Multinational Financial Management / Edition 9

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Overview

As more businesses in today’s economy are moving towards a global reach, it is essential for finance students to understand how the fundamentals of corporate finance relate to multinational firms.  Shapiro’s Multinational Financial Management 9th Edition provides that conceptual framework within which key financial decisions of a multinational firm can be analyzed. The author’s comprehensive approach is to treat international financial management as a natural extension of the principles learned in the first course in financial management. The book builds its coverage of international finance on the framework of valuation established by domestic corporate finance. It can be used in courses in International Financial Management and International Finance at the upper-level undergraduate or MBA level.
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Editorial Reviews

Booknews
As the multinational corporation becomes the norm rather than the exception, there is an apparent need to internationalize the tools of financial analysis. This revised textbook provides a conceptual framework within which the key financial decisions of the multinational firm can be analyzed. All the traditional areas of corporate finance are explored from the perspective of a multinational corporation, concentrating on decision elements rarely encountered by domestic firms. The revisions are mainly of a pedagogical nature, enhancing the text as a teaching/learning vehicle. Annotation c. Book News, Inc., Portland, OR booknews.com
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Product Details

  • ISBN-13: 9780470415016
  • Publisher: Wiley
  • Publication date: 3/11/2009
  • Edition description: Older Edition
  • Edition number: 9
  • Pages: 784
  • Sales rank: 890,304
  • Product dimensions: 7.80 (w) x 9.20 (h) x 1.30 (d)

Meet the Author

Dr. Alan C. Shapiro is the Ivadelle and Theodore Johnson Professor of Banking and Finance. Prior to joining USC in 1978, he was an Assistant Professor at the Wharton School of the University of Pennsylvania (1971-1978). He has also been a Visiting Professor at Yale University, UCLA, the Stockholm School of Economics, University of British Columbia, and the U.S. Naval Academy. His specialties are corporate and international financial management.
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Table of Contents

Part I: Environment of International Financial Management.

CHAPTER 1: INTRODUCTION: MULTINATIONAL ENTERPRISE AND MULTINATIONAL 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.

APPENDIX 1A: THE ORIGINS AND CONSEQUENCES OF INTERNATIONAL TRADE.

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 Summary and Conclusions.

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.

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.

Empirical Evidence.

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.

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.

CHAPTER 6: COUNTRY RISK ANALYSIS.

6.1 Measuring Political Risk.

6.2 Economic and Political Factors Underlying Country Risk.

6.3 Country Risk Analysis in International Banking.

6.4 Summary and Conclusions.

Part II: Foreign Exchange and Derivatives Markets.

CHAPTER 7:  THE FOREIGN EXCHANGE MARKET.

7.1 Organization of the Foreign Exchange Market.

7.2 The Spot Market.

7.3 The Forward Market.

7.4 Summary and Conclusions.

CHAPTER 8: CURRENCY FUTURES AND OPTIONS MARKETS.

8.1 Futures Contracts.

8.2 Currency Options.

8.3 Reading Currency Futures and Options Prices.

8.4 Summary and Conclusions.

APPENDIX 8A: Option Pricing Using Black-Scholes.

APPENDIX 8B: Put-Call Option Interest Rate Parity.

CHAPTER 9: SWAPS AND INTEREST RATE DERIVATIVES.

9.1 Interest Rate and Currency Swaps.

9.2 Interest Rate Forwards and Futures.

9.3 Structured Notes.

9.4 Summary and Conclusions.

Part III: Foreign Exchange Risk Management.

CHAPTER 10: MEASURING AND MANAGING TRANSLATION AND TRANSACTION EXPOSURE.

10.1 Alternative Measures of Foreign Exchange Exposure.

10.2 Alternative Currency Translation Methods.

10.3 Transaction Exposure.

10.4 Designing a Hedging Strategy.

10.5 Managing Translation Exposure.

10.6 Managing Transaction Exposure.

10.7 Summary and Conclusions.

CHAPTER 11: MEASURING AND MANAGING ECONOMIC EXPOSURE.

11.1 Foreign Exchange Risk and Economic Exposure.

11.2 The Economic Consequences of Exchange Rate Changes.

11.3 Identifying Economic Exposure.

11.4 Calculating Economic Exposure.

11.5 An Operational Measure of Exchange Risk.

11.6 Managing Operating Exposure.

11.7 Summary and Conclusions.

Part IV: Financing the Multinational Corporation.

CHAPTER 12: INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS.

12.1 Corporate Sources and Uses of Funds.

12.2 National Capital Markets as International Financial Centers.

12.3 Development Banks.

12.4 Project Finance.

12.5 Summary and Conclusions.

CHAPTER 13: THE EUROMARKETS.

13.1 The Eurocurrency Market.

13.2 Eurobonds.

13.3 Note Issuance Facilities and Euronotes.

13.4 Euro-Commercial Paper.

13.5 The Asiacurrency Market.

13.6 Summary and Conclusions.

CHAPTER 14: THE COST OF CAPITAL FOR FOREIGN INVESTMENTS.

14.1 The Cost of Equity Capital.

14.2 The Weighted Average Cost of Capital for Foreign Projects.

14.3 Discount Rates for Foreign Investments.

14.4 The Cost of Debt Capital.

14.5 Establishing a Worldwide Capital Structure.

14.6 Valuing Low-Cost Financing Opportunities.

14.7 Summary and Conclusions.

Part V: Foreign Investment Analysis.

CHAPTER 15: INTERNATIONAL PORTFOLIO INVESTMENT.

15.1 The Risks and Benefits of International Equity Investing.

15.2 International Bond Investing.

15.3 Optimal International Asset Allocation.

15.4 Measuring the Total Return from Foreign Portfolio Investing.

15.5 Measuring Exchange Risk on Foreign Securities.

15.6 Summary and Conclusions.

CHAPTER 16: CORPORATE STRATEGY AND FOREIGN DIRECT INVESTMENT.

16.1 Theory of the Multinational Corporation.

16.2 The Strategy of Multinational Enterprise.

16.3 Designing a Global Expansion Strategy.

16.4 Summary and Conclusions.

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.

APPENDIX 17A: MANAGING POLITICAL RISK.

Part VI: Multinational Working Capital Management.

CHAPTER 18: FINANCING FOREIGN TRADE.

18.1 Payment Terms in International Trade.

18.2 Documents in International Trade.

18.3 Financing Techniques in International Trade.

18.4 Government Sources of Export Financing and Credit Insurance.

18.5 Countertrade.

18.6 Summary and Conclusions.

CHAPTER 19: CURRENT ASSET MANAGEMENT AND SHORT-TERM FINANCING.

19.1 International Cash Management.

19.2 Accounts Receivable Management.

19.3 Inventory Management.

19.4 Short-Term Financing.

19.5 Summary and Conclusions.

CHAPTER 20: MANAGING THE MULTINATIONAL FINANCIAL SYSTEM.

20.1 The Value of the Multinational Financial System.

20.2 Intercompany Fund-Flow Mechanisms: Costs and Benefits.

20.3 Designing a Global Remittance Policy.

20.4 Summary and Conclusions.

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  • Anonymous

    Posted January 19, 2001

    Excelent book on international finance

    There is no textbook on this field of business in Japan. So. it is very useful for us and very easy for us to understand the policy and management of international financial managenet in multinational companies.

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