The discussion that follows seeks to critically examine the manner in which a South African financial publication, the Financial Mail (FM) magazine, reported on the country’s Finance Minister over two time periods. The specific time periods are April – June 1996, and February – April 2007. This will be done to assess whether the style of reporting changed over time. In order to accurately analyse the coverage, a content analysis of a number of articles published by the FM over two periods will be conducted. The first period to be examined correlates with Manuel’s first three months in office (April to June 1996) as finance minister, a role he took over after the resignation of then Finance Minister Chris Liebenberg, and the subsequent cabinet re-shuffle. This time period also coincides with the adoption of the internationally acclaimed South African constitution which pre-supposes, amongst others, freedom of the press. Manuel’s first three months in office furthermore coincided with the African National Congress’ (ANC) first period in government under the stewardship of President Nelson Mandela, having taken over power in 1994. The second time period selected is during Manuel’s 11th year in office (February to April 2007). The second time period coincides with a different economic and social situation, with the country’s economy having strengthened to the extent of recording a budget surplus. Relevant media theories and principles will be studied to evaluate which theories, if any, reflect the Financial Mail’s style of writing, language use and choice of stories to cover regarding Minister Manuel. An analysis of the first time period will include a look at the socio-economic conditions that prevailed at the respective times, against the background of the political situation during both periods. Dominant economic policies implemented and decisions taken during both periods relevant to the particular office Manuel held will be critically examined, since FM is a financial publication mostly covering financial and economic news. Research conducted will be qualitative in nature, and include an in-depth content analysis of articles.

Thesis (MBA)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: Every investor that invests in JSE Securities Exchange listed shares wants to achieve optimum profits. Numerous tools are used to help investors and analysts to analyse buy signals, standard deviations, risk-adjusted returns and every possible piece of information that may lead to perfect recommendations. Despite all the problems and issues involved to make perfect recommendations, it seems as if some individuals achieve well above average results. There are no obvious reasons for the success they achieve. Often it may be ascribed to a combination of detailed technical analysis, market intelligence as well as gut-feel. This study evaluates the recommendations made by the analysts and quantifies the accuracy. Different scoring systems are used to evaluate the accuracy of the recommendations and a ranking of the analysts is compiled. Risk-adjusted returns are investigated in detail and are used in the calculations. The results of this study show that some analysts outperformed the rest by substantial margins. / AFRIKAANSE OPSOMMING: Elke belegger wat in aandele op die JSE Sekuriteitebeurs belê, wil die maksimum moontlike wins maak. Verskeie modelle word gebruik om beleggers te help om koopseine, standaardafwykings, risiko-aangepaste winste en enige andere moontlike inligting te ontleed om sodoende betroubare aanbevelings te maak. Ten spyte van al die probleme wat dit moeilik maak om akkurate vooruitskatlings te maak, wil dit voorkom asof sekere individue heelwat beter vaar as die gemiddeld. Die sukses kan nie aan ooglopende aspekte toegeskryf word nie en dit berus meestal by 'n kombinasie van gedetaileerde tegniese analise, markintelligensie en "gut-feel". Hierdie studie is daarop toegespits om vooruitskattings van analiste te evalueer en die akkuraatheid van die aanbevelings te kwantifiseer. Verskeie punte stelsels word gebruik om die akkuraatheid van die aanbevelings te evalueer en 'n ranglys word opgestel na aanleiding van die resullate. Risiko aangepaste resultate word in detail ondersoek en word gebruik in die berekeninge. Die resultate van die navorsing dui daarop dat sekere ontleders aansienlik beter vaar as ander.

This study explores the financial performance measurement of South Africa's Top Companies. It aims to find a conclusion on the research problem, that is 'Do South Africa's Top Companies use the available arsenal to measure their financial performance?' Commerce and industry are the cornerstones of the economy of a country. This study purports to contribute to the ways and means of minimising the risk of business failures due to the resultant effects on the economy. The sample comprises of sixty companies. The sampling frame is the first hundred companies of the Financial Mail 200 Top Performers for 2004. The arsenal that is available to measure financial performance is researched in the financial literature. Mainly, this covers ratio analysis and interpretation, and the bankruptcy prediction models. To arrive at a conclusion on the research problem, a research instrument is developed from the host of financial ratios in the literature, including the bankruptcy prediction models. The research instrument comprises of popular ratios that are also found to be 'logical', as well as the ratios that make up the Z-Score bankruptcy prediction model. The instrument is called the Ratio Map and Z-Score and is applied to test the financial strengths/weaknesses of the Top Companies. In addition to the Ratio Map and Z-Score, the measures applied by the Top Companies as 'highlights' are analysed. This is done to determine the extent at which the measures unearth the strengths/weaknesses of the Top Companies. The conclusion drawn is that the Top Companies do not utilise the available arsenal to measure their financial performance. The supporting evidence is that the most frequently applied 'highlights' measures by the Top Companies cover only one area of the many financial fields of a company, that is, share performance. On the other hand, the analyses per Ratio Map and Z-Score have not revealed major material weaknesses in the financial position of the Top Companies. It is proposed that: ïf  More information be given in the notes to the financial statements to facilitate meaningful analysis; and ïf  A follow-up research study be done to assess the trends of the Top Companies. / Business Management / D.Comm. (Business Management)

This study explores the financial performance measurement of South Africa's Top Companies. It aims to find a conclusion on the research problem, that is 'Do South Africa's Top Companies use the available arsenal to measure their financial performance?' Commerce and industry are the cornerstones of the economy of a country. This study purports to contribute to the ways and means of minimising the risk of business failures due to the resultant effects on the economy. The sample comprises of sixty companies. The sampling frame is the first hundred companies of the Financial Mail 200 Top Performers for 2004. The arsenal that is available to measure financial performance is researched in the financial literature. Mainly, this covers ratio analysis and interpretation, and the bankruptcy prediction models. To arrive at a conclusion on the research problem, a research instrument is developed from the host of financial ratios in the literature, including the bankruptcy prediction models. The research instrument comprises of popular ratios that are also found to be 'logical', as well as the ratios that make up the Z-Score bankruptcy prediction model. The instrument is called the Ratio Map and Z-Score and is applied to test the financial strengths/weaknesses of the Top Companies. In addition to the Ratio Map and Z-Score, the measures applied by the Top Companies as 'highlights' are analysed. This is done to determine the extent at which the measures unearth the strengths/weaknesses of the Top Companies. The conclusion drawn is that the Top Companies do not utilise the available arsenal to measure their financial performance. The supporting evidence is that the most frequently applied 'highlights' measures by the Top Companies cover only one area of the many financial fields of a company, that is, share performance. On the other hand, the analyses per Ratio Map and Z-Score have not revealed major material weaknesses in the financial position of the Top Companies. It is proposed that: ïf  More information be given in the notes to the financial statements to facilitate meaningful analysis; and ïf  A follow-up research study be done to assess the trends of the Top Companies. / Business Management / D.Comm. (Business Management)