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This paper is devoted to the possibilities of Economic Value Added index usage in the conditions of Czech food-processing industry and is trying to provide independent empirical evidence on the indicator's qualities. The EVA proponents attach to it a superiority compared to other common performance measures. The aim of this article is to investigate the relationship between Economic Value Added, traditional performance measures (ROA and ROE) and ability of creation of shareholder wealth for food-processing firms in the Czech Republic. The way of intended comparison is not dissimilar to the main world studies, which are quoted in this paper. A critical point of the EVA's application in the conditions of Czech economy is a lack of good quality information from capital market, which at the same time, serve as an exogenous criterion for assessing the quality of the examined measures in the mentioned studies. In the absence of quality capital market information, a criterion for assessing the information content of performance measures suitable for conditions of Czech economy is developed in this paper. This also shows how to circumvent the handicap of the available data.
The intent of this article is fulfilled by providing a simple regression test of the hypothesis, that the EVA measure is more associated with improved shareholder wealth than traditional performance measures ROA and ROE. The results of regression analysis show higher quality information content of EVA indicator in the relationship to the ability of shareholder wealth creation than traditional performance measures. This fact supports the tested hypothesis as well as the conclusions of corporate finance theory, that from the theoretical point of view EVA is seen as a superior performance metric.

This paper deals with efficiency testing of the Czech stock market. In this work there are defined different forms of efficiency, whereas key attention is focused on the weak-form of market efficiency. The goal of this paper is to find the weak-form of efficiency with the help of various tests. We have used some basic methods for our analysis: the autocorrelation coefficient, the Ljung-Box test and selected tests of normality - some classical normality tests (the Shapiro-Wilk test, the Jarque-Bera test, the Lilliefors test) and some robust normality tests (the robust Jarque-Bera test, the directed SJ test and medcouple MC-LR test). Source data for purpose of testing of weak-form of efficiency include years from 2000 to 2008, whereas daily and monthly logarithmic returns of the stock exchange market index PX are analyzed. In this paper we also analyze the daily and monthly logarithmic returns of the U.S. stock exchange market index DJI for purposes of comparison.

Publicly traded companies prepare their consolidated accounts in conformity with the international accounting standards (IAS/IFRS) in accordance with the Regulation No. 1606/2002. This is obliged for all publicly traded joint-stock companies in the Czech Republic. Other companies prepare financial statements in accordance with national accounting standards. There are Accounting Act No. 563/1991 of Coll. and Regulation No. 500/2002 of Coll., Czech Accounting Standards in the Czech Republic. Both systems are based on different principles so there are many differences. The Czech Accounting System (CAS) is based on the rules while IAS/IFRS are based on principles (Kovanicová, 2005). These differences are mainly caused by the different philosophy. CAS prefers the fiscal policy to the economic substance while IAS/IFRS prefere the economic substance. One of the most significant differences is in the field of revenue recording. There are two standards concerning the revenues recording (IAS 18 - Revenue, IAS 11 - Construction Contracts) in IAS/IFRS. CAS 019 - Expenses and Revenue are dealing with the revenue recording in the Czech Republic.
The paper is aimed at the comparison of the methodical approaches for revenue recording used by IAS/IFRS and by CAS. The most important differences are caused by the different approach to the long term contracts (construction contracts, software development contracts) revenues recording.

