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Multinational Business Finance

ISBN: 9780321357960 | 0321357965
Edition: 12th
Format: Hardcover
Publisher: Prentice Hall
Pub. Date: 1/1/2010

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SummaryTable of Contents
Renowned for its authoritative, comprehensive coverage of contemporary international finance, this market-leading text trains the leaders of tomorrow's multinational enterprises to recognize and capitalize on the unique characteristics of global markets. Because the job of a manager is to make financial decisions that increase firm value, the authors have embedded real-world mini-cases throughout to apply chapter concepts to the types of situations managers of multinational firms face.
PART I GLOBAL FINANCIAL ENVIRONMENT
1(100)
Comparative Corporate Governance and Financial Goals
2(33)
What Is Different ... MORE
2(1)
Separation of Ownership from Management
3(1)
What Is the Goal of Management?
4(5)
Corporate Governance
9(12)
Note on Currency Terminology
21(2)
MINI-CASE The Failure of Corporate Governance at Enron
23(12)
Summary
Questions
Problems
Internet Exercises
Selected Readings
28(7)
The International Monetary System
35(33)
History of the International Monetary System
35(6)
Contemporary Currency Regimes
41(6)
Emerging Markets and Regime Choices
47(3)
The Birth of a European Currency: The Euro
50(6)
Exchange Rate Regimes: What Lies Ahead?
56(1)
MINI-CASE The Creation of Eurodollars
57(2)
MINI-CASE The Revaluation of the Chinese Yuan
59(9)
Summary
Questions
Problems
Internet Exercises
Selected Readings
63(5)
The Balance of Payments
68(33)
Typical Balance of Payments Transactions
69(1)
Fundamentals of Balance of Payments Accounting
69(2)
The Accounts of the Balance of Payments
71(3)
The Capital and Financial Accounts
74(5)
The Balance of Payments in Total
79(1)
The Balance of Payments Interaction with Key Macroeconomic Variables
79(5)
Trade Balances and Exchange Rates
84(4)
Capital Mobility
88(3)
MINI-CASE Turkey's Kriz (A): Deteriorating Balance of Payments
91(10)
Summary
Questions
Problems
Internet Exercises
Selected Readings
94(7)
PART II FOREIGN EXCHANGE THEORY
101(76)
International Parity Conditions
102(39)
Prices and Exchange Rates
102(9)
Interest Rates and Exchange Rates
111(9)
Forward Rate as an Unbiased Predictor of the Future Spot Rate
120(2)
Prices, Interest Rates, and Exchange Rates in Equilibrium
122(1)
MINI-CASE The Introduction of the Porsche 911 Carrera 4S Cabriolet
123(2)
MINI-CASE Turkey's Kriz (B): Uncovered Interest Arbitrage
125(12)
Summary
Questions
Problems
Internet Exercises
Selected Readings
128(9)
APPENDIX An Algebraic Primer to International Parity Conditions
137(4)
Foreign Exchange Rate Determination and Forecasting
141(36)
A Roadmap to Exchange Rate Determination
141(2)
Exchange Rate Determination: The Theoretical Thread
143(2)
The Asset Market Approach to Forecasting
145(3)
Disequilibrium: Exchange Rates in Emerging Markets
148(1)
Illustrative Case: The Asian Crisis
149(3)
Illustrative Case: The Russian Crisis of 1998
152(3)
Illustrative Case: The Argentine Crisis of 2002
155(6)
Forecasting in Practice
161(7)
MINI-CASE JPMorgan Chase's Forecasting Accuracy
168(9)
Summary
Questions
Problems
Internet Exercises
Selected Readings
170(7)
PART III THE FOREIGN EXCHANGE MARKET AND DERIVATIVES
177(74)
The Foreign Exchange Market
178(29)
Geographical Extent of the Foreign Exchange Market
178(1)
Functions of the Foreign Exchange Market
179(1)
Market Participants
180(4)
Transactions in the Interbank Market
184(1)
Size of the Market
185(2)
Foreign Exchange Rates and Quotations
187(10)
MINI-CASE The Venezuelan Bolivar Black Market
197(10)
Summary
Questions
Problems
Internet Exercises
Selected Readings
201(6)
Foreign Currency Derivatives
207(44)
Financial Derivatives
207(1)
Foreign Currency Futures
208(3)
Currency Options
211(3)
Foreign Currency Speculation
214(7)
Option Pricing and Valuation
221(3)
Currency Option Pricing Sensitivity
224(9)
Prudence in Practice
233(2)
MINI-CASE Rogue Trader, Nicholas Leeson
235(11)
Summary
Questions
Problems
Internet Exercises
Selected Readings
239(7)
APPENDIX Currency Option Pricing Theory
246(5)
PART IV FOREIGN EXCHANGE EXPOSURE
251(120)
Transaction Exposure
253(48)
Types of Foreign Exchange Exposure
253(2)
Why Hedge?
