European Financial and Accounting Journal, 2024 (vol. 19), issue 1

Articles

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

Richard Synek

European Financial and Accounting Journal 2024, 19(1):1-19 | DOI: 10.18267/j.efaj.283  

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 adjusted. No relevant difference was observed between them. A period spanning 53 years, from 1970 to 2023, was analysed. An EC model using monthly observations indicates very weak correlation between the change of M2 and the subsequent change of the gold price, so semiannual observations were used instead which proved fully...

The Impact of Hedge Accounting on a Firm Market Value

Lenka Čiperová

European Financial and Accounting Journal 2024, 19(1):21-37 | DOI: 10.18267/j.efaj.284  

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 by simplifying reporting requirements and improving risk disclosures compared to IAS 39. The objective of hedge accounting is to facilitate investors’ understanding of companies’ risk management strategies and provide information on the effectiveness of hedging. In this study, we attempt to determine how hedge accounting...

Exit Taxation in Relation to Cross-Border Mergers

Sára Budínská, Jana Skálová

European Financial and Accounting Journal 2024, 19(1):39-62 | DOI: 10.18267/j.efaj.285  

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 research, the implementation of exit taxes in a particular country, including how it is calculated, the determination of the market and tax value and the tax rate. The second objective is to examine how the rule is applied to cross-border mergers. The data was obtained through a qualitative data collection method in the form of a...