Financial management for international business:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London [u.a.]
McGraw-Hill
1994
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXII, 390 S. graph. Darst. |
| ISBN: | 0077078691 |
Internformat
MARC
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| 100 | 1 | |a Demirag, Istemi |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Financial management for international business |c Istemi Demirag ; Scott Goddard |
| 264 | 1 | |a London [u.a.] |b McGraw-Hill |c 1994 | |
| 300 | |a XXII, 390 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 7 | |a Financieel management |2 gtt | |
| 650 | 7 | |a Internationale financiën |2 gtt | |
| 650 | 7 | |a Internationale ondernemingen |2 gtt | |
| 650 | 4 | |a Multinationales Unternehmen | |
| 650 | 4 | |a International business enterprises |x Finance | |
| 650 | 4 | |a International finance | |
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Datensatz im Suchindex
| _version_ | 1804124232821506048 |
|---|---|
| adam_text | CONTENTS
Foreword xv
Preface xvii
Introduction ix
Part One—INTERNATIONAL FINANCIAL MARKETS AND INSTITUTIONS 1
1. THE INTERNATIONAL MONETÄRY SYSTEM 3
Introduction 3
The early ycars 3
Bretton Woods 5
The Smithsonian agreemcnt and post 1972 developments 7
The UK and the European Monetary System 7
The European Monetary System ?
The future for Europe 9
References 3
Additional reading 13
2. INTERNATIONAL FINANCIAL MARKETS H
Introduction 14
The Euromarkets 14
Origins of the Euromarkets 15
Foreign domestic markcts 23
Global bonds 24
International equity issues 24
Euroequity 25
Why don t all investors invest in Eurocurrency markets? 25
Developments in the Euromarkets 25
Should offshore banking be rcgulated? 26
Future prospects 27
References 27
3. INTERNATIONAL BANKING 28
Introduction 28
The need for international banking 28
Global financial markets 29
rä
viu CONTENTS The need for international monetary agreements 30
The World Bank Group 30
The Bank for International Settlements (BIS) 30
The history and workings of the commercial banking industry 30
Functions of international banking 30
The evolution of international banking 31
Post Second World War developments 31
Changes in international banking over the last 20 years 32
Methods of expansion 32
Risks faced by international banks 34
Benefits of international lending 35
How do companies raise finance? 35
Markets or intermediaries 35
The Third World debt crisis: what is it and what caused it? 36
The circumstances leading up to the crisis 36
Rescheduling 37
What was responsible for the crisis and why? 37
The situation in the late 1980s and early 1990s 38
The present debt strategy 41
Debt relief 41
Prospects for the future 44
Additional reading 45
Part Two—INTERNATIONAL RISK MANAGEMENT 47
4. THE FOREIGN EXCHANGE MARKET 49
Introduction 49
The foreign exchange market 49
The participants in the foreign exchange market 50
The foreign exchange rate 51
Transactions in third currencies and cross rates 53
Spot and forward exchange rates 55
How the Financial Times quotes currencies 57
Arbitrage 59
Variations of arbitage 65
The foreign exchange decisions of commercial organizations 66
Foreign exchange constraints 66
References 67
Additional reading 67
Case study 67
5. FORECASTING EXCHANGE RATES 70
Introduction 70
Parity conditions in international finance 70
Purchasing power parity 70
The Fisher Effect 75
The international Fisher Effect 76
The interest rate parity theory 77
CONTENTS ix
The expectations theory 79
Forecasting exchange rate changes 80
Forecasting floating exchange rates 81
Currency forecasting and market efficiency 82
Evidence supporting the efficient markets hypothesis 83
Evidence against the hypothesis 83
Market based forecasts 84
Model based forecasts 84
Forecasting real exchange rates 89
Forecasting in a fixed rate System and the implications of government
intervention 89
Forecasting controlled exchange rates 91
Summary 91
References 92
Additional reading 94
6. MEASUREMENT OF FOREIGN CURRENCY EXPOSURE 95
Introduction 95
Transaction exposure 95
Sources of transaction exposure 95
Measuring transaction exposure 95
Accounting policies 96
Translation exposure 97
Foreign currency translations 98
Foreign currency translation methodologies: an overview 99
The concept of translation exposure 100
A critique of the translation methodologies: current non current and
monetary non monetary methods 104