255(3)
Measurement of Transaction Exposure
258(2)
Dayton Manufacturing's Transaction Exposure
260(8)
Strategy Choice and Outcome
268(4)
Risk Management in Practice
272(2)
MINI-CASE Xian-Janssen Pharmaceutical (China) and the Euro
274(4)
MINI-CASE Lufthansa's Purchase of Boeing 737s
278(12)
Summary
Questions
Problems
Internet Exercises
Selected Readings
279(11)
APPENDIX Complex Options
290(11)
Operating Exposure
301(34)
Attributes of Operating Exposure
301(3)
Measuring the Impact of Operating Exposure
304(1)
Illustration of Operating Exposure: Carlton, Inc.
305(5)
Strategic Management of Operating Exposure
310(2)
Proactive Management of Operating Exposure
312(10)
MINI-CASE Porsche Exposed
322(4)
MINI-CASE Toyota's European Operating Exposure
326(9)
Summary
Questions
Problems
Internet Exercises
Selected Readings
330(5)
Translation Exposure
335(36)
Overview of Translation
335(7)
Translation Example: Carlton Germany
342(6)
Managing Translation Exposure
348(5)
Evaluation of Performance
353(4)
MINI-CASE LaJolla Engineering Services
357(8)
Summary
Questions
Problems
Internet Exercises
Selected Readings
360(5)
APPENDIX A Basics of Foreign Currency Accounting
365(3)
APPENDIX B 2004 Risk Management Survey
368(3)
PART V FINANCING THE GLOBAL FIRM
371(154)
Global Cost and Availability of Capital
373(38)
Weighted Average Cost of Capital
375(6)
The Demand for Foreign Securities: The Role of International Portfolio Investors
381(5)
Illustrative Case: Novo Industri A/S (Novo)
386(7)
The Cost of Capital for MNEs Compared to Domestic Firms
393(2)
Solving a Riddle: Is the Weighted Average Cost of Capital for MNEs Really Higher than for Their Domestic Counterparts?
395(3)
MINI-CASE Petrobras of Brazil and the Cost of Capital
398(13)
Summary
Questions
Problems
Internet Exercises
Selected Readings
402(9)
Sourcing Equity Globally
411(23)
Designing a Strategy to Source Equity Globally
411(4)
Foreign Equity Listing and Issuance
415(3)
Effect of Cross-Listing and Equity Issuance on Share Price
418(3)
Barriers to Cross-Listing and Selling Equity Abroad
421(1)
Alternative Instruments to Source Equity in Global Markets
422(5)
MINI-CASE Deutsche Bank's Global Registered Shares
427(7)
Summary
Questions
Problems
Internet Exercises
Selected Readings
428(6)
Financial Structure and International Debt
434(32)
Optimal Financial Structure
434(1)
Optimal Financial Structure and the MNE
435(3)
Financial Structure of Foreign Subsidiaries
438(5)
International Debt Markets
443(8)
Project Financing
451(3)
MINI-CASE Tirstrup BioMechanics (Denmark): Raising Dollar Debt
454(2)
MINI-CASE Tenaga Nasional Berhad's (TNB) Foreign Currency Debt
456(10)
Summary
Questions
Problems
Internet Exercises
Selected Readings
459(7)
Interest Rate and Currency Swaps
466(35)
Defining Interest Rate Risk
466(1)
Management of Interest Rate Risk
467(10)
Carlton Corporation: Swapping to Fixed Rates
477(4)
Carlton Corporation: Swapping Floating Dollars into Fixed-Rate Swiss Francs
481(2)
Counterparty Risk
483(1)
Illustrative Case: A Three-Way Back-to-Back Cross-Currency Swap
484(1)
MINI-CASE McDonald's Corporation's British Pound Exposure
485(6)
Summary
Questions
Problems
Internet Exercises
Selected Readings
486(5)
APPENDIX Advanced Topics in Interest Rate Risk Management
491(10)
Summary
500(1)
International Portfolio Theory and Diversification
501(24)
International Diversification and Risk
501(4)
Internationalizing the Domestic Portfolio
505(5)
National Markets and Asset Performance
510(6)
