible stamps

• 成果类型: Article
• 署名作者: Dimson, Elroy; Spaenjers, Christophe
• 署名单位: University of London; London Business School; University of Cambridge; Tilburg University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2010.12.005
• 发表日期: 2011
• 页码: 443-458
• 关键词: Alternative investments; indexes; Long-term returns; Philately; Stamps

摘要

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. (C) 2010 Elsevier B.V. All rights reserved.