By David K. Eiteman
Descripción: Authoritative, Comprehensive Coverage of Contemporary International Finance
Renowned for its authoritative, comprehensive coverage of contemporary international finance, Multinational Business Finance 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.
The Fourteenth Edition, now with MyFinanceLab, attempts to capture the rapid evolution of our global marketplace, taking a closer look at the types of organizations that permeate the widespread arena, competition and opportunities in emerging markets, and how financial leadership can integrate the strategic and financial challenges that global businesses face today.
Contenido: PART 1 Global Financial Environment
Chapter 1 Multinational Financial Management: Opportunities and Challenges
Financial Globalization and Risk
The Global Financial Marketplace
The Theory of Comparative Advantage
What Is Different about International Financial Management?
Market Imperfections: A Rationale for the Existence of the Multinational Firm
The Globalization Process
Summary Points
MINI-CASE: Crowdfunding Kenya
Questions
Problems
Internet Exercises
Chapter 2 The International Monetary System
History of the International Monetary System
IMF Classification of Currency Regimes
Fixed versus Flexible Exchange Rates
A Single Currency for Europe: The Euro
Emerging Markets and Regime Choices
Globalizing the Chinese Renminbi
Summary Points
MINI-CASE: Iceland—A Small Country in a Global Crisis
Questions
Problems
Internet Exercises
Chapter 3 The Balance of Payments
Fundamentals of BOP Accounting
The Accounts of the Balance of Payments
BOP Impacts on Key Macroeconomic Rates
Trade Balances and Exchange Rates
Capital Mobility
Summary Points
MINI-CASE: Global Remittances
Questions
Problems
Internet Exercises
Chapter 4 Financial Goals and Corporate Governance
Who Owns the Business?
The Goal of Management
Publicly Traded versus Privately Held: The Global Shift
Corporate Governance
Summary Points
MINI-CASE: Luxury Wars—LVMH vs. Hermès
Questions
Problems
Internet Exercises
PART 2 Foreign Exchange Theory and Markets
Chapter 5 The Foreign Exchange Market
Functions of the Foreign Exchange Market
Structure of the Foreign Exchange Market
Transactions in the Foreign Exchange Market
Size of the Foreign Exchange Market
Foreign Exchange Rates and Quotations
Summary Points
MINI-CASE: The Venezuelan Bolivar Black Market
Questions
Problems
Internet Exercises
Chapter 6 International Parity Conditions
Prices and Exchange Rates
Interest Rates and Exchange Rates
Forward Rate as an Unbiased Predictor of the Future Spot Rate
Prices, Interest Rates, and Exchange Rates in Equilibrium
Summary Points
MINI-CASE: Mrs. Watanabe and the Japanese Yen Carry Trade
Questions
Problems
Internet Exercises
Appendix: An Algebraic Primer to International Parity Conditions
Chapter 7 Foreign Currency Derivatives: Futures and Options
Foreign Currency Futures
Currency Options
Option Pricing and Valuation
Advanced Topic: Currency Option Pricing Sensitivity
Summary Points
MINI-CASE: KiKos and the South Korean Won
Questions
Problems
Internet Exercises
Appendix: Currency Option Pricing Theory
Chapter 8 Interest Rate Risk and Swaps
Interest Rate Foundations
Interest Rate Risk
Interest Rate Futures and FRAs
Interest Rate Swaps
Cross-Currency Swaps
Summary Points
MINI-CASE: Argentina and the Vulture Funds
Questions
Problems
Internet Exercises
Chapter 9 Foreign Exchange Rate Determination
Exchange Rate Determination: The Theoretical Thread
Currency Market Intervention
Disequilibrium: Exchange Rates in Emerging Markets
Forecasting in Practice
Summary Points
MINI-CASE: Russian Ruble Roulette
Questions
Problems
Internet Exercises
PART 3 Foreign Exchange Exposure
Chapter 10 Transaction Exposure
Types of Foreign Exchange Exposure
Why Hedge?
Ganado’s Transaction Exposure
Risk Management in Practice
Advanced Topics in Hedging
Summary Points
MINI-CASE: China Noah Corporation
Questions
Problems
Internet Exercises
Appendix: Complex Option Hedges
Chapter 11 Translation Exposure
Overview of Translation
Translation Methods
Ganado Corporation’s Translation Exposure
Managing Translation Exposure
Summary Points
MINI-CASE: McDonald’s, Hoover Hedges, and Cross-Currency Swaps
Questions
Problems
Internet Exercises
Chapter 12 Operating Exposure
A Multinational’s Operating Exposure
Measuring Operating Exposure: Ganado Germany
Strategic Management of Operating Exposure
Proactive Management of Operating Exposure
Summary Points
MINI-CASE: Toyota’s European Operating Exposure
Questions
Problems
Internet Exercises
PART 4 Financing the Global Firm
Chapter 13 The Global Cost and Availability of Capital
Financial Globalization and Strategy
International Portfolio Theory and Diversification
The Demand for Foreign Securities: The Role of International Portfolio Investors
The Cost of Capital for MNEs Compared to Domestic Firms
Summary Points
MINI-CASE: Novo Industri A/S (Novo)
Questions
Problems
Internet Exercises
Chapter 14 Raising Equity and Debt Globally
Designing a Strategy to Source Capital Globally
Optimal Financial Structure
Optimal Financial Structure and the Multinational
Raising Equity Globally
Depositary Receipts
Private Placement
Foreign Equity Listing and Issuance
Raising Debt Globally
Summary Points
MINI-CASE: Petrobrás of Brazil and the Cost of Capital
Questions
Problems
Internet Exercises
Appendix: Financial Structure of Foreign Subsidiaries
Chapter 15 Multinational Tax Management
Tax Principles
Multinational Tax Management
Tax Havens and International Offshore Financial Centers
Google: An Illustrative Case of Profit Repositioning
Corporate Inversion
Summary Points
MINI-CASE: Apple’s Global iTax Strategy
Questions
Problems
Internet Exercises
Chapter 16 International Trade Finance
The Trade Relationship
Benefits of the System
Key Documents
Government Programs to Help Finance Exports
Trade Financing Alternatives
Forfaiting: Medium- and Long-Term Financing
Summary Points
MINI-CASE: Crosswell International and Brazil
Questions
Problems
Internet Exercises
PART 5 Foreign Investments and Investment Analysis
Chapter 17 Foreign Direct Investment and Political Risk
Sustaining and Transferring Competitive Advantage
The OLI Paradigm and Internationalization
Deciding Where to Invest
Modes of Foreign Investment
Illustrative Case: Corporate Competition from the Emerging Markets
Predicting Political Risk
Country-Specific Risk: Transfer Risk
Country-Specific Risk: Cultural and Institutional Risk
Global-Specific Risk
Summary Points
MINI-CASE: Strategic Portfolio Theory, Black Swans, and [Avoiding] Being the Turkey
Questions
Internet Exercises
Chapter 18 Multinational Capital Budgeting and Cross-Border Acquisitions
Complexities of Budgeting for a Foreign Project
Illustrative Case: Cemex Enters Indonesia
Real Option Analysis
Project Financing
Cross-Border Mergers and Acquisitions
Summary Points
MINI-CASE: Elan and Royalty Pharma
Questions
Problems
Internet Exercises
Answers to Selected End-of-Chapter Problems
Glossary
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