Template-Type: ReDIF-Article 1.0
Author-Name: Petr Marek
Title: The Research Plan: Time for the Evaluation
Abstract: Dear readers, since the first number of its first volume the European Financial and Accounting Journal has been issued in the framework of research plan Development of Financial and Accounting Theory and its Application in Practice fromInterdisciplinary Point of View. Nevertheless, every research project has its prescribed time of solution, so with the last day of passed year 2011 it also terminated seven years journey full of joy and sorrow connected with this research plan. For us, investigators, now it comes time to summarise reached results, evaluation of benefits and elaboration of a final report. A proposal for each research project is every time submitted with exactly stated objective. Our objective consisted in interconnection of particular levels of scientific research from basic research based namely of model solution of agency costs via determination of cornerstone theoretical postulates toward applied research that shall address three areas - national and international accounting and valuation standards, in empirical studies dealing with development in financial markets and development of accounting variables (and ratios) in the Czech Republic and other countries, in preparation of models of information management and financial decision-making in business sector. From the point of view of basic research, the main output consists in model of agency costs with the most important agents and principals in Czech economic, political and social environment. In the framework of financial accounting, a primary attention was focused on the field of international harmonization of accounting, then audit issues, mergers and acquisitions, accounting of non-profit organisations and information in accounting. Research team has entered actively through the National Accounting Council into the process of harmonisation and participated in making a lot of interpretations to Czech Accounting Standards. Research in management accounting was concentrated on formation and using management oriented information systems in order to increase an ability of management accounting and to improve the information support for the needs of strategic management. Investigation in the field of corporate finance and valuation has resulted mainly in proposal of Czech valuation standards, elaboration of financial decision making methodology, transfer pricing construction and financial analytical study of Czech companies. However, every result has two sides: formal and content. From the formal point of view, it should be noticed 788 registered publications in Czech Information Register of R&D Results, including 69 monographs, 289 articles in journals with review process and 430 papers presented at conferences. Our research team has been also participated in organization of scientific conferences and has issued two scientific journals including European Financial and Accounting Journal. For the five years of its existence 79 articles with review process were published in this journal. Some articles have raised the attention of the scientific public and have been cited in other journals, some were used in teaching and some, as it happens, then fell into faded into obscurity. Nevertheless, I would dare say that journal have found his place in the sun. Finally, the research plan terminated. However, in the same way as our research team does not close its discovery ambitions, does not terminated publishing of European Financial and Accounting Journal. Since 2012 it will be newly issued in the framework of The Institutional Support to Long-term Conceptual Development of Research Institution at the Faculty of Finance and Accounting of the University of Economics, Prague.
Pages: 4-5
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=11.pdf
File-URL: http://www.vse.cz/efaj/11
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2012:y:2012:i:1:id:11:p:4-5

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Witzany
Author-Name: Michal Rychnovský
Author-Name: Pavel Charamza
Title: Survival Analysis in LGD Modeling
Abstract: The paper proposes an application of the survival time analysis methodology to estimations of the Loss Given Default (LGD) parameter. The main advantage of the survival analysis approach compared to classical regression methods is that it allows exploiting partial recovery data. The model is also modified in order to improve performance of the appropriate goodness of fit measures. The empirical testing shows that the Cox proportional model applied to LGD modeling performs better than the linear and logistic regressions. In addition a significant improvement is achieved with the modified “pseudo” Cox LGD model
Keywords: Credit risk, Recovery rate, Loss given default, Correlation, Regulatory capital
Classification-JEL: C14, G21, G28
Pages: 6-27
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=12.pdf
File-URL: http://www.vse.cz/efaj/12
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2012:y:2012:i:1:id:12:p:6-27
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Buus
Title: What is Self-Influential Economic Theory?
Abstract: Self-influence and self-reference are among the largely omitted, but quite substantial properties of thought systems in social sciences. These can have significant impact on the ways we can test such thought systems (theories), their applicability and reliability. This paper defines the basic terms of self-influence, which contrary to self-reference, is sneaky and demonstrates in practice over longer periods of time. The outline of classification of self-influence presented in this paper draws on notorious examples - CAPM and efficient market hypothesis. These examples show that philosophy has still much to tell about the methodology of science in economics.
Keywords: Self-influence, Self-reference, CAPM, EMH, Philosophy of science
Classification-JEL: A10, B40, G10
Pages: 28-40
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=13.pdf
File-URL: http://www.vse.cz/efaj/13
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2012:y:2012:i:1:id:13:p:28-40
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/13

Template-Type: ReDIF-Article 1.0
Author-Name: Naďa Blahová
Title: Liquidity Risk - Measurement and Control
Abstract: The article deals with the liquidity risk in the banks in the context of the financial crisis. At first, the balance sheet and market liquidity are defined and the main principles of the methods for measuring liquidity risk, which banks use, are identified. Then follow review of main challenges of managing the liquidity of banks. Finally, it discusses qualitative regulatory requirements and eligibility of newly formulated standards with regard to minimum liquidity in general and in relation to the Czech banking sector in particular.
Keywords: Regulation, Liquidity, Bank, Risk, Financial market
Classification-JEL: G21, G28
Pages: 41-61
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=14.pdf
File-URL: http://www.vse.cz/efaj/14
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Handle: RePEc:prg:jnlefa:v:2012:y:2012:i:1:id:14:p:41-61
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert G. Kuklik
Title: The Macroeconomic Effects of Information Asymmetry in the Capital Markets
Abstract: It is possible to say that no matter how the Efficient Market Hypothesis has been criticized and/or overhauled, a degree of the relevant data proliferation is crucial to the investor’s decision making process. The information asymmetry is then a phenomenon which creates distortions in a performance of the capital market. The “pseudoeffective” market model is attempting to highlight the impact of this phenomenon on some macroeconomic variables conducive to the general economic equilibrium.
Keywords: Information asymmetry, Pseudoeffective market model, Actual return, Effective market equilibrium, IS-LM framework.
Classification-JEL: G14
Pages: 62-73
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=15.pdf
File-URL: http://www.vse.cz/efaj/15
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2012:y:2012:i:1:id:15:p:62-73
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