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Fundamentals Of Multinational Finance

ISBN: 9780321280312 | 0321280318
Edition: 3rd
Format: Hardcover
Publisher: Addison Wesley
Pub. Date: 1/1/2009

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SummaryTable of Contents
Written for the undergraduate student, Fundamentals of Multinational Finance, Second Edition is a focused, streamlined adaptation of the market-leading classic, Multinational Business Finance.Committed to preparing the leaders of tomorrow's multinational enterprises, the authors have included numerous mini-cases and real-world examples to teach students to recognize the challenges and benefit from the opportunities inherent in modern global markets. Lucid explanations and engaging vignettes are rendered in the authoritative voice of the best-selling authors.
PART 1 GLOBAL FINANCIAL ENVIRONMENT
1(88)
Financial Goals and Corporate Governance
3(32)
What Is Different About Global ... MORE
4(1)
The Globalization Process
5(1)
Global Transition I: Trident Moves from the Domestic Phase to the International Trade Phase
5(2)
Global Transition II: The International Trade Phase to the Multinational Phase
7(5)
What Is the Goal of Management?
12(3)
Corporate Governance
15(15)
Real World Example 1.1 Corporate Crime: The Reckoning
21(1)
Real World Example 1.2 When Scandals Go Global
22(3)
Real World Example 1.3 Conrad Black and Minority Shareholder Rights
25(1)
Mini-Case: The Failure of Corporate Governance at Enron
26(4)
Summary of Learning Objectives
30(1)
Questions
31(1)
Problems
32(2)
Internet Exercises
34(1)
The International Monetary System
35(28)
Currency Terminology
36(1)
History of the International Monetary System
37(8)
Contemporary Currency Regimes
45(3)
Emerging Markets and Regime Choices
48(3)
The Birth of a Currency: The Euro
51(5)
Real World Example 2.1 The Chinese Yuan (Or Renminbi)
55(1)
Real World Example 2.2 will the New Member States of the EU Automatically Adopt the Euro?
56(1)
Exchange Rate Regimes: What Lies Ahead?
56(3)
Mini-Case: The Creation of Eurodollars
57(2)
Summary of Learning Objectives
59(1)
Questions
60(1)
Problems
61(1)
Internet Exercises
62(1)
The Balance of Payments
63(26)
Typical Balance of Payments Transactions
64(1)
Fundamentals of Balance of Payments Accounting
65(2)
The Accounts of the Balance of Payments
67(2)
The Capital/Financial Account
69(5)
The Balance of Payments in Total
74(1)
The Balance of Payments Interaction with Key Macroeconomic Variables
74(4)
Capital Mobility
78(5)
Real World Example 3.1 The United States as the World's Largest Debtor Nation
79(2)
Mini-Case: Turkey's Kriz (A): Deteriorating Balance of Payments
81(2)
Summary of Learning Objectives
83(1)
Questions
84(2)
Problems
86(2)
Internet Exercises
88(1)
PART 2 FOREIGN EXCHANGE THEORY AND MARKETS
89(114)
International Parity Conditions
91(26)
Prices and Exchange Rates
92(8)
Real World Example 4.1 Purchasing Power Parity: Burgers or Beans?
