South African companies have made great progress in improving corporate profitability since the nation became a full democracy in 1994. Using the “Cash Flow Return on Investment” (CFROI) method, the authors demonstrate that South African listed companies have been generating world‐beating...

The authors take a critical view of the investment approach advocated by recent Nobel laureate Robert Shiller. A critic of efficient markets theory, Shiller has proposed that investors, when attempting to determine whether the S&P Index is under‐ or overvalued, should use a P/E ratio whose...

An article published in this journal three years ago defended the South African corporate ownership system with its five largest "groups" then exercising effective control over companies representing nearly 80% of the value of the Johannesburg Stock Exchange-as "an efficient outcome of a largely...

Given the likelihood of periodic financial crises, much of the focus of policymakers should be on the proper response to rather than the prevention of crises. In this article, the authors begin by repeating Walter Bagehot's famous prescription for resolving financial trouble in the 19thcentury...

type="main" <p>The authors take a critical view of the investment approach advocated by recent Nobel laureate Robert Shiller. A critic of efficient markets theory, Shiller has proposed that investors, when attempting to determine whether the S&P Index is under- or overvalued, should use a P/E ratio...</p>