International financial management:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston [u.a.]
McGraw-Hill/Irwin
2007
|
| Edition: | 4. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes index. |
| Physical Description: | XXIII, 536 S. graph. Darst. |
| ISBN: | 0072996862 9780072996869 0071106510 9780071106511 |
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MARC
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| 100 | 1 | |a Eun, Cheol S. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a International financial management |c Cheol S. Eun, Bruce G. Resnick |
| 250 | |a 4. ed. | ||
| 264 | 1 | |a Boston [u.a.] |b McGraw-Hill/Irwin |c 2007 | |
| 300 | |a XXIII, 536 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes index. | ||
| 650 | 4 | |a Cambio exterior | |
| 650 | 4 | |a Empresas internacionales - Finanzas | |
| 650 | 7 | |a Financieel management |2 gtt | |
| 650 | 4 | |a Finanzas internacionales | |
| 650 | 4 | |a Instituciones financieras internacionales | |
| 650 | 7 | |a Internationale ondernemingen |2 gtt | |
| 650 | 4 | |a Multinationales Unternehmen | |
| 650 | 4 | |a International finance | |
| 650 | 4 | |a International business enterprises |x Finance | |
| 650 | 4 | |a Foreign exchange | |
| 650 | 4 | |a Financial institutions, International | |
| 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 |
| 650 | 0 | 7 | |a Multinationales Unternehmen |0 (DE-588)4075092-9 |2 gnd |9 rswk-swf |
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| 700 | 1 | |a Resnick, Bruce G. |e Verfasser |4 aut | |
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Record in the Search Index
| _version_ | 1804135126992420864 |
|---|---|
| adam_text | Contents in Brief
PART ONE
Foundations of
International Financial Management
1
Globalization and the
Multinational Firm, 4
2
International
Monetary
System, 25
3
Balance
of Payments,
59
4
Corporate Governance around the World,
78
PART TWO
The
Foreign Exchange Market, Exchange Rate
Determination,
and Currency
Derivatives
5
The Market for Foreign Exchange,
106
6
International Parity Relationships and Forecasting Foreign
Exchange Rates,
132
7
Futures and Options on Foreign Exchange,
162
PART THREE
Foreign
Exchange Exposure and Management
8
Management of Transaction Exposure,
192
9
Management of Economic Exposure,
222
10
Management of Translation Exposure,
244
PART FOUR
World Financial
Markets and
Institutions
11
International Banking and Money Market,
266
12
International Bond Market,
293
1 3
International Equity Markets,
313
1 4
Interest Rate and Currency Swaps,
337
1 5
International Portfolio Investment,
356
PART FIVE
Financial Management
of the
Multinational Firm
16
Foreign Direct Investment and Cross-Border Acquisitions,
394
1 7
International Capital Structure and the Cost of Capital,
422
18
International Capital Budgeting,
449
19
Multinational Cash Management,
467
20
International Trade Finance,
487
21
International Tax Environment,
498
Glossary,
51 3
Index
, 520
xvii
Contents
PART ONE
Foundations of International Financial Management
CHAPTER
1
Globalization and
the Multinational
Firm,
4
What s Special about International Finance?,
5
Foreign Exchange and Political Risks,
5
Market Imperfections,
6
Expanded Opportunity Set,
7
Goals for International Financial Management,
8
Globalization of the World Economy: Major
Trends,
10
Emergence of Globalized Financial
Markets,
10
Emergence of the Euro as a Global
Currency,
7 7
International Finance in Practice: Why We
Believe in the Euro,
1 2
Trade Liberalization and Economic
Integration,
13
Privatization,
15
Multinational Corporations,
16
International Finance in Practice:
Multinationals More Efficient,
17
Summary,
19
Mini Case: Nike and Sweatshop Labor,
21
Appendix 1a: Gain from Trade: The Theory
of Comparative Advantage,
22
CHAPTER
2
International
Monetary
System,
25
Evolution of the International Monetary
System,
26
Bimetallism: Before
1875, 26
Classical Gold Standard:
1875-1914, 27
Interwar Period:
1915-1944, 28
Bretton
Woods System:
1945-1972, 29
The Flexible Exchange Rate Regime:
1973-Present,
32
The Current Exchange Rate Arrangements,
34
European Monetary System,
35
The Euro and the European Monetary Union,
39
A Brief History of the Euro,
39
What Are the Benefits of Monetary
Union?,
47
Costs of Monetary Union,
42
Prospects of the Euro: Some Critical
Questions,
43
International Finance in Practice: Mundell
Wins Nobel Prize in Economics,
44
International Finance in Practice: The New
World Order of Finance,
46
The Mexican Peso Crisis,
47
The Asian Currency Crisis,
48
Origins of the Asian Currency Crisis,
49
Lessons from the Asian Currency Crisis,
51
The Argentine Peso Crisis,
52
Fixed versus Flexible Exchange Rate
Regimes,
53
Summary,
55
Mini Case: Will the United Kingdom Join the
Euro Club?,
57
CHAPTER
3
Balance of
Payments,
59
Balance-of-Payments Accounting,
60
Balance-of-Payments Accounts,
61
The Current Account,
61
The Capital Account,
64
Statistical Discrepancy,
65
Official Reserve Account,
66
The Balance-of-Payments Identity,
68
International Finance in Practice: How One
Word Haunts Dollar,
68
Balance-of-Payments Trends in Major
Countries,
70
International Finance in Practice: The Dollar
and the Deficit,
72
XVIII
Summary,
73
Appendix 3a: The Relationship between
Mini Case: Mexico s Balance-of-Payments
Balance of Payments and National Income
Problem,
76
Accounting,
77
CHAPTER
4
Governance of the Public Corporation:
Law and Corporate Governance,
88
Corporate
Key Issues,
79
Consequences of Law,
90
Governance around
The Agency Problem,
80
Ownership and Control Pattern,
9 7
the World,
78
Remedies for the Agency Problem,
82
Private Benefits of Control,
95
Board of Directors,
83
Capital Markets and Valuation,
95
Incentive Contracts,
83
Corporate Governance Reform,
96
International Finance in Practice: When Boards
Objectives of Reform,
96
Are All in the Family,
84
Political Dynamics,
97
Concentrated Ownership,
85
The Sarbanes-Oxley Act,
97
Accounting Transparency,
86
The Cadbury Code of Best Practice,
98
Debt,
86
Summary,
99
Overseas Stock Listings,
87
Mini Case: Parmalat: Europe s Enron,
101
Market for Corporate Control,
87
PART TWO
The Foreign Exchange Market, Exchange Rate
Determination, and Currency
Derivatives
CHAPTER
5
Function and Structure of the FX Market,
107
The Cross-Rate Trading Desk,
119
The Market
International Finance in Practice: The Mouse
Triangular Arbitrage,
121
for Foreign
Takes Over the Floor,
108
Spot Foreign Exchange Market
Exchange,
106
FX Market Participants,
109
Microstructure,
121
Correspondent Banking Relationships,
17 7
The Forward Market,
123
The Spot Market,
111
Forward Rate Quotations,
123
International Finance in Practice: Where
Long and Short Forward Positions,
124
Money Talks Very Loudly,
112
Forward Cross-Exchange Rates,
125
Spot Rate Quotations,
114
Swap Transactions,
125
The Bid-Ask Spread,
116
Forward Premium,
12 6
Spot FX Trading,
117
Summary,
127
Cross-Exchange Rate Quotations,
118
Mini Case: Shrewsbury Herbal
Alternative Expressions for the
Products, Ltd.,
130
Cross-Exchange Rate,
7 7 9
CHAPTER
6
Interest Rate Parity,
132
Fisher Effects,
147
International Parity
Covered Interest Arbitrage,
135
Forecasting Exchange Rates,
149
Relationships and
Interest Rate Parity and Exchange Rate
Efficient Market Approach,
149
Forecasting
Determination,
7 38
Reasons for Deviations from Interest
Fundamental Approach,
7 50
Foreign Exchange
Rate Parity,
138
Technical Approach,
7 5 7
Rates,
132
Purchasing Power Parity,
141
Performance of the Forecasters,
7 52
International Finance in Practice: Big
Summary
55
MacCurrencies,
142
Mini Case: Turkish Lira and Purchasing
PPP Deviations and the Real Exchange
Power Parity,
159
Rate,
143
Appendix 6a: Purchasing Power Parity and
Evidence on Purchasing Power Parity,
7 44
Exchange Rate Determination,
161
XX
CONTENTS
CHAPTER
7
Futures and Options
on Foreign
Exchange,
162
PART THREE
Futures Contracts: Some Preliminaries,
163
Currency Futures Markets,
165
International Finance in Practice:
СМЕ
Ramping Up FOREX Support, Targets OTC
Business,
166
Basic Currency Futures Relationships,
167
Eurodollar Interest Rate Futures
Contracts,
171
Options Contracts: Some Preliminaries,
172
Currency Options Markets,
173
Currency Futures Options,
174
Basic Option-Pricing Relationships at
Expiration,
174
American Option-Pricing Relationships,
177
European Option-Pricing Relationships,
179
Binomial Option-Pricing Model,
181
European Option-Pricing Formula,
182
Empirical Tests of Currency Options,
184
Summary,
184
Mini Case: The Options Speculator,
187
Foreign Exchange Exposure and Management
CHAPTER
8
Management of
Transaction
Exposure,
192
Three Types of Exposure,
192
Forward Market Hedge,
194
Money Market Hedge,
196
Options Market Hedge,
198
Hedging Foreign Currency
Payables,
200
Forward Contracts,
200
Money Market Instruments,
201
Currency Options Contracts,
201
Cross-Hedging Minor Currency Exposure,
201
Hedging Contingent Exposure,
203
Hedging Recurrent Exposure with Swap
Contracts,
203
Hedging through Invoice Currency,
204
Hedging via Lead and Lag,
205
Exposure Netting,
205
International Finance in Practice: Riding
Shifting Waves of Currency,
206
Should the Firm Hedge?,
207
International Finance in Practice: To Hedge
or Not to Hedge,
208
What Risk Management Products Do Firms
Use?,
210
Summary,
211
Mini Case: Airbus Dollar Exposure,
214
Case Application: Chase Options, Inc.:
Hedging Foreign Currency Exposure through
Currency Options,
215
CHAPTER
9
Management of
Economic
Exposure,
222
International Finance in Practice: U.S. Firms
Feel the Pain of Peso s Plunge,
224
How to Measure Economic Exposure,
225
Operating Exposure: Definition,
228
Illustration of Operating Exposure,
229
Determinants of Operating Exposure,
232
Managing Operating Exposure,
234
Selecting Low-Cost Production Sites,
234
International Finance in Practice: The Strong
Yen and Toyota s Choice,
235
Flexible Sourcing Policy,
235
Diversification of the Market,
235
International Finance in Practice: Porsche
Powers Profit With Currency Plays,
236
R&D Efforts and Product
Differentiation,
236
Financial Hedging,
237
Case Application: Exchange Risk
Management at Merck,
237
Summary,
240
Mini Case: Economic Exposure of Albion
Computers PLC,
242
CHAPTER
1
О
Management of
Translation
Exposure,
244
Translation Methods,
245
Current/Noncurrent Method,
245
Monetary/Nonmonetary Method,
245
Temporal Method,
245
Current Rate Method,
246
Financial Accounting Standards Board
Statements,
248
Financial Accounting Standards Board
Statement
52, 248
The Mechanics of the FASB
52
Translation
Process,
249
Highly Inflationary Economies,
250
Case Application: Consolidation of
Accounts according to FASB
52:
The Centralia
Corporation,
252
Management of Translation Exposure,
256
Translation Exposure versus Transaction
Exposure,
256
Hedging Translation Exposure,
