Table of Contents

1a. Are you more or less optimistic about the U.S. economy compared to last quarter?	1
1b. 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
2a. Are you more or less optimistic about the financial prospects for your own company compared to last
quarter?	3
2b. 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.	4
3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)	5
3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the
number of respondents (Higher number = greater weighted importance)	6
3. What are the top three external concerns facing your corporation? - Other specified	7
4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)	8
4. What are the top three internal, company-specific concerns for your corporation? Reverse scale &
weighted by the number of respondents (Higher number = greater weighted importance)	9
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified	10
5. 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]	11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months for:   [Unweighted - Sorted]	12
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted]	13
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]	14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months?  [Public Companies - Winsorized - Revenue Weighted]	15
Are you concerned about the possibility of the U.S. entering recession within the next year?	16
7a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?	17
7b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months?	18
7b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - No - Why
not?	19
7b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - No - Why
not? - Other reason specified.	20
7b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - Yes - On
what would accumulated cash reserves be deployed?	21
7b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - Yes -  On
what would accumulated cash reserves be deployed? - Other reason specified.	22
8a. In the last three months, have you pushed back your capital expenditure plans?	23
8a. In the last three months, have you pushed back your capital expenditure plans? - Yes - Why?	24
8a. In the last three months, have you pushed back your capital expenditure plans? - Yes - Other reason
specified.	25
8b. In the last three months, have you pushed back your hiring plans?	26
8b. In the last three months, have you pushed back your hiring plans? - Yes - Why?	27
8b. In the last three months, have you pushed back your hiring plans? - Yes - Other reason specified.	28
9. What is your view of the corporate tax system in the United States?	29
10. Would you be willing to give up all existing tax exemptions and credits in return for a reduction in the
overall corporate tax rate - for example, to 25%?	30
11. On August 29, 2011 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following:	31
Revenue Weighted: 11. On August 29, 2011 the annual yield on 10-yr treasury bonds was 2.3%. Please
complete the following:	32
Employee Weighted: 11. On August 29, 2011 the annual yield on 10-yr treasury bonds was 2.3%. Please
complete the following:	33
12. During normal economic times, does your company pursue all investment projects that you estimate
will have positive net present value (do you pursue all projects that you expect to earn a return that
exceeds the project’s hurdle rate)?	34
12. During normal economic times, does your company pursue all investment projects that you estimate
will have positive net present value? - No - What prevents you from pursuing all positive net present
value projects?	35
12. During normal economic times, does your company pursue all investment projects that you estimate
will have positive net present value? - No - What prevents you from pursuing all positive net present
value projects? - Other reason specified.	36
Manufacturing capacity utilized	37
Manufacturing capacity utilized (Revenue Weighted)	38
What do you estimate is your firm's overall weighted average cost of capital for 2011? (e.g., 11.2%)	39
Industry	40
Industry (Other specified)	41
Sales Revenue	43
Weighted Sales Revenue (Millions)	44
Number of Employees	45
Weighted Number of Employees	46
Where are you personally located?	47
Where are you personally located? - Other specified	48
Ownership	49
Foreign Sales	50
What is your company's credit rating? 	51
What is your company's credit rating? 	52
What is your company's credit rating? 	53

 1 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

1a. Are you more or less optimistic about the U.S. economy compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	60	12.2 %	± 2.9 %
	0=No change	113	23.0 %	± 3.7 %
	-1=Less optimistic	319	64.8 %	± 4.2 %
	Total	492	100.0 %

	Mean = -0.5
	SD = 0.7

	Missing Cases = 2 
	Response Percent = 99.6 %

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

1b. 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.

	Minimum = 0

	Maximum = 90

	Mean = 49.4

	Median = 50

	Standard Deviation (Unbiased) = 16.4

	95 Percent Confidence Interval Around The Mean = 47.9 - 51.0

Quartiles

	 1 = 40
	 2 = 50
	 3 = 60

Valid Cases = 429 
Missing Cases = 65 
Response Percent = 86.8%

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	145	29.4 %	± 4.0 %
	0=No change	169	34.2 %	± 4.2 %
	-1=Less optimistic	180	36.4 %	± 4.3 %
	Total	494	100.0 %

	Mean = -0.1
	SD = 0.8

	Missing Cases = 0 
	Response Percent = 100.0 %

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

2b. 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.

	Minimum = 5

	Maximum = 100

	Mean = 63.1

	Median = 65

	Standard Deviation (Unbiased) = 18.4

	95 Percent Confidence Interval Around The Mean = 61.3 - 64.8

Quartiles

	 1 = 50
	 2 = 65
	 3 = 75

Valid Cases = 432 
Missing Cases = 62 
Response Percent = 87.4%

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)

(N=494)

	Mean & SD	1st	2nd	3rd	Total	
	1.6	149	60	51	260
Consumer demand	0.8	30.2%	12.1%	10.3%	52.6%

