The Department’s expertise in Investment Management cover topics such as asset pricing, passive investing, ethical investing, retirement savings adequacy, impact investing, accounting distortions and inflation, housing, real estate, and REITs.
- Steyn, J.P. & Theart, L. 2021. The pricing of skewness: Evidence from the Johannesburg Stock Exchange. Investment Analysts Journal, 50(2):133-144.
- Steyn, J.P. & Theart, L. 2019. Are South African equity investors rewarded for taking on more risk? Journal of Economic and Financial Sciences, 12(1):a448.
- Theart, L. & Krige, J.D. 2014. Liquidity as an investment style: Evidence from the Johannesburg Stock Exchange. Management Dynamics, 23(3):30-42.
- Steyn, J.P. 2019. The tracking efficiency of exchange-traded funds listed on the Johannesburg Stock Exchange. Management Dynamics: Journal of the Southern African Institute for Management Scientists, 28(4):2-14.
- Coetzee, R., De Villiers, J.U. & Nel, D. 2018. Active share, tracking error, and the cost of active management: South African general equity unit trusts. Management Dynamics, 27(3):2-13.
- Viviers, S. & Steyn, J.P. 2020. The performance of morally questionable shares in South Africa (2004-2019). Journal of Economic and Financial Sciences, 13(1).
Retirement savings adequacy
- De Villiers, J.U. & Roux, E. 2019. Reframing the retirement saving challenge: Getting to a sustainable lifestyle level. Journal of Financial Counselling and Planning, 30(2):277-288.
- Roux, E. & De Villiers, J.U. 2020. A simplified approach to estimate the sustainable lifestyle level for retirement planning. Investment Analysts Journal, 49(3):232-242.
- Viviers, S. & De Villiers, J.U. 2021. Impact investments that have stood the test of time: Historical homes of South Africa (1966-2020). Journal of Sustainable Finance and Investment.
Accounting distortions and inflation
- De Villiers, J.U. 1989. Inflation, asset structure and the discrepancy between accounting and true return. Journal of Business Finance and Accounting, 16(4):493-506.
- De Villiers, J.U. 1997. The distortions in economic value added (EVA) caused by inflation. Journal of Economics and Business, 49(3)(May/June):285-300.
- Carstens, R., Freybote, J. & Fang, Y. 2020. The impact of municipal water use restrictions on the pricing of water-sensitive features in single-family homes. Journal of Real Estate Research, 42(4):476-498.
Real estate and textual analysis
- Carstens, R. & Freybote, J. 2021. Can the textual tone in REIT financial statements improve the information environment for commercial real estate investors? An investigation. Journal of Real Estate Research, 43(3):335-354.
- Carstens, R. & Freybote, J. 2019. Tone in REIT financial statements and institutional investments. Journal of Property Research, 36(3):227-244.
- Carstens, R., Freybote, J. & De Villiers, J.U. 2019. The impact of South African REIT portfolio composition on the diversification benefits for foreign REIT investors. Journal of Real Estate Literature, 27(1):79-101.
- Carstens, R. & Freybote, J. 2019. Pull and push factors as determinants of foreign REIT investments. Journal of Real Estate Portfolio Management, 25(2):151-171.
- Carstens, R. & Freybote, J. 2018. The impact of introducing REITs on foreign investments and liquidity in South Africa. Journal of Real Estate Literature, 26(1):105-128.