Multinational finance:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cincinnati, Ohio
South-Western College Publ.
2000
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| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXII, 682 S. |
| ISBN: | 0324004508 |
Internformat
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| 245 | 1 | 0 | |a Multinational finance |c Kirt C. Butler |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a Cincinnati, Ohio |b South-Western College Publ. |c 2000 | |
| 300 | |a XXII, 682 S. | ||
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| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Cambio exterior | |
| 650 | 4 | |a Empresas internacionales - Finanzas | |
| 650 | 4 | |a Finanzas internacionales | |
| 650 | 4 | |a Multinationales Unternehmen | |
| 650 | 4 | |a International business enterprises -- Finance | |
| 650 | 4 | |a Foreign exchange | |
| 650 | 4 | |a International finance | |
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Datensatz im Suchindex
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| adam_text | Brief Contents
Part I Overview and Background —
1 An Introduction to Multinational Finance 1
2 World Trade and the International Monetary System 19
Part ii Foreign Exchange and Exchange Rate Determination 49_
3 The Foreign Exchange and Eurocurrency Markets 49
4 The International Parity Conditions 81
5 The Nature of Currency Risk 109
PART HI THE MULTINATIONAL CORPORATION S INVESTMENT DECISIONS 135_
6 Multinational Corporate Strategy 135
7 Cross Border Capital Budgeting 165
8 Taxes and Multinational Corporate Strategy 193
9 Country Risk 217
10 Real Options and Cross Border Investment 241
11 Corporate Governance and the International Market for Corporate Control 271
Part iv The Multinational Corporation s Financial Decisions 303_
12 Multinational Treasury Management 303
13 The Rationale for Hedging Currency Risk 327
14 Transaction Exposure to Currency Risk 351
15 Operating Exposure to Currency Risk 369
16 Translation Exposure to Currency Risk 391
17 Multinational Capital Structure and Cost of Capital 413
Part V Derivative Securities for Currency Risk Management 445_
18 Currency Futures and Futures Markets 445
19 Currency Options and Options Markets 471
20 Currency Swaps and Swaps Markets 509
Part VI International Capital Markets and Portfolio Investment 531
21 A Tour of the World s Capital Markets 531
22 International Portfolio Diversification 559
23 International Asset Pricing 591
24 Managing an International Investment Portfolio 623
Detailed Contents
Preface xviii
PART I OVERVIEW AND BACKGROUND 1_
1 An Introduction to Multinational Finance 1
1.1 Financial Management of the Multinational Corporation 1
1.2 The Opportunities of Multinational Operations 2
Multinational Investment Opportunities 2
Multinational Financing Opportunities 3
Multinational Opportunities and Firm Value 3
1.3 The Challenges of Multinational Operations 5
Overcoming Cultural Differences 5
Exposure to Country Risk 8
1.4 The Goals of the Multinational Corporation 8
1.5 The Goals of this Text 12
Appendix 1 A The World s Largest Industrial Corporations 14
Appendix 1 B The World s Largest Service Corporations 16
2 World Trade and the International Monetary System 19
2.1 Integration of the World s Markets 19
Cross Border Integration of the Markets for Goods and Services 20
Cross Border Integration of the World s Financial Markets 22
2.2 Balance of Payments Statistics 23
2.3 Exchange Rate Systems 25
An Economist s Classification of Exchange Rate Systems 25
The IMF s Classification of Exchange Rate Systems 27
2.4 A History of the International Monetary System 30
The International Monetary System Before 1944 30
Bretton Woods: 1946 1971 32
Exchange Rates after the Fall of Bretton Woods 32
The Emerging Role of the International Monetary Fund 35
2.5 Summary 39
Appendix 2 A The Theory of Comparative Advantage:
A Game in Which Everybody Wins? 42
Autarky (No Trade) Equilibrium 43
Free Trade and Comparative Advantage 45
Relaxing the Assumptions of the Classical Theory 47
Part II Foreign Exchange and Exchange Rate Determination 49_