	1.9	19	3	16	38
Other:	1.0	3.8%	0.6%	3.2%	7.7%

	1.9	33	26	27	86
Cost of non-fuel commodities	0.8	6.7%	5.3%	5.5%	17.4%

	2.0	34	42	29	105
Federal budget deficit	0.8	6.9%	8.5%	5.9%	21.3%

	2.0	62	70	62	194
Federal government agenda/policies	0.8	12.6%	14.2%	12.6%	39.3%

	2.1	10	15	12	37
Foreign competition	0.8	2.0%	3.0%	2.4%	7.5%

	2.1	22	37	27	86
Credit markets/interest rates	0.8	4.5%	7.5%	5.5%	17.4%

	2.1	44	64	59	167
Price pressure from competitors	0.8	8.9%	13.0%	11.9%	33.8%

	2.1	33	50	49	132
Global financial instability	0.8	6.7%	10.1%	9.9%	26.7%

	2.1	17	23	27	67
Financial regulation	0.8	3.4%	4.7%	5.5%	13.6%

	2.2	27	47	46	120
National employment outlook	0.8	5.5%	9.5%	9.3%	24.3%

	2.2	18	17	29	64
State or local government budget deficits	0.8	3.6%	3.4%	5.9%	13.0%

	2.2	10	8	16	34
Environmental regulation	0.9	2.0%	1.6%	3.2%	6.9%

	2.3	11	17	25	53
Cost of fuel	0.8	2.2%	3.4%	5.1%	10.7%

	2.3	3	10	10	23
Currency risk	0.7	0.6%	2.0%	2.0%	4.7%

	2.4	1	6	7	14
Global political instability	0.6	0.2%	1.2%	1.4%	2.8%

	2.7	0	1	2	3
IFRS convergence	0.6	0.0%	0.2%	0.4%	0.6%

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Consumer demand	1.3	1.3	491

Federal government agenda/policies	0.8	1.1	491

Price pressure from competitors	0.6	1.0	491

National employment outlook	0.5	0.9	491

Global financial instability	0.5	0.9	491

Cost of non-fuel commodities	0.4	0.9	491

Federal budget deficit	0.4	0.9	491

Credit markets/interest rates	0.3	0.8	491

Financial regulation	0.3	0.7	491

Cost of fuel	0.2	0.6	491

State or local government budget deficits	0.2	0.7	491

Other:	0.2	0.6	491

Foreign competition	0.1	0.6	491

Environmental regulation	0.1	0.5	491

Currency risk	0.1	0.4	491

Global political instability	0.0	0.3	491

IFRS convergence	0.0	0.1	491

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

3. What are the top three external concerns facing your corporation? - Other specified

Banking/Finance/Insurance	Congressional  inaction	
Banking/Finance/Insurance	Insurance rates	
Banking/Finance/Insurance	litigation	
Banking/Finance/Insurance	Obama Care	
Banking/Finance/Insurance	U.S. Housing Market	
Communications/Media	disposable income	
Communications/Media	technological change	
Communications/Media	Technology risks	
Healthcare/Pharmaceutical	greed of the employers	
Healthcare/Pharmaceutical	Price pressure from suppliers	
Manufacturing	Available engineering resources, stability of emerging markets	
Manufacturing	customers not paying bills	
Manufacturing	global economy	
Manufacturing	lack of skilled mfg employees in US	
Manufacturing	US/European economic outlook	
Manufacturing	US Political uncertainty-consumer confidence	
Mining/Construction	Lack of Capital Improvement Projects	
Other	Banks not willing to finance construction project - demanding unreasonable equity	
	component	
Other	China demand reduction	
Other	Congressional passage of DoD Appropriation Act	
Other	demand for private construction	
Other	heathcare	
Other	Political extremism	
Other	Suppliers/ customers going out of business	
Retail/Wholesale	Competition	
Retail/Wholesale	Domestic Competition	
Retail/Wholesale	Federal Reserve	
Retail/Wholesale	Heal care costs	
Retail/Wholesale	Lack of direction from Washington	
Retail/Wholesale	Obamacare	
Retail/Wholesale	Price pressure from suppliers	
Retail/Wholesale	Supplier Risk - Global	
Service/Consulting	Ombamacare	
Service/Consulting	Talent - hiring people	
Tech [Software/Biotech]	Business enterprise demand	
Tech [Software/Biotech]	world's self fulfilling prophesy of  disaster	
Transportation/Energy	Global GDP growth	

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)

(N=494)

	Mean & SD	1st	2nd	3rd	Total	
	1.5	218	83	41	342
Ability to maintain margins	0.7	44.1%	16.8%	8.3%	69.2%

	1.9	26	17	17	60
Balance sheet weakness	0.8	5.3%	3.4%	3.4%	12.1%

	2.0	14	8	13	35
Other:	0.9	2.8%	1.6%	2.6%	7.1%

	2.1	48	51	56	155
Ability to forecast results	0.8	9.7%	10.3%	11.3%	31.4%

	2.1	15	34	20	69
Supply chain risk	0.7	3.0%	6.9%	4.0%	14.0%

Attracting and retaining qualified	2.1	43	59	57	159
employees	0.8	8.7%	11.9%	11.5%	32.2%

	2.1	28	51	40	119
Working capital management	0.8	5.7%	10.3%	8.1%	24.1%

	2.1	5	13	8	26
Data security	0.7	1.0%	2.6%	1.6%	5.3%

	2.1	10	9	14	33
Protection of intellectual property	0.9	2.0%	1.8%	2.8%	6.7%

	2.2	40	66	82	188
Cost of health care	0.8	8.1%	13.4%	16.6%	38.1%

	2.3	5	11	13	29
Pension obligations	0.8	1.0%	2.2%	2.6%	5.9%

	2.3	26	65	75	166
Maintaining morale/productivity	0.7	5.3%	13.2%	15.2%	33.6%

	2.4	3	10	12	25
Counterparty risk	0.7	0.6%	2.0%	2.4%	5.1%

	2.4	13	19	45	77
Managing IT systems	0.8	2.6%	3.8%	9.1%	15.6%

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Ability to maintain margins	1.7	1.3	494

