Business Management
Welcome to Stellenbosch University

Investment Management Research

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.

Asset pricing

  • 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.

Passive investing

  • 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.

Ethical investing

  • 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.

Impact investment

  • 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.