International corporate finance:
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
[Mason, Ohio]
South-Western/Cengage Learning
2010
|
| Edition: | 10. ed., international student ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Previous ed.: Mason, Ohio: Thomson, 2007. - Includes bibliographical references and index |
| Physical Description: | XXXI, 709 S. zahlr. Ill. 25 cm |
| ISBN: | 9781439038291 1439038295 |
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MARC
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| 020 | |a 9781439038291 |c (pbk.) £48.99 |9 978-1-439-03829-1 | ||
| 020 | |a 1439038295 |c (pbk.) £48.99 |9 1-439-03829-5 | ||
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| 100 | 1 | |a Madura, Jeff |e Verfasser |0 (DE-588)170157768 |4 aut | |
| 245 | 1 | 0 | |a International corporate finance |c Jeff Madura |
| 250 | |a 10. ed., international student ed. | ||
| 264 | 1 | |a [Mason, Ohio] |b South-Western/Cengage Learning |c 2010 | |
| 300 | |a XXXI, 709 S. |b zahlr. Ill. |c 25 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Previous ed.: Mason, Ohio: Thomson, 2007. - Includes bibliographical references and index | ||
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| _version_ | 1804142975714852864 |
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| adam_text | IMAGE 1
VH-
^ F I N - N I I I ** :* V - - - :
INTERNATIONAL
CORPORATE FINANCE 10TH EDITION JEFF MADURA FLORIDA ATLANTIC UNIVERSITY
*^ SOUTH-WESTERR^ 10 CENGAGE LEARNING
AUSTRALIA * BRAZIL * JAPAN * KOREA * MEXICO * SINGAPORE * SPAIN * UNITED
KINGDOM * UNITED STATES
IMAGE 2
IFFIFTIFTS.:
CONTENTS
PREFACE, XXV ABOUT THE AUTHOR, XXXI PART 1: THE INTERNATIONAL FINANCIAL
ENVIRONMENT 1
1: MULTINATIONAL FINANCIAL MANAGEMENT: AN OVERVIEW 3 MANAGING THE MNC, 3
FACING AGENCY PROBLEMS, 4 GOVERNANCE: HOW SOX IMPROVED CORPORATE
GOVERNANCE OF MNCS, 5
MANAGEMENT STRUCTURE OF AN MNC, 6 WHY FIRMS PURSUE INTERNATIONAL
BUSINESS, 6 THEORY OF COMPARATIVE ADVANTAGE, 6
IMPERFECT MARKETS THEORY, 8 PRODUCT CYCLE THEORY, 8 HOW FIRMS ENGAGE IN
INTERNATIONAL BUSINESS, 8 INTERNATIONAL TRADE, 9
LICENSING, 10 FRANCHISING, 10 JOINT VENTURES, 10 ACQUISITIONS OF
EXISTING OPERATIONS, 10 I ESTABLISHING NEW FOREIGN SUBSIDIARIES, 11
SUMMARY OF METHODS, 11 VALUATION MODEL FOR AN MNC, 13 DOMESTIC MODEL, 13
VALUING INTERNATIONAL CASH FLOWS, 13
UNCERTAINTY SURROUNDING AN MNCS CASH FLOWS, 15 UNCERTAINTY OF AN MNCS
COST OF CAPITAL, 17 ORGANIZATION OF THE TEXT, 17 SUMMARY, 18 POINT
COUNTER-POINT: SHOULD AN MNC REDUCE ITS ETHICAL STANDARDS TO COMPETE
INTERNATIONALLY? 18 SELF-TEST, 19 QUESTIONS AND APPLICATIONS, 19
ADVANCED QUESTIONS, 20 DISCUSSION IN THE BOARDROOM, 22 RUNNING YOUR OWN
MNC, 22 BLADES, INC. CASE: DECISION TO EXPAND INTERNATIONALLY, 23 SMALL
BUSINESS DILEMMA: DEVELOPING A MULTINATIONAL SPORTING GOODS CORPORATION,
24 INTERNET/EXCEL EXERCISES, 25 REFERENCES, 25 TERM PAPER ON THE
INTERNATIONAL CREDIT CRISIS, 26
IMAGE 3
X CONTENTS
2: INTERNATIONAL FLOW OF FUNDS 27
BALANCE OF PAYMENTS, 27 CURRENT ACCOUNT, 27 CAPITAL AND FINANCIAL
ACCOUNTS, 28 INTERNATIONAL TRADE FLOWS, 30
DISTRIBUTION OF U.S. EXPORTS AND IMPORTS, 30 U.S. BALANCE-OF-TRADE
TREND, 32 INTERNATIONAL TRADE ISSUES, 34 EVENTS THAT INCREASED
INTERNATIONAL TRADE, 34
TRADE FRICTION, 36 GOVERNANCE: MANAGERIAL DECISION ABOUT OUTSOURCING, 37
FACTORS AFFECTING INTERNATIONAL TRADE FLOWS, 39 IMPACT OF INFLATION, 39
IMPACT OF NATIONAL INCOME, 39 IMPACT OF GOVERNMENT POLICIES, 39 IMPACT
OF EXCHANGE RATES, 40 INTERACTION OF FACTORS, 41 CORRECTING A
BALANCE-OF-TRADE DEFICIT, 41
LIMITATIONS OF A WEAK HOME CURRENCY SOLUTION, 41 INTERNATIONAL CAPITAL
FLOWS, 43 DISTRIBUTION OFDFI BY U.S. FIRMS, 44 DISTRIBUTION OF DFI IN
THE UNITED STATES, 44
FACTORS AFFECTING DFI, 44 FACTORS AFFECTING INTERNATIONAL PORTFOLIO
INVESTMENT, 45 IMPACT OF INTERNATIONAL CAPITAL FLOWS, 45 AGENCIES THAT
FACILITATE INTERNATIONAL FLOWS, 47
INTERNATIONAL MONETARY FUND, 47 WORLD BANK, 48 !