Cost of health care	0.7	1.0	494

Ability to forecast results	0.6	1.0	494

Attracting and retaining qualified employees	0.6	1.0	494

Maintaining morale/productivity	0.6	0.9	494

Working capital management	0.5	0.9	494

Balance sheet weakness	0.3	0.8	494

Supply chain risk	0.3	0.7	494

Managing IT systems	0.2	0.6	494

Data security	0.1	0.5	494

Pension obligations	0.1	0.4	494

Protection of intellectual property	0.1	0.5	494

Counterparty risk	0.1	0.4	494

Other:	0.1	0.6	494

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

4. What are the top three internal, company-specific concerns your corporation faces? - Other specified

Banking/Finance/Insurance	Liquidity	
Banking/Finance/Insurance	liquidity	
Banking/Finance/Insurance	Regulatory Risk	
Banking/Finance/Insurance	regulatory compliance	
Banking/Finance/Insurance	Revenue Growth in Weak Economy	
Banking/Finance/Insurance	weak consumer demand	
Communications/Media	moving into other market segments	
Healthcare/Pharmaceutical	greed of the owners	
Healthcare/Pharmaceutical	improving efficiency	
Healthcare/Pharmaceutical	M&A Integration	
Manufacturing	Accessing Emerging Market Customers	
Manufacturing	Cost reductons	
Manufacturing	Incompetent GM	
Manufacturing	Maintaining demand (sales)	
Manufacturing	Market Demand	
Mining/Construction	Managing growth effectively	
Other	deal flow	
Other	Growth in a tough economic envioronment	
Other	Improving execution / expanding margins	
Other	Litigious environment	
Other	Maintain Mission with reduced resources	
Other	Managing budget reductions	
Other	Market receptivity to new products	
Other	marketing capabilities	
Other	Potential reorganization imposed by governing organization	
Other	Rise of property and liabitlity insurance	
Other	Unresolved labor issues	
Other	Volatility of Commodity Markets	
Retail/Wholesale	Access to capital	
Retail/Wholesale	Having to lay off more people	
Retail/Wholesale	Over Spending	
Retail/Wholesale	Union issues	
Service/Consulting	Acquisition of new clients	
Service/Consulting	taxation uncertainty, Inc Tax,FUTA,SUTA	
Service/Consulting	workers comp costs	
Transportation/Energy	lower revenues and escalating operating costs	
Unspecified Industry	interal conflicts	

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

5. 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]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Dividends	9.7	45.0	-1.9 - 21.4	0	-50	300	57

Health care costs	9.2	7.1	8.5 - 9.9	10	-50	35	392

Revenue	7.1	29.2	4.3 - 10.0	5	-35	400	405

Technology spending	6.4	19.8	4.0 - 8.8	4	-50	200	261

Earnings	6.3	36.0	2.6 - 10.0	3	-95	400	363

Capital spending	6.3	31.6	3.1 - 9.4	1	-75	400	382

Share repurchases	5.3	20.9	1.5 - 9.1	0	-33	100	117

Research and development spending	5.3	14.8	3.1 - 7.5	0.5	-30	100	176

Productivity (output per hour worked)	3.3	4.3	2.7 - 3.8	3	-10	25	229

Marketing/advertising spending	3.0	13.8	1.4 - 4.6	1	-80	100	295

Number of domestic full-time employees	2.9	19.0	1.0 - 4.9	1	-50	300	370

Wages/Salaries	2.8	5.2	2.2 - 3.3	3	-40	50	402

Prices of your products	2.0	5.2	1.4 - 2.5	2	-20	30	323

Cash on the balance sheet	1.6	31.5	-1.8 - 5.1	0	-80	300	319

Number of offshore outsourced employees	1.6	10.4	-0.2 - 3.3	0	-90	50	139

Number of domestic temporary employees	-0.6	16.9	-2.8 - 1.6	0	-80	200	228

12 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Unweighted - Sorted]

(N=494)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	363	20	9	392
Health care costs	0.4	92.6%	5.1%	2.3%	100.0%

	0.8	341	45	16	402
Wages/Salaries	0.5	84.8%	11.2%	4.0%	100.0%

	0.7	165	52	12	229
Productivity (output per hour worked)	0.6	72.1%	22.7%	5.2%	100.0%

	0.5	209	66	48	323
Prices of your products	0.7	64.7%	20.4%	14.9%	100.0%

	0.5	162	66	33	261
Technology spending	0.7	62.1%	25.3%	12.6%	100.0%

	0.5	287	19	99	405
Revenue	0.9	70.9%	4.7%	24.4%	100.0%

	0.4	88	73	15	176
Research and development spending	0.6	50.0%	41.5%	8.5%	100.0%

	0.3	150	98	47	295
Marketing/advertising spending	0.7	50.8%	33.2%	15.9%	100.0%

	0.3	222	35	109	366
Earnings	0.9	60.7%	9.6%	29.8%	100.0%

	0.3	20	34	4	58
Dividends	0.6	34.5%	58.6%	6.9%	100.0%

	0.3	201	88	96	385
Capital spending	0.8	52.2%	22.9%	24.9%	100.0%

	0.3	192	86	93	371
Number of domestic full-time employees	0.8	51.8%	23.2%	25.1%	100.0%

