Czech Financial and Accounting Journal, 2026 (vol. 2026), issue 2

Cost Optimization in Insurance under Information Asymmetry: Theoretical Approaches and Implications for Practice

Eva Ducháčková – Lukáš Volf

Český finanční a účetní časopis 2026(2):4-14  

This article examines the issue of cost optimization in the insurance industry under conditions of information asymmetry, with particular emphasis on moral hazard and adverse selection. The theoretical section reviews key economic models describing the behaviour of policyholders and insurers in the presence of information imbalances. The paper subsequently discusses selected instruments aimed at mitigating these inefficiencies, including screening and signalling mechanisms, behavioural approaches, regulatory interventions, and the application of data analytics. The findings suggest that effective cost management in insurance cannot be achieved without...

Disclosure of Alternative Performance Measures in European Companies from the Health Care Sector

Petra Zaťková

Český finanční a účetní časopis 2026(2):15-42  

Prepaid Fees for Investment Products: A Holistic Analysis

Jiří Šindelář – Petr Šimčák

Český finanční a účetní časopis 2026(2):42-54  

The article deals with the analysis of the cost of retail investment products, with a focus on prepaid entry fees. These form the basis of the initial remuneration for the investment advisory service and at the same time also a significant cost item, reducing the value of the investment in the first years. The article models their effect in a broader context, not only as a simple mathematical difference between two otherwise similar investment programs. In particular, the behavioral dimension is taken into account, both in the form of the so-called behavioral gap, advisory alpha and also excessive conservatism of Czech investors. These factors are...

SFDR Funds Performance Differences – Fixed Income and Equity Funds

Michal Vyletelka

Český finanční a účetní časopis 2026(2):55-68  

Financial Regulation Between Stability and Regulatory Complexity: A Discussion on the Transformation of Supervisory Architecture in the EU and the Czech Republic

Lukáš Volf

Český finanční a účetní časopis 2026(2):69-86  

The article is conceived as a discussion contribution to the debate on the institutional design of financial market regulation and supervision. It builds on the strand of literature that traditionally links the quality of regulation primarily to the choice of supervisory model, whether integrated, sectoral or functionally divided. The article reconstructs why this perspective was persuasive in the pre-crisis and immediate post-crisis period, while also explaining why it remains only partially sufficient today. It challenges the view that supervisory architecture continues to be the main determinant of regulatory effectiveness. Regulatory...