The 22nd Annual Conference on Finance and Accounting

Faculty of Finance and Accounting
3-4 June 2021

Welcome to ACFA 2021

The Faculty of Finance and Accounting of Prague University of Economics and Business is delighted to host The 22nd Annual Conference on Finance and Accounting (ACFA 2021). The Conference takes place on 3-4 June 2021.

The Conference offers an opportunity for scholars to present their research-in-progress. The Conference’s platform enables researches from all over the world to share their thoughts, visions, to discuss contemporary development in the field and get, thus, a value feedback. This could be useful for emerging researchers and especially for Ph.D. students, who can submit their papers for the special Ph.D. Track. Another benefit of being ACFA participant are rich publication opportunities, including special issue of European Financial and Accounting Journal or conference proceedings.

We encourage both senior researchers and doctoral students to submit the paper to any of the Conference Scientific Sessions depending on their research interest.

We look forward to meeting all interested parties at the The 22nd Annual Conference on Finance and Accounting in June 2021.


The ACFA Chair

Conference topics

  • Finance (not limited to):
    • Banking and insurance
    • Monetary theory
    • Public finance and taxation
    • Corporate finance and business evaluation
  • Accounting (not limited to):
    • Financial accounting
    • Management accounting
    • Auditing
  • Economic education


  • Conference date: 3-4 June 2021
  • Submission of full papers: 1 March 2021
  • Notification of acceptance/rejection: 10 April 2021
  • Payment of the conference fee: not later than 30 April 2021
  • Submission of updated papers: not later than 30 April 2021


The Conference fee covers all conference materials (excluding the publication fee for EEE, which shall be paid separately upon submission to the journal). The payment of the Conference fee is processed solely via Registration system. No cash payments will be accepted on the spot.

We apply the following fee policy:

  • Basic conference fee of “5 000 CZK (approximately 200 €)” for all participants except for the Ph.D. students
  • No conference fee for the Ph.D. students, subject of meeting the qualifying conditions for the Ph.D. Track

The Conference fee is not refundable, if the participation is cancelled.

Publication options

In general, authors may choice among following (mutually exclusive) publication options:


The authors are expected to follow publication and ethical standards as defined by The Committee on Publication Ethics (COPE). The non-compliance will cause an automatic rejection of the paper.

Review Process
  • All submitted papers are subject to double-blind review process
  • There are five assessed criteria: (a) specification of the aim and its fulfillment; (b) methodological soundness; (c) work with literature; (d) coherence of findings, arguments and conclusions; (e) contribution.
  • For each criterion, a reviewer assigns mark from 1 (the best) to 5 (the worst)
  • All criteria are equally weighted for final score
  • A paper is accepted, if both reviewers evaluate the paper by mark 3 and better (i.e. the final score has to be between 1.0 to 3.0)

The review process follows the standards as defined by The Committee on Publication Ethics (COPE).

Formatting guidelines

The requirements on formatting differ depending on the publication option preferred by the authors. In any case, the paper submitted for the presentation in the Conference should be uploaded in pdf format and it shall not contain any personal identification of author(s)

European Financial and Accounting Journal

Please follow the instructions for the authors published on the journal’s website


Please follow the instructions for the authors published on the journal’s website


Please follow the instructions for the authors published on the journal’s website

Conference proceedings
  • The paper’s length shall be between 10-15 pages
  • The paper has to be prepared according to the sample paper
Registration Procedure
  • All participants has to register via Registration system
  • The papers are uploaded into Registration system only by the corresponding author
  • Format of the submission:
    • the version for peer-review evaluation – pdf file, formatting according to guidelines, no identification of authors


Registration System
  • Registration system includes:
    • identification data of the author and co-author(s)
    • on-line 3D Secure-gate for the payment of conference fee
    • invoice
    • Letter of  Invitation/Confirmation

Disclaimer: The Letter of  Invitation/Confirmation generated by the Registration System is designed only for those participants who need to obtain a visa or need a confirmation for their sending university. It will be generated by the system once the paper is accepted for presentation. If you are co-author not uploading the paper into the system, contact the conference chair to prepare invitation separately.

The organisers do not cover any fees and other expenses related to anyone’s participation in the Conference.

