If firms are reluctant to disclose contingent liabilities during a year in which they obtain new capital, then the coefficient on NEWCAP will be negative.
NEWCAP will have a negative coefficient if firms that issue new debt or equity are reluctant to accrue losses.
Only captain William Thomas and third Mike Prosser survive from last year's pairings, while there are five personnel changes involving two newcaps and three recalls.
The newcaps are Parc-y-Dre's David Kingdon and Resolven's Andrew Hopkins, while the recalls include Steve Harris (RTB EbbwVale), who last played for Wales in 2006.
In addition, newcaps could be handed out to London Irish wing Topsy Ojo and Harlequins scrum-half Danny Care, while Gloucester centre Mike Tindall looks set for a first England appearance in six months.