November 1972 marked the occasion of the first issue of the Investment Analysts Journal – at that time also referred to as Die Beleggingsnavorsers Tydskrif in Afrikaans – which is the official journal of the Investment Analysts Society of South Africa NPC. November 2022 therefore marked our quinquagenary.
The first Editor-in-Chief of the Investment Analysts Journal (IAJ) was Professor Ronnie Bethlehem who wrote in his own foreword introducing the journal, noting that
… great change has occurred in the theory and practice of investment analysis. From a principally descriptive activity … it has acquired a new predictive importance … dominated by a scientifically orientated sophistication. A professionalism has manifested itself amongst analysts and this has found organisational expression in the establishment of analytical societies (like our own) dedicated to the systemisation of knowledge and the improvement of technical standards and behaviour.
Half a century ago Ronnie perfectly summed up the motivation for the Investment Analysts Society (IAS) taking up the baton to spearhead the first journal of its kind in South Africa. At that time, such scholarly work was largely the preserve of authors in the United States and England, among a few other developed countries. Our objective at the IAS was to expand the body of knowledge to a focus on South African investment matters not covered abroad.
In 2022, we celebrated half a century of continuous publication. Today, the IAJ is a truly international peer reviewed journal publishing high-quality, original research four times a year, seeking a balance between theoretical and empirical studies for the benefit of both academics and practitioners.
Our peer review is double blind. Merit is our only criterion, excellence our expectation. The rigour of the editorial process is such that the acceptance rate for publication is approximately 10%, a percentage that has fallen over the years as the IAJ has received increasing submissions due to its growing stature internationally.
Editorship is a pivotal role. In addition to Ronnie, our inaugural Editor-in-Chief, we are privileged to have had Professor Colin Firer in the role for two decades and now our current Editor-in-Chief, Professor Christo Auret, who has been serving for eight years. Ronnie and Colin have passed, yet their journal legacy is everlasting. Colin played an important role in the Southern African Finance Association as Chairman, further cementing the relationship with the IAJ, and Christo too has continued that tradition.
All three gentlemen have a common thread – they are all associated with the University of the Witwatersrand, either as graduates or as teachers with distinguished reputations. In addition to being Editor-in-Chief, Christo is a Professor of Finance in the School of Economics and Finance in the Faculty of Commerce Law and Management. The IAS is enormously grateful to the University of the Witwatersrand and its Senior Executive Team for its long-standing role in the furtherance of the research goals of the Journal. In particular, the Journal thanks the School of Economics and Finance at the University of the Witwatersrand for its generous annual subvention in support of academic excellence.
In addition to Christo, the IAJ has editors and associate editors who assist him in his selfless work, determining which articles make the cut for consideration and possible publication. Professors Robert Vivian, Doojin Ryu, Adam Zaremba, Joseph K. W. Fung, Ailie Charteris, and Daniel Page currently serve these important functions and we seek to attract further top-quality academics to the editorial board. The IAJ Editorial Assistant, Liezel du Plooy, serves an important day-to-day administrative and coordination role, fielding articles, and serving as the first person of contact.
Editorship is no easy task and requires dedication and selflessness for the greater good.
In the writing of articles, brevity is expected. Authors have a limited number of pages in which to get their thesis across, typically averaging 15 pages with no more than 7 500 words and this includes notes, acknowledgements, references to published works, tables and figures, and appendices. A short abstract up front distils this to its essence, which alone requires discipline of thought and clarity in expression.
Readers of IAJ articles value this punchy, business-like approach to academic publishing as it also makes articles eminently usable professionally if you are a fund manager, investment analyst, trader, or possibly a farmer seeking help to hedge your crop risk against price volatility in agricultural commodities.
The IAJ is published in four issues annually, including a Southern African Finance Association conference issue, and we are now on volume 51. There is a back catalogue of every issue dating back to 1972, representing an archival treasure-trove. In the region of 200 articles are currently submitted to the Journal each year from authors in over 40 countries. As we can only publish around 20 articles a year the bar to getting published is extremely high.
Each year, a winning article is determined with both a runner up and a third-placed best article. The first placed article receives our universally recognised IAS squirrel statuette together with a monetary payment.
For the best three articles, top academics with appropriate experience and subject expertise are invited by the Editor-in-Chief to function as reviewers of all published articles and assign a percentage mark. A shortlist of five top articles is determined following an equally weighted methodology. A final adjudicator of academic distinction is invited to further assess the top five independently, and with no knowledge of the rankings, motivating in writing for the winning recommendation.
Getting your paper published in the IAJ is hard enough, with a one in ten chance, yet getting to the top three is an enormous achievement. Truth be told, all the 20 or so published articles stand in contention to be a top article, the final decision may boil down to decimal points of difference. Authors are therefore proud to be able to cite publication in the IAJ on their CVs.
So, how do we showcase the best articles of 50 years in a special collection edition when there have been hundreds? And a special article from an Editor-in-Chief, of which there have been three, to acknowledge that person’s enormous contribution?
The methodology had to be objective and scientifically determined, no different from what is required for regular issues. Christo and Robert set about getting the job done.
Each of the articles published during the past 50 years was studied. Consideration was given to the article’s contribution at the time of publication, general interest, and specific contribution. A long short-list was determined, which included articles authored for the three Editors-in-Chief over 50 years. This list was distilled to 20 articles. Each author was limited to a maximum of two articles. It was imperative to honour the three Editors-in-Chief, so while of the 20 articles 17 were from authors to best represent the decades, three were reserved for the Editors-in-Chief.
As you enjoy reading our special golden anniversary collection, a journey both down memory lane and one in which you will see how the investment analysis landscape has evolved, you can be assured that this is a fair and transparent representation of our 50 years of publishing. The first three articles that lead the collection honour Ronnie, Colin and Christo with the following 17 papers listed chronologically.
The body of knowledge has expended considerably in the past 50 years, the sophistication of content is at an all-time high. It is fair to say that an article that was good enough to be published in 1972 may not have met the bar in 2022, but that is to miss a point.
The IAJ has been among the leaders in pushing the boundaries of knowledge and understanding, and the application of that to the real world. We expect standards to improve. A good article on a topical subject today has built on the shoulders of authors that preceded it. This is the hallmark of progress; we learn from the giants of the past. Nevertheless, we believe this ranking of 20 articles is a good indicator of the times in which they were authored.
A final personal thanks from myself to our Editor-in-Chief, Professor Christo Auret. Christo’s efforts cannot be overstated since his appointment in 2015. Christo and I enjoy an excellent working relationship with regular communication and brainstorming where necessary. The Board of the IAS salutes you for your invaluable work, Christo.