3 The Foreign Exchange and Eurocurrency Markets 49
3.1 Multinational Banking and Interbank Markets 49
Commercial Banks as Financial Intermediaries 49
Clearing and Settlement Mechanisms for Interbank Transfers 51
The Interbank Markets for Eurocurrencies and Foreign Exchange 52
Efficiency of the Eurocurrency and Foreign Exchange Markets 52
3.2 The Eurocurrency Market 54
An Absence of Government Interference in the Eurocurrency Markets 55
Floating Rate Pricing 56
Interest Rates in the Domestic Credit and Eurocurrency Markets 56
An Example of a Eurodollar Transaction 57
3.3 The Foreign Exchange Market 58
Foreign Exchange Dealers and Brokers 59
Retail Customers 60
3.4 Foreign Exchange Rates and Quotations 61
Two Rules for Dealing with Foreign Exchange 61
European and American Quotes for the U.S. Dollar 63
Direct and Indirect Quotes for Foreign Exchange 63
3.5 Forward Premiums/Discounts and Changes in Spot Rates 65
Forward Premiums and Discounts 65
Annualized Percentage Changes in Exchange Rates 66
A Reminder: Always Follow Rule #2 67
3.6 Hedging Currency Risk with Forward Contracts 68
An Example of Exposure to Currency Risk 68
The Exposure of a Forward Hedge 69
The Exposure of a Hedged Position 70
3.7 Summary 72
Appendix 3 A The Foreign Exchange Market Game 76
Market Participants 76
Rules and Operation of the Game 77
4 The International Parity Conditions 81
4.1 The Law of One Price 81
Arbitrage Profit 82
The No Arbitrage Condition 83
4.2 International Parity Conditions You Can Trust 84
Bilateral Exchange Rates and Locational Arbitrage 85
Cross Rates and Triangular Arbitrage 87
Interest Rate Parity and Covered Interest Arbitrage 90
4.3 Less Reliable International Parity Conditions 93
Relative Purchasing Power Parity 93
Forward Rates as Unbiased Predictors of Future Spot Rates 95
The International Fisher Relation 96
Capital Market Equilibrium 99
4.4 Summary 100
Appendix 4 A Continuous Time Finance 104
Continuously Compounded Rates of Return 104
5 The Nature of Currency Risk 109
5.1 Exposure to Currency Risk 110
Monetary versus Nonmonetary Assets and Liabilities 110
Economic Exposure to Currency Risk 111
Accounting (Translation) Exposure to Currency Risk 113
Corporate Views on Currency Risk Exposures 114
5.2 The Real Exchange Rate 114
Real Changes in Purchasing Power 115
Deriving the Real Exchange Rate 115
The Real Value of the U.S. Dollar 118
5.3 The Effect of Changes in Real Exchange Rates 119
5.4 The Empirical Behavior of Exchange Rates 120
Changes in Nominal Exchange Rates 120
Changes in Real Exchange Rates 120
Time Varying Exchange Rate Volatility 121
5.5 Exchange Rate Forecasting 123
Market Based Exchange Rate Forecasts 124
Forecasting Deviations from the International Parity Conditions 125
Model Based Exchange Rate Forecasts 127
5.6 Summary 129
Appendix 5 A Real Exchange Rates in Continuous Time 134
Part HI The Multinational Corporation s Investment Decisions 135
6 Multinational Corporate Strategy 135
6.1 The Eclectic Paradigm: The Why, Where, and How
of International Business 136
Ownership Advantages: The Why of Multinational Operations 137
Location Specific Advantages: The Where of Multinational Operations 139
Market Internalization Advantages: The How of Multinational Operations 139
6.2 The Evolution of the Multinational Corporation 141
Infancy and Growth: Discovering Competitive Advantages 141
The Mature Stage: Milking the Cash Cow 142
Decline or Renewal? The Secret of Corporate Strategy 145
6.3 Strategic Entry into International Markets 146
Export Based Foreign Market Entry 148
Contract Based Foreign Market Entry 150
Foreign Market Entry through Investment 151
Foreign Market Entry through a Strategic Alliance 153
Putting It All Together (Eclectically) 154
6.4 Protecting the Multinational s Competitive Advantages 157
Intellectual Property Rights 157
Loss of Competitive Advantage 159
Finding the Right Partner 160
The Art of the Deal 160
6.5 Summary 161
7 Cross Border Capital Budgeting 165
7.1 The Algebra of Cross Border Investment Analysis 166
Discounted Cash Flows 166
The Domestic Capital Budgeting Recipe 167
International Parity Conditions and Cross Border Capital Budgeting 167
