Template-Type: ReDIF-Article 1.0
Author-Name: Petr Marek
Title: Financial Crisis, Fall and Financial Theory
Abstract: Dear readers, in September, the summer holiday ended, then the time for autumn has began and financial crisis has visited us. On 15th September, 2008 Lehman Brothers Holdings Inc. announced it intended to file chapter 11 bankruptcy petition. Then the riding on a runaway bull had been started. However, in relation to the fact that the bull market is denoted as market which is being accompanied with stock growth, we should talk about the escape ahead of bears from mountains directly down to the valley or gorge. The fact that crises appear obviously in autumn represents phenomenon which can be investigated in detail. After all, American English use for autumn another term: “fall”. Stock market crash, which got started Great Depression, happened on 29th October, 1929 (Black Tuesday). Other famous stock market crash broke up on 19th October, 1987 (Black Monday). Probably, stockbrokers use summer only for relaxing on the beach and when autumn alias fall ask them what did you do in summer, they lost not only memories but also money. Though what about future. Let me quoted Chance the Gardener from the film Being There (1979): “In the garden, growth has it seasons. First comes spring and summer, but then we have fall and winter. And then we get spring and summer again.” We can not go round with movies quotation for very long time. Notwithstanding that Chance the Gardener (acted by Peter Sellers) is simple-minded gardener who is considered to be financial expert, so excellent expert that even the president of the U.S.A. refer to his prediction. Financial theory must settle many questions. General public is interested mainly in causation of crisis, length of crisis, incidence of crisis and solutions of crisis. However, theory must primarily search into depth of own theoretical conscience. How did financial theory acted before origin of crisis? Was good and fair advisor who warned in face of crisis? Or did it deepened and accelerated crisis by tale about kind market and future success? Or was it neutral and silent observer? By other words it arises question whether financial crisis is not crisis of financial theory? Yes, I know. There were bad financial theorists and there were good financial theorists. But why good financial theorists were such discrete? It is not academic question but very top practical. If we can not persuade to world of our usefulness we lost arguments for our existence. But I can not take a dim view of it. Therefore, let me quote gardener: “after every fall spring is always coming”.
Pages: 4-5
Volume: 2008
Issue: 4
Year: 2008
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=86.pdf
File-URL: http://www.vse.cz/efaj/86
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Handle: RePEc:prg:jnlefa:v:2008:y:2008:i:4:id:86:p:4-5

Template-Type: ReDIF-Article 1.0
Author-Name: Petr Musílek
Title: Institutional Arrangement of Financial Markets Supervision: The Case of the Czech Republic
Abstract: The paper deals with institutional arrangement of financial supervision in the Czech Republic. Financial markets are composed of partial financial segments specialized in individual types of financial instruments and individual customer groups. Financial institutions gradually transform into financial supermarkets. There are several models of institutional arrangement of financial supervision (integrated financial supervision model, sectional financial supervision model, financial supervision within the framework of the central bank, functional model of financial supervision). Creation of financial supermarkets encourages integration of supervisory institutions, generally outside the central bank. In the Czech Republic, several versions of institutional structure of financial market supervision have been discussed in the new millennium. Final decision was implemented precipitately without deeper analysis. The supervision of the all financial market was entrusted to the Czech National Bank with close liaison between execution of monetary policy and supervisory activities. Institutional structure does not automatically guarantee efficient supervision. Efficient supervision is based on an independent and transparent institution, staffed with quality employees and enforcement competences, supporting financial market development.
Keywords: Financial markets, Financial conglomerates, Financial supervision, Integration of supervision
Classification-JEL: G18, G2
Pages: 6-21
Volume: 2008
Issue: 4
Year: 2008
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=87.pdf
File-URL: http://www.vse.cz/efaj/87
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Handle: RePEc:prg:jnlefa:v:2008:y:2008:i:4:id:87:p:6-21
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonas MACKEVICIUS
Author-Name: Jiří Strouhal
Author-Name: Svetlana ZVEROVICH
Title: Comparative Analysis of the National Accounting Standards of the Czech Republic and Lithuania
Abstract: The European Union (EU) Regulation 1606/2002 requires all listed companies of the member states to prepare consolidated financial statements based on the International Financial Reporting Standards (IFRS) for accounting periods beginning on or after 1 January 2005. The adoption of IFRS is supported in many countries inside and outside the European Union because it may improve the quality and comparability of financial reporting. In addition to the use of IFRS by listed companies and in some countries also by unlisted companies, many countries have developed their own national accounting standards based on the international ones. Although the national standards are based on IFRS, they are not identical. The Czech Republic and Lithuania are transitional economies that joined the European Union in May 2004. The purpose of the paper is to compare national accounting standards of the Czech Republic and Lithuania with IFRS, look at approaches of these countries to aspects of financial reporting, and analyze differences and similarities in the approaches.
