Holdings: International financial management

International financial management:

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Bibliographic Details
Main Authors:	Bekaert, Geert 1964- (Author), Hodrick, Robert J. 1950- (Author)
Format:	Book
Language:	English
Published:	Bonston ; Munich [u.a.] Pearson 2011
Edition:	2. ed., internat. ed.
Series:	The Prentice Hall series in finance
Subjects:	Multinationales Unternehmen Foreign exchange International business enterprises > Finance International finance Finanzmanagement Lehrbuch
Online Access:	Inhaltsverzeichnis
Item Description:	Hier auch später erschienene, unveränderte Nachdrucke
Physical Description:	XXIX, 785 S. graph. Darst.
ISBN:	9780132842983 013284298X

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adam_text	Brief Contents PARTI Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 PART II INTRODUCTION TO FOREIGN EXCHANGE MARKETS AND RISKS 1 Globalization and the Multinational Corporation 1 The Foreign Exchange Market 36 Forward Markets and Transaction Exchange Risk 69 The Balance of Payments 101 Exchange Rate Systems 133 INTERNATIONAL PARITY CONDITIONS AND Chapter 6 Chapter 7 Chapter 8 Chapter 9 EXCHANGE RATE DETERMINATION Interest Rate Parity 173 Speculation and Risk in the Foreign Exchange Market 205 Purchasing Power Parity and Real Exchange Rates 246 Measuring and Managing Real Exchange Risk 281 173 Chapter 10 Exchange Rate Determination and Forecasting 315 PARTIM INTERNATIONAL CAPITAL MARKETS 354 Chapter 11 International Debt Financing 354 Chapter 12 International Equity Financing 398 Chapter 13 International Capital Market Equilibrium 428 Chapter 14 Country and Political Risk 475 PART IV INTERNATIONAL CORPORATE FINANCE 521 Chapter 15 International Capital Budgeting 521 Chapter 16 Additional Topics in International Capital Budgeting 553 Chapter 17 Risk Management and the Foreign Currency Hedging Decision 589 Chapter 18 Financing International Trade 616 Chapter 19 Managing Net Working Capital 642 PARTV FOREIGN CURRENCY DERIVATIVES 671 Chapter 20 Foreign Currency Futures and Options 671 Chapter 21 Interest Rate and Foreign Currency Swaps 723 VII Contents Preface xxiii About the Authors xxix PART I INTRODUCTION TO FOREIGN EXCHANGE MARKETS AND RISKS 1 CHAPTER 1 Globalization and the Multinational Corporation 1 1.1 Introduction 1 1.2 Globalization and the Growth of International Trade and Capital Flows 2 The Growth of International Trade 2 The Globalization of Financial Markets 5 1.3 Multinational Corporations 9 How Multinational Corporations Enter Foreign Markets 9 The Goals of an MNC 11 Corporate Governance Around the World 12 Multinational Corporations and Foreign Direct Investment 16 1.4 Other Important International Players 18 International Banks 18 International Institutions 18 Governments 21 Individual and Institutional Investors 22 1.5 Globalization and the Multinational Firm: Benefactor or Menace? 23 A Rocky Road to Free Trade 23 Do International Capital Flows Cause Havoc? 25 The Anti-Globalist Movement and MNCs 26 Some Final Thoughts on Globalization 28 1.6 Overview of the Book 28 Part I: Introduction to Foreign Exchange Markets and Risks 29 Part II: International Parity Conditions and Exchange Rate Determination 29 Part III: International Capital Markets 29 Part IV: International Corporate Finance 30 Part V: Foreign Currency Derivatives 30 A Final Introduction 30 1.7 Summary 32 Questions 33 Problems 33 Bibliography 34 CHAPTER 2 The Foreign Exchange Market 36 2.1 The Organization of the Foreign Exchange Market 36 Size of the Market 38 Types of Contracts Traded 39 IX Foreign Exchange Dealers 39 Foreign Exchange Brokers 39 Other Participants in the Forex Market 40 Electronic Foreign Exchange Trading (eFX) 40 The Competitive Marketplace 42 2.2 Currency Quotes and Prices 43 Exchange Rates 44 Exchange Rate Quotes 44 Vehicle Currencies and Currency Cross-Rates 47 Triangular Arbitrage 