This study examines the capability of stock from various industries to act as an inflation-hedge instrument, specifically in eight emerging-market Asian countries. By using monthly data for the period from 2001 to 2014, this study focuses on the relation between stock returns and inflation. The results of this study indicate that stocks from some non-cyclical industries have the capability to act as inflation-hedge instruments. Stocks that have the capability to inflation-hedge are come from industries with the natural characteristic of being a defensive industry.

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股票收益和通货膨胀：来自亚洲新兴市场的证据

这项研究考察了来自各个行业的股票充当通货膨胀对冲工具的能力，特别是在八个新兴市场亚洲国家。通过使用2001年至2014年期间的月度数据，本研究着重于股票收益与通货膨胀之间的关系。这项研究的结果表明，一些非周期性行业的股票具有充当通胀对冲工具的能力。具有通货膨胀对冲能力的股票来自具有防御性的自然特征的行业。