2003 Survey on Financial Reporting
Note: All responses will be held in strict confidence. No individual responses will be reported.

Please answer all questions in terms of how your firm has operated for the last 3 years.

1. Do these statements describe your company's motives for voluntarily communicating financial information?
Voluntarily communicating financial information... Strongly
Disagree		   Strongly
Agree  
  -2 -1 0 1 2
reduces our cost of capital
increases our P/E ratio
corrects an under-valued stock price
increases the predictability of our company's future prospects
increases the overall liquidity of our stock
reveals to outsiders the skill level of our managers
attracts more financial analysts to follow our stock
promotes a reputation for transparent/accurate reporting
reduces the "information risk" that investors assign to our stock
reduces the risk premium employees demand for holding stock granted as compensation
provides important information to investors that is not included in mandatory financial disclosures

Other motives that encourage voluntary disclosure:


Limiting voluntary communication of financial information helps... Strongly
Disagree		   Strongly
Agree  
  -2 -1 0 1 2
avoid giving away "company secrets" or otherwise harming our competitive position
avoid attracting unwanted scrutiny by regulators
avoid attracting unwanted scrutiny by stockholders and bondholders
avoid potential follow-up questions about unimportant items
avoid possible lawsuits if future results don't match forward-looking disclosures
avoid setting a disclosure precedent that may be difficult to continue

Other motives that affect your desire to limit voluntary disclosure: