Multinational Financial Management 11th edition by Alan Shapiro, Paul Hanouna – Ebook PDF Instant Download/Delivery: 1119559847, 978-1119559849
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ISBN 10: 1119559847
ISBN 13: 978-1119559849
Author: Alan Shapiro, Paul Hanouna
The eleventh edition of Multinational Financial Management is a comprehensive survey of the essential areas of the international financial market environment, including foreign exchange and derivative markets, risk management, and international capital markets and portfolio investment. Designed for upper-level undergraduate and masters-level courses in international finance and management, this textbook offers readers a conceptual framework for analyzing key financial decisions of multinational firms. The authors both explain and simplify multinational financial management by illustrating how its basic principles share the same foundation as domestic corporate finance.
Assuming no prior knowledge of international economics or finance, this substantially revised new edition builds upon the fundamental principles of domestic financial management to examine the unique dimensions of international finance. Readers are presented with a solid theoretical knowledgebase for examining decision problems, as well as practical analytical techniques that clarify the often-ambiguous guidelines used by international financial executives. All the traditional areas of corporate finance are explored from the perspective of a multinational corporation, focusing on elements rarely encountered in domestic finance such as multiple currencies, segmented capital markets, and political risks of nationalization or expropriation.
Multinational Financial Management 11th Table of contents:
PART I: THE INTERNATIONAL FINANCIAL MANAGEMENT ENVIRONMENT
CHAPTER 1: INTRODUCTION: MULTINATIONAL CORPORATIONS AND FINANCIAL MANAGEMENT
1.1 THE RISE OF THE MULTINATIONAL CORPORATION
1.2 THE INTERNATIONALIZATION OF BUSINESS AND FINANCE
1.3 MULTINATIONAL FINANCIAL MANAGEMENT: THEORY AND PRACTICE
1.4 OUTLINE OF THE BOOK
QUESTIONS
APPENDIX: THE ORIGINS AND CONSEQUENCES OF INTERNATIONAL TRADE
QUESTIONS
NOTES
CHAPTER 2: THE DETERMINATION OF EXCHANGE RATES
2.1 SETTING THE EQUILIBRIUM SPOT EXCHANGE RATE
2.2 EXPECTATIONS AND THE ASSET MARKET MODEL OF EXCHANGE RATES
2.3 THE FUNDAMENTALS OF CENTRAL BANK INTERVENTION
2.4 THE EQUILIBRIUM APPROACH TO EXCHANGE RATES
2.5 DISEQUILIBRIUM THEORY AND EXCHANGE RATE OVERSHOOTING
2.6 CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
CHAPTER 3: THE INTERNATIONAL MONETARY SYSTEM
3.1 ALTERNATIVE EXCHANGE RATE SYSTEMS
3.2 A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM
3.3 THE EUROPEAN MONETARY SYSTEM AND MONETARY UNION
3.4 EMERGING MARKET CURRENCY CRISES
3.5 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
CHAPTER 4: PARITY CONDITIONS IN INTERNATIONAL FINANCE AND CURRENCY FORECASTING
4.1 ARBITRAGE AND THE LAW OF ONE PRICE
4.2 PURCHASING POWER PARITY
4.3 THE FISHER EFFECT
4.4 THE INTERNATIONAL FISHER EFFECT
4.5 INTEREST RATE PARITY THEORY
4.6 THE RELATIONSHIP BETWEEN THE FORWARD RATE AND THE FUTURE SPOT RATE
4.7 CURRENCY FORECASTING
4.8 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
CHAPTER 5: THE BALANCE OF PAYMENTS AND INTERNATIONAL ECONOMIC LINKAGES
5.1 BALANCE-OF-PAYMENTS CATEGORIES
5.2 THE INTERNATIONAL FLOW OF GOODS, SERVICES, AND CAPITAL
5.3 COPING WITH THE CURRENT-ACCOUNT DEFICIT
5.4 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
PART II: THE FOREIGN EXCHANGE AND DERIVATIVE MARKETS
CHAPTER 6: THE FOREIGN EXCHANGE MARKET
6.1 ORGANIZATION OF THE FOREIGN EXCHANGE MARKET
6.2 THE SPOT MARKET
6.3 THE FORWARD MARKET
6.4 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
CHAPTER 7: CURRENCY FUTURES AND OPTIONS MARKETS
7.1 FUTURES CONTRACTS
7.2 CURRENCY OPTIONS
7.3 READING CURRENCY FUTURES AND OPTIONS PRICES
7.4 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
