Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Šindelář
Title: Quantitative Forecast of Demand for Life Insurance in CR in 2015-2018: Macroeconomic Growth versus Industry Restructuring
Abstract: The article deals with quantitative forecast of demand for life insurance in Czech Rep. in years 2015-2018. In order to derive the forecast, causal model created on behalf of OECD member states, including macroeconomic, demographic as well as social variables was utilized. As an equivalent for the demand itself, density of life insurance in population was employed. The results show that in current period of economic growth, the consumption of life insurance should increase as well; that is, however, in sharp contrast with real development in the first half-year of 2015. This contradiction is probably a consequence of changes in insurance distribution, which recently culminated with public discussion on regulation of intermediaries´ commissions. Subsequent alternative scenario of commission cap was modelled as well, with the results indicating fundamental supply-demand implications.
Keywords: Forecast, Life Insurance, Životní pojištění, Life insurance density, Demand, Prognóza, Hustota životního pojištění, Poptávka
Classification-JEL: C22, G17, G22, G28
Pages: 5-23
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=465.pdf
File-URL: http://www.vse.cz/cfuc/465
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2016:y:2016:i:1:id:465:p:5-23
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/465

Template-Type: ReDIF-Article 1.0
Author-Name: Mária Oborilová
Author-Name: Libor Coufal
Title: Analysis of payment protection insurance on the Czech consumer credit market
Abstract: The article is focused on insurance products related to the indebtedness of Czech households in the area of consumer loans. The aim of this paper is, with the help of defined assumptions, to analyse the product payment protection insurance, its benefit to the final client and identify its appropriate use in the event of an economically rationally behaving entity. The authors analyse insurance conditions and define the pros and cons of insurance for supply-side and demand-side, and also focuses on information asymmetry. For completeness, the text is supplemented also in terms of cost of insurance, through the APR and development of acquisition costs for insurance contracts. Results of the analysis indicate not suitably configured product for clients, as evidenced by the low long-term value of loss ratio indicator, and information superiority on the supply side.
Keywords: Information asymmetry, Asymetrie informací, Consumer loan, Payment protection insurance, Personal bankruptcy, Annual percentage rate (APR), Loss ratio, Spotřebitelský úvěr, Pojištění schopnosti splácet, Osobní bankrot, Roční procentní sazba nákladů (RPSN), Loss ratio
Classification-JEL: D14, G21, G22, G23
Pages: 25-47
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=466.pdf
File-URL: http://www.vse.cz/cfuc/466
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2016:y:2016:i:1:id:466:p:25-47
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/466

Template-Type: ReDIF-Article 1.0
Author-Name: Roman Čibera
Title: Fair Value: Differences in approach to the value under financial accounting and asset valuation
Abstract: For the purpose of transparency and repeatability, a standardization of processes in financial accounting and assets valuation is a long-term trend. The process of standardization within both of these fields takes place relatively separately, which causes some problems. One of possible problems is that within different standards the same terms are defined in different ways. Just one such an example is more deeply examined in this text. The difference of the definition of fair value within IFRS and IVS being used in practice can lead to a lot of misunderstandings. This text compares the approach to the fair value within both of the standards, points out impacts of the difference during practical use of standards. Furthermore there is an examination based on analysis of 2014 annual financial reports of sample of 24 companies listed on the Prague Stock Exchange regarding extent and quality of application of the standard IFRS 13 aiming to find out attitude of users of IFRS 13 to the definition framework of fair value. The examination leads to the result that application of IFRS 13 by these companies doesn’t correspond to the requirements of the standard.
Keywords: Fair value, Financial Accounting, Finanční účetnictví, Standardization, Standardizace, Market value, Fair value, oceňování aktiv, Assets valuation, Standards of value, Standardy hodnoty, Tržní hodnota
Classification-JEL: G30
Pages: 49-65
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=467.pdf
File-URL: http://www.vse.cz/cfuc/467
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2016:y:2016:i:1:id:467:p:49-65
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/467