Keywords: Financial reporting, European Union, International Financial Reporting Standards, Czech GAAP, Lithuanian Business Accounting Standards (LBAS)
Classification-JEL: M41
Pages: 22-44
Volume: 2008
Issue: 4
Year: 2008
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=88.pdf
File-URL: http://www.vse.cz/efaj/88
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Handle: RePEc:prg:jnlefa:v:2008:y:2008:i:4:id:88:p:22-44
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Buus
Title: Performance of Quoted and Non-quoted Companies in the Europe
Abstract: Using 4-dimensional panel data (time, industry, country, companies) we examine the differences between European quoted and non-quoted companies at the level financial performance and some financial ratios. We find that quoted companies perform significantly better not only in terms of profit, but also in terms of cash flow generation. We also find some interesting differences in financial structure, liquidity and collection and credit period, not only from the perspective of quotation, but also between European regions (thus different trade habits), e.g. significantly longer credit period and collection period for countries with more relaxed trade habits (Spain, Italy, France). Our findings have some indirect implications for agency theory, for view of different accounting standards conservatism and earnings management, as well as (mainly) for business and stock valuation and financial planning.
Keywords: Profitability, quotation, agency cost
Classification-JEL: G12, G14, G39
Pages: 45-69
Volume: 2008
Issue: 4
Year: 2008
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=89.pdf
File-URL: http://www.vse.cz/efaj/89
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Handle: RePEc:prg:jnlefa:v:2008:y:2008:i:4:id:89:p:45-69
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Template-Type: ReDIF-Article 1.0
Author-Name: Danuše NERUDOVÁ
Author-Name: Petr DAVID
Title: Empirical Study of Specific Value Added Tax Problems in Selected European Union Member States
Abstract: Empirical study of specific value added tax problems in selected EU member states is focused mainly on the field of providing services. Specifically services provided to a person from the same EU member state, which shall provide this service immediately further to a customer from other EU member state and further provision of service provided by a provider from one EU member state to a recipient of service from other EU member state are concerned and also these services are connected with immovable property situated in the state of provider of service. These issues are solved in the frame of selected EU states - Czech Republic, Slovakia, Hungary and United Kingdom. The results show insufficiencies in treatment of the mentioned field of value added tax not only at the EU level, but also at the national level of the selected states and application of objective provisions in practice as well. General recommendations of process of elimination of insufficiencies causing problems in providing service further or providing service connected with immovable property are here on this base laid down. Except above mentioned facts, this paper also offers wider view on the harmonization process in the field of value added tax in the EU and highlights the significance of value added tax in the general consequences.
Keywords: VAT, Services provided further, Services connected with immovable property
Classification-JEL: H25
Pages: 70-91
Volume: 2008
Issue: 4
Year: 2008
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=90.pdf
File-URL: http://www.vse.cz/efaj/90
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Handle: RePEc:prg:jnlefa:v:2008:y:2008:i:4:id:90:p:70-91
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Template-Type: ReDIF-Article 1.0
Author-Name: Petr ŠAUER
Author-Name: Ondřej VOJÁČEK
Author-Name: Jaroslav KLUSÁK
Author-Name: Alena HADRABOVÁ
Title: Policy Issues and Consequences of Environmental Tax Reform Implementation in the Czech Republic
Abstract: Optimal policy design should maximize environmental benefits and minimize negative impacts of the environmental tax reform (ETR) on economy and society. Both researchers and policy makers are interested in potential impacts of ETR implementation as perceived by the relevant stakeholders. Qualitative research methodology was used for answering the key research questions. The aim of this paper is (1) to bring a brief information on the history of introducing environmental charges and taxes in the Czech Republic, (2) to bring an overview of the main results of qualitative research focused on ETR perceptions conducted abroad, (3) to discover practical barriers and obstacles in the process of ETR implementation in the Czech Republic perceived by key stakeholders and (4) to make an attempt on formulation of recommendations for the ETR implementation process in the Czech Republic.
Keywords: Czech Republic, Environmental charges, Environmental tax reform, Stakeholders, Environmental policy tools, Qualitative research
Classification-JEL: H23
Pages: 92-106
Volume: 2008
Issue: 4
Year: 2008
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=91.pdf
File-URL: http://www.vse.cz/efaj/91
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2008:y:2008:i:4:id:91:p:92-106
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/91