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We survey CFOs about the cost of capital, capital budgeting, and capital structure. Large firms rely heavily on present value techniques and the capital asset pricing model, while small firms are relatively likely to use the payback criterion. A surprising number of firms use firm risk rather than project risk in evaluating new investments. Firms are concerned about financial flexibility and credit ratings when issuing debt, and earnings per share dilution and recent stock price appreciation when issuing equity.

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We find some support for the pecking-order and trade-off capital structure hypotheses but little evidence that executives are concerned about asset substitution, asymmetric information, transactions costs, free cash flows, or personal taxes. We thank Franklin Allen for his detailed comments on the survey instrument and the overall project. We appreciate the input of Chris Allen, J. Heaton, Craig Lewis, Cliff Smith, Jeremy Stein, Robert Taggart, and Sheridan Titman on the survey questions and design.

We received expert survey advice from Lisa Abendroth, John Lynch, and Greg Stewart. We thank Carol Bass, Frank Ryan, and Fuqua MBA students for help in gathering the etoro binary option review system j25, and Kathy Benton, Steve Fink, Anne Higgs, Ken Rona, and Ge Zhang for computer assistance.

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Finally, we thank the executives who took the time to fill out the survey. This research is partially sponsored by the Financial Executives Institute Most correlated currency pairs.

The opinions expressed in the paper do not necessarily represent the views of FEI. Graham acknowledges financial support from the Alfred P. Some supplementary research results are available at http: Journals Books Register Sign in Sign in using your ScienceDirect credentials Username.

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JavaScript is disabled on your browser. Please enable JavaScript to use all the features on this page. Journal of Financial Economics Volume 60, Issues 2—3MayPages The theory and practice of corporate finance: Author links open the author workspace.

Numbers and letters correspond to the affiliation list. Click to expose these in author workspace Campbell R Harvey.

Using Currency Correlations To Your Advantage

Opens the author workspace Opens the author workspace a. Click to expose these in author workspace b.

Click to expose these in author workspace a Fuqua School of Business, Duke University, Durham, NCUSA b National Bureau of Economic Research, Cambridge, MAUSA.

Abstract We survey CFOs about the cost of capital, capital budgeting, and capital structure. Elsevier About ScienceDirect Remote access Shopping cart Contact and support Terms and conditions Privacy policy.

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