257
CONTENTS
xxi
Balance Sheet Hedge,
257
Empirical Analysis of the Change from
Derivatives Hedge,
258
FASB
8
to FASB
52, 259
Translation Exposure versus Operating
Summary,
259
Exposure,
258
Mini Case: Sundance Sporting
Goods, Inc.,
261
PART FOUR
World Financial Markets and
Institutions
CHAPTER
1 1
International Banking Services,
266
Forward Rate Agreements,
277
International
The World s Largest Banks,
267
Euronotes, 279
Banking and Money
Market,
266
Reasons for International Banking,
267
Eurocommercial Paper,
2 79
Types of International Banking Offices,
269
International Debt Crisis,
279
Correspondent Bank,
269
History,
279
Representative Offices,
269
Debt-for-Equity Swaps,
281
Foreign Branches,
269
International Finance in Practice: LDC Lenders
Subsidiary and Affiliate Banks,
2 70
Should Have Listened to David Hume,
282
Edge Act Banks,
270
The Solution: Brady Bonds,
283
Offshore Banking Centers,
27]
Japanese Banking Crisis,
284
International Banking Facilities,
271
The Asian Crisis,
285
Capital Adequacy Standards,
272
Summary,
285
International Money Market,
274
Mini Case: Detroit Motors Latin American
Eurocurrency Market,
2 74
Expansion,
289
Eurocredits,
276
Appendix 11a: Eurocurrency Creation,
290
CHAPTER
1 2
The World s Bond Markets: A Statistical
Dual-Currency Bonds,
298
International Bond
Perspective,
293
Currency Distribution, Nationality, and Type of
Market
293
Foreign Bonds and Eurobonds,
294
Issuer,
299
Bearer Bonds and Registered Bonds,
295
International Bond Market Credit Ratings,
300
National Security Regulations,
295
INTERNATIONAL FINANCE IN PRACTICE:
НеІПвкеП
Withholding Taxes,
295
Refreshes Euromarket with Spectacular
Unrated Bonds,
301
Other Recent Regulatory Changes,
296
Eurobond Market Structure and Practices,
303
Global Bonds,
296
Primary Market,
303
Types of Instruments,
296
Secondary Market,
306
Straight Fixed-Rate Issues,
297
Clearing Procedures,
306
Euro-Medium-Term Notes,
297
International Bond Market Indexes,
308
Floating-Rate Notes,
297
Summary,
310
Equity-Related Bonds,
298
Mini Case: Sara Lee Corporation s
Zero-Coupon Bonds,
298
Eurobonds,
312
CHAPTER
13
A Statistical Perspective,
313
International Equity Market Benchmarks,
320
International Equity
Market Capitalization of Developed
¡Shares MSCI,
323
Markets,
313
Countries,
314
Trading In International Equities,
324
Market Capitalization of Developing
International Finance in Practice: Foreign
Countries,
315
Interest In South Africa Takes Off,
325
Measures of Liquidity,
316
Cross-Listing of Shares,
325
Measures of Market Concentration,
318
Yankee Stock Offerings,
327
Market Structure, Trading Practices,
The European Stock Market,
327
and Costs,
319
American Depository Receipts,
328
xxii
CONTENTS
Global
Registered Shares,
332
Factors Affecting International Equity
Returns,
332
Macroeconomic Factors,
333
Exchange Rates,
333
Industrial Structure,
333
Summary,
334
Mini Case: San Pico s New Stock
Exchange,
335
CHAPTER
1 4
Interest Rate and
Currency
Swaps,
337
Types of Swaps,
337
International Finance in Practice: The World
Bank s First Currency Swap,
338
Size of the Swap Market,
338
The Swap Bank,
338
Swap Market Quotations,
339
Interest Rate Swaps,
340
Basic Interest Rate Swap,
340
Currency Swaps,
343
Basic Currency Swap,
343
Variations of Basic Interest Rate and Currency
Swaps,
348
International Finance in Practice: A1C,
Nomura, and IFC Link Up In Latin Swap
Transaction,
348
Risks of Interest Rate and Currency Swaps,
349
Is the Swap Market Efficient?,
349
Summary,
350
Mini Case: The Centralia Corporation s
Currency Swap,
355
CHAPTER
1 5
International
Portfolio
Investment,
356
International Correlation Structure and Risk
Diversification,
357
Optimal International Portfolio Selection,
359
Effects of Changes in the Exchange Rate,
365
International Bond Investment,
367
International Mutual Funds: A Performance
Evaluation,
368
International Diversification through Country
Funds,
371
International Diversification with ADRs,
374
International Diversification with WEBS,
375
International Diversification with
Hedge Funds,
375
International Finance in Practice: Live Here,
Invest Abroad,
376
Why Home Bias in Portfolio Holdings?,
377
International Finance in Practice: Stay-at-Home
Shareholders,
378
Summary,
381
Mini Case: Solving for the Optimal International
Portfolio,
386
Appendix
1
5a: International Investment
with Exchange Risk Hedging,
388
Appendix 15b: Solving for the Optimal
Portfolio,
390
PART FIVE
Financial Management of the Multinational Firm
CHAPTER
1 6
Foreign Direct
Investment and
Cross-Border
Acquisitions,
394
Global Trends in FDI,
395
Why Do Firms Invest Overseas?,
398
Trade Barriers,
399
Imperfect Labor Market,
400
Intangible Assets,
401
Vertical Integration,
401
International Finance in Practice: Linear
Sequence in Manufacturing: Singer
&
Company,
402
Product Life Cycle,
403
Shareholder Diversification Services,
403
Cross-Border Mergers and Acquisitions,
404
International Finance in Practice:
DaimlerChrysler:
The First Global
Car Colossus,
406
International Finance in Practice: Stories Past
and Present,
410
Political Risk and FDI,
410
Summary,
417
Mini Case: Enron versus Bombay
Politicians,
419
CHAPTER IF
International Capital
Structure and the
Cost of Capital,
422
Cost of Capital,
423
Cost of Capital in Segmented versus Integrated
Markets,
424
Does the Cost of Capital Differ among
Countries?,
426
International Finance in Practice: The U.S.
Welcomes the Alien Invasion,
426
Case Application:
Novo
Industri,
430
Cross-Border Listings of Stocks,
431
Capital Asset Pricing under Cross-Listings,
435
The Effect of Foreign Equity Ownership
Restrictions,
437
Pricing-to-Market Phenomenon,
438
Case Application: Nestle,
438
CONTENTS
xxiii
Asset Pricing under Foreign Ownership
Summary,
444
Restrictions,
440
Appendix 17a: Pricing of Nontradable
The Financial Structure of Subsidiaries,
442
Assets: Numerical Simulations,
448
CHAPTER
1
S
Review of Domestic Capital Budgeting,
450
Risk Adjustment in the Capital Budgeting
International Capital
The Adjusted Present Value Model,
451
Analysis,
460
Budgeting,
449
Capital Budgeting from the Parent Firm s
Sensitivity Analysis,
461
Perspective,
453
Purchasing Power Parity Assumption,
461
Generality of the
APV
Model,
455
Real Options,
461
Estimating the Future Expected Exchange
Summary,
463
Rate,
456
Mini Case
1:
Dorchester, Ltd.,
465
Case Application: The Centralia
Mini Case
2:
Strik-it-Rich Gold Mining
Corporation,
456
Company,
466
CHAPTER
1
Э
The Management of International
International Finance in Practice: Transfer
Multinational Cash
Management,
467
Cash Balances,
467
Case Application: Teltrex s Cash
Management System,
468
Pricing Is the Most Important
International Tax Issue,
480
Miscellaneous Factors,
482
Bilateral Netting of Internal and External Net
Blocked Funds,
483
Cash Flows,
473
Summary,
484
Reduction in Precautionary Cash
Mini Case
1:
Efficient Funds Flow at Eastern
Balances,
473
Trading Company,
485
Cash Management Systems in Practice,
475
Mini Case
2:
Eastern Trading Company s
Transfer Pricing and Related Issues,
476
Optimal Transfer Pricing Strategy,
485
Case Application: Mintel Products
Mini Case
3:
Eastern Trading Company s
Transfer Pricing Strategy,
476
New MBA,
486
CHAPTER 2O
A Typical Foreign Trade Transaction,
488
Forms of Countertrade,
493
International Trade
Forfaiting,
490
Some Generalizations about
Finance,
487
International Finance in Practice: First Islamic
Countertrade,
494
Forfaiting Fund Set Up,
491
International Finance in Practice: Armed
Government Assistance in Exporting,
491
Forces Tops In Countertrade List,
494
The Export-Import Bank and Affiliated
Summary,
495
Organizations,
491
Mini Case: American Machine
Countertrade,
492
Tools, Inc.,
497
CHAPTER
21
The Objectives of Taxation,
498
Foreign Tax Credits,
504
International Tax
Tax Neutrality,
499
Organizational Structures for Reducing Tax
Environment,
498
Tax Equity,
499
Liabilities,
505
Types of Taxation,
499
Branch and Subsidiary Income,
505
Income Tax,
499
Payments to and from Foreign Affiliates,
507
Withholding Tax,
501
Tax Havens,
507
International Finance in Practice: As Dot-Corns
Value-Added Tax,
501
Go Bust In U.S., Bermuda Hosts an Odd Little
National Tax Environments,
503
Boomlet,
508
Worldwide Taxation,
503
Controlled Foreign Corporation,
510
Territorial Taxation,
503
Summary,
511
International Finance in Practice: The TAXING
Mini Case: Sigma Corp. s Location
Devil You Know,
504
Decision,
512
Glossary,
513
Index,
520
|
| adam_txt |
Contents in Brief
PART ONE
Foundations of
International Financial Management
1
Globalization and the
Multinational Firm, 4
2
International
Monetary
System, 25
3
Balance
of Payments,
59
4
Corporate Governance around the World,
78
PART TWO
The
Foreign Exchange Market, Exchange Rate
Determination,
and Currency
Derivatives
5
The Market for Foreign Exchange,
106
6
International Parity Relationships and Forecasting Foreign
Exchange Rates,
132
7
Futures and Options on Foreign Exchange,
162
PART THREE
Foreign
Exchange Exposure and Management
8
Management of Transaction Exposure,
192
9
Management of Economic Exposure,
222
10
Management of Translation Exposure,
244
PART FOUR
World Financial
Markets and
Institutions
11
International Banking and Money Market,
266
12
International Bond Market,
293
1 3
International Equity Markets,
313
1 4
Interest Rate and Currency Swaps,
337
1 5
International Portfolio Investment,
356
PART FIVE
Financial Management
of the
Multinational Firm
16
Foreign Direct Investment and Cross-Border Acquisitions,
394
1 7
International Capital Structure and the Cost of Capital,
422
18
International Capital Budgeting,
449
19
Multinational Cash Management,
467
20
International Trade Finance,
487
21
International Tax Environment,
498
Glossary,
51 3
Index
, 520
xvii
Contents
PART ONE
Foundations of International Financial Management