Number of offshore outsourced	0.2	41	88	11	140
employees	0.6	29.3%	62.9%	7.9%	100.0%

	0.2	22	91	4	117
Share repurchases	0.4	18.8%	77.8%	3.4%	100.0%

	0.1	141	88	94	323
Cash on the balance sheet	0.8	43.7%	27.2%	29.1%	100.0%

Number of domestic temporary	0.0	57	120	53	230
employees	0.7	24.8%	52.2%	23.0%	100.0%

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Dividends	11.4	28.3	10.5 - 12.2	1	-50	97.9

Revenue	5.8	13.1	5.6 - 6.0	5	-35	64.3

Earnings	5.8	19.3	5.5 - 6.1	5	-64.3	76.9

Capital spending	4.5	17.1	4.2 - 4.8	2	-55.6	68.2

Technology spending	4.3	9.6	4.1 - 4.5	3	-32.4	45.2

Research and development spending	2.8	7.5	2.7 - 3.0	0	-23.7	34.3

Share repurchases	2.8	12.5	2.5 - 3.1	0	-33	46.3

Prices of your products	2.5	3.7	2.5 - 2.6	2	-8.2	12.2

Marketing/advertising spending	2.1	7.8	2.0 - 2.2	0	-24	30.1

Cash on the balance sheet	0.9	17.7	0.6 - 1.2	1	-60.1	63.3

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]

	Mean	SD	95% CI	Median	Minimum	Maximum

Health care costs	7.8	5.4	7.7 - 7.9	7	-4.7	23.1

Productivity (output per hour worked)	3.0	3.1	3.0 - 3.1	3	-5.1	11.7

Wages/Salaries	2.3	2.4	2.3 - 2.4	2.5	-7.4	13

Number of offshore outsourced employees	2.2	7.0	2.0 - 2.3	0	-18.8	22

Number of domestic full-time employees	0.9	6.5	0.8 - 1.0	1	-34.3	40.1

Number of domestic temporary employees	-0.4	8.1	-0.6 - -0.2	0	-33.7	32.5

15 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Dividends	12.4	29.4	11.5 - 13.4	4	-50	97.9

Earnings	9.4	17.3	9.0 - 9.9	5	-50	76.9

Share repurchases	3.4	14.8	3.0 - 3.9	0	-33	46.3

Technology spending	3.0	7.1	2.8 - 3.2	2	-15	45.2

Cash on the balance sheet	-1.8	18.4	-2.4 - -1.3	3	-60.1	50

16 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Are you concerned about the possibility of the U.S. entering recession within the next year?

	 	Number	Percent	Cumulative
	We are already in a recession	55	11.2 %	11.2 %
	Very concerned	123	25.0 %	36.2 %
	Moderately concerned	200	40.7 %	76.8 %
	A little concerned	108	22.0 %	98.8 %
	Not concerned at all	6	1.2 %	100.0 %
	Total	492	100.0 %	100.0 %

	Missing Cases = 1 
	Response Percent = 99.8 %

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

7a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Today	16.1	19.2	14.3 - 17.9	10	0	100	444

One year ago	15.8	18.8	14.0 - 17.5	10	0	100	443

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

7b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months?

	 	Number	Percent	95% CI
	No	190	54.8 %	± 5.2 %
	Yes	157	45.2 %	± 5.2 %
	Total	347	100.0 %

	Missing Cases = 11 
	Response Percent = 96.9 %

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Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

7b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - No - Why not?

	 	Number	Percent	95% CI
	Need cash as a liquidity buffer (e.g., in case credit markets
	   tighten)	63	33.2 %	± 6.8 %
	Lack excess cash to deploy	59	31.1 %	± 6.6 %
	Holding cash until economic uncertainty declines	55	28.9 %	± 6.5 %
	Have few attractive investment opportunities	48	25.3 %	± 6.2 %
	Want to avoid repatriation tax on cash held overseas	8	4.2 %	± 2.9 %
	Other	13	6.8 %	± 3.6 %
	Total	246

	Number of Cases =190
	Number of Responses =246
	Average Number Of Responses Per Case = 1.3
	Number Of Cases With At Least One Response =182
	Response Percent = 95.8 %

20 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

7b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - No - Why not? - Other reason specified.

Banking/Finance/Insurance	All available cash is distributed to shareholders	
Banking/Finance/Insurance	Regulatory inability to increase dividends	
Banking/Finance/Insurance	we are a bank , much of securities used for collateral purposes	
Healthcare/Pharmaceutical	goal of owners nil	
Manufacturing	Federal Government Policy Failures	
Manufacturing	Paying down Line of Credit debt	
Mining/Construction	bonding is based on liquidity	
Mining/Construction	Controlled by parent company	
Other	Cash remains constant as we reduce debt	
Other	S-Corp	
Other	We are start-up & still in a cash burn mode	
Retail/Wholesale	Cash is actively used	
Retail/Wholesale	Hold no cash -LOC sweep	
Retail/Wholesale	S-Corp, so dividend out to owners for other investment purposes	
Service/Consulting	Stok repurchase	

21 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

7b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - Yes - On what would accumulated cash reserves be deployed?

