Multinational Business Finance / Edition 14

by David Eiteman, Arthur Stonehill, Michael Moffett

Overview

For courses in International Finance.

Authoritative, Comprehensive Coverage of Contemporary International Finance

Renowned for its authoritative, comprehensive coverage of contemporary international finance, Multinational Business Finance trains the leaders of tomorrow’s multinational enterprises to recognize and capitalize on the unique characteristics of global markets. Because the job of a manager is to make financial decisions that increase firm value, the authors have embedded real-world mini-cases throughout to apply chapter concepts to the types of situations managers of multinational firms face.

The Fourteenth Edition, now with MyFinanceLab, attempts to capture the rapid evolution of our global marketplace, taking a closer look at the types of organizations that permeate the widespread arena, competition and opportunities in emerging markets, and how financial leadership can integrate the strategic and financial challenges that global businesses face today.

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Students, if interested in purchasing this title with MyFinanceLab, ask your instructor for the correct package ISBN and Course ID. Instructors, contact your Pearson representative for more information.

Product Details

ISBN-13:	9780133879872
Publisher:	Pearson Education
Publication date:	07/09/2015
Edition description:	Older Edition
Pages:	624
Product dimensions:	8.20(w) x 10.10(h) x 1.10(d)

About the Author

David K. Eiteman

David K. Eiteman is Professor Emeritus of Finance at the John E. Anderson Graduate School of Management at UCLA. He has also held teaching or research appointments at the Hong Kong University of Science & Technology, Showa Academy of Music (Japan), the National University of Singapore, Dalian University (China), the Helsinki School of Economics and Business Administration (Finland), University of Hawaii at Manoa, University of Bradford (U.K.), Cranfield School of Management (U.K.), and IDEA (Argentina). He is a former president of the International Trade and Finance Association, Society for Economics and Management in China, and Western Finance Association.

Professor Eiteman received a B.B.A. (Business Administration) from the University of Michigan, Ann Arbor (1952); M.A. (Economics) from the University of California, Berkeley (1956); and a Ph.D. (Finance) from Northwestern University (1959).

He has authored or co-authored four books and twenty-nine other publications. His articles have appeared in The Journal of Finance, The International Trade Journal, Financial Analysts Journal, Journal of World Business, Management International, Business Horizons, MSU Business Topics, Public Utilities Fortnightly, and others.

Arthur I. Stonehill

Arthur I. Stonehill is a Professor of Finance and International Business, Emeritus, at Oregon State University, where he taught for 24 years (1966-1990). During 1991-1997 he held a split appointment at the University of Hawaii at Manoa and Copenhagen Business School. From 1997 to 2001, he continued as a Visiting Professor at the University of Hawaii at Manoa. He has also held teaching or research appointments at the University of California, Berkeley; Cranfield School of Management (U.K.); and the North European Management Institute (Norway). He was a former president of the Academy of International Business, and was a western director of the Financial Management Association.

Professor Stonehill received a B.A. (History) from Yale University (1953); an M.B.A. from Harvard Business School (1957); and a Ph.D. in Business Administration from the University of California, Berkeley (1965). He was awarded honorary doctorates from the Aarhus School of Business (Denmark, 1989), the Copenhagen Business School (Denmark, 1992), and Lund University (Sweden, 1998).

He has authored or co-authored nine books and twenty-five other publications. His articles have appeared in Financial Management, Journal of International Business Studies, California Management Review, Journal of Financial and Quantitative Analysis, Journal of International Financial Management and Accounting, International Business Review, European Management Journal, The Investment Analyst (U.K.), Nationaløkonomisk Tidskrift (Denmark), Sosialøkonomen (Norway), Journal of Financial Education, and others.

Michael H. Moffett

Michael H. Moffett is Continental Grain Professor in Finance at the Thunderbird School of Global Management at Arizona State University, where he has been since 1994. He also has held teaching or research appointments at Oregon State University (1985-1993); the University of Michigan, Ann Arbor (1991-1993); the Brookings Institution, Washington, D.C.; the University of Hawaii at Manoa; the Aarhus School of Business (Denmark); the Helsinki School of Economics and Business Administration (Finland), the International Centre for Public Enterprises (Yugoslavia); and the University of Colorado, Boulder.

Professor Moffett received a B.A. (Economics) from the University of Texas at Austin (1977), an M.S. (Resource Economics) from Colorado State University (1979), an M.A. (Economics) from the University of Colorado, Boulder (1983), and Ph.D. (Economics) from the University of Colorado, Boulder (1985).

He has authored, co-authored, or contributed to a number of books, articles, case studies, and other publications. He has co-authored two books with Art Stonehill and David Eiteman, Fundamentals of Multinational Finance, and this book, Multinational Business Finance. His articles have appeared in the Journal of Financial and Quantitative Analysis, Journal of Applied Corporate Finance, Journal of International Money and Finance, Journal of International Financial Management and Accounting, Contemporary Policy Issues, Brookings Discussion Papers in International Economics, and others. He has contributed to a number of collected works including the Handbook of Modern Finance, the International Accounting and Finance Handbook, and the Encyclopedia of International Business. He is also co-author of two books in multinational business with Michael Czinkota and Ilkka Ronkainen, International Business (7th Edition) and Global Business (4th Edition), and The Global Oil and Gas Industry: Strategy, Finance, and Management, with Andrew Inkpen.

Table of Contents

I. THE INTERNATIONAL FINANCIAL ENVIRONMENT.

1. International Financial Management and the Multinational Firm.
2. The International Monetary Environment.
3. Foreign Exchange Rate Determination.

Appendix: An Algebraic Primer to International Parity Conditions.

4. The Foreign Exchange Market.
5. Foreign Currency Options.

II. MEASURING AND MANAGING FOREIGN EXCHANGE EXPOSURE.

6. Transaction Exposure.

Decision Case: Lufthansa.
Decision Case: Zapa Chemical and BuBa.

7. Operating Exposure.
8. Accounting Exposure.

Decision Case: Tektronix (C).

9. Interest Rate Exposure and Swaps.

Decision Case: British Columbia Hydro.

III. FINANCING THE GLOBAL FIRM.

10. Global Cost of Capital and Financial Structure.
11. Sourcing Equity Globally.
12. Sourcing Debt Globally.

IV. FOREIGN INVESTMENT DECISIONS.

13. Corporate Strategy and Foreign Direct Investment.
14. Multinational Capital Budgeting.

Decision Case: P.T. Semen Gresik.

15. International Acquisitions and Valuation.
16. Adjusting for Risk in Foreign Investments.

V. MANAGING MULTINATIONAL OPERATIONS.

17. Multinational Taxation.
18. Repositioning Funds.

Decision Case: Northwestern Paper Company.

19. Working Capital Management.

Decision Case: The Far East Trading Company.

20. Export and Import Financing.
21. Evaluation of Performance.

VI. ADVANCED TOPICS IN MULTINATIONAL FINANCE.

22. International Portfolio Theory and the MNE.
23. Advanced Topics in Currency Risk Management.

Appendix A: Currency Option Pricing Theory.
Appendix B: Cumulative Normal Probability Tables.

24. Advanced Topics in Interest Rate Risk Management.

Editorial Reviews

This seventh edition text on multinational business finance explains how successful multinational firms recognize and exploit imperfections in national markets, utilize available factors of production, and manage financial assets. The authors further claim that while volatile exchange rates increase risk, they can also generate great opportunities for both investors and organizations needing to raise capital. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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