Dimson, Elroy; Spaenjers, Christophe - In: Journal of Financial Economics 100 (2011) 2, pp. 443-458
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...