WORLD TRADE ORGANIZATION, 48 ^
INTERNATIONAL FINANCIAL CORPORATION, 48 INTERNATIONAL DEVELOPMENT
ASSOCIATION, 49 BANK FOR INTERNATIONAL SETTLEMENTS, 49 OECD, 49
REGIONAL DEVELOPMENT AGENCIES, 49 HOW TRADE AFFECTS AN MNCS VALUE, 49
SUMMARY, 50 POINT COUNTER-POINT: SHOULD TRADE RESTRICTIONS BE USED TO
INFLUENCE HUMAN RIGHTS ISSUES? 50 SELF-TEST, 50
QUESTIONS AND APPLICATIONS, 51 ADVANCED QUESTIONS, 51 DISCUSSION IN THE
BOARDROOM, 51 RUNNING YOUR OWN MNC, 51 BLADES, INC. CASE: EXPOSURE TO
INTERNATIONAL FLOW OF FUNDS, 52 SMALL BUSINESS DILEMMA: IDENTIFYING
FACTORS THAT WILL AFFECT THE FOREIGN DEMAND AT THE
SPORTS EXPORTS COMPANY, 52 INTERNET/EXCEL EXERCISES, 53 REFERENCES, 53
3: INTERNATIONAL FINANCIAL MARKETS 55
FOREIGN EXCHANGE MARKET, 55
HISTORY OF FOREIGN EXCHANGE, 55 FOREIGN EXCHANGE TRANSACTIONS, 56
IMAGE 4
CONTENTS XI
FOREIGN EXCHANGE QUOTATIONS, 58 INTERPRETING FOREIGN EXCHANGE
QUOTATIONS, 61 FORWARD, FUTURES, AND OPTIONS MARKETS, 64 INTERNATIONAL
MONEY MARKET, 65
ORIGINS AND DEVELOPMENT, 66 MONEY MARKET INTEREST RATES AMONG
CURRENCIES, 67 STANDARDIZING GLOBAL BANK REGULATIONS, 68 INTERNATIONAL
CREDIT MARKET, 69
SYNDICATED LOANS, 69 IMPACT OF THE CREDIT CRISIS ON THE CREDIT MARKET,
70 INTERNATIONAL BOND MARKET, 70 EUROBOND MARKET, 70
DEVELOPMENT OF OTHER BOND MARKETS, 72 INTERNATIONAL STOCK MARKETS, 72
ISSUANCE OF STOCK IN FOREIGN MARKETS, 72 ISSUANCE OF FOREIGN STOCK IN
THE UNITED STATES, 73
LISTING OF NON-U.S. FIRMS ON U.S. STOCK EXCHANGES, 75 GOVERNANCE: EFFECT
OF SARBANES-OXLEY ACT ON FOREIGN STOCK LISTINGS, 75 INVESTING IN FOREIGN
STOCK MARKETS, 75 GOVERNANCE: HOW STOCK MARKET CHARACTERISTICS VARY
AMONG COUNTRIES, 76 HOW FINANCIAL MARKETS SERVE MNCS, 78
SUMMARY, 79 POINT COUNTER-POINT: SHOULD FIRMS THAT GO PUBLIC ENGAGE IN
INTERNATIONAL LISTINGS? 79 SELF-TEST, 80
QUESTIONS AND APPLICATIONS, 80 ADVANCED QUESTIONS, 81 DISCUSSION IN THE
BOARDROOM, 82 RUNNING YOUR OWN MNC, 82 BLADES, INC. CASE: DECISIONS TO
USE INTERNATIONAL FINANCIAL MARKETS, 82 SMALL BUSINESS DILEMMA: USE OF
THE FOREIGN EXCHANGE MARKETS BY THE SPORTS EXPORTS
COMPANY, 83 INTERNET/EXCEL EXERCISES, 83 REFERENCES, 84 APPENDIX 3:
INVESTING IN INTERNATIONAL FINANCIAL MARKETS, 85
4: EXCHANGE RATE DETERMINATION 95
MEASURING EXCHANGE RATE MOVEMENTS, 95 EXCHANGE RATE EQUILIBRIUM, 96
DEMAND FOR A CURRENCY, 97 SUPPLY OF A CURRENCY FOR SALE, 97
EQUILIBRIUM, 98 FACTORS THAT INFLUENCE EXCHANGE RATES, 99 RELATIVE
INFLATION RATES, 100
RELATIVE INTEREST RATES, 101 RELATIVE INCOME LEVELS, 102 GOVERNMENT
CONTROLS, 102 EXPECTATIONS, 103
INTERACTION OF FACTORS, 104 INFLUENCE OF FACTORS ACROSS MULTIPLE
CURRENCY MARKETS, 105 MOVEMENTS IN CROSS EXCHANGE RATES, 106 EXPLAINING
MOVEMENTS IN CROSS EXCHANGE RATES, 107
IMAGE 5
XII CONTENTS
ANTICIPATION OF EXCHANGE RATE MOVEMENTS, 107 BANK SPECULATION BASED ON
EXPECTED APPRECIATION, 107 BANK SPECULATION BASED ON EXPECTED
DEPRECIATION, 108 SPECULATION BY INDIVIDUALS, 109 SUMMARY, 110 POINT
COUNTER-POINT: HOW CAN PERSISTENTLY WEAK CURRENCIES BE STABILIZED? 110
SELF-TEST, 111 QUESTIONS AND APPLICATIONS, 111
ADVANCED QUESTIONS, 112 DISCUSSION IN THE BOARDOOM, 114 RUNNING YOUR OWN
MNC, 114 BLADES, INC. CASE: ASSESSMENT OF FUTURE EXCHANGE RATE
MOVEMENTS, 114 SMALL BUSINESS DILEMMA: ASSESSMENT BY THE SPORTS EXPORTS
COMPANY OF FACTORS THAT AFFECT
THE BRITISH POUND S VALUE, 115 INTERNET/EXCEL EXERCISES, 116 REFERENCES,
116
5: CURRENCY DERIVATIVES 117
FORWARD MARKET, 117 HOW MNCS USE FORWARD CONTRACTS, 117 NON-DELIVERABLE
FORWARD CONTRACTS, 120 CURRENCY FUTURES MARKET, 121
CONTRACT SPECIFICATIONS, 122 TRADING CURRENCY FUTURES, 123 TRADING
PLATFORMS FOR CURRENCY FUTURES, 123
COMPARISON TO FORWARD CONTRACTS, 123 PRICING CURRENCY FUTURES, 124
CREDIT RISK OF CURRENCY FUTURES CONTRACTS, 125
HOW FIRMS USE CURRENCY FUTURES, 125
CLOSING OUT A FUTURES POSITION, 125 SPECULATION WITH CURRENCY FUTURES,
126 CURRENCY OPTIONS MARKET, 127 OPTION EXCHANGES, 127
OVER-THE-COUNTER MARKET, 128 CURRENCY CALL OPTIONS, 128 FACTORS
AFFECTING CURRENCY CALL OPTION PREMIUMS, 129 HOW FIRMS USE CURRENCY CALL
OPTIONS, 129
SPECULATING WITH CURRENCY CALL OPTIONS, 130 CURRENCY PUT OPTIONS, 133
FACTORS AFFECTING CURRENCY PUT OPTION PREMIUMS, 133 HEDGING WITH
CURRENCY PUT OPTIONS, 134
SPECULATING WITH CURRENCY PUT OPTIONS, 134 CONTINGENCY GRAPHS FOR
CURRENCY OPTIONS, 136 CONTINGENCY GRAPH FOR A PURCHASER OF A CALL
OPTION, 136 CONTINGENCY GRAPH FOR A SELLER OF A CALL OPTION, 136
CONTINGENCY GRAPH FOR A BUYER OF A PUT OPTION, 136 CONTINGENCY GRAPH FOR
A SELLER OF A PUT OPTION, 137 CONDITIONAL CURRENCY OPTIONS, 138 EUROPEAN
CURRENCY OPTIONS, 139 SUMMARY, 140 POINT COUNTER-POINT: SHOULD
SPECULATORS USE CURRENCY FUTURES OR OPTIONS? 140
IMAGE 6
CONTENTS XIII
SELF-TEST, 140 QUESTIONS AND APPLICATIONS, 141 ADVANCED QUESTIONS, 144
DISCUSSION IN THE BOARDROOM, 147
RUNNING YOUR OWN MNC, 147 BLADES, INC. CASE: USE OF CURRENCY DERIVATIVE
INSTRUMENTS, 147 SMALL BUSINESS DILEMMA: USE OF CURRENCY FUTURES AND
OPTIONS BY THE SPORTS EXPORTS COMPANY, 148 INTERNET/EXCEL EXERCISES, 149
REFERENCES, 149
APPENDIX 5A: CURRENCY OPTION PRICING, 150
APPENDIX 5B: CURRENCY OPTION COMBINATIONS, 154
PART 1 INTEGRATIVE PROBLEM: THE INTERNATIONAL FINANCIAL ENVIRONMENT, 167
PART 2: EXCHANGE RATE BEHAVIOR 169
6: GOVERNMENT INFLUENCE ON EXCHANGE RATES 171 EXCHANGE RATE SYSTEMS, 171
FIXED EXCHANGE RATE SYSTEM, 171 FREELY FLOATING EXCHANGE RATE SYSTEM,
173
MANAGED FLOAT EXCHANGE RATE SYSTEM, 174 PEGGED EXCHANGE RATE SYSTEM, 175
DOLLARIZATION, 178 CLASSIFICATION OF EXCHANGE RATE ARRANGEMENTS, 179 A
SINGLE EUROPEAN CURRENCY, 180
IMPACT ON EUROPEAN MONETARY POLICY, 180 IMPACT ON THE VALUATION OF
BUSINESSES IN EUROPE}. 180 IMPACT ON FINANCIAL FLOWS, 181 *
IMPACT ON EXCHANGE RATE RISK, 181 STATUS REPORT ON THE EURO, 181
GOVERNMENT INTERVENTION, 182 REASONS FOR GOVERNMENT INTERVENTION, 182
DIRECT INTERVENTION, 183 INDIRECT INTERVENTION, 185 INTERVENTION AS A
POLICY TOOL, 186 INFLUENCE OF A WEAK HOME CURRENCY, 186
INFLUENCE OF A STRONG HOME CURRENCY, 186 SUMMARY, 188 POINT
COUNTER-POINT: SHOULD CHINA BE FORCED TO ALTER THE VALUE OF ITS
CURRENCY? 188 SELF-TEST, 189 QUESTIONS AND APPLICATIONS, 189
ADVANCED QUESTIONS, 190 DISCUSSION IN THE BOARDROOM, 191 RUNNING YOUR
OWN MNC, 191 BLADES, INC. CASE: ASSESSMENT OF GOVERNMENT INFLUENCE ON
EXCHANGE RATES, 192
SMALL BUSINESS DILEMMA: ASSESSMENT OF CENTRAL BANK INTERVENTION BY THE
SPORTS EXPORTS COMPANY, 193 INTERNET/EXCEL EXERCISES, 193 REFERENCES,
193 APPENDIX 6: GOVERNMENT INTERVENTION DURING THE ASIAN CRISIS, 194
IMAGE 7
XIV CONTENTS
7: INTERNATIONAL ARBITRAGE AND INTEREST RATE PARITY 2O3 INTERNATIONAL
ARBITRAGE, 203 LOCATIONAL ARBITRAGE, 203 TRIANGULAR ARBITRAGE, 205
COVERED INTEREST ARBITRAGE, 208 COMPARISON OF ARBITRAGE EFFECTS, 212
INTEREST RATE PARITY (IRP), 213 DERIVATION OF INTEREST RATE PARITY, 214
DETERMINING THE FORWARD PREMIUM, 215 GRAPHIC ANALYSIS OF INTEREST RATE
PARITY, 216 HOW TO TEST WHETHER INTEREST RATE PARITY EXISTS, 218
INTERPRETATION OF INTEREST RATE PARITY, 219 DOES INTEREST RATE PARITY
HOLD? 219
CONSIDERATIONS WHEN ASSESSING INTEREST RATE PARITY, 219 FORWARD PREMIUMS
ACROSS MATURITY MARKETS, 220 CHANGES IN FORWARD PREMIUMS, 221 SUMMARY,
223 POINT COUNTER-POINT: DOES ARBITRAGE DESTABILIZE FOREIGN EXCHANGE
MARKETS? 224
SELF-TEST, 224 QUESTIONS AND APPLICATIONS, 225 ADVANCED QUESTIONS, 227
DISCUSSION IN THE BOARDROOM, 230
RUNNING YOUR OWN MNC, 230 BLADES, INC. CASE: ASSESSMENT OF POTENTIAL
ARBITRAGE OPPORTUNITIES, 230 SMALL BUSINESS DILEMMA: ASSESSMENT OF
PREVAILING SPOT AND FORWARD RATES BY THE SPORTS EXPORTS COMPANY, 231
INTERNET/EXCEL EXERCISE, 231 REFERENCES, 232 !
