Number 1, November 1972
Introduction
D.G. Krige D.Sc. Eng (Witwatersrand)	Capital investment and risk analysis for a new mining project
J.A. Rogers M.A. (Cantab)	Equity performances in the sixties and seventies
Merton Dagut M.A. Witwatersrand	Interest Rates - Another aspect
Azar Jammine B.Sc (Witwatersrand)	The use of computers in investment research
Number 2, May 1973
Introduction
R.J. Friedland, MSc, LLB (Witwatersrand)	The future of monetary gold
R.W. Bethlehem B.Com (Witwatersrand)	Defining the cost of capital
Anonymous	A plea for a South African Securities and Exchange Commission
Number 3, November 1973
Introduction
R.K.M. Roseveare, MA (Cantab) CA (SA) Hons	Inflation: Current accounting practice and the investment analyst
John P. Wall	Aspects of the short-term money market in South Africa
Azar P. Jammine, B Sc (Hons) (Witwatersrand) Douglas M. Hawkins, B Sc (Hons), PhD, (Witwatersrand), FSS	An analysis of an international set of share indices
M.F. van Breda, B Sc, MBA	The re-investment assumption in capital budgeting examined
Leon Sandler, M Sc, (Natal)	A note on the rule of 72 or how long it takes to double your money
Number 4, June 1974
Introduction
R.W. Bethlehem, B Com, (Witwatersrand)	The new Companies Act: An investment analysts view
M van den Berg, B Com (Cum Laude) (Stellenbosch) M Com (Cum Laude) (Stellenbosch) D Econ (Rotterdam)	Some observations on inflation and the long-term rate of interest in South Africa
Dr. W.F. Rademeyer en Prof. H.H. Lemmer, Randse Afrikaanse Universiteit	Die prys/verdienste verhouding as hulpmiddel by die waardering van aandele
Mr Richard Gross et al	Risk analysis of ordinary shares quoted on the Johannesburg Stock Exchange
Number 5, December 1974
Introduction
P.A. Kerbel, BA (Hons) (Witwatersrand)	Portfolio selection and the South African experience
D.C. True B Com (Hons) (Natal)	Trade-in versus salvage value: their treatment in DCF
L.R. Woods, B Com (Witwatersrand), M Com (Natal)	The cost of capital raised by way of a right issue
H.I.D. du Plessis M Com (Stellenbosch), MBA (Pretoria), MSc (Cranfield Institute of Technology)	Notes on the characteristics and performance of some South African mutual funds
Number 6, August 1975
Introduction
Geoffrey Bethlehem, B Com (Witwatersrand), MBA (Witwatersrand)	The objective of the firm and its cost of capital
R.J Friedland, MSc LLB (Witwatersrand)	Prospects for the oil price
Paul J. Strebel, MSc (UCT), MBA (Columbia), PhD (Princeton)	Expanded ratio analysis
Number 7, February 1976
Introduction
P.J. Blomkamp	The behaviour of industrial share prices in relation to Gross National Product and interest rates in South Africa	9
Professor P.J.C. Seneque	Restating financial statements for inflation: Is it necessary? Is it sufficient?	17
David Collins	Some fallacies in financial analysis	29
J.F. Affleck-Graves and Professor A.H. Money	A comparison of two portfolio selection models	35
Number 8, August 1976
Introduction
Prof G.C. Olivier	Political developments and international relations in Southern Africa	7
Ian Hadassin	An investigation into the behaviour of earnings and share prices of South African listed companies	13
Dr. I.J. Lambrechts	The practice of capital investment decision-making in South Africa	27
M.E. Rivalland	Some aspects of share investment and the law	33
Number 9, March 1977
Introduction
Professor G.L. de Wet	Responsibility and economic forecasting	8
B.P. Gilbertson and F.J.P Roux	The Johannesburg Stock Exchange as an efficient market	21
J.E. Whillier	Simplified method of assessing the value of a South African gold mine	29
Professor I.R. Woods	An analysis of the possible effects of a rights issue on the issuing company's share price	33
Number 10, August 1977
Introduction
C.R. Freemantle	The history of "securities rand" and the effects the securities rand diffential has had on overseas investment in South Africa	9
Dr. P.J. Strebel	The limited efficency of the Johannesburg Stock Exchange	15
Dr. P.A. Kerbal	Portfolio selection: a non-technical overview	21
Dr. I.J. Lambrechts	Die praktyk van die kritiese rentabiliteit	29
R.I.K. Jesse	The reverse yield gap and real return	37
Number 11, April 1978
Introduction
Peter Lewin	Money, inflation and economic growth	8
D.S.J. Remenyi and W.S.A. Zucchini	Some aspects of an asset replacement/protection model under conditions of inflation	14
B.P. Gilbertson and F.J.P. Roux	Some further comments on The Johannesburg Stock Exchange as an efficient market
I.R. Woods	On calculating average rates of return	21
John Rogers	Redemption yields and valuations of South African gilts	33
Number 12, August 1978
Introduction
P J C Seneque	Factors affecting dividend policy
G S Andrews	Strategic considerations for investment decision-making