External environment factors influencing Czech wine production industry went have been significantly changing in the past 20 years. Objective of this paper is to identify and describe selected external environment factors influencing this industry.
Changes in the Czech Republic in 1989 significantly influenced all industries in the Czech economy, including wine production. The most significant include the transition from planned socialistic economy to the market economy, establishment of the Czech Republic (January 1, 1993), entrance European Union (May 1, 2004). For the wine production industry it brought for example opening the domestic market to competition, simplifying international trade with EU-member countries, stabilization of the area of vineyards including the ban on their extension, establishment of the Wine Fund, establishment of non-governmental organisations supporting activities of wine producers (e.g. Union of wine producers of the Czech Republic, National Wine centre, Moravín, Partnership foundation), etc. Significant changes can be found also in the field of wine-marketing and promotion of wines. Wines from the Czech Republic are sold in foreign markets and achieve awards within international trade fairs and wine exhibitions, Czech Republic organises wine trade fairs, e.g. Vinex or Wine and distilled products, Wine fund have registered the trademark "Svatomartinské víno" (St. Martin Wine), etc. Other significant factors identified within macro-environment analysis include continuous changes in wine production technology. Here we can expect that in the future, there will grow the use of PET bottles, which could replace the classical glass bottles, just as it happened in the soft-drinks production industry. Changes happened also in the field of legislature, and were connected with updating the law on winegrowing and wine production, change of the VAT to 19 %, cancellation of the consumption tax on wine or new titles of subsidies.
Also the buyer behaviour goes through a gradual development and it is influenced by many factors. Therefore the paper includes statistical evaluation of dependence between the average monthly wages and wine consumption. Calculated values show a semi-strong positive linear dependence of these two factors.

Almost every professional sector has embarked on the move toward sustainability. Most notably, business, architecture and design, urban and rural planning, agriculture, local and state governments, non-governmental organizations and higher education. European landscapes are facing rapid changes in land use, where understanding and management of this process is essential. Sustainability has become a widely acknowledged dimension of human actions, but still little stress is put on education in sustainability. This paper identifies focus of education, gives suggestions for improvements and presents a new tool for education and training in sustainable land use - "Road Planner". As results, it provides all users with new interesting facts on sustainability in the European Union and additional materials related to sustainable land use and Sustainability Impact Assessments (SIA). Users got the access to updated information regarding approximately 3000 courses on offer in this topic area throughout the European Union as well as case studies to compare sustainability practices in these countries in comparison to other parts of the world. Furthermore the end result of the information chain also leads the user to a collection of links such as interesting websites and further reading in the topic area.

The 18^th century was the period when the Russian empire started to open to the western culture. The economic and cultural development of this country started after the reforms of the emperor Petr I. Large number of the imperial palaces where built after the foundation of Santk Petersburg in 1703. Peter I was a big admirer of the western culture, his knowledge about it increased during two visits through Europe. Therefore, the formal gardens and baroque palaces built during the reign of Peter the Great are called Peter's baroque.
Until 1715 were all Russian gardens influenced by the Holland pattern like the palaces built by William of Orange in Holland - Het Loo and in England part of the Hampton Court. The first garden laid out in formal style in Sankt Petersburg was the Summer Garden - located in the architectural heart of the city. Gardens of this period were characteristic by small closed ground plan surrounded by water canals, an absence of using terrace as a symbol of majesty and highest point of view and finally by modest architecture. After the second visit of Peter I to Europe, he started to use all principles of the French formal gardens based on Andre Le Notre work. Palaces like Petrodvorets, Strelna and residence of first minister Alexander Menshikov in Oranienbaum were laid out on a natural terrace overlooking the Gulf of Finland.
During the reign Elizabeth Petrovna started a huge expansion of palaces Petrodvorets, Hermitage and Tsarskoe Selo by the Italian architect Francisco Bartolomeo Rastrelli, whose combinations of rich ornaments, soft unusual colours and white columns are symbol of Russian baroque of the middle of 18^th century. Moreover, F. B. Rastrelli also rebuilt some garden pavilions giving a new dimension of composition between buildings and garden. His sense of buildings soft colours in contras to the dark colours of north nature was very important and helped to improve Russian garden design of this time.
After the start of reign Catherine II in 1761 begun new period of architectural style - Classicism and English Landscape School. At first was rebuilt a part of the formal gardens in Tsarskoe Selo for which was used the composition of the famous Stowe Park as a pattern. Others built landscape parks were Pavlovsk, Gatchina and Alexandrowski Park. In the process of creating those imperial residences were used principles of the work of William Kent, with antique temples, also Lancelot Brown's famous nature scenery. Moreover, the compositions of landscape parks are good examples of oriental and neo-gothic pavilions.
Russian formal gardens and landscape parks are inseparable part of European art in 17^th and 18^th century. They composition content basic characteristic of French baroque and English landscape school together with different elements originated as a adaptation to the specific climatic conditions of this region.

