Verfügbarkeit: Multinational financial management

Multinational financial management:

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Bibliographische Detailangaben
1. Verfasser:	Shapiro, Alan C. (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Hoboken, NJ Wiley 2010
Ausgabe:	9. ed., internat. student version
Schlagworte:	International business enterprises / Finance Multinationales Unternehmen International business enterprises > Finance Internationaler Finanzausgleich Finanzmanagement Finanzplanung Internationales Management Finanzierung Lehrbuch
Online-Zugang:	Inhaltsverzeichnis Klappentext
Beschreibung:	Previous ed.: 2006
Beschreibung:	XXII, 762 S. Ill., graph. Darst.
ISBN:	9780470450352

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Datensatz im Suchindex

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adam_text	CONTENTS Preface iii Part і Environment of International Financial Management 1 Introduction Learning Objectives 2 Key Terms 2 1.1 The Rise of the Multinational Corporation 4 Evolution of the Multinational Corporation 9 Search for Raw Materials 10 Market Seeking 11 Cost Minimization 13 Knowledge Seeking 17 Keeping Domestic Customers 18 Exploiting Financial Market Imperfections 18 The Process of Overseas Expansion by Multinationals 19 Exporting 20 Overseas Production 20 Licensing 21 Trade-offs Between Alternative Modes of Overseas Expansion 21 A Behavioral Definition of the Multinational Corporation 22 The Global Manager 25 1.2 The Internationalization of Business and Finance 26 Political and Labor Union Concerns About Global Competition 27 Consequences of Global Competition 34 1.3 Multinational Financial Management: Theory and Practice 42 Criticisms of the Multinational Corporation 43 Functions of Financial Management 44 Theme of This Book 44 Relationship to Domestic Financial Management 45 Arbitrage 46 Market Efficiency 46 Capital Asset Pricing 47 The Importance of Total Risk 47 The Global Financial Marketplace 48 The Role of the Financial Executive in an Efficient Market 48 1.4 Outline of the Book 49 Environment of International Financial Management 49 Foreign Exchange and Derivatives Markets 49 Foreign Exchange Risk Management 50 Financing the Multinational Corporation 50 Contents XI Foreign Investment Analysis 50 Multinational Working Capital Management 50 Questions 51 Web Resources 51 Web Exercises 52 Appendix IA: The Origins and Consequences of International Trade 53 The Gains from Trade 53 Specialized Factors of Production 54 Monetary Prices and Exchange Rates 55 Tariffs 55 Questions 56 2 Understanding Exchange Rates 57 Learning Objectives 57 Key Terms 57 2.1 Setting the Equilibrium Spot Exchange Rate 58 Demand for a Currency 58 Supply of a Currency 59 Factors That Affect the Equilibrium Exchange Rate 60 Relative Inflation Rates 60 Relative Interest Rates 61 Relative Economic Growth Rates 61 Political and Economic Risk 61 Calculating Exchange Rate Changes 62 2.2 Expectations and the Asset Market Model of Exchange Rates 65 The Nature of Money and Currency Values 68 Central Bank Reputations and Currency Values 70 Price Stability and Central Bank Independence 71 Currency Boards 76 Dollarization 79 Expectations and Currency Values 79 2.3 The Fundamentals of Central Bank Intervention 82 How Real Exchange Rates Affect Relative Competitiveness 82 Foreign Exchange Market Intervention 84 Mechanics oj Intervention 87 Sterilized versus Unsterilized Intervention 88 The Effects of Foreign Exchange Market Intervention 89 2.4 The Equilibrium Approach to Exchange Rates 91 Disequilibrium Theory and Exchange Rate Overshooting 92 The Equilibrium Theory of Exchange Rates and Its Implications 