	 	Number	Percent	95% CI
	Capital spending or investment	90	57.3 %	± 7.8 %
	Pay down debt/line of credit	43	27.4 %	± 7.1 %
	Dividends or share repurchases	33	21.0 %	± 6.4 %
	Increase hiring	31	19.7 %	± 6.3 %
	Purchase inventory	22	14.0 %	± 5.5 %
	Increase employee benefits/pay	21	13.4 %	± 5.4 %
	Research and development	18	11.5 %	± 5.0 %
	Pension plan funding	15	9.6 %	± 4.7 %
	Marketing and advertising	14	8.9 %	± 4.5 %
	Allow more lenient payment terms by customers	6	3.8 %	± 3.0 %
	Other	30	19.1 %	± 6.2 %
	Total	323

	Number of Cases =157
	Number of Responses =323
	Average Number Of Responses Per Case = 2.1
	Number Of Cases With At Least One Response =154
	Response Percent = 98.1 %

22 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

7b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - Yes -  On what would accumulated cash reserves be deployed? - Other reason specified.

Banking/Finance/Insurance	Acquisitions	
Banking/Finance/Insurance	Acquisitions	
Banking/Finance/Insurance	increased bond investments	
Banking/Finance/Insurance	lending	
Banking/Finance/Insurance	Loans	
Banking/Finance/Insurance	selling savings accounts	
Communications/Media	acquisitions	
Healthcare/Pharmaceutical	M & A	
Healthcare/Pharmaceutical	M&A	
Manufacturing	acquisitions	
Manufacturing	cover cash losses	
Manufacturing	Health care costs	
Manufacturing	M&A	
Manufacturing	M&A	
Manufacturing	Maintain fix cost to perserve current productivity	
Mining/Construction	Acquisitions	
Mining/Construction	Acquisitions other than normal capex	
Mining/Construction	fund operations	
Mining/Construction	Operations at a loss	
Other	Acquisitions	
Other	acquisitions	
Other	buildings	
Other	Offset budget reductions	
Other	operating funds	
Other	Operations	
Other	Strategic hiring	
Other	Working Cap supporting growth	
Retail/Wholesale	Fund losses	
Service/Consulting	acquisitions	
Transportation/Energy	Acquisition	
Unspecified Industry	wages to partners	

23 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

8a. In the last three months, have you pushed back your capital expenditure plans?

	 	Number	Percent	95% CI
	No	321	66.7 %	± 4.2 %
	Yes	160	33.3 %	± 4.1 %
	Total	481	100.0 %

	Missing Cases = 13 
	Response Percent = 97.4 %

24 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

8a. In the last three months, have you pushed back your capital expenditure plans? - Yes - Why?

	 	Number	Percent	95% CI
	U.S. economic uncertainty	92	57.5 %	± 7.8 %
	Financial/credit constraints	55	34.4 %	± 7.4 %
	Global economic uncertainty	39	24.4 %	± 6.7 %
	Insufficient demand	36	22.5 %	± 6.5 %
	Regulatory environment	31	19.4 %	± 6.2 %
	Shortage of qualified employees	12	7.5 %	± 4.1 %
	Shortage of materials and/or equipment	2	1.3 %	± 1.7 %
	Other	12	7.5 %	± 4.1 %
	Total	279

	Number of Cases =160
	Number of Responses =279
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response =154
	Response Percent = 96.3 %

25 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

8a. In the last three months, have you pushed back your capital expenditure plans? - Yes - Other reason specified.

Banking/Finance/Insurance	litigation	
Manufacturing	Affordability to Invest	
Manufacturing	Earnings forecasts	
Manufacturing	New management	
Manufacturing	prioritization	
Mining/Construction	Cost Cutting	
Mining/Construction	lack of business volume - profits	
Other	Backlog reductions	
Retail/Wholesale	management bandwidth	
Tech [Software/Biotech]	due to acquisition integration	
Tech [Software/Biotech]	Use of cash for M&A	

26 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

8b. In the last three months, have you pushed back your hiring plans?

	 	Number	Percent	95% CI
	No	350	71.3 %	± 4.0 %
	Yes	141	28.7 %	± 4.0 %
	Total	491	100.0 %

	Missing Cases = 3 
	Response Percent = 99.4 %

27 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

8b. In the last three months, have you pushed back your hiring plans? - Yes - Why?

	 	Number	Percent	95% CI
	U.S. economic uncertainty	76	53.9 %	± 8.3 %
	Insufficient demand	44	31.2 %	± 7.7 %
	Financial/credit constraints	40	28.4 %	± 7.5 %
	Global economic uncertainty	28	19.9 %	± 6.7 %
	Increased productivity/producing more with fewer employees	25	17.7 %	± 6.4 %
	Regulatory environment	25	17.7 %	± 6.4 %
	Shortage of qualified employees	10	7.1 %	± 4.3 %
	Shortage of materials and/or equipment	0	0.0 %	± 0.0 %
	Other	7	5.0 %	± 3.6 %
	Total	255

	Number of Cases =141
	Number of Responses =255
	Average Number Of Responses Per Case = 1.8
	Number Of Cases With At Least One Response =136
	Response Percent = 96.5 %

28 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

8b. In the last three months, have you pushed back your hiring plans? - Yes - Other reason specified.

