文章基本信息

标题：Are Brewery Stocks a Hedge against Inflation? Evidence from Nigeria
本地全文：下载
作者：E. Chuke Nwude ; Wilson E. Herbert
期刊名称：Research Journal of Finance and Accounting
印刷版ISSN：2222-1697
出版年度：2013
卷号：4
期号：7
页码：78-89
语种：English
出版社：The International Institute for Science, Technology and Education (IISTE)
摘要：This paper investigates the extent to which stocks of breweries listed in Nigerian Stock Exchange (NSE) are a hedge against the expected and unexpected inflation in Nigeria over the period 2000–2011. Unexpected inflation is computed as the difference between the actual inflation and the estimates of the expected inflation. The study used real rate of return on equity and regression analysis to find the stocks that provide positive real return and offer inflation-hedging potentials respectively. The findings revealed that in terms of real return based on shareholders’ funds and total return to equity, all the firms were not susceptible to adverse effect of inflation but when based on dividend yield all the firms offered no significant hedge against inflation.