ENVIRONMENT OF INTERNATIONAL FlNANCIAL MANAGEMENT
Chapter 1 Introduction: Multinational Enterprise and Multinational
Financial Management
Chapter 2 The Determination of Exchange Rates
Chapter 3 The International Monetary System
Chapter 4 The Balance of Payments and International Economic Linkages
Chapter 5 The Foreign Exchange Market
Chapter 6 Currency Futures and Options Markets
Chapter 7 Parity Conditions in International Finance
and Currency Forecasting
FOREIGN EXCHANGE RlSK MANAGEMENT
Chapter 8 Measuring Accounting Exposure
Chapter 9 Managing Accounting Exposure
Chapter 10 Measuring and Managing Economic Exposure
MULTINATIONAL WORKING CAPITAL MANAGEMENT
Chapter 11 Financing Foreign Trade
Chapter 12 Current Asset Management and Short-Term Financing
Chapter 13 Managing the Multinational Financial System
FlNANCING FOREIGN OPERATIONS
Chapter 14 International Financing and International Financial Markets
Chapter 15 International Banking Trends and Strategies
Chapter 16 The Cost of Capital for Foreign Investments
FOREIGN INVESTMENT ANALYSIS
Chapter 17 International Portfolio Investment
Chapter 18 Corporate Strategy and Foreign Direct Investment
Chapter 19 Capital Budgeting for the Multinational Corporation
Chapter 20 The Measurement and Management of Political Risk
Preface xi
ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT
CHAPTER 1
INTRODUCTION: M ULTINATIONAL ENTERPRISE
AND MULTINATIONAL FlNANCIAL MANAGEMENT
The Rise of the Multinational Corporation
The Process of Overseas Expansion
Multinational Fmancial Management: Theory and Practice
Outline of the Book ?Questions
APPENDIX IA: THE ORIGINS AND CONSEQUENCES
OF INTERNATIONAL TRADE
APPENDIX 1 B: SlZE AND SCOPE OF M ULTINATIONAL
CORPORATIONS ABROAD
Bibliography
CHAPTER 2 THE DETERMINATION OF EXCHANGE RATES
Setting the Equilibrium Spot Exchange Rate
Fundamentals of Central Bank Intervention
Expectations and the Asset-Market Model of Exchange Rates
Summary and Condusions ?Questions ?Problems
?Bibliography
CHAPTER 3 THE INTERNATIONAL MONETARY SYSTEM 55
Alternative Exchange Rate Systems
A Brief History of the International Monetary System
The European Monetary System
Summary and Conclusions ?Questions ?Problems
?Bibliography
CHAPTER 4 THE BALANCE OF PAYMENTS AND INTERNATIONAL
ECONOMIC LlNKAGES
Balance-of-Payments Categories
The International Flow of Goods, Services, and Capital
Coping with the Current-Account Deficit
Summary and Conclusions ?Questions ?Problems
CHAPTER 5 THE FOREIGN EXCHANGE MARKET
Organization of the Foreign Exchange Market
The Spot Market
The Forward Market
Interest Rate Parity Theory
Summary and Conclusions ?Questions ?Problems
?Bibliography
CHAPTER 6 CURRENCY FUTURES AND OPTIONS MARKETS
Futures Contracts
Currency Options
Reading Currency Futures and Options Prices
Summary and Conclusions ?Questions ?Probiems
?Bibliography
CHAPTER 7 PARITY CONDITIONS IN INTERNATIONAL, FlNANCE
AND CURRENCY FORECASTING
Arbitrage and the Law of One Price
Purchasing Power Parity
The FisherEffect
The International Fisher Effect
The Relationship between the Forward Rate
and the Future Spot Rate
Currency Forecasting
Summary and Conclusions ?Questions ?Problems
?Bibliography
Part 1: Case Studies
Case 1.1: Oil Levies: The Economic Implications
Case 1.2: President Carter Lectures the Foreign Exchange Markets
PART 11 FOREIGN EXCHANGE RlSK MANAGEMENT
CHAPTER 8 MEASURING ACCOUNTING EXPOSURE
Alternative Measures of Foreign Exchange Exposure
Alternative Currency Translation Methods
Statement of Financial Accounting Standards No. 8
Statement of Financial Accounting Standards No. 52
Transaction Exposure
Accounting Practice and Economic Reality
Summary and Conclusions ?Questions ?Problems
?Bibliography
