G00 - Financial Economics: GeneralReturn

The article deals with circumstances in which finance as a branch of study at the University of Economics, Prague (UEP) has been developed. Finance is taught both as a theoretical part of economic science and as a subject preparing students for practical work in the field of finance. Finance is one of the oldest branches existing at the UEP established at the same time as the University, in September 1953. At that time the soviet economic model was applied on the Czechoslovak economy including the field of finance. So the translations of soviet textbooks were used in addition to the Czech ones. In the sixties the problems in development of the Czechoslovak economy intensified and the necessity to strengthen the role of money in the economy was emphasized. This tendency reflected in the contents of teaching process. The period of normalization broke these efforts, but the teaching had never been completely restored to the position it had in the sixties. After 1989 the teaching concentrated on the role of finance in the conditions of market economy. Study program provides knowledge of the issues of financial markets, banking, insurance, national and local budgets and public finance.

The text considers one of the prevailing dilemmas for the time being practical valuers of assets are exposed to - the operability of market value in terms of International Valuation Standards. The issue is considered theoretically, practical impacts are outlined as well. Considering the microeconomic basis of market structure and price determination, the prerequisites for an "objective" market value are summed. The International Valuation Standards are explained as an evolutionary evolved institution, which suffers under deep impact of neoclassical methodology. At the end there are drawn some conclusions for the regulation of valuation in the Czech Republic.