The paper describes the characteristics of fish growing and fish-production development in Egypt, and focused on the analysis of contribution of aquaculture production by environment in total fish production within the defined reference period 1996 to 2005. Statistical methods were applied to evaluate the state of aquaculture production including mean coefficient of growth and mean coefficient of change. There is also presented short-time point and interval extrapolation prediction of studied events. Methods of regression and correlation analysis and development trends were applied for the mathematical-statistical analysis. The aim of this paper is to present prospective analysis to help both policy maker and technical specialist to improve the development of national aquaculture sector.

Besides agricultural primary production, the food industry and all other branches of the economy /services/ it is the information and communication technology used in retail that is one of the factors that markedly influence food retail. Therefore it is necessary to analyse the effect of electronic transactions that are used by food retail to attract and acquire other target groups of the consumers purchasing food. Though globally the retail companies (for ex. in Great Britain) invest in this technology heavily in order to increase their competitiveness on the market the food e-business in the Czech Republic has been more or less stagnating, though the recent years have been showing slight increase of interest in this form of shopping. This article identifies both the positive and the negative reasons of this situation. The technological level of computer network and its high accessibility proven by the fact that the vast majority of consumers can use internet for purchasing any kind of goods incl. food can be considered the positive reason. On the other hand the poor offer of food presented on the internet by retailers who - for fear of low demand for other kinds of food - focus mainly on beverages and dry food can be considered one of the negatives. The weakest point here is the timely delivery of goods in unchanged quality. Despite these facts the purchasing of food via internet can still serve well for busy or handicapped customers with limited mobility.

The paper aims to introduce a synergic approach to the strategic marketing management, which appears to be a challenge with respect to enhancing competitiveness of industrial companies in a small open economy. The potential of these companies consists in managing relations with the key stakeholders, which by means of effective establishing, maintaining and terminating of the mutual relations leads to developing of marketing networks, enables more effective tradeability of their offers, besides domestic embracing also global markets. The success of these relationships depends on the quantity and quality of mutual exchanges and in particular on the strengthening socially and knowledge-based links. The theoretical principles underlying the synergic approach within the marketing management are closely connected with the present marketing concepts, a new approach to the value creating, effectiveness of marketing activities and will form a basis for research of the industrial companies within the Czech Republic with the orientation to marketing activities effectiveness and performance of the company. The methods used in the paper are secondary analysis of statistics, analysis of scientific and professional literature, reports and researches of authors. The scientific aim of the paper is to review of current situation in this area and to create theoretical basis for the research on the industrial market.

Small and medium enterprises (SME) are the engine of the European economy. They are an essential source of jobs, create entrepreneurial spirit and innovation in the EU and are thus crucial for fostering competitiveness and employment. In the enlarged European Union of 27 countries, some 20 million SMEs provide around 75 million jobs and represent 99 % of all enterprises. However, they are often confronted with market imperfections. SMEs frequently have difficulties in obtaining capital or credit, particularly in the early start-up phase. Their limited resources may also restrict access to new technology or innovation. It is therefore necessary to monitor the development of SMEs in individual EU countries and highlighting their problems and mainly to their importance.
During the recent period of time there have been many researchers from the FBE Mendel University in Brno, who focused on the analysis of the small and medium-sized enterprise, e.g. Bohušová (2007); Chládková (2009); Nerudová a Bohušová (2008); Kubíčková a Peprný (2006); Zrůst a Pyšný (2008).
This paper is the part of the Research proposal MSM 6215648904 being solved at the FBE Mendel University in Brno.

