Multinational Financial Management / Edition 9

by Alan C. Shapiro

Overview

International business activity is not new. The transfer of goods and services across national borders has been taking place for thousands of years, antedating even Joseph's advice to the rulers of Egypt to establish that nation as the granary of the Middle East. Since the end of World War II, however, international business has undergone a revolution out of which has emerged what is probably the most important economic phenomenon of the latter half of the 20th century: the multinational corporation. The sixth edition of Multinational Financial Management provides the conceptual framework within which key financial decisions of the multinational firm can be analyzed. The emphasis throughout the book is on taking advantage of being a multinational corporation. Using real-world examples and illustrations of corporate practices, the text demonstrates to students the value of making judgments with a solid theoretical foundation. Beyond the traditional coverage of corporate finance, key elements including multiple currency, exchange rates, differing tax systems, and political risks such as nationalization and expropriation are explored. New to This Edition*Extensive discussion of the Asian currