International financial management:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cincinnati, Ohio [u.a.]
South-Western College Publ.
2000
|
| Ausgabe: | 6. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXV, 660 S. graph. Darst. |
| ISBN: | 0324009550 |
Internformat
MARC
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| 250 | |a 6. ed. | ||
| 264 | 1 | |a Cincinnati, Ohio [u.a.] |b South-Western College Publ. |c 2000 | |
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| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Banques internationales | |
| 650 | 4 | |a Change | |
| 650 | 4 | |a Entreprises multinationales - Finances | |
| 650 | 4 | |a Finances internationales | |
| 650 | 7 | |a Financieel management |2 gtt | |
| 650 | 4 | |a Gestion des actifs et des passifs | |
| 650 | 7 | |a Internationale financiën |2 gtt | |
| 650 | 7 | |a Internationale ondernemingen |2 gtt | |
| 650 | 4 | |a Multinationales Unternehmen | |
| 650 | 4 | |a Asset-liability management | |
| 650 | 4 | |a Banks and banking, International | |
| 650 | 4 | |a Foreign exchange | |
| 650 | 4 | |a International business enterprises |x Finance | |
| 650 | 4 | |a International finance | |
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Datensatz im Suchindex
| _version_ | 1804127755098390528 |
|---|---|
| adam_text | Brief Contents
Part I The International Financial
Environment 1
Chapter 1 Multinational Financial Management: An Overview 3
Chapter 2 International Flow of Funds 31
Chapter 3 International Financial Markets 57
Chapter 4 Exchange Rate Determination 97
Chapter 5 Currency Derivatives 117
Part II Exchange Rate Behavior 151
Chapter 6 Government Influence on Exchange Rates 153
Chapter 7 International Arbitrage and Interest Rate Parity 189
Chapter 8 Relationships between Inflation, Interest Rates,
and Exchange Rates 213
Part III Exchange Rate Risk Management 241
Chapter 9 Forecasting Exchange Rates 243
Chapter 10 Measuring Exposure to Exchange Rate Fluctuations 275
Chapter 11 Managing Transaction Exposure 305
Chapter 12 Managing Economic Exposure and Translation Exposure 341
Part IV Long Term Asset and Liability
Management 361
Chapter 13 Direct Foreign Investment 363
Chapter 14 Multinational Capital Budgeting 381
Chapter 15 Multinational Restructuring 417
Chapter 16 Country Risk Analysis 441
Chapter 17 Multinational Cost of Capital and Capital Structure 471
Chapter 18 Long Term Financing 497
V
vi Brief Contents
Part V Short Term Asset and Liability
Management 521
Chapter 19 Financing International Trade 523
Chapter 20 Short Term Financing 545
Chapter 21 International Cash Management 569
Appendix A Answers to Self Test Questions 601
Appendix B Supplemental Cases 615
Appendix C Fundamentals of Regression Analysis 633
Appendix D Focus on an MNC 641
Glossary 645
Index 653
Contents
Part I
The International
Financial Environment
Chapter 1
Multinational Financial Management:
An Overview 3
Goal of the MNC 4
Conflicts Against the MNC Goal 4, Impact of
Management Control 5, Impact of Corporate
Control 5, Constraints Interfering with the
MNC s Goal 7
Theories of International Business 8
Theory of Comparative Advantage 8, Imperfect
Markets Theory 9, Product Cycle Theory 9
International Business Methods 10
International Trade 10, Licensing 11, Franchising
11, Joint Ventures 11, Acquisitions of Existing
Operations 11, Establishing New Foreign
Subsidiaries 12, Summary of Methods 12
International Opportunities 12
Opportunities in Europe 14, Opportunities in Latin
America 15, Opportunities in Asia 16
Exposure to International Risk 16
Exposure to Exchange Rate Movements 17,
Exposure to Foreign Economies 17, Exposure to
Political Risk 17
Nike Problem: International Business
Opportunities and Risk 18
Overview of an MNC s Cash Flows 18
Valuation Model for an MNC 20
Domestic Model 20, Valuing International Cash
Flows 21, How Chapters Relate to Valuation 23
Summary 25
Self Test for Chapter 1 25
Questions and Applications 25
Internet Application 26
Running Your Own MNC 27
Blades, Inc. Case: Decision to Expand
Internationally 27
Small Business Dilemma: Developing a
Multinational Sporting Goods Corporation 28
Chapter 2
International Flow of Funds 31
Balance of Payments 31
Current Account 31, Capital Account 32
International Trade Flows 33
