Unregulated Corporate Financial Disclosure and Analysts’ Forecast Properties: The Case of Embedded Value Reporting by Life Insurers

This paper investigates the association between life insurers’ voluntary disclosure of embedded value (EV), an unregulated market-driven fair value measure, and analyst forecast accuracy and dispersion. EV is an estimate of the present value of future net cash flows from in-force life insurance business. Advocates of this disclosure believe that EV is a better measure of economic performance than traditional GAAP measures. Others argue that corporate management has discretion in estimating and reporting EV. Further, analysts may have access to information that allows the development of possibly more accurate estimation metrics in the absence of EV disclosure. It is then an empirical issue to determine whether EV disclosure has any incremental effect on analysts’ forecast properties. Using a multi-country setting, we find that EV disclosure is positively associated with analysts’ earnings forecast accuracy and negatively related to forecast dispersion. This result is consistent with the alternative hypothesis that disclosure of EV provides a richer information set that enriches analysts’ forecasts beyond their own in-house developed surrogates. As guidance for insurance accounting and disclosure evolves, our findings support the value of continuing to provide EV information to the public.

Kainga (families) experiences of a Tongan-Indigenous faith-based violence-prevention programme

Christianity is an embedded value system within Pacific cultures that is now being employed to inform efforts to address social issues such as family violence. This article chronicles a Tongan woman’s cultural immersion with 49 Tongan church kainga (families) who participated in the Tongan faith-based Kainga Tu’umalie (Prosperous families) family violence programme. Talanoa (Pacific-Indigenous way of engaging families in research) with three kainga is drawn upon to highlight the impact of the programme in re-awakening the need to rebuild positive familial relationships based on core Tongan Christian values. More broadly, accounts from the kainga foreground the importance of interweaving spiritual faith and Indigenous knowledge in efforts to address family violence. This research also speaks to the importance of leveraging collaborative partnerships between community-based agencies and faith-based communities in addressing social issues.

Predicting of patient’s enrollment to multicentral international clinical trials of II–III phase

<p class="abstract">Many international multicenter trials ending by fail due to fail to recruitment of patients. Objective was to find the integrated and simple value for the assessing the possibility of recruitment in particular sites on the feasibility stage. Design consisted of retrospective review of the selected parameters since feasibility stage to final report of studies conducting in a few sites since 2008 to 2017 year. It was also selected empirical range of the sites. Collection of data was done from the private experience of authors. The integrated and simple values for the assessment of the possibility of recruitment in particular sites on the feasibility stage were calculated. Recruitment of patient as an integrated part of site’s work could be calculated as the beginning of running study on particular site which can lead to increasing of study success and could be used as an embedded value in artificial intelligence for both virtual and real studies. We titled this “calculated type of site on enrollment (CTSE)”.</p>

Optimization of proppant parameters for CBM extraction using hydrofracturing by orthogonal experimental process

Proppant placement concentration, particle size and creep time are important factors that affect the embedment of proppant into coal. Based on multistage creep, an orthogonal test is conducted, and an optimal proppant scheme for different closure stresses obtained. The results show that with increased proppant placement concentration, the number of coal fractures increases and the elastic modulus of the fracture area decreases. As the proppant particle size decreases, the plasticity of fracture-proppant assemblies increases gradually. The yield limit is highest when the particle size is 20/40 mesh. During the proppant embedding process, localization or uneven distribution of proppant results in tensile stress parallel to the fracture surface, which induces tensile fracture in the coal. In the fracture-proppant assembly areas, proppant fractures are severe and yield lines appear. As proppant concentration increases, more energy is accumulated during the proppant compaction stage, resulting in energy release producing craters and crevasses. The energy released also causes increased stress in the proppant-coal contact area and fracturing to the coal mass. The longer the creep time, the weaker the impact and the smaller is fluctuation. Moreover, we find that the orthogonal test can effectively analyze the importance of each parameter. Proppant placement concentration was found to have the highest influence on the process of proppant embedding into coal, followed by particle size and then time. Under experimental conditions, the lowest proppant-embedded value in coal samples was observed with proppant placement concentration of 2 kg m−2 and particle size of 20/40 mesh.

