Number 1, November 1972
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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 Prť Roux The case for a social democratic compromise  
T Fťnyes Nationalisation of South African agricultural land:Prospects and difficulties  
M Brown South African gold mines and nationalisation  
Number 34, Spring 1991
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
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
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
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 reŽle 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
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
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 reŽle 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
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
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
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
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
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
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
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
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
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
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  
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