Duke - The Fuqua School of Business

News Release

Duke, CFO Magazine Team Up for Quarterly CFO Surveys

November 28, 2004

DURHAM, N.C. -- Duke University's Fuqua School of Business announced Monday that it has signed a partnership agreement with CFO magazine to jointly conduct a quarterly survey of chief financial officers' economic projections. Duke has conducted such a survey for eight and a half years, and CFO has prepared its own Global Confidence Survey for four years.

The new study will be known as the Duke/CFO Magazine Business Outlook. The next survey will be released in December.

"Our new partnership will take the study to a higher level because of the magazine's ability to reach inside the world's largest corporations and delve into the opinions of their CFOs," said John Graham, professor of finance at Duke and director of the survey.

He noted that a recent working paper by a Ph.D. student at the University of Chicago Graduate School of Business, Itzhak Ben-David, concludes that the CFO magazine survey sample is free of selection bias and response bias and that the CFOs' predictions accurately anticipate the actions of responding firms.

"That fact, along with our ability to contrast information with past data from the last 34 consecutive quarters, will make the survey even more relevant and instructive for corporations," Graham said.

CFO magazine's editor-in-chief, Julia Homer, said, "Our readers offer the insiders' perspective on critical economic issues. Duke finance professors John Graham and Campbell Harvey will provide unique analysis and interpretation of these data." Harvey is the founding director of the Duke survey.

CFO magazine is a part of CFO Publishing Corp, an Economist Group business. With a rate base of 450,000 subscribers, CFO is the leading business publication for senior executives with financial responsibility. CFO reaches an international audience of corporate leaders with its global group of magazines, including CFO IT, CFO Europe, CFO Asia and CFO China as well as its website, www.cfo.com.

Detailed results of previous surveys are available at www.cfosurvey.org.