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Draft for discussion at ICAEW IISC meeting, 20th June 2005 - page 5 / 51

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Research methods include:

  • Conceptual analysis and ‘clearing up’ terminological confusion (e.g. accountants vs actuaries vs finance theory on ‘fair value’). Need to identify what is the ‘really’ relevant literature here (e.g. growing finance/economics literature on limitations of ‘market efficiency’ and market prices)?

  • Behaviour of insurers’ share prices (but very small samples and ‘clustering’ problems)

  • Behaviour patterns of EV versus MSSB profits

  • Role of EVs in prospectuses/mergers and in recent takeovers of ‘closed funds’

  • Content analysis of financial reports (including explanations of ‘performance’ as assumptions change; risk management; governance issues)

  • Exploration of practice of estimating/auditing EEVs/MCEVs

  • Comparison of FSA ‘realistic’ balance sheets with reported EVs

  • Experience of separating ‘investment’ and ‘insurance’ contracts

  • Interviews (managers, actuaries, auditors, analysts, regulators, Inland Revenue, ASB, IASB etc.)

  • Internal models (including ‘asset shares’)

  • National vs. international dimensions

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