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• COVER
• LIST OF FIGURES
• LIST OF TABLES
• PREFACE
• WORLD CURRENCIES AND SYMBOLS
• ACRONYMS AND SYMBOLS
• 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
• END USER LICENSE AGREEMENT