Banking/Finance/Insurance	pressure from parent to cut expenses	
Healthcare/Pharmaceutical	Timing required to conduct interviews	
Manufacturing	Had to cut employment	
Other	Backlog reductions	
Other	Unresolved labor issues	
Retail/Wholesale	Healthcare mandate	
Service/Consulting	we are downsizing	
Tech [Software/Biotech]	acquisition integration	

29 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

9. What is your view of the corporate tax system in the United States?

	 	Number	Percent	Cumulative
	4=It is seriously flawed and needs a complete overhaul	225	47.7 %	47.7 %
	3=It has some flaws and needs reforms	220	46.6 %	94.3 %
	2=It works reasonably well	27	5.7 %	100.0 %
	1=It works very well	0	0.0 %	100.0 %
	Total	472	100.0 %	100.0 %

	Mean = 3.4
	SD = 0.6

	Missing Cases = 2 
	Response Percent = 99.6 %

30 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

10. Would you be willing to give up all existing tax exemptions and credits in return for a reduction in the overall corporate tax rate - for example, to 25%?

	 	Number	Percent	95% CI
	Yes, because I'm sure our company would pay less in taxes	67	17.0 %	± 3.7 %
	Yes. Even though I am not sure we'd come out ahead, I'd prefer a
	   simpler system	279	70.8 %	± 4.5 %
	No	48	12.2 %	± 3.2 %
	Total	394	100.0 %

	Missing Cases = 3 
	Response Percent = 99.2 %

31 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

11. On August 29, 2011 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less than:	1.0	9.2	0.1 - 1.8	2	-50	100	453

Over the next 10 years, I expect the average annual S&P 500
return will be: Expected return:	6.5	7.5	5.8 - 7.2	5	-5	100	460

Over the next 10 years, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	10.7	11.2	9.6 - 11.7	9	1	100	458

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less than:	-4.6	11.3	-5.6 - -3.6	0	-50	100	454

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	3.5	7.5	2.8 - 4.2	3	-50	100	459

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	9.2	8.4	8.4 - 10.0	8	-40	100	455

32 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Revenue Weighted: 11. On August 29, 2011 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P 500 return will
be: There is a 1-in-10 chance it will be less than:	0.5	5.2	0.4 - 0.5	2	-17	19

Over the next 10 years, I expect the average annual S&P 500 return will
be: Expected return:	6.0	4.0	6.0 - 6.1	5	-5	21.2

Over the next 10 years, I expect the average annual S&P 500 return will
be: There is a 1-in-10 chance it will be greater than:	9.8	5.6	9.7 - 9.9	10	1	32.7

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be less than:	-5.2	9.2	-5.3 - -5.1	-2	-26.7	17.6

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	3.3	5.0	3.2 - 3.3	3	-11.2	18.2

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be greater than:	9.3	6.4	9.3 - 9.4	8	-7.3	25.7

33 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Employee Weighted: 11. On August 29, 2011 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P 500 return will
be: There is a 1-in-10 chance it will be less than:	0.6	4.9	0.6 - 0.7	2	-17	19

Over the next 10 years, I expect the average annual S&P 500 return will
be: Expected return:	5.4	3.1	5.4 - 5.5	5	-5	21.2

Over the next 10 years, I expect the average annual S&P 500 return will
be: There is a 1-in-10 chance it will be greater than:	9.4	5.2	9.3 - 9.4	9	2	32.7

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be less than:	-5.5	9.6	-5.6 - -5.4	-3	-26.7	17.6

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	3.2	5.1	3.1 - 3.2	3	-11.2	18.2

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be greater than:	9.2	6.7	9.1 - 9.3	8	-7.3	25.7

34 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

12. During normal economic times, does your company pursue all investment projects that you estimate will have positive net present value (do you pursue all projects that you expect to earn a return that exceeds the project’s hurdle rate)?

	 	Number	Percent	95% CI
	Yes	199	47.4 %	± 4.8 %
	No	221	52.6 %	± 4.8 %
	Total	420	100.0 %

	Missing Cases = 7 
	Response Percent = 98.4 %

35 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

12. During normal economic times, does your company pursue all investment projects that you estimate will have positive net present value? - No - What prevents you from pursuing all positive net present value projects?

	 	Number	Percent	95% CI
	Shortage of management time and expertise	129	58.4 %	± 6.6 %
	There is too much uncertainty about some projects	100	45.2 %	± 6.6 %
	Shortage of funding	94	42.5 %	± 6.6 %
	Some projects only appear to be attractive due to optimistic
	   projections but may not be successful	88	39.8 %	± 6.5 %
	We do not pursue some positive net present value projects
	   because we think others will earn even higher returns	86	38.9 %	± 6.5 %
	The risk of the project is too high	64	29.0 %	± 6.0 %
	Shortage of employees	55	24.9 %	± 5.7 %
	Project not expected to earn our historic rate of return	17	7.7 %	± 3.5 %
	Shortage of production capacity	16	7.2 %	± 3.4 %
	Project s success depends too heavily on a single supplier or
	   customer	15	6.8 %	± 3.3 %
	Antitrust or regulatory concerns	13	5.9 %	± 3.1 %
	Project might reduce earnings per share	11	5.0 %	± 2.9 %
	We do not think our supply chain can accommodate the project	7	3.2 %	± 2.3 %
	Other:	13	5.9 %	± 3.1 %
	Total	708

	Number of Cases =221
	Number of Responses =708
	Average Number Of Responses Per Case = 3.2
	Number Of Cases With At Least One Response =220
	Response Percent = 99.5 %

36 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

12. During normal economic times, does your company pursue all investment projects that you estimate will have positive net present value? - No - What prevents you from pursuing all positive net present value projects? - Other reason specified.