Closing rate method, temporal method and the accounting policies 106
Towards a broader look at exposure and its measurement 113
Economic exposure 113
Measurement of economic exposure 113
Operating exposure 115
True economic exposure 115
References 116
Additional reading 117
Case studies 117
7. MANAGEMENT OF FOREIGN CURRENCY EXPOSURE 130
Introduction 130
Why has exposure management increased in importance? 130
Hedging: when is it necessary? 131
Data needed to manage the identified risk 132
Managing transaction exposure 133
Hedging techniques for transaction exposure 133
Managing translation exposure 143
Technical aspects of translation 143
Managing economic exposure 144
Marketing management of economic exposure 145
x CONTENTS Production management of economic exposure 146
Planning for exchange rate changes 147
Summary 148
Reference 148
Additional reading I48
Case study 148
Questions 151
8. SWAPS 159
Introduction 59
Swaps 159
Currency swaps 160
The interest rate swap market 165
Complex swaps and other variations 168
Risk in using swaps 169
Additional reading 171
Questions 171
9. FUTURES AND OPTIONS 178
Introduction 178
Financial futures 178
The specifications of futures contracts 178
Foreign currency futures contracts 179
The differences between currency futures and forward contracts 181
Interest rate futures 181
LIFFE futures contracts 183
Options 185
The market structure 185
Types of option trading strategies 190
The role of futures and options traders 191
The determinants of currency option prices 191
Range forward contracts and participating forward contracts 192
Could options replace futures? 197
Swaptions: options on swaps 197
Risks of using futures and options 198
References 198
Additional reading 198
Questions 199
10: THE MANAGEMENT AND FINANCE OF INTERNATIONAL TRADE 212
Introduction 212
International trade risks 212
Methods of payment and settlement 213
Export financing 218
Countertrade 221
References 225
Questions 225
CONTENTS xi
Part Three—INTERNATIONAL ASSET MANAGEMENT 229
11. INTERNATIONAL INVESTMENT POLICY AND STRATEGY 231
Introduction 231
Reasons for foreign direct investment 231
Strategic motives 234
Behavioural motives 235
Economic motives 236
Foreign investment in the form of joint ventures 237
International portfolio diversification 238
Diversification through multinational companies 240
Summary 241
References 241
12. INTERNATIONAL CAPITAL BUDGETING 243
Introduction 243
Investment appraisal methods used by multinational companies 243
Estimation of relevant cash flows 245
Parent cash flows versus project cash flows 247
The international cost of capital 250
Cost of equity 250
Cost of debt 254
Factors affecting the cost of capital 254
Access to capital 255
Market segmentation 255
Foreign currency risk 256
Taxation policies 256
Disclosure of financial information 256
Capital structure 256
Risk adjustments 257
Adjustment of cash flows 257
Adjusted present value 258
Summary 258
References 259
Case studies 259
13. POLITICAL RISK 268
Introduction 268
The importance of political risk 268
Definition of political risk 269
Identification of political risk 270
Political risk assessment 271
Management of political risk 276
Countering intervention and expropriation 281
Coping with intervention 282
Expropriation 283
Summary 285
References 285
Case studies 286
14. GLOBAL TRANSFER PRICING 297
Introduction 297
ooDeterminants of transfer pricing 298
Tax considerations 298
Management incentives and Performance evaluation 301
Fund positioning 302
Marketing considerations and competition 302
Risk and uncertainty 303
Government policies 303
The interest of Joint venture partners 303
Negotiating power with financial institutions 304
Methodology of transfer pricing 304
Profit centre techniques 304
Cost centre techniques 305
Dual pricing technique 306
Relative advantages and disadvantages of transfer pricing techniques 307
Manipulation of transfer pricing 312
Minimizing global tax on profits 312
Customs duties 315
Exchange risk exposure 315
Profit and capital repositioning 316
Limitations of transfer price manipulations 316
How can we avoid transfer price manipulations? 316
National differences in transfer pricing Systems 317
Summary 318
References 318
Additional reading 319
15. EVALUATION AND CONTROL OF GLOBAL OPERATIONS 320
Introduction 320
Evaluation and control in multinational companies 320
The control function in multinational companies 320