7.2 An Example: Wendy s Restaurant in Neverland 169
Recipe #1: Discounting in the Foreign Currency 171
Recipe #2: Discounting in the Domestic Currency 173
7.3 The Parent versus Local Perspective on Project Valuation 173
Project Valuation from the Parent s Perspective 174
Project Valuation from the Local Perspective 175
How to Handle Valuation Differences 175
7.4 Special Circumstances in Cross Border Investments 181
Blocked Funds 182
Subsidized Financing 185
Negative NPV Tie in Projects 186
Political Risk 186
Tax Holidays 187
7.5 Summary 187
8 Taxes and Multinational Corporate Strategy 193
8.1 The Objectives of National Tax Policy 193
Tax Neutrality: A Level Playing Field 194
Violations of Tax Neutrality 194
8.2 Types of Taxation 195
National Taxes on Foreign Source Income 195
Explicit versus Implicit Taxes 196
8.3 Taxation of Foreign Source Income in the United States 200
Foreign Tax Credits and FTC Limitations 200
Other Limitations on Foreign Tax Credits 202
8.4 Taxes and the Location of Foreign Operations 206
Global Site Selection: In Pursuit of After Tax Returns 206
Tax Haven Affiliates 208
Re Invoicing Centers 208
Transfer Pricing and Tax Planning 208
8.5 Taxes and Organizational Form 210
8.6 Taxes and Cross Border Investment AcnvrrY 211
Overall FTC Limitation Reached—Excess FTCs 212
Overall FTC Limitation Not Reached—No Excess FTCs 212
8.7 Summary 213
9 Country Risk 217
9.1 Country Risk Assessment 218
Political Risk 221
Financial Risk 225
9.2 Strategies for Managing Country Risk 226
Negotiating the Environment 227
Political Risk Insurance 228
Political Risk and the Structure of Foreign Operations 232
Planning for Disaster Recovery 233
9.3 Country Risks and the Cost of Capital 234
An Example of Country Risk and Investors Required Return 235
The International Evidence on Country Risks and Equity Returns 236
9.4 Summary 237
10 Real Options and Cross Border Investment 241
10.1 The Theory and Practice of Investment 242
The Conventional Theory of Investment 242
Three Puzzles 242
Managerial Flexibility in the Timing and Scale of Investment 244
Growth Options versus Assets in Place 244
10.2 Market Entry and the Option to Invest 245
An Option to Invest in a Natural Resource Project 245
An Example of the Option to Invest 246
The Value of the Option to Invest 247
A Resolution of Puzzle #1: Use of Inflated Hurdle Rates 252
10.3 Uncertainty and the Value of the Option to Invest 252
The Determinants of Option Value 252
Exogenous versus Endogenous Uncertainty 253
Exogenous Price Uncertainty 253
Exogenous Input Cost Uncertainty 255
10.4 Market Exit and the Abandonment Option 256
An Example of the Abandonment Option 256
A Resolution of Puzzle #2: Failure to Abandon Unprofitable Investments 258
10.5 The Multinational s Entry into New Markets 259
Endogenous Price Uncertainty and the Value of Follow up Projects 259
A Resolution of Puzzle #3: The MNC s Entry into New Markets 261
10.6 Options within Options 261
Hysteresis: Entry and Exit Strategies in Combination 261
Suspension and Reactivation of Foreign Projects 262
Expansion and Contraction of Foreign Projects 263
10.7 Option Theory as a Complement to NPV 263
Why NPV Has Difficulty Valuing Managerial Flexibility 263
The Option Pricing Alternative 264
Option Theory and Discounted Cash Flow as Complements 265
10.8 Summary 265
11 Corporate Governance and the International Market for Corporate
Control 271
11.1 The Terminology of Mergers and Acquisitions 272
11.2 The Role of Financial Markets and Institutions in Corporate
Governance 273
The United States Market Based System 274
Germany s Bank Based System 275
Japan s Bank Based (Keiretsu) System 277
Commercial Banks and the Concentration of Equity Ownership 280
11.3 The International Market for Corporate Control 282
Regulation of Mergers and Acquisitions 282
Hostile Acquisitions 283
11.4 Top Executive Turnover and Firm Performance 285
The Agency Costs of Corporate Governance 285
Top Executive Turnover: Why, When, and How 286
11.5 A Recent History of Cross Border M A AcnvrrY 287
11.6 The Evidence on Domestic Mergers and Acquisitions 290
The Winners and Losers 290
Free Cash Flow and Gains to the Acquiring Firm 291
