Ex post: The investment performance of collectible stamps

Elroy Dimson and Christophe Spaenjers

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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.

Keywords: Alternative investments; Indexes; Long-term returns; Philately; Stamps (search for similar items in EconPapers)
Date: 2011-05
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Citations: View citations in EconPapers (51)

Published in Journal of Financial Economics, 2011, 100 (2), pp.443-458. ⟨10.1016/j.jfineco.2010.12.005⟩

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Related works:
Journal Article: Ex post: The investment performance of collectible stamps (2011)
Working Paper: Ex-Post: The Investment Performance of Collectible Stamps (2009)
Working Paper: Ex-Post: The Investment Performance of Collectible Stamps (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00623442

DOI: 10.1016/j.jfineco.2010.12.005

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