49 2.3 Inside the Interbank Market I: Bid-Ask Spreads and Bank Profits 52 Bid-Ask Spreads 52 The Magnitude of Bid-Ask Spreads 53 2.4 Inside the Interbank Market II: Communications and Fund Transfers 57 Communication Systems 57 Cross-Currency Settlement (or Herstatt) Risk 58 2.5 Describing Changes in Exchange Rates 61 Rates of Appreciation and Depreciation 63 Continuously Compounded Rates of Appreciation (Advanced) 64 2.6 Summary 65 Questions 66 Problems 66 Bibliography 67 Appendix: Logarithms 67 CHAPTER 3 Forward Markets and Transaction Exchange Risk 69 3.1 Transaction Exchange Risk 70 3.2 Describing Uncertain Future Exchange Rates 71 Assessing Exchange Rate Uncertainty Using Historical Data 71 The Probability Distribution of Future Exchange Rates 74 3.3 Hedging Transaction Exchange Risk 76 Forward Contracts and Hedging 76 The Costs and Benefits of a Forward Hedge 79 Examples of Using Forward Contracts to Hedge Transaction Risk 80 3.4 The Forward Foreign Exchange Market 83 Market Organization 83 Forward Contract Maturities and Value Dates 84 Forward Market Bid-Ask Spreads 85 Net Settlement 88 The Foreign Exchange Swap Market 89 3.5 Forward Premiums and Discounts 91 Sizes of Forward Premiums or Discounts 92 Forward Premiums and Swap Points 92 3.6 Changes in Exchange Rate Volatility (Advanced) 93 Volatility Clustering 93 3.7 Summary 96 Questions 96 Problems 96 Contents Bibliography 97 Appendix: A Statistics Refresher 98 CHAPTER 4 The Balance of Payments 101 4.1 The Balance of Payments: Concepts and Terminology 101 Major Accounts of the Balance of Payments 102 A Double-Entry Accounting System 103 Current Account Transactions 103 Capital Account Transactions 106 Official Reserves Account Transactions 107 4.2 Surpluses and Deficits in the Balance of Payments Accounts 108 An Important Balance of Payments Identity 108 The U.S. Current Account 109 The U.S. Capital and Financial Accounts 110 Balance of Payment Deficits and Surpluses and the Official Settlements Account 113 Balance of Payment Statistics Around the World 114 4.3 The Dynamics of the BOP 115 The Trade Account and the Investment Income Account 115 Countries as Net Creditors or Net Debtors 116 The U.S. Net International Investment Position 117 4.4 Savings, Investment, Income, and the BOP 119 Linking the Current Account to National Income 119 National Savings, Investment, and the Current Account 120 Current Accounts and Government Deficits 120 What Causes Current Account Deficits and Surpluses? 121 Assessing the Openness of International Capital Markets 125 4.5 Summary 126 Questions 128 Problems 128 Bibliography 130 Appendix: A Primer on National Income and Product Accounts 130 CHAPTER 5 Exchange Rate Systems 133 5.1 Alternative Exchange Rate Arrangements and Currency Risk 133 Exchange Rate Systems Around the World 133 Currency Risks in Alternative Exchange Rate Systems 136 Trends in Currency Systems 140 5.2 Central Banks 140 The Central Bank s Balance Sheet 141 Foreign Exchange Interventions 144 How Do Central Banks Peg a Currency? 146 5.3 Flexible Exchange Rate Systems 148 The Effects of Central Bank Interventions 148 Empirical Evidence on the Effectiveness of Interventions 150 5.4 Fixed Exchange Rate Systems 151 The International Monetary System Before 1971: A Brief History 151 Pegged Exchange Rate Systems in Developing Countries 153 Why Not Simply Float? 156 Currency Boards 157 Dollarization 158 Contents xi 5.5 Limited-Flexibility Systems: Target Zones and Crawling Pegs 159 Target Zones 159 Crawling Pegs 162 5.6 How to See an Emu Fly: The Road to Monetary Integration in Europe 164 The European Monetary System (EMS) 164 ECUs, Euros, and Franken 165 Was the EMS Successful? 