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• COVER
• TABLE OF CONTENTS
• TITLE PAGE
• COPYRIGHT
• DEDICATION
• PREFACE
• Approach
• Changes in the Twelfth Edition
• Pedagogy
• Additional Resources
• Thanks
• ABOUT THE AUTHORS
• LIST OF FIGURES
• LIST OF TABLES
• WORLD CURRENCIES AND SYMBOLS
• Currencies of the World
• ACRONYMS AND SYMBOLS
• Acronyms
• Symbols
• PART I: The International Financial Management Environment
• 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
• 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
• 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
• 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
• 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
• Reference
• Notes
• PART II: The Foreign Exchange and Derivative Markets
• 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 The Mechanics of Foreign Exchange Transaction
• 6.5 Summary and Conclusions
• Questions
• Problems
• References
• Notes
• 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 A: Option Pricing Using Black-Scholes
• Problems
• Appendix B: Put-Call Option Interest Rate Parity
• Problems
• References
• Notes
• 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: Foreign Exchange Risk Management
• 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
• 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
• 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 Sustainable Finance
• 11.6 Summary and Conclusions
• Questions
• Problems
• References
• Notes
• 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
• 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
• 14 Country Risk Analysis
• 14.1 Measuring Political Risk
• 14.2 Factors Underlying Country Risk
• 14.3 Country Risk Analysis in international Lending
• 14.4 Summary and Conclusions
• Questions
• Problems
• References
• Notes
• 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
• 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
• 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
• 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
• END USER LICENSE AGREEMENT