The study is aimed at analysing the role of location as a factor affecting development of rural communities. Research findings presented in the paper are based on the findings from survey conducted by the Department of Social and Regional Policy of IAFE-NRI in 2006. Study showed that location of villages close to urban areas (especially where local self-government is located) affects their economic development. In opinion of almost every fifth of surveyed villages' representatives, location close to the town influenced development of entrepreneurship.

The paper deals with the efficiency of property taxes in the tax system of the Czech Republic, focusing on the administrative costs of taxation on the timeline 2005 to 2008. It contains a theoretical definition of tax efficiency, and describes the types of costs connected with taxes. From this perspective it focuses on quantifying the direct administrative costs of inheritance tax, gift tax, property transfer tax and property tax. Direct measurement of administrative costs is done by using the method called WTE staff which classifies employees of regional financial institutions in separate groups and assigns each group a specific number of employees for each reference property taxes using the conversion factors. Then it defines the total expenditure of regional financial institutions using the coefficients for a particular monitored tax and it provides administrative costs as a percentage of property tax receipts. Finally, the results of measurements indicating the proposed amendment are discussed.

The contribution concentrates on a special form of food sale. It solves several attributes of connection of food sale and electronic commerce. Firstly it describes experiences got by foreign companies like Tesco or Ahold - leaders of food commerce. Strategies and achievements in the field of electronic commerce of theirs were introduced.
Following part of the work is devoted to leading Czech e-shops. Vltava e-shop and e-shops of its group (Cybex.cz and others) were assessed. Several market researches were introduced (about number of internet accesses in the Czech Republic, about time dedicated to PC and internet, knowing e-commerce or its use in practice). In the last part of the first section are mentioned foreign e-shop targeting Czech e-commerce market.
In the third part are advantages of e-shopping summarized. Time saving, opening time, goods comparisons are briefly mentioned.
The application part was aimed to Jednota's future e-shop. That means that existing retail chain was chosen. So the foundation of e-shop is rather easier. Than the assortment of Czech e-shops was described, especially in connection with customers' preferences. Customers' shopping behavior was examined. So possible ways out could be founded.
Following part takes care of implementation of food e-shop. Supply, logistic solution, payment solution, strategy of gaining and maintenance customers, contracting, information technologies, solutions and investment return were mentioned or solved.
Results of the contribution are summarized in the conclusion. Relationship between theory of e-commerce and its application was highlighted as a necessary condition of its functioning in real world.

On existing conditions on global market (almost identical quality, almost identical purchasing values) companies have to definite the total rating of importance of evaluative criteria. In post-crisis period the problem of suppliers' evaluation is one of the biggest, because companies had to use all resources and all possibilities to develop their own business. Many authors wrote about collaborative planning and warehousing as one of possibilities to optimization work inside supply chain. For this paper define small and medium-sized enterprises (SME) as enterprises with the size of maximum 250 employers.
In literature was read we couldn't find information about own system of suppliers evaluation for small and medium-sized enterprises.
SME can have some different types of business and in this case need the universal system of evaluation. The research of this paper is oriented on small and medium-sized enterprises with different types of business. The new theoretical universal method of calculation for evaluation existing suppliers for small and medium-sized enterprises will present in this paper. This theoretical method is based on average values. This method includes traditional evaluative criteria (quality, delivery time) and other (mobility of supplier, possibilities of new level of partnership). This method of evaluation can not be used for continual manufacture. New method can improve the total evaluation of supplier in small and medium-sized enterprises.

In the world the interconnection of national economies and internationalization of economic processes occur. In turbulent changing business environment only those companies that understand the current trends in global economy may survive, develop and prosper. Therefore, the issue of internationalization for most companies becomes to be more important and the process of internationalization is the way how to stand this increasingly competitive environment. In presented contribution, the attention is paid to issues of internationalization of Slovak food industry enterprises such as their way of business internationalization, percentage share of foreign - trading activities on overall business activity, company evaluation of business internationalization or barriers of foreign markets penetration that researched companies have to deal with. Small and medium-sized enterprises (SMEs) are the engine of the Slovak economy, generator of development, innovation, growth and they employ more than 60% of employees. Almost all businesses operating in agri-food complex have character of small and medium enterprises. The results of carried research have shown that small and medium-sized companies are considered to be successful in operation on foreign markets in surrounding European countries.