Tax Reasons for Domestic Mergers and Acquisitions 291
11.7 The International Evidence on Mergers and Acquisitions 292
A Reinterpretation of the Domestic Variables 292
The Advantages of Multinationality 294
Exchange Rates and Cross Border Acquisitions 296
A Caveat 298
11.8 Summary 298
Part iv The Multinational Corporation s Financial Decisions 303
12 Multinational Treasury Management 303
12.1 Determining the Firm s Financial Goals and Strategies 304
The Multinational Corporation s Strategic Business Plan 304
Financial Strategies as Complements to the Overall Business Plan 304
12.2 Managing the Corporation s International Trade 305
The Legal Environment 305
Managing the Costs and Risks of International Shipping 306
Managing the Costs and Risks of International Payments 307
Countertrade 311
12.3 Financing the Corporation s International Trade 313
The Exporter s Perspective 313
The Importer s Perspective 316
12.4 Managing the Multinational Corporation s Cash Flows 317
Cash Management 318
Managing Internal and External Relations 318
12.5 Risk Management in the Multinational Corporation 319
Decision Support Tools 319
The Five Steps of a Currency Risk Management Program 320
To Hedge or Not to Hedge: Formulating a Risk Management Policy 322
12.6 Summary 323
13 The Rationale for Hedging Currency Risks 327
13.1 A Perfect Model for an Imperfect World 328
13.2 When Hedging Adds Value 329
The Corporation s Financial Policy 329
The Multinational Corporation s Hedging Policy 330
13.3 Convexity in the Tax Schedule 331
Progressive Taxation 331
Tax Preference Items 333
The Value of U.S. Tax Incentives to Hedge 335
13.4 Costs of Financial Distress 335
Equity as a Call Option on Firm Value 335
Direct Costs of Financial Distress 337
Indirect Costs of Financial Distress 340
A Summary of Costs of Financial Distress 343
13.5 Agency Costs 344
Conflicts of Interest Between Managers and Other Stakeholders 344
Management s Incentive to Hedge 344
Aligning the Incentives of Managers and Shareholders 346
13.6 The Hedging Decision 346
13.7 Summary 346
14 Transaction Exposure to Currency Risk 351
14.1 An Example of Transaction Exposure to Currency Risk 351
14.2 Managing Transaction Exposure Internally 353
Multinational Netting 353
Leading and Lagging 355
14.3 Managing Transaction Exposure in the Financial Markets 357
Hedging with Currency Forwards 358
Hedging with Currency Futures 359
Money Market Hedges 359
Hedging with Currency Options 361
Hedging with Currency Swaps 362
The Corporate View 364
14.4 Summary 365
15 Operating Exposure to Currency Risk 369
15.1 Operating Exposures to Currency Risk 369
Operating Exposure and the Competitive Environment 369
Measuring the Exposure of Operating Cash Flows 371
15.2 The Exposure of Shareholders Equity 372
An Illustration of an Exporter s Operating Exposure 372
Market Based Measures of the Exposure of Shareholders Equity 374
An Insider s View of Operating Exposure 376
15.3 Managing Operating Exposure in the Financial Markets 377
Financial Market Hedging Alternatives 377
Advantages and Disadvantages of Financial Market Hedges 377
Assessing the Effectiveness of Financial Market Hedges 381
15.4 Managing Operating Exposure through Operations 381
Product Sourcing Decisions 382
Plant Location Decisions 383
Market Selection and Promotion Strategies 383
15.5 Pricing Strategy and the Firm s Competitive Environment 383
An Example of an Exporter s Exposure to Currency Risk 383
Alternative Pricing Strategies 385
Optimal Pricing and the Price Elasticity of Demand 385
The Consequences of Alternative Pricing Strategies 386
Reprise 387
15.6 Summary 387
16 Translation Exposure to Currency Risk 391
16.1 Measuring Translation Exposure 391
The Current/Noncurrent Method in Use Prior to 1976 392
The Temporal or Monetary/Nonmonetary Method of FAS #8 (1975) 394
The Current Rate Method of FAS #52 (1981) 395
16.2 Which Translation Method Is the Most Realistic? 397
16.3 Corporate Hedging of Translation Exposure 398
Information Based Reasons for Hedging Translation Exposure 398
Aligning Managerial Incentives with Shareholder Objectives 399
Cross Country Differences in Corporate Hedging of Translation Exposure 400
