Template-Type: ReDIF-Article 1.0 Author-Name: Jan Tecl Title: Measurement of Labour Taxation Abstract: Measurement of taxation of individuals is currently an interesting topic, as there is a number of people who can perform their job from any place in the world and their net income is one of the most important criteria on the basis of which their final decision is being made. Level of labour taxation is also important for international companies, which consider the location of their business and one of their important criteria is labour taxation. Provided the companies want to pay their employees equal net wage in each country, high labour taxation increases their costs. This also means that the labour taxation is related to the country’s competitiveness. However, there is not just one way of measurement of labour taxation, because one can distinguish between nominal, average, effective and marginal tax rates on labour and there is also the tax wedge which could measure the labour taxation. The aim of this paper is to re-calculate numbers for the implicit tax rate (tax wedge) on labour in the EU countries for the newer period based on the Eurostat data according to the Mendoza et al. (1994) and Wolff (2005) methodology. These values will be in turn compared with data on the tax wedge measured by the Eurostat using their own methodology. One could expect that each methodology could give slightly different results, but these results should be similar. If there are differences between these values, the decision of individuals could be incorrectly affected by different values of labour taxation. Keywords: Labour taxation, Implicit tax rate, Eurostat Classification-JEL: H24 Pages: 05-18 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=203.pdf File-URL: http://www.vse.cz/efaj/203 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2018:y:2018:i:1:id:203:p:05-18 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/203 Template-Type: ReDIF-Article 1.0 Author-Name: İlyas Şıklar Author-Name: Merve Kocaman Title: FDI and Macroeconomic Stability: The Turkish Case Abstract: This study investigates the relationship between foreign direct investment (FDI) and macroeconomic stability for Turkey. To represent the macroeconomic stability, two main variables are examined. The first of these is inflation rate that represents the economic stability in real sector and the second one is real exchange rate representing the stability in the financial sector. In addition to these variables, the market size, openness to trade and financial development variables are also used as control-transmission variables. Used data are monthly and cover the period from January 2003 to April 2015. Empirical methods used in the study are unit root tests, cointegration analyses, vector error correction model (VECM) and Granger causality test. Obtained empirical results show that fluctuations in inflation and the real exchange rate have a negative and permanent effect on FDI, meaning that instabilities that occurred in real and financial markets negatively affected the inward FDI. Therefore Turkey, which has enough potential to attract FDI, has to provide stability in its macroeconomic indicators to attract a higher volume of FDI. Keywords: Foreign Direct Investment, Macroeconomic Stability, Turkish Economy Classification-JEL: E20, F21 Pages: 19-40 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=204.pdf File-URL: http://www.vse.cz/efaj/204 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2018:y:2018:i:1:id:204:p:19-40 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/204 Template-Type: ReDIF-Article 1.0 Author-Name: Tamara Ajrapetova Title: Cross-Section of Asset Returns: Emerging Markets and Market Integration Abstract: Asset pricing in its essence is a very controversial topic. Despite numerous research papers criticising traditional approaches, such as linear factor models, practitioners as well as academics repeatedly return to the milestone models such as the Capital Asset Pricing Model (CAPM), mainly due to their attractive simplicity. This article focuses on the risk-return relationship by comparing the power of traditional and alternative asset pricing models in explaining the cross-section of asset returns. The focus is on unconditional models, commonly used among investors and equity analysts. This paper is based on the research performed by Estrada in 2004 and it extends his approach by introducing the use of GMM. The results suggest that for Emerging markets’ investors should give preference to total risk measures over systematic risk measures. Within the category of systematic risk measures, downside beta proved its superiority to traditional CAPM beta. The results can be attributed to delayed integration process, partially justified by the lower FDI and portfolio investments into Emerging markets. Keywords: CAPM, Asset Pricing, Downside Risk Models Classification-JEL: G11, G12, G15, G31 Pages: 41-60 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=205.pdf File-URL: http://www.vse.cz/efaj/205 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2018:y:2018:i:1:id:205:p:41-60 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/205 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Singerová Title: Accounting in Cloud Abstract: Cloud computing is a new technological trend that since the last decade brings challenges in computed accounting, such as a significant reduction of running cost, together with unrestricted access to data from anywhere and anytime. Cloud accounting software enables its users a real time access to business finances, easy set up and easy use, access to information from anywhere, work with sales force, to synchronize instantly with bank, make tax returns precise and effortless. Cloud computing offers a short implementation time and low initial costs and it is offered by ERP providers in the SaaS (Software as a Service) mode. As an essential condition for massive expansion is generally considered availability of access to the high frequency internet. As accounting data are very valuable, security, such as encryption of data, granting access to the data and backups are necessary conditions to ensure their proper treatment. The aim of this article is to identify key advantages and disadvantages and milestones of such a solution. Keywords: Accounting information systems, ERP, Integration, Cloud accounting Classification-JEL: M15, M41 Pages: 61-76 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=206.pdf File-URL: http://www.vse.cz/efaj/206 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2018:y:2018:i:1:id:206:p:61-76 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/206