93 2.5 Summary and Conclusions 95 Questions 95 Problems 97 Web Resources 97 Web Exercises 98 Bibliography 98 3 Defining and Analyzing the International Monetary System 99 Learning Objectives 99 Key Terms 99 3.1 Alternative Exchange Rate Systems 100 Free Float 101 Managed Float 101 Target-Zone Arrangement 103 Fixed-Rate System 103 The Current System of Exchange Rate Determination 105 3.2 A Brief History of the International Monetary System 105 The Classical Gold Standard 108 XII Contents How the Classical Gold Standard Worked in Practice: 1821-1914 110 The Gold Exchange Standard and Its Aftermath: 1925-1944 111 Competitive Devaluations 111 Bretton Woods Conference and the Postwar Monetary System 111 Rok oj the IMF 111 Role oj the World Bank 112 Role oj the Bank for International Settlements 112 The Bretton Woods System: 1946-1971 113 The Post-Bretton Woods System: 1971 to the Present 114 Assessment of the Floating-Rate System 119 Increasing Currency Volatility 120 Requirements for Currency Stability 120 3.3 The European Monetary System and Monetary Union 121 The Exchange Rate Mechanism 121 Lessons from the European Monetary System 121 The Currency Crisis of September 1992 122 The Catalyst 122 The High Cost of Intervention 122 Abandonment of the Exchange Rate Mechanism in August 1993 122 The Catalyst 123 Governments Surrender to the Market 123 A Postmortem on the EMS 124 European Monetary Union 124 Maastricht Convergence Criteria 125 Launch of the Euro 125 EMU and the European Welfare State 125 Consequences of EMU 12 7 Performance of the Euro 129 Optimum Currency Area 132 3.4 Emerging Market Currency Crises 135 Transmission Mechanisms 135 Trade Links 135 Financial System 135 Debt Policy 136 Origins of Emerging Market Crises 136 Moral Hazard 136 Fundamental Policy Conflict 136 Policy Proposals for Dealing with Emerging Market Crises 137 Currency Controls 137 Freely Floating Currency 137 Permanently Fixed Exchange Rate 137 Better Information 138 3.5 Summary and Conclusions 138 Questions 139 Problems 140 Web Resources 141 Web Exercises 141 Bibliography 141 4 International Finance and Currency: Parity Conditions 142 Learning Objectives 142 Key Terms 142 4.1 Arbitrage and the Law of One Price 143 4.2 Purchasing Power Parity 147 The Lesson of Purchasing Power Parity 151 Expected Inflation and Exchange Rate Changes 153 The Monetary Approach 153 Empirical Evidence 154 4.3 The Fisher Effect 158 Empirical Evidence 159 Adding Up Capital Markets Internationally 165 4.4 The International Fisher Effect 166 Empirical Evidence 168 4.5 Interest Rate Parity Theory 169 Empirical Evidence 174 4.6 The Relationship Between the Forward Rate and the Future Spot Rate 175 Contents XIII Empirical Evidence 177 4.7 Currency Forecasting 179 Requirements for Successful Currency Forecasting 179 Market-Based Forecasts 181 Forward Rates 181 Interest Rates 181 Model-Based Forecasts 181 Fundamentai Analysis 181 Technical Analysis 182 Model Evaluation 183 Forecasting Controlled Exchange Rates 185 4.8 Summary and Conclusions 186 Questions 188 Problems 189 Web Resources 190 Web Exercises 191 Bibliography 191 5 International Economic Linkages and Balance of Payments 193 Learning Objectives 193 Key Terms 193 5.1 Balance-of-Payments Categories 194 Current Account 196 Capital Account 198 Financial Account 198 Balance-of-Payments Measures 199 The Missing Numbers 200 5.2 The International Flow of Goods, Services, and Capital 200 Domestic Savings and Investment and the Financial Account 201 The Link Between the Current and Financial Accounts 201 Government Budget Deficits and Current-Account Deficits 205 The Current Situation 208 5.3 Coping With the Current-Account