Distribution of U.S. Exports 33, Distribution of
U.S. Imports 35, U.S. Balance of Trade Trend 36,
Recent Changes in North American Trade 37,
Recent Changes in European Trade 37, Trade
Agreements Around the World 38
Factors Affecting International Trade Flows 40
Impact of Inflation 40, Impact of National
Income 40, Impact of Government Restrictions 40
Nike Problem: Response to Potential Trade
Barriers 41
Impact of Exchange Rates 42, Interaction of
Factors 42
Correcting a Balance of Trade Deficit 42
Why a Weak Home Currency Is Not a Perfect
Solution 43
International Capital Flows 44
Distribution of DFI by U.S. Firms 45, Distribution
ofDFI in the United States 45, Factors Affecting
Direct Foreign Investment 47, Factors Affecting
International Portfolio Investment 48
Agencies That Facilitate International Flows 49
International Monetary Fund 49, World Bank 50,
World Trade Organization 51, International
Financial Corporation 51, International Develop¬
ment Association 51, Bank for International
Settlements 51, Regional Development Agencies 52
How International Trade Affects an MNC s
Value 52
Summary 53
Self Test for Chapter 2 53
Questions and Applications 53
vii
viii Contents
Internet Application 55
Running Your Own MNC 55
Blades, Inc. Case: Exposure to International Flow
of Funds 55
Small Business Dilemma: Identifying Factors That
Will Affect the Foreign Demand at the Sports
Exports Company 56
Chapter 3
International Financial Markets 57
Motives for Using International Financial
Markets 57
Motives for Investing in Foreign Markets 57, Motives
for Providing Credit in Foreign Markets 58, Motives
for Borrowing in Foreign Markets 58
Foreign Exchange Market 59
Foreign Exchange Transactions 60, Interpreting
Foreign Exchange Quotations 63, Currency Futures
and Options Markets 65
Eurocurrency Market 67
Development of the Eurocurrency Market 67,
Composition of the Eurocurrency Market 67,
Syndicated Eurocurrency Loans 68, Standardizing
Bank Regulations Within the Eurocurrency
Market 69, Asian Dollar Market 70
Eurocredit Market 70
Eurobond Market 71
Development of the Eurobond Market 71,
Underwriting Process 72, Features 72
Comparing Interest Rates among Currencies 73
Global Integration of Interest Rates 76
International Stock Markets 76
Comparison of International Financial Markets 79
Nike Problem: Use of International Financial
Markets 80
How Financial Markets Affect an MNC s Value 80
Summary 81
Self Test for Chapter 3 82
Questions and Applications 82
Internet Application 83
Running Your Own MNC 83
Blades, Inc. Case: Decisions to Use International
Financial Markets 83
Small Business Dilemma: Use of the Foreign
Exchange Markets by the Sports Exports
Company 84
Appendix 3: Investing in International Financial
Markets 85
Background on International Stock Exchanges 85
Reduction in Transaction Costs 85, Reduction in
Information Costs 86, Exchange Rate Risk 86
International Stock Diversification 86
Limitations of International Diversification 87,
Valuation of Foreign Stocks 91, Methods Used to
Invest Internationally 91, Exchange Rate Risk of
Foreign Stocks 94
Chapter 4
Exchange Rate Determination 97
Measuring Exchange Rate Movements 97
Exchange Rate Equilibrium 98
Demand for a Currency 98, Supply of a Currency
for Sale 99
Factors That Influence Exchange Rates 100
Relative Inflation Rates 100, Relative Interest
Rates 102, Relative Income Levels 103,
Government Controls 103, Expectations 104,
Interaction of Factors 106, How Factors Have
Influenced Exchange Rates 107
Speculating on Anticipated Exchange Rates 108
Nike Problem: Factors That May Be Considered
When Assessing Exchange Rates 110
How Exchange Rates Affect an MNC s Value 110
Summary 111
Self Test for Chapter 4 112
Questions and Applications 112
Internet Application 114
Running Your Own MNC 115
Blades, Inc. Case: Assessment of Future Exchange
Rate Movements 115
Small Business Dilemma: Assessment by the Sports
Exports Company of Factors That Affect the
British Pound s Value 116
Chapter 5
Currency Derivatives 117
Forward Market 117
How MNCs Use Forward Contracts 118,
Non Deliverable Forward Contracts 119
Currency Futures Market 120
Comparison of Currency Futures and Forward
Contracts 121, Pricing Currency Futures 122, Closing
Out a Futures Position 123, Credit Risk of Currency