T Agmon	Investment decisions in an inflationary economy
P J Strebel	Twin trading and tests for stock market efficiency
A D Cohen	An econometric approach to exchange rate forecasting
W T Floquet	Investment basics III. Earnings per share and P/E ratios
Number 13, April 1979
Introduction
W A A Maguire	Standards of accounting practice and the objectives of financial reporting
P J C Seneque	The relationship between portfolio theory and the efficient market hypothesis
G Bethlehem	The influence of financial policy on the growth, profitability and size of firms
A D Boy	Some results of an empirical study of ratio analysis in South Africa
P R du Toit	Investment basics IV. Net asset value
Number 14, September 1979
Introduction
P Milburn-Pyle	Measuring the investment performance of pension funds in South Africa
B P Gilbertson	The pricing of industrial shares on the Johannesburg Stock Exchange
S M Place	Valuation of fixed interest securities
J F Affleck-Graves, A H Money, C G Troskie	A principal component index subject to constraints
R W Bethlehem	Investment basics V. Adjusting per share earnings and dividend data for capital changes
Number 15, May 1980
Introduction
A P Jammine	lnflation and unemployment: the root causes of the capitalist dilemma
J P Botha	The random walk model and the behaviour of gold prices: a note
I J Lambrechts, F J Mostert	An analysis of the behaviour of market prices during rights issues
J F Affleck-Graves, A H Money, C G Troskie	An empirical comparison of the performance of different stock market indices
R W Bethlehem	Investment basics VI. Interest rates, yield curves and the valuation of ordinary shares
Number 16, October 1980
Introduction
A A Roos	The South African forward exchange market
R M Gidlow	Intervention policies of the Reserve Bank in the foreign exchange market
A F T Payne	Options trading
B M Gourley	A framework for reporting
G M W Cross	Investment basics VII. The structure of interest rates
Number 17, April 1981
Introduction
W T Floquet	The case for equities - An address to the Association Pension and Provident Funds of South Africa on 24 March 1981
J D Paulus	Rational expectations - The challenge to economic stabilisation policy
A P Faure	Reserve Bank accommodation and monetary policy
B Gilbertson, M Goldberg	The market model and the Johannesburg Stock Exchange
A C Valsamakis	Investments basics VIII. Return on investment - an integrated measure of profitability and performance
Number 18, October 1981
Introduction
R Reeve	Business investment decisions under inflation: some South African evidence
S Diller	Analyzing the yield curve: a new approach
R M Gidlow	Review of the gold sales policy of the United States Treasury (1978-79)
S T Goddard, S A Michener, J A Rickard	An illustrative method for valuing annuities
A C Valsamakis	Investment basics IX. The use of comprehensive cash flow analysis as a basis for risk measurement and determination of debt capacity
Number 19, June 1982
Introduction
J J Cloete	An eclectric role for monetary policy
R A C Gilbertson, J F Aflleck-Graves, A H Money	Trading in low priced shares: An empirical investigation 1968-1979
S Goddard, S Michener, J Rickard	A graphical solution to the lease evaluation problem
G D I Barr	The puzzle of the two markets
I J Poluta	Investment basics X. The effect of taxation on earnings per share
Number 20, November 1982
Introduction
L M Lachmann	Why expectations matter
F E Halse	Ownership and control of large companies in the RSA
N Bhana	The take-over objectives of South African acquiring companies
D Konar	Some thoughts on the availability and uses of accounting information
B P Gilbertson, M N Vermaak	The performance of South African mutual funds: 1974-1981
I S Davies	Investment basics XI. An introduction to gold-mining taxation - Part I
Number 21, June 1983
Introduction
G D I Barr	A theory of the financial rand discount
R F Knight, J F Aflleck-Graves	An efficient market hypothesis and a change to LIFO: an empirical study on the JSE
P J C Seneque, B M Gourley	Dividend policy and practice in South Africa
N Bhana	The valuation of take-overs by companies listed on the Johannesburg Stock Exchange
I S Davies	Investment basics XII. An introduction to gold mining taxation - Part 2
Number 22, December 1983
Introduction
R W Bethlehem, C Rogers	Keynes' theory of investment in retrospect
J J Cloete	Keynes and the stabilisation of economic activity
T G Thompson	A microcomputer database for a national index fund
J A Rickard, A M Russel	The "hidden" costs and benefits associated with the different loan repayment frequencies
I S Davies	Investment basics XIII. An introduction to gold mining tax - Part 3
Number 23, June 1984
Introduction
P Milburn-Pyle	"ls a pension fund's investment yield influenced by the size of the fund's assets?"
