Holdings: International financial management

International financial management:

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Bibliographic Details
Main Authors:	Madura, Jeff (Author), Fox, Roland (Author)
Format:	Book
Language:	English
Published:	Andover [u.a.] Cengage Learning EMEA 2014
Edition:	3. ed.
Subjects:	Internationale Bank Internationaler Kreditmarkt Finanzmanagement
Online Access:	Inhaltsverzeichnis
Physical Description:	XXIII, 671 S. graph. Darst.
ISBN:	9781408079812

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MARC


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Record in the Search Index

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adam_text	PART I THE INTERNATIONAL FINANCIAL ENVIRONMENT ι 1 Multinational Financial Management: An Overview 2 2 International Flow of Funds 36 3 International Financial Markets 67 4 Exchange Rate Determination 116 5 Currency Derivatives 137 PART II EXCHANGE RATE BEHAVIOUR ,97 6 Exchange Rate History and the Role of Governments 198 7 International Arbitrage and Interest Rate Parity 245 8 Relationships Among Inflation, Interest Rates and Exchange Rates 274 PART III EXCHANGE RATE RISK MANAGEMENT 3,3 9 Forecasting Exchange Rates 314 10 Measuring Exposure to Exchange Rate Fluctuations 348 11 Managing Transaction Exposure 379 12 Managing Economic Exposure and Translation Exposure 426 DARTIV LONG-TERM ASSET AND LIABILITY MANAGEMENT «- 13 Foreign Direct Investment 452 14 Country Risk AnatysiS 4Ö4 15 Long-Term Financing 509 16 Ethics 535 BFBEFCONTENTS PART V SHORT-TERM ASSET AND LIABILITY MANAGEMENT «» 17 FUendng tntemabonal Trade 18 Short-Term Financing 579 19 International Cash Management 601 20 Concluding Comments 63° Appendix A Answers to self-test questions 634 Appendix B: Maths and statistics support 645 Glossary 658 Index 666 ONUNE ADDITIONAL READING 1 Multinational Restructuring 2 Muttinational Cost of Capital and Capital Structure 3 Multinational Capital Budgeting Go to our dedicated CourseMate platform for students. About the authors Preface Walk-through tour PART I: THE INTERNATIONAL FINANCIAL ENVIRONMENT 1 Multinational Financial Management: An Overview Goal of the MNC Confltcts vvrth the MNC goal Impact of management control How the Internet facilitates management control impact of corporate control Constraints interfering with the MNC s goal Theories of International Business Econome theories Business theories international Business Methods international trade ,s.rq the Web Trade conditions for industries j5:pg the Web: Internet millionaires Lxensng Francneing Jont ventures Acquisitions of existing operatons Establishing new foreign sutosidenes Special Purpose Vehicles <SPV> Summary of methods international Opportunities Investment opportunities js.ng the Web Financing opportunities Opportunities m Europe rv xvi xx 3 3 4 6 6 7 8 9 11 11 12 12 12 13 13 13 14 14 14 15 15 15 15 16 16 Opportunities ¡n North and South America 18 Opportunities in Asia 19 Using the Web 20 Exposure to International Risk 20 Exposure to exchange rate movements 21 Exposure to foreign economies 21 Exposure to political risk 22 Overview of an MNC s Cash Flows 22 Valuation Model for an MNC 24 Domestic model 24 Managing for Value: Yahoo! s decision to expand internationally 25 Valuing international cash flows 26 Impact of financial management and international conditions on value 28 Organization of the Text 28 Summary 29 Critical Debate 30 Self Test 30 Questions and Applications 30 Advanced Questions 31 Project Workshop 33 Discussion in the Boardroom 33 Running Your Own MNC 33 Blades PLC Case Study: Decision to expand intemationalfy 34 Snail Business Dilemma· Developing a multinational sporting goods industry 35 International Flow of Funds зе Balance of Payments 37 Current account 37 Financial account 39 Overall balance of payments 39 Current account m surplus, financial account m dteftcrt (Type t . ЕхГиЫ 2 4) 41 vii Current accourt К deleft, «nandal account h tuph* (Type 2. Bd** 2.4) Omni account and «nandal account in Ьавпсе (8ΘΘ Type 3. Exnbt 2.4) International Trade Rows DMributtona« exports and imports tor major countries Balance of trade trends Updated Trade and Investment Conditions Us>ng the Web Trade agreements Using the Web Trade disagreements 41 42 42 