Banking/Finance/Insurance	IT not a core competency	
Banking/Finance/Insurance	pressure from parent to cut expenses	
Banking/Finance/Insurance	uncertainty	
Healthcare/Pharmaceutical	Lack of linkage to business strategy	
Healthcare/Pharmaceutical	Project may not be aligned to strategic direction	
Manufacturing	Internal debt mgmt policy	
Manufacturing	Shareholder Expectations for Return of Cash (e.g., dividends, share buybacks)	
Mining/Construction	Non-monetary considerations -- general, owner, etc.	
Other	Fright	
Other	maintain focus on a few projects at a time	
Other	nonprofit- mission driven...	
Service/Consulting	NPV is one criteria, but we are also concerned about maintaining positive earnings	
	growth over time, which limits our pace of investment in new projects that have	
	initial losses	
Tech [Software/Biotech]	prioritization	
Transportation/Energy	IT capacity	

37 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first five months of 2011	76.1	16.7	73.2 - 79.1	80	34	110	123

% of capacity utilization planned for year-end 2011	77.3	15.3	74.6 - 80.0	80	30	100	123

38 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first five months of 2011	78.2	13.5	75.8 - 80.6	80	34	110	123

% of capacity utilization planned for year-end 2011	80.9	11.7	78.8 - 83.0	80	30	100	123

39 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

What do you estimate is your firm's overall weighted average cost of capital for 2011? (e.g., 11.2%)

	Minimum = 0.4

	Maximum = 40

	Mean = 9.7

	Median = 9.5

	Standard Deviation (Unbiased) = 5.2

	95 Percent Confidence Interval Around The Mean = 9.2 - 10.2

Quartiles

	 1 = 6
	 2 = 9.5
	 3 = 12

Valid Cases = 418 
Missing Cases = 76 
Response Percent = 84.6%

40 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Industry

	 	Number	Percent	95% CI
	Manufacturing	130	26.7 %	± 3.9 %
	Other	86	17.7 %	± 3.4 %
	Banking/Finance/Insurance	68	14.0 %	± 3.1 %
	Retail/Wholesale	56	11.5 %	± 2.8 %
	Service/Consulting	34	7.0 %	± 2.2 %
	Mining/Construction	34	7.0 %	± 2.2 %
	Healthcare/Pharmaceutical	31	6.4 %	± 2.1 %
	Transportation/Energy	18	3.7 %	± 1.7 %
	Communications/Media	17	3.5 %	± 1.6 %
	Tech [Software/Biotech]	12	2.5 %	± 1.4 %
	Total	486	100.0 %

	Missing Cases = 8 
	Response Percent = 98.4 %

41 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Industry (Other specified)

Aerospace/Defense	
Agri/Forestry	
agribusiness	
Agriculture	
Agriculture	
Agriculture	
Agriculture	
Agriculture/Land Developement	
Business Imaging Supplies	
casino resort	
Charity	
Chemicals	
childcare	
Commercial Real Estate	
consulting engineering	
Diversified Computing Mfg & Service	
Education	
Education	
Education	
Education	
Education	
education	
elder services	
Energy	
Entertainment/sports	
food processing	
Food service	
Forest Products	
Foundation	
General Building Contractor	
Government	
Government/Education	
government	
HIgher Ed	
HIGHER EDUCATION	
Higher Education	
Hospitality	
hospitality	
Knowledge Management/Consulting	
leisure	
Media	
Media	
Media/Entertainment	
medical device manufacturer	
Multi industry holding corp	
NFP	
nfp	
Non Profit	
non-profit	
nonprofit	
Pension administration	
Printing/Promotional Products	
Private Equity	
Private Non profit Post Secondary	
Public School System	
Publishing	
Publishing	

42 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Industry (Other specified)

Rea Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate Development/Construction	
Real Estates	
Real estate services	
real estate	
real estate	
real estate investment	
REIT	
rental / service	
Social Services	
Sports/Entertainment	
Staffing	
State Government	
Steel	
Supply chain	
technology services	
Telecom/Wireless	
Telecommunications	
Telecommunications products	
Tour Operator + Sell travel on Internet	
University	
Venture Capital	
Waste Paper Broker	

43 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	51	10.5 %	± 2.7 %
	$25-$99 million	128	26.3 %	± 3.9 %
	$100-$499 million	165	33.9 %	± 4.2 %
	$500-$999 million	47	9.7 %	± 2.6 %
	$1-$4.9 billion	57	11.7 %	± 2.8 %
	$5-$9.9 billion	12	2.5 %	± 1.4 %
	More than $10 billion	27	5.5 %	± 2.0 %
	Total	487	100.0 %

	Missing Cases = 7 
	Response Percent = 98.6 %

44 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1338.7

	Median = 300

	Standard Deviation (Unbiased) = 2730.7

	95 Percent Confidence Interval Around The Mean = 1096.2 - 1581.3

	99 Percent Confidence Interval Around The Mean = 1020.1 - 1657.4

	Skewness = 2.7

	Kolmogorov-Smirnov Statistic For Normality = 8.6

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases = 487 
Missing Cases = 7 
Response Percent = 98.6%