Scientific Committee

Leoš VÍTEK, Chairman, Vice-dean for the Research at the Faculty of Finance and Accounting, University of Economics, Prague

Karel JANDA, Charles University and University of Economics, Prague

Martin MANDEL, University of Economics, Prague

Jan PAVEL, University of Economics, Prague

Petr TEPLÝ, University of Economics, Prague

Jan-Hendrik MEIER, University of Applied Sciences, Kiel

Juraj NEMEC, Matej Bel University in Banská Bystrica

Danuše NERUDOVÁ, Mendel University in Brno

Jinhan PAE, Korea University Business School

Marco TALIENTO, University of Foggia


Organising Committee

David PROCHÁZKA, Chairman, University of Economics, Prague

Jiří PELÁK, ICT Coordinator, University of Economics, Prague


Guest Editor

David PROCHÁZKA, University of Economics, Prague

PhD Track

Doctoral students submit their papers (for any of the Scientific sessions) to the Special PhD Track.

The benefits of the PhD Track :

  • No conference fee
  • Nomination for The Best Doctoral Paper Award
  • Extended feedback on submitted papers

The conditions to qualify for the PhD Track:

  • Doctoral student has to be the main author of the paper and is supposed to present paper in person
  • Any participating co-author, if not a PhD student, has to pay the conference fee
  • Student proves his/her status (confirmation by the university, ISIC, etc.) at the Registration Desk


The Conference takes place in the main campus of the University of Economics, Prague.

More information about the University can be obtained HERE.


University of Economics, Prague

Nám. W. Churchilla 4 130 67 Prague 3

Public transport:

The campus can be reached by tram No. 5, 9, 15, 26 (station Husinecká) or by bus No. 135 (station Náměstí W. Churchilla). A single ticket costs 32 CZK (approximately 1,20 €); a 24-hour ticket costs 110 CZK (approximately 4 €). Tickets can be bought in yellow machines at tram/bus/metro stations or at tobacconist’s. More information on Prague public transport here.


Conference History

Originally, the Conference was focused exclusively on the doctoral students. It was the biggest conference at the CEE region solely oriented on the presentation of the research in finance and accounting by Ph.D. students. The feedback obtained by the participation at the Conferences contributed to the development and improvement of working papers. Ph.D. students were consequently able to succeed in publishing their research in high-quality scientific journals (incl. those published by Nature).

From 2015, the Conference broadens its scope to all researchers independent on their academic status. We believe that interaction between emerging researchers and experienced scholars may be beneficial for both groups.

As in previous years, the PhD students will be contesting for The Best Doctoral Paper Award.

Previous Winners of  The Best Doctoral Paper Award

Year 2019

  1. Oleg KRAVTSOV: “Does Regulatory Stress Testing Make Banks to Perform Better and Be Less Risky?”
  2. Ruxandra TRIFAN: “Is the Investors Biorhythm Affecting the Stock Market?”
  3. Milan SZABO: “Deriving Drivers in Czech Government CDS Spreads”
  4. Jiří PANOŠ:A New Probability of Default Satellite Model for Czech National Bank Macroprudential Stress Testing”

Year 2018

  1. Svilen KOLEV: “The Negative Interest Rates: Evidence from Bulgaria”
  2. Lucie BRABCOVÁ: “Compliance with IAS 7 by Issuers of Listed Securities in the Czech Republic”
  3. Marcio GABRIELLI & William EID Jr.: “Issuance of Brazilian Corporate Bonds Locally and Abroad:
    A Quasi-Natural Experiment in Brazil”
  4. Hanaan YASEEN:Dividend Policy Explained by Standards of Living: An International Evidence”

Year 2017

  1. Jan DVOŘÁK: “IFRS 13: Fair Value Measurement in the Czech Republic”
  2. Jaroslav KAIZR: “Czech Industrial Real Estate Market: The Quest for Realistic Model”
  3. Celebi HUELYA & Sabina HODZIC: “The Impact of Corporate Income Tax on Research and Development of Multinational Entities”
  4. Arif AHMED: “Securitisation, Covered Bonds and Credit Risk Taking Behaviour of Banks”

Year 2016

  1. Michal ŠINDELÁŘ: “Audit Market Concentration Analysis Focusing on Auditors of Public Interest Entities”
  2. Sarayut RUEANGSUWAN: “A String of Earnings Increases, Future Earnings Uncertainty, and Firm Fundamentals”
  3. Octavian MOLDOVAN: “Local Revenue Mobilization in Romania”
  4. Michael PRINC: “Structural Distress Index: Structural Break Analysis of the Czech and Polish Stock Markets”

Year 2015

  1. Michael LINK: “Talking About ‘Non-Financials’: A Semantic Analysis of the EU-CSR Directive and Its Impact on the Reporting of ‘Non-Financial’ Information”
  2. Petr ČERMÁK: “Customer Profitability Analysis and Customer Life Time Value Models: Portfolio Analysis”
  3. Milan FIČURA: “Modelling Jump Clustering in the Four Major Foreign Exchange Rates Using High-Frequency Returns and Cross-Exciting Jump Processes”
  4. Matúš GREGA: “Factors Influencing Final Price of Public Procurement: Evidence from Slovakia”

