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European Financial and Accounting Journal (EFAJ) was an economic journal published by the Faculty of Finance and Accounting, Prague University of Economics and Business between the years 2006-2024.

Since 2025, the EFAJ has been merged with the Czech Financial and Accounting Journal, where your submissions are welcome.

Archive of the published issues.

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Non-IFRS Earnings Measures in Annual Reports of European Companies

Tomáš Zahradníček

The article examines disclosure of non-IFRS earnings measures (also called alternative performance measures). The data sample consists of 600 companies that constitute index EUROSTOXX 600 for the years 2021 and 2022. We prove that non-IFRS earnings measures hold a very prominent role in financial reporting. We provide evidence...

DOI: 10.18267/j.efaj.287

Taxation of Financial Institutions in the Czech Republic

Veronika Síbrtová

This article aims to analyse possible forms of taxation in the financial sector and, based on financial institutions’ data, estimate the potential contribution to the state revenue of the Czech Republic, if the tax is levied on the banks’ assets with the progression tax rate. The exponential smoothing methods...

DOI: 10.18267/j.efaj.278

Exit Taxation in Relation to Cross-Border Mergers

Sára Budínská, Jana Skálová

The article looks at exit taxation within the European Union, including how it affects cross-border mergers. It starts with an explanation of the concept of exit tax, followed by an analysis of the current legislation and an analysis of the case law of the European Court of Justice. The article presents the results of the...

DOI: 10.18267/j.efaj.285

Cointegration Analysis of US M2 and Gold Price Over the Last Half Century

Richard Synek

In this article I have analysed the long-term relationship between US M2 money supply and the price of gold per troy ounce using Engle-Granger cointegration. The analysis shows the existence of long-term price dependency of gold in relation to US M2 money supply. M2 was used in two variants, seasonally adjusted and not seasonally...

DOI: 10.18267/j.efaj.283

The Impact of Hedge Accounting on a Firm Market Value

Lenka Čiperová

In 2018, the International Accounting Standards Board (IASB) introduced International Financial Reporting Standard 9 (IFRS 9), which sets out principles for hedge accounting and replaces International Accounting Standard 39 (IAS 39). IFRS 9 aims to provide better information about companies’ risk management policies...

DOI: 10.18267/j.efaj.284

The Volatility of Green and Non-green Sovereign Bonds on the Emerging EU Markets

Mercédesz Mészáros, Máté Csiki, Gábor Dávid Kiss

Green finance is becoming increasingly important today, affecting many areas of the economy. In this regard, the examination of green bond markets is becoming more and more important, as various financial shocks have also led to significant changes in the financial markets and economic policy processes. However, only a few...

DOI: 10.18267/j.efaj.279

Numbers Beyond the Pitch: A Conceptual Review Concerning the Impact of Data Analysis on Football Club Valuation

Tudor Oprisor, George-Silviu Cordos

This article investigates how data analytics is revolutionizing how football clubs are valued. Previously, valuations were based on biased opinions and past financial results, which often resulted in errors and missed chances. Data analytics offers a more impartial method that considers elements including player worth, brand...

DOI: 10.18267/j.efaj.286