166 The Maastricht Treaty and the Euro 167 Pros and Cons of a Monetary Union 168 5.7 Summary 170 Questions 171 Problems 171 Bibliography 172 PART II INTERNATIONAL PARITY CONDITIONS AND EXCHANGE RATE DETERMINATION 173 CHAPTER 6 Interest Rate Parity 173 6.1 The Theory of Covered Interest Rate Parity 173 The Intuition Behind Interest Rate Parity 175 Deriving Interest Rate Parity 177 Covered Interest A rbitrage 179 6.2 Covered Interest Rate Parity in Practice 182 The External Currency Market 182 Covered Interest Arbitrage with Transaction Costs (Advanced) 184 Does Covered Interest Parity Hold? 186 6.3 Whey Deviations from Interest Rate Parity May Seem to Exist 187 Default Risks 187 Exchange Controls 190 Political Risk 191 6.4 Hedging Transaction Risk in the Money Market 193 Hedging a Foreign Currency Liability 194 Hedging a Foreign Currency Receivable 194 6.5 The Term Structure of Forward Premiums and Discounts 195 The Term Structure of Interest Rates 196 Long-Term Forward Rates and Premiums ¡99 6.6 Summary 201 Questions 202 Problems 202 Bibliography 204 CHAPTER 7 Speculation and Risk in the Foreign Exchange Market 205 7.1 Speculating in the Foreign Exchange Market 205 Uncovered Foreign Money Market Investments 205 Speculating with Forward Contracts 207 Currency Speculation and Profits and Losses 208 xii Contents 7.2 Uncovered Interest Rate Parity and the Unbiasedness Hypothesis 211 Uncovered Interest Rate Parity 211 The Unbiasedness Hypothesis 212 7.3 Risk Premiums in the Foreign Exchange Market 214 What Determines Risk Premiums? 214 Formal Derivation of CAPM Risk Premiums (Advanced) 217 7.4 Uncovered Interest Rate Parity and the Unbiasedness Hypothesis in Practice 218 Situations Where Premiums Matter 218 7.5 Empirical Evidence on the Unbiasedness Hypothesis 221 The Quest for a Test 221 A Test Using the Sample Means 222 Regression Tests of the Unbiasedness of Forward Rates 224 7.6 Alternative Interpretations of the Test Results 227 Market Inefficiency 227 Risk Premiums 230 Problems Interpreting the Statistics 232 Swedish Interest Rates of 500% 234 7.7 Summary 236 Questions 237 Problems 238 Bibliography 239 Appendix 7.1: The Siegel Paradox 240 Appendix 7.2: The Portfolio Diversification Argument and the CAPM 241 Appendix 7.3: A Regression Refresher 243 CHAPTER 8 Purchasing Power Parity and Real Exchange Rates 246 8.1 Price Levels, Price Indexes, and the Purchasing Power of a Currency 247 The General Idea of Purchasing Power 247 Calculating the Price Level 247 Calculating a Price Index 247 Internal Purchasing Power 249 External Purchasing Power 249 8.2 Absolute Purchasing Power Parity 250 The Theory of Absolute Purchasing Power Parity 250 Goods Market Arbitrage 250 8.3 The Law of One Price 251 The Perfect Market Ideal 251 Why Violations of the Law of One Price Occur 252 How Wide Is the Border? 254 8.4 Describing Deviations from PPP 257 Overvaluations and Undervaluations of Currencies 257 Predictions Based on Overvaluations and Undervaluations 258 The MacPPP Standard 258 8.5 Exchange Rates and Absolute PPPs Using CPI Data 261 Interpreting the Charts 261 Analyzing the Data 262 Contents ХІІІ 8.6 Explaining the Failure of Absolute PPP 266 Changes in Relative Prices 266 Non-Traded Goods 267 PPP Deviations and the Balance of Payments 268 8.7 Comparing Incomes Across Countries 268 Comparing Incomes in New York and Tokyo 268 Comparing GDPs Using PPP Exchange Rates 269 8.8 Relative Purchasing Power Parity 271 A General Expression for Relative PPP 272 Relative PPP with Continuously Compounded Rates of Change (Advanced) 273 8.9 The Real Exchange Rate 274 The Definition of the Real Exchange Rate 274 Real Appreciations and Real Depreciations 275 Trade-Weighted Real Exchange Rates 277 8.10 Summary 278 Questions 278 Problems 279 Bibliography 280 CHAPTER 9 Measuring and Managing Real Exchange Risk 281 9.1 How Real Exchange Rates Affect Real Profitability 281 The Real Profitability of an Exporting Firm 282 9.2 Real Exchange Risk at Exporters, Importers, and Domestic Firms 283 The Real Exchange Rate Risk of a Net Exporter 284 The Real Exchange Risk of a Net Importer 285 The Real Exchange Risk of an Import Competitor 287 Measuring Real Exchange Risk Exposure 287 9.3 Sharing the Real Exchange Risk: An Example 290 Safe Air Evaluates an International Supply Contract 290 Basic Data and Analysis 291 Analyzing Contracts When Inflation and Real Exchange Rates Are Changing 293 Designing a Contract That Shares the Real Exchange Risk 294 Would the Redesigned Contract Be Adopted? 