International Financial Management » książka
International Financial Management
ISBN-13: 9781118929322 / Angielski / Miękka / 2014 / 718 str.
International Financial Management
ISBN-13: 9781118929322 / Angielski / Miękka / 2014 / 718 str.
(netto: 323,38 VAT: 5%)
Najniższa cena z 30 dni: 328,49 zł
ok. 22 dni roboczych.
Darmowa dostawa!
As more businesses in today's economy are moving towards a global reach, it is essential for finance students to understand how the fundamentals of corporate finance relate to multinational firms. This book provides a conceptual framework within which key financial decisions of a multinational firm can be analyzed.
PREFACE xvii
SELECTED CURRENCIES AND SYMBOLS xix
SYMBOLS AND ACRONYMS xxi
PART 1 THE GLOBAL FINANCIAL MANAGEMENT ENVIRONMENT
1 INTRODUCTION TO INTERNATIONAL FINANCIAL MANAGEMENT 3
1.1 The Rise of the International Company 5
1.2 The Internationalization of Business and Finance 24
1.3 International Financial Management: Theory and Practice 36
1.4 Outline of the Text 42
APPENDIX 1A The Origins and Consequences of International Trade 45
2 EXCHANGE RATE DETERMINATION 51
2.1 Setting the Equilibrium Spot Exchange Rate 52
2.2 Expectations and the Asset Market Model of Exchange Rates 58
2.3 The Fundamentals of Central Bank Intervention 73
2.4 The Equilibrium Approach to Exchange Rates 80
2.5 Summary and Conclusions 83
3 THE INTERNATIONAL MONETARY SYSTEM 87
3.1 Alternative Exchange Rate Systems 88
3.2 A Brief History of the International Monetary System 97
3.3 The European Monetary System and Monetary Union 109
3.4 Emerging Market Currency Crises 129
3.5 Summary and Conclusions 132
4 CURRENCIES: EXPECTATIONS, PARITIES, AND FORECASTING 135
4.1 Arbitrage and the Law of One Price 135
4.2 Purchasing Power Parity 138
4.3 The Fisher Effect 147
4.4 The International Fisher Effect 153
4.5 Interest Rate Parity Theory 157
4.6 The Relationship Between the Forward Rate and the Future Spot Rate 162
4.7 Currency Forecasting 165
4.8 Summary and Conclusions 171
5 THE INTERNATIONAL MONETARY SYSTEM AND THE BALANCE OF PAYMENTS 178
5.1 Balance–of–Payments Categories 179
5.2 The International Flow of Goods, Services, and Capital 184
5.3 Coping with the Current–Account Deficit 193
5.4 Summary and Conclusions 203
6 COUNTRY RISK 208
6.1 Measuring Political Risk 209
6.2 Economic and Political Factors Underlying Country Risk 218
6.3 Country Risk Analysis in International Lending 236
6.4 Summary and Conclusions 243
PART 2 CURRENCY AND DERIVATIVES MARKETS
7 CURRENCY MARKETS 249
7.1 Organization of the Foreign Exchange Market 250
7.2 The Spot Market 257
7.3 The Forward Market 265
7.4 Summary and Conclusions 269
8 CURRENCY DERIVATIVES 272
8.1 Futures Contracts 272
8.2 Currency Options 279
8.3 Reading Currency Futures and Options Prices 295
8.4 Summary and Conclusions 297
APPENDIX 8A Option Pricing Using Black–Scholes 299
APPENDIX 8B Put–Call Option Interest Rate Parity 302
9 INTEREST RATE DERIVATIVES 306
9.1 Interest Rate and Currency Swaps 306
9.2 Interest Rate Forwards and Futures 318
9.3 Structured Notes 322
9.4 Credit Default Swaps 324
9.5 Summary and Conclusions 326
PART 3 MANAGING CURRENCY RISKS
10 TRANSLATION AND TRANSACTION EXPOSURE 331
10.1 Alternative Measures of Foreign Exchange Exposure 332
10.2 Alternative Currency Translation Methods 334
10.3 Transaction Exposure 335
10.4 Designing a Hedging Strategy 337
10.5 Managing Translation Exposure 347
10.6 Managing Transaction Exposure 349
10.7 Summary and Conclusions 364
APPENDIX 10A Currency Translation in Practice 369
11 ECONOMIC EXPOSURE 373
11.1 Foreign Exchange Risk and Economic Exposure 374
11.2 The Economic Consequences of Exchange Rate Changes 379
11.3 Identifying Economic Exposure 383
11.4 Calculating Economic Exposure 386
11.5 An Operational Measure of Exchange Risk 391
11.6 Managing Operating Exposure 393
11.7 Summary and Conclusions 404
PART 4 FINANCING INTERNATIONAL OPERATIONS
12 INTERNATIONAL AND DOMESTIC CAPITAL MARKETS 411
12.1 Corporate Sources and Uses of Funds 412
12.2 Domestic Capital Markets as International Financial Centers 419
12.3 Development Banks 429
12.4 Project Finance 433
12.5 Summary and Conclusions 435
13 INTERNATIONAL FINANCIAL MARKETS 438
13.1 The Eurocurrency Market 438
13.2 Eurobonds 445
13.3 Note Issuance Facilities and Euronotes 451
13.4 Euro–Commercial Paper 455
13.5 The Asia currency Market 456
13.6 Summary and Conclusions 457
14 THE INTERNATIONAL COST OF CAPITAL 459
14.1 The Cost of Equity Capital 460
14.2 The Weighted Average Cost of Capital for Foreign Projects 461
