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Does Psychological Return Matter? Evidence from China Stamp Market

Posted: 20 Apr 2009 Last revised: 27 Sep 2012

Xiao Xiao

affiliation not provided to SSRN

Yi Zhou

affiliation not provided to SSRN

Date Written: April 19, 2009

Abstract

Previous literature has challenged the traditional claim that collectibles have high returns and expensive collectibles tend to return more. However, only financial returns were examined previously while psychological returns was completely overlooked, which may result in underestimation of returns on collectibles. This paper examines the returns from investment in China stamp market and the existence of psychological returns. The empirical results suggest that stamp returns in China stamp market are very dispersive and expensive stamps tend to have a low return. Potential psychological returns generators have negative effects on financial return of stamps, which implies the existence of psychological return.

Keywords: Collectibles Stamp Returns Psychological Returns

JEL Classification: G12, Z11

Suggested Citation

Xiao, Xiao and Zhou, Yi, Does Psychological Return Matter? Evidence from China Stamp Market (April 19, 2009). Available at SSRN: https://ssrn.com/abstract=1391945 or http://dx.doi.org/10.2139/ssrn.1391945

Xiao Xiao

affiliation not provided to SSRN ( email )

Yi Zhou (Contact Author)

affiliation not provided to SSRN ( email )

No Address Available

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