European Financial and Accounting Journal, 2008 (vol. 3), issue 4

Introduction

Financial Crisis, Fall and Financial Theory

Petr Marek

European Financial and Accounting Journal 2008, 3(4):4-5 | DOI: 10.18267/j.efaj.86  

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...

Articles

Institutional Arrangement of Financial Markets Supervision: The Case of the Czech Republic

Petr Musílek

European Financial and Accounting Journal 2008, 3(4):6-21 | DOI: 10.18267/j.efaj.87  

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...

Comparative Analysis of the National Accounting Standards of the Czech Republic and Lithuania

Jonas Mackevičius, Jiří Strouhal, Svetlana Zverovich

European Financial and Accounting Journal 2008, 3(4):22-44 | DOI: 10.18267/j.efaj.88  

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...

Performance of Quoted and Non-quoted Companies in the Europe

Tomáš Buus

European Financial and Accounting Journal 2008, 3(4):45-69 | DOI: 10.18267/j.efaj.89  

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...

Empirical Study of Specific Value Added Tax Problems in Selected European Union Member States

Danuše Nerudová, Petr David

European Financial and Accounting Journal 2008, 3(4):70-91 | DOI: 10.18267/j.efaj.90  

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...

Policy Issues and Consequences of Environmental Tax Reform Implementation in the Czech Republic

Petr Šauer, Ondřej Vojáček, Jaroslav Klusák, Alena Hadrabová

European Financial and Accounting Journal 2008, 3(4):92-106 | DOI: 10.18267/j.efaj.91  

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...