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Audit quality in the Czech Republic
Pěkná, Martina ; Havel, Jiří (advisor) ; Hollmannová, Monika (referee)
Audit of statutory financial statements is mandatory for major part of big companies. Auditor ascertains the validity and reliability of information in the financial statements. Since stakeholders use financial statements for their decisions, quality of audit services is important for all users of financial statements. This thesis concerns about the quality of audit services in the Czech Republic. We focus on suppliers concentration on audit market using market concentration measures and based on these data we outline structure of audit market. Our findings suggest significant heterogeneity of supply side of audit market. We also examine the relationship between audit quality and cost of capital of audited companies when we expect that higher quality audit may decrease cost of capital of audited companies. For this purposes we build up unique data set of non- financial companies and design a model respecting the specifics of Czech financial market. Surprisingly, results are not consistent with those of existing research based on US and Chinese data when they suggest that there is no significant relationship between audit quality and cost of capital.
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Audit quality in the Czech Republic
Pěkná, Martina ; Havel, Jiří (advisor) ; Hollmannová, Monika (referee)
Audit of statutory financial statements is mandatory for major part of big companies. Auditor ascertains the validity and reliability of information in the financial statements. Since stakeholders use financial statements for their decisions, quality of audit services is important for all users of financial statements. This thesis concerns about the quality of audit services in the Czech Republic. We focus on suppliers concentration on audit market using market concentration measures and based on these data we outline structure of audit market. Our findings suggest significant heterogeneity of supply side of audit market. We also examine the relationship between audit quality and cost of capital of audited companies when we expect that higher quality audit may decrease cost of capital of audited companies. For this purposes we build up unique data set of non-financial companies and design a model respecting the specifics of Czech financial market. Surprisingly, results are not consistent with those of existing research based on US and Chinese data when they suggest that there is no significant relationship between audit quality and cost of capital.
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Transfer pricing and the Arm's length principle
Hájková, Hana ; Kemény, Irena (advisor) ; Hollmannová, Monika (referee)
The Diploma Thesis is devoted to the Transfer pricing problematic, whereby the Transfer Pricing and the Arm's length principle as such are defined, further the Czech and Slovak transfer pricing law is presented and the different transfer pricing together with their possible usage are described. The work is divided into 7 sections, section 1 - 5 is basically a theoretical description of the topics stated above. Section 6 comments the actual situation and development in the transfer pricing area around the world and finally section 7 demonstrates o an example the practical transfer pricing analysis with all its relevant aspects. The aim of the analysis was to present the possible ways of determining the appropriate transfer pricing method and the evaluation of the financial data when applying the selected method. The presented case study was based on an analysis of a group of 3 companies and was in general oriented on two different kinds of transactions. The application of various transfer pricing methods was demonstrated and the correctness of the transaction conditions was commented. Powered by TCPDF (www.tcpdf.org)
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Prediction of Stock Returns Usig Financial Statement Analysis
Hájková, Petra ; Jakubík, Petr (advisor) ; Hollmannová, Monika (referee)
This diploma thesis should contribute to research in the area of fundamental analysis. Its aim is to study whether financial statement data of Czech non-financial companies capture information that is not reflected in prices. Therefore, the question is whether investment strategy based on financial statement analysis could earn excess returns. In order to test this hypothesis, a three-step estimation procedure based on a logit model is used to identify financial ratios relevant for prediction of future earnings. The final estimated model includes four financial ratios and is then used to set a one-year investment strategy. Although the performance of the estimated model is not too sound, this investment strategy brings positive abnormal returns during the monitored period of time. Despite the fact that results were influenced by several factors, they could indicate that financial statement analysis of companies listed on the Prague Stock Exchange is able to predict stock returns. Powered by TCPDF (www.tcpdf.org)
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Czech accounting framework vs. International financial reporting standards : Interhotel Olympik
Murko, Ivan ; Kemény, Irena (advisor) ; Hollmannová, Monika (referee)
The rigorous thesis deals with an analysis of the Czech accounting framework and its embedding into the context of the European accounting law and the International Financial Reporting Standards. At the same time it follows both the general level of existing differences, and their concrete effects. Primarily, the goal of this thesis is to present the differences in accounting procedures as well as in the general accounting concept. Alongside the thesis evaluates the consequences of these differences presently and in the near future. The thesis consists of a preliminary chapter and four main sections. The preliminary chapter concerns modern accounting theory, whereas addressing also accounting regulation and the facts which cause dissimilarity of accounting systems in the world. The second section follows present status of the legal accounting framework in the Czech Republic. It describes primary accounting rules of law and then reports a summary view in the final assessment. The following chapter presents the European accounting law, and simultaneously devotes itself to the International financial reporting standards (IFRS). Both regulations are analyzed relatively closely for reasons of giving a complex view of their development and present situation. The conclusion of the chapter mentions brief...
