European Financial and Accounting Journal, 2017 (vol. 12), issue 4
Articles
How Effective is the Registration of Sales?
Hana Zídková, Jana Tepperová
European Financial and Accounting Journal 2017, 12(4):5-18 | DOI: 10.18267/j.efaj.197 
The registration of sales is a topical issue of the tax policy and one of the recent measures against the shadow economy and tax evasion introduced in the Czech Republic. After its implementation, first evaluations of the impact on tax revenues are being provided. Within this paper, we discuss the methodology used to provide estimates of the increase in tax revenues based on the national accounts data, estimate the increase in VAT revenues for restaurant services and compare it with previous estimates. We provide three different estimates according to the assumed proportion of VAT non-tax payers based on national accounts data. According to our results,...
Administrative Costs of Environmental Taxes in the Czech Republic
Lenka Hyklová
European Financial and Accounting Journal 2017, 12(4):19-29 | DOI: 10.18267/j.efaj.198
Administrative costs of environmental taxes are a more and more discussed topic. These costs should be understood as part of the tax entity, so by the tax administrator. The aim of this thesis is to evaluate the administrative costs of environmental taxes in the Czech Republic from the perspective of the tax administrator. These costs are analyzed by customs offices, Ministry of Finance, General Directorate. In the Czech Republic there are no statistics to this problem, that before was for research interviewing form. In this paper there excise taxes and environmental taxes are compared with an emphasis on administrative costs of these taxes. The effectiveness...
International Tax Planning: Current State of Knowledge
Vít Jedlička
European Financial and Accounting Journal 2017, 12(4):31-46 | DOI: 10.18267/j.efaj.199
Globalisation affects the behaviour of managers of companies and brings many new possibilities in management. These changes affect activities related to tax optimization and they can be collectively called as international tax planning. This paper monitors current situation of tax planning activities and its aim is to present a current state of knowledge. It contains data showing high frequency of tax planning activities. There are briefly outlined ways of international tax optimization and attitude of organisations to the tax planning of multinationals corporations. Significant part of this paper is devoted to the overview of literature, which deals...
Influence of Catastrophe Risk on Insurance and Reinsurance Markets
Hana Bártová
European Financial and Accounting Journal 2017, 12(4):47-65 | DOI: 10.18267/j.efaj.200
Insurance and reinsurance markets are exposed to influence of unsystematic catastrophe risk, which is caused by adverse development in natural disasters. Deepening of influence is highlighted in relation to irregular and extreme impacts of catastrophes. Insurers face to coverage of random loss events with contribution of reinsurers through a transfer of specified part of non-life risk. Influence of catastrophe risk is assessed through analysis of annual and quarterly development in catastrophe losses, impacts of floods, amount of premium written and reinsurance premium with respect to relations among selected variables. Analysis is focused on specific...
Financial and Other Indicators for Measurement of the Regional Disparities in Slovakia in 2005 - 2015
Peter Pisár, Martin Varga
European Financial and Accounting Journal 2017, 12(4):67-82 | DOI: 10.18267/j.efaj.201
The decentralization of lower-level government and the formation of self-governing regions NUTS III in SR are also accompanied by the formation of regional differences in the form of disparities. They are one of the basic problems not only at the level of Slovakia but also at European regions level. The European Union, in co-operation with national strategies, regularly develops documents and strategies to eliminate regional disparities across countries. The aim of the paper is to evaluate the selected quantitative approaches for measuring regional differences in the municipalities at the level of NUTS III in Slovakia from the point of view of selected...
The Effect of Preceding Sequences on Stock Returns
Andrey Kudryavtsev
European Financial and Accounting Journal 2017, 12(4):83-96 | DOI: 10.18267/j.efaj.202
This study explores the effect of the gambler's fallacy on stock returns. I hypothesize that if during a number of consecutive trading days, a stock's return is positive (negative), then due to the gambler's fallacy, at least some of the investors may believe that the stock's price "has" to subsequently fall (rise), and thus, to increase their willingness to sell (buy) the stock, resulting in negative (positive) abnormal market-adjusted stock returns. Employing a large sample of daily stock price data, I was able to document that following relatively long sequences of positive (negative) stock returns, abnormal stock returns are on average significantly...