This research is an empirical study on the effects of reporting assets impairment as required under SFAS No.35 on stock price by examining 787 public enterprises which reported assets impairment between 2005 and 2011. This research further examines the market’s response to enterprises of different characteristics which reported assets impairment. The empirical results show that: i) the market f...

This paper explains exchange rate dynamics by linking …nancial customers’foreign exchange order ‡ow with their dynamic portfolio reallocation. For any currency pair in a particular period, one currency has higher assets return than the other and can be considered the high-return-currency (HRC). Financial institutions attempt to hold more HRC assets when they become more risk-loving or the relat...