8: RELATIONSHIPS AMONG INFLATION, INTEREST RATES, AND EXCHANGE RATES 233
PURCHASING POWER PARITY (PPP), 233 INTERPRETATIONS, OF PURCHASING POWER
PARITY, 233 RATIONALE BEHIND RELATIVE PPP THEORY, 234 DERIVATION OF
PURCHASING POWER PARITY, 234
USING PPP TO ESTIMATE EXCHANGE RATE EFFECTS, 235 GRAPHIC ANALYSIS OF
PURCHASING POWER PARITY, 236 TESTING THE PURCHASING POWER PARITY THEORY,
238
WHY PURCHASING POWER PARITY DOES NOT OCCUR, 241 PURCHASING POWER PARITY
IN THE LONG RUN, 242 INTERNATIONAL FISHER EFFECT (IFE), 243 IMPLICATIONS
OF THE INTERNATIONAL FISHER EFFECT, 244
IMPLICATIONS OF THE IFE FOR FOREIGN INVESTORS, 244 DERIVATION OF THE
INTERNATIONAL FISHER EFFECT, 246 GRAPHIC ANALYSIS OF THE INTERNATIONAL
FISHER EFFECT, 248 TESTS OF THE INTERNATIONAL FISHER EFFECT, 249
DOES THE INTERNATIONAL FISHER EFFECT HOLD? 251 COMPARISON OF THE IRP,
PPP, AND IFE, 252 SUMMARY, 253 POINT COUNTER-POINT: DOES PPP ELIMINATE
CONCERNS ABOUT LONG-TERM EXCHANGE RATE RISK? 253
SELF-TEST, 254
IMAGE 8
CONTENTS XV
QUESTIONS AND APPLICATIONS, 254 ADVANCED QUESTIONS, 256 DISCUSSION IN
THE BOARDROOM, 259 RUNNING YOUR OWN MNC, 259 BLADES, INC. CASE:
ASSESSMENT OF PURCHASING POWER PARITY, 259 SMALL BUSINESS DILEMMA:
ASSESSMENT OF THE IFE BY THE SPORTS EXPORTS COMPANY, 260 INTERNET/EXCEL
EXERCISES, 260 REFERENCES, 260
PART 2 INTEGRATIVE PROBLEM: EXCHANGE RATE BEHAVIOR, 262
MIDTERM SELF-EXAM, 263
PART 3: EXCHANGE RATE RISK MANAGEMENT 271
9: FORECASTING EXCHANGE RATES 2 73
WHY FIRMS FORECAST EXCHANGE RATES, 273 FORECASTING TECHNIQUES, 274
TECHNICAL FORECASTING, 274 FUNDAMENTAL FORECASTING, 276
MARKET-BASED FORECASTING, 280 MIXED FORECASTING, 283 RELIANCE ON
FORECASTING SERVICES, 284 GOVERNANCE OF FORECASTING TECHNIQUES USED, 284
FORECAST ERROR, 284
MEASUREMENT OF FORECAST ERROR, 284 FORECAST ERRORS AMONG TIME HORIZONS,
285 FORECAST ERRORS OVER TIME PERIODS, 285 FORECAST ERRORS AMONG
CURRENCIES, 286
FORECAST BIAS, 287 Y
GRAPHIC EVALUATION OF FORECAST PERFORMANCE, 288
COMPARISON OF FORECASTING METHODS, 290 FORECASTING UNDER MARKET
EFFICIENCY, 291 USING INTERVAL FORECASTS, 292 METHODS OF FORECASTING
EXCHANGE RATE VOLATILITY, 293 SUMMARY, 294 POINT COUNTER-POINT: WHICH
EXCHANGE RATE FORECAST TECHNIQUE SHOULD MNCS USE? 294 SELF-TEST, 294
QUESTIONS AND APPLICATIONS, 295
ADVANCED QUESTIONS, 296 DISCUSSION IN THE BOARDROOM, 299 RUNNING YOUR
OWN MNC, 299 BLADES, INC. CASE: FORECASTING EXCHANGE RATES, 299
SMALL BUSINESS DILEMMA: EXCHANGE RATE FORECASTING BY THE SPORTS EXPORTS
COMPANY, 300 INTERNET/EXCEL EXERCISES, 301 REFERENCES, 301
1O: MEASURING EXPOSURE TO EXCHANGE RATE FLUCTUATIONS 3O3 RELEVANCE OF
EXCHANGE RATE RISK, 303 THE INVESTOR HEDGE ARGUMENT, 303 CURRENCY
DIVERSIFICATION ARGUMENT, 304
STAKEHOLDER DIVERSIFICATION ARGUMENT, 304 RESPONSE FROM MNCS, 304
IMAGE 9
XVI CONTENTS
TRANSACTION EXPOSURE, 305 ESTIMATING NET CASH FLOWS IN EACH CURRENCY,
305 EXPOSURE OF AN MNCS PORTFOLIO, 307 TRANSACTION EXPOSURE BASED ON
VALUE AT RISK, 309
ECONOMIC EXPOSURE, 313 EXPOSURE TO LOCAL CURRENCY APPRECIATION, 314
EXPOSURE TO LOCAL CURRENCY DEPRECIATION, 315 ECONOMIC EXPOSURE OF
DOMESTIC FIRMS, 315 MEASURING ECONOMIC EXPOSURE, 316 TRANSLATION
EXPOSURE, 318
DOES TRANSLATION EXPOSURE MATTER? 318 DETERMINANTS OF TRANSLATION
EXPOSURE, 319 EXAMPLES OF TRANSLATION EXPOSURE, 320 SUMMARY, 320 POINT
COUNTER-POINT: SHOULD INVESTORS CARE ABOUT AN MNCS TRANSLATION EXPOSURE?