95(3)
Real World Example 4.2 Deviations from Purchasing Power Parity in the 20th Century
98(2)
Interest Rates and Exchange Rates
100(8)
Forward Rate as an Unbiased Predictor of the Future Spot Rate
108(1)
Prices, Interest Rates, and Exchange Rates in Equilibrium 84--85
109(3)
Mini-Case: The Introduction of the Porsche 911 Carrera 4S Cabriolet
111(1)
Summary of Learning Objectives
112(1)
Questions
113(1)
Problems
113(3)
Internet Exercises
116(1)
Foreign Exchange Rate Determination
117(32)
The Asset Market Approach to Forecasting
119(3)
Real World Example 5.1 Uruguay Infected
120(2)
Disequilibrium: Exchange Rates in Emerging Markets
122(1)
Illustrative Case: The Asian Crisis
122(3)
Illustrative Case: The Russian Crisis of 1998
125(3)
Illustrative Case: The Argentine Crisis of 2002
128(5)
Forecasting in Practice
133(9)
Real World Example 5.2 Forecasting the Dollar/Pound Exchange Rate (Cable) In Summer 2004
138(1)
Mini-Case: Turkey's Kriz (B): Uncovered Interest Arbitrage
139(3)
Summary of Learning Objectives
142(1)
Questions
143(1)
Problems
144(3)
Internet Exercises
147(2)
The Foreign Exchange Market
149(24)
Geographical Extent of the Foreign Exchange Market
150(1)
Functions of the Foreign Exchange Market
151(1)
Market Participants
151(3)
Real World Example 6.1 The Foreign Exchange Dealer's Day
153(1)
Real World Example 6.2 Beware of Foreign Currency Trading Frauds
154(1)
Transactions in the Interbank Market
154(2)
Size of the Market
156(1)
Foreign Exchange Rates and Quotations
157(12)
Mini-Case: The Venezuelan Bolivar Black Market
166(3)
Summary of Learning Objectives
169(1)
Questions
169(1)
Problems
170(2)
Internet Exercises
172(1)
Foreign Currency Derivatives
173(30)
Foreign Currency Futures
174(4)
Currency Options
178(3)
Foreign Currency Speculation
181(7)
Real World Example 7.1 Rogue Currency Trader at Allied Irish Bank
181(7)
Option Pricing and Valuation
188(4)
Prudence in Practice
192(5)
Real World Example 7.2 A Select List of Derivative and Managerial Disasters
193(1)
Mini-Case: Rogue Trader, Nicholas Leeson
193(4)
Summary of Learning Objectives
197(1)
Questions
198(1)
Problems
198(4)
Internet Exercises
202(1)
PART 3 FOREIGN EXCHANGE EXPOSURE
203(84)
Transaction Exposure
205(30)
Types of Foreign Exchange Exposure
206(1)
Why Hedge?
207(3)
Real World Example 8.1 Amazon.com's Quest for Profits: The Role of Currency Gains/Losses
208(2)
Measurement of Transaction Exposure
210(3)
Trident's Transaction Exposure
213(8)
Management of an Account Payable
221(1)
Risk Management in Practice
222(4)
Real World Example 8.2 Manipulation of Currency Gains and Losses
223(2)
Mini-Case: Lufthansa's Purchase of Boeing 737s
225(1)
Summary of Learning Objectives
226(1)
Questions
227(1)
Problems
227(8)
Operating Exposure
235(29)
Attributes of Operating Exposure
236(2)
Illustrating Operating Exposure: Trident
238(5)
Real World Example 9.1 Volvo Car
238(5)
Strategic Management of Operating Exposure
243(2)
Real World Example 9.2 Goodyear's Response to the Mexican Peso's Devaluation
244(1)
Proactive Management of Operating Exposure
245(8)
Contractual Approaches: Hedging the Unhedgeable
253(6)
Mini-Case: Toyota's European Operating Exposure
254(1)
Mini-Case: Porsche Exposed
255(4)
Summary of Learning Objectives
259(1)
Questions
259(1)
Problems
260(3)
Internet Exercises
263(1)
Translation Exposure
264(23)
Overview of Translation
265(1)
Translation Methods
266(5)
Translation Example: Trident Europe
271(5)
Comparing Translation Exposure with Operating Exposure
276(1)
Managing Translation Exposure
277(6)
Real World Example 10.1 Hedging the Euro Away
279(2)
Mini-Case: Lajolla Engineering Services
281(2)
Summary of Learning Objectives
283(1)
Questions
283(1)
Problems
284(1)
Internet Exercises
285(2)
PART 4 FINANCING THE GLOBAL FIRM
287(102)
Global Cost and Availability of Capital
289(29)
Weighted Average Cost of Capital
291(5)
The Demand for Foreign Securities: The Role of International Portfolio Investors
296(1)
The Link Between Cost and Availability of Capital
296(4)
Real World Example 11.1 Market Liquidity
298(2)
Illustrative Case: Novo Industri A/S (Novo)
300(6)
Globalization of Securities Markets
306(2)
Real World Example 11.2 Bang & Olufsen and Philips N.V.
