Technical Analysis and Stochastic Properties of Exchange Rate Movements: Empirical Evidence from the Romanian Currency Market

Romanian currency market considering the episodic character of linear and/or nonlinear dependencies, between 1999 and 2008. The main conclusion is that profitability of moving average strategies is not constant over time and that is mainly due to linear and nonlinear episodic dependencies. The trading rule profits did not declined over time in the case of the Romanian currency market. Exploring the causes of profitability, it was found that it was closely related to the intensity of manifestation of episodic linear and nonlinear dependencies, the state of the market, and it was not the result of a time varying risk premium. The empirical results are consistent with the Adaptive Markets Hypothesis (Lo, 2004), but not with the Efficient Market Hypothesis.technical analysis, exchange rate, random walk, episodic dependencies, bicorrelation test

AUDITOR LIABILITY IN PERIOD OF FINANCIAL CRISIS

This paper deals with issues of how to take on the responsibility of the auditor, especiallyin this time of crisis that hits the whole society. Significant role of financial auditor and the lies that theauditor is unable to give reasonable assurance that financial statement are not tainted by fraud andmaterial errors. This results from International Standards on Auditing, which indicated that manyusers rely on financial statements as their primary source of information because they are unable toobtain additional information to meet specific information needs.economic crisis, responsibility, economy, financial statements, error, fraud

MODELS OF RESOURCES ALLOCATION WITHIN THE SUSTAINABLE AGRICULTURAL HOLDINGS

The agricultural holdings generate a very strong impact on the environment andthey also have numerous implications for the economic and social life of rural areas. Theimprovements of the agricultural holdings’ economic, ecological and social effects are themain directions which can contribute to initiating or intensifying their sustainability. Thispaper highlights some possibilities to optimize the use of agricultural resources allocated to asustainable development, with a special attention for the elements of the natural capital. Thepresented models can substantiate the agro-technical decisions within the framework of eco-efficiency actions aimed to achieve sustainability at the farming microeconomic level.agricultural holdings, natural resources, allocation models, sustainable development

ACCOUNTING ASPECTS OF THE ACQUISITION OF TANGIBLE ASSETS THROUGH LEASING

The present paper approaches problems on lease operations. A lease isan agreement whereby the lessor conveys to the lessee in return for a payment orseries of payments the right to use an asset for an agreed period of time. A financelease is a lease that transfers substantially all the risks and rewards incident toownership of an asset. Title may or may not eventually be transferred. A leaseclassified as an operating lease if it does not transfer substantially all risks andrewards to ownership. Since the transaction between a lessor and a lessee is based ona lease agreement commom to both parties, it is appropriate to use consistentdefinitions. The application of these definitions to the differing circumstances of thetwo parties may sometimes result in the same lease being classified differently bylessor and lessee.Leasing, lessor, finance lease