European Financial and Accounting Journal, 2012 (vol. 7), issue 1
Introduction
The Research Plan: Time for the Evaluation
Petr Marek
European Financial and Accounting Journal 2012, 7(1):4-5 | DOI: 10.18267/j.efaj.11 
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...
Articles
Survival Analysis in LGD Modeling
Jiří Witzany, Michal Rychnovský, Pavel Charamza
European Financial and Accounting Journal 2012, 7(1):6-27 | DOI: 10.18267/j.efaj.12
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
What is Self-Influential Economic Theory?
Tomáš Buus
European Financial and Accounting Journal 2012, 7(1):28-40 | DOI: 10.18267/j.efaj.13
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.
Liquidity Risk - Measurement and Control
Naďa Blahová
European Financial and Accounting Journal 2012, 7(1):41-61 | DOI: 10.18267/j.efaj.14
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.
The Macroeconomic Effects of Information Asymmetry in the Capital Markets
Robert G. Kuklik
European Financial and Accounting Journal 2012, 7(1):62-73 | DOI: 10.18267/j.efaj.15
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.