42 42 44 44 45 47 47 50 50 50 50 51 51 53 53 Factors Affecting International Trade Flows Impact of inflation impact of national income impact of government restrictions Using the Web impact of exchange rates interaction of factors (Erecting a Balance of Trade Deficit Why a weak home currency is not a perfect solution 54 International Capital Rows 55 Usmg the Web 5Є Factors affecting foreign direct investment 56 Usjng the Web: Foreign direct investment information 57 Factors effecting International portfolo investment 57 Usmg the Web 57 Agencies that Fadtate International Rows 58 International Monetary Fund 58 WoridBank 59 World Trade Organization 60 internatone! Ftaerictel torpcratòon 60 WeinaOuiialDovotoprnentAssodatton 60 Ват* to internetend Settteinants 60 ftegtonadevetopment agencies 60 ВПСЅ 61 How IriternaiJonal Trade Affects an MNC s Vakte 61 Summary 51 f ι 62 62 63 63 64 64 Questore and Appfcatto гіщва. погкѕпор DlBoueaion In the Boaro* _ ■ jrrtng Your Own MNC Brades PLC Case Study: Exposure to SmalBi t d* ia: Developing a nxHnatfai ri aportlng goods industry 3 IntamaUuiiai Financial Markets 65 66 67 68 68 Mrtfves for providing credit in foreign markets 68 hAotivee for borrowing in foreign markets 69 Foreign Exchange Market 69 Foreign exchange transactions 70 Using the Web: Historical exchange rates 70 Interpreting foreign exchange quotations 73 Managing for Value: Intel s currency trading 73 Direct and indirect quotations 73 Using the Web: Cross exchange rates 78 Currency futures and options markets 79 International Money Market 79 Market efficiency 80 Origins and development 81 Standardizing global bank regulations 83 International Credit Market 84 Syndicated loans 85 International Bond Market 85 Eurobond market 86 Development of other bond markets 07 Comparing Interest Rates Among Currencies 87 International Stock Markets 89 Issuance of foreign shares in the USA 90 Issuance of shares in foreign markets 91 Using the Web: Stock market trading information 92 Internationa) Financial Markets and the MNC 92 How Financial Markers Affect an MNC s Value 93 Summary 94 Critical Debate 94 SelfTest 95 Questions and Applications 95 Advanced Questions 96 Project Workshop 97 Discussion in the Boardroom 98 Running Your Own MNC 98 Blades PLC Case Study: Decisions to use intemationaJ financial markets 99 Small Business Dilemma: Developing a multinational sporting goods industry 100 Appendix 3: Investing in International Financial Markets 1O1 Exchange Rate Determination не Measuring Exchange Rate Movements 117 Exchange Rate Equilibrium 1 18 Demand for a currency 118 Supply of a currency for saie 119 EquÄrium 119 Factors that Influence Exchange Rates 121 Relative inflation rates 121 Relative nterest rates 122 Relative income levels 124 Government controls 125 Expectations 126 Interaction of factors 126 CONTENTS ¡X Managing for Value: Impact of exchange rate changes on cash flows for Renault. Nestlé and Philips 128 Speculating on anticipated exchange rates 128 Summary 130 Critical Debate 131 Self Test 131 Questions and Applications 1 31 Advanced Questions 1 32 Project Workshop 1 34 Discussion in the Boardroom 134 Running Your Own MNC 134 Blades PLC Case Study: Assessment of future exchange rate movements 135 Small Business Dilemma: Assessment by the Sports Exports Company of factors that affect the British pound s value 136 Currency Derivatives 137 Forward Market 138 How MNCs use forward contracts 138 Using the Web: Forward rates 141 Non -deliverable forward contracts 143 Currency Futures Market 144 Using the Web 145 Contract specifications 145 Trading futures 146 Comparison of currency futures and forward contracts 146 Pricing currency futures 147 Oedrt risk of currency futures contracts 147 Speculation with currency futures 149 How firms use currency futures 150 Ctoang out a futures posrtion 151 Transaction costs of currency futures 152 Cuffency Options Market 152 Option exchanges 153 Over-the-counter market 153 Currency Call Options 153 Factors affectng currency cal option premiums 154 How firms use currency cal options 155 Speculating with Currency Cal Options 157 Further pouts 159 Currency Put Options 160 Factors aftectng currency put opton premiums 160 Hedgrtg with currency put options 161 Speculating with currency put