CHAPTER
1
Globalization and
the Multinational
Firm,
4
What's Special about International Finance?,
5
Foreign Exchange and Political Risks,
5
Market Imperfections,
6
Expanded Opportunity Set,
7
Goals for International Financial Management,
8
Globalization of the World Economy: Major
Trends,
10
Emergence of Globalized Financial
Markets,
10
Emergence of the Euro as a Global
Currency,
7 7
International Finance in Practice: Why We
Believe in the Euro,
1 2
Trade Liberalization and Economic
Integration,
13
Privatization,
15
Multinational Corporations,
16
International Finance in Practice:
Multinationals More Efficient,
17
Summary,
19
Mini Case: Nike and Sweatshop Labor,
21
Appendix 1a: Gain from Trade: The Theory
of Comparative Advantage,
22
CHAPTER
2
International
Monetary
System,
25
Evolution of the International Monetary
System,
26
Bimetallism: Before
1875, 26
Classical Gold Standard:
1875-1914, 27
Interwar Period:
1915-1944, 28
Bretton
Woods System:
1945-1972, 29
The Flexible Exchange Rate Regime:
1973-Present,
32
The Current Exchange Rate Arrangements,
34
European Monetary System,
35
The Euro and the European Monetary Union,
39
A Brief History of the Euro,
39
What Are the Benefits of Monetary
Union?,
47
Costs of Monetary Union,
42
Prospects of the Euro: Some Critical
Questions,
43
International Finance in Practice: Mundell
Wins Nobel Prize in Economics,
44
International Finance in Practice: The New
World Order of Finance,
46
The Mexican Peso Crisis,
47
The Asian Currency Crisis,
48
Origins of the Asian Currency Crisis,
49
Lessons from the Asian Currency Crisis,
51
The Argentine Peso Crisis,
52
Fixed versus Flexible Exchange Rate
Regimes,
53
Summary,
55
Mini Case: Will the United Kingdom Join the
Euro Club?,
57
CHAPTER
3
Balance of
Payments,
59
Balance-of-Payments Accounting,
60
Balance-of-Payments Accounts,
61
The Current Account,
61
The Capital Account,
64
Statistical Discrepancy,
65
Official Reserve Account,
66
The Balance-of-Payments Identity,
68
International Finance in Practice: How One
Word Haunts Dollar,
68
Balance-of-Payments Trends in Major
Countries,
70
International Finance in Practice: The Dollar
and the Deficit,
72
XVIII
Summary,
73
Appendix 3a: The Relationship between
Mini Case: Mexico's Balance-of-Payments
Balance of Payments and National Income
Problem,
76
Accounting,
77
CHAPTER
4
Governance of the Public Corporation:
Law and Corporate Governance,
88
Corporate
Key Issues,
79
Consequences of Law,
90
Governance around
The Agency Problem,
80
Ownership and Control Pattern,
9 7
the World,
78
Remedies for the Agency Problem,
82
Private Benefits of Control,
95
Board of Directors,
83
Capital Markets and Valuation,
95
Incentive Contracts,
83
Corporate Governance Reform,
96
International Finance in Practice: When Boards
Objectives of Reform,
96
Are All in the Family,
84
Political Dynamics,
97
Concentrated Ownership,
85
The Sarbanes-Oxley Act,
97
Accounting Transparency,
86
The Cadbury Code of Best Practice,
98
Debt,
86
Summary,
99
Overseas Stock Listings,
87
Mini Case: Parmalat: Europe's Enron,
101
Market for Corporate Control,
87
PART TWO
The Foreign Exchange Market, Exchange Rate
Determination, and Currency
Derivatives
CHAPTER
5
Function and Structure of the FX Market,
107
The Cross-Rate Trading Desk,
119
The Market
International Finance in Practice: The Mouse
Triangular Arbitrage,
121
for Foreign
Takes Over the Floor,
108
Spot Foreign Exchange Market
Exchange,
106
FX Market Participants,
109
Microstructure,
121
Correspondent Banking Relationships,
17 7
The Forward Market,
123
The Spot Market,
111
Forward Rate Quotations,
123
International Finance in Practice: Where
Long and Short Forward Positions,
124
Money Talks Very Loudly,
112
Forward Cross-Exchange Rates,
125
Spot Rate Quotations,
114
Swap Transactions,
125
The Bid-Ask Spread,
116
Forward Premium,
12 6
Spot FX Trading,
117
Summary,
127
Cross-Exchange Rate Quotations,
118
Mini Case: Shrewsbury Herbal
Alternative Expressions for the
Products, Ltd.,
130
Cross-Exchange Rate,
7 7 9
CHAPTER
6
Interest Rate Parity,
132
Fisher Effects,
147
International Parity
Covered Interest Arbitrage,
135
Forecasting Exchange Rates,
149
Relationships and
Interest Rate Parity and Exchange Rate
Efficient Market Approach,
149
Forecasting
Determination,
7 38
Reasons for Deviations from Interest
Fundamental Approach,
7 50
Foreign Exchange
Rate Parity,
138
Technical Approach,