G T D Jones	The role of hedging in the marketing of gold
D F Rees	The Krugerrand premium - an optimal strategy for Reserve Bank
G D I Barr, B S Kantor	Interest rates, the exchange rate and money supply in South Africa
F D Durand	Investment basics XIV. Popular myths: Gilt switching
Number 24, November 1984
Introduction
P D F Strydom	The economics of information
P A Bowen	A hypothesis: Portfolio theory is elegant but useless
J le R Retief, John F Affleck-Graves, W D Hamman	Leverage = Risk? Empirical findings for the JSE
T Blench, J F Affleck-Graves	Bond immunisation in South Africa
B P Gilbertson	Investment basics XV. The role of share risk measurements in the management of investment portfolios
Number 25, May 1985
Introduction
G T D Jones	Hedging and regret minimisation: A policy for the management of foreign currency exposure
D K Flynn	The reasons and objectives for accounting standards as perceived by users, providers and regulators of accounting information
D J Bradfield, G D I Barr	A gold share evaluation model
C Grim, G S Andrews	The impact of strategic planning on corporate performance in a turbulent environment
R Jesse	Investment basics XVI. The analysis of bank shares

Number 26, November 1985 Introduction Full journal  (without any advertisements)   P A Bowen, P J Edwards Uncertainty and incomplete information in the evaluation of building projects   Investment Analysts Society of Southern Africa Report on sound investment principles for pension funds   B H Fischer, C Firer The risk/return characteristics of the postage stamp market   R F Knight, J F Affleck-Graves, W D Hamman The effect of inventory valuation methods on share prices: Some new evidence for the Johannesburg Stock Exchange   M Steele, M Davis, M Kloss Foreign exchange differences: Accounting practice vs accounting principles   C Firer Investment basics XVII. What is the return on your investment?   Number 27, May 1986 Introduction     C Firer, G Meth Investor information requirements and disclosure in annual reports   W G Klerck, G S du Toit An investigation into the return distribution of ordinary industrial shares on the Johannesburg Stock Exchange   M le Plastrier, W Thomas, J Affleck-Graves The valuation of call options on gilts and warrants in South Africa   G S Andrews, F Butler Criteria for major investment decisions   R W Bethlehem lnflation as an obstacle to job creation in South Africa   G T D Jones Investment basics XVIII. Risk and return - part I   Number 28, November 1986       N J Lovell-Greene, J F Affleck-Graves, A H Money A survey of investment appraisal methods used by financial analysts in South Africa   G D I Barr, B S Kantor The gold price and the forward rate of interest   W G Klerck Forecasting share prices on the Johannesburg Stock Exchange using multivariate time series analysis   T Plaistowe, R F Knight Premium to book value may be a contrary indicator   Report on sound investment principles for pension funds - part 2 G T D Jones Investment basics XIX. Risk and return -Part 2   Number 29, May 1987 Introduction     E S Shung, D A Stadler, J F Affleck-Graves The performance of family controlled companies on the Johannesburg Stock Exchange: A financial and investment evaluation   J A Rickard, N J Hathaway, A M Russell The true cost of loans with rests between adjustment of principal   G D I Barr, D J Bradfield The role played by bullion and gold shares in international diversification   N R Sealy, R F Knight Dividend policy, share price and return: A study on the Johannesburg Stock Exchange   G T D Jones Investment basics XX. Risk and return - Part 3   Number 30, November 1987 Introduction     S R Favish, J F Affleck-Graves Estimating the market risk premium on the Johannesburg Stock Exchange using ex post and ex ante models   C Firer. M Ward, F Teeuwisse Market timing and the JSE   A R P Hamblin Anatomy of the financial rand   D Bullard Investment basics XXI. Options trading in the gilt-market - Part 1   Number 31, Winter 1988 Introduction     G Hufbauer, K Elliott Financial sanctions and foreign policy   C Koornhof Financial flexibility and the assessment of future cash flows   C Firer The individual investor on the JSE   P Brews South Africa, hi-technology and the future: Affordable imperative or fantastic folly?   