options 162 Managing for value: Cisco s cWemma when hedgng with put optons 163 Using the Web Optons pnces 164 Contingency Graphs for Currency Optons 164 Contingency graph for a purchaser ol a caí option 164 Contingency graph for a seder of a call option 164 Contingency grapn for a buyer of a put option 166 Contingency graph for a seller of a put option 167 Conditional Currency Options 167 European and American currency options 169 Asian options 169 Options in Emerging Market Economies 169 Summary 169 Critical Debate 170 Self Test 170 Questions and Applications 1 71 Advanced Questions 1 73 Project Workshop 176 Discussion in the Boardroom 176 Running Your Own MNC 176 Blades PLC Case Study: Use of currency derivative instruments 177 Small Business Dilemma: Use of currency futures and options by the Sports Exports Company 178 Appendix 5A: Currency Option Pricing 179 Appendix 5B: Currency Option Combinations 183 Part 1 : Integrative problem 195 Part 1 : Essays/discussion and academic articles 196 PARTII: EXCHANGE RATE BEHAVIOUR 197 6 Exchange Rate History and the Role of Governments ΐ9β Exchange Rate Systems 1 99 Fixed exchange rate system 199 Using the Web 199 Managed float exchange rale system 201 Pegged exchange rate system 201 Currency boards 201 Doilarization 204 Freely floating exchange rate system 204 Classification of exchange rate arrangements 206 Government Intervention - the Process 208 Using the Web: Central bank website links 208 Reasons for government intervention 208 Orect riterventon 209 indrect rrterventoon 212 Exchange Rate Target Zones 2 13 Intervention as a Policy Tool 2 1 4 Influence of a week home currency on the economy 214 Influence of a strong home currency on the economy 214 A Brief History of Exchange Rates 215 Using the Web 220 Us<ng the Web 224 Using the Web 232 CONTENTS The globeJ finance» crisis 2007 onwards Summary Critical Debate Self Test Questions and Applications Advanced Questions Project Workshop Discussion in the Boardroom Running Your Own MNC Blades PLC Case Study: Assessment of government influence on exchange rates Small Business Dilemma: Assessment of central bank intervention by the Sports Exports Company Appendix 6: Economic Considerations of the Euro International Arbitrage and Interest Rate Parity International Arbitrage Locattonal arbitrage Triangular arbitrage Covered interest arbitrage Comparison of Arbitrage Effects Interest Rate Parity (IRP) Derivation oi interest rate parity Determining the forward premium The approximate relationship between forward premium and Interest rate oUteremta) Graphic analysis of interest rate parity How to test whether interest rate parity exists Interpretation of interest rate parity Does miereet rate parity hold? Considerations when assessing interest rate parity Using the Web: Forward ratee Managing for Value: How interest rate parity affects IBM s hedge Summary Critical Dábate Sef Teet Questions and Appications Ad venced Questions Proiect Workshop Dtecusaton In the Boardroom Running Your Own MNC BUM PLC Case Study: Assessment of potential arbitrage opportunities Smal Business Diernrna: Assessment of at and forward rates by ng sp lha Sports Exports Company 232 234 235 235 235 236 237 237 237 238 239 240 245 246 246 249 253 257 257 257 259 260 261 263 263 263 264 266 266 267 267 268 268 270 271 271 271 272 273 8 Relationships Among Inflation, interest Rates and Exchange Rates 274 Purchasing Power Parity (PPP) 275 Interpretations of purchasing power parity 275 Rationale behind purchasing power parity theory 276 Derivation of purchasing power parity 277 Using PPP to estimate exchange rate effects 278 Graphic analysis of purchasing power parity 279 Testing the purchasing power parity theory 281 Using the Web: Country inflation rates 283 Why purchasing power parity does not occur 283 The real exchange rate 284 Purchasing power parity in the long run 286 Using the Web: Inflation and exchange rate forecasts 287 Managing for Value: Indirect impact of purchasing power parity on MNCs 287 International Fisher Effect (IFE) 287 Relationship with purchasing power parity 287 Implications of the IFE for the foreign investment market 288 Derivation of the international Fisher effect 290 Graphic analysis of the international Fisher effect 292 Tests of the