7 5 7
Rates,
132
Purchasing Power Parity,
141
Performance of the Forecasters,
7 52
International Finance in Practice: Big
Summary
55
MacCurrencies,
142
Mini Case: Turkish Lira and Purchasing
PPP Deviations and the Real Exchange
Power Parity,
159
Rate,
143
Appendix 6a: Purchasing Power Parity and
Evidence on Purchasing Power Parity,
7 44
Exchange Rate Determination,
161
XX
CONTENTS
CHAPTER
7
Futures and Options
on Foreign
Exchange,
162
PART THREE
Futures Contracts: Some Preliminaries,
163
Currency Futures Markets,
165
International Finance in Practice:
СМЕ
Ramping Up FOREX Support, Targets OTC
Business,
166
Basic Currency Futures Relationships,
167
Eurodollar Interest Rate Futures
Contracts,
171
Options Contracts: Some Preliminaries,
172
Currency Options Markets,
173
Currency Futures Options,
174
Basic Option-Pricing Relationships at
Expiration,
174
American Option-Pricing Relationships,
177
European Option-Pricing Relationships,
179
Binomial Option-Pricing Model,
181
European Option-Pricing Formula,
182
Empirical Tests of Currency Options,
184
Summary,
184
Mini Case: The Options Speculator,
187
Foreign Exchange Exposure and Management
CHAPTER
8
Management of
Transaction
Exposure,
192
Three Types of Exposure,
192
Forward Market Hedge,
194
Money Market Hedge,
196
Options Market Hedge,
198
Hedging Foreign Currency
Payables,
200
Forward Contracts,
200
Money Market Instruments,
201
Currency Options Contracts,
201
Cross-Hedging Minor Currency Exposure,
201
Hedging Contingent Exposure,
203
Hedging Recurrent Exposure with Swap
Contracts,
203
Hedging through Invoice Currency,
204
Hedging via Lead and Lag,
205
Exposure Netting,
205
International Finance in Practice: Riding
Shifting Waves of Currency,
206
Should the Firm Hedge?,
207
International Finance in Practice: To Hedge
or Not to Hedge,
208
What Risk Management Products Do Firms
Use?,
210
Summary,
211
Mini Case: Airbus'Dollar Exposure,
214
Case Application: Chase Options, Inc.:
Hedging Foreign Currency Exposure through
Currency Options,
215
CHAPTER
9
Management of
Economic
Exposure,
222
International Finance in Practice: U.S. Firms
Feel the Pain of Peso's Plunge,
224
How to Measure Economic Exposure,
225
Operating Exposure: Definition,
228
Illustration of Operating Exposure,
229
Determinants of Operating Exposure,
232
Managing Operating Exposure,
234
Selecting Low-Cost Production Sites,
234
International Finance in Practice: The Strong
Yen and Toyota's Choice,
235
Flexible Sourcing Policy,
235
Diversification of the Market,
235
International Finance in Practice: Porsche
Powers Profit With Currency Plays,
236
R&D Efforts and Product
Differentiation,
236
Financial Hedging,
237
Case Application: Exchange Risk
Management at Merck,
237
Summary,
240
Mini Case: Economic Exposure of Albion
Computers PLC,
242
CHAPTER
1
О
Management of
Translation
Exposure,
244
Translation Methods,
245
Current/Noncurrent Method,
245
Monetary/Nonmonetary Method,
245
Temporal Method,
245
Current Rate Method,
246
Financial Accounting Standards Board
Statements,
248
Financial Accounting Standards Board
Statement
52, 248
The Mechanics of the FASB
52
Translation
Process,
249
Highly Inflationary Economies,
250
Case Application: Consolidation of
Accounts according to FASB
52:
The Centralia
Corporation,
252
Management of Translation Exposure,
256
Translation Exposure versus Transaction
Exposure,
256
Hedging Translation Exposure,
257
CONTENTS
xxi
Balance Sheet Hedge,
257
Empirical Analysis of the Change from
Derivatives Hedge,
258
FASB
8
to FASB
52, 259
Translation Exposure versus Operating
Summary,
259
Exposure,
258
Mini Case: Sundance Sporting
Goods, Inc.,
261
PART FOUR
World Financial Markets and
Institutions
CHAPTER
1 1
International Banking Services,
266
Forward Rate Agreements,
277
International
The World's Largest Banks,
267
Euronotes, 279
Banking and Money
Market,
266
Reasons for International Banking,
267
Eurocommercial Paper,
2 79
Types of International Banking Offices,
269
International Debt Crisis,
279
Correspondent Bank,
269
History,
279
Representative Offices,
269
Debt-for-Equity Swaps,
281
Foreign Branches,
269
International Finance in Practice: LDC Lenders
Subsidiary and Affiliate Banks,
2 70
Should Have Listened to David Hume,
282
Edge Act Banks,
270
The Solution: Brady Bonds,
283
Offshore Banking Centers,
27]
Japanese Banking Crisis,
284
International Banking Facilities,
271
The Asian Crisis,
285