To Hedge or Not to Hedge: Policy Recommendations 401
16.4 Accounting for Financial Market Transactions 401
Derivatives Should Be Reported 403
Use of Fair (Market) Value 403
Assets and Liabilities Should Appear on the Balance Sheet 405
Accounting for Hedge Transactions 406
16.5 Summary 407
17 Multinational Capital Structure and Cost of Capital 413
17.1 Capital Structure and the Cost of Capital 414
Capital Structure Theory and Practice 414
Cost of Capital Theory and Practice 416
17.2 Project Valuation and the Cost of Capital 418
The WACC Approach to Project Valuation 418
The Adjusted Present Value Approach to Project Valuation 421
17.3 Sources of Funds for Multinational Operations 423
Internal Sources of Funds 424
External Sources of Funds 424
17.4 The International Evidence on Capital Structure 430
Evidence from the U.S. Capital Markets 430
Evidence from International Capital Markets 430
17.5 The Cost of Capital on Multinational Operations 433
The Total versus Systematic Risk of Foreign Investments 434
Project Valuation from the Local and from the Global Perspective 434
Empirical Evidence on the Cost of Capital 435
17.6 Summary 437
Appendix 17 A Political Risk in a One Period CAPM World 442
Part V Derivative Securities for Currency Risk Management 445
18 Currency Futures and Futures Markets 445
18.1 The Evolution of Financial Futures Exchanges 445
18.2 The Operation of Futures Markets 447
Looking good, Billy Ray! Feeling good, Louis! 447
Forces Moving the Futures Markets 449
18.3 Futures Contracts 449
Forward Contracts and Default Risk 449
The Futures Contract Solution 449
A Futures Contract as a Portfolio of One Day Forward Contracts 452
18.4 Forward versus Futures Market Hedges 452
Exposure to Currency Risk and Currency Risk Profiles 452
Forward Market Hedges 453
Futures Market Hedges 454
Forwards versus Futures: Vive la difference 454
Standardized or Customized: Which Do You Choose? 456
18.5 Futures Hedges Using Cross Exchange Rates 457
18.6 Hedging with Currency Futures 458
Maturity Mismatches and Delta Hedges 458
The Basis Risk of a Delta Hedge 459
Futures Hedging Using the Hedge Ratio 463
Cross Hedges and Delta Cross Hedges 466
18.7 Summary 467
19 Currency Options and Options Markets 471
19.1 What Is an Option? 471
Types of Currency Options 472
Markets in Currency Options 472
19.2 Option Payoff Profiles 475
A Zero Sum Game 475
Hedging with Options 476
19.3 Profit and Loss on Currency Options 476
Profit and Loss on a Currency Call Option at Expiration 477
Profit and Loss on a Currency Put Option at Expiration 478
19.4 At the Money Options 478
A Call by Any Other Name 479
A Forward by Any Other Name 480
A Forward by Any Other Name: The Case of Put Call Parity 481
19.5 Determinants of Option Values 482
The Intrinsic Value of an Option 482
The Time Value of an Option 483
19.6 Combinations of Options 486
19.7 Hedging with Currency Options 487
Delta Hedges 487
More Funny Greek Letters: Option Gamma, Vega, and Theta 489
19.8 Exchange Rate Volatility Revisited (Advanced) 489
Continuously Compounded Returns and the Normal Distribution 490
Historical Volatility 491
Implied Volatility 492
A Cautionary Note on Implied Volatilities 492
Volatility and Probability of Exercise 493
Time Varying Volatility 494
19.9 Summary 494
Appendix 19 A Currency Option Valuation 498
19A.1 The Binomial Option Pricing Model 498
Binomial Option Payoffs 498
Buy a Dollar and Borrow Yen 499
Using the Hedge Ratio to Value Currency Options 500
A General Case of the Binomial Model 501
19A.2 Currency Option Pricing 503
A Starting Point: The Black Scholes Option Pricing Model 503
An Extension of the Black Scholes OPM to
Currency Options 505
20 Currency Swaps and Swaps Markets 509
20.1 Parallel Loans: Necessity Is the Mother of Invention 510
Alternative #1: Borrow Foreign Currency in the Foreign Market 511
Alternative #2: A Parallel Loan 512
20.2 Pros and Cons of Parallel Loans 514
Benefits of Parallel Loans 514
Problems with Parallel Loans 514
20.3 Swaps to the Rescue 515
20.4 Swaps as Portfolios of Forward Contracts 515
20.5 Currency Swaps 518
A Note on Bond Pricing Conventions 519
Example: The Swap Bank Receives the Fixed Rate 520
