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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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May 21, 2008 1:38 PM ET
Mirroring the nation’s uncertainty about its economic future, a recent survey of top finance executives found that while most expect the general economy to remain troubled over the next 12 months, they’re optimistic about the prospects for their own businesses. The second-quarter survey of 1,400 certified public accountants who serve as corporate executives conducted by the American Institute of Certified Public Accountants found 57% were pessimistic or very pessimistic about the economic outlook for the U.S., while 12% were optimistic. Both numbers were relatively unchanged from the first quarter. Conversely, 45% of the executives said they were optimistic or very optimistic about their own company’s prospects over the next year, while 22% said they were pessimistic or very pessimistic. And in an even stronger sign of confidence, 51% of the surveyed finance execs expect some growth in revenue, profits and employment within their own organizations. Of course, inflation still worries many of those surveyed, said Chris McKittrick, director of business, industry and government for the AICPA. He said the chief executives, chief operating officers, chief financial officers and controllers surveyed expressed “increased concern about rising costs without the ability to raise prices. This not only puts pressure on profits, but also raises some level of concern about inflation.” That sort of thinking can “negatively affect plans for capital expenditures, research and development and employee training, which may have longer-term effects on economic growth,” Mr. McKittrick said. Mark Lang, a professor of accounting at the University of North Carolina’s Kenan-Flagler Business School, which conducted the survey for the AICPA, said in an interview that it’s curious executives are so downbeat about the outlook for other companies while remaining “cautiously optimistic” about their own. “And that gap is growing, but we’re not sure why.” The results likely indicate “a general sense of malaise in the U.S. and in particular for the economy,” Mr. Lang said. Executives at health-care, technology and services companies were the most optimistic, he said.
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