Gupta, Rangan; Modise, Mampho P. - In: Emerging Markets Finance and Trade 48 (2012) 1, pp. 70-82
Using monthly South African data for January 1990 through October 2009, this paper, to the best of our knowledge, is the first to examine the predictability of real stock return based on valuation ratios, namely, price-dividend and price-earnings ratios. We cannot detect either short-horizon or...