The theory and practice of international financial management:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Upper Saddle River, New Jersey
Prentice-Hall
2002
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXII; 438 S graph. Darst. |
| ISBN: | 0130204579 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV014885463 | ||
| 003 | DE-604 | ||
| 005 | 20080527 | ||
| 007 | t | ||
| 008 | 021118s2002 d||| |||| 00||| eng d | ||
| 020 | |a 0130204579 |9 0-13-020457-9 | ||
| 035 | |a (OCoLC)45320790 | ||
| 035 | |a (DE-599)BVBBV014885463 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-91 |a DE-739 | ||
| 050 | 0 | |a HG3881 | |
| 082 | 0 | |a 332/.042 |2 21 | |
| 084 | |a QK 640 |0 (DE-625)141673: |2 rvk | ||
| 084 | |a WIR 175f |2 stub | ||
| 100 | 1 | |a Click, Reid W. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The theory and practice of international financial management |c Reid W. Click ; Joshua D. Coval |
| 264 | 1 | |a Upper Saddle River, New Jersey |b Prentice-Hall |c 2002 | |
| 300 | |a XXII; 438 S |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a International finance | |
| 650 | 0 | 7 | |a Internationaler Kreditmarkt |0 (DE-588)4120506-6 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Finanzmanagement |0 (DE-588)4139075-1 |2 gnd |9 rswk-swf |
| 689 | 0 | 0 | |a Finanzmanagement |0 (DE-588)4139075-1 |D s |
| 689 | 0 | 1 | |a Internationaler Kreditmarkt |0 (DE-588)4120506-6 |D s |
| 689 | 0 | |5 DE-604 | |
| 700 | 1 | |a Coval, Joshua |e Sonstige |0 (DE-588)129717711 |4 oth | |
| 856 | 4 | 2 | |m Digitalisierung UB Passau |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010065566&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-010065566 | ||
Datensatz im Suchindex
| _version_ | 1804129644185649152 |
|---|---|
| adam_text | CONTENTS
Preface
xv
PART I INTERNATIONAL MACROECONOMIC CONCEPTS
1
CHAPTER
1
International Capital Flows
3
Chapter Objectives
3
1.1
Introduction
4
1.2
The Balance of Payments
5
1.3
Models of Internationa] Capital Flows
9
Models of Risk-Free Returns
9
Models of Risk Diversification
10
1.4
The U.S. International Investment Position
13
1.5
Differences Between Foreign and Domestic Investment
17
Dealing with Multiple Currencies: Exchange Rates and Foreign Interest Rates
21
Dealing with Multiple Governments: International Taxes and Political Risk
28
1.6
International Capital Mobility
38
Exchange Rate Risk and Imperfect Capital Mobility
39
Other Reasons for Imperfect Capital Mobility
41
1.7
Does Real Interest Parity Hold?
42
Tools for Analysis I: Models of Optimum International Investment
45
The MacDougall Model of International Capital Flows
45
A Simple
Intertemporal
Model of International Capital Flows
49
Tools for Analysis II: Model of Optimum International Diversification
52
CHAPTER
2
International Parity Propositions
55
Chapter Objectives
55
2.1
Introduction
56
2.2
Purchasing Power Parity
58
Absolute Purchasing Power Parity
58
Relative Purchasing Power Parity
59
2.3
The Evidence on PPP
61
Deviations from Relative PPP
68
2.4
Uncovered Interest Parity
71
Deviations from UIP
72
Character of UIP
74
2.5
The Evidence on UIP
75
The Empirical UIP Literature
75
2.6
Covered Interest Parity
83
IX
CONTENTS
Preface
xv
PART I INTERNATIONAL
M
ACROECONOMIC CONCEPTS
1
CHAPTER
1
International Capital Flows
3
Chapter Objectives
3
1.1
Introduction
4
1.2
The Balance of Payments
5
1.3
Models of International Capital Flows
9
Models of Risk-Free Returns
9
Models of Risk Diversification
10
1.4
The U.S. International Investment Position
13
1.5
Differences Between Foreign and Domestic Investment
17
Dealing with Multiple Currencies: Exchange Rates and Foreign Interest Rates
21
Dealing with Multiple Governments: International Taxes and Political Risk
28
1.6
International Capital Mobility
38
Exchange Rate Risk and Imperfect Capital Mobility
39
Other Reasons for Imperfect Capital Mobility
41
1.7
Does Real Interest Parity Hold?
