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There is a prevailing assumption in the research literature that disaster exercises produce a wide variety of benefits that promote effective emergency management. Unfortunately, there are few studies available that confirm this assumption. This paper reviews the role of exercises in disaster management and places them within the context of preparedness activities. Within this context, the links among planning, training and exercising are explicated. The potential benefits of exercises are reviewed and hypotheses generated that link exercise experiences with emergency responders' perceptions of planning adequacy, training adequacy, teamwork, response network effectiveness, equipment adequacy and job risk. The effects of two exercises – one dealing with hazardous materials and one with medical mass casualties – are examined using a quasi‐experimental research design. The subjects were professional firefighters. Results indicated that successful exercises can enhance perceptions of teamwork, training adequacy, response network effectiveness, job risk, and equipment adequacy. The link between exercise participation and perception of planning adequacy was found to be equivocal.