Deficit 211 Currency Depreciation 211 Lagged Effects 212 J-Curve Theory 212 Devaluation and Inflation 214 U.S. Deficits and the Demand for U.S. Assets 214 Protectionism 215 Ending Foreign Ownership of Domestic Assets 216 Boosting the Saving Rate 217 External Policies 219 Current-Account Deficits and Unemployment 219 The Bottom Line on Current-Account Deficits and Surpluses 221 5.4 Summary and Conclusions 222 Questions 223 Problems 224 Web Resources 225 Web Exercises 225 Analyzing Country Risk 226 Learning Objectives 226 Key Terms 226 6.1 Measuring Political Risk 227 Political Stability 228 Economic Factors 230 Subjective Factors 230 Political Risk and Uncertain Property Rights 230 Capital Flight 236 Culture 238 6.2 Economic and Political Factors Underlying Country Risk 239 Fiscal Irresponsibility 240 Monetary Instability 242 Controlled Exchange Rate System 243 Wasteful Government Spending 244 XIV Contents Resource Base 244 Country Risk and Adjustment to External Shocks 244 Market-Oriented versus Statist Policies 245 Why Capitalism Works 246 Statist Policies Constrain Growth 246 Why Statist Policies Persist 248 Key Indicators of Country Risk and Economic Health 248 Market-Oriented Policies Work 251 Market-Oriented Reform in Latin America 252 Obstacles to Economic Reform 254 6.3 Country Risk Analysis in International Banking 256 Country Risk and the Terms of Trade 256 The Government s Cost/Benefit Calculus 257 Lessons from the International Debt Crisis 258 Onset of the Crisis 258 Reform Takes Hold 258 Debt Relief 258 The Crisis Ends 259 Lessons from Successful Economic Reform 259 6.4 Summary and Conclusions 260 Questions 260 Problems 261 Web Resources 262 Web Exercises 262 Bibliography 262 Part II Foreign Exchange and Derivatives Markets 263 7 Foreign Exchange Market: Operation and Mechanics 264 264 Learning Objectives Key Terms 264 7.1 Organization of The Foreign Exchange Market 265 The Participants 266 The Clearing System 269 Electronic Trading 270 Size 271 7.2 The Spot Market 273 Spot Quotations 273 Transaction Costs 276 Cross Rates 277 Currency Arbitrage 279 Settlement Date 281 Exchange Risk 282 The Mechanics of Spot Transactions 282 7.3 The Forward Market 283 Forward Quotations 285 Exchange Risk 287 Cross Rates 287 Forward Contract Maturities 288 7.4 Summary and Conclusions 289 Questions 289 Problems 290 Web Resources 290 Web Exercises 291 Bibliography 291 β Options Contracts and Currency Futures 292 Learning Objectives Key Terms 292 292 Contents xv 8.1 Futures Contracts 293 Forward Contract versus Futures Contract 294 Advantages and Disadvantages of Futures Contracts 298 Arbitrage Between the Futures and Forward Markets 299 8.2 Currency Options 299 Market Structure 300 Using Currency Options 303 Currency Spread 307 Knockout Options 308 Option Pricing and Valuation 309 Using Forward or Futures Contracts versus Options Contracts 311 Futures Options 316 8.3 Reading Currency Futures and Options Prices 317 8.4 Summary and Conclusions 320 Questions 320 Problems 320 Web Resources 321 Web Exercises 322 Bibliography 322 Appendix 8A: Option Pricing Using Black-Scholes 322 Implied Volatilities 323 Shortcomings of the Black-Scholes Option Pricing Model 324 Problems 325 Appendix 8B: Put-Call Option Interest Rate Parity 325 Problems 327 9 Interest Rate Derivatives and Swaps Learning Objectives 328 Key Terms 328 9.1 Interest Rate and Currency Swaps Interest Rate Swaps 329 The Classic Swap Transaction 330 Cost Savings Associated with Swaps Currency Swaps 333 Interest Rate/Currency Swaps 335 Dual Currency Bond Swaps 340 Economic Advantages of Swaps 9.2 Interest Rate Forwards and Futures Forward Forwards 342 Forward Rate