Capital Adequacy Standards,
272
Summary,
285
International Money Market,
274
Mini Case: Detroit Motors'Latin American
Eurocurrency Market,
2 74
Expansion,
289
Eurocredits,
276
Appendix 11a: Eurocurrency Creation,
290
CHAPTER
1 2
The World's Bond Markets: A Statistical
Dual-Currency Bonds,
298
International Bond
Perspective,
293
Currency Distribution, Nationality, and Type of
Market
293
Foreign Bonds and Eurobonds,
294
Issuer,
299
Bearer Bonds and Registered Bonds,
295
International Bond Market Credit Ratings,
300
National Security Regulations,
295
INTERNATIONAL FINANCE IN PRACTICE:
НеІПвкеП
Withholding Taxes,
295
Refreshes Euromarket with Spectacular
Unrated Bonds,
301
Other Recent Regulatory Changes,
296
Eurobond Market Structure and Practices,
303
Global Bonds,
296
Primary Market,
303
Types of Instruments,
296
Secondary Market,
306
Straight Fixed-Rate Issues,
297
Clearing Procedures,
306
Euro-Medium-Term Notes,
297
International Bond Market Indexes,
308
Floating-Rate Notes,
297
Summary,
310
Equity-Related Bonds,
298
Mini Case: Sara Lee Corporation's
Zero-Coupon Bonds,
298
Eurobonds,
312
CHAPTER
13
A Statistical Perspective,
313
International Equity Market Benchmarks,
320
International Equity
Market Capitalization of Developed
¡Shares MSCI,
323
Markets,
313
Countries,
314
Trading In International Equities,
324
Market Capitalization of Developing
International Finance in Practice: Foreign
Countries,
315
Interest In South Africa Takes Off,
325
Measures of Liquidity,
316
Cross-Listing of Shares,
325
Measures of Market Concentration,
318
Yankee Stock Offerings,
327
Market Structure, Trading Practices,
The European Stock Market,
327
and Costs,
319
American Depository Receipts,
328
xxii
CONTENTS
Global
Registered Shares,
332
Factors Affecting International Equity
Returns,
332
Macroeconomic Factors,
333
Exchange Rates,
333
Industrial Structure,
333
Summary,
334
Mini Case: San Pico's New Stock
Exchange,
335
CHAPTER
1 4
Interest Rate and
Currency
Swaps,
337
Types of Swaps,
337
International Finance in Practice: The World
Bank's First Currency Swap,
338
Size of the Swap Market,
338
The Swap Bank,
338
Swap Market Quotations,
339
Interest Rate Swaps,
340
Basic Interest Rate Swap,
340
Currency Swaps,
343
Basic Currency Swap,
343
Variations of Basic Interest Rate and Currency
Swaps,
348
International Finance in Practice: A1C,
Nomura, and IFC Link Up In Latin Swap
Transaction,
348
Risks of Interest Rate and Currency Swaps,
349
Is the Swap Market Efficient?,
349
Summary,
350
Mini Case: The Centralia Corporation's
Currency Swap,
355
CHAPTER
1 5
International
Portfolio
Investment,
356
International Correlation Structure and Risk
Diversification,
357
Optimal International Portfolio Selection,
359
Effects of Changes in the Exchange Rate,
365
International Bond Investment,
367
International Mutual Funds: A Performance
Evaluation,
368
International Diversification through Country
Funds,
371
International Diversification with ADRs,
374
International Diversification with WEBS,
375
International Diversification with
Hedge Funds,
375
International Finance in Practice: Live Here,
Invest Abroad,
376
Why Home Bias in Portfolio Holdings?,
377
International Finance in Practice: Stay-at-Home
Shareholders,
378
Summary,
381
Mini Case: Solving for the Optimal International
Portfolio,
386
Appendix
1
5a: International Investment
with Exchange Risk Hedging,
388
Appendix 15b: Solving for the Optimal
Portfolio,
390
PART FIVE
Financial Management of the Multinational Firm
CHAPTER
1 6
Foreign Direct
Investment and
Cross-Border
Acquisitions,
394
Global Trends in FDI,
395
Why Do Firms Invest Overseas?,
398
Trade Barriers,
399
Imperfect Labor Market,
400
Intangible Assets,
401
Vertical Integration,
401
International Finance in Practice: Linear
Sequence in Manufacturing: Singer
&
Company,
402
Product Life Cycle,
403
Shareholder Diversification Services,
403
Cross-Border Mergers and Acquisitions,
404
International Finance in Practice:
DaimlerChrysler:
The First Global
Car Colossus,
406
International Finance in Practice: Stories Past
and Present,
410
Political Risk and FDI,
410
Summary,
417
Mini Case: Enron versus Bombay
Politicians,
419
CHAPTER IF
International Capital
Structure and the
Cost of Capital,
422
Cost of Capital,
423
Cost of Capital in Segmented versus Integrated
Markets,
424
Does the Cost of Capital Differ among
Countries?,
426
International Finance in Practice: The U.S.