Futures Contracts 123, Corporate Use of Currency
Futures 123, Speculation with Currency Futures 124,
Transaction Costs of Currency Futures 125
Currency Options Market 125
Currency Call Options 126
Factors Affecting Currency Call Option Premiums 127,
Hedging with Currency Call Options 127,
Speculating with Currency Call Options 128
Currency Put Options 131
Factors Affecting Currency Put Option Premiums 131,
Hedging with Currency Put Options 131,
Speculating with Currency Put Options 131
Contingency Graphs for Currency Options 133
Conditional Currency Options 135
European Currency Options 136
Efficiency of Currency Futures and Options 136
Nike Problem: Use of Currency Derivative
Contracts 137
How the Use of Currency Futures and Options
Affects an MNC s Value 138
Summary 138
Self Test for Chapter 5 139
Questions and Applications 139
Internet Application 142
Running Your Own MNC 143
Blades, Inc. Case: Use of Currency Derivative
Instruments 143
Small Business Dilemma: Use of Currency
Futures and Options by the Sports Exports
Company 144
Appendix 5: Currency Option Pricing 145
Boundary Conditions 145
Lower Bounds 145, Upper Bounds 146
Application of Pricing Models 146
Pricing Currency Put Options According to Put
Call Parity 147
Part I Integrative Problem: The International
Financial Environment 149
Part II
Exchange Rate Behavior
Chapter 6
Government Influence on Exchange
Rates 153
Exchange Rate Systems 153
Fixed Exchange Rate System 153, Freely Floating
Exchange Rate System 154, Managed Float Exchange
Rate System 156, Pegged Exchange Rate System 157,
Classification of Exchange Rate Arrangements 161
A Single European Currency 163
Impact on European Monetary Policy 164, Impact on
Business within Europe 164, Impact on the Valuation
of Businesses in Europe 165, Impact on Financial
Flows 165, Impact on Exchange Rate Risk 166
Contents ix
Government Intervention 166
Reasons for Government Intervention 166, Direct
Intervention 167, Indirect Intervention 170
Exchange Rate Target Zones 171
Intervention as a Policy Tool 172
Influence of a Weak Home Currency on the
Economy 172, Influence of a Strong Home
Currency on the Economy 172
Nike Problem: How Business Can Be Affected by
Foreign Government Intervention 173
How Central Bank Intervention Can Affect an
MNC s Value 174
Summary 175
Self Test for Chapter 6 175
Questions and Applications 175
Internet Application 177
Running Your Own MNC 177
Blades, Inc. Case: Assessment of Government
Influence on Exchange Rates 177
Small Business Dilemma: Assessment of Central
Bank Intervention by the Sports Exports
Company 178
Appendix 6: Government Intervention During the
Asian Crisis 179
Crisis in Thailand 179
Bank Lending Situation 179, Flow of Funds
Situation 180, Export Competition 180, Pressure
on the Thai Baht 180, Damage to Thailand 180,
Rescue Package for Thailand 181, Spread of the
Crisis throughout Southeast Asia 181, Effects on
Other Asian Currencies 181, Effects on Financing
Expenses 182, Impact of the Asian Crisis on Hong
Kong 182, Impact of the Asian Crisis on Russia 183,
Impact of the Asian Crisis on South Korea 183,
Impact of the Asian Crisis on Japan 184, Impact of
the Asian Crisis on China 184, Impact of the Asian
Crisis on Latin American Countries 185, Impact of
the Asian Crisis on Europe 185, Impact of Asian
Crisis on the United States 186, Lessons about
Exchange Rates and Intervention 186
Chapter 7
International Arbitrage and Interest
Rate Parity 189
International Arbitrage 189
Locational Arbitrage 190, Triangular Arbitrage 191,
Covered Interest Arbitrage 194, Comparison of
Arbitrage Effects 196
Interest Rate Parity (IRP) 196
Derivation of Interest Rate Parity 197, Numerical
Example of Interest Rate Parity 198, Graphic
Analysis of Interest Rate Parity 200, How to Test
x Contents
Whether Interest Rate Parity Exists 202,
Interpretation of Interest Rate Parity 202, Does
Interest Rate Parity Hold? 202, Considerations
When Assessing Interest Rate Parity 203
Correlation between Spot and Forward Rates 204
Nike Problem: How the Asian Crisis Affected the
Hedging Decision 205
Impact of Arbitrage on an MNC s Value 206
Summary 206
Self Test for Chapter 7 207
Questions and Applications 207
Internet Application 209
Running Your Own MNC 209
Blades, Inc. Case: Assessment of Potential
