European Financial and Accounting Journal, 2019 (vol. 14), issue 3

Articles

Exchange Rate Modeling under Unconventional Monetary Policy on a European Panel Sample

Gábor Dávid Kiss, Mercédesz Mészáros

European Financial and Accounting Journal 2019, 14(3):05-24 | DOI: 10.18267/j.efaj.228  

Following the latest subprime crisis, central banks introduced several unconventional instruments which had spillover effects on foreign exchange rates. The aim of our paper is to explore whether the use of zero lower bound (ZLB) and unconventional instruments has an impact on the changes in foreign exchange rates. By running dynamic panel regressions, we analysed this issue on a sample of 7 European central banks. Based on our results, unconventional monetary policy had a significant impact on the exchange rate fluctuations in the short term, even with the use of instruments where there was no targeted exchange rate regulation.

Time Evolution of Hurst Exponent: Czech Wholesale Electricity Market Study

Juraj Čurpek

European Financial and Accounting Journal 2019, 14(3):25-44 | DOI: 10.18267/j.efaj.232  

In this paper we analyse a temporal evolution of the Hurst exponent estimated on hourly returns of intraday electricity prices in the Czech Republic in 2017 and 2018. Firstly we used the log-returns with adjustments due to negative values, and secondly we employed the returns based on the area hyperbolic sine transformation. We implemented a sliding window technique in order to estimate the Hurst exponent using the Detrended Fluctuation Analysis method on subsamples with four distinct window sizes. According to the stylised facts of electricity, the spot prices and their corresponding logarithmic returns should be mean-reverting. Since the Czech...

Intellectual capital disclosure of Hungarian and Czech Listed firms

Edit Lippai-Makra, Zsolt Rádóczi, Zsuzsanna Ilona Kovács

European Financial and Accounting Journal 2019, 14(3):43-59 | DOI: 10.18267/j.efaj.229  

The purpose of this paper is to investigate the level of intellectual capital (IC) disclosure of the largest Czech and Hungarian listed firms. We apply content analysis of the annual statements and measure IC disclosure by a score. We hypothesize that a significant positive relationship exists between IC disclosure score and such firm-specific financial factors as company size, profitability, book value of intangibles and trade volume. The results of the regression model indicate that among the chosen independent variables, capitalized intangibles and profitability have a significant impact. Another contribution of the paper is the comparison of the...

Compliance with IAS 2 in consolidated financial statements of PSE listed companies

Kateřina Polachová

European Financial and Accounting Journal 2019, 14(3):61-78 | DOI: 10.18267/j.efaj.230  

As inventories represent a significant balance sheet item for many companies, their correct presentation and disclosure is fundamental for the financial statements’ users. This article identifies compliance with the ”IAS 2 Inventories“ requirements in consolidated financial statements of selected Czech companies. After determining criteria for the issuer’s sample, two research questions were set up for the evaluation of compliance measures with IAS 2. The research focuses on the association between the sum of total assets and the sum of inventories as well as an association between the sum of inventories and their allowances....