295 9.4 Pricing-to-Market Strategies 296 Pricing-to-Market by a Monopolist 296 A Monopolistic Net Importer 299 Empirical Evidence on Pricing-to-Market 301 9.5 Evaluating the Performance of a Foreign Subsidiary 302 Three Types of Subsidiaries 303 Initial Operating Profitability 303 Actual Versus Forecasted Operating Results 304 Comparing the Optimal Response with No Response by Managers 305 Who Deserves a Bonus? 307 Assessing the Long-Run Viability of a Subsidiary 308 9.6 Strategies for Managing Real Exchange Risk 309 Transitory Versus Permanent Changes in Real Exchange Rates 309 Production Management 309 Marketing Management 311 9.7 Summary 313 xiv Contents Questions 313 Problems 313 Bibliography 314 CHAPTER 10 Exchange Rate Determination and Forecasting 315 10.1 Parity Conditions and Exchange Rate Forecasts 315 The Fisher Hypothesis 316 The International Parity Conditions 318 Real Interest Rates and the Parity Conditions 320 10.2 Currency Forecasting Techniques 321 Fundamental Exchange Rate Forecasting 321 Exchange Rate Forecasting with Technical Analysis 322 Evaluating Forecasts 323 10.3 Fundamental Exchange Rate Forecasting 325 Forecasting Performance of Fundamental Exchange Rate Models 326 The Asset Market Approach to Exchange Rate Determination 326 The Real Exchange Rate, the Real Interest Rate Differential, and the Current Account 329 PPP-Based Forecasts 333 10.4 Technical Analysis 334 Pure Technical Analysis: Chartism 334 Filter Rules 336 Regression Analysis 337 Non-Linear Models 338 Evaluating Forecasting Services 340 10.5 Predicting Devaluations 341 What Causes a Currency Crisis? 341 Empirical Evidence on the Predictability of Currency Crises 343 The Rocky 1990s: Currency Crises Galore 343 10.6 Summary 348 Questions 349 Problems 349 Bibliography 352 PART III INTERNATIONAL CAPITAL MARKETS 354 CHAPTER 11 International Debt Financing 354 11.1 The Global Sources of Funds for International Firms 354 The Financing Mix Around the World 355 11.2 The Characteristics of Debt Instruments 356 Currency of Denomination 356 Maturity 358 The Nature of Interest Rate Payments: Fixed-Rate Versus Floating-Rate Debt 359 Tradability of Debt 361 The International Character of Debt 361 11.3 A Tour of the World s Bond Markets 362 Size and Structure of the World Bond Market 362 The International Bond Market 364 The Types of Debt Instruments in the International Bond Market 367 Contents XV 11.4 International Banking 371 Banks as MNCs 372 Types of International Banking Offices 374 International Banking Regulation 376 11.5 International Bank Loans 379 Eurocredits 379 The Euronote Market 383 The Major Debt Arrangers 384 11.6 Comparing the Costs of Debt 384 The All-in-Cost Principle 385 Minimizing the Cost of Debt Internationally 388 11.7 Summary 394 Questions 395 Problems 396 Bibliography 397 CHAPTER 12 International Equity Financing 398 12.1 A Tour of International Stock Markets 398 The Size of Stock Markets 398 The Organization and Operation of Stock Markets 404 Turnover and Transaction Costs 408 12.2 International Cross-Listing and Depositary Receipts 411 American Depositary Receipts 413 Global Depositary Receipts 416 12.3 The Advantages and Disadvantages of Cross-Listing 419 Why Firms Choose to Cross-List 421 Why Firms Decide Against Cross-Listing 423 12.4 Strategic Alliances 424 12.5 Summary 425 Questions 425 Problems 426 Bibliography 426 CHAPTER 13 International Capital Market Equilibrium 428 13.1 Risk and Return of International Investments 429 The Two Risks of Investing Abroad 429 The Volatility of