The purpose of this study is to see whether the same pre-devaluation overvaluation (1980 to 1993) of the Communaute Financiere Africaine (CFA) franc exists for the post-devaluation period (1995 to 2004). As overvaluation can have significant negative impacts on exports, it is imperative to...

We examined the relations of various market multiples with subsequent annual returns for portfolios of liquid U.S. stocks. In univariate regressions, price/sales (P/S) has the most consistently significant negative relation and highest explanatory power. Multivariate regression models,...

In this paper, the transmission pattern of inflation in Africa is investigated in several contexts. Specifically, the results of the decomposition of variance are analysed, which are obtained by estimating an error correction model comprising 11 countries: seven major African countries and four...