Ex post: The investment performance of collectible stamps

A-Tier
Journal: Journal of Financial Economics
Year: 2011
Volume: 100
Issue: 2
Pages: 443-458

Authors (2)

Score contribution per author:

2.011 = (α=2.01 / 2 authors) × 2.0x A-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

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.

Technical Details

RePEc Handle
repec:eee:jfinec:v:100:y:2011:i:2:p:443-458
Journal Field
Finance
Author Count
2
Added to Database
2026-01-25