Agreement 343 Eurodollar Futures 344 9.3 Structured Notes 346 Inverse Floaters 347 Callable Step-Up Note 348 Step-Down Coupon Note 349 9.4 Summary and Conclusions 349 Questions 350 Problems 350 Web Resources 351 Web Exercises 352 Bibliography 352 328 329 33Ì 341 342 part ill Foreign Exchange Risk Management 353 1 О Measuring and Managing Accounting Exposure Learning Objectives Key Terms 354 354 10.1 Alternative Measures of Foreign Exchange 354 Exposure 355 Translation Exposure 355 Transaction Exposure 356 Operating Exposure 357 XVI Contents 10.2 Alternative Currency Translation Methods 357 Current/Noncurrent Method 357 Monetary/Nonmonetary Method 358 Temporal Method 358 Current Rate Method 358 10.3 Transaction Exposure 359 10.4 Designing a Hedging Strategy 362 Objectives 363 Costs and Benefits of Standard Hedging Techniques 365 Costs of Hedging .36.5 Benefits of Hedging 366 Exposure Netting 369 Centralization versus Decentralization 369 Managing Risk Management 370 Accounting for Hedging andFASB133 371 10.5 Managing Translation Exposure 372 Funds Adjustment 372 Evaluating Alternative Hedging Mechanisms 373 10.6 Managing Transaction Exposure 374 Forward Market Hedge 375 The True Cost oj Hedging 376 Money Market Hedge 377 Risk Shifting 380 Pricing Decisions 381 Exposure Netting 382 Currency Risk Sharing 383 Currency Collars 385 Cross-Hedging 388 Foreign Currency Options 389 Using Options to Hedge Bids 389 Using Options to Hedge Other Currency Risks 390 Options versus Forward Contracts 391 10.7 Summary and Conclusions 393 Questions 394 Problems 395 Web Resources 397 Web Exercises 398 Bibliography 398 Appendix 10A: Statement of Financial Accounting Standards No. 52 398 Application of FASB No. 52 401 1 1 Defining Foreign Exchange Risk 4ОЗ Learning Objectives 403 Key Terms 403 11.1 Foreign Exchange Risk and Economic Exposure 404 Real Exchange Rate Changes and Exchange Risk 406 Importance of the Real Exchange Rate 407 Inflation and Exchange Risk 407 Competitive Effects of Real Exchange Rate Changes 409 11.2 The Economic Consequences of Exchange Rate Changes 412 Transaction Exposure 412 Operating Exposure 413 11.3 Identifying Economic Exposure 417 Aspen Skiing Company 417 Petróleos Mexicanos 418 Toyota Motor Company 419 11.4 Calculating Economic Exposure 420 Spectrum s Accounting Exposure 421 Spectrum s Economic Exposure 421 Case Analysis 425 11.5 An Operational Measure of Exchange Risk 425 Limitations 427 11.6 Managing Operating Exposure 427 Marketing Management of Exchange Risk 427 Market Selection 427 Pricing Strategy 428 Contents XVII Produci Strategy 430 Production Management of Exchange Risk 432 Input Mix 432 Shifting Production Among Plants 433 Plant Location 434 Raising Productivity 434 Planning for Exchange Rate Changes 435 Financial Management of Exchange Risk 437 11.7 Summary and Conclusions 444 Questions 444 Problems 445 Web Resources 447 Web Exercises 447 Bibliography 448 Part IV Financing the Multinational Corporation 449 1 2 National Capital Markets and International Financing 45O Learning Objectives 450 Key Terms 450 12.1 Corporate Sources and Uses of Funds 451 Financial Markets versus Financial Intermediaries 452 Financial Systems and Corporate Governance 452 Globalization of Financial Markets 456 12.2 National Capital Markets as International Financial Centers 459 International Financial Markets 463 Foreign Access to Domestic Markets 464 The Foreign Bond Market 464 The Foreign Bank Market 465 The Foreign Equity Market 466 Globalization of Financial Markets Has Its Downside 476 12.3 Development Banks 477 The World Bank Group 478 IBRD 478 IFC 478 IDA 479 Regional and National Development Banks 479 Regional