Arbitrage Opportunities 210
Small Business Dilemma: Assessment of Prevailing
Spot and Forward Rates by the Sports Exports
Company 211
Chapter 8
Relationships between Inflation, Interest
Rates, and Exchange Rates 213
Purchasing Power Parity (PPP) 213
Derivation of Purchasing Power Parity 214, Numer¬
ical Examples of Purchasing Power Parity 215, Ra¬
tionale behind Purchasing Power Parity Theory 216,
Graphic Analysis of Purchasing Power Parity 217,
Testing the Purchasing Power Parity Theory 219,
Why Purchasing Power Parity Does Not Occur 221,
Limitation in Tests of Purchasing Power Parity 222,
Purchasing Power Parity in the Long Run 222
International Fisher Effect (IFE) 223
Derivation of the International Fisher Effect 224,
Graphic Analysis of the International Fisher Effect 227,
Tests of the International Fisher Effect 229, Why the
International Fisher Effect Does Not Occur 230,
Application of the International Fisher Effect to the
Asian Crisis 230
Comparison of IRP, PPP, and IFE Theories 231
Nike Problem: Impact of Inflation, Interest Rates,
and Exchange Rate Relationships on Nike s
Latin American Business 231
Impact of Foreign Inflation on the Value of the
MNC 233
Summary 234
Self Test for Chapter 8 234
Questions and Applications 235
Internet Application 237
Running Your Own MNC 237
Blades, Inc. Case: Assessment of Purchasing Power
Parity 237
Small Business Dilemma: Assessment of the IFE
by the Sports Exports Company 239
Part II Integrative Problem: Exchange Rate
Behavior 240
Part III
Exchange Rate Risk
Management
Chapter 9
Forecasting Exchange Rates 243
Why Firms Forecast Exchange Rates 243
Forecasting Techniques 244
Technical Forecasting 244, Fundamental
Forecasting 246, Market Based Forecasting 251,
Mixed Forecasting 252
Forecasting Services 253
Evaluation of Forecast Performance 254
Forecast Accuracy Over Time 255, Forecast
Accuracy among Currencies 256, Search for
Forecast Bias 257, Statistical Test of Forecast
Bias 257, Graphic Evaluation of Forecast
Performance 259, Comparison of Forecasting
Techniques 261
Forecasting Under Market Efficiency 263
Nike Problem: How Nike Can Benefit from
Exchange Rate Forecasts 264
Forecasting Exchange Rate Volatility 264
Application of Exchange Rate Forecasting to the
Asian Crisis 266
How Exchange Rate Forecasting Affects an
MNC s Value 266
Summary 267
Self Test for Chapter 9 268
Questions and Applications 268
Internet Application 271
Running Your Own MNC 271
Blades, Inc. Case: Forecasting Exchange
Rates 271
Small Business Dilemma: Exchange Rate
Forecasting by the Sports Exports Company 273
Chapter 10
Measuring Exposure to Exchange Rate
Fluctuations 275
Is Exchange Rate Risk Relevant? 275
Purchasing Power Parity Argument 275, The
Investor Hedge Argument 276, Currency
Diversification Argument 276, Stakeholder
Diversification Argument 276
Types of Exposure 277
Transaction Exposure 277
Transaction Exposure to Net Cash Flows 277,
Transaction Exposure Based on Currency
Variability 279, Transaction Exposure Based on
Currency Correlations 280, Transaction Exposure
Based on Value at Risk 282, Assessing Transaction
Exposure: An Example 284
Economic Exposure 284
Economic Exposure to Local Currency
Appreciation 285, Economic Exposure to Local
Currency Depreciation 286, Economic Exposure
of Domestic Firms 287, Economic Exposure of
MNCs 287, Measuring Economic Exposure 288
Translation Exposure 291
Does Translation Exposure Matter? 292,
Determinants of Translation Exposure 293,
Examples of Translation Exposure 294
Nike Problem: Nike s Translation Exposure 295
Impact of Exchange Rate Exposure on an MNCs
Value 296
Summary 297
Self Test for Chapter 10 297
Questions and Applications 298
Internet Application 300
Running Your Own MNC 300
Blades, Inc. Case: Assessment of Exchange Rate
Exposure 301
Small Business Dilemma: Assessment of
Exchange Rate Exposure by the Sports Exports
Company 302
Appendix 10: Estimating the Variability of a
Currency Portfolio 303
Chapter 11
Managing Transaction Exposure 305
Transaction Exposure 305
Selective Hedging of Transaction Exposure 305,
Identifying Net Transaction Exposure 307, Adjusting
the Invoice Policy to Manage Exposure 308
Techniques to Eliminate Transaction Exposure 308
Futures Hedge 308, Forward Hedge 309, Money
Market Hedge 313, Currency Option Hedge 316,
