We examine the informational content of retained and distributed earnings for future profitability and stock returns. We find that investors act as if the components of retained earnings (current operating accruals, non current operating accruals and retained cash flows) have similar...

This paper reviews the evolution of China`s real effective exchange rate between 1980 and 2002, and uses a structural vector autoregression model to study the relative importance of different types of macroeconomic shocks for fluctuations in the real exchange rate. The structural decomposition...