Duke University/CFO
Global Business Outlook Survey
Second Quarter 2008

No individual firms are identified and only aggregate data are made public. Please respond by June 12. 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 external concerns facing your corporation? (rank #1, #2, #3)
   Consumer demand
   Cost of fuel
   Cost of non-fuel commodities
   Credit markets/interest rates
   Devaluation of the dollar
   Environmental regulation
   Financial regulation
   Housing market fallout
   International political instability
   Upcoming change in U.S. administration
   Foreign competition
   Trade policies and trade agreements
   Inflation
   Other:    

4. What are the three top internal, company-specific concerns for your corporation? (rank #1, #2, #3)
   Ability to forecast results
   Auditing costs
   Attracting and retaining qualified employees
   Cost of health care
   Managing IT systems
   Data security
   Protection of intellectual property
   Supply chain risk
   Balance sheet weakness
   Personal job security
   Other:    

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]
   Prices of your products
   Productivity (output per hour worked)
   Technology spending
   Capital spending
   Marketing/advertising spending
   Number of domestic employees overall
   Number of domestic employees in accounting/finance
   Number of foreign/off-shore outsourced employees
   Wages/Salaries
   Health care costs
   Earnings
   Cash on the balance sheet
   Dividends
   Share repurchases

6a. In the past year, has your company taken steps to reduce the impact of rising fuel costs?
  No
  Yes 
 

6b. If yes, what steps has your company taken? (Check all that apply)
  Using more fuel-efficient fleet
  Using more efficient shipping methods (e.g., consolidating shipments)
  Switching means of shipping (e.g., from air to rail)
  Improving facility management (e.g., reduced lighting)
  Using more efficient production process
  Hedging
  Telecommuting
  Reducing business travel
  Switching fuel source from to
  Passing on price increases by raising our prices
  Reducing our margins
  Negotiating fixed price fuel contracts
  Other    
 

7. How has your company responded to other recent non-fuel commodity and raw materials price increases? (check all that apply)
  We have passed on price increases by raising our prices
  We have reduced our margins
  We have negotiated fixed price contracts with our vendors
  We have hedged commodity prices
  We have sought alternative sources and/or raw materials
  We have made no changes
  We have not been impacted
  Other    

8a. Has your company been affected by the cost or availability of credit?
  No
  Yes, somewhat   
  Yes, very much  
8b. If yes, in what ways has your company been affected by the credit market turmoil?
   [check all that apply]
    Decreased availability of credit
          
Check here if you experienced difficulty initiating or renewing a bank credit line
  Increased cost of credit
     How many basis points increase since summer 2007?   bps
  Other:   

9a. Have the recent credit market and economic conditions caused your company to take the following actions over the past six months?
  Yes No
Delay, reduce or cancel new investment plans
Delay, reduce or cancel hiring plans
Initiate a substantial cost cutting program
Other:    

9b. Do you anticipate that credit market and economic conditions will cause your company to take the following actions over the next six months?
  Yes No
Delay, reduce or cancel new investment plans
Delay, reduce or cancel hiring plans
Initiate a substantial cost cutting program
Other:    

10. Do you expect any change in your cost of funds in the next six months?
  Decrease Stay the same Increase  
   

 11. On June 3, 2008 the annual yield on 10-yr treasury bonds was 4.0%. 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. When do you expect the U.S. economy to begin recovery?
  Recovery already began
  2008, Quarter 3
  2008, Quarter 4
  2009, Quarter 1
  2009, Quarter 2
  2009, Quarter 3
  2009, Quarter 4
  2010 or beyond
  No opinion

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?

       

 
If you do not have a rating, please estimate what your rating would be.


Duke University, 2008