Template-Type: ReDIF-Article 1.0
Author-Name: Jan Mikeš
Title: Financial records as a valid standard during the period 1953-1965
Abstract: The article describes the financial records system, which was legal accounting system in Czechoslovakia according to available sources during the period 1953 - 1965 (its implementation was carried out from 1951). The article seeks identical and different elements with today's accounting system, while trying to rehabilitate that period, at least in terms of the accounting system. The aim of this article is an introduction into one of the previously used accounting systems. The used method is a critical analysis of the law and logic offpf the accounting system of the time (based on searches from available sources, esp. contemporary trade press). The text offers theoretical foundations based on former legal standards and also a look at the practical part of an accounting system - accounting as such.
Keywords: Accounting, Účetnictví, Účetní výkazy, Financial statements, Legal rights, Zákonná úprava, Financial records, Management and central planning economy, Účetní evidence, Centrální řízení a plánování hospodářství, Chozrasčot, Chozrasčot
Classification-JEL: M41
Pages: 67-82
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=468.pdf
File-URL: http://www.vse.cz/cfuc/468
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2016:y:2016:i:1:id:468:p:67-82
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/468

Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Kouba
Title: The crime and the rationality in the area of tax evasions and tax arrears
Abstract: This article explains behavior of fiscal deceiver who is aversive to a risk as rational and economic behavior. This fiscal deceiver contemplates and costs against possible utility during the tampering of the law (tax) standards. Within this article is the decision making of the fiscal deceiver demonstrated in four simple model examples. The main objective of this paper is to show by using model examples the behavior of individuals at risk in the context of paying taxes and to draw appropriate measures from these examples to increase tax collection (thus reducing the advantages of tax evasion and increase its detection). As an appropriate and effective measures can be recommended the increase of fines and restrictions on registration in Prague. To increase the frequency of tax audits and the implementation of general measures, such as inspection reports, is certainly not a good idea because it is expensive for tax payers and the state.
Keywords: Tax evasion, Crime, Tax underpayment (Tax arrears), Rationality, Utility, Risk aversion, Decision making, Entrepreneurship, Zločin, Daňový únik, Daňový nedoplatek, Racionalita, Užitek, Averze k riziku, Rozhodování, Podnikání
Classification-JEL: D81, H26, H32, O17
Pages: 83-97
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=469.pdf
File-URL: http://www.vse.cz/cfuc/469
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2016:y:2016:i:1:id:469:p:83-97
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/469

Template-Type: ReDIF-Article 1.0
Author-Name: Otakar Schlossberger
Title: Account with basic features - risk or benefit?
Abstract: On 23 July 2014, European Parliament and Council Directive 2014/92/EU on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (hereinafter the “Directive”) was published in the Official Journal. The transposition of the Directive into national laws and regulations of member states should result in the improvement of the harmonization of legal environment in the field of retail banking. The main aim of this paper is to characterize the Directive and determine through the methods of deduction and analysis, whether the selected banks in the Czech Republic are already prepared to apply the part of Directive that deals with services related to the management of account with basic features. From the view of the author will be assessed if this will actually result in wider available of the provided payment services in relation to the risks related to this activity with regard to the entities acting as service providers. At the same time, hypothesis expressed by the following statement that will either be confirmed or refuted by the author can also be defined: “The services required by the Directive for accounts with basic features are already provided by selected credit institutions, and the implementation of the Directive in this area will thus be smooth."
Keywords: Regulation, Regulace, Platební služby, Payment services, Payment account with basic features, Availability, Transparency, Platební účet se základními prvky, Dostupnost, Transparentnost
Classification-JEL: G21, G28
Pages: 99-116
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=470.pdf
File-URL: http://www.vse.cz/cfuc/470
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2016:y:2016:i:1:id:470:p:99-116
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/470