307(1)
The Cost of Capital for MNEs Compared with Capital for Domestic Firms
308(1)
Solving a Riddle: Is the Weighted Average Cost of Capital for MNEs Really Higher Than for Their Domestic Counterparts?
309(3)
Mini-Case: Nestle: An Application of the International Capm
311(1)
Summary of Learning Objectives
312(1)
Questions
313(1)
Problems
314(3)
Internet Exercises
317(1)
Sourcing Equity Globally
318(20)
Designing a Strategy to Source Equity Globally
319(3)
Foreign Equity Listing and Issuance
322(3)
Effect of Cross-Listing and Equity Issuance on Share Price
325(3)
Barriers to Cross-Listing and Selling Equity Abroad
328(1)
Alternative Instruments to Source Equity in Global Markets
329(4)
Real World Example 12.1 Private Equity in Argentina and the Argentine Crisis
332(1)
Mini-Case: Deutsche Bank's Global Registered Shares
332(1)
Summary of Learning Objectives
333(1)
Questions
334(1)
Problems
335(2)
Internet Exercises
337(1)
Financial Structure and International Debt
338(26)
Optimal Financial Structure
339(1)
Optimal Financial Structure and the MNE
340(3)
Financial Structure of Foreign Subsidiaries
343(5)
Real World Example 13.1 Equity Carve-Outs
344(4)
International Debt Markets
348(6)
Real World Example 13.2 Pricing and Structure of a Syndicated Eurocredit
350(4)
Project Financing
354(5)
Real World Example 13.3 Islamic Finance
356(1)
Mini-Case: Tirstrup Biomechanics (Denmark): Raising Dollar Debt
357(2)
Summary of Learning Objectives
359(1)
Questions
360(1)
Problems
361(3)
Internet Exercises
363(1)
Interest Rate and Currency Swaps
364(25)
Defining Interest Rate Risk
365(2)
Management of Interest Rate Risk
367(8)
Trident Corporation: Swapping to Fixed Rates
375(2)
Real World Example 14.1 Caveat Emptor, Procter & Gamble's Swaps
376(1)
Currency Swaps
377(1)
Trident Corporation: Swapping Floating Dollars into Fixed Rate Swiss Francs
378(3)
Real World Example 14.2 Ecuadorian Debt-For-Development
379(2)
Counterparty Risk
381(1)
Illustrative Case: A Three-Way Back-to-Back Cross-Currency Swap
381(3)
Mini-Case: Mcdonald's Corporation's British Pound Exposure
383(1)
Summary of Learning Objectives
384(1)
Questions
384(1)
Problems
385(2)
Internet Exercises
387(2)
PART 5 FOREIGN INVESTMENT DECISIONS
389(100)
International Portfolio Theory and Diversification
391(21)
International Diversification and Risk
392(3)
Real World Example 15.1 Should Fund Managers Hedge Currency Risk?