CHAPTER 9 MANAGING ACCOUNTING EXPOSURE 209
Managing Transaction Exposure
Managing Translation Exposure
Designing a Hedging Strategy
Summary and Conclusions ?Questions ?Problems
?Bibliography
CHAPTER 10 MEASURING ANO MANAGING ECONOMIC
EXPOSURE
Foreign Exch.ange Risk and Economic Exposure
The Economic Consequences of Exchange Rate Changes
Identifying Economic Exposure
Calculating Economic Exposure
An Operational Measure of Exchange Risk
Managing Operating Exposure
Summary and Conclusions ?Questions ?Problems
?Bibliography
Part 11: Case Studies
CaseII.l: Rolls-Royce Limited
Case 11.2: The Mexican Peso
Case 11.3: Link Technologies
Case 11.4: The Case of the Depreciating Indian Rupee
MULTINATIONAL WORKING CAPITAL MANAGEMENT
CHAPTER11
CHAPTER12
FlNANCING FOREIGN TRADE
Payment Terms in International Trade
Documents in International Trade
Financing Techniques in International Trade
Government Sources of Export Financing and Credit
Insurance
Countertrade
Summary and Conclusions ?Questions ?Problems
?Bibliography
CURRENT ASSET MANAGEMENT
AND SHORT-TERM FlNANCING
International Cash Management
Accounts Receivable Management
Inventory Management
Short-Term Financing
Summary and Conclusions ?Questions ?Problems
?Bibliography
CHAPTER 13
MANAGING THE MULTINATIONAL FlNANCIAL
SYSTEM
The Value of the Multinational Financial System
Intercompany Fund-Flow Mechanisms: Costs and Benefits
Designing a Global Remittance Policy
Summary and Conclusions ?Questions ?Problems
?Bibliography
FlNANCING FOREIGN OPERATIONS
CHAPTER 14 INTERNATIONAL FlNANCING AND INTERNATIONAL
FlNANCIAL MARKETS
Corporate. Sources and Uses of Funds
National Capital Markets as International Financial Centers
The Euromarkets
Interest Rate and Currency Swaps
Development Banks
Summary and Conclusions ?Questions ?Problems
?Bibliography
CHAPTER 15
INTERNATIONAL BANKING TRENDS
AND STRATEGIES
Recent Patterns of International Banking Activities
Organizational Forms and Strategies in Bank Expansion
Overseas
Value Creation in International Banking
Cpuntry Risk Analysis in International Banking
Summary and Conclusions ?Questions ?Problems
?Bibliography
CHAPTER 16 THE COST OF CAPITAL FOR FOREIGN
INVESTMENTS
The Cost of Equity Capital
The Weighted Average Cost of Capital for Foreign Projects
The All-Equity Cost of Capital for Foreign Projects
Discount Rates for Foreign Investments
Establishing a Worldwide Capital Structure
Summary and Conclusions ?Questions ?Problems
?Bibliography
Part JV: Case Studies
CaseIV.l: Plano Cruzado
FOREIGN INVESTMENT ANALYSIS
CHAPTER 17 INTERNATIONAL PORTFOLIO INVESTMENT
The Benefits of International Equity Investing
International Bond Investing
Optimal International Asset Allocation
Measuring the Total Return from Foreign Portfolio Investing
Measuring Exchange Risk on Foreign Securities
Summary and Conclusions ?Questions ?Problems
?Bibliogravhy
CHAPTER 18 CORPORATE STRATEGY AND FOREIGN
DlRECT INVESTMENT
Theory of the Multinational Corporation
The Strategy of Multinational Enterprise
Designing a Global Expansion Strategy
Summary and Conclusions
?Bibliography
Questions
?Problems
CHAPTER 19 CAPITAL BUDGETING FOR THE M U LTINATIONAL
CORPORATION
Basics of Capital Budgeting
Issues in Foreign Investment Analysis
Foreign Project Appraisal: The Case of International Diesel
Corporation
Political Risk Analysis
Growth Options and Project Evaluation
Summary and Conclusions ?Questions ?Problems
?Bibliography
CHAPTER 20 THE MEASUREWENT AND MANAGEMENT
OF POLITICAL RlSK
Measuring Political Risk
Country Risk Analysis
Managing Political Risk
Summary and Conclusions ?Questions ?Problems
?Bibliography
Part V: Case Studies
CaseV.l: Euro Disneyland
GLOSSARY
INDEX
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