Voluntary disclosures by financial intermediaries: evidence from Australian life insurers offering investment-related contracts

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Abstract

Voluntary financial disclosure by Australian life insurers promoting investment‐related contracts is predicted to be related to fees, funds under management, investment risk and return, liability risk and marketing costs factors. The decision to voluntarily disclose various forms of financial data in documents promoting investment‐related contracts was studied during 1989‐90. Life insurance managers providing financial disclosures tend to: (a) charge lower fees, (b) hold larger funds under management, (c) are exposed to higher investment risk, (d) are exposed to lower liability risk and (e) bear lower marketing costs. This evidence supports Mayers and Smiths' [1981] positive theory of insurance‐related contracting.
Original languageEnglish
JournalAccounting and Finance
Volume35
Issue number1
Pages (from-to)1-20
Number of pages20
ISSN0810-5391
DOIs
Publication statusPublished - 1995
Externally publishedYes

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