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Contents List of Figures List of Tables Preface and Acknowledgments About the Authors Part I: The Global Financial Environment Chapter 1: Introduction Opening Case 1: TIAA-CREF Goes Global with Corporate Governance 1.1 Reasons to Study International Finance 1.2 Company Goals and Functions of Financial Management 1.3 Multinational Companies and their Performance 1.4 Principles of Global Finance 1.5 Agency Theory and Corporate Governance 1.6 Environmental Differences 1.7 The Structure of this Book Summary Questions References Case Problem 1: What Is a National Company? Chapter 2: Motives for World Trade and Foreign Investment Opening Case 2: The Effect of Foreign Investment on Exports 2.1 Motives for Foreign Trade 2.2 Economic Integration 2.3 Motives for Foreign Investment 2.4 A Synthesis of Foreign Trade and Investment Theories Summary Questions Problems References Case Problem 2: The Fruits of Free Trade Under the World Trade Organization Chapter 3: The Balance of Payments Opening Case 3: Opportunity Cost and Comparative Advantage 3.1 An Overview of the Balance of Payments 3.2 Balance-of-Payments Accounts 3.3 The Actual Balance of Payments 3.4 How to Reduce a Trade Deficit Summary Questions Problems References Case Problem 3: USA¿China Trade Relations Chapter 4: The International Monetary System Opening Case 4: The Euro ¿ A Story of Change 4.1 A Successful Foreign-Exchange System 4.2 A Brief History of the International Monetary System 4.3 The International Monetary Fund 4.4 The European Monetary Union 4.5 Proposals for Further International Monetary Reform Summary Questions Problems References Case Problem 4: The Mexican Peso Crisis of December 1994 Part II: Corporate Foreign-Exchange Risk Management Chapter 5: The Foreign-Exchange Market and Parity Conditions Opening Case 5: The Volume of Foreign-Exchange Trading 5.1 Major Participants in the Exchange Market 5.2 Spot Exchange Quotation: The Spot Exchange Rate 5.3 Forward Exchange Quotation: The Forward Exchange Rate 5.4 International Parity Conditions 5.5 Arbitrages Summary Questions Problems References Case Problem 5: The Big Mac Hamburger Standard: February 2003 Chapter 6: Currency Futures and Options Opening Case 6: Derivatives Risks 6.1 The Currency Futures Market 6.2 The Currency Options Market 6.3 Futures Options Summary Questions Problems References Case Problem 6: Merck¿s Use of Currency Options Chapter 7: Financial Swaps Opening Case 7: Why have Gillette and GE Chosen a Higher Cost of Funding? 7.1 The Emergence of the Swap Market 7.2 Plain Vanilla Swaps 7.3 Motivations for Swaps Summary Questions Problems References Case Problem 7: Regulations of Derivatives Markets Chapter 8: Exchange Rate Forecasting Opening Case 8: Mundell Wins Nobel Prize in Economics 8.1 Measuring Exchange Rate Changes 8.2 The Forecasting Needs of the Multinational Company 8.3 Forecasting Floating Exchange Rates 8.4 Forecasting Fixed Exchange Rates Summary Questions Problems References Case Problem 8: General Motors Operations in Mexico, and the Peso Crisis Chapter 9: Managing Transaction Exposure and Economic Exposure Opening Case 9: Avon¿s Actions to Protect Against Volatile Currencies 9.1 The Basic Nature of Foreign-Exchange Exposures 9.2 Transaction Exposure Management 9.3 Economic Exposure Management 9.4 Currency Exposure Management Practices Summary Questions Problems References Case Problem 9: Western Mining¿s Economic Exposure Management Chapter 10: Translation Exposure Management Opening Case 10: Main Features of Accounting Exposure 10.1 Translation Rules 10.2 FASBs 8 and FASB 52 10.3 Hedging Translation Exposure Summary Questions Problems References Case Problem 10: Dell Mercosur Part III: The Global Financing Strategy Chapter 11: International Financial Markets Opening Case 11: Foreign Investors Load Up with Asia¿s Shares 11.1 Eurocurrency Markets 11.2 The Eurocurrency Interbank Market 11.3 The Asian Currency Market 11.4 The International Bond Market 11.5 The International Equity Market 11.6 Long-Term Capital Flows to Developing Countries Summary Questions Problems References Case Problem 11: The Rise and Fall of the US Stock Market Chapter 12: International Banking Issues and Country Risk Analysis Opening Case 12: Argentina¿s Currency Crisis 12.1 International Banking Operations 12.2 International Loans 12.3 Country Risk Analysis Summary Questions Problems References Case Problem 12: The World Bank Chapter 13: Financing Foreign Trade Opening Case 13: US Export¿Import Bank Seeks Private Investors 13.1 Basic Documents in Foreign Trade 13.2 The Payment Terms of Export Transactions 13.3 Sources of Financing Foreign Trade Summary Questions Problems References Case Problem 13: Arms Dealers Get Creative with Offsets Chapter 14: Financing Foreign Investment Opening Case 14: Failed US¿Vietnamese Joint Ventures 14.1 Internal Sources of Funds 14.2 External Sources of Funds 14.3 Development Banks Summary Questions Problems References Case Problem 14: IBM¿s Strategic Alliances Part IV: Global Investment Strategy Chapter 15: International Working Capital Management Opening Case 15: An Efficient Global Treasury Structure 15.1 The Basic Concepts of Working Capital Management 15.2 Cash Management 15.3 Accounts Receivable Management 15.4 Inventory Management Summary Questions Problems References Case Problem 15: Navistar International¿s Netting System Chapter 16: International Portfolio Investment Opening Case 16: LE Group Shows how Korea Inc. Might Restructure 16.1 Key Terminology 16.2 The Benefits of International Diversification 16.3 Methods of International Diversification Summary Questions Problems References Case Problem 16: Investing in DaimlerChrysler in the USA Chapter 17: Corporate Strategy and Foreign Direct Investment Opening Case 17: How Can Companies Get the Most out of their Foreign Investment? 17.1 An Overview of Foreign Direct Investment 17.2 Direct Investment in Developing Countries 17.3 Cross-Border Mergers and Acquisitions Summary Questions Problems Case Problem 17: BP¿s Acquisition of Amoco Chapter 18: International Capital Budgeting Decisions Opening Case 18: External Factors Affecting Foreign Project Analysis 18.1 The Foreign Investment Decision-Making Process 18.2 Portfolio Theory 18.3 Capital Budgeting Theory and Practice 18.4 Political Risk Management Summary Questions Problems References Case Problem 18: Multinational Capital Budgeting Practices Chapter 19: The Cost of Capital for Foreign Projects Opening Case 19: GM¿s Target Debt Ratios in its Overseas Expansion 19.1 The Weighted Average Cost of Capital 19.2 The Optimum Capital Structure 19.3 The Marginal Cost of Capital and Investment Decisions 19.4 Cultural Values and Capital Structure Summary Questions Problems References Case Problem 19: Do Multinational Firms Have Lower Debt Ratios than Domestic Firms? Chapter 20: Corporate Performance of Foreign Operations Opening Case 20: Offshore Workers Increase IBM¿s Profits 20.1 The Global Control System and Performance Evaluation 20.2 International Taxation 20.3 Transfer Pricing and Tax Planning Summary Questions Problems References Case Problem 20: Advanced Technology¿s Ethical Dilemma Web Resources and Internet Exercises Answers to Selected End-of-Chapter Problems Glossary Index
Library of Congress Subject Headings for this publication:
International business enterprises -- Finance.
International finance.
International business enterprises -- Finance -- Case studies.