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CHAPTER 1 INTRODUCTION:MULTINATIONAL ENTERPRISE AND MULTINATIONAL FINANCIAL MANAGEMENT2

1.1 The Rise of the Multinational Corporation2

1.2 The Internationalization of Business and Finance10

1.3 Multinational Financial Management:Theory and Practice16

1.4 Outline of This Book22

Questions24

APPENDIX 1A:THE ORIGINS AND CONSEQUENCES OF INTERNATIONAL TRADE24

PART Ⅰ ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT32

CHAPTER 2 THE DETERMINATION OF EXCHANGE RATES32

2.1 Setting the Equilibrium Spot Exchange Rate33

2.2 Expectations and the Asset-Market Model of Exchange Rates37

2.3 Fundamentals of Central Bank Intervention52

Questions58

Problems61

Bibliography62

CHAPTER 3 THE INTERNATIONAL MONETARY SYSTEM64

3.1 Alternative Exchange Rate Systems65

3.2 A Brief History of the International Monetary System68

3.3 The European Monetary System and Monetary Union79

3.4 Emerging Market Currency Crises89

3.5 Summary and Conclusions91

Questions92

Problems93

Bibliography94

CHAPTER 4 THE BALANCE OF PAYMENTS AND INTERNATIONAL ECONOMIC LINKAGES95

4.1 Balance-of-Payments Categories96

4.2 The International Flow of Goods,Services,and Capital101

4.3 Coping with the Current-Account Deficit106

4.4 Summary and Conclusions115

Questions117

Problems118

Bibliography120

CHAPTER 5 COUNTRY RISK ANALYSIS121

5.1 Measuring Political Risk122

5.2 Economic and Political Factors Underlying Country Risk127

5.3 Country Risk Analysis in International Banking138

Questions142

5.4 Summary and Conclusions142

Problems143

Bibliography145

CHAPTER 6 THE FOREIGN EXCHANGE MARKET146

6.1 Organization of the Foreign Exchange Market147

6.2 The Spot Market152

6.3 The Forward Market160

6.4 Summary and Conclusions164

Questions165

Problems165

Bibliography167

CHAPTER 7 CURRENCY FUTURES AND OPTIONS MARKETS168

7.1 Futures Contracts169

7.2 Currency Options174

7.3 Reading Currency Futures and Options Prices189

7.4 Summary and Conclusions191

Questions192

Problems193

Bibliography194

CHAPTER 8 PARITY CONDITIONS IN INTERNATIONAL FINANCE AND CURRENCY FORECASTING196

8.1 Arbitrage and the Law of One Price197

8.2 Purchasing Power Parity199

8.3 The Fisher Effect206

8.4 The International Fisher Effect213

8.5 Interest Rate Parity Theory217

8.6 The Relationship Between the Forward Rate and the Future Spot Rate222

8.7 Currency Forecasting225

8.8 Summary and Conclusions231

Questions233

Problems235

Bibliography237

Part Ⅰ Case Studies238

Case Ⅰ.1:Oil Levies:The Economic Implications238

Case Ⅰ.2:President Carter Lectures the Foreign Exchange Markets238

Case Ⅰ.3:Rescuing the Indonesian Rupiah with a Currency Board239

Case Ⅰ.4:Brazil Fights a Real Battle243

PART Ⅱ FOREIGN EXCHANGE RISK MANAGEMENT251

CHAPTER 9 MEASURING ACCOUNTING EXPOSURE251

9.1 Alternative Measures of Foreign Exchange Exposure252

9.2 Alternative Currency Translation Methods253

9.3 Statement of Financial Accounting Standards No.8255

9.4 Statement of Financial Accounting Standards No.52257

9.5 Transaction Exposure262

9.6 Accounting Practice and Economic Reality262

9.7 Summary and Conclusions265

Questions265

Problems265

Bibliography266

CHAPTER 10 MANAGING ACCOUNTING EXPOSURE268

10.1 Designing a Hedging Strategy269

10.2 Managing Transaction Exposure276

10.3 Managing Translation Exposure291

10.4 Illustration:Managing Transaction Exposure for the Toronto BlueJays293

10.5 Summary and Conclusions294

Questions295

Problems296

Bibliography299

CHAPTER 11 MEASURING AND MANAGING ECONOMIC EXPOSURE300

11.1 Foreign Exchange Risk and Economic Exposure301

11.2 The Economic Consequences of Exchange Rate Changes304

11.3 Identifying Economic Exposure308

