Czech Financial and Accounting Journal, 2026 (vol. 2026), issue 1

Introduction to Bond Volatility Envelopes

Bohumil Stádník

Český finanční a účetní časopis 2026(1):4-20 | DOI: 10.18267/j.cfuc.626  

The view of ordinary investors, based on a basic knowledge of the sensitivity of the bond price to changes in interest rates, assumes that bonds with longer maturities generally exhibit higher price volatility than short-term bonds, and therefore volatility decreases over the life of the bond — as the time approaches maturity. However, this research, which expands, refines and illustrates the author's previous studies, shows that this view represents only one of several possible variants.

The Correlation between World Stock Markets over the Past Three Decades and its Impact on Portfolio Risk

Jitka Veselá, Alžběta Zíková

Český finanční a účetní časopis 2026(1):21-44 | DOI: 10.18267/j.cfuc.627  

This paper focuses on the issue of portfolio risk diversification using international investing in the context of the variability of the mutual correlation of global stock market movements over the past three decades. The study examined 11 stock markets, namely the markets in the Czech Republic, Germany, Great Britain, Spain, USA, Canada, Brazil, Japan, China and Australia.The results clearly show the growth of the correlation of the monitored stock markets in the last 30 years and at the same time the relatively strong level of correlation of the developed world stock markets. A significant increase in the correlation between markets occurs during...

EU TAXONOMY IN SUSTAINABILITY REPORTING - A CASE STUDY

Katarzyna Chłapek, Sylwia Krajewska, Pola Filipowicz

Český finanční a účetní časopis 2026(1):45-64 | DOI: 10.18267/j.cfuc.629  

The objective of this study is to examine sustainability reporting in relation to the EU Taxonomy (EU 2020/852). Three research questions were formulated: to what extent does the audited entity report in accordance with the EU Taxonomy; what are its percentages of investment income and expenses (CapEx) and operating expenses (OpEx), and what challenges did it face in reporting in accordance with the EU Taxonomy. To achieve this objective and address the research questions, the article employs a critical analysis of source literature, legal acts, and a hermeneutic method as well as a case study. The findings indicate that sustainability reporting is...

Recenzia na knihu: Finančný systém

(BELIČKOVÁ, Kornélia – ÁRENDÁŠ, Peter – BELANOVÁ, Katarína – HORVÁTOVÁ, Eva – KOTLEBOVÁ, Jana – NEUBAUEROVÁ, Erika – PASTORÁKOVÁ, Erika (2026): Finančný systém. Bratislava: Wolters Kluwer. 228 p. ISBN 978-80-286-0404-2)

Sandra Matušovičová, Lenka Bosáčiková, Michaela Samselyová, Peter Moravec, Erik Krchnák

Český finanční a účetní časopis 2026(1):65-69 | DOI: 10.18267/j.cfuc.628