Analyst Earnings Forecast Revisions and the Pricing of Accruals

We investigate the relation between two market anomalies to provide insights into analysts role as information intermediaries. Prior research finds that accruals and analyst earnings forecast revisions predict future returns. We find that the accrual and forecast revision strategies generate hedge returns of 15.5% and 5.5% when implemented independently. Strikingly, a combined strategy that uses forecast revisions to refine the accrual strategy generates a hedge return of 28.5%. Firms with consistent accrual and forecast revision signals have less persistent accruals and earnings. We also find that accruals can be used to refine the forecast revision strategy—high accruals are associated with overoptimism in analyst forecasts. Our findings indicate that although forecast revisions reflect information about accrual and earnings persistence beyond that reflected in the level of current year accruals, investors do not fully incorporate this information into their valuation assessments.     

National Determinants of Family Firm Development? Family Firms in Britain, Spain, and Italy in the Nineteenth and Twentieth Centuries

We provide here a complement to recent work on family business,which has demonstrated the need to go beyond the generic definitionof the family firm to place personal capitalism in an appropriateinstitutional, historical, and cultural framework. By focusingon the nineteenth- and twentieth-century experiences in Britain,Spain, and Italy, we challenge the notion that in the nineteenthand twentieth centuries there was anything so simple as a Mediterraneanmodel for family business. Rather, we demonstrate the need toconsider family businesses in national and regional contextsif we are to understand their various capabilities and characteristics.We use similarities and differences in the experiences and responsesof families and firms in the three countries to support thisclaim.     

Case management: an evaluation at Childrens Hospital Los Angeles

This prospective, quantitative, and qualitative evaluation of the case management program at CHLA clearly demonstrated the value of professional service coordination of care for children with complex, special health needs. Most specifically, the program documented improvement in three discrete areas of evaluation: 1. Financial, with decreased unnecessary expenditures and increased revenue. 2. Patient satisfaction, documented with validated questionnaires. 3. Clinical process improvement, using quantifiable clinical outcomes. At the very least, case management is an extremely valuable service in the present managed health care environment, and may in fact be indispensable.     

Clinic visit and waiting: patient education and satisfaction

Teaching should be part of every patient's health care. Even though this study did not show that teaching improves patient satisfaction with the clinic visit, it did indicate that subjects who were taught by the nurse were more satisfied with the education received during that visit.$     

Mavericks and Mavens of Business History: Miriam Beard and Henrietta Larson

This is the story of two women with differing visions aboutbusiness who have largely been forgotten. Miriam Beard, themaverick daughter of Progressive reformers Charles and MaryBeard, wrote the first international cultural history of thebusinessman in 1938. Henrietta M. Larson was Harvard BusinessSchool's first lady, the first female faculty member and thefirst woman to be tenured there. The two women never met orinteracted. Yet their lives and histories were entangled whenone woman, Henrietta, wrote a critical review about the contributionsof the other. This article uses their untold story to tracethe contentious process of professionalization that sidelinedone maverick outsider and kept a maven insider on the marginsof a fledgling discipline she had helped to create. Its significanceis to make gender central to the reintegration of business andculture and of women's roles in the historiography of business.