395(1)
Internationalizing the Domestic Portfolio
395(5)
National Markets and Asset Performance
400(7)
Real World Example 15.2 Equity Market Crises in the Twentieth Century
401(5)
Mini-Case: Strategic Currency Hedging
406(1)
Summary of Learning Objectives
407(1)
Questions
408(1)
Problems
409(2)
Internet Exercises
411(1)
Foreign Direct Investment Theory and Strategy
412(23)
The Theory of Comparative Advantage
413(5)
Market Imperfections: A Rationale for the Existence of the Multinational Firm
418(2)
Real World Example 16.1 Examples of Global Outsourcing of Comparative Advantage in Intellectual Skills
419(1)
Sustaining and Transferring Competitive Advantage
420(3)
The OLI Paradigm and Internalization
423(1)
Deciding Where to Invest
424(2)
How to Invest Abroad: Modes of Foreign Involvement
426(5)
Real World Example 16.2 Keeping it in the Family: American Exports to and Imports from American-Owned Affiliates Abroad (Billions of US$)
427(3)
Mini-Case: Benecol's Global Licensing Agreement
430(1)
Summary of Learning Objectives
431(1)
Questions
432(1)
Problems
433(1)
Internet Exercises
434(1)
Political Risk Assessment and Management
435(28)
Defining Political Risk
436(1)
Assessing Political Risk
437(2)
Firm-Specific Risks
439(4)
Country-Specific Risks: Transfer Risk
443(3)
Country-Specific Risks: Cultural and Institutional Risks
446(5)
Real World Example 17.1 Enron International in India
451(1)
Global-Specific Risks
451(9)
Real World Example 17.2 International Supply Chain Security: Time is Money
454(2)
Real World Example 17.3 Corporate Sustainability
456(1)
Mini-Case: Globalization and Starbucks Coffee
456(4)
Summary of Learning Objectives
460(1)
Questions
460(2)
Internet Exercises
462(1)
Multinational Capital Budgeting
463(26)
Complexities of Budgeting for a Foreign Project
464(1)
Project Versus Parent Valuation
465(2)
Illustrative Case: Cemex Enters Indonesia
467(13)
Real Option Analysis
480(3)
Mini-Case: Trident's Chinese Market Entry -- An Application of Real Option Analysis
481(2)
Summary of Learning Objectives
483(1)
Questions
484(1)
Problems
484(4)
Internet Exercises
488(1)
PART 6 MANAGING MULTINATIONAL OPERATIONS
489
International Trade Finance
491(28)
The Trade Relationship
492(2)
The Trade Dilemma
494(1)
Benefits of the System
495(2)
Key Documents
497(1)
Letter of Credit (L/C)
497(3)
Draft
500(1)
Bill of Lading (B/L)
501(1)
Example: Documentation in a Typical Trade Transaction
502(2)
Real World Example 19.1 The Letter of Credit Goes Online
504(1)
Government Programs to Help Finance Exports
504(2)
Trade Financing Alternatives
506(3)
Forfaiting: Medium and Long-Term Financing
509(5)
Mini-Case: Crosswell International's Precious Ultra-Thin Diapers
511(3)
Summary of Learning Objectives
514(1)
Questions
515(1)
Problems
516(2)
Internet Exercises
518(1)
Multinational Tax Management
519(33)
Tax Principles
520(7)
Transfer Pricing
527(3)
Real World Example 20.1 Over-and Under-Invoicing
528(2)
Methods of Determining Transfer Prices
530(2)
U.S. Taxation of Foreign Source Income
532(7)
Tax-Haven Subsidiaries and International Offshore Financial Centers
539(6)
Real World Example 20.2 The Activities of Offshore Financial Centers
541(1)
Mini-Case: Stanley Works and Corporate Inversion
541(4)
Summary of Learning Objectives
545(1)
Questions
546(2)
Problems
548(3)
Internet Exercises
551(1)
Working Capital Management
552
Trident Brazil's Operating Cycle
553(2)
Trident's Repositioning Decisions
555(1)
Constraints on Repositioning Funds
556(1)
Conduits for Moving Funds by Unbundling Them
557(1)
International Dividend Remittances
558(1)
Net Working Capital
559(7)
International Cash Management
566(6)
Financing Working Capital
572(5)
Mini-Case: Honeywell and Pakistan International Airways
575(2)
Summary of Learning Objectives
577(1)
Questions
578(2)
Problems
580(3)
Internet Exercises
583
Glossary1(1)
Index1

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