Framing of Papua Under Two Different Medias: Tirto.id and Reuters of United States

Critical discourse analysis (CDA) is a bridge of interpretations through textual context occurred in the news media. Thus, the 2019 Papua’s issues were getting a huge portray in online news and many news coverages in national and international level that had put Papua issues into bias. Media’s framing influences people perception as a reader. Under CDA and the framing of Papua, the news readers are expected to have their own perception through the media’s perspectives or frames. Qualitative method was used to uncover the frames of the online news media of Tirto.id and Reuters of United States. This research explores how Tirto.id and Reuters are framing the Papua issue in their articles by defining the types of frames occurred in both news media within the period. Following the framing categorization which are conflict frame, human interest frame, responsibility frame, and consequences frame and by focusing on the wordings which showing the category thus classified them based on the embedded value behind the words. Thus, distinguish the differences of the frames used between both media. The result of the analysis is that in both media employed the frames. One news could contain more than one frame employed. The conclusion is that one news article may portray many frames and both media may indicate two different perceptions of Papua issue under two different circumstances Tirto.id and Reuters of United States.

The effectiveness of risk disclosure practices in the European insurance industry

Purpose This paper aims to examine whether risk disclosure practices affect stock return volatility and company value in the European insurance industry. Design/methodology/approach Using a self-constructed “risk disclosure index for insurers” (RDII) to measure the extent of information disclosed on risks and using panel data regression on a sample of European insurers for 2005-2010, it tests the relationship between RDII and stock return volatility; whether this relationship is affected by financial crisis; and whether RDII affects insurance companies’ embedded value. Findings The main results indicate that higher RDII contributes to higher volatility, suggesting that “less is more” rather than “more is good”. However, higher RDII leads to lower volatility when the insurer has a positive net income, thus “more is good when all is good” and “less is good when all is bad”. Furthermore, the relationship between RDII and stock return volatility is not affected by financial crisis, raising concerns regarding the effectiveness of insurers’ risk disclosure to reassure the market. Moreover, higher RDII is found to impact positively on embedded value, thus contributing toward higher firm value. Practical implications The findings could drive insurers’ choices on communication and transparency, alongside regulators’ decisions about market discipline. They also suggest that risk disclosure could be used to strengthen market discipline and should be added to the other variables traditionally used in stock return volatility and firm value estimation models in the insurance industry. Originality/value This paper offers new insights in the debate on the bright and dark sides of risk disclosure in the insurance industry and provides interesting implications for insurers and their stakeholders.

PLANTING VALUES OF ENTREPRENEURSHIP (Case Study at State Primary School Model Malang)

Values are embedded in the golden age will shape the character according to the embedded value. Planning learning on the subjects of Social Sciences about planting entrepreneurial values essential to recognize by the teacher, so that the entrepreneurial character can be created as early as possible. This study aims to (1) determine the values of entrepreneurship is embedded in SD Negeri Malang Model, (2) how to settle them in the Model SD Negeri Malang. This study used a qualitative approach various case studies. Methods of data collection using observation, interviews, and documentation. Data were analyzed using data reduction, data presentation, and conclusion. Implementing research in SD Negeri Malang Model, because the mission is to make entrepreneurship in schools as a cornerstone of learning, adequate infrastructure, and the achievement of students who achieved both nationally and internationally. The survey results revealed that, (1) the values of entrepreneurship that have been invested in SD Negeri Model Malang is: the value of independent, creative value, value orientation on performance, the value of risk-taking, leadership values, values of hard work, and the value of honest, (2) planting the values of entrepreneurship by integrating the values of entrepreneurship into every subject, extracurricular, self-development and local content. Keywords: entrepreneurial values, social sciences