International Investments 430 Expected Returns 432 Sharpe Ratios 433 13.2 The Benefits of International Diversification 433 Risk Reduction Through International Diversification 433 The Effect of International Diversification on Sharpe Ratios 437 13.3 Optimal Portfolio Allocation 439 Preferences 440 The Case of One Risky Asset 440 The Mean-Standard Deviation Frontier 443 13.4 The Capital Asset Pricing Model 446 Assumptions and Origins 446 A Derivation of the CAPM (Advanced) 446 Interpreting the CAPM 447 Domestic Versus World CAPMs 449 xvi Contents 13.5 The САРМ in Practice 451 A Recipe for the Cost of Equity Capital 451 The Benchmark Problem 452 Beta Estimation 454 The Risk Premium on the Market 455 13.6 Integrated Versus Segmented Markets 457 Investing in Emerging Markets 457 The Cost of Capital in Integrated and Segmented Markets 458 Segmentation and Integration over Time 461 Home Bias and Its Implications 463 13.7 Alternative Cost-of-Capital Models 466 The Usefulness of the CAPM 466 Factor Models and the Fama-French Model 467 13.8 Summary 469 Questions 470 Problems 471 Bibliography 472 Appendix: The Mathematics of International Diversification 474 CHAPTER 14 Country and Political Risk 475 14.1 Country Risk Versus Political Risk 475 Country Risk 475 Political Risk Factors 476 The Debt Crisis 479 14.2 Incorporating Political Risk in Capital Budgeting 484 Adjusting Expected Cash Flows for Political Risk 484 Adjusting the Discount Rate Instead of Cash Flows 487 14.3 Country and Political Risk Analysis 489 Country Risk Ratings 489 The PRS Group s ICRG Rating System 492 Country Credit Spreads 495 Computing Political Risk Probabilities 508 14.4 Managing Political Risk 509 Structuring an Investment 509 Insurance 510 Project Finance 514 14.5 Summary 517 Questions 518 Problems 518 В ibliography 519 PART IV INTERNATIONAL CORPORATE FINANCE 521 CHAPTER 15 International Capital Budgeting 521 15.1 An Overview of Adjusted Net Present Value 521 Step 1: Discount the Cash Flows of the All-Equity Firm 522 Step 2: Add the Value of the Financial Side Effects 523 Step 3: Value Any Real Options 523 Contents XVÜ 15.2 Deriving the NPV of Free Cash Flow 523 incremental Profit 524 Deriving Free Cash Flow 525 Discounting Free Cash Flows 526 15.3 Financial Side Effects 528 The Costs of Issuing Securities 528 Tax Shields for Certain Securities 528 The Discount Rate for Interest Tax Shields 529 Costs of Financial Distress 529 The Equilibrium Amount of Debt 530 Subsidized Financing 530 15.4 Real Options 531 Problems with the Discounted Cash Flow Approach 533 15.5 Parent Versus Subsidiary Cash Flows 534 A Three-Step Approach to Determining the Value of a Foreign Subsidiary 535 15.6 The Case of International Wood Products 535 IWPI-Spain s Free Cash Flows 536 The Parent Company s Perspective 540 Valuing the Financial Side Effects 545 The Full ANPV of IWPI-Spain 547 Cannibalization of Export Sales 548 15.7 Summary 549 Questions 550 Problems 550 Bibliography 552 Appendix: Deriving the Value of a Perpetuity 552 CHAPTER 16 Additional Topics in International Capital Budgeting 553 16.1 Alternative Approaches to Capital Budgeting 554 The ANPV Approach 554 Two Valuation Alternatives to ANPV 554 The Ψ ACC Approach to Capital Budgeting 554 The Flow-to-Equity Method of Capital Budgeting 559 The Pros and Cons of Alternative Capital Budgeting Methods 561 16.2 Forecasting Cash Flows of Foreign Projects 561 The Choice of Currency 561 Reconciling the Two Methods for Discounting Foreign Cash Flows 562 16.3 Case Study: CMTC s Australian Project 563 The Australian Investment Proposal 563 Gathering the Economic Data 564 Discounted Cash Flows 565 Case Solution 565 The Expected Real Depreciation of the Australian Dollar 571 16.4 Terminal Value When Return on Investment Equals rWACC 572 Equilibrium Rate of Return on Investment 573 Terminal Value with Perpetual Growth and with Expected Inflation 575 16.5 Tax Shields