Development Banks 479 National Development Banks 480 Private Sector Alternatives 480 12.4 Project Finance 482 12.5 Summary and Conclusions 483 Questions 484 Problems 484 Web Resources 484 Web Exercises 485 Bibliography 485 13 Functions of Euromarkets 486 Learning Objectives 486 Key Terms 486 13.1 The Eurocurrency Market 486 Modern Origins 487 Eurodollar Creation 488 Eurocurrency Loans 490 Terms 490 Muhicurrency Clauses 491 Relationship Between Domestic and Eurocurrency Money Markets 492 Interest Differentials 492 XVIII Contents Eurocurrency Spreads 492 Euromarket Trends 493 13.2 Eurobonds 494 Swaps 494 Links Between the Domestic and Eurobond Markets 494 Placement 495 Currency Denomination 496 Interest Rates on Fixed-Rate Eurobonds 496 Interest Rates on Floaüng-Rate Eurobonds 497 Eurobond Retirement 498 Ratings 498 Rationale for Existence of Eurobond Market 498 Eurobonds versus Eurocurrency Loans 501 13.3 Note Issuance Facilities and Euronotes 502 Note Issuance Facilities versus Eurobonds 504 Euro-Medium-Term Notes 505 Reasons for Success 505 Costs of a Euro-MTN Program 505 Characteristics 505 Risks 506 13.4 Euro-Commercial Paper 506 13.5 The Asiacurrency Market 508 13.6 Summary and Conclusions 509 Questions 509 Problems 509 Web Resources 510 Web Exercises 510 Bibliography 510 14 Foreign Investments: The Cost of Capital SU Learning Objectives 511 Key Terms 511 14.1 The Cost of Equity Capital 512 14.2 The Weighted Average Cost of Capital for Foreign Projects 513 14.3 Discount Rates for Foreign Investments 515 Evidence from the Stock Market 516 Key Issues in Estimating Foreign Project Discount Rates 517 Proxy Companies 518 Local Companies 518 Proxy Industry 519 Adjusted U.S. Industry Beta 519 The Relevant Base Portfolio 520 The Impact of Globalization on the Cost of Capital 521 Empirical Evidence 523 A Recommendation 524 The Relevant Market Risk Premium 524 Recommendations 525 14.4 The Cost of Debt Capital 526 Annual Exchange Rate Change 527 Using Sovereign Risk Spreads 528 14.5 Establishing a Worldwide Capital Structure 528 Foreign Subsidiary Capital Structure 529 Political Risk Management 532 Currency Risk Management 532 Leverage and Foreign Tax Credits 533 Leasing and Taxes 533 Cost-Minimizing Approach to Global Capital Structure 534 Joint Ventures 534 14.6 Valuing Low-Cost Financing Opportunities 535 Taxes 537 Zero-Coupon Bonds 537 Debt versus Equity Financing 538 Government Credit and Capital Controls 538 Government Subsidies and Incentives 538 14.7 Summary and Conclusions 541 Questions 542 Problems 543 Web Resources 544 Web Exercises 544 Bibliography 544 Contents Part v Foreign Investment analysis XIX 547 15 Examining International Portfolio Investing Learning Objectives 548 Key Terms 548 15.1 The Risks and Benefits of International Equity Investing 549 International Diversification 550 Correlations and the Gains from Diversification 552 Recent Correlations 557 Investing in Emerging Markets 559 Barriers to International Diversification 565 15.2 International Bond Investing 569 15.3 Optimal International Asset Allocation 569 15.4 Measuring the Total Return from Foreign Portfolio Investing 570 Bonds 571 Stocks 571 15.5 Measuring Exchange Risk on Foreign Securities 572 Hedging Currency Risk 573 15.6 Summary and Conclusions 574 Questions 574 Problems 575 Web Resources 576 Web Exercises 576 Bibliography 577 16 Foreign Direct Investment and Corporate Strategy Learning Objectives 578 Key Terms 578 16.1 Theory of the Multinational Corporation 579 Product and Factor Market 548 Imperfections 579 Financial Market Imperfections 580 16.2 The Strategy of Multinational Enterprise 581 Innovation-Based Multinationals 582 