Problems of administration 321
Centralization versus decentralization 321
Divisionalization and the profit centre concept 321
Problems of decentralization and divisionalization 322
Problems of centralization 322
Performance evaluation in multinational companies 325
Operating versus managerial Performance 326
Non financial criteria for Performance evaluation 326
Use of Performance evaluation for motivation 326
Applying domestic Systems overseas 327
Complications of multinational Performance evaluation 327
Exchange rate and inflation rate fluctuations 328
Transfer pricing 329
Allocationof costs 329
Translation of foreign currency financial Statements 329
Currency orientation in Performance evaluations 331
___ CONTENTS xiii
Performance evaluation measures 332
Budgeting for global operations 339
The purposes of budgeting 340
Problems of budgeting 340
References 346
Additional reading 347
Case study 348
Appendix 351
16. SHORT TERM FINANCIAL PERFORMANCE PRESSURES ON
MULTINATIONAL COMPANIES 354
Introduction 354
The incidence of short term pressures 355
A conceptual framework of external short term pressures 355
Internal short term pressures 360
Comparison of European and Japanese short term pressures 365
Germany 365
France 366
Italy 367
Japan 368
Conclusions and recommendations 372
References 372
Additional reading 373
17. INTERNATIONAL TAXATION 375
Introduction 375
What is international tax? 375
Double taxation 375
International tax rates: a summary 376
Double taxation treaties 376
Taxation of trading income 377
Branch versus subsidiary 378
Dividend income 379
Holding companies 379
Taxation of foreign exchange gains and losses 380
Tax havens 380
Bahamas 382
Cayman Islands 383
IsleofMan 384
Malta 384
Summary 385
Additional reading 385
Index 386
|
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| indexdate | 2024-07-09T17:42:24Z |
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| isbn | 0077078691 |
| language | English |
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| physical | XXII, 390 S. graph. Darst. |
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| spelling | Demirag, Istemi Verfasser aut Financial management for international business Istemi Demirag ; Scott Goddard London [u.a.] McGraw-Hill 1994 XXII, 390 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Financieel management gtt Internationale financiën gtt Internationale ondernemingen gtt Multinationales Unternehmen International business enterprises Finance International finance Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Multinationales Unternehmen (DE-588)4075092-9 gnd rswk-swf Multinationales Unternehmen (DE-588)4075092-9 s Finanzmanagement (DE-588)4139075-1 s DE-604 Goddard, Scott Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006539164&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Demirag, Istemi Goddard, Scott Financial management for international business Financieel management gtt Internationale financiën gtt Internationale ondernemingen gtt Multinationales Unternehmen International business enterprises Finance International finance Finanzmanagement (DE-588)4139075-1 gnd Multinationales Unternehmen (DE-588)4075092-9 gnd |
| subject_GND | (DE-588)4139075-1 (DE-588)4075092-9 |
| title | Financial management for international business |
| title_auth | Financial management for international business |
| title_exact_search | Financial management for international business |
| title_full | Financial management for international business Istemi Demirag ; Scott Goddard |
| title_fullStr | Financial management for international business Istemi Demirag ; Scott Goddard |
| title_full_unstemmed | Financial management for international business Istemi Demirag ; Scott Goddard |
| title_short | Financial management for international business |
| title_sort | financial management for international business |
| topic | Financieel management gtt Internationale financiën gtt Internationale ondernemingen gtt Multinationales Unternehmen International business enterprises Finance International finance Finanzmanagement (DE-588)4139075-1 gnd Multinationales Unternehmen (DE-588)4075092-9 gnd |
| topic_facet | Financieel management Internationale financiën Internationale ondernemingen Multinationales Unternehmen International business enterprises Finance International finance Finanzmanagement |
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