on Foreign Currency Borrowing 577 The Tax Implications of Borrowing in a Foreign Currency 578 Foreign Currency Borrowing by Banana Computers 578 xviii Contents 16.6 Conflicts Between Bondholders and Stockholders 582 The Incentive to Take Risks 582 The Underinvestment Problem 583 Other Managerial Problems Caused by Financial Distress 585 16.7 International Differences in Accounting Standards 585 Empirical Effects of IFRS Adoption 586 16.8 Summary 586 Questions 587 Problems 587 Bibliography 588 CHAPTER 17 Risk Management and the Foreign Currency Hedging Decision 589 17.1 To Hedge or Not to Hedge 590 Hedging in an Entrepreneurial Venture 590 Hedging in a Modern Corporation 590 The Hedging-Is-Irrelevant Logic of Modigliani and Miller 591 17.2 Arguments Against Hedging 592 Hedging Is Costly 592 Hedging Equity Risk Is Difficult, if Not Impossible 593 Hedging Can Create Bad Incentives 598 17.3 Arguments for Hedging 598 Hedging Can Reduce the Firm s Expected Taxes 598 Hedging Can Lower the Costs of Financial Distress 603 Hedging Can Improve the Firm s Future Investment Decisions 603 Hedging Can Change the Assessment of a Firm s Managers 604 ПА The Hedging Rationale of Real Firms 605 Merck s Hedging Rationale 606 Analysis of Hedging at HDG Inc. 608 17.5 Hedging Trends 610 Information from Surveys 610 Empirical Analysis of Why Firms Hedge 611 Financial Effects of Hedging 611 To Hedge or Not to Hedge: Understanding Your Competitors 612 17.6 Summary 612 Questions 613 Problems 613 Bibliography 614 CHAPTER 18 Financing International Trade 616 18.1 The Fundamental Problem with International Trade 616 18.2 International Trade Documents 618 Bills of Lading 618 Commercial Invoices 620 Packing Lists 620 Insurance 620 Consular Invoice 621 Certificates of Analysis 621 18.3 Methods of Payment 621 Cash in Advance 621 Documentary Credits 622 Contents xix Documentary Collections 627 Sales on Open Account 628 18.4 Financing Exports 629 Bank Line of Credit 629 Banker s Acceptances 630 Buyer Credit 630 Selling Accounts Receivable 631 Limited-Recourse Financing: Forfaiting 631 Export Factoring 632 Government Sources of Export Financing and Credit Insurance 634 18.5 Countertrade 637 Transactions Without Money 637 Countertrade Involving Money or Credit 638 18.6 Summary 639 Questions 640 Bibliography 641 CHAPTER 19 Managing Net Working Capital 642 19.1 The Purpose of Net Working Capital 642 Inventories as Assets 643 Other Current Assets 643 Short-Term Liabilities 643 19.2 International Cash Management 644 Constraints on International Cash Management 644 Cash Management with a Centralized Pool 644 19.3 Cash Transfers from Affiliates to Parents 650 International Dividend Cash Flows 651 International Royalty and Management-Fee Cash Flows 652 Transfer Pricing and Cash Flows 653 19.4 Managing Accounts Receivable 660 Currency of Denomination 660 Leading and Lagging Payments 663 Credit Terms 664 19.5 Inventory Management 665 Optimal Inventory Theory 665 19.6 Summary 668 Questions 669 Problems 669 Bibliography 670 PARTV FOREIGN CURRENCY DERIVATIVES 671 CHAPTER 20 Foreign Currency Futures and Options 671 20.1 The Basics of Futures Contracts 671 Futures Versus Forwards 671 The Pricing of Futures Contracts 675 20.2 Hedging Transaction Risk with Futures 678 Hedging at Nancy Foods 678 Potential Problems with a Futures Hedge 679 xx Contents 20.3 Basics of Foreign Currency Option Contracts 683 Basic Option Terminology 683 Options Trading 685 20.4 The Use of Options in Risk Management 689 A Bidding Situation at Bagwell Construction 689 Using Options to Hedge Transaction Risk 690 Hedging with Options as Buying Insurance 695 Speculating with Options 699 Options Valuation 701 20.5 Combinations of Options and Exotic Options 706 Range Forwards and Cylinder Options 707 Other Exotic Options 708 20.6 Summary 711 Questions 711 Problems 712 Bibliography 713 Appendix: Foreign Currency Option Pricing (Advanced) 714 CHAPTER 21 Interest Rate and Foreign Currency Swaps 723 21.1 Introduction to Swaps 723 Parallel Loans and Back-to-Back Loans 724 Basic Aspects of Currency Swaps and Interest Rate Swaps 725 The Size of the Swap Markets 726 Credit Default Swaps and the Financial Crisis 727 21.2 Interest Rate Swaps 728 Why Use Interest Rate Swaps ? 