Earnings Preannouncement Strategies

We examine the disclosure strategies managers follow when theyd preannounce quarterly earnings shortly before formal earnings announcements. We document that managers with bad news release essentially all of their news at the preannouncement date, while managers with good news only release about half of their news. Controlling for the combined news released at the preannouncement and earnings announcement dates, firms with negative earnings announcement surprises have significantly lower excess returns for the period from just before the preannouncement to just after the earnings announcement. This finding is consistent with the observed disclosure strategies whereby managers attempt to avoid negative earnings announcement surprises, and suggests that how information is presented can affect the market's reaction to that information.     

Benefit cost management in the new millennium

The new millennium will bring new challenges to managing employee benefit plans. Costs are going up. The provider community is consolidating. The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) and the Health Insurance Portability and Accountability Act of 1996 (HIPAA) have added cost and complexity to benefit plans. Employers expect strategic partnering and a high degree of flexibility while simultaneously reducing benefit managers' budgets and staff. This article provides specific strategies and tactics for managing benefit costs in this new era.     

Controlling human capital costs in the new millennium

Low productivity and high turnover can be more costly to employers than insurance premiums and medical claims. This article discusses the need for coordinated management of all behavioral health benefits. It provides two case studies that illustrate how such coordination can avert possible long-term costs and loss of a valued employee.     

Training for the twenty-first century in a state psychiatric facility

This article analyzes some of the major factors affecting the content and process of training paraprofessionals in state-run psychiatric hospitals. It reflects on the challenge of providing the relevant knowledge and skills for staff members with limited or no clinical experience yet who are expected to provide the highest quality of care in a rapidly changing field. The author uses her own experience at the only state-run psychiatric hospital in Delaware to present ideas of how to create a learning environment for paraprofessionals that could be transferred to similar facilities.     

Is EDI dead? The future of the Internet in supply chain management

I have been involved in materials management for about 30 years (that is not something many of us really want to admit--it says we are getting old), and over that time I have seen many methods of communication come and go. In the 1960s, we used seven-part carbon forms to generate orders. We also used the keypunch card or IBM card to send our request for materials to our supplier. The supplier would acknowledge our order and provide us with a promise date. This could be done by mail using these cards or by forwarding the information to us electronically for conversion to cards. I could trace the history of communication in painful detail, but that is not important. What is important is that the only thing that has remained constant in those past 30 years has been change. We have all heard that before, but we seem to forget it. This presentation will look at the future of EDI and the Internet in supply chain management.     

BP: developing excellence in the global enterprise

World-class supply management organizations like Honda of America, John Deere, Chrysler, Hewlett Packard, and Motorola all understand the power of continuous improvement in the supply base. The best supplier management and development programs help suppliers--on a long-term basis--develop their own strength and expertise in suggestion systems, new product development, and high quality production results.