Duke University/CFO
Global Business Outlook Survey
Year-End 2007

No individual firms are identified and only aggregate data are made public. Please respond by November 29. If you have any questions about this survey, please contact us.

1. Are you more or less optimistic about the U.S. economy compared to last quarter?
More optimistic
Less optimistic
No change		 Rate your optimism about the U.S. economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?
More optimistic
Less optimistic
No change		 Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

 3. What are the top three concerns your corporation faces? (rank #1, #2, #3)
   Cost of labor (wages, salaries, bonuses)
   Cost of fuel
   Cost of non-fuel commodities
   Cost of health care
   Credit markets/Interest rates
   Regulation
   Political stability
   Skilled labor shortage
   Consumer demand		    Currency values
   Foreign competition
   Terrorism
   Housing market fallout
   Supply chain risk
   Executive compensation
   IFRS convergence
   Federal budget deficit
   Other:    

 4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]
   % Prices of your products
   % Productivity (output per hour worked)
   % Technology spending
   % Capital spending
   % Marketing/advertising spending
   % Number of domestic employees
   % Number of foreign/off-shore
                      outsourced employees		    % Wages/Salaries
   % Health care costs
   % Earnings
   % Inventory
   % Cash on the balance sheet
   % Dividends
   % Share repurchases

5a. During 2008, does your company plan to:
  Acquire another company or companies?
  Acquire part of another company or companies?
  Both
   Neither

5b. During 2008, does your company plan to:
  Sell your company?
  Sell part of your company?
  Neither

6. What is the probability that the U.S. economy will experience a recession during 2008 (e.g., 0%, 50%, etc.)?
    % chance of recession (e.g. 25%)

7a. Has your company been affected by the cost or availability of credit?
  No
  Yes, somewhat   
  Yes, very    		7b. If yes, in what ways has your company been affected by the credit market turmoil?
   [check all that apply]
    Decreased availability of credit
  Increased cost of credit     If yes, How many basis points increase?   bps
  Other:   

7c. Is your company taking any actions in response to recent credit market turmoil?
   [check all that apply]
   No, we are not taking any actions in response
  Yes, delaying or reducing capital spending
  Yes, delaying or reducing hiring plans
  Yes, delaying or reducing M&A plans
  Yes, delaying or reducing share repurchases
  Yes, other action:    

7d. The Federal Funds rate was recently cut by 75 basis points. How has this affected your ability to borrow?
  It has helped a lot
  It has helped somewhat
  It has had no effect

7e. The Fed has stated that they need to balance the needs of the economy (economic growth) with the risk of inflation (e.g., lower rates mean further depreciation of the dollar, which could be harmful). From your perspective, would it be helpful if the Fed cut rates by another 25 bp in 2007?
  Very
Helpful 		Somewhat
Helpful 		No Impact Somewhat
Harmful 		Very
Harmful 		 
   

8a. Will the weaker U.S. dollar help or hurt your firm in the following areas:
  Hurt Not much effect Help
Translation of foreign revenues
Competitive position domestically
Competitive position abroad
Raw material costs
Exports
Other:    

8b. The U.S. dollar's value has recently reached historic lows. Do you believe that the dollar's devaluation is:
  A cyclical / temporary phenomenon
  A permanent / long-term condition

8c. Has your firm taken any actions to offset the changing value of the U.S. dollar? [choose all that apply]
  Increased hedging position
  Changed location of investments
  Changed location of production
  Changed amount or location of outsourced work
  Other:   
  Taken no action

9a. Have you seen an increase in the number of employees taking loans or making hardship withdrawals from their 401(k) accounts?
  Yes   
  No		 9b. If yes, to what do you attribute these actions?
  To make mortgage payments
  To ward off personal bankruptcy
  To cover health care costs
  To handle a family emergency
  To facilitate normal, non-emergency spending
  Other:   

10. Compared to 2006, how much will year-end bonuses change at your company?
   % change (e.g., +12%, -25%, etc.)
  No change
  Our company doesn't normally give bonuses

 11. On November 19, 2007 the annual yield on 10-yr treasury bonds was 4.1%. Please complete the following:

a. Over the next 10 years, I expect the average annual S&P 500 return will be:

Worst Case: There is a 1-in-10
chance the actual average
return will be less than:

             %		 Best Guess:
I expect the
return to be:

%		 Best Case: There is a 1-in-10
chance the actual average
return will be greater than:

          %

b. During the next year, I expect the S&P 500 return will be:

Worst Case: There is a 1-in-10
chance the actual return will
be less than:

             %		 Best Guess:
I expect the
return to be:

%		 Best Case: There is a 1-in-10
chance the actual return will
be greater than:

          %

12. Relative to previous domestic economic slowdowns, do you believe your company's foreign activity will offset any potential weakness in U.S. demand? (Please answer only if your company is headquartered in the U.S.)
  Not at all
  A small amount
  A moderate amount
  A large amount
  Not applicable

Please check one from each category that best describes your company:

     a. Industry
       Retail/Wholesale
       Mining/Construction
       Manufacturing
       Transportation/Energy
       Communications/Media		       Tech [Software/Biotech]
      Banking/Finance/Insurance
      Service/Consulting
      Healthcare/Pharmaceutical
      Other:  
  b. Sales Revenue  c. Number of Employees
       Less than $25 million
       $25-$99 million
       $100-$499 million
       $500-$999 million
       $1-$4.9 billion
       $5-$9.9 billion
       More than $10 billion		       Fewer than 100
      100-499
      500-999
      1,000-2,499
      2,500-4,999
      5,000-9,999
      More than 10,000
  d. Headquarters   e. Ownership
       Northeast U.S.
       Mountain U.S.
       Midwest U.S.
       South Central U.S.
       South Atlantic U.S.
       Pacific U.S.		  Canada
 Central/Latin America
 Europe
 Asia
      Public, NYSE
      Public, NASDAQ/AMEX
      Private
      Government
      Nonprofit
  f. Foreign Sales   g. Your job title (e.g., CFO, Asst. Treasurer, etc)
       0%
       1-24%
       25-50%
       More than 50%

      
  h. What is your company's credit rating? 

     
 


© Duke University, 2007