Welcomes the Alien Invasion,
426
Case Application:
Novo
Industri,
430
Cross-Border Listings of Stocks,
431
Capital Asset Pricing under Cross-Listings,
435
The Effect of Foreign Equity Ownership
Restrictions,
437
Pricing-to-Market Phenomenon,
438
Case Application: Nestle,
438
CONTENTS
xxiii
Asset Pricing under Foreign Ownership
Summary,
444
Restrictions,
440
Appendix 17a: Pricing of Nontradable
The Financial Structure of Subsidiaries,
442
Assets: Numerical Simulations,
448
CHAPTER
1
S
Review of Domestic Capital Budgeting,
450
Risk Adjustment in the Capital Budgeting
International Capital
The Adjusted Present Value Model,
451
Analysis,
460
Budgeting,
449
Capital Budgeting from the Parent Firm's
Sensitivity Analysis,
461
Perspective,
453
Purchasing Power Parity Assumption,
461
Generality of the
APV
Model,
455
Real Options,
461
Estimating the Future Expected Exchange
Summary,
463
Rate,
456
Mini Case
1:
Dorchester, Ltd.,
465
Case Application: The Centralia
Mini Case
2:
Strik-it-Rich Gold Mining
Corporation,
456
Company,
466
CHAPTER
1
Э
The Management of International
International Finance in Practice: Transfer
Multinational Cash
Management,
467
Cash Balances,
467
Case Application: Teltrex's Cash
Management System,
468
Pricing Is the Most Important
International Tax Issue,
480
Miscellaneous Factors,
482
Bilateral Netting of Internal and External Net
Blocked Funds,
483
Cash Flows,
473
Summary,
484
Reduction in Precautionary Cash
Mini Case
1:
Efficient Funds Flow at Eastern
Balances,
473
Trading Company,
485
Cash Management Systems in Practice,
475
Mini Case
2:
Eastern Trading Company's
Transfer Pricing and Related Issues,
476
Optimal Transfer Pricing Strategy,
485
Case Application: Mintel Products
Mini Case
3:
Eastern Trading Company's
Transfer Pricing Strategy,
476
New MBA,
486
CHAPTER 2O
A Typical Foreign Trade Transaction,
488
Forms of Countertrade,
493
International Trade
Forfaiting,
490
Some Generalizations about
Finance,
487
International Finance in Practice: First Islamic
Countertrade,
494
Forfaiting Fund Set Up,
491
International Finance in Practice: Armed
Government Assistance in Exporting,
491
Forces Tops In Countertrade List,
494
The Export-Import Bank and Affiliated
Summary,
495
Organizations,
491
Mini Case: American Machine
Countertrade,
492
Tools, Inc.,
497
CHAPTER
21
The Objectives of Taxation,
498
Foreign Tax Credits,
504
International Tax
Tax Neutrality,
499
Organizational Structures for Reducing Tax
Environment,
498
Tax Equity,
499
Liabilities,
505
Types of Taxation,
499
Branch and Subsidiary Income,
505
Income Tax,
499
Payments to and from Foreign Affiliates,
507
Withholding Tax,
501
Tax Havens,
507
International Finance in Practice: As Dot-Corns
Value-Added Tax,
501
Go Bust In U.S., Bermuda Hosts an Odd Little
National Tax Environments,
503
Boomlet,
508
Worldwide Taxation,
503
Controlled Foreign Corporation,
510
Territorial Taxation,
503
Summary,
511
International Finance in Practice: The TAXING
Mini Case: Sigma Corp.'s Location
Devil You Know,
504
Decision,
512
Glossary,
513
Index,
520 |
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| author | Eun, Cheol S. Resnick, Bruce G. |
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| dewey-full | 658.15/99 |
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| dewey-raw | 658.15/99 |
| dewey-search | 658.15/99 |
| dewey-sort | 3658.15 299 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 4. ed. |
| format | Book |
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| id | DE-604.BV021319141 |
| illustrated | Illustrated |
| index_date | 2024-07-02T13:58:26Z |
| indexdate | 2024-07-09T20:35:33Z |
| institution | BVB |
| isbn | 0072996862 9780072996869 0071106510 9780071106511 |
| language | English |
| lccn | 2005053418 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-014639571 |
| oclc_num | 61303541 |
| open_access_boolean | |
| owner | DE-703 DE-945 DE-1049 DE-739 |
| owner_facet | DE-703 DE-945 DE-1049 DE-739 |
| physical | XXIII, 536 S. graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | McGraw-Hill/Irwin |
| record_format | marc |
| spelling | Eun, Cheol S. Verfasser aut International financial management Cheol S. Eun, Bruce G. Resnick 4. ed. Boston [u.a.] McGraw-Hill/Irwin 2007 XXIII, 536 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes index. Cambio exterior Empresas internacionales - Finanzas Financieel management gtt Finanzas internacionales Instituciones financieras internacionales Internationale ondernemingen gtt Multinationales Unternehmen International finance International business enterprises Finance Foreign exchange Financial institutions, International Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Multinationales Unternehmen (DE-588)4075092-9 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 s Internationaler Kreditmarkt (DE-588)4120506-6 s DE-604 Multinationales Unternehmen (DE-588)4075092-9 s 1\p DE-604 Resnick, Bruce G. Verfasser aut Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014639571&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 | Eun, Cheol S. Resnick, Bruce G. International financial management Cambio exterior Empresas internacionales - Finanzas Financieel management gtt Finanzas internacionales Instituciones financieras internacionales Internationale ondernemingen gtt Multinationales Unternehmen International finance International business enterprises Finance Foreign exchange Financial institutions, International Internationaler Kreditmarkt (DE-588)4120506-6 gnd Finanzmanagement (DE-588)4139075-1 gnd Multinationales Unternehmen (DE-588)4075092-9 gnd |
| subject_GND | (DE-588)4120506-6 (DE-588)4139075-1 (DE-588)4075092-9 |
| title | International financial management |
| title_auth | International financial management |
| title_exact_search | International financial management |
| title_exact_search_txtP | International financial management |
| title_full | International financial management Cheol S. Eun, Bruce G. Resnick |
| title_fullStr | International financial management Cheol S. Eun, Bruce G. Resnick |
| title_full_unstemmed | International financial management Cheol S. Eun, Bruce G. Resnick |
| title_short | International financial management |
| title_sort | international financial management |
| topic | Cambio exterior Empresas internacionales - Finanzas Financieel management gtt Finanzas internacionales Instituciones financieras internacionales Internationale ondernemingen gtt Multinationales Unternehmen International finance International business enterprises Finance Foreign exchange Financial institutions, International Internationaler Kreditmarkt (DE-588)4120506-6 gnd Finanzmanagement (DE-588)4139075-1 gnd Multinationales Unternehmen (DE-588)4075092-9 gnd |
| topic_facet | Cambio exterior Empresas internacionales - Finanzas Financieel management Finanzas internacionales Instituciones financieras internacionales Internationale ondernemingen Multinationales Unternehmen International finance International business enterprises Finance Foreign exchange Financial institutions, International Internationaler Kreditmarkt Finanzmanagement |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014639571&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT euncheols internationalfinancialmanagement AT resnickbruceg internationalfinancialmanagement |