international Fisher effect 293 Why the international Fisher effect does not occur 295 Comparison of the IRP, PPP and IFE Theories 296 Summary 297 Critical Debate 298 SelfTest 298 Questions and Applications 298 Advanced Questions 300 Project Workshop 302 Discussion in the Boardroom 303 Running Your Own MNC 303 Blades PLC Case Study: Assessment of purchasing power parity 304 Small Business Dilemma: Assessment of the IFE by the Sports Exports Company 305 Appendix 8: Further Notes on Exchange Rate Models зоб Part 2: Integrative problem 31 1 Part 2: Essays/discussion and academic articles 312 PARTIU: EXCHANGE FÍATE RISK MANAGEMENT з« 9 Forecasting Exchange Rates зм Why HnmsForecaa Exchange Rates 315 CONTFNTÍ Forecasting Techniques 318 Market efficiency 318 Technical forecasting 320 Using the Web 321 Managing for Value: How MNCs earnings depend on currency values 322 Fundamental forecasting 322 Market-based forecasting 327 Using the Web: Forward rates as forecasts 328 Mixed forecasting 329 Forecasting Services 331 Using the Web: Exchange rate forecasts 331 Performance of forecasting services 331 Evaluation of Forecast Performance 331 Forecast accuracy over time 332 Statistical test of forecasts - the de-trending problem 333 Should MNCs make exchange rate forecasts? 335 Exchange Rate Volatility 337 Methods of forecasting exchange rate volatility 338 Using the Web: Implied volatilities 340 Summary 340 Critical Debate 341 SetfTest 341 Questions and Applications 342 Advanced Questions 343 Proiect Workshop 345 Discussion in the Boardroom 345 Running Your Own MNC 345 Blades PLC Case Study: Forecasting exchange rates 346 Small Business Dilemma: Exchange rate forecasting by the Sports Exports Company 347 10 Measuring Exposure to Exchange Rate Fluctuations 348 is Exchange Rate Risk Relevant? 349 Purchasing power parity argument 349 The nvestor hedge argument 349 Currency diversification argument 349 Stakeholder drversrficaitor argument 349 Response from MNCs 350 Managing for Value 350 Types of Exposure 351 Transaction Exposure 351 Estimating net cash flows in each currency 351 Measuring the potential impact of the currency exposure 353 A&sessmg transaction exposure based on value·· at -пѕк 357 Economic Exposure 361 Managing tor Value 362 Economic exposure to home currency appreciation 362 Managing for Value: Philips Electronics exposure to exchange rate risk 363 Economic exposure to home currency depreciation 364 Economic exposure of domestic firms 364 Measuring economic exposure 364 Translation Exposure 369 Does translation exposure matter? 369 Determinants of translation exposure 369 Examples of translation exposure 371 Summary 372 Critical Debate 372 Self Test 372 Questions and Applications 373 Advanced Questions 374 Project Workshop 376 Discussion in the Boardroom 376 Running Your Own MNC 376 Blades PLC Case Study: Assessment of exchange rate exposure 377 Small Business Dilemma: Assessment of exchange rate exposure by the Sports Exports Company 378 11 Managing Transaction Exposure 379 Transaction Exposure 380 Identifying net transaction exposure 380 Ad\|usting the invoice policy to manage exposure 380 Managing for Value: Centralized management of exposure 381 Techniques to Eliminate Transaction Exposure 38 1 Futures hedge 382 Forward hedge 382 Money market hedge 386 Currency option hedge 389 Comparison of hedging techniques 391 Hedging policies of MNCs 400 Limitations of Hedging 400 Managing for Value: BP hedging strategy 400 Limitation of hedging an uncertan amount 401 Limitation of repeated short-term hedging 401 Hedging Long-Term Transaction Exposure 402 Long-term forward contract 403 Currency swap 403 Parane! loan 404 Borrowing pobcy 404 Alternative Hedgmg Techniques 404 Leacing and kaggng 404 Cross hedging 405 Currency diversification 406 Summary 406 Orticai Debate 406 Sett Test 407 Questions and Applications 407 CONTENTS 410 413 413 413 414 415 416 418 Advanced Questions Project Workshop Discussion in the Boardroom Running Your Own MNC Blades PLC Case Study: Management of transaction exposure Smal Business Dilemma: Hedging decisions by the Sports Exports Company Appendix 11A: Calculating the Optimal Size of a Cross Currency Hedge Appendix 11 B: Non-Traditional Hedging Techniques 12 Managing Economic Exposure and Translation