The study is aimed at the analysis of the situation in the agricultural land market in Poland, including the identification and description of factors affecting the turnover and rules governing trade in agricultural land and the influence of the Agricultural Property Agency on the supply and demand relationships in trade in agricultural land. The main and critical factors affecting the demand-supply relations in the market are identified.

Presented article is focused on additive index partition exploitation at the valuation of financial efficiency of the building and loan associations sector between years 1999-2005. Orientation of this paper continue to the article "Selected aspects of the financial efficiency of the building and loan associations" published in Acta Univ. agric. et silvic. Mendel.Brun., 2006, LIV, No. 6, 2006, ISSN pp. 97-105. Main idea is analysis and evaluation of financial results of the Czech building and loan associations sectors between 1999-2005. For this drift pyramidal representation of indicator ROAA is used. Also effect between partial indicators and synthetic indicator ROAA using additive index partition is investigated.

The paper deals with the analysis of the situation in a sector of small and middle-sized businesses (SMEs) in the Czech Republic, above all the analysis of SMEs in trade. Small and middle-sized businesses are considered to be the base of national economics EU countries. In the Czech Republic 992 132 SMEs was registered in the end of 2004 and in this time there were 1 899 thousands of people employed in SMEs. Small and middle-sized enterprises have 99.85% share in all registered businesses in the Czech Republic in 2004. The outputs of SMEs have increased 13.9% from 2003 to 2004. Small and middle-sized businesses are key subjects in trade; there is a big competition of retail chains. SMEs can use some of development programs and supports, but there aren't any specific supports or programs for SMEs in trade.

This thesis is focused on preparation of basic elements of the National System for Support of Sustainable Tourism in the Czech Republic and on development of a methodology for ranking of selected tourist services from the sustainable point of view. Its result is planned to be used as a basis for real decisions potentially taken by the Czech government in near future.
The first part analyses and summarises existing approaches worldwide to sustainable tourism, potential benefits and different impacts of tourism in order to specify possible measures avoiding unwanted impacts later on. The need to change towards sutainability in tourism is based on analysis of different policies and documents and a summary of duties of the Czech government (national ones and international ones). There is also a list of the best experiences available how to promote, support and encourage development of sustainable tourism based on analysis of the World Tourism Organisation studies and recommendations, existing EMS systems like ISO, EU ecolabel or methods, approaches, criteria and indicators used by different labels.
Next part defines neccessary elements for successful system functioning in the Czech Republic, based on existing and working governmental and non-governmental structures not forgetting such important activities like information, education, marketing and motivation and sets expected responsibilities and roles of different potential partners participating on the system implementation.
Unfortunately, there is no one certified tourist business in Czechia according to ISO, EMAS or EU flower before end of October 2004. Main reasons are price, missing benefits and motivations for businesses. Therefore an self-assesment questionnaire for a small-scale accommodation is developed. This fits with the "easy to understand, easy to answer". This option is missing in the country and it is understood as a prestep to more sophisticated methods of measurment. The main sustainable criteria are set as "GUESTS", "NATURE RESOURCES AND ENVIRONMENT" (water, energy, green building, reduction of waste, soft mobility, biodiversity), "LOCAL COMMUNITIES" (culture, economy) and "FUTURE".
The Czech Republic needs to start to implement sustainable tourism policies in practice. It should be organised in wide cross-sector partnership co-operation of profession associations, consumer associations and under the official responsibility of Ministry of Environment and Ministry for Regional Development (responsible for tourism). This thesis has been published in a shorten form during the WTO conference for Europe "Public Private Partnerships for Sustainability Certification of Tourism Activities", taken place in October 2004 in Mariánské Lázně. Based on this presentation, conclusions and results of this thesis will be included in the project "National programme for Sustainability in Tourism". This project will be submitted in the Czech government by both above mentioned ministries before end of 2004.