Comparison of Hedging Techniques 318
Limitations of Hedging 325
Limitation of Hedging an Uncertain Amount 325
Nike Problem: Nike s Management of Transaction
Exposure 325
Limitation of Repeated Short Term Hedging 326
Contents xi
Hedging Long Term Transaction Exposure 327
Long Term Forward Contract 328, Currency
Swap 328, Parallel Loan 328
Alternative Hedging Techniques 329
Leading and Lagging 329, Cross Hedging 330,
Currency Diversification 330
How Transaction Exposure Management Affects
an MNC s Value 331
Summary 331
Self Test for Chapter 11 332
Questions and Applications 332
Internet Application 336
Running Your Own MNC 337
Blades, Inc. Case: Management of Transaction
Exposure 337
Small Business Dilemma: Hedging Decisions by
the Sports Exports Company 339
Chapter 12
Managing Economic Exposure
and Translation Exposure 341
Economic Exposure 341
Importance of Managing Economic
Exposure 342, Assessing Economic Exposure 342,
How Restructuring Can Reduce Economic
Exposure 344, Issues Involved in the Restructuring
Decision 347, Examples of Restructuring That
Reduced Exposure 348
Managing Translation Exposure 348
Nike Problem: Management of Economic
Exposure 349
Use of Forward Contracts to Hedge Translation
Exposure 349, Limitations of Hedging Translation
Exposure 350, Alternative Solution to Hedging
Translation Exposure 351
How Managing Economic Exposure Affects an
MNC s Value 351
Summary 352
Self Test for Chapter 12 352
Questions and Applications 353
Internet Application 354
Running Your Own MNC 354
Blades, Inc. Case: Assessment of Economic
Exposure 355
Small Business Dilemma: Hedging the Sports
Exports Company s Economic Exposure to
Exchange Rate Risk 356
Part IK Integrative Problem: Exchange Rate Risk
Management 358
xii Contents
Part IV
Long Term Asset and
Liability Management
Chapter 13
Direct Foreign Investment 363
Motives for Direct Foreign Investment 363
Summary of Benefits of Direct Foreign Investment 366,
Application of Direct Foreign Investment to the Asian
Crisis 368
Nike Problem: Motives for Direct Foreign
Investment 368
Benefits of International Diversification 369
Numerical Example of Diversification Benefits 369,
Diversification Benefits of Multiple Projects 371,
Risk Return Analysis of International Projects 372
Decisions Subsequent to DFI 374
Host Government View of DFI 375
Impact of the DFI Decision on an MNC s
Value 375
Summary 376
Self Test for Chapter 13 377
Questions and Applications 377
Internet Application 378
Running Your Own MNC 378
Blades, Inc. Case: Consideration of Direct Foreign
Investment 379
Small Business Dilemma: Direct Foreign
Investment Decision by the Sports Exports
Company 380
Chapter 14
Multinational Capital Budgeting 381
Subsidiary versus Parent Perspective 381
Tax Differentials 382, Restricted Remittances 382,
Excessive Remittances 382, Exchange Rate
Movements 382, Summary of Factors 382
Input for Multinational Capital Budgeting 384
Multinational Capital Budgeting Example 386
Example: Background 386, Example: Analysis 387
Factors to Consider in Multinational Capital
Budgeting 389
Exchange Rate Fluctuations 390, Inflation 391,
Financing Arrangement 392, Blocked Funds 395,
Uncertain Salvage Value 396, Impact of Project on
Prevailing Cash Flows 397, Host Government
Incentives 398
Adjusting Project Assessment for Risk 398
Nike Problem: Assessing International Projects 399
Risk Adjusted Discount Rate 399, Sensitivity
Analysis 399, Simulation 400
Impact of Multinational Capital Budgeting on an
MNC s Value 401
Summary 402
Self Test for Chapter 14 402
Questions and Applications 403
Internet Application 406
Running Your Own MNC 406
Blades, Inc. Case: Decision by Blades, Inc. to
Invest in Thailand 406
Small Business Dilemma: Multinational Capital
Budgeting by the Sports Exports Company 408
Appendix 14: Incorporating International Tax
Laws in Multinational Capital Budgeting 409
Variation in Tax Laws among Countries 409
Corporate Income Taxes 409, Withholding
Taxes 411, Personal and Excise Tax Rates 412,
Provision for Carrybacks and Carryforwards 412,
Tax Treaties 412, Tax Credits 412, Taxes on
Income from Intercompany Transactions 414
Chapter 15
Multinational Restructuring 417
Background on Multinational Restructuring 417
International Acquisitions 418
Trends in International Acquisitions 418, Barriers to