14.3 Discount Rates for Foreign Investments 462
14.4 The Cost of Debt Capital 471
14.5 Establishing a Worldwide Capital Structure 473
14.6 Valuing Low–Cost Financing Opportunities 479
14.7 Summary and Conclusions 484
PART 5 INTERNATIONAL CAPITAL BUDGETING
15 INTERNATIONAL PORTFOLIO INVESTMENT 491
15.1 The Risks and Benefits of International Equity Investing 491
15.2 International Bond Investing 509
15.3 Optimal International Asset Allocation 509
15.4 Measuring the Total Return from Foreign Portfolio Investing 510
15.5 Measuring Exchange Risk on Foreign Securities 512
15.6 Summary and Conclusions 513
16 STRATEGIES FOR FOREIGN DIRECT INVESTMENT 517
16.1 Theory of the Multinational Corporation 518
16.2 The Strategy of Multinational Enterprise 520
16.3 Designing a Global Expansion Strategy 527
16.4 Summary and Conclusions 530
17 INTERNATIONAL CAPITAL BUDGETING 534
17.1 Basics of Capital Budgeting 535
17.2 Issues in Foreign Investment Analysis 540
17.3 Foreign Project Appraisal: The Case of International Machine Tools 544
17.4 Political Risk Analysis 552
17.5 Growth Options and Project Evaluation 554
17.6 Summary and Conclusions 556
APPENDIX 17A Managing Political Risk 559
PART 6 INTERNATIONAL MANAGEMENT OF WORKING CAPITAL
18 INTERNATIONAL TRADE MANAGEMENT 567
18.1 Payment Terms in International Trade 568
18.2 Documents in International Trade 577
18.3 Financing Techniques in International Trade 579
18.4 Government Sources of Export Financing and Credit Insurance 582
18.5 Countertrade 586
18.6 Summary and Conclusions 589
19 MANAGING WORKING CAPITAL 592
19.1 International Cash Management 593
19.2 Accounts Receivable Management 606
19.3 Inventory Management 607
19.4 Short–Term Financing 608
19.5 Summary and Conclusions 616
20 FINANCIAL MANAGEMENT FOR THE GLOBAL ENTERPRISE 620
20.1 The Value of the Multinational Financial System 621
20.2 Intercompany Fund–Flow Mechanisms: Costs and Benefits 624
20.3 Designing a Global Remittance Policy 640
20.4 Summary and Conclusions 642
GLOSSARY 645
INDEX 679
Alan C. Shapiro is the holder of the Ivadelle and Theodore Johnson Professorship in Banking and Finance and Professor of Finance and Business Economics at the University of Southern California. He has also been a Visiting Professor at Yale University, UCLA, the Stockholm School of Economics, University of British Columbia, and the U.S. Naval Academy. His specialties are corporate and international financial management.
Peter Moles is Senior Lecturer in Finance at the University of Edinburgh. He has 14 years’ experience in the City in international capital markets, corporate finance, money markets, the Eurobond market and risk management. His research interests are in capital structure; derivatives and risk management; and how management decisions are made and the difficulties associated with managing complex problems. Peter Moles is the co–author of Corporate Finance, published by John Wiley & Sons Ltd.
As more businesses in today’s economy are moving towards a global reach, it is essential for finance students to understand how the fundamentals of corporate finance relate to multinational firms. International Financial Management provides a conceptual framework within which key financial decisions of a multinational firm can be analyzed. With a focus on decision making, the textbook offers a variety of real–life examples, both numerical and institutional, that demonstrate the use of financial analysis and reasoning in solving international financial problems.
Hallmark features include:
- Up–to–date, real‑life examples, both numerical and institutional, that demonstrate the practical use of financial analysis and reasoning in solving international financial problems.
- Focus on corporate practice through numerous real–world examples and vignettes with a global reach that provide actual applications of financial concepts and theories.
- Extensive use of examples and applications on specific concepts and techniques.
- Learning objectives at the start of each chapter to enhance learning by previewing and guide the reader’s understanding of the materials to be encountered in the chapter.
- Problems and discussion questions relating to actual situations and companies.
This book is essential reading for both undergraduate and MBA students taking courses in International Finance. Accompanying the text is a companion website at www.wiley.com/college/shapiro
Czytaj nas na:
1997-2024 DolnySlask.com Agencja Internetowa
KrainaKsiazek.PL - Księgarnia Internetowa
