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The purpose of this paper is to summarise and reflect upon key issues at the interface of prices, information and regulation with a focus upon the stock market in context. Reflecting upon academic research in the area of efficient markets, and regulatory policy, the concern is to discern issues in terms of policy and support for policy. What does the research imply for policy? Is it possible that the research, perhaps given its rhetoric, can be misinterpreted in relation to policy? The study is also concerned to develop avenues for future research based on these considerations.

The paper is an analytical and critical review and writing.

The reading of the research suggests a pragmatic regulatory policy that should be concerned to improve stock market functioning, including with respect to information, as well as the context of which this is part. At the same time, the literature may be read as promoting anti-regulatory policy.

On the one hand, these are consistent with the pragmatic policy referred to above. On the other hand, further research is suggested to explore substantively the rhetoric of the research and its interpretation and to explore understandings of the research and its implications amongst key constituencies in practice.

The concern is to bring key insights from the academic literature together with a view to promoting a pragmatic policy orientation, while cautioning in a critical perspective about how this academic literature and research might be interpreted from a policy perspective.

Over time, the role of followers within leadership discourse has gained greater status, leading to followers being acknowledged as significant actors in the leadership process. This has led to the development of follower-centric leadership studies, as well as the more emergent research area of followership, with followership research having the specific intention to find out about followers from the perspective of followers. In this paper, the authors provide a review of role-based followership approaches, and implicit leadership and followership theories as a basis to build a case for follower implicit followership theories (FIFTs) as a focus area for future research.

The authors conducted a review of seminal and current role-based followership literature, with a specific focus on FIFTs and followership studies conducted within the African context.

Implicit theories have been an area of leadership research that has added much value, and as such could do the same for development of followership research. FIFTs as a research area are nascent and, as such, should continue to be explored in order to expand our understanding of followership.

To the best of the authors' knowledge, this is one of the first literature reviews to have a specific focus on FIFTs, as well as on followership research conducted within the African context.