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• Title Page
• Copyright Page
• Preface
• About the Authors
• Brief Contents
• Contents
• PART 1 Global Financial Environment
• Chapter 1 Multinational Financial Management: Opportunities and Challenges
• 1.1 The Global Financial Marketplace
• 1.2 The Theory of Comparative Advantage
• 1.3 What Is Different about International Financial Management?
• 1.4 The Globalization Process
• Summary Points
• Mini-Case: Crowdfunding Kenya
• Questions
• Problems
• Internet Exercises
• Chapter 2 The International Monetary System
• 2.1 History of the International Monetary System
• 2.2 Fixed Versus Flexible Exchange Rates
• 2.3 The Impossible Trinity
• 2.4 A Single Currency for Europe: The Euro
• 2.5 Emerging Markets and Regime Choices
• Summary Points
• Mini-Case: The Internationalization (or Not) of the Chinese Renminbi
• Questions
• Problems
• Internet Exercises
• Chapter 3 The Balance of Payments
• 3.1 Fundamentals of BOP Accounting
• 3.2 The Accounts of the Balance of Payments
• 3.3 BOP Impacts on Key Macroeconomic Rates
• 3.4 Trade Balances and Exchange Rates
• 3.5 Capital Mobility
• Summary Points
• Mini-Case: Global Remittances
• Questions
• Problems
• Internet Exercises
• Chapter 4 Financial Goals and Corporate Governance
• 4.1 Business Ownership
• 4.2 Publicly Traded Versus Privately Held: The Global Shift
• 4.3 Corporate Governance
• Summary Points
• Mini-Case: Volkswagen’s Defeat Devices and Stakeholder Control
• Questions
• Problems
• Internet Exercises
• PART 2 Foreign Exchange Theory and Markets
• Chapter 5 The Foreign Exchange Market
• 5.1 Functions of the Foreign Exchange Market
• 5.2 Structure of the Foreign Exchange Market
• 5.3 Transactions in the Foreign Exchange Market
• 5.4 Foreign Exchange Rates and Quotations
• Summary Points
• Mini-Case: The Venezuelan Bolivar Black Market
• Questions
• Problems
• Internet Exercises
• Chapter 6 International Parity Conditions
• 6.1 Prices and Exchange Rates
• 6.2 Interest Rates and Exchange Rates
• 6.3 Forward Rate as an Unbiased Predictor of the Future Spot Rate
• 6.4 Prices, Interest Rates, and Exchange Rates in Equilibrium
• Summary Points
• Mini-Case: Mrs. Watanabe and the Japanese Yen Carry Trade
• Questions
• Problems
• Internet Exercises
• Appendix: An Algebraic Primer to International Parity Conditions
• Chapter 7 Foreign Currency Derivatives: Futures and Options
• 7.1 Foreign Currency Futures
• 7.2 Foreign Currency Options
• 7.3 Option Pricing and Valuation
• 7.4 Currency Option Pricing Sensitivity
• Summary Points
• Mini-Case: KiKos and the South Korean Won
• Questions
• Problems
• Internet Exercises
• Appendix: Currency Option Pricing Theory
• Chapter 8 Interest Rate Risk and Swaps
• 8.1 Interest Rate Foundations
• 8.2 The Cost of Debt
• 8.3 Interest Rate Risk
• 8.4 Interest Rate Futures and FRAs
• 8.5 Interest Rate Swaps
• Summary Points
• Mini-Case: Argentina and the Vulture Funds
• Questions
• Problems
• Internet Exercises
• Chapter 9 Foreign Exchange Rate Determination and Intervention
• 9.1 Exchange Rate Determination: The Theoretical Thread
• 9.2 Currency Market Intervention
• 9.3 Disequilibrium: Exchange Rates in Emerging Markets
• 9.4 Currency Forecasting in Practice
• Summary Points
• Mini-Case: Iceland—A Small Country in a Global Crisis
• Questions
• Problems
• Internet Exercises
• PART 3 Foreign Exchange Exposure
• Chapter 10 Transaction Exposure
• 10.1 Types of Foreign Exchange Exposure
• 10.2 Why Hedge?