Year 2014

  1. Robert Jurka: “Novinky v Corporate Governance v České republice a v Evropské komisi v roce 2013”
  2. Lukáš Kučera: “Formování národohospodářských investic v hospodářském cyklu”
  3. Zuzana Špinerová: “Public Procurement and Profitability Ratios of Companies in Construction Sector in Slovakia”
  4. Barbora Janasová: Motivation of Czech Employees by the Balanced Scorecard of the Multinational Company”

Year 2013

  1. David Trytko: “Krátké srovnání německých Zásad řádného vedení účetnictví s českými a mezinárodními účetními principy”
  2. Jakub Jakl: “Kvantitativní uvolňování a jeho vliv na ceny komoditních derivátů”
  3. Jaroslav Baran: “Valuation of Interest Rate Derivatives in the Presence of Swap Spreads and Collateralization”
  4. Ali Ijaz: “Why Do Firms Change Their Dividend Policy?”

Year 2012

  1. Barbora Menčlová: “Doba existence podniku a její vliv na jeho hodnotu”
  2. Soňa Poláková: “Úspěšnost krátkodobých predikcí na akciových trzích v období výskytu spekulativních bublin”
  3. Mateja Jerman: “Discretionary Reporting of Initial Public Offerings in Specific Industries”
  4. Peter Ising: “Is There Some Opportunistic Discretion While Applying the Impairment Test of Goodwill? An Empirical Analysis”

Year 2011

  1. Zbyněk Hackl: “Odhad rizikové prémie českého kapitálového trhu pomocí dividendového výnosu”
  2. Jan Šedivý: “Riziková přirážka ve finanční krizi a důsledky pro měření refinančního rizika”
  3. Mirela Dobre: “Section 404 of the Sarbanes-Oxley Act and Its Effects on Information Asymmetry”
  4. Ladislav Krištoufek: “Multifractal Height Cross-Correlation Analysis”

Year 2010

  1. Libor Ondřich: “Rizika currency boardu v Bosně a Hercegovině a jejich možná řešení”
  2. Malek A. R. Alsharairi: “Earnings Management in US Mergers and Acquisitions: Pre and Post SOX Investigation”
  3. Florian Schneider: “Accounting for Human Capital According to IFRS and HGB – Drawbacks and Opportunities”

Year 2009

  1. Jan Molín: “Poznámky k mlčenlivosti auditora, daňového poradcea účetních pracovníků v kontextu odhalovánía vyšetřování trestných činů”
  2. Lukáš Eisenwort: “Měření a vývoj globální progresivity osobní důchodové daně v ČR”
  3. Petra Oceláková: “Vliv rizika na hodnotu investice stanovenou pomocíčisté současné hodnoty a reálné opce”

Year 2008

  1. Jana Tepperová & Jiří Přibyl: “Mezinárodní smlouvy v oblasti zdanění pracovních příjmů”
  2. Andrea Heglasová: “Spin-off efekty”
  3. Jana Skálová: “Nová výzva pro české účetnictví – přeshraniční fúze”
Proceedings Downloads and Photogallery

Year 2019

Collection of Papers: in progress & special issue of the European Financial and Accounting Journal


Year 2018

Collection of Papers: Springer book & special issue of the European Financial and Accounting Journal


Year 2017

Collection of Papers: Springer book & special issue of the European Financial and Accounting Journal


Year 2016

Collection of Papers: Springer book & special issue of the European Financial and Accounting Journal


Year 2015

Collection of Papers: Complete volume 2015 (published as a special issue of the Procedia Finance and Economics Volume 25)

Collection of Abstracts: Abstract Book


Year 2014

The conference proceedings have been published in the hardcopy of the Collection of Abstract, including CD will all accepted papers.

Collection of Papers: Complete volume 2014


Year 2013

The conference proceedings have been published in the hardcopy of the Collection of Abstract, including CD will all accepted papers.

Collection of Papers: Complete volume 2013


Year 2012

The conference proceedings have been published in the hardcopy of the Collection of Full Papers.

Collection of Papers: Colletion 2012 Volume 1, Colletion 2012 Volume 2


Year 2011

The conference proceedings have been published in the hardcopy of the Collection of Full Papers.

Collection of Papers: Colletion 2011 Volume 1, Colletion 2011 Volume 2