321 SELF-TEST, 321 QUESTIONS AND APPLICATIONS, 322
ADVANCED QUESTIONS, 323 DISCUSSION IN THE BOARDROOM, 328 RUNNING YOUR
OWN MNC, 328 BLADES, INC. CASE: ASSESSMENT OF EXCHANGE RATE EXPOSURE,
328
SMALL BUSINESS DILEMMA: ASSESSMENT OF EXCHANGE RATE EXPOSURE BY THE
SPORTS EXPORTS COMPANY, 330 INTERNET/EXCEL EXERCISES, 330 REFERENCES,
331
11: MANAGING TRANSACTION EXPOSURE 333
HEDGING EXPOSURE TO PAYABLES, 333 I
FORWARD OR FUTURES HEDGE ON PAYABLES, 333 Y
MONEY MARKET HEDGE ON PAYABLES, 334 CALL OPTION HEDGE ON PAYABLES, 335
SUMMARY OF TECHNIQUES TO HEDGE PAYABLES, 337 OPTIMAL TECHNIQUE FOR
HEDGING PAYABLES, 337
OPTIMAL HEDGE VERSUS NO HEDGE ON PAYABLES, 338 EVALUATING THE HEDGE
DECISION, 340 HEDGING EXPOSURE TO RECEIVABLES, 340 FORWARD OR FUTURES
HEDGE ON RECEIVABLES, 341
MONEY MARKET HEDGE ON RECEIVABLES, 341 PUT OPTION HEDGE ON RECEIVABLES,
341 OPTIMAL TECHNIQUE FOR HEDGING RECEIVABLES, 344 OPTIMAL HEDGE VERSUS
NO HEDGE, 345 EVALUATING THE HEDGE DECISION, 347
COMPARISON OF HEDGING TECHNIQUES, 348 HEDGING POLICIES OF MNCS, 348
SELECTIVE HEDGING, 348 LIMITATIONS OF HEDGING, 349
LIMITATION OF HEDGING AN UNCERTAIN AMOUNT, 349 LIMITATION OF REPEATED
SHORT-TERM HEDGING, 350 HEDGING LONG-TERM TRANSACTION EXPOSURE, 352
LONG-TERM FORWARD CONTRACT, 352
PARALLEL LOAN, 352
IMAGE 10
CONTENTS XVII
ALTERNATIVE HEDGING TECHNIQUES, 352 LEADING AND LAGGING, 353
CROSS-HEDGING, 353 CURRENCY DIVERSIFICATION, 353
SUMMARY, 354 POINT COUNTER-POINT: SHOULD AN MNC RISK OVERHEDGING? 354
SELF-TEST, 355 QUESTIONS AND APPLICATIONS, 355
ADVANCED QUESTIONS, 358 DISCUSSION IN THE BOARDROOM, 363 RUNNING YOUR
OWN MNC, 363 BLADES, INC. CASE: MANAGEMENT OF TRANSACTION EXPOSURE, 363
SMALL BUSINESS DILEMMA: HEDGING DECISIONS BY THE SPORTS EXPORTS COMPANY,
365 INTERNET/EXCEL EXERCISES, 365 REFERENCES, 366 APPENDIX 11:
NONTRADITIONAL HEDGING TECHNIQUES, 367
12: MANAGING ECONOMIC EXPOSURE AND TRANSLATION EXPOSURE 373
MANAGING ECONOMIC EXPOSURE, 373 ASSESSING ECONOMIC EXPOSURE, 374
RESTRUCTURING TO REDUCE ECONOMIC EXPOSURE, 375 ISSUES INVOLVED IN THE
RESTRUCTURING DECISION, 378
A CASE STUDY ON HEDGING ECONOMIC EXPOSURE, 379 SAVOR CO. S DILEMMA, 379
ASSESSMENT OF ECONOMIC EXPOSURE, 380 ASSESSMENT OF EACH UNIT S EXPOSURE,
380
IDENTIFYING THE SOURCE OF THE UNIT S EXPOSURE, 381 POSSIBLE STRATEGIES
TO HEDGE ECONOMIC EXPOSURE, 381 SAVOR S HEDGING SOLUTION, 383
LIMITATIONS OF SAVOR S OPTIMAL HEDGING STRATEGY, 383 HEDGING EXPOSURE TO
FIXED ASSETS, 383 MANAGING TRANSLATION EXPOSURE, 384
HEDGING WITH FORWARD CONTRACTS, 385 LIMITATIONS OF HEDGING TRANSLATION
EXPOSURE, 385 GOVERNANCE: GOVERNING THE HEDGE OF TRANSLATION EXPOSURE,
386 SUMMARY, 386 POINT COUNTER-POINT: CAN AN MNC REDUCE THE IMPACT OF
TRANSLATION
EXPOSURE BY COMMUNICATING? 387 SELF-TEST, 387 QUESTIONS AND
APPLICATIONS, 388 ADVANCED QUESTIONS, 388
DISCUSSION IN THE BOARDROOM, 390 RUNNING YOUR OWN MNC, 390 BLADES, INC.
CASE: ASSESSMENT OF ECONOMIC EXPOSURE, 390 SMALL BUSINESS DILEMMA:
HEDGING THE SPORTS EXPORTS COMPANY S ECONOMIC EXPOSURE
TO EXCHANGE RATE RISK, 391 INTERNET/EXCEL EXERCISES, 392 REFERENCES, 392
PART 3 INTEGRATIVE PROBLEM: EXCHANGE RATE RISK MANAGEMENT, 393
IMAGE 11
XVIII CONTENTS
PART 4: LONG-TERM ASSET AND LIABILITY MANAGEMENT 395
13: DIRECT FOREIGN INVESTMENT 397
MOTIVES FOR DIRECT FOREIGN INVESTMENT, 397 REVENUE-RELATED MOTIVES, 397
COST-RELATED MOTIVES, 398 GOVERNANCE: SELFISH MANAGERIAL MOTIVES FOR
DFI, 400
COMPARING BENEFITS OF DFI AMONG COUNTRIES, 400 COMPARING BENEFITS OF DFI
OVER TIME, 401 BENEFITS OF INTERNATIONAL DIVERSIFICATION, 402
DIVERSIFICATION ANALYSIS OF INTERNATIONAL PROJECTS, 404
DIVERSIFICATION AMONG COUNTRIES, 406 HOST GOVERNMENT VIEWS OF DFI, 407
INCENTIVES TO ENCOURAGE DFI, 407
BARRIERS TO DFI, 407 GOVERNMENT-IMPOSED CONDITIONS TO ENGAGE IN DFI, 408
SUMMARY, 409 POINT COUNTER-POINT: SHOULD MNCS AVOID DFI IN COUNTRIES
WITH LIBERAL
CHILD LABOR LAWS? 409 SELF-TEST, 409 QUESTIONS AND APPLICATIONS, 410
ADVANCED QUESTIONS, 411
DISCUSSION IN THE BOARDROOM, 411 RUNNING YOUR OWN MNC, 411 BLADES, INC.
CASE: CONSIDERATION OF DIRECT FOREIGN INVESTMENT, 412 SMALL BUSINESS
DILEMMA: DIRECT FOREIGN INVESTMENT DECISION BY THE
SPORTS EXPORTS COMPANY, 413 |
INTERNET/EXCEL EXERCISES, 413
REFERENCES, 414
14: MULTINATIONAL CAPITAL BUDGETING 415
SUBSIDIARY VERSUS PARENT PERSPECTIVE, 415 TAX DIFFERENTIALS, 415
RESTRICTED REMITTANCES, 415 EXCESSIVE REMITTANCES, 416 EXCHANGE RATE
MOVEMENTS, 416
SUMMARY OF FACTORS, 416 INPUT FOR MULTINATIONAL CAPITAL BUDGETING, 417
MULTINATIONAL CAPITAL BUDGETING EXAMPLE, 419 BACKGROUND, 419
ANALYSIS, 420 OTHER FACTORS TO CONSIDER, 422 EXCHANGE RATE FLUCTUATIONS,
423
INFLATION, 425 FINANCING ARRANGEMENT, 425 BLOCKED FUNDS, 428 UNCERTAIN
SALVAGE VALUE, 429
IMPACT OF PROJECT ON PREVAILING CASH FLOWS, 430 HOST GOVERNMENT
INCENTIVES, 430 REAL OPTIONS, 431
IMAGE 12
CONTENTS XIX
ADJUSTING PROJECT ASSESSMENT FOR RISK, 431 RISK-ADJUSTED DISCOUNT RATE,
431 SENSITIVITY ANALYSIS, 432
GOVERNANCE: MANAGERIAL CONTROLS OVER THE USE OF SENSITIVITY ANALYSIS,
432 SIMULATION, 432 SUMMARY, 433 POINT COUNTER-POINT: SHOULD MNCS USE
FORWARD RATES TO ESTIMATE DOLLAR
CASH FLOWS OF FOREIGN PROJECTS? 434 SELF-TEST, 434 QUESTIONS AND
APPLICATIONS, 434 ADVANCED QUESTIONS, 437
DISCUSSION IN THE BOARDROOM, 440 RUNNING YOUR OWN MNC, 440 BLADES, INC.
