Gupta, Rangan; Modise, Mampho P. - Department of Economics, Faculty of Economic and … - 2010
Using monthly South African data for 1990:01-2009:10, this paper, to the best of our knowledge, is the first to examine the predictability of real stock prices based on valuation ratios, namely, price-dividend and price-earnings ratios. We cannot detect either short-horizon or long-horizon...