728 The Nature of Interest Rate Swap Contracts 730 Dealing with Credit Risks 732 21.3 Foreign Currency Swaps 732 The Mechanics of Modern Currency Swaps 734 Comparative Borrowing Advantages in Matched Currency Swaps 735 Swapping Bond Proceeds and Coupon Rates with Quoted Swap Rates 741 Currency Swaps as a Package of Forward Contracts 745 The Value of a Currency Swap 747 The Rationale for Currency Swaps 748 21.4 Summary 749 Questions 749 Problems 750 Bibliography 751 Glossary 753 Index 771 Contents xxi
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author	Bekaert, Geert 1964- Hodrick, Robert J. 1950-
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dewey-search	658.15/99
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genre	1\p (DE-588)4123623-3 Lehrbuch gnd-content
genre_facet	Lehrbuch
id	DE-604.BV037413160
illustrated	Illustrated
indexdate	2024-07-09T23:23:47Z
institution	BVB
isbn	9780132842983 013284298X
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-022565572
oclc_num	721321538
open_access_boolean
owner	DE-473 DE-BY-UBG DE-355 DE-BY-UBR DE-92 DE-521
owner_facet	DE-473 DE-BY-UBG DE-355 DE-BY-UBR DE-92 DE-521
physical	XXIX, 785 S. graph. Darst.
publishDate	2011
publishDateSearch	2011
publishDateSort	2011
publisher	Pearson
record_format	marc
series2	The Prentice Hall series in finance
spelling	Bekaert, Geert 1964- Verfasser (DE-588)128834927 aut International financial management Geert Bekaert ; Robert J. Hodrick 2. ed., internat. ed. Bonston ; Munich [u.a.] Pearson 2011 XXIX, 785 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The Prentice Hall series in finance Hier auch später erschienene, unveränderte Nachdrucke Multinationales Unternehmen Foreign exchange International business enterprises Finance International finance Multinationales Unternehmen (DE-588)4075092-9 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 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 Hodrick, Robert J. 1950- Verfasser (DE-588)129727245 aut Digitalisierung UB Bamberg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022565572&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	Bekaert, Geert 1964- Hodrick, Robert J. 1950- International financial management Multinationales Unternehmen Foreign exchange International business enterprises Finance International finance Multinationales Unternehmen (DE-588)4075092-9 gnd Finanzmanagement (DE-588)4139075-1 gnd
subject_GND	(DE-588)4075092-9 (DE-588)4139075-1 (DE-588)4123623-3
title	International financial management
title_auth	International financial management
title_exact_search	International financial management
title_full	International financial management Geert Bekaert ; Robert J. Hodrick
title_fullStr	International financial management Geert Bekaert ; Robert J. Hodrick
title_full_unstemmed	International financial management Geert Bekaert ; Robert J. Hodrick
title_short	International financial management
title_sort	international financial management
topic	Multinationales Unternehmen Foreign exchange International business enterprises Finance International finance Multinationales Unternehmen (DE-588)4075092-9 gnd Finanzmanagement (DE-588)4139075-1 gnd
topic_facet	Multinationales Unternehmen Foreign exchange International business enterprises Finance International finance Finanzmanagement Lehrbuch
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022565572&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT bekaertgeert internationalfinancialmanagement AT hodrickrobertj internationalfinancialmanagement

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