45 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	63	14.5 %	± 3.0 %
	100-499	160	36.9 %	± 4.1 %
	500-999	54	12.4 %	± 2.8 %
	1,000-2,499	56	12.9 %	± 2.8 %
	2,500-4,999	31	7.1 %	± 2.1 %
	5,000-9,999	22	5.1 %	± 1.8 %
	Over 10,000	48	11.1 %	± 2.6 %
	Total	434	100.0 %

	Missing Cases = 60 
	Response Percent = 87.9 %

46 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2419.5

	Median = 300

	Standard Deviation (Unbiased) = 3802.8

	95 Percent Confidence Interval Around The Mean = 2061.7 - 2777.3

	99 Percent Confidence Interval Around The Mean = 1949.4 - 2889.5

	Skewness = 1.8

	Kolmogorov-Smirnov Statistic For Normality = 7.0

Quartiles

	 1 = 300
	 2 = 300
	 3 = 1750

Valid Cases = 434 
Missing Cases = 60 
Response Percent = 87.9%

47 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Where are you personally located?

	 	Number	Percent	95% CI
	Midwest U.S.	142	28.8 %	± 4.0 %
	Northeast U.S.	106	21.5 %	± 3.6 %
	Pacific US	78	15.8 %	± 3.2 %
	South Atlantic U.S.	71	14.4 %	± 3.1 %
	South Central U.S.	59	12.0 %	± 2.9 %
	Mountain U.S.	21	4.3 %	± 1.8 %
	Central/Latin America	7	1.4 %	± 1.0 %
	Other	4	0.8 %	± 0.8 %
	Canada	2	0.4 %	± 0.6 %
	Asia	2	0.4 %	± 0.6 %
	Europe	1	0.2 %	± 0.4 %
	Total	493	100.0 %

	Missing Cases = 1 
	Response Percent = 99.8 %

48 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Where are you personally located? - Other specified

Caribbean	
From PA to Texas	
Mid Atlantic	
mid atlantic	
va	

49 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Ownership

	 	Number	Percent	95% CI
	Private	295	65.8 %	± 4.3 %
	Public, NYSE	72	16.1 %	± 3.1 %
	Public, NASDAQ/AMEX	39	8.7 %	± 2.4 %
	Nonprofit	32	7.1 %	± 2.2 %
	Government	10	2.2 %	± 1.2 %
	Total	448	100.0 %

	Missing Cases = 46 
	Response Percent = 90.7 %

50 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

Foreign Sales

	 	Number	Percent	95% CI
	0%	203	41.5 %	± 4.4 %
	1-24%	183	37.4 %	± 4.3 %
	25-50%	65	13.3 %	± 3.0 %
	More than 50%	38	7.8 %	± 2.4 %
	Total	489	100.0 %

	Missing Cases = 5 
	Response Percent = 99.0 %

51 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	46	13.2 %	13.2 %
	AA+	48	13.8 %	26.9 %
	AA	39	11.2 %	38.1 %
	AA-	18	5.2 %	43.3 %
	A+	22	6.3 %	49.6 %
	A	13	3.7 %	53.3 %
	A-	19	5.4 %	58.7 %
	BBB+	35	10.0 %	68.8 %
	BBB	16	4.6 %	73.4 %
	BBB-	13	3.7 %	77.1 %
	BB+	17	4.9 %	81.9 %
	BB	20	5.7 %	87.7 %
	BB-	5	1.4 %	89.1 %
	B+	8	2.3 %	91.4 %
	B	10	2.9 %	94.3 %
	B-	12	3.4 %	97.7 %
	CCC	4	1.1 %	98.9 %
	CC	2	0.6 %	99.4 %
	D	2	0.6 %	100.0 %
	Total	349	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

52 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

What is your company's credit rating? 

N=349		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		349		151	198	
		100.0%		43.3%	56.7%	
						
AAA		46		19	27	
		13.2%		12.6%	13.6%	
						
AA+		48		23	25	
		13.8%		15.2%	12.6%	
						
AA		39		15	24	
		11.2%		9.9%	12.1%	
						
AA-		18		7	11	
		5.2%		4.6%	5.6%	
						
A+		22		9	13	
		6.3%		6.0%	6.6%	
						
A		13		5	8	
		3.7%		3.3%	4.0%	
						
A-		19		6	13	
		5.4%		4.0%	6.6%	
						
BBB+		35		14	21	
		10.0%		9.3%	10.6%	
						
BBB		16		8	8	
		4.6%		5.3%	4.0%	
						
BBB-		13		6	7	
		3.7%		4.0%	3.5%	
						
BB+		17		12	5	
		4.9%		7.9%	2.5%	
				b	a	
						
BB		20		9	11	
		5.7%		6.0%	5.6%	
						
BB-		5		1	4	
		1.4%		0.7%	2.0%	
						
B+		8		3	5	
		2.3%		2.0%	2.5%	
						
B		10		6	4	
		2.9%		4.0%	2.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

53 

Duke CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2011

What is your company's credit rating? 

N=349		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		12		4	8	
		3.4%		2.6%	4.0%	
						
CCC		4		3	1	
		1.1%		2.0%	0.5%	
						
CC		2		1	1	
		0.6%		0.7%	0.5%	
						
D		2		0	2	
		0.6%		0.0%	1.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01