42
Tools for Analysis I: Models of Optimum International Investment
45
The MacDougall Model of International Capital Flows
45
A Simple
Intertemporal
Model of International Capital Flows
49
Tools for Analysis II: Model of Optimum International Diversification
52
CHAPTER
2
International Parity Propositions
55
Chapter Objectives
55
2.1
Introduction
56
2.2
Purchasing Power Parity
58
Absolute Purchasing Power Parity
58
Relative Purchasing Power Parity
59
2.3
The Evidence on PPP
61
Deviations from Relative PPP
68
2.4
Uncovered Interest Parity
71
Deviations from UIP
72
Character of UIP
74
2.5
The Evidence on UIP
75
The Empirical UIP Literature
75
2.6
Covered Interest Parity
83
IX
CONTENTS
2.7
The Unbiased Forward Rate Hypothesis
85
Tools for Analysis I: Continuous-Time Rates of Change in International Parity
Theorems
90
Tools for Analysis II: Statistical Inference and Big Mac Parity
91
Part II Going Global.: Undertaking Foreign investment
projects
1O1
CHAPTER
3
International Capital Budgeting
105
Chapter Objectives
105
3.1
Introduction
106
3.2
Two Methods of International Capital Budgeting
106
Valuing a Foreign Project
108
Summary of International Capital Budgeting 111
3.3
The Cost of Capital and Cost of Capital Parity
112
Calculating the Cost of Capital
113
3.4
Internationa] Capital Budgeting with Segmented Capital Markets
115
Ex Ante Deviations from Uncovered Interest Parity
116
Differing Project Risk
Premia
118
3.5
International Capital Budgeting and Foreign Exchange Exposure
122
3.6
Diversification of Projects
124
3.7
Assessment of International Capital Budgeting
125
CHAPTER
4
Financing International Projects
131
Chapter Objectives
131
4.1
Introduction
132
4.2
International Capital Budgeting and the Present Value of Debt
132
Adjusted Present Value
134
4.3
Financing the Multinational Corporation
139
Parent versus Subsidiary Financing
140
Equity versus Debt Financing
143
A A Financing the Foreign Subsidiary
144
Internal versus External Financing
145
Equity versus Debt Financing
146
Home Currency versus Foreign Currency Financing
150
Summary of Financing the Foreign Subsidiary
152
4.5
The Debt Denomination Decision
152
Foreign Currency Denominated Debt
153
The Risk-Return Tradeoff
155
Tools for Analysis: Debt Financing with Project Risk
165
CHAPTER
5
Foreign Investment Strategy
168
Chapter Objectives
168
5.1
Introduction
168
CONTENTS
5.2 Positive
Present
Value and Economic Rent
170
Cost-Based Strategy
172
Revenue-Based Strategy
172
5.3
Modes of International Business
175
International Trade, License/Franchise Agreements, Joint Ventures, and
Wholly-Owned
D
FI
175
Present Value Comparisons of Modes
177
5.4
Theories of Direct Foreign Investment
180
What Should a Theory ofDFI Seek to Explain?
181
Major Theories of Direct Foreign Investment
185
Evaluation of Theories of DFI
190
5.5
Real Options in International Capital Budgeting
192
Present Value Analysis
194
Decision Tree Analysis
196
Contingent Claim Analysis
197
Tools for Analysis: Mathematics of Profit and Rent Maximization
201
Part III managing Foreign Exchange Risk 2OS
CHAPTER
6
Translation and Transaction Exposure
209
Chapter Objectives
209
6.1
Introduction
209
6.2
Foreign Exchange Exposure
210
6.3
Translation Exposure
211
Principal Features of FASB-52
212
Translation Using the Current Rate Method
213
Exceptions to the Principal Features of FASB-52
216
Overview of Translation Exposure
222
6.4
Transaction Exposure
223
CHAPTER
7
Economic Exposure
234
Chapter Objectives
234
7.1
Introduction
234
7.2
Analyzing Cash Flow Exposure
236
Case
1:
No Deviations from PPP
236
Case
2:
Real Exchange Rate Changes and the Self-Contained Subsidiary
236
Case
3:
Real Exchange Rate Changes and a World Output Market
239
Case
4:
Real Exchange Rate Changes and a World Input Market
241
Case
5:
Real Exchange Rate Changes and World Output and Input Markets
242
The Currency Habitat of Price
243
Summary of Cash Flow Exposure
245
13
Analyzing Net Worth Exposure
246
Nonmonetary Assets
246
Monetary Assets and Liabilities
247
7.4
Measuring Exposure Using Regression Analysis
247
Tools for Analysis: Mathematics of Cash Flow Exposure
255
Kil
CONTENTS
CHAPTER
8
The Risk of Foreign Exchange Exposure
258
Chapter Objectives
258
8.1
Introduction
258
8.2
Exchange Risk with One Currency
259
Percentage Changes in Exchange Rates
260
8.3
Exchange Risk with Multiple Currencies
263
Nominal Exchange Rate Changes
263
Real Exchange Rate Changes
265
Managing Exchange Risk with Multiple Currencies
267
Exchange Risk and the Variability of Cash Flows
269
8.4
Exchange Risk in International Cash Management
271
Deviations from Uncovered Interest Parity
273