11.4 Calculating Economic Exposure310

11.5 Managing Operating Exposure315

11.6 Illustration:Avon Is Calling in Asia325

11.7 Summary and Conclusions326

Questions327

Problems328

Bibliography331

Part Ⅱ Case Studies333

Case Ⅱ.1:Rolls-Royce Limited333

Case Ⅱ.2:The Mexican Peso333

PART Ⅲ FINANCING FOREIGN OPERATIONS335

CHAPTER 12 INTERNATIONAL FINANCING AND INTERNATIONAL FINANCIAL MARKETS335

12.1 Corporate Sources and Uses of Funds336

12.2 National Capital Markets as International Financial Centers342

12.3 The Euromarkets355

12.4 Development Banks373

Questions374

12.5 Project Finance376

12.6 Summary and Conclusions377

Problems379

Bibliography380

CHAPTER 13 SPECIAL FINANCING AND INTEREST RATE RISK MANAGEMENT VEHICLES381

13.1 Interest Rate and Currency Swaps382

13.2 Interest Rate Forwards and Futures389

13.3 Valuing Low-Cost Financing Opportunities392

13.4 Summary and Conclusions396

Questions397

Problems397

14.3 Discount Rates for Foreign Investments399

Bibliography399

CHAPTER 14 THE COST OF CAPITAL FOR FOREIGN INVESTMENTS400

14.1 The Cost of Equity Capital401

14.2 The Weighted Cost of Capital for Foreign Projects402

14.4 The Cost of Debt Capital412

14.5 Establishing a Worldwide Capital Structure414

14.6 Summary and Conclusions422

Questions423

Problems425

Bibliography425

Case Ⅲ.1:Plano Cruzado427

Case Ⅲ.2:Multinational Manufacturing,Inc.427

Part Ⅲ Case Studies427

PART Ⅳ FOREIGN INVESTMENT ANALYSIS431

CHAPTER 15 INTERNATIONAL PORTFOLIO INVESTMENT431

15.1 The Benefits of International Equity Investing432

15.2 International Bond Investing445

15.3 Optimal International Asset Allocation446

15.4 Measuring the Total Return from Foreign Portfolio Investing447

15.5 Measuring Exchange Risk on Foreign Securities448

15.6 Summary and Conclusions450

Questions450

Problems451

Bibliography453

CHAPTER 16 CORPORATE STRATEGY AND FOREIGN DIRECT INVESTMENT455

16.1 The Process of Overseas Expansion456

16.2 Theory of the Multinational Corporation458

16.3 The Strategy of Multinational Enterprise460

16.4 Designing a Global Expansion Strategy469

16.4 Summary and Conclusions472

Questions473

Problems474

Bibliography475

CHAPTER 17 CAPITAL BUDGETING FOR THE MULTINATIONAL CORPORATION477

17.1 Basics of Capital Budgeting478

17.2 Issues in Foreign Investment Analysis484

17.3 Foreign Project Appraisal:The Case of International Diesel Corporation487

17.4 Political Risk Analysis496

17.5 Growth Options and Project Evaluation498

17.6 Summary and Conclusions502

Questions502

Problems503

Bibliography504

APPENDIX 17A:MANAGING POLITICAL RISK505

Part Ⅳ Case Studies509

Case Ⅳ.1:The International Machine Corporation509

Case Ⅳ.2:Euro Disneyland510

PART Ⅴ MULTINATIONAL WORKING CAPITAL MANAGEMENT517

CHAPTER 18 FINANCING FOREIGN TRADE517

18.1 Payment Terms in International Trade518

18.2 Documents in International Trade526

18.3 Financing Techniques in International Trade528

18.4 Government Sources of Export Financing and Credit Insurance532

18.5 Countertrade537

18.6 Summary and Conclusions540

Questions541

Problems542

Bibliography543

CHAPTER 19 CURRENT ASSET MANAGEMENT AND SHORT-TERM FINANCING544

19.1 International Cash Management545

19.2 Accounts Receivable Management558

19.3 Inventory Management560

19.4 Short-term Financing562

19.5 Summary and Conclusions572

Problems573

Questions573

Bibliography575

CHAPTER 20 MANAGING THE MULTINATIONAL FINANCIAL SYSTEM577

20.1 The Value of the Multinational Financial System578

20.2 Intercompany Fund Flow Mechanisms:Costs and Benefits581

20.3 Designing a Global Remittance Policy598

20.4 Summary and Conclusions602

Questions603

Problems603

Bibliography605

GLOSSARY607

INDEX623