MINI-CASE Strategic Currency Hedging
516(9)
Summary
Questions
Problems
Internet Exercises
Selected Readings
518(7)
PART VI FOREIGN INVESTMENT DECISIONS
525(116)
Foreign Direct Investment Theory and Strategy
526(24)
The Theory of Comparative Advantage
526(5)
Market Imperfections: A Rationale for the Existence of the Multinational Firm
531(2)
Sustaining and Transferring Competitive Advantage
533(3)
The OLI Paradigm and Internalization
536(1)
Deciding Where to Invest
537(2)
How to Invest Abroad: Modes of Foreign Involvement
539(5)
MINI-CASE Benecol's Global Licensing Agreement
544(6)
Summary
Questions
Problems
Internet Exercises
Selected Readings
545(5)
Political Risk Assessment and Management
550(30)
Defining Political Risk
550(1)
Assessing Political Risk
551(2)
Firm-Specific Risks
553(4)
Country-Specific Risks: Transfer Risk
557(4)
Country-Specific Risks: Cultural and Institutional Risks
561(5)
Global-Specific Risks
566(6)
MINI-CASE Globalization and Starbucks Coffee
572(8)
Summary
Questions
Internet Exercises
Selected Readings
576(4)
Multinational Capital Budgeting
580(34)
Complexities of Budgeting for a Foreign Project
581(1)
Project versus Parent Valuation
582(1)
Illustrative Case: Cemex Enters Indonesia
583(14)
Real Option Analysis
597(1)
MINI-CASE Carlton's Chinese Market Entry---An Application of Real Option Analysis
598(9)
Summary
Questions
Problems
Internet Exercises
Selected Readings
600(7)
APPENDIX Adjusting for Risk in Foreign Investments
607(7)
Cross-Border Mergers, Acquisitions, and Valuation
614(27)
Cross-Border Mergers and Acquisitions
614(2)
Cross-Border Mergers and Acquisitions Drivers
616(2)
The Cross-Border Acquisition Process
618(3)
Corporate Governance and Shareholder Rights
621(3)
Illustrative Case: The Potential Partial Acquisition of Tsingtao Brewery Company Ltd., China
624(8)
MINI-CASE The Bidding War for Harbin Brewery Group (China)
632(9)
Summary
Questions
Problems
Internet Exercises
Selected Readings
636(5)
PART VII MANAGING MULTINATIONAL OPERATIONS
641
International Trade Finance
643(33)
The Trade Relationship
643(2)
The Trade Dilemma
645(1)
Benefits of the System
646(2)
Key Documents
648(3)
Draft
651(1)
Bill of Lading (B/L)
652(1)
Example: Documentation in a Typical Trade Transaction
653(2)
Government Programs to Help Finance Exports
655(2)
Trade Financing Alternatives
657(3)
Forfaiting: Medium- and Long-Term Financing
660(3)
Countertrade
663(3)
MINI-CASE Crosswell International's Precious Ultra-Thin Diapers
666(10)
Summary
Questions
Problems
Internet Exercises
Selected Readings
670(6)
Multinational Tax Management
676(37)
Tax Principles
676(9)
Transfer Pricing
685(5)
U.S. Taxation of Foreign Source Income
690(8)
Tax-Haven Subsidiaries and International Offshore Financial Centers
698(2)
MINI-CASE Stanley Works and Corporate Inversion
700(13)
Summary
Questions
Problems
Internet Exercises
Selected Readings
706(7)
Working Capital Management
713
Carlton Brazil's Operating Cycle
713(2)
Carlton's Repositioning Decisions
715(1)
Constraints on Repositioning Funds
716(1)
Conduits for Moving Funds by Unbundling Them
717(2)
International Dividend Remittances
719(1)
Net Working Capital
720(7)
International Cash Management
727(6)
Financing Working Capital
733(3)
MINI-CASE Honeywell and Pakistan International Airways
736
Summary
Questions
Problems
Internet Exercises
Selected Readings
739
Bibliography1(26)
Glossary27(23)
Author Index50(2)
Subject Index52

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