D Bullard Investment basics XXII. Options trading in the gilt-market -Part 2   Number 32, Summer 1989/90 Introduction     N Bhana The use of ex post inter-country correlation coefficients to predict gains from international portfolio diversification from the standpoint of a South African investor   R A Brealey, E C Kaplanis The welfare effects of a boycott on investment in South African securities   C Firer Should MBA students study the theory of finance?   H A Lambrechts The determination of the price of South African stock index futures contracts   A F Mason, D J Joubert Investment basics XXIII. Technical Analysis   Number 33, Summer 1990/91 Introduction     N Mandela Options for building an economic future   G Relly Options for building an economic future   S Gelb Democratising economic growth: Crisis and growth models for the future   A Dickman The economic debate on post-apartheid society   L Harris The mixed economy of a democratic South Africa   R Bethlehem Nationalisation and redistribution in the perspective of restructuring   M Roussos The place of nationalisation in the economic policy of the ANC   S van der Berg Meeting the aspirations of South Africa's poor   M Dagut Reparations: The demands of justice in the reshaping of the economy   L Louw Truth and fiction in the nationalisation vs. privatisation debate   SJ Terreblanche The compatibility of inequality and democracy: The necessity and merit of nationalisation and redistribution   P J du Pré Roux The case for a social democratic compromise   T Fényes Nationalisation of South African agricultural land:Prospects and difficulties   M Brown South African gold mines and nationalisation   Number 34, Spring 1991 Introduction     M Green A standard method of property performance measurement   J B Rosenberg The maintenance of living standard hypothesis - the key to practical selection of efficient portfolios   I M lsraelsohn, C Firer Are fund managers using futures and options?   D de Waal, D Botha Immunisation in South Africa   D J Joubert, A F F Mason Investment basics XXIV. Technical analysis - Part 2 Moving averages and momentum oscillators   Number 35, Winter 1992 Introduction     C Firer, M Sandler, M Ward Market timing revisited   D U A Galagedera Modelling a series of uneven deposits and a series of uneven percentage withdrawals   A Snell, E vd M Smit The Impact of the efficiency of the South African share index futures market on hedging effectiveness and optimal exposure management over the period 1987 to 1989   N Bhana An evaluation of the market rating of retained earnings of companies listed on the Johannesburg Stock Exchange: An empirical analysis   P W Davey, C Firer A South African corporate bond market?   D J Joubert, A F Mason Investment basics. XXV Volume and the Bull-Bear Cycle   Number 36, Summer 1992/93 Introduction     E v d Merwe Smit, T W Pahn South African foreign exchange risk under managed floating: Distributional aspects.   N Bhana, L Konar Are our portfolio managers ready to invest overseas when exchange control goes?   W R Gevers Equivalent dividends: an extension   M J Page, C V Way Stock market over-reaction: The South African evidence   D J Joubert, A F F Mason Investment basics XXVI. Trading systems   Number 37, Winter 1993 Introduction     G Tensfeldt, C Firer, M Bendixen Bankers' views on securitisation in South Africa   E Saenger A future-oriented approach to company annual reporting in South Africa: unit trust views   J J Bornman, E vd M Smit, W R Gevers Hedging a share portfolio with futures contracts: A linear goal programming approach   M J van der Mescht, E vd M Smit Die Suid.Afrikaanse kapitaalmark en aandelebeurs as vooruitskatters van reële ekonomiese aktiwiteit   D J Joubert Evidence of symmetry in price behaviour   D J Joubert, A F F Mason Investment basics XXVII. The design of a trading system   Number 38, Summer 1993/94 Introduction     P W Court A two-stage model for the prediction of corporate