The Mature Multinationals 582 The Senescent Multinationals 585 Foreign Direct Investment and Survival 586 Cosí Reduction 586 Economics of Scale 587 Multiple Sourdng 588 Knowledge Seeking 588 Keeping Domestic Customers 590 16.3 Designing a Global Expansion Strategy 591 1. Awareness of Profitable Investments 592 2. Selecting a Mode of Entry 593 3. Auditing the Effectiveness of Entry Modes 593 4. Using Appropriate Evaluation Criteria 594 5. Estimating the Longevity of a Competitive Advantage 595 16.4 Summary and Conclusions 595 Questions 596 Problems 597 Web Resources 597 Web Exercises 598 Bibliography 598 578 1 7 Multinational Corporations and Capital Budgeting 599 Learning Objectives 599 Key Terms 599 17.1 Basics of Capital Budgeting 600 XX Contents Net Present Value 600 Incremental Cash Flows 601 Cannibalization 601 Sales Creation 602 Opportunity Cost 602 Transfer Pricing 602 Fees and Royalties 603 Getting the Base Case Right 603 Accounting for Intangible Benefits 604 Alternative Capital-Budgeting Frameworks 605 An Adjusted Present Value Approach 605 17.2 Issues in Foreign Investment Analysis 607 Parent versus Project Cash Flows 607 A Three-Stage Approach 607 Estimating Incremental Project Cash Flows 608 Tax Factors 608 Political and Economic Risk Analysis 609 Adjusting the Discount Rate or Payback Period 609 Adjusting Expected Values 609 Exchange Rate Changes and Inflation 610 17.3 Foreign Project Appraisal: The Case of International Diesel Corporation 611 Estimation of Project Cash Flows 612 Initiai Investment Outlay 612 Financing IDC-U.K. 612 Interest Subsidies 613 Sales and Revenue Forecasts 614 Production Cost Estimates 614 Projected Net Income 616 Additions to Working Capital 616 Terminal Value 616 Estimated Project Present Value 617 Estimation of Parent Cash Flows 617 Loan Payments 617 Remittances to IDC-U.S. 618 Earnings on Exports to IDC-U.K. 618 Estimated Present Value of Project to IDC-U.S. 618 Lost Sales 620 17 A Political Risk Analysis 621 Expropriation 621 Blocked Funds 622 17.5 Growth Options and Project Evaluation 623 17.6 Summary and Conclusions 627 Questions 627 Problems 628 Web Resources 629 Web Exercises 629 Bibliography 629 Appendix 17A: Managing Political Risk 629 Preinvestment Planning 630 Operating Policies 631 Part VI Multinational Working Capital Management 635 18 International Trade Financing Learning Objectives 636 Key Terms 636 18.1 Payment Terms in International Trade Cash in Advance 637 636 637 Letter of Credit 638 Online Alternatives 642 Draft 643 Consignment 645 Open Account 646 Banks and Trade Financing 647 Collecting Overdue Accounts 647 Contents XXI 18.2 Documents in International Trade 648 Bill of Lading 648 Commercial Invoice 649 Insurance Certificate 649 Consular Invoice 649 18.3 Financing Techniques in International Trade 650 Bankers Acceptances 650 Creating an Acceptance 650 Terms of Acceptance Financing 650 Evaluating the Cost of Acceptance Financing 652 Discounting 652 Factoring 653 Evaluating the Cost oj Factoring 653 Forfaiting 654 18.4 Government Sources of Export Financing and Credit Insurance 654 Export Financing 654 Export-Import Bank 655 Private Export Funding Corporation 657 Trends 657 Export-Credit Insurance 657 Foreign Credit Insurance Association 658 Taking Advantage of Government- Subsidized Export Financing 658 Export Financing Strategy 659 Import Financing Strategy 659 18.5 Countertrade 660 18.6 Summary and Conclusions 663 Questions 664 Problems 664 Web Resources 665 Web Exercises 665 Bibliography 665 1 9 Short-term Financing: Managing Current Assets 666 Learning Objectives Key Terms 666 666 19.1 International Cash Management 667 Organization 668 Collection