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The distribution of finance in the health care system of the Czech republic and its current deficit
Klokočníková, Jana ; Kameníček, Jiří (advisor) ; Hollmannová, Monika (referee)
The health care system belongs to the most important and common topics of discussion in the Czech Republic. This paper aims at showing the Czech system in an international framework and at finding the reasons of the financial deficit, which the Czech health care system of the previous 16 years deals with. This thesis describes briefly the historical development of the Czech system of the 20th century and provides an outline of its recent situation. The Czech health care system and its financing are compared with the Austrian system. These differ in many aspects, however this comparison helps to look at the Czech problems from wider perspective. The largest part of the paper concerns with evaluating the most common opinions on the reasons of the financial deficit. The quotes are commented on the basis of the expert materials and researches. The conclusion of the thesis is looking for the solution of the health care problems proposed by the reform. Powered by TCPDF (www.tcpdf.org)
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Czech accounting framework vs. International financial reporting standards : Interhotel Olympik
Murko, Ivan ; Kemény, Irena (advisor) ; Hollmannová, Monika (referee)
The diploma thesis deals with comparison of the Czech accounting framework and the International Financial Reporting Standards on the general level, as well as in relation to particular impacts of the existing differences. Its goal is in the first place to point out the impact of the disparities in accounting procedures and in the general accounting conception and to describe its consequences in the present and near future. The thesis consists of four main parts. The leading chapter concerns modern accounting theory, pursuing regulation of the accountancy and the facts, which cause the difference of accounting systems in the world. The second part describes and analyses accounting rules in the international "scene". It holds forth on harmonization of the accountancy on the global and so on the European level. From the global point of view it includes the International Financial Reporting Standards, in the end then marginally devoting itself to the American Generally Accepted Accounting Principles. In relation to the European framework it discusses the fourth, seventh and (originally) eighth directive of the European Community Council, as well as the present European accounting law regarding the International Financial Reporting Standards. The following chapter analyses the Czech accounting framework and...
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Economic behaviour of primary schools
Štelzigová, Magdalena ; Hollmannová, Monika (referee) ; Kameníček, Jiří (advisor)
This bachelor thesis studies behaviour of elementary schools as economic subjects. The main aim is to observe what effect location and size of elementary schools have on their economic behaviour and opportunities for gaining financial resources. The thesis itself could be imaginarily divided into three parts. The centre stage of the first part is basic terms and rules, that are followed by management of elementary schools. The second part pays attention especially to possibilities of gaining receipts and their usage. The final section of the thesis investigates economic activities of five schools of different size from different parts of Czech Republic.
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Microeconomic analysis of 2008 tax reform impac t on Czech Republic from the income tax' perspective
Murková, Viera ; Hollmannová, Monika (advisor) ; Štiková, Radka (referee)
Master's Thesis describes changes that occurred to the income tax in general, but the main focus is on change, that came through in recent years in the Czech Republic. Particularly tax reform, which is valid from 1.1.2008. The paper is divided into three parts. The first part is split into two sections: natural and legal persons. In this part there are theoretically described mainly characteristics of these persons. This is essential for studying particular impacts of the tax reform changes, which are described in detail in the following chapters. The second part is also divided into two parts, and each section discusses the tax reform from the point of view of natural and legal persons. This part was enriched by short examples always calculated for years 2007, 2008 and 2009, so that we can see the impact of the reform in these particular years both practically and in numbers. In third part there is a description of microeconomic analysis of income tax for natural as well as for legal persons. This part deals with the advantages and disadvantages of the existence of the income tax and also why this tax is divided into two parts. The conclusion of this paper summarizes the impact of the tax reform on individuals and also there are balanced the advantages and disadvantages of this reform. Powered by TCPDF...
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Prediction of Stock Returns using Financial Statement
Hájková, Petra ; Hollmannová, Monika (referee) ; Jakubík, Petr (advisor)
This thesis should contribute to research in the area of fundamental analysis. Its aim is to study whether financial statement data of Czech non-financial companies capture information that is not reflected in prices. Therefore, the question is whether investment strategy based on financial statement analysis could earn excess returns. In order to test this hypothesis, a three-step estimation procedure based on a logit model is used to identify financial ratios relevant for prediction of future earnings. The final estimated model includes four financial ratios and is then used to set a one-year investment strategy. Although the performance of the estimated model is not too sound, this investment strategy brings positive abnormal returns during the monitored period of time. Despite the fact that results were influenced by several factors, they could indicate that financial statement analysis of companies listed on the Prague Stock Exchange is able to predict stock returns.
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