failure in South Africa   A C Jordaan, W D Hamman, E vd M Smit Determinante van die kapitaalstruktuur van genoteerde Afrikaanse nywerheidsmaatskappye: 1970-1990   M Ward, J Stathoulis An analysis of the price/earnings ratio of the industrial sector of the JSE   C Firer The P/E ratio and the cost of equity capital   W D Hamman Investment basics XXVIII. Cash flow ratios   Number 39, Winter 1994 Introduction     A C Ryder, H D McLeod Meauring the impact of futures and options on investments portfolios: a South African perspective   C Firer, M Sandler Finance research in South Africa   N Bhana Public holiday share price behaviour on the Johannesburg Stock Exchange   E vd M Smit, W van Rooyen Aandeleopbrengste en reële ekonomiese aktiwiteit - Die Suid-Afrikaanse ondervinding   N Bhana Window dressing by institutional investors on the Johannesburg Stock Exchange: An empirical analysis   W D Hamman Investment basics XXIX. Cash Flow Statements: The importance of cash from activities   Number 40, Summer 1994/95 Introduction     N G Mohr, E vd M Smit Minimum variance hedge ratio analysis for the South African share index futures market: Duration and expiration effects   D Taylor Accounting rate of return revisited   D Hodge Does the weight of funds support equity prices on the Johannesburg Stock Exchange?   M F Philpott, C Firer Share price anomalies and the efficiency of the JSE   J Glansbeek, S Conway Revision of index performance calculations   C Firer Investment basics XXX. EVATM: The real key to creating value!   Number 41, Winter 1995 Introduction     H A Lambrechts Money market Funds: The missing link in the South African unit trust industry?   E vd M Smit, C E du Plessis Market timing and share returns   J U de Villiers lnflation and price-earnings ratios   P D F Strydom Liberalising foreign trade: The interaction between the real & monetary sectors   W D Hamman, A C Jordaan, E vd M Smit Earnings changes: A random walk? Some South African evidence   C Firer Investment basics XXXI. Sustainable growth models   Number 42, Summer 1995/96 Introduction     J A Rogers The IASSA and its financial environment   N Bhana The reaction of bank share prices on the Johannesburg Stock Exchange to increased capital requirements   M Ward Equity instruments   S H High, A M Honikman The efficiency of the South African capital market   N Bhana The share market reaction to earnings announcements - a test of the efficiency of the Johannesburg Stock Exchange   W D Hamman Investment basics XXXII. Earnings growth for negative EPS   Number 43, Winter 1996 Introduction     D J Joubert An underlying symmetry on price charts   F P Cilliers, E v d M Smit, D Kotze Die modellering van heteroskedastisiteit in daaglikse Rand/Dollar wisselkoersbewegings: 1987-1992   M Bergesen, M Ward Modelling systematic risk and return using accounting-based Information   M Atkins, M Ward The supply and demand effect of block transactions on share prices   W D Hamman Investment basics XXXlll. Sustainable growth: A cash flow model   Number 44, Summer 1996/7 Introduction     R van der Merwe, E v d M Smit The influence of political news events on share market activity in South Africa   C E Oldfield, M J Page Assessing portfolio performance: The case of South African unit trusts   N Bhana The effect of industrial strikes on the value of shares listed on the Johannesburg Stock Exchange   E v d M Smit, H Nienaber Futures-trading activity and share price volatility in South Africa   A Yates, C Firer The determinants of the risk perceptions of investors   C Firer Investment basics XXXIV. The Du Pont identity   Number 45, 1997 Introduction     L Vanden Baviere, J U de Villiers Share volatility after the introduction of index futures   H Kenney Are financial markets different?   