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Research on Stamp Investment and Diversification for Stock Investment —Based on the Research of Chinese and British Stamp Price Indexes(PDF)

南京师范大学学报（工程技术版）[ISSN:1006-6977/CN:61-1281/TN]

Issue:
2013年02期
Page:
87-92
Research Field:
Publishing date:

Info

Title:
Research on Stamp Investment and Diversification for Stock Investment —Based on the Research of Chinese and British Stamp Price Indexes
Author(s):
Zhao Jingdong1; Sun Wenting2; Feng Yuying1
1.School of Mathematics Science,Nanjing Normal University,Nanjing 210023,China) (
2.School of Computer Science and Techmology,Nanjing 210023,China
Keywords:
stamp index; stock; portfolio diversification; analysis
PACS:
F24
DOI:
-
Abstract:
We are inspired by British SG100 Stamp Price Index to build Chinese Stamp Price Index by ourselves.We make use of closing price and trading volume of stamps which are available online to calculate the monthly price indexes of Chinese stamps.The results of the Capital Asset Pricing Model regression of the monthly stamp index excess returns and the excess returns of stock indexes show that investing in Chinese stamp can’t provide portfolio diversification benefits for stock investors.Adding British stamps to Chinese stock portfolios can improve the investment performance of investors.

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Memo

Memo:
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Last Update: 2013-06-30