International Acquisitions 418, Model for Valuing a
Foreign Target 420, Assessing Potential Acquisitions
in Asia 422, Assessing Potential Acquisitions in
Europe 422
Factors That Affect the Expected Cash Flows of
the Foreign Target 422
Target Specific Factors 423, Country Specific
Factors 423
Example of the Valuation Process 424
International Screening Process 425, Estimating the
Target s Value 425
Why Valuations of a Target May Vary among
MNCs 428
Estimated Cash Flows of the Foreign Target 428,
Exchange Rate Effects on the Funds Remitted 429,
Required Return of Acquirer 429
Other Types of Multinational Restructuring 430
International Partial Acquisitions 430, International
Acquisitions of Privatized Businesses 430,
International Alliances 431, International
Divestitures 431
Restructuring Decisions as Real Options 432
Call Option on Real Assets 433, Put Option on Real
Assets 433
Nike Problem: Multinational Restructuring
at Nike 434
Impact of Multinational Restructuring on an
MNC s Value 435
Summary 436
Self Test for Chapter 15 436
Questions and Applications 436
Internet Application 438
Running Your Own MNC 438
Blades, Inc. Case: Assessment of an Acquisition
in Thailand 438 ¦*
Small Business Dilemma: Multinational Restruc¬
turing by the Sports Exports Company 440
Chapter 16
Country Risk Analysis 441
Why Country Risk Analysis Is Important 441
Political Risk Factors 441
Attitude of Consumers in the Host Country 442,
Attitude of Host Government 442, Blockage of
Fund Transfers 443, Currency Inconvertibility 443,
War 443, Bureaucracy 443, Corruption 443
Financial Risk Factors 444
Nike Problem: Potential Exposure to Country
Risk 445
Types of Country Risk Assessment 446
Macroassessment of Country Risk 446,
Microassessment of Country Risk 447
Techniques to Assess Country Risk 448
Checklist Approach 448, Delphi Technique 449,
Quantitative Analysis 449, Inspection Visits 449,
Combination of Techniques 450
Comparing Risk Ratings Among Countries 450
Quantifying Country Risk: An Example 451
Actual Country Risk Ratings Across Countries 455
Incorporating Country Risk in Capital
Budgeting 456
Adjustment of the Discount Rate 456, Adjustment of
the Estimated Cash Flows 457, Applications of
Country Risk Analysis 460
Reducing Exposure to Host Government
Takeovers 462
Use a Short Term Horizon 463, Rely on Unique
Supplies or Technology 463, Hire Local Labor 463,
Borrow Local Funds 463, Purchase Insurance 463
Impact of an MNC s Country Risk Analysis on
Its Value 464
Contents xiii
Summary 465
Self Test for Chapter 16 465
Questions and Applications 466
Internet Application 468
Running Your Own MNC 468
Blades, Inc. Case: Country Risk Assessment 468
Small Business Dilemma: Country Risk Analysis at
the Sports Exports Company 470
Chapter 17
Multinational Cost of Capital and Capital
Structure 471
Background on Cost of Capital 471
Cost of Capital for MNCs 472
Cost of Capital Comparison Using the CAPM 475
Costs of Capital Across Countries 476
Country Differences in the Cost of Debt 476,
Country Differences in the Cost of Equity 479,
Combining the Costs of Debt and Equity 479
Nike Problem: Effect of International Operations
on the Cost of Capital 480
Using the Cost of Capital for Assessing Foreign
Projects 480
The MNCs Capital Structure Decision 481
Influence of Corporate Characteristics 481, Influence
of Country Characteristics 482, Summary of
Characteristics That Affect an MNCs Capital
Structure 485
Interaction between Subsidiary and Parent
Financing Decisions 486
Impact of Increased Debt Financing by the Subsidiary
486, Impact of Reduced Debt Financing by the
Subsidiary 487, Summary of Interaction between
Subsidiary and Parent Financing Decisions 487
Using a Target Capital Structure on a Local versus
Global Basis 488
Offsetting a Subsidiary s High Degree of Financial
Leverage 488, Offsetting a Subsidiary s Low Degree
of Financial Leverage 488, Limitations in Offsetting
a Subsidiary s Abnormal Degree of Financial
Leverage 489
Capital Structures across Countries 489
Impact of an MNCs Capital Structure Decisions
on Its Value 489
Summary 490
Self Test for Chapter 17 491
Questions and Applications 491
Internet Application 493
Running Your Own MNC 493
xiv Contents
Blades, Inc. Case: Assessment of Cost of
Capital 493
