Do Health Care Investments Hedge Health Care Liabilities?

William W Jennings; Steve P Fraser; Brian C Payne

doi:10.3905/JOI.2009.18.1.069

Do Health Care Investments Hedge Health Care Liabilities?

William W Jennings, Steve P Fraser and Brian C Payne

The Journal of Investing Spring 2009, 18 (1) 69-74; DOI: https://doi.org/10.3905/JOI.2009.18.1.069

William W Jennings

is civilian professor of finance and investments at the U.S. Air Force Academy in Colorado Springs, CO.

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For correspondence: wj@williamjennings.com

Steve P Fraser

is an assistant professor of finance at Lutgert College of Business, Florida Gulf Coast University in Ft. Myers, FL.

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For correspondence: sfraser@fgcu.edu

Brian C Payne

is a doctoral pre-candidate at the University of Nebraska in Lincoln, NE.

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For correspondence: bcp_mt@yahoo.com

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Abstract

Investment pools are frequently designed to pay health care expenses. We examine whether health care equity investments hedge the health care liabilities of these investment pools. In contrast with conventional wisdom, we find them to be uncorrelated with medical inflation and, thus, poor hedges.

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The Journal of Investing

Vol. 18, Issue 1

Spring 2009

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Do Health Care Investments Hedge Health Care Liabilities?