Czech Financial and Accounting Journal, 2025 (vol. 2025), issue 3

Articles

A Methodological Proposal for Studying Investors’ Materiality Perceptions: Evidence from Share Purchase Agreements

Ota Novotný, Václav Adam

Český finanční a účetní časopis 2025(3)  

Audit materiality is often initially assessed using 'rules of thumb' derived from historical professional experience and industry standards. Given its role in ensuring that auditors provide meaningful service to stakeholders, understanding the perceptions of financial statement users regarding materiality is critical. Building on Vance's (2022) meta-analysis of five decades of empirical research, this study proposes an innovative research design that proxies investors´ materiality thresholds through indemnity basket clauses in Share Purchase Agreements (SPAs). Using a manually compiled dataset of 62 M&A transactions involving Czech target...

Discussion

Is Tax Support for Life Insurance in the Czech Republic Still Justified

Petr Pecina, Eva Ducháčková

Český finanční a účetní časopis 2025(3)  

The life insurance market in the Czech Republic has undergone dynamic changes in recent years. Written premiums in life insurance have been declining, accompanied by a decreasing share of reserve-forming life insurance. For the purpose of long-term savings and wealth accumulation, other types of financial products are increasingly being used. At the same time, the market for life insurance is shifting toward risk life insurance, partly due to differences in the regulatory framework governing reserve-forming and risk insurance. Nevertheless, tax support for reserve-forming insurance remains in place, despite the fact that it is being used less frequently...

Metodologické přístupy k analýze rolí Private Equity a Sovereign Wealth Funds v době krize

Long Hoang Pham

Český finanční a účetní časopis 2025(3)  

This article examines the relationship between private equity (PE) and sovereign wealth funds (SWFs), two major players in global financial markets whose interaction has been gaining momentum in recent years. Based on literature research and methodological review, it shows that private equity is characterized by cyclicality and high sensitivity to macroeconomic conditions, while sovereign wealth funds have a long-term investment horizon and the ability to act countercyclically. In times of crisis, SWFs can thus play the role of a stabilizing element, both through investments in private equity funds and through direct acquisitions and co-investments....

General Scientific Methodology and Economic Theory Have Been Greatly Enriched by Unconventional Thinkers

Jaroslav Daňhel, Eva Ducáčková, Petra Vojtíková Tisová

Český finanční a účetní časopis 2025(3)  

The spectrum of opinions on the question of the degree of definiteness of the states of the world has, over the course of time, changed and developed. The greatest contribution to the current level of cognition in recent times has been made by N. Taleb and D. Kahneman. The results of their new scientific perspectives have significantly influenced the definitory understanding of human behaviour during the decision-making process in uncertain conditions, including the nuances of the functioning of cross-sectional and sectoral economies.