Tools for Analysis: Percentage Changes in the Real Exchange Rate Represent
Deviations from Purchasing Power Parity
279
CHAPTER
9
Hedging with Financial Instruments
281
Chapter Objectives
281
9.1
Introduction
282
9.2
Forward Market Hedges
282
9.3
Money Market Hedges
285
9.4
Comparing Forward and Money Market Hedges
287
9.5
Swaps
288
The All-in Cost of a Currency Swap
289
Swaps as Sequences of Forward Contracts
289
The Market for Foreign Exchange Swaps
290
9.6
Hedging with Foreign Currency Futures
291
Basic Principles of Hedging with Foreign Currency Futures
294
Summary of Hedging with Futures
298
9.7
Comparing Forward and Futures Hedges
299
9.8
Hedging with Foreign Currency Options
300
Basic Principles of Hedging with Foreign Currency Options
302
Basic Principles of Pricing Options on Spot Foreign Exchange
307
Summary of Hedging with Options
309
9.9
Comparing Forward and Option Hedges
309
Tools for Analysis: The Minimum Variance Futures Hedge
319
CHAPTER
10
Risk Management Strategy
321
Chapter Objectives
321
10.1
Introduction
322
10.2
Foreign Exchange Risk and Risk Management in the Short Run, Intermediate
Run, and Long Run
322
How Much Should Managers Worry About Each Measure of Exposure?
322
How Much Should Managers Worry About Exchange Rate Changes?
324
CONTENTS XIII
How Much Should Managers Worry About Managing Foreign Exchange Risk?
328
Summary of Foreign Exchange Risk in the Short Run, Intermediate Run, and
Long Run
330
10.3
Short-Run Transactions Management
332
Diversification
332
Routing of Cash Balances
334
Payments Netting
334
Lending and Lagging
335
Reinvoicing
335
10.4
Intermediate-Run Operations Management
335
Managing Cash Flow Exposure
336
Managing Net Worth Exposure
338
10.5
The Nature of Risk Management
341
Risk Aversion
341
Loss Aversion
342
Financial Distress
343
Elimination of Downside Losses
344
part iv managing international taxation and
Political Risk
351
CHAPTER
11
International Taxation
353
Chapter Objectives
353
11.1
Introduction
354
11.2
Taxation and Debt Financing
354
11.3
International Tax Policy
355
Host Government Tax Policies
355
Home Government Tax Policies
356
Summary of International Tax Policy
358
11.4
International Tax Management
360
11.5
Allocation of Profits Among Foreign Branches
362
Cost Allocation
362
Transfer Pricing
364
Tariffs and Transfer Pricing
366
Summary
370
11.6
Branch versus Subsidiary Status
370
Branch versus Subsidiary Status without Repatriation
370
Allocation of Subsidiary Profits without Repatriation
373
Profit Repatriation Through Dividends
378
Summary
387
11.7
Intertemporal
Considerations
388
11.8
Assessment of International Tax Policy and Management
388
Tools for Analysis I: Global Welfare, Tax Neutrality, and National Welfare
393
Tools for Analysis II: Mathematics of How Profits Change as a Transfer
Price Changes
399
XIV CONTENTS
CHAPTERS Political Risk
401
Chapter Objectives
401
12.1
Introduction
402
12.2
Public Policy Toward Multinational Corporation
403
Host-Country Policies
403
Home-Country and Third-Country Policies
403
Multilateral Policies
404
12.3
The Nature of Political Risk
405
12.4
Understanding Government Policy Changes
405
Benefit-Cost Analysis
406
Bargaining Power Analysis
407
12.5
Political Risk and Interest Parity Theorems
409
Deviations from Real Interest Parity
409
Deviations from Uncovered Interest Parity
410
Deviations from Covered Interest Parity
410
12.6
Political Risk Assessment
410
12.7
Capital Budgeting Analysis
412
Analysis of Potential Expropriation
413
Analysis of Potential Nationalization with Compensation
415
12.8
Managing Political Risk
417
12.9
Managing Political Incidents
417
Tools for Analysis: Political Risk in the MacDougall Model
424
Index
427
|
| any_adam_object | 1 |
| author | Click, Reid W. |
| author_GND | (DE-588)129717711 |
| author_facet | Click, Reid W. |
| author_role | aut |
| author_sort | Click, Reid W. |
| author_variant | r w c rw rwc |
| building | Verbundindex |
| bvnumber | BV014885463 |
| callnumber-first | H - Social Science |
| callnumber-label | HG3881 |
| callnumber-raw | HG3881 |
| callnumber-search | HG3881 |
| callnumber-sort | HG 43881 |
| callnumber-subject | HG - Finance |
| classification_rvk | QK 640 |
| classification_tum | WIR 175f |
| ctrlnum | (OCoLC)45320790 (DE-599)BVBBV014885463 |
| dewey-full | 332/.042 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332/.042 |
| dewey-search | 332/.042 |
