The nature and scope of this research study are such that credit for any
success must be shared among a number of participants whose individual and
joint contributions were indispensable to its completion. Responsibility for
conduct of the research and for formulation of the conclusions is mine alone,
a responsibility I accept without hesitation. Honesty compels me to acknowl.
edge the parts which others played and lacking which the study would never
have reached its present stage.
Without the initiative, encouragement, and support of the members of the
Administrative Committee, this project might never have been conceived and
certainly could not have been completed. Each of these men was tireless in
support of the work, candid in comment, and generous in making available
resources not otherwise obtainable. I have had the counsel of wise and experi-
Members of the Advisory Board represented a variety of interests in the sub-
ject. Individually and collectively, they, too, were generous in offering
advice, in opening avenues of research, and in offering balanced judgment
when important decisions were required.
Many members of the Financial Executives Institute and other management
representatives were helpful in arranging meetings, attended and shared
experiences and views in such meetings, and responded to our lengthy Cor-
porate Questionnaire. The total effort invested in this research is impossible
to measure, but certainly would be an impressive amount.
Other representatives of the business community cooperated extensively also.
Members of the Financial Analysts Federation completed a lengthy question-
naire, the informational contents of which were essential to the work, and
provided opportunities for educational interviews and discussions.
Mr. L. J. Lucia and Mr. J. T. Kennedy attended many meetings of the
Administrative Committee. In such discussions and in other ways the benefits
of their experience and judgment were provided generously.
Special note must be made of the efforts of Mr. Benjamin R. Makela,
Research Director, Financial Executives Research Foundation, and members
of his staff who supplied every aid and assistance within their power.
Mr. K. Fred Skousen worked closely with me throughout the project. His
diligence, good humor, and thoughtful responses were of inestimable value.
Alan P. Johnson and James C. Stallman were somewhat less involved in the
total effort but also provided much needed assistance.
To all these I express my appreciation and acknowledge the importance of
their contributions to completion of the research. The conclusions are my
own, arrived at after careful consideration of all aspects of the data provided
through the study. I trust that they will be useful.
R. K. Mautz