and Disbursement of Funds 668 Payments Netting in International Cash Management 671 Bilateral and Multilateral Netting 672 Information Requirements 673 Foreign Exchange Controls 674 Analysis 674 Management of the Short-Term Investment Portfolio 675 Portfolio Guidelines 676 Optimal Worldwide Cash Levels 678 Evaluation and Control 678 Cash Planning and Budgeting 679 Multinational Cash Mobilization 679 Bank Relations 681 19.2 Accounts Receivable Management 683 Credit Extension 683 19.3 Inventory Management 684 Production Location and Inventory Control 685 Advance Inventory Purchases 686 Inventory Stockpiling 686 19.4 Short-Term Financing 686 Key Factors in Short-Term Financing Strategy 687 Short-Term Financing Objectives 688 Short-Term Financing Options 689 Intercompany Financing 689 Local Currency Financing 689 Bank Loans 689 Commercial Paper 692 Calculating the Dollar Costs of Alternative Financing Options 693 Case 1: No Taxes 694 Case 2: Taxes 695 19.5 Summary and Conclusions 697 Questions 698 Problems 699 Web Resources 700 XXII Contents Web Exercises Bibliography 700 700 2O Analyzing Multinational Financial Systems 70 1 Learning Objectives 701 Key Terms 701 20.1 The Value of the Multinational Financial System 702 Mode of Transfer 703 Timing Flexibility 704 Value 704 20.2 Intercompany Fund-Flow Mechanisms: Costs and Benefits 706 Tax Factors 706 Transfer Pricing 706 Tax Effects 707 Tariffs 708 Exchange Controls 710 Joint Ventures 711 Disguising Profitability 711 Evaluation and Control 711 Reinvoicing Centers 711 Fees and Royalties 712 Leading and Lagging 714 Shifting Liquidity 714 Advantages 716 Government Restrictions 716 Intercompany Loans 716 Back-to-Back Loans 716 Parallel Loans 719 Dividends 720 Tax Effects 720 Financing Requirements 721 Exchange Controls 721 Joint Ventures 723 Equity versus Debt 723 20.3 Designing а Global Remittance Policy 726 Prerequisites 727 Information Requirements 728 Behavioral Consequences 728 20.4 Summary and Conclusions 730 Questions 731 Problems 731 Web Resources 732 Web Exercises 732 Bibliography 733 Glossary Index 735 751 Shapiro s Multinational Financial Management provides a conceptual framework within which key financial decisions of a multinational firm can be analyzed. With a focus on decision making, the book offers a variety of real-life exam¬ ples, both numerical and institutional, that demonstrate the use of financial analysis and reasoning in solving international financial problems. Features in the Ninth Edition: • The section, The Process of Overseas Expansion, has been moved from chapter 16 to chapter 1; • New charts and illustrations of corporate practice designed to highlight specific techniques or teaching points; • Focus on Corporate Practice real-world examples and vignettes provide ap¬ plications of financial concepts and theories; • Problems and Discussion Questions relate to real-world situations and compa¬ nies and allow students to apply the concepts and theories in each chapter; • Mini-Cases included in each chapter illustrate an important concept in that chapter and offers a series of questions to test student understanding Authorized for sale in Europe, Asia, Africa and the Middle East Only This book is authorized for sale in Europe, Asia, Africa and the Middle East only and may not be exported. Exportation from or importation of this book to an¬ other region without the Publisher s authorization is illegal and is a violation of the Publisher s rights. The Publisher may take legal action to enforce its rights. The Publisher may recover damages and costs, including but not limited to lost profits and attorney s fees, in the event legal action is required.