CASE: DECISION BY BLADES, INC., TO INVEST IN THAILAND, 440 SMALL
BUSINESS DILEMMA: MULTINATIONAL CAPITAL BUDGETING BY THE
SPORTS EXPORTS COMPANY, 442 INTERNET/EXCEL EXERCISES, 442 REFERENCES,
442 APPENDIX 14: INCORPORATING INTERNATIONAL TAX LAW IN MULTINATIONAL
CAPITAL BUDGETING, 443
15: INTERNATIONAL CORPORATE GOVERNANCE AND CONTROL 451 INTERNATIONAL
CORPORATE GOVERNANCE, 451 GOVERNANCE BY BOARD MEMBERS, 451 GOVERNANCE BY
INSTITUTIONAL INVESTORS, 452
GOVERNANCE BY SHAREHOLDER ACTIVISTS, 452 INTERNATIONAL CORPORATE
CONTROL, 452 I
MOTIVES FOR INTERNATIONAL ACQUISITIONS, 453 TRENDS IN INTERNATIONAL
ACQUISITIONS, 453 BARRIERS TO INTERNATIONAL CORPORATE CONTROL, 454 MODEL
FOR VALUING A FOREIGN TARGET, 454 FACTORS AFFECTING TARGET VALUATION,
456
TARGET-SPECIFIC FACTORS, 456 COUNTRY-SPECIFIC FACTORS, 457 EXAMPLE OF
THE VALUATION PROCESS, 458 INTERNATIONAL SCREENING PROCESS, 458
ESTIMATING THE TARGET S VALUE, 459 CHANGES IN VALUATION OVER TIME, 461
DISPARITY IN FOREIGN TARGET VALUATIONS, 462 ESTIMATED CASH FLOWS OF THE
FOREIGN TARGET, 462
EXCHANGE RATE EFFECTS ON THE FUNDS REMITTED, 463 REQUIRED RETURN OF
ACQUIRER, 463 OTHER CORPORATE CONTROL DECISIONS, 463 INTERNATIONAL
PARTIAL ACQUISITIONS, 463
INTERNATIONAL ACQUISITIONS OF PRIVATIZED BUSINESSES, 464 INTERNATIONAL
DIVESTITURES, 464 CONTROL DECISIONS AS REAL OPTIONS, 465 CALL OPTION ON
REAL ASSETS, 466
PUT OPTION ON REAL ASSETS, 466 SUMMARY, 467
IMAGE 13
XX CONTENTS
POINT COUNTER-POINT: CAN A FOREIGN TARGET BE ASSESSED LIKE ANY OTHER
ASSET? 467 SELF-TEST, 468 QUESTIONS AND APPLICATIONS, 468 ADVANCED
QUESTIONS, 469
DISCUSSION IN THE BOARDROOM, 472 RUNNING YOUR OWN MNC, 472 BLADES, INC.
CASE: ASSESSMENT OF AN ACQUISITION IN THAILAND, 472 SMALL BUSINESS
DILEMMA: MULTINATIONAL RESTRUCTURING BY THE SPORTS EXPORTS COMPANY, 474
INTERNET/EXCEL EXERCISES, 474 REFERENCES, 475
16: COUNTRY RISK ANALYSIS 477
WHY COUNTRY RISK ANALYSIS IS IMPORTANT, 477 COUNTRY RISK FACTORS, 478
POLITICAL RISK, 478 FINANCIAL RISK, 480
ASSESSMENT OF RISK FACTORS, 481 TECHNIQUES TO ASSESS COUNTRY RISK, 482
CHECKLIST APPROACH, 482 DELPHI TECHNIQUE, 482
QUANTITATIVE ANALYSIS, 482 INSPECTION VISITS, 483 COMBINATION OF
TECHNIQUES, 483 MEASURING COUNTRY RISK, 483
VARIATION IN METHODS OF MEASURING COUNTRY RISK, 484 COMPARING RISK
RATINGS AMONG COUNTRIES, 485 ACTUAL COUNTRY RISK RATINGS ACROSS
COUNTRIES, 485 INCORPORATING RISK IN CAPITAL BUDGETING, 487
ADJUSTMENT OF THE DISCOUNT RATE, 487 ADJUSTMENT OF THE ESTIMATED CASH
FLOWS, 487 GOVERNANCE: GOVERNANCE OF THE COUNTRY RISK ASSESSMENT, 490
ASSESSING RISK OF EXISTING PROJECTS, 490
PREVENTING HOST GOVERNMENT TAKEOVERS, 491 USE A SHORT-TERM HORIZON, 491
RELY ON UNIQUE SUPPLIES OR TECHNOLOGY, 491 HIRE LOCAL LABOR, 491
BORROW LOCAL FUNDS, 491 PURCHASE INSURANCE, 492 USE PROJECT FINANCE, 492
SUMMARY, 492
POINT COUNTER-POINT: DOES COUNTRY RISK MATTER FOR U.S. PROJECTS? 493
SELF-TEST, 493 QUESTIONS AND APPLICATIONS, 494 ADVANCED QUESTIONS, 495
DISCUSSION IN THE BOARDROOM, 498 RUNNING YOUR OWN MNC, 498 BLADES, INC.
