European Financial and Accounting Journal, 2018 (vol. 13), issue 3
Articles
Use of Adapted Particle Filters in SVJD Models
Milan Fičura, Jiří Witzany
European Financial and Accounting Journal 2018, 13(3):5-20 | DOI: 10.18267/j.efaj.211 
Particle Filter algorithms for filtering latent states (volatility and jumps) of Stochastic-Volatility Jump-Diffusion (SVJD) models are being explained. Three versions of the SIR particle filter with adapted proposal distributions to the jump occurrences, jump sizes, and both are derived and their performance is compared in a simulation study to the un-adapted particle filter. The filter adapted to both the jump occurrences and jump sizes achieves the best performance, followed in their respective order by the filter adapted only to the jump occurrences and the filter adapted only to the jump sizes. All adapted particle filters outperformed the unadapted...
Should REIT Investors be Concerned about Changing Economic Conditions?
Martin Červený
European Financial and Accounting Journal 2018, 13(3):21-35 | DOI: 10.18267/j.efaj.212
Current economic development in global markets promises gradually rising interest rates, which seems to concern many investors of the Real Estate Investment Trusts (REITs). The aim of this article is, based on the data from 1972 through 2017, to describe the sensitivity of REITs' total returns to those of the stock market and to the dynamics of interest rates, and to compare the findings with previous research published during the 1990s in order to identify any shifts in the market behaviour. Our OLS regression models will study the effects of the stock market performance and changes in interest rates on both the equity and mortgage REITs. As we will...
Socially Responsible Investments in Financial Statements of Polish Public Companies
Marzena Remlein
European Financial and Accounting Journal 2018, 13(3):37-53 | DOI: 10.18267/j.efaj.213
Socially responsible investments are one of the most dynamically developing segments of investments and socially responsible investing plays an ever growing role in the world's financial markets. Poland is in the infancy stage of development of socially responsible investments.Socially responsible investing is a decision-making process concerning the allocation of free financial resources, where the investor aims at maximisation of profit and minimisation of risk on one part, and includes the socio-ethical and environmental-ecological considerations on the other.The aim of the paper is to assess the valuation methods and the scope of information...
Accounting Students' and Employers' Perceptions on Employability Skills in the SEE Country
Atanasko Atanasovski, Marina Trpeska, Zorica Bozinovska Lazarevska
European Financial and Accounting Journal 2018, 13(3):55-71 | DOI: 10.18267/j.efaj.214
Accounting education at the university level in developing SEE countries has often been criticised for the inability to develop essential skills of graduates necessary for a career in professional accountancy in the 21st century. Our research study presents the results of a survey among students enrolled to an accounting degree program and employers for their perceived importance of a wide range of generic and technical skills for successful entrance to the profession. The study also investigated perceived effectiveness of the university accounting education to develop important skills at an appropriate level. The results indicated agreement between...
Compliance with IAS7 by Issuers of Listed Securities in the Czech Republic
Lucie Brabcová
European Financial and Accounting Journal 2018, 13(3):73-89 | DOI: 10.18267/j.efaj.215
As the cash flow statement presents important information about the company's operations, its quality and the related disclosure are essential to the financial statements' users. This paper analyses the range and quality of cash flow statements along with the accompanying notes, presented by a sample of selected companies within the Czech business environment. There are four main research areas which discuss the structure of the cash flow statement, approach to questionable items such as interest and dividends, quality of the data and notes provided and quality of the optional data provided. After setting the criteria for the sample of companies, five...