Czech Financial and Accounting Journal, 2010 (vol. 2010), issue 3

Introduction

Co můžeme očekávat od Basel III?

Petr Dvořák

Český finanční a účetní časopis 2010(3):4-5 | DOI: 10.18267/j.cfuc.71  

Vážení čtenáři, třetí číslo Českého finančního a účetního časopisu si dovolím věnovat zamyšlení nad tím, co lze očekávat od Basel III. Průběh a dopady globální finanční krize byly natolik silné, že nemohly nezůstat bez reakce politiků i regulátorů. A tak regulátoři přicházejí s novými návrhy na zpřísnění regulatorních pravidel, která by již neměla dopustit opakování finanční krize podobných rozměrů. A politické reprezentace včetně těch, které se vždy stavěly k přílišné regulaci odmítavě, nacházejí pro nové návrhy mnohem větší pochopení, než tomu bylo kdy v minulosti. Změny se přirozeně musely dotknout i kapitálové přiměřenosti, která představuje jeden...

Articles

Reform of the International Monetary Fund Is Necessary

Jana Marková

Český finanční a účetní časopis 2010(3):6-18 | DOI: 10.18267/j.cfuc.72  

Submitted paper dealswith International Monetary Fund that plays crucial role in international monetary system and by its activities contributes to achievement of international monetary stability. Except characterization of main principles, targets and mechanism of functioning of this institution an attention is especially paid to ongoing reform of member's quotas and to the problems that are going with it. These problems reflect lack of a political will of developed countries to give up its dominance in this institution. The paper further consists in suggested reform steps that are needed to realize in the interest of an increase of IMF's transparency...

The Systemic Risk and Capital Base Regulation

Stanislava Půlpánová

Český finanční a účetní časopis 2010(3):19-28 | DOI: 10.18267/j.cfuc.73  

This article is dealing with the questions concerning in the stability of financial system. It considers systemic risk as a basic economic concept for the understanding the economic crises. This article is also dealing with the relationship between the systemic risk and liquidity risk. It notes close link between the financial stability and the ability of the financial institutions to response to economic cycle. It concerns the regulatory conception Basel II as a subject of intense debate. We describe the discussions about the procyclicity of capital regulation and we suppose, every regulation based on capital buffer is procyclical.

Risk Management Response of the Insurance Companies to the Financial Crisis

Štěpán Onder

Český finanční a účetní časopis 2010(3):29-48 | DOI: 10.18267/j.cfuc.74  

Financial crisis has shown significant gaps in risk management system in financial institutions. The major critics focused on an inappropriate usage of the innovative financial products with not adequate reflection of capital requirements for their market risks, not adequate valuations of those products with reliance on external valuation by rating agencies, not transparent settlement via OTC and not adequate collateral management combined with the extreme financial leverage in those positions and unduly concentrations on the dozen counterparties. The proposed changes in regulatory regimes address major gaps in risk management system like the more...

Analysis of the Impact of Weather on Trading in Equity Markets

David Havlíček

Český finanční a účetní časopis 2010(3):49-62 | DOI: 10.18267/j.cfuc.75  

This paper analyzes the impact of weather on the investment in the Czech and U.S. stock markets. It relies on the concept of behavioral finance, which analyzes the impact of psychology on investor decision-making. The influence of atmospheric phenomena is mainly studied as impact of occurrence of snow, rain or fog on the market returns. The research results show the impact of these phenomena only in a minority of cases. The research also analyzes the impact of the autumn season (SAD effect) on the psychology of investors and therefore market returns. This sequence wasn't rebutted only at the Czech stock market. The incidence of observed atmospheric...

A Cost Analysis for Third-Party Deposit Sales

Jan Vlachý

Český finanční a účetní časopis 2010(3):63-74 | DOI: 10.18267/j.cfuc.76  

This paper strives to address the issue of distribution costs budgeting, encountered by commercial banks whose business plans presume the sale of saving accounts using third-party distribution networks. A rather intricate problem arises, jointly requiring the design of a commercially viable commission schedule and estimating its impacts on the bank's financial results, where traditional methods fail. An annotated case study illustrates an expedient and practical solution using statistical simulation.

Depreciation and Its Importance to Investment Decision in the Czech Republic

Petra Oceláková

Český finanční a účetní časopis 2010(3):75-92 | DOI: 10.18267/j.cfuc.77  

Depreciation expresses impairment of an asset and decreases its net book value stated in the balance sheet. It allows attributing purchase cost of an asset across its useful life and it is considered to be a financial resource. In the capital budgeting theory and practice in the Czech Republic it is necessary to distinguish accounting, managerial, and tax depreciation and take into account specifics resulting from Czech accounting and tax legislation. Expected investment cash flows are influenced not only by depreciation of new purchased assets, but also by depreciation of present assets, even thought the asset purchased cost has been "sunk". Cash...

Key Factors Forming the Design of Management Control System in Non-governmental Organizations

Ondřej Matyáš

Český finanční a účetní časopis 2010(3):93-100 | DOI: 10.18267/j.cfuc.78  

In order the management control system of an organization to be efficient, it has to be tailormade and fits to specifics of both the organization itself and the sector the organization operates in. The paper analyses the specifics typical for management control system of nongovernmental organizations (NGOs). The paper identifies key factors forming the design ofmanagement control systems of NGOs. These are: (a) the absence of profit-based criteria enabling to measure the effectiveness of organization's operations, (b) risk aversion and emphasis on the balance between revenues and expenses and (c) focus on the transparency of an organization. Besides...

The True and Fair View in the European Union

Marie Zelenková

Český finanční a účetní časopis 2010(3):101-110 | DOI: 10.18267/j.cfuc.79  

The main topic of my article is a discussion of the paper of David Alexander and Eva Eberhartinger. Authors of this paper explored the issue of the true and fair view as an overriding principle within the European Union, via a legally based analysis of the relationship between EU and national laws. The true and fair override remains central to European Union Directives, and its importance was confirmed by the IASB in its 2007 revision of IAS 1 (see paras. BC 23 - 30). They (authors) applied the supremacy of European law to methods of incorporating the true and fair view into national legislation, using Austria as a detailed case study.

Influence of European Tax Law on the Czech Republic's Tax Life

Jana Skálová

Český finanční a účetní časopis 2010(3):111-113 | DOI: 10.18267/j.cfuc.80  

The aim of this paper is to evaluate the benefits of a content publication Jan Široký "Taxation in the European Union". Contribution comes to the conclusion that the book contains an interpretation of fundamental aspects of the EU institutions and Community law, in particular, directives and regulations governing the tax harmonization. Examined in detail is the harmonization of direct taxes and indirect taxes. The lectures are supplemented by a number of examples, tables and diagrams. As important can be identified as the wide range of ECJ rulings as examples of negative harmonization, which is enforced by the EU.