| dewey-sort | 3332 242 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01551nam a2200397 c 4500</leader><controlfield tag="001">BV014885463</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20080527 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">021118s2002 d||| |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">0130204579</subfield><subfield code="9">0-13-020457-9</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)45320790</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV014885463</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-91</subfield><subfield code="a">DE-739</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HG3881</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">332/.042</subfield><subfield code="2">21</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QK 640</subfield><subfield code="0">(DE-625)141673:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">WIR 175f</subfield><subfield code="2">stub</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Click, Reid W.</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">The theory and practice of international financial management</subfield><subfield code="c">Reid W. Click ; Joshua D. Coval</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Upper Saddle River, New Jersey</subfield><subfield code="b">Prentice-Hall</subfield><subfield code="c">2002</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XXII; 438 S</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">International finance</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Internationaler Kreditmarkt</subfield><subfield code="0">(DE-588)4120506-6</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Finanzmanagement</subfield><subfield code="0">(DE-588)4139075-1</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Finanzmanagement</subfield><subfield code="0">(DE-588)4139075-1</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Internationaler Kreditmarkt</subfield><subfield code="0">(DE-588)4120506-6</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Coval, Joshua</subfield><subfield code="e">Sonstige</subfield><subfield code="0">(DE-588)129717711</subfield><subfield code="4">oth</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">Digitalisierung UB Passau</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010065566&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-010065566</subfield></datafield></record></collection> |
| id | DE-604.BV014885463 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T19:08:25Z |
| institution | BVB |
| isbn | 0130204579 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-010065566 |
| oclc_num | 45320790 |
| open_access_boolean | |
| owner | DE-91 DE-BY-TUM DE-739 |
| owner_facet | DE-91 DE-BY-TUM DE-739 |
| physical | XXII; 438 S graph. Darst. |
| publishDate | 2002 |
| publishDateSearch | 2002 |
| publishDateSort | 2002 |
| publisher | Prentice-Hall |
| record_format | marc |
| spelling | Click, Reid W. Verfasser aut The theory and practice of international financial management Reid W. Click ; Joshua D. Coval Upper Saddle River, New Jersey Prentice-Hall 2002 XXII; 438 S graph. Darst. txt rdacontent n rdamedia nc rdacarrier International finance Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 s Internationaler Kreditmarkt (DE-588)4120506-6 s DE-604 Coval, Joshua Sonstige (DE-588)129717711 oth Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010065566&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Click, Reid W. The theory and practice of international financial management International finance Internationaler Kreditmarkt (DE-588)4120506-6 gnd Finanzmanagement (DE-588)4139075-1 gnd |
| subject_GND | (DE-588)4120506-6 (DE-588)4139075-1 |
| title | The theory and practice of international financial management |
| title_auth | The theory and practice of international financial management |
| title_exact_search | The theory and practice of international financial management |
| title_full | The theory and practice of international financial management Reid W. Click ; Joshua D. Coval |
| title_fullStr | The theory and practice of international financial management Reid W. Click ; Joshua D. Coval |
| title_full_unstemmed | The theory and practice of international financial management Reid W. Click ; Joshua D. Coval |
| title_short | The theory and practice of international financial management |
| title_sort | the theory and practice of international financial management |
| topic | International finance Internationaler Kreditmarkt (DE-588)4120506-6 gnd Finanzmanagement (DE-588)4139075-1 gnd |
| topic_facet | International finance Internationaler Kreditmarkt Finanzmanagement |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010065566&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT clickreidw thetheoryandpracticeofinternationalfinancialmanagement AT covaljoshua thetheoryandpracticeofinternationalfinancialmanagement |