Economies in rural regions are characterised by a wide range of economic activities and that in 1990 even in the most rural regions of economically developed countries the agricultural sector accounted for less than 20% of regional labour force (OECD). Non-agricultural activities become dominant in rural regions. Among others, rural tourism and agri-tourism belong to the most frequent types of these activities in rural areas.
However prerequisites and conditions for sustainable regional development and rural and agri-tourism differ between countries economy with long tradition of market economy and countries with transition economies. There are many factors behind this difference, when intensive character of agricultural production even in less favourite areas, which was typical for these areas in transition economies still a few years ago, is one of decisive.
The article addresses the problem of evaluation of sustainable regional development and evaluation of rural and agritourism in the context of various world regions. The three dimensions of sustainable development, the environmental, the economic and the social dimension are equally important and should not be ranked or separated.
Indicator systems and evaluation methods have the potential to play a significant role in the decision making process at a regional level. They can form the basic information that is necessary to allow strategic planning as well as informed participatory processes for the decision among different pathways into the future.

The report deals with an analysis of the questionnaire inquiry results about Internal tourism in the Czech Republic in 2005 from the Czech Statistical Office sources. Besides basic information about the tourist trade statistics and terminology questions the core of this publication is the analysis of the Internal tourism in the NUTS II South-East region and both its parts (South Moravian region and Vysocina region) and its comparison with the Czech Republic. Authors tries to create a visitors background from the point of view of visit seasonality, a region from which he comes, an age, a travel purpose, a travel duration, an accommodation type, travel expenses and a conveyance used. Indicators were selected, in which the region visitors differ in comparison with the entire Czech Republic, eventually in which the visitors of South Moravian region differ from the Vysocina region visitors. At the conclusion authors speculate about the conditions of regional localization of the tourist trade satellite account in the Czech Republic.

Aim of the paper is to delimitate a partial procedure in the process of modelling and simulation of decision-making results took by individual market subjects. Article's fundamental is an elemental example of agent system (and derivatively multiagent system) utilization by means of computer technology, which represents so-called computer malingering or computer simulation method. Next to classical word argumentations and mathematically-statistical methods this approach represents a relatively new tool applicable in social sciences (principle of autonomous agent was described in the year 1986).
Application is effected by the help of freely accessible software tool. Model's dynamics consists in random selections of agents pair where probability tells whether they will interact or not. Interaction in this case means copying of so-called cultural characteristics.
Introduced construction's output is verification of predicament which says that taking-over postures, behaviour standards, opinions etc. in population though leads to diffusion of definite cultural pattern, nevertheless doesn't lead to populations' homogenization.
In conclusion the deterministic character of introduced application is being specified. Also the direction of next progress at work with it this construction is being foreshadowed. Authors are aware of multiple enlargement necessity of characteristics variety and values that the characters may take. This goes hand in hand with mounting of whole process to the context with next methods dealing wiht motives forming consumer's decisions.