W G Klerck, A C Maritz A test of Graham's stock selection criteria on industrial shares traded on the JSE   K Waelkens, M Ward The low price effect on the Johannesburg Stock Exchange   Association for Investment Management and Research Investment basics XXXV. AIMR's performance presentation standards: Gaining global acceptance   Number 46, 1997 Introduction     J H Burger, E v d M Smit The relationship between share price volatility on the JSE and mispricing and open interest on SAFEX   J Henn, E v d M Smit The influence of economic news events on share market activity in South Africa   N Bhana Price adjustments on the JSE for announcements of share (stock) dividends   M A Neu-Ner, C Firer The benefits of diversification on the JSE   P van Rensburg Investment basics XXXVI. The arbitrage pricing theory   Number 47, 1998 Introduction     N Bhana The share price reaction on the Johannesburg Stock Exchange for special (extra) dividend announcements   R Lawson, M Ward Price performance of newly listed shares on the Johannesburg Stock Exchange   E v d M Smit, E J Verster Toetse vir sielkundige hindernisse in Suid-Afrikaanse aandelebeursindekse   E G van den Berg, C H van Schalkwyk Spotlight on the South African environment of securitisation and asset-backed securities   E Fraser Investment basics XXXVII. Do averaging strategies add value?   Number 48, 1999 Introduction     R Wandmacher, D Bradfield On implied volatilities in the South African derivatives market   E G van den Berg Securitisation and asset-backed securities in South Africa Part two - Rolling the securitisation dice: mathematical logistics pertaining to securitisation in S.A.   N Bhana Share price reaction to announcements of equity financing by companies listed on the Johannesburg Stock Exchange   M Sandler, C Firer Finance research in South Africa: 1949-1997   M Page Investment basics XXXVIII. Options pricing using a binomial lattice   Number 49, 1999 Introduction     C Muller Investor overreaction on the Johannesburg Stock Exchange   S Fouche and P van Rensburg A survey of the investment appraisal techniques used by South African unit trust portfolio managers   C C Okeahalam A test of the differential information hypothesis on the Botswana and the Zimbabwe Stock Exchanges   J du P Smith, A J van der Merwe Are today's winning institutions tomorrow's losers?   L T van der Berg, E vd M Smit The announcement effect of prime rate changes on South African capital markets: a note   J U de Villiers Investment basics XXXIX. The relationship between futures and spot prices   ERRATUM Number 49, 1999 CC Okeahalm, K R Jefferis' A test of the differential information hypothesis on the Botswana and the Zimbabwe Stock Exchanges   Number 50 1999 (part 1) C Firer and H McLeod Equities, Bonds, Cash and Inflation: Historical performance in South Africa 1925-1998   Number 50 1999 (part 2) N Bhana The Impact of public news regarding potential take-overs on the share price behaviour of target companies.   Number 50 1999 (part 3) AB Dorsman, HLL van Dijk and AJC de Ruiter An Empirical Investigation of the relevance of Investor Relations   Number 50 1999 (part 4) EM Robins, M Sandler and F Durand Inter-relationships between the January effect, market capitalisation and value investment strategies on the JSE.   Number 50 1999 (part 5) G Lwabona Investment Basics XL: Bond Price Volatility   Number 51 (part 1) CJ Roth and EvdM Smit Optimal initial margin levels in South African futures markets: An empirical analysis   Number 51 (part 2) E Fraser and M Page Value and momentum strategies: Evidence from the Johannesburg Stock Exchange   Number 51 (part 3) N Bhana Overseas listing by companies listed on the Johannesburg Stock Exchange and its impact on shareholder wealth   Number 51 (part 4) J Castle and B Kantor Tracking stocks - an alternative to unbundling for the South African group.   Number 51 (part 5) G Lwabona Investment Basics XLI: Duration and convexity   Number 52 (part 1) N Biekpe and MJ Moore Measuring volatility using bilinear GARCH models   Number 52 (part 2) M Robertson, C Firer and D Bradfield Identifying and correcting misclassified South African equity unit trusts using style analysis   Number 52 (part 3) S Davidson An estimate of the control premium in South Africa*   Number 52 (part 4) M Ward The CAPM in an options pricing framework   Number 52 (part 5) GTF Brooke and ET Fraser Investment Basics: XLII. Options pricing using the Black-Scholes Model