APPENDIX: OPTION PRICING USING BLACK-SCHOLES
PROBLEMS
APPENDIX: PUT-CALL OPTION INTEREST RATE PARITY
PROBLEMS
REFERENCES
NOTES
CHAPTER 8: CURRENCY, INTEREST RATE, AND CREDIT DERIVATIVES AND SWAPS
8.1 INTEREST RATE AND CURRENCY SWAPS
8.2 INTEREST RATE FORWARDS AND FUTURES
8.3 STRUCTURED NOTES
8.4 CREDIT DEFAULT SWAPS
8.5 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCE
NOTES
PART III: THE INTERNATIONAL FINANCIAL MANAGEMENT ENVIRONMENT
CHAPTER 9: MEASURING AND MANAGING TRANSLATION AND TRANSACTION EXPOSURE
9.1 ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE
9.2 ALTERNATIVE CURRENCY TRANSLATION METHODS
9.3 TRANSACTION EXPOSURE
9.4 DESIGNING A HEDGING STRATEGY
9.5 MANAGING TRANSLATION EXPOSURE
9.6 MANAGING TRANSACTION EXPOSURE
9.7 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
APPENDIX: STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 52
NOTES
CHAPTER 10: MEASURING AND MANAGING ECONOMIC EXPOSURE
10.1 FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE
10.2 THE ECONOMIC CONSEQUENCES OF EXCHANGE RATE CHANGES
10.3 IDENTIFYING ECONOMIC EXPOSURE
10.4 CALCULATING ECONOMIC EXPOSURE
10.5 AN OPERATIONAL MEASURE OF EXCHANGE RISK
10.6 MANAGING OPERATING EXPOSURE
10.7 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
PART IV: THE INTERNATIONAL CAPITAL MARKETS AND PORTFOLIO MANAGEMENT
CHAPTER 11: INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS
11.1 CORPORATE SOURCES AND USES OF FUNDS
11.2 NATIONAL CAPITAL MARKETS AS INTERNATIONAL FINANCIAL CENTERS
11.3 DEVELOPMENT BANKS
11.4 PROJECT FINANCE
11.5 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
CHAPTER 12: THE EUROMARKETS
12.1 THE EUROCURRENCY MARKET
12.2 EUROBONDS
12.3 NOTE ISSUANCE FACILITIES AND EURONOTES
12.4 EURO-COMMERCIAL PAPER
12.5 THE ASIACURRENCY MARKET
12.6 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
CHAPTER 13: INTERNATIONAL PORTFOLIO MANAGEMENT
13.1 THE RISKS AND BENEFITS OF INTERNATIONAL EQUITY INVESTING
13.2 INTERNATIONAL BOND INVESTING
13.3 OPTIMAL INTERNATIONAL ASSET ALLOCATION
13.4 MEASURING THE TOTAL RETURN FROM FOREIGN PORTFOLIO INVESTING
13.5 MEASURING EXCHANGE RISK ON FOREIGN SECURITIES
13.6 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
PART V: INTERNATIONAL CAPITAL BUDGETING
CHAPTER 14: COUNTRY RISK ANALYSIS
14.1 LEARNING OBJECTIVES
14.2 MEASURING POLITICAL RISK
14.3 ECONOMIC AND POLITICAL FACTORS UNDERLYING COUNTRY RISK
14.4 COUNTRY RISK ANALYSIS IN INTERNATIONAL LENDING
14.5 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
CHAPTER 15: THE COST OF CAPITAL FOR FOREIGN INVESTMENTS
15.1 THE COST OF EQUITY CAPITAL
15.2 THE WEIGHTED AVERAGE COST OF CAPITAL FOR FOREIGN PROJECTS
15.3 DISCOUNT RATES FOR FOREIGN INVESTMENTS
15.4 THE COST OF DEBT CAPITAL
15.5 ESTABLISHING A WORLDWIDE CAPITAL STRUCTURE
15.6 VALUING LOW-COST FINANCING OPPORTUNITIES
15.7 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
CHAPTER 16: CORPORATE STRATEGY AND FOREIGN DIRECT INVESTMENT
16.1 THEORY OF THE MULTINATIONAL CORPORATION
16.2 DESIGNING A GLOBAL EXPANSION STRATEGY
16.3 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
CHAPTER 17: CAPITAL BUDGETING FOR THE MULTINATIONAL CORPORATION
17.1 BASICS OF CAPITAL BUDGETING
17.2 ISSUES IN FOREIGN INVESTMENT ANALYSIS
17.3 FOREIGN PROJECT APPRAISAL: THE CASE OF INTERNATIONAL DIESEL CORPORATION
17.4 POLITICAL RISK ANALYSIS
17.5 GROWTH OPTIONS AND PROJECT EVALUATION
17.6 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
APPENDIX: MANAGING POLITICAL RISKS
NOTES
CHAPTER 18: MANAGING THE INTERNAL CAPITAL MARKETS OF MULTINATIONAL CORPORATIONS
18.1 THE VALUE OF THE MULTINATIONAL FINANCIAL SYSTEM
18.2 INTERCOMPANY FUND-FLOW MECHANISMS: COSTS AND BENEFITS
18.3 DESIGNING A GLOBAL REMITTANCE POLICY
18.4 SUMMARY AND CONCLUSIONS
QUESTIONS
PROBLEMS
REFERENCES
NOTES
GLOSSARY
INDEX
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Tags: Alan Shapiro, Paul Hanouna, Multinational Financial Management