The article surveyed 392 CFOs to understand how companies make financial decisions. Big companies often use present value and the capital asset pricing model, while small ones prefer the payback criterion. Many firms consider overall risk, not just project risk, when investing. When raising money, companies worry about financial flexibility, credit ratings, and stock prices. The study supports the idea that companies prefer certain ways of financing over others, but doesn't find much concern about other factors like asset substitution or personal taxes.