The paper focuses on the viniculture sector in the Czech Republic in the stage of its adaptation to the united EU-market. The period before the entrance of the Czech Republic to the EU can be characterized by an effort to develop the necessary resources for its quantitative and qualitative growth at the maximum possible level. Evaluation of this period comes from analysis of: legislature and governmental and EU laws, directives and measures, development of the area of vineyards, human resources and businesses, wine market in the Czech Republic and the European Union, financial support of winegrowing and wine-production, structure of wine production, and price of grapes. Legislature for this sector had been changed in relation to the legislature of the EU - the main impacts being in registration of vineyards, the ban on new planting. Area of vineyards was enlarged by about 7 thousand hectares, and the main focus in the near future will be directed to their renewal - because of the age of the vineyards and bad heritage from the past in terms of low investments. The size structure of business subjects changed as well. Production potential is 19.3 thousand hectares of vineyard, there is filed more than 18 thousand wine-growers and nearly 600 wine producers. There is a potential for 20 thousand jobs in this sector, and considering the limited production area of vineyards, this projects into a high influence on the character, and development level of these areas. Consumption of wine is gradually increasing (16.5 litres per habitant per year, as yet). Prices, which were found, are relatively stable in the period of focus, with differences between white and blue varieties. Whereas the financial support of winegrowing was focused on enlarging the area of vineyards, in the pre-accession period, it is redirected to the restructuring of vineyards, integrated production of grapes, and reproduction of vines, in the current period. Wine imports constantly outweigh the exports in volume and value. Prices of grapes have been stable, in the past three years, but the price in 2005 was negatively influenced by wine imports. The analysis is summarized using the industry attractiveness evaluation matrix. It evaluates the selected influences with regard to the wine-production industry, which is evaluated as not very attractive, especially due to the low profitability of winegrowers, excessive regulation, and differences in financial support in different EU-member states.

The topic of this paper is motivated by the increasing popularity of Economic Value Added (EVA) and by the need to make the managing process of Czech agribusiness firms more efficient. Through adoption of EVA principle, the proponents of EVA argue, that EVA will lead to increased efficiency in the management and allocation of all assets and hence increased shareholder value. Though from the theoretical point of view EVA is seen as a superior performance metric, the results of the most empirical studies do not support this claim. One of the standard argument against EVA superiority results from the statistical survey of the relationship between EVA and traditional performance measures. Despite of the results of the most empirical studies this paper assumes (with regard to the specifics of Czech food processing sector) a difference in information content of EVA and traditional performance metrics. The intent of this article is to provide a simple regression test of the hypothesis that between EVA and traditional performance metrics is not tight linear dependency, which would point out that EVA has the same information content as traditional performance measures. The regression results indicate in all cases a positive correspondence between EVA and financial performance metrics with very low dependency of EVA on the financial metrics, which supports the examined hypothesis.

This article is focused on the topic of customer protection. The protection covers insolvency of travel agency and comes out from the Council Directive 90/314/EEC. In the Czech Republic this Council directive is implemented into Czech law through the Act No. 159/1999 Coll. on Conducting Business in Some Areas of the Tourism Sector. Unfortunately, the act is considered to be not up to date therefore novelization is being prepared. The article describes insurance as the one and only customer protection in the Czech Republic. Simultaneously, there are set other possibilities of customer guarantee in case of travel agency bankrupt which are successfully used in other European countries. One part of the article is dedicated to detail analysis of this problem in Great Britain. The result of provided analyses and research - proposal of guarantee model through insurance section which would be a part of Association of Travel Agencies and Tour operators. The goal of the model is to clear away present weaknesses in this field.

The main objective of this paper is presentation of findings gathered through an analysis of items that cause deferred income tax in commercial insurance companies in the Czech insurance market. The evaluation of the subject is focused in accordance with the concept of the presented paper as regards structure analysis of the deferred tax, working with a selection of insurers - members of the Czech Insurance Association. We study, document and evaluate the influence of the deferred income tax being related with the given available income, as well as related to the effective income tax rate in a commercial insurance company. This analysis concerns the evaluation of the present-day degree of transformation and approximation of the Czech system of insurance in the process of harmonization with the European insurance system.

Presented article is focused on evaluation efficiency of the building and loan associations sector between years 1999-2005 and on identification of the fundamental factors which influence the efficiency of the sector. From the efficiency indicators, ROAA, rate margin, commission margin, cost margin and risk margin were used. These indicators were rated from the building and loan associations accounting data. The criterion for the valuation of the building and loan associations sector were average values of the efficiency indicators achieved in the CZ bank sector as unit in given period. For evaluation of influence individual partial margin significance on ROAA correlation analysis was used.