Example: The Swap Bank Pays the Fixed Rate 521
The Swap Bank s Gains 521
20.6 Interest Rate Swaps 521
Example: The Swap Bank Pays the Fixed Rate 523
Example: The Swap Bank Receives the Fixed Rate 523
The Swap Bank s Gains 523
20.7 Other Types of Swaps and Swap Combinations 524
Combinations of Currency and Interest Rate Swaps 524
Commodity Swaps 525
Debt for Equity Swaps 525
Swaptions 526
20.8 Hedging the Swap Bank s Financial Risk Exposure 526
20.9 The Benefits of Swaps to the Multinational Corporation 526
20.10 Summary 527
Part VI International Capital Markets and Portfolio Investment 531
21 A Tour of the World s Capital Markets 531
21.1 Capital Markets versus Money Markets 531
21.2 International Debt Markets 533
Intermediated versus Nonintermediated Debt Markets 534
Internal and External Debt Markets 536
Domestic and International Bonds 536 ,
Global Bonds 543
21.3 International Stock Markets 544
A Brief Tour of the World s Major Stock Exchanges 544
Stock Exchange Regulation, Ownership, and Operation 548
Institutional Differences in Stock Exchange Operations 551
International Differences in Regulations Governing Securities Issues 552
International Listing and Capital Market Integration 555
21.4 Summary 556
22 International Portfolio Diversification 559
22.1 The Algebra of Portfolio Diversification 560
Perfect Financial Markets 560
The Mean Variance Framework 561
The Expected Return on a Portfolio 561
The Risk of a Two Asset Portfolio 562
Portfolios of Many Securities 566
22.2 Mean Variance Efficiency 568
Measuring Mean Variance Efficiency 569
Systematic versus Unsystematic Risk 570
Return Distributions in Emerging Markets 572
22.3 The Benefits of International Portfolio Diversification 573
Returns on Foreign Investments 573
Expected Return on a Foreign Asset 574
Variance of Return on a Foreign Asset 574
22.4 Variances on Foreign Stock and Bond Investments 577
Diversifying with International Equity Investments 578
Diversifying with International Bond Investments 579
Diversifying with International Stocks and Bonds 580
22.5 Home Asset Bias 580
22.6 Barriers to International Portfolio Diversification 582
Market Frictions 582
Unequal Access to Market Prices 585
Investor Irrationality 586
Unequal Access to Information 587
22.7 Summary 587
23 International Asset Pricing 591
23.1 The Traditional Capital Asset Pricing Model (CAPM) 591
Systematic (Nondiversifiable) Risk and the Security Market Line 593
Sources of Unsystematic (Diversifiable) Risks 595
The Equity Risk Premium 596
23.2 The International Asset Pricing Model (IAPM) 596
Financial Market Segmentation and Choice of the Market Portfolio 597
23.3 Roll s Critique 598
Roll s Critique of the CAPM 598
Roll s Critique and the IAPM 599
The Relevance and Uses of Market Indices 599
23.4 Factor Models and Arbitrage Pricing Theory (APT) 600
The One Factor Market Model 601
Haven t We Seen This Before? 601
23.5 Applications of Arbitrage Pricing Theory 602
Five Macroeconomic Factors Associated with Domestic Stock Returns 602
The Relative Importance of Global, National, and Industry Factors 603
The Value Premium and the Size Effect 605
Momentum Strategies 608
Rational Asset Pricing or Irrational Investor Behavior? 609
23.6 The Currency Risk Factor in Stock Returns 611
Portfolio Theory and the Irrelevance of Hedging in a Perfect World 611
Measuring Currency Risk Exposure 612
Is Currency Risk Priced in Financial Markets? 613
23.7 Currency Risk Exposure and MNC Hedging AcnvrriES 614
The Exposure of Multinational Corporations to Currency Risk 614
The Managers Perspective 615
Corporate Hedging Activities 616
23.8 Summary 616
24 Managing an International Investment Portfolio 623
24.1 Vehicles for Overcoming Capital Flow Barriers 623
Invest in Domestic Based Multinational Corporations 624
Invest in Individual Foreign Securities 624
Mutual Funds Specializing in International Assets 626
Hedge Funds 630
Other International Investment Vehicles 630
The Effectiveness of Homemade International Diversification 632
24.2 Asset Allocation Policy and Managerial Style 632
Passive Fund Management 633
Active Fund Management 634