CASE: COUNTRY RISK ASSESSMENT, 498 SMALL BUSINESS DILEMMA: COUNTRY RISK
ANALYSIS AT THE SPORTS EXPORTS COMPANY, 500 INTERNET/EXCEL EXERCISE, 500
REFERENCES, 500
IMAGE 14
CONTENTS XXI
17: MULTINATIONAL COST OF CAPITAL AND CAPITAL STRUCTURE 5O1 BACKGROUND
ON COST OF CAPITAL, 501 COMPARING THE COSTS OF EQUITY AND DEBT, 501
DOMESTIC VERSUS MNC COST OF CAPITAL, 502
COST-OF-EQUITY COMPARISON USING THE CAPM, 504 IMPLICATIONS OF THE CAPM
FOR AN MNCS RISK, 505 COSTS OF CAPITAL ACROSS COUNTRIES, 506 COUNTRY
DIFFERENCES IN THE COST OF DEBT, 506
COUNTRY DIFFERENCES IN THE COST OF EQUITY, 507 COMBINING THE COSTS OF
DEBT AND EQUITY, 509 ESTIMATING THE COST OF DEBT AND EQUITY, 509 COST OF
CAPITAL OF FOREIGN PROJECTS, 510 DERIVE NPV BASED ON THE WACC, 510
ADJUST THE WACC FOR THE RISK DIFFERENTIAL, 511 DERIVE THE NET PRESENT
VALUE OF THE EQUITY INVESTMENT, 511 THE MNCS CAPITAL STRUCTURE DECISION,
514 INFLUENCE OF CORPORATE CHARACTERISTICS, 514 INFLUENCE OF COUNTRY
CHARACTERISTICS, 515 REVISING THE CAPITAL STRUCTURE, 517 SUBSIDIARY
VERSUS PARENT CAPITAL FINANCING, 518 IMPACT OF INCREASED SUBSIDIARY DEBT
FINANCING, 518 IMPACT OF REDUCED SUBSIDIARY DEBT FINANCING, 519
LIMITATIONS IN OFFSETTING A SUBSIDIARY S LEVERAGE, 520 FACTORS THAT
AFFECT SUBSIDIARY FINANCING DECISIONS, 520 SUMMARY, 520 POINT
COUNTER-POINT: SHOULD A REDUCED TAX RATE ON DIVIDENDS AFFECT AN MNCS
CAPITAL STRUCTURE? 521 SELF-TEST, 521 :
QUESTIONS AND APPLICATIONS, 522
ADVANCED QUESTIONS, 523 DISCUSSION IN THE BOARDROOM, 525 RUNNING YOUR
OWN MNC, 525 BLADES, INC. CASE: ASSESSMENT OF COST OF CAPITAL, 525 SMALL
BUSINESS DILEMMA: MULTINATIONAL CAPITAL STRUCTURE DECISION AT THE SPORTS
EXPORTS COMPANY, 527 INTERNET/EXCEL EXERCISE, 527 REFERENCES, 527
18: LONG-TERM FINANCING 529
LONG-TERM FINANCING DECISION, 529 SOURCES OF EQUITY, 529 SOURCES OF
DEBT, 529 GOVERNANCE: STOCKHOLDER VERSUS CREDITOR CONFLICT, 530 COST OF
DEBT FINANCING, 530
MEASURING THE COST OF FINANCING, 531 ACCOUNTING FOR UNCERTAINTY OF
FINANCING COSTS, 533 ACTUAL FINANCING COSTS, 534 REDUCING EXCHANGE RATE
RISK, 534
OFFSETTING CASH INFLOWS, 535 FORWARD CONTRACTS, 536 CURRENCY SWAPS, 536
IMAGE 15
XXII CONTENTS
PARALLEL LOANS, 538 DIVERSIFYING AMONG CURRENCIES, 541 INTEREST RATE
RISK FROM DEBT FINANCING, 542 THE DEBT MATURITY DECISION, 542
THE FIXED VERSUS FLOATING RATE DECISION, 542 HEDGING WITH INTEREST RATE
SWAPS, 544 PLAIN VANILLA SWAP, 544 SUMMARY, 547 POINT COUNTER-POINT:
WILL CURRENCY SWAPS RESULT IN LOW FINANCING COSTS? 548 SELF-TEST, 548
QUESTIONS AND APPLICATIONS, 548 ADVANCED QUESTIONS, 549 DISCUSSION IN
THE BOARDROOM, 551 RUNNING YOUR OWN MNC, 551
BLADES, INC. CASE: USE OF LONG-TERM FINANCING, 551 SMALL BUSINESS
DILEMMA: LONG-TERM FINANCING DECISION BY THE SPORTS EXPORTS COMPANY, 552
INTERNET/EXCEL EXERCISES, 552 REFERENCES, 553
PART 4 INTEGRATIVE PROBLEM: LONG-TERM ASSET AND LIABILITY MANAGEMENT,
554
PART 5: SHORT-TERM ASSET AND LIABILITY MANAGEMENT 557
19: FINANCING INTERNATIONAL TRADE 559
PAYMENT METHODS FOR INTERNATIONAL TRADE, 559 PREPAYMENT, 559 LETTERS OF
CREDIT (L/CS), 560 DRAFTS, 560 {
CONSIGNMENT, 561 OPEN ACCOUNT, 561 IMPACT OF CREDIT CRISIS ON THE
PAYMENT METHODS, 561 TRADE FINANCE METHODS, 562 ACCOUNTS RECEIVABLE
FINANCING, 562 FACTORING, 562 LETTERS OF CREDIT (L/CS), 563
BANKER S ACCEPTANCE, 567 WORKING CAPITAL FINANCING, 569 MEDIUM-TERM
CAPITAL GOODS FINANCING (FORFAITING), 570 COUNTERTRADE, 570 AGENCIES
THAT MOTIVATE INTERNATIONAL TRADE, 571
EXPORT-IMPORT BANK OF THE UNITED STATES, 571 PRIVATE EXPORT FUNDING
CORPORATION (PEFCO), 573 OVERSEAS PRIVATE INVESTMENT CORPORATION (OPIC),
573 SUMMARY, 574 POINT COUNTER-POINT: DO AGENCIES THAT FACILITATE
INTERNATIONAL TRADE PREVENT FREE TRADE? 574
SELF-TEST, 574 QUESTIONS AND APPLICATIONS, 574 ADVANCED QUESTIONS, 575
DISCUSSION IN THE BOARDROOM, 575
RUNNING YOUR OWN MNC, 575 BLADES, INC. CASE: ASSESSMENT OF INTERNATIONAL
TRADE FINANCING IN THAILAND, 575
IMAGE 16
CONTENTS XXIII
SMALL BUSINESS DILEMMA: ENSURING PAYMENT FOR PRODUCTS EXPORTED BY THE
SPORTS EXPORTS COMPANY, 577 INTERNET/EXCEL EXERCISE, 577 REFERENCES, 577
2O: SHORT-TERM FINANCING 579
SOURCES OF FOREIGN FINANCING, 579
INTERNAL SHORT-TERM FINANCING, 579 GOVERNANCE: INTERNAL CONTROL OVER
FUNDS, 580 EXTERNAL SHORT-TERM FINANCING, 580 ACCESS TO FUNDING DURING
THE CREDIT CRISIS, 580 FINANCING WITH A FOREIGN CURRENCY, 580
COMPARISON OF INTEREST RATES AMONG CURRENCIES, 581 DETERMINING THE
EFFECTIVE FINANCING RATE, 582 CRITERIA CONSIDERED IN THE FINANCING
DECISION, 583 INTEREST RATE PARITY, 583
THE FORWARD RATE AS A FORECAST, 584 EXCHANGE RATE FORECASTS, 585 ACTUAL
RESULTS FROM FOREIGN FINANCING, 588 FINANCING WITH A PORTFOLIO OF
CURRENCIES, 588
PORTFOLIO DIVERSIFICATION EFFECTS, 591 REPEATED FINANCING WITH A
CURRENCY PORTFOLIO, 592 SUMMARY, 593 POINT COUNTER-POINT: DO MNCS