Small Business Dilemma: Multinational Capital
Structure Decision at the Sports Exports
Company 495
Chapter 18
Long Term Financing 497
Long Term Financing Decision 497
Financing with a Stable Currency 498, Financing
with a Strong Currency 499, Financing with a Weak
Currency 501
Actual Bond Financing Costs 501
Comparing Bond Denomination Alternatives 503
Use of Exchange Rate Probabilities 503, Use of
Simulation 503
Financing with Floating Rate Eurobonds 504
Exchange Rate Risk of Foreign Bonds 504
Hedging Exchange Rate Risk 504
Nike Problem: International Long Term
Financing 506
Long Term Financing in Multiple Currencies 506
Currency Cocktail Bonds 507
Using Swaps to Hedge Financing Costs 507
Interest Rate Swaps 507, Currency Swaps 509
Foreign Debt Maturity Decisions 511
Impact of an MNC s Long Term Financing
Decision on Its Value 511
Summary 513
Self Test for Chapter 18 514
Questions and Applications 514
Internet Application 516
Running Your Own MNC 516
Blades, Inc. Case: Use of Long Term Foreign
Financing 516
Small Business Dilemma: Long Term
Financing Decision by the Sports Exports
Company 518
Part IV Integrative Problem: Long Term Assets
and Liability Management 519
PartV
Short Term Asset and
Liability Management
Chapter 19
Financing International Trade 523
Payment Methods for International Trade 523
Prepayment 524, Letters of Credit (L/C) 525,
Drafts 525, Consignment 526, Open Account 526
Trade Finance Methods 526
Accounts Receivable Financing 526, Factoring 527,
Letters of Credit (L/C) 527
Nike Problem: Use of Letters of Credit 531
Banker s Acceptances 532, Working Capital
Financing 535, Medium Term Capital Goods
Financing (Forfaiting) 535, Countertrade 535
Agencies That Motivate International Trade 536
Export Import Bank of the United States 537,
Private Export Funding Corporation (PEFCO) 539,
Overseas Private Investment Corporation (OPIC) 539,
Other Considerations 539
Impact of International Trade Financing on an
MNC s Value 539
Summary 540
Self Test for Chapter 19 540
Questions and Applications 541
Internet Application 541
Running Your Own MNC 541
Blades, Inc. Case: Assessment of International
Trade Financing in Thailand 542
Small Business Dilemma: Ensuring Payment for
Products Exported by the Sports Exports
Company 543
Chapter 20
Short Term Financing 545
Sources of Short Term Financing 545
Internal Financing by MNCs 546
Why MNCs Consider Foreign Financing 546
Foreign Financing to Offset Foreign Receivables 546,
How Avon Used Foreign Financing during the Asian
Crisis 546, Foreign Financing to Reduce Costs 547
Determining the Effective Financing Rate 547
Criteria Considered for Foreign Financing 550
Interest Rate Parity 550, The Forward Rate as a
Forecast 551, Exchange Rate Forecasts 552
Actual Results from Foreign Financing 555
Nike Problem: Nike s International Short Term
Financing 557
Financing with a Portfolio of Currencies 557
Portfolio Diversification Effects 560, Repeated
Financing with a Currency Portfolio 561
Impact of Short Term Financing on the MNCs
Value 562
Summary 563
Self Test for Chapter 20 563
Questions and Applications 564
Internet Application 566
Running Your Own MNC 566
Blades, Inc. Case: Use of Foreign Short Term
Financing 567
Small Business Dilemma: Short Term Financing by
the Sports Exports Company 568
Chapter 21
International Cash Management 569
Cash Flow Analysis: Subsidiary Perspective 569
Centralized Cash Management 570
Techniques to Optimize Cash Flows 572
Accelerating Cash Inflows 572, Minimizing Currency
Conversion Costs 572, Managing Blocked Funds 574,
Managing Intersubsidiary Cash Transfers 575
Complications in Optimizing Cash Flow 575
Company Related Characteristics 575, Government
Restrictions 575, Characteristics of Banking
Systems 575
Investing Excess Cash 576
Centralized Cash Management 576, Determining the
Effective Yield 577, Implications of Interest Rate
Contents xv
Parity 580, Use of the Forward Rate as a Forecast
580, Use of Exchange Rate Forecasts 584,
Diversifying Cash Across Currencies 587
Nike Problem: International Cash Management 587
Using Dynamic Hedging to Hedge Investments 588,
Impact of International Cash Management on an
MNCs Value 588
Summary 589
Self Test for Chapter 21 589
Questions and Applications 590
Internet Application 591
Running Your Own MNC 592
Blades, Inc. Case: International Cash
