The Effects of Human Resource Management Decisions on Shareholder Value

We examine the effects of selected human resource management decisions on the abnormal change in total shareholder return. Announcements of human resource decisions are classified into five types--general HR system announcements, compensation and benefits, staffing, shutdowns and relocations, and miscellaneous. Using an event study methodology we investigate whether any of these HR decisions had a discernible effect on either the level or variation of abnormal total shareholder return. We find no consistent pattern of increased or decreased valuation in response to the different types of HR announcements, even after controlling for the likely effect of such announcements on total compensation costs. We do find substantially increased variation in abnormal total shareholder return around the announcement date, which indicates that HR decisions do provide information to the stock market. The events associated with increased variation in total shareholder value are permanent staff reductions and shutdown/relocations. The absence of consistent valuation effects combined with the evidence of increased variation in shareholder value may be attributed to uncontrolled firm-specific factors, the categorization of the HR events or, simply, to the unique interpretations the market placed upon these events

Snakes and ladders: localized solutions of plane Couette flow

We demonstrate the existence of a large number of exact solutions of plane Couette flow, which share the topology of known periodic solutions but are localized in space. Solutions of different size are organized in a snakes-and-ladders structure strikingly similar to that observed for simpler pattern-forming PDE systems. These new solutions are a step towards extending the dynamical systems view of transitional turbulence to spatially extended flows.Comment: submitted to Physics Review Letter

The Effects of Human Resource Management Decisions on Shareholder Value

We examine the effects of selected human resource management decisions on the abnormal change in total shareholder return. Announcements of human resource decisions are classified into five types--general HR system announcements, compensation and benefits, staffing, shutdowns and relocations, and miscellaneous. Using an event study methodology we investigate whether any of these HR decisions had a discernible effect on either the level or variation of abnormal total shareholder return. We find no consistent pattern of increased or decreased valuation in response to the different types of HR announcements, even after controlling for the likely effect of such announcements on total compensation costs. We do find substantially increased variation in abnormal total shareholder return around the announcement date, which indicates that HR decisions do provide information to the stock market. The events associated with increased variation in total shareholder value are permanent staff reductions and shutdown/relocations. The absence of consistent valuation effects combined with the evidence of increased variation in shareholder value may be attributed to uncontrolled firm-specific factors, the categorization of the HR events or, simply, to the unique interpretations the market placed upon these events.

Human Resource Reputation: Looking Good May Feel Good But Does It Add Value?

[Excerpt] Examples of human resource signals, such as these, abound. The critical questions are,do signals like these help create an organization asset, a good HR reputation, and does a good reputation add value? In other words, is a company\u27s HR reputation a valuable resource and source of competitive advantage (Barney, 1991)? Is it difficult to copy by its competitors? Does it favorably influence security analysts, stockholders’, applicants’, employees’, and customers’ views of the company? Or, is information about human resource activities discounted or dismissed altogether as nothing more than mere reflections of a facade having little impact on organizational success

Range extension, habitat and conservation status of three rare mallees, Eucalyptus castrensis, Eucalyptus fracta and Eucalyptus pumila from the Hunter Valley, NSW

New populations of three threatened mallee species, Eucalyptus castrensis K.D.Hill, Eucalyptus fracta K.D.Hill and Eucalyptus pumila Cambage (all Myrtaceae), have recently been found in the Singleton Military Area in the Hunter Valley of New South Wales (32°45’S, 151°15’E). Each population is significant as they increase the known distribution and total numbers of three highly restricted species. Details of the habitat and size of each additional population are given and conservation notes provided

Buy the Book But Not the Stock: The Relationship Between Human Resource Reputation and Corporate Performance

Building upon the tenets of Signaling Theory, Spence (1974), this paper introduces the concept of human resource management reputation signals and examines the effects of these signals on the financial perfomance of over 500 organizations. Numerous human resource, and overall corporate, reputation signals which have appeared in the popular business press are examined to ascertain their effects on two performance measures, the abnormal shareholder returns which occur either side of the announcement of these signals and the annual returns to shareholders in the year in which they are made public. In the end, it appears that is more imponant to utilize ones human resources effectively than it is to be included on the best or most admired lists of the various business observers who create and disseminate these reputation signals. Indeed, the vast majority of the corporate and human resource reputation signals studied had no effect on either shon or long term performance. However, a human resource management effectiveness indicator (net income per employee) was observed to be positively related to the annual shareholder return performance measure suggesting that it is better to be good than to just look good

Predictive Probabilities In Employee Drug-Testing

Substance abuse in the U.S. has been estimated to cost $99 billion annually through lower productivity. Yet the authors urge caution in attempting to reduce these costs and health and safety Risks. In doing so, they cite commonly high frequencies of false negatives and false positives in employee drug tests - the latter having the potential to do great injustice to many drug-free employees

Performance Indicator Analysis of Proficiency Criteria in the Drug-Testing-Laboratory Certification Process of the DHHS

The authors highlight and propose remedies for problems in the proficiency criteria used in certifying laboratories for drug testing federal employees in the United States