Equities

Brendan Brown

Chapter 6 in A Theory of Hedge Investment, 1982, pp 111-130 from Palgrave Macmillan

Abstract: Abstract A diversifed portfolio of equities thrives on good news. Its returns are especially high in realities where there is economic boom. Yet at times it has been fashionable to suggest that a market portfolio should be a hedge against inflation. Certain sectors of the equity market are reputed to possess further hedge properties; oil and Swiss bank equities are perceived as energy hedges, and armaments shares as war hedges. These claims can be assessed more fully once certain principles about the relationship of equity valuations to the total value of assets owned by the corporation are developed. This is the first topic of the present chapter.

Keywords: Equity Market; Nominal Interest Rate; High Inflation; Market Portfolio; Inflation Expectation (search for similar items in EconPapers)
Date: 1982
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DOI: 10.1007/978-1-349-06103-7_6

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