The interpretation of survey data presenta some limitations as discussed in Aggarwal (1980), while the survey was mailed to the CFo, the responses were the opinion of one individual and thus may not fully reflect the firm's position. It is possible this person may not be the best to assess the capital budgeting he/she is far process if removed from capital management There is also potential concern about a non-response bias. In an attempt to limit this limitation, two personalized mailings were sent six weeks apart, while the survey technique is not out flaws. it as been generally accepted as a reasonable proxy given the time and personal constraints in large corporations. A two-page questionnaire was mailed to the Chief Financial officers (oro's of each of the Fortune 1000 companies. In an attempt to increase the response rate, each letter was personalized and signed. Furthermore, we mailed a copy of the results to interested respondent Each survey was coded to avoid duplication in a second mailing