Czech Financial and Accounting Journal, 2009 (vol. 2009), issue 1

Introduction

Daně v našem životě

Petr Marek, Jana Skálová

Český finanční a účetní časopis 2009(1):4-5 | DOI: 10.18267/j.cfuc.15  

Vážení čtenáři, Český finanční a účetní časopis vstupuje letos již do čtvrtého roku svého života. Jako téma k zamyšlení pro předmluvu tohoto čísla jsme zvolili daně v našem životě. Proč zrovna daně? Jakou hrají v našem životě úlohu? Jsou našim přítelem nebo mají pravdu ti, kteří tvrdí, že jde spíše o zákonem legalizovanou loupež. V souvislosti s finanční krizí si teoretici kladou otázku, zda za její vznik nemůže třeba i nevhodná daňová politika. V duchu Lafferovy křivky, ale možná spíše v populistickém duchu přilákat co nejvíce voliče, slibovaly snad všechny politické strany snižování daňových sazeb. Sliby se prý musí plnit, i kdyby nebylo na výdaje....

Articles

Information on Revenues and Income in the Financial Statements of the Czech Companies

David Procházka

Český finanční a účetní časopis 2009(1):6-12 | DOI: 10.18267/j.cfuc.16  

The paper shortly introduces the outcomes of a research project "New Approaches to Revenue Recognition in the World and the Possibilities of Their Utilisation in the Czech Republic" registered by Internal Grant Agency of University of Economics, Prague. The findings of the project will be further scrutinised within a research project "Analysis of Accounting Standards for Income Reporting - New Approaches in the World and the Possibilities of Their Utilisation in the Czech Republic" registered by Czech Science Foundation.

The Process of Contingent Liabilities Valuation for IFRS 3 Purposes

Tomáš Brabenec

Český finanční a účetní časopis 2009(1):13-41 | DOI: 10.18267/j.cfuc.17  

The article is focused on possible contingent liabilities valuation procedures. The first part of this article is concerned with necessity of contingent liabilities evaluation from the mergers, acquisitions and other business combinations point of view. It highlights possible negative effects arisen by ignoring the value of contingent liabilities. The second part of this article discuses suitable valuation methodology for contingent liabilities evaluation. The most attention is attracted by simulations and by Monte Carlo method. In the third part there is a practical example of contingent liability valuation. The process is present by using Monte Carlo...

Financial Crisis Modify Role and Position of Insurance Branch

Jaroslav Daňhel, Eva Ducháčková, Jarmila Radová

Český finanční a účetní časopis 2009(1):42-50 | DOI: 10.18267/j.cfuc.18  

This article is dealt about present financial crisis as a result of previous credit expansion through public finance, consumer or mortgage credits above the frame tolerable of market principles. Debt problem vas mask with financial instrument innovations namely structured bonds in securing form. By the help of this instruments were walked around the state regulatory barriers and postpone assignment of disequilibrium. Authors show on the role of investment banking and rating agencies in this process. Special attention is paid to impact of financial crisis on insurance business, partly from the point of view obligations insurance, partly of from the...

Hedge Funds and Their Performance Between 1994 and 2008

Tomáš Jeřábek

Český finanční a účetní časopis 2009(1):51-65 | DOI: 10.18267/j.cfuc.19  

The article presents the key milestones in the hedge funds development and addresses the current state of the hedge fund industry. It defines the term hedge fund is defined and discusses the key hedge fund investment strategies. In the section on problems associated with the measurement of hedge fund returns the key biases in the hedge fund indices are discussed. Based on average annual returns, CAPM's alpha, Sharpe and Sortino ratios, the hedge funds returns between 1994 and 2008 are analyzed and compared to returns on selected market indices - S&P500, MSCI World a Russell 2000. The key conclusion from the return analysis is that although some...

Ninety Years of Dynamic Balance Theory by Johann Wilhelm Eugen Schmalenbach (1873 - 1955)

Miloslav Janhuba

Český finanční a účetní časopis 2009(1):66-71 | DOI: 10.18267/j.cfuc.20  

This text focuses on the role and meaning of prominent German economist in the first half of 20th century, J. W. E. Schmalenbach. Author explains some aspects of the dynamic balancing theory, created of Schmalenbach in 1919. The aim by Schmalenbach was the new formulation of the basic balancing question: not 'what', but 'in what condition like'. The balance sheet is for him not any count in law framework, but also a count for the proprietary managers, i. e. potential of business entity.

Some Essential Notes on Estimation of Multidimensional Business Values for Decision-making about Purchase and Sale

Miloš Mařík

Český finanční a účetní časopis 2009(1):72-76 | DOI: 10.18267/j.cfuc.21  

The reviewed article focuses on elaboration of the boundary value category that is viewed as a quantity with more dimensions. Within preparation for bargaining during sale of a firm, partners must clear up not only the boundary value but also other bargain parameters. They must do it in such way that will increase their wealth in comparison with situation when the transaction is not realized. In this general position the boundary model has only theoretical sense but it can be viewed as the first step toward further development of Koln school theories.

Value Creation in E-business

Pavla Maříková

Český finanční a účetní časopis 2009(1):77-82 | DOI: 10.18267/j.cfuc.22  

The contribution briefly describes the research executed by R. Amit and C. Zott and assesses opportunities for its utilization within business valuation. The research focused on determination of specific sources of new value creation in e-business. The main sources proved to be efficiency, complementarities, lock-in and novelty. The article suggests these results of the research to be utilized for valuation of e-business firms. A valuer should analyze these four specific value sources especially within strategy analysis and within analysis of profit margin.

Impact of Revenue Recognition on Future Performance

Libuše Šoljaková

Český finanční a účetní časopis 2009(1):83-86 | DOI: 10.18267/j.cfuc.23  

Balanced Scorecard (BSC) is a relatively complex management tools used also for the management and performance measurement company as a whole and its business units. The authors of that article confirm the hypothesis, that an independent audit of internal BSC reports increases the confidence of managers in relation to these statements and thus contribute to their increased use in performance management. The hypothesis and method of research is doubtful, due to limited interpretation of BSC, as well as the role of the internal control system and position controller in the company.