24.3 Cross Border Financial Statement Analysis 636
International Differences in Financial Accounting Measurement 637
International Differences in Financial Disclosure 642
24.4 The Shifting Sands of Portfolio Analysis 643
The Inputs to Portfolio Analysis 643
Time Varying Expected Returns and Volatilities 644
Correlations between National Stock Markets: When It Rains, It Pours 644
24.5 Portfolio Hedging Strategies 648
Currency Risk and the IAPM 648
The Benefits of Hedging Currency Risk 649
24.6 Summary 649
Glossary 655
Index 669
|
| any_adam_object | 1 |
| author | Butler, Kirt Charles 1951- |
| author_GND | (DE-588)124171273 |
| author_facet | Butler, Kirt Charles 1951- |
| author_role | aut |
| author_sort | Butler, Kirt Charles 1951- |
| author_variant | k c b kc kcb |
| building | Verbundindex |
| bvnumber | BV013198817 |
| callnumber-first | H - Social Science |
| callnumber-label | HG4027 |
| callnumber-raw | HG4027.5.B88 2000 |
| callnumber-search | HG4027.5.B88 2000 |
| callnumber-sort | HG 44027.5 B88 42000 |
| callnumber-subject | HG - Finance |
| classification_rvk | QK 640 QP 700 QP 710 |
| ctrlnum | (OCoLC)41224106 (DE-599)BVBBV013198817 |
| dewey-full | 658.15/99 658.15/9921 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15/99 658.15/99 21 |
| dewey-search | 658.15/99 658.15/99 21 |
| dewey-sort | 3658.15 299 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| id | DE-604.BV013198817 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:40:40Z |
| institution | BVB |
| isbn | 0324004508 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008992141 |
| oclc_num | 41224106 |
| open_access_boolean | |
| owner | DE-898 DE-BY-UBR DE-521 |
| owner_facet | DE-898 DE-BY-UBR DE-521 |
| physical | XXII, 682 S. |
| publishDate | 2000 |
| publishDateSearch | 2000 |
| publishDateSort | 2000 |
| publisher | South-Western College Publ. |
| record_format | marc |
| spelling | Butler, Kirt Charles 1951- Verfasser (DE-588)124171273 aut Multinational finance Kirt C. Butler 2. ed. Cincinnati, Ohio South-Western College Publ. 2000 XXII, 682 S. txt rdacontent n rdamedia nc rdacarrier Cambio exterior Empresas internacionales - Finanzas Finanzas internacionales Multinationales Unternehmen International business enterprises -- Finance Foreign exchange International finance Multinationales Unternehmen (DE-588)4075092-9 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 s Finanzierung (DE-588)4017182-6 s DE-604 Multinationales Unternehmen (DE-588)4075092-9 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008992141&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Butler, Kirt Charles 1951- Multinational finance Cambio exterior Empresas internacionales - Finanzas Finanzas internacionales Multinationales Unternehmen International business enterprises -- Finance Foreign exchange International finance Multinationales Unternehmen (DE-588)4075092-9 gnd Finanzierung (DE-588)4017182-6 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd |
| subject_GND | (DE-588)4075092-9 (DE-588)4017182-6 (DE-588)4120506-6 |
| title | Multinational finance |
| title_auth | Multinational finance |
| title_exact_search | Multinational finance |
| title_full | Multinational finance Kirt C. Butler |
| title_fullStr | Multinational finance Kirt C. Butler |
| title_full_unstemmed | Multinational finance Kirt C. Butler |
| title_short | Multinational finance |
| title_sort | multinational finance |
| topic | Cambio exterior Empresas internacionales - Finanzas Finanzas internacionales Multinationales Unternehmen International business enterprises -- Finance Foreign exchange International finance Multinationales Unternehmen (DE-588)4075092-9 gnd Finanzierung (DE-588)4017182-6 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd |
| topic_facet | Cambio exterior Empresas internacionales - Finanzas Finanzas internacionales Multinationales Unternehmen International business enterprises -- Finance Foreign exchange International finance Finanzierung Internationaler Kreditmarkt |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008992141&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT butlerkirtcharles multinationalfinance |