Exposure 426 Economic Exposure 427 Using the Web 427 Use of the income statement to assess economic exposure 428 How restructuring can reduce eoonomic exposure 430 leeueeinivolwedlnthereetruduringctedskxi 432 A (Dase Study in Heeding Economic Exposure 433 Case Study -StoertonUä s Легата 434 Managing for Value: How auto manufacturers restructure to reduce exposure 434 Aaeeearnont of economic expoeure 435 Aawmer* of each unit s exposure 436 UanWytng the sourceof the unita exposure 437 РоавЬе strategie to hedge economic exposure 437 Stortone hedging soMton 439 Untatone of Sfcerton s optimal hedging stotogy 439 Hedging Exposure to Rxed Assets 439 Managing Translation Exposure 440 Dm ot forward contracte to hedge translation PART IV: LONG-TERM ASSET AND LIABILITY MANAGEMENT 451 UrrtBÄoneof hedging translation exposure Summary CrMceJ SefTeet 442 443 443 443 DlMUNion in the Boanta Run? Your Own MNC aadee PLC Case Study. Assessment of eccnornic exposure Smal θυβηβββ Mamma: Heeding the Sports Exports Company s eoonomic exposure to 445 446 446 446 447 Parta Integra« problem Pirt 3: Eseaya/ctecuestan and academic 448 449 450 13 Foreign Direct Investment 452 Investment Appraisal - The Modem Approach 453 Net present value 453 Real options 454 Game theory and strategy 456 A combined view 457 Motives for Foreign Direct Investment 458 Firm specific advantages 458 Intemalization advantages 458 Country specific advantages 458 Managing for Value 459 Managing for Value 459 Managing for Value 459 Managing for Value 460 Using the Web: Foreign direct investment indicators 460 Using the Web 460 Using the Web: Foreign direct investment 460 Managing for Value: Yahoo s decision to expand internationally 461 Benefits of International Diversification 462 Diversification analysis of international projects 462 Diversification among countries 464 Using the Web: Foreign direct investment information for a particular country 465 Host Government Views of Foreign Direct Investment 465 Managing for Value 465 The bargaining model 466 Managing for Value: Tax paid by some global firms in UK an insult 467 Managing for Value 467 Managing for Value 468 Managing for Value 468 Managing for Value 468 Subsidiary Versus Parent Perspective 468 Tax differentials 469 Restricted remittances 469 Excessive remittances 469 Exchange rate movements 469 Summary of factors 469 Summary 471 Critical Debate 471 Self Test 471 Questions and Applications 472 Advanced Questions 473 Project Workshop 474 Discussion in the Boardroom 474 Running Your Own MNC 474 CONTFNTS xiii Blades PLC Case Study: Consideration of foreign direct investment 475 Small Business Dilemma: Foreign direct investment decision by the Sports Exports Company 476 Appendix 13: Incorporating International Tax Laws in the Investment Decision 477 14 Country Risk Analysis 484 Why Country Risk Analysis is Important 485 Political Risk Factors 485 Attitude of consumers in the host country 486 Actions of host government 486 Blockage of fund transfers 487 Currency inconvertibility 487 War 487 Bureaucracy 488 Corruption 488 Using the Web 488 Financial Risk Factors 489 Indicators of economic growth 490 Types of country risk assessment 490 Macroassessment of country risk 490 Microassessment of country nsk 491 Techniques to Assess Country Risk 492 Check let approach 493 Delphi technique 493 Quantitative analysis 493 Inspection visits 493 Combination of techniques 494 Measuring Country Risk 494 Variation in methods of measuring country risk 495 Us«} the country risk rating for decision-making 497 Comparing Risk Ratings Among Countries 497 Using the Web: Country risk ratings 497 Market Approach to Country Risk Rating 497 incorporating Country Risk in Capital Budgeting 497 Adjustment of the discount rate 498 Adjustment of the estimated cash flows 499 Managing for Value: Ireland invests in Spain 499 How country nsk affects financiai decisions 499 Reduong Exposure to Host Government Takeovers 500 Use a short-term honzon 501 Reły on unque suppes or technology 501 Hre local labour 50i Borrow local funds 502 Purchase nssjrance 502 Summary 502 Orticai Debate 503 Serf Test 503 Questions and Appications 503 Advanced Questions 506 Project Workshop 506 Discussion in the Boardroom 506 Running Your Own MNC 506 Blades PLC Case Study: Country risk assessment 507 Small Business Dilemma: Country risk analysis at the Sports Exports Company 508 15 Long-Term Financing 509 Long-Term Financing Decision 510 Sources of equity 510 Sources of debt 510 Cost of Debt Financing 510 Measuring the cost of financing 512 Actual effects of exchange rate movements on financing costs 514 Assessing the Exchange Rate Risk of Debt Financing 515 Use of exchange rate probabilities 515 Use of simulation 516 Reducing Exchange Rate Risk 516 Offsetting cash inflows 516 Managing for Value: General Electric s decision to rely on global financial markets 517 Forward Contracts 518 Currency Swaps 516 Parallel loans 519 Diversifying among currencies 520 Interest Rate Risk from Debt Financing 522 The debt maturity decision 522 The fixed versus floating rate decision 523 Hedging with interest rate swaps 524 Plain vanilla swap 524 Using the Web: Long-term foreign interest rates 527 Project Finance 527 Managing for Value 528 Summary 528 Critical Debate 529 Self Test 529 Questions and Applications 530 Advanced Questions 530 Project Workshop 532 Discussion n the Boardroom 532 Running Your Own MNC 532 Blades PLC Case Study Use of long-term foreign financing 533 Small Business Dilemma: Long-term financing decision by the Sports Exports Company 534 16 Ethics 535 What Are Ethics? 536 The Importance of Ethical Issues 536 Managing for Value 536 Managing for Value The New Fnends of the Earth? 537 CONTENTS Using the Web Poor regulation of markets Managing for Value: British banks face US suit over mis-selling· £1 .6bn of sub-prime loans Ethical Behaviour The Green Movement Managing for Value: Ethical procurement Managing for Value Managing for Value Managing for Value Islamic Finance The ethica arguments of capital« Interest Managing tor Value: OFT gives the green Hght to 2000 per cent Interest rates Islamic finance principles ProNbittons and encouraged practices Islamic financiei transactions Muratoehafh) Haraťh) Mudharabalh) Musharakafh) Suta Giobałzation and its Discontents QtobafcaHon Dteconterrt Managing for Value: S&P downgrades France and Austria International Corporate Governance Corporate governance and outside partes Oflerhg control structurée Wby do governance structures dWer? Summary Criticai Debate Se« Test Questione and Appfcattons Advanced Questions Project Workshop BladeePLCCase Study: Bnfcał debate Smal Business Diemrna: Obtaining finance Pert 4: Iterative problem Part 4: Essays/rtoaeaton and academic PART 5: SHORT-TERM ASSET AND LIABILITY MANAGEMENT 17 537 539 539 540 541 541 542 542 542 543 544 544 545 546 546 547 547 547 547 548 548 548 549 550 551 551 551 552 553 553 553 553 554 554 555 556 557 559 564 564 564 564 565 565 565 565 568 5Θ9 571 572 572 573 574 574 575 575 575 576 576 576 577 Trade Payment MethuUu far toteuieflmri Trade 561 562 563 563 Letters of credit (L/C) Drafts Consignment Open account Trade Finance Methods Accounts receivable financing Factoring Letters of credit (L/C) Using the Web Banker s acceptance Working capital financing Medium-term capital goods financing (forfeiting) Countertrade Government Agencies for International Trade Summary Critical Debate Self Test Questions and Applications Advanced Questions Project Workshop Discussion in the Boardroom Running Your Own MNC Blades PLC Case Study: Assessment of international trade financing in Thailand Small Business Dilemma: Ensuring payment for products exported by the Sports Exports Company 578 18 Short-Term Financing 57g Sources of Short-Term Financing 580 Euronotes 580 Euro-commercial paper 580 Eurobank loans 580 Internal Financing by MNCs 580 Why MNCs Consider Foreign Financing 581 Foreign financing to offset foreign currency inflows 581 Foreign financing to reduce costs 581 Using the Web: Forecasts of interest rates 583 Determining the Effective Financing Rate 583 Managing for Value: Outsourcing short-term asset and liability management 584 Using the Web: Short-term foreign interest rates 587 Criteria Considered for Foreign Financing 587 Interest rate parity 587 Exchange rate forecasts 589 Actual Results from Foreign Financing 591 Financing with a Portfolio of Currencies 593 Summary 594 Critical Debate 595 SelfTest 595 Questions and Applications 595 CONTENTS xv Advanced Questions Project Workshop Discussion