INCREASE THEIR RISK WHEN BORROWING FOREIGN CURRENCIES? 593 SELF-TEST,
594 QUESTIONS AND APPLICATIONS, 594 ADVANCED QUESTIONS, 595 DISCUSSION
IN THE BOARDROOM, 596 RUNNING YOUR OWN MNC, 596 BLADES, INC. CASE: USE
OF FOREIGN SHORT-TERM FINANCING, 596 SMALL BUSINESS DILEMMA: SHORT-TERM
FINANCING BY THE SPORTS EXPORTS COMPANY, 597 INTERNET/EXCEL EXERCISES,
598 REFERENCES, 598
21: INTERNATIONAL CASH MANAGEMENT 599
MULTINATIONAL WORKING CAPITAL MANAGEMENT, 599
SUBSIDIARY EXPENSES, 599 SUBSIDIARY REVENUE, 600 SUBSIDIARY DIVIDEND
PAYMENTS, 600 SUBSIDIARY LIQUIDITY MANAGEMENT, 600 CENTRALIZED CASH
MANAGEMENT, 600
ACCOMMODATING CASH SHORTAGES, 601 GOVERNANCE: MONITORING OF CASH
POSITIONS, 602 TECHNIQUES TO OPTIMIZE CASH FLOWS, 602 ACCELERATING CASH
INFLOWS, 602
MINIMIZING CURRENCY CONVERSION COSTS, 603 MANAGING BLOCKED FUNDS, 605
MANAGING INTERSUBSIDIARY CASH TRANSFERS, 605 COMPLICATIONS IN OPTIMIZING
CASH FLOW, 605
COMPANY-RELATED CHARACTERISTICS, 606 GOVERNMENT RESTRICTIONS, 606
CHARACTERISTICS OF BANKING SYSTEMS, 606
IMAGE 17
XXIV CONTENTS
INVESTING EXCESS CASH, 606 DETERMINING THE EFFECTIVE YIELD, 606
IMPLICATIONS OF INTEREST RATE PARITY, 608 USE OF THE FORWARD RATE AS A
FORECAST, 608
USE OF EXCHANGE RATE FORECASTS, 609 DIVERSIFYING CASH ACROSS CURRENCIES,
612 DYNAMIC HEDGING, 613 SUMMARY, 613
POINT COUNTER-POINT: SHOULD INTEREST RATE PARITY PREVENT MNCS FROM
INVESTING IN FOREIGN CURRENCIES? 614 SELF-TEST, 614 QUESTIONS AND
APPLICATIONS, 614
ADVANCED QUESTIONS, 615 DISCUSSION IN THE BOARDROOM, 616 RUNNING YOUR
OWN MNC, 616 BLADES, INC. CASE: INTERNATIONAL CASH MANAGEMENT, 616 SMALL
BUSINESS DILEMMA: CASH MANAGEMENT AT THE SPORTS EXPORTS COMPANY, 617
INTERNET/EXCEL EXERCISES, 617 REFERENCES, 618
APPENDIX 21: INVESTING IN A PORTFOLIO OF CURRENCIES, 619
PART 5 INTEGRATIVE PROBLEM: SHORT-TERM ASSET AND LIABILITY MANAGEMENT,
623
FINAL SELF-EXAM, 625
APPENDIX A: ANSWERS TO SELF-TEST QUESTIONS, 635
APPENDIX B: SUPPLEMENTAL CASES, 647
APPENDIX C: USING EXCEL TO CONDUCT ANALYSIS, 669
APPENDIX D: INTERNATIONAL INVESTING PROJECT, 677 [
APPENDIX E: DISCUSSION IN THE BOARDROOM, 680
GLOSSARY, 689
DIRECT EXCHANGE RATES OVER TIME, 699
INDEX, 703
|
| any_adam_object | 1 |
| author | Madura, Jeff |
| author_GND | (DE-588)170157768 |
| author_facet | Madura, Jeff |
| author_role | aut |
| author_sort | Madura, Jeff |
| author_variant | j m jm |
| building | Verbundindex |
| bvnumber | BV036476910 |
| classification_rvk | QK 640 |
| ctrlnum | (OCoLC)845621906 (DE-599)GBV611246740 |
| dewey-full | 658.1599 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.1599 |
| dewey-search | 658.1599 |
| dewey-sort | 3658.1599 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 10. ed., international student ed. |
| format | Book |
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| id | DE-604.BV036476910 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:40:19Z |
| institution | BVB |
| isbn | 9781439038291 1439038295 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-020348499 |
| oclc_num | 845621906 |
| open_access_boolean | |
| owner | DE-11 DE-1050 DE-2070s |
| owner_facet | DE-11 DE-1050 DE-2070s |
| physical | XXXI, 709 S. zahlr. Ill. 25 cm |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | South-Western/Cengage Learning |
| record_format | marc |
| spelling | Madura, Jeff Verfasser (DE-588)170157768 aut International corporate finance Jeff Madura 10. ed., international student ed. [Mason, Ohio] South-Western/Cengage Learning 2010 XXXI, 709 S. zahlr. Ill. 25 cm txt rdacontent n rdamedia nc rdacarrier Previous ed.: Mason, Ohio: Thomson, 2007. - Includes bibliographical references and index Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 s Internationaler Kreditmarkt (DE-588)4120506-6 s DE-604 GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020348499&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Madura, Jeff International corporate finance Finanzmanagement (DE-588)4139075-1 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd |
| subject_GND | (DE-588)4139075-1 (DE-588)4120506-6 |
| title | International corporate finance |
| title_auth | International corporate finance |
| title_exact_search | International corporate finance |
| title_full | International corporate finance Jeff Madura |
| title_fullStr | International corporate finance Jeff Madura |
| title_full_unstemmed | International corporate finance Jeff Madura |
| title_short | International corporate finance |
| title_sort | international corporate finance |
| topic | Finanzmanagement (DE-588)4139075-1 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd |
| topic_facet | Finanzmanagement Internationaler Kreditmarkt |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020348499&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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