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author	Shapiro, Alan C.
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genre	1\p (DE-588)4123623-3 Lehrbuch gnd-content
genre_facet	Lehrbuch
id	DE-604.BV035354468
illustrated	Illustrated
indexdate	2024-07-09T21:31:59Z
institution	BVB
isbn	9780470450352
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-017158558
oclc_num	317546692
open_access_boolean
owner	DE-703 DE-521 DE-Aug4 DE-2070s
owner_facet	DE-703 DE-521 DE-Aug4 DE-2070s
physical	XXII, 762 S. Ill., graph. Darst.
publishDate	2010
publishDateSearch	2010
publishDateSort	2010
publisher	Wiley
record_format	marc
spelling	Shapiro, Alan C. Verfasser aut Multinational financial management Alan C. Shapiro 9. ed., internat. student version Hoboken, NJ Wiley 2010 XXII, 762 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Previous ed.: 2006 International business enterprises / Finance Multinationales Unternehmen International business enterprises Finance Multinationales Unternehmen (DE-588)4075092-9 gnd rswk-swf Internationaler Finanzausgleich (DE-588)4162068-9 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Finanzplanung (DE-588)4017200-4 gnd rswk-swf Internationales Management (DE-588)4114040-0 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf 1\p (DE-588)4123623-3 Lehrbuch gnd-content Multinationales Unternehmen (DE-588)4075092-9 s Finanzmanagement (DE-588)4139075-1 s DE-604 Finanzierung (DE-588)4017182-6 s Internationales Management (DE-588)4114040-0 s 2\p DE-604 Finanzplanung (DE-588)4017200-4 s 3\p DE-604 Internationaler Finanzausgleich (DE-588)4162068-9 s 4\p DE-604 Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017158558&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017158558&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 4\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk
spellingShingle	Shapiro, Alan C. Multinational financial management International business enterprises / Finance Multinationales Unternehmen International business enterprises Finance Multinationales Unternehmen (DE-588)4075092-9 gnd Internationaler Finanzausgleich (DE-588)4162068-9 gnd Finanzmanagement (DE-588)4139075-1 gnd Finanzplanung (DE-588)4017200-4 gnd Internationales Management (DE-588)4114040-0 gnd Finanzierung (DE-588)4017182-6 gnd
subject_GND	(DE-588)4075092-9 (DE-588)4162068-9 (DE-588)4139075-1 (DE-588)4017200-4 (DE-588)4114040-0 (DE-588)4017182-6 (DE-588)4123623-3
title	Multinational financial management
title_auth	Multinational financial management
title_exact_search	Multinational financial management
title_full	Multinational financial management Alan C. Shapiro
title_fullStr	Multinational financial management Alan C. Shapiro
title_full_unstemmed	Multinational financial management Alan C. Shapiro
title_short	Multinational financial management
title_sort	multinational financial management
topic	International business enterprises / Finance Multinationales Unternehmen International business enterprises Finance Multinationales Unternehmen (DE-588)4075092-9 gnd Internationaler Finanzausgleich (DE-588)4162068-9 gnd Finanzmanagement (DE-588)4139075-1 gnd Finanzplanung (DE-588)4017200-4 gnd Internationales Management (DE-588)4114040-0 gnd Finanzierung (DE-588)4017182-6 gnd
topic_facet	International business enterprises / Finance Multinationales Unternehmen International business enterprises Finance Internationaler Finanzausgleich Finanzmanagement Finanzplanung Internationales Management Finanzierung Lehrbuch
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017158558&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017158558&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT shapiroalanc multinationalfinancialmanagement

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