• 10.3 Transaction Exposure
• 10.4 Transaction Exposure Management
• 10.5 Transaction Exposure Management in Practice
• Summary Points
• Mini-Case: China Noah Corporation
• Questions
• Problems
• Internet Exercises
• Appendix A: Complex Option Hedges
• Appendix B: The Optimal Hedge Ratio and Hedge Effectiveness
• Chapter 11 Translation Exposure
• 11.1 Overview of Translation
• 11.2 Translation Methods
• 11.3 Aidan Corporation’s Translation Exposure
• 11.4 Managing Translation Exposure
• Summary Points
• Mini-Case: Electrolux of Sweden’s Currency Management
• Questions
• Problems
• Internet Exercises
• Chapter 12 Operating Exposure
• 12.1 A Multinational’s Operating Exposure
• 12.2 Measuring Operating Exposure: Aidan Turkey
• 12.3 Strategic Management of Operating Exposure
• 12.4 Proactive Management of Operating Exposure
• Summary Points
• Mini-Case: Brexit and Rolls-Royce
• Questions
• Problems
• Internet Exercises
• PART 4 Financing the Global Firm
• Chapter 13 Global Cost and Availability of Capital
• 13.1 Financial Globalization and Strategy
• 13.2 International Portfolio Theory and Diversification
• 13.3 The Role of International Portfolio Investors
• 13.4 The Cost of Capital for MNEs Compared to Domestic Firms
• 13.5 Illustrative Case: Novo Industri A/S (Novo)
• Summary Points
• Mini-Case: Ferrari’s IPO—The Potential of the Prancing Horse
• Questions
• Problems
• Internet Exercises
• Chapter 14 Funding the Multinational Firm
• 14.1 Designing a Strategy to Source Capital Globally
• 14.2 Optimal Financial Structure
• 14.3 Raising Equity Globally
• 14.4 Depositary Receipts
• 14.5 Private Placement
• 14.6 Raising Debt Globally
• 14.7 Financing Foreign Subsidiaries
• Summary Points
• Mini-Case: CEMEX’s Debt Dilemma
• Questions
• Problems
• Internet Exercises
• Chapter 15 Multinational Tax Management
• 15.1 Tax Principles and Practices
• 15.2 Multinational Tax Management
• 15.3 Google: An Illustrative Case of Profit Repositioning
• 15.4 Global Tax Competitiveness
• 15.5 U.S. Tax Law Change in 2017
• Summary Points
• Mini-Case: Apple’s Global iTax Strategy
• Questions
• Problems
• Internet Exercises
• Chapter 16 International Trade Finance
• 16.1 The Trade Relationship
• 16.2 Key Documents
• 16.3 Government Programs to Help Finance Exports
• 16.4 Trade Financing Alternatives
• 16.5 Forfaiting
• Summary Points
• Mini-Case: Crosswell International and Brazil
• Questions
• Problems
• Internet Exercises
• PART 5 Foreign Investments and Investment Analysis
• Chapter 17 Foreign Direct Investment and Political Risk
• 17.1 The Foreign Direct Investment Decision
• 17.2 Structural Choices for Foreign Market Entry
• 17.3 Political Risk: Definition and Classification
• 17.4 Financial Impacts of Political Risk
• 17.5 Political Risk Mitigation
• Summary Points
• Mini-Case: Tengiz—The Definition of Political Risk
• Questions
• Internet Exercises
• Chapter 18 Multinational Capital Budgeting and Cross-Border Acquisitions
• 18.1 Complexities of Budgeting for a Foreign Project
• 18.2 Illustrative Case: Cemex Enters Indonesia
• 18.3 Real Option Analysis
• 18.4 Project Financing
• 18.5 Cross-Border Mergers and Acquisitions
• Summary Points
• Mini-Case: Elan and Royalty Pharma
• Questions
• Problems
• Internet Exercises
• Answers to Selected End-of-Chapter Problems
• Glossary
• Index
• A
• B
• C
• D
• E
• F
• G
• H
• I
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• K
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• N
• O
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• Q
• R
• S
• T
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