Management 592
Small Business Dilemma: Cash Management at
the Sports Exports Company 593
Appendix 21: Investing in a Portfolio of Currencies
594
Repeated Investing in a Currency Portfolio 597
Part V Integrative Problem: Short Term Asset and
Liability Management 599
Appendix A
Answers to Self Test Questions 601
Appendix B
Supplemental Cases 615
Appendix C
Fundamentals of Regression Analysis 633
Appendix D
Focus on an MNC 641
Glossary 645
Index 653
|
| any_adam_object | 1 |
| author | Madura, Jeff |
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| callnumber-sort | HG 43881 |
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| dewey-full | 658.15/99 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15/99 |
| dewey-search | 658.15/99 |
| dewey-sort | 3658.15 299 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 6. ed. |
| format | Book |
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| illustrated | Illustrated |
| indexdate | 2024-07-09T18:38:23Z |
| institution | BVB |
| isbn | 0324009550 |
| language | English |
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| spelling | Madura, Jeff Verfasser aut International financial management Jeff Madura 6. ed. Cincinnati, Ohio [u.a.] South-Western College Publ. 2000 XXV, 660 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Banques internationales Change Entreprises multinationales - Finances Finances internationales Financieel management gtt Gestion des actifs et des passifs Internationale financiën gtt Internationale ondernemingen gtt Multinationales Unternehmen Asset-liability management Banks and banking, International Foreign exchange International business enterprises Finance International finance Internationale Bank (DE-588)4140009-4 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 s Internationaler Kreditmarkt (DE-588)4120506-6 s DE-604 Internationale Bank (DE-588)4140009-4 s 1\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008896320&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Madura, Jeff International financial management Banques internationales Change Entreprises multinationales - Finances Finances internationales Financieel management gtt Gestion des actifs et des passifs Internationale financiën gtt Internationale ondernemingen gtt Multinationales Unternehmen Asset-liability management Banks and banking, International Foreign exchange International business enterprises Finance International finance Internationale Bank (DE-588)4140009-4 gnd Finanzmanagement (DE-588)4139075-1 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd |
| subject_GND | (DE-588)4140009-4 (DE-588)4139075-1 (DE-588)4120506-6 |
| title | International financial management |
| title_auth | International financial management |
| title_exact_search | International financial management |
| title_full | International financial management Jeff Madura |
| title_fullStr | International financial management Jeff Madura |
| title_full_unstemmed | International financial management Jeff Madura |
| title_short | International financial management |
| title_sort | international financial management |
| topic | Banques internationales Change Entreprises multinationales - Finances Finances internationales Financieel management gtt Gestion des actifs et des passifs Internationale financiën gtt Internationale ondernemingen gtt Multinationales Unternehmen Asset-liability management Banks and banking, International Foreign exchange International business enterprises Finance International finance Internationale Bank (DE-588)4140009-4 gnd Finanzmanagement (DE-588)4139075-1 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd |
| topic_facet | Banques internationales Change Entreprises multinationales - Finances Finances internationales Financieel management Gestion des actifs et des passifs Internationale financiën Internationale ondernemingen Multinationales Unternehmen Asset-liability management Banks and banking, International Foreign exchange International business enterprises Finance International finance Internationale Bank Finanzmanagement Internationaler Kreditmarkt |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008896320&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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