in the Boardroom Running Your Own MNC Blades PLC Case Study: Use of foreign short-term financing Small Business Dilemma: Short-term financing by the Sports Exports Company 19 International Cash Management Cash Flow Analysis: Subsidiary Perspective Subsidiary expenses Subsidiary revenue Subsidiary dividend payments Subsidiary liquidity management Centralized Cash Management Managing for Value: Flexsys decision to use a multibank payments system Techniques to Optimize Cash Flows Accelerating cash inflows Minimizing currency conversion costs Managing blocked funds Managing mtersubsidiary cash transfers Complications in Optimizing Cash Flow Company-related characteristics Government restrictions Characteristics of banking systems Investing Excess Cash How to invest excess cash Centralized cash management Determining the effective yield Implications of interest rate parity Use of the forward rate as a forecast Use of exchange rate forecasts Diversifying cash across currencies Dyname hedging 597 Summary 621 598 Critical Debate 621 598 Self Test 621 598 Questions and Applications 622 Advanced Questions 623 599 Project Workshop 623 Discussion in the Boardroom 624 600 Running Your Own MNC 624 Blades PLC Case Study: International cash management 625 Small Business Dilemma: Cash management 601 at the Sports Exports Company 626 602 Part 5: Integrative problem 627 602 Part 5: Essays/discussion and academic 602 articles 629 602 603 603 20 Concluding Comments 630 The Significance of International Financial 604 Management 631 605 Summary of the Book 631 605 Advances 631 605 608 Remaining Issues 632 609 Appendix A: Answers to self-test questions 634 609 609 Appendix B: Maths and statistics support 645 610 Glossary 658 610 Index 666 610 610 611 ONLINE ADDITIONAL READING 613 1 Muftinational Restructuring 615 filt 2 Multinational Cost of Capital and Capital Structure Ό ι Ο 616 3 Multinational Capital Budgeting 620 620 Go to our dedicated CourseMate platform for students.
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id	DE-604.BV041815167
illustrated	Illustrated
indexdate	2024-07-10T01:06:01Z
institution	BVB
isbn	9781408079812
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-027260435
oclc_num	883123152
open_access_boolean
owner	DE-523 DE-1050 DE-92 DE-573 DE-473 DE-BY-UBG DE-739
owner_facet	DE-523 DE-1050 DE-92 DE-573 DE-473 DE-BY-UBG DE-739
physical	XXIII, 671 S. graph. Darst.
publishDate	2014
publishDateSearch	2014
publishDateSort	2014
publisher	Cengage Learning EMEA
record_format	marc
spelling	Madura, Jeff Verfasser (DE-588)170157768 aut International financial management Jeff Madura ; Roland Fox 3. ed. Andover [u.a.] Cengage Learning EMEA 2014 XXIII, 671 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Internationale Bank (DE-588)4140009-4 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 s Internationaler Kreditmarkt (DE-588)4120506-6 s DE-604 Internationale Bank (DE-588)4140009-4 s 1\p DE-604 Fox, Roland Verfasser aut Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027260435&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	Madura, Jeff Fox, Roland International financial management Internationale Bank (DE-588)4140009-4 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd Finanzmanagement (DE-588)4139075-1 gnd
subject_GND	(DE-588)4140009-4 (DE-588)4120506-6 (DE-588)4139075-1
title	International financial management
title_auth	International financial management
title_exact_search	International financial management
title_full	International financial management Jeff Madura ; Roland Fox
title_fullStr	International financial management Jeff Madura ; Roland Fox
title_full_unstemmed	International financial management Jeff Madura ; Roland Fox
title_short	International financial management
title_sort	international financial management
topic	Internationale Bank (DE-588)4140009-4 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd Finanzmanagement (DE-588)4139075-1 gnd
topic_facet	Internationale Bank Internationaler Kreditmarkt Finanzmanagement
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027260435&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT madurajeff internationalfinancialmanagement AT foxroland internationalfinancialmanagement

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