Transformation of Czech Financial and Capital Market: Study of the Czech Financial Environment at the Break of the New Millennium

The presented habilitation thesis analyses the character of financial and capital markets in the Czech Republic during the transformation period at the break of the new millennium. It deals with the relation of the market returns and financial reporting earnings, the current state of accounting harmonization and enforcement of sanctions in comparison with developed US capital market. The first two papers use the method of quantitative analysis applied on both the Czech accounting data and the capital market data. In the next two articles the research methodology employs semi- structured interviews and case study approach supplemented by study of norms and regulations of the Czech financial environment. The habilitation thesis reflects the state and development of scientific knowledge and it contributes to the knowledge of financial environment in the Czech Republic during the period of transformation at the break of millennium. In the first part the biggest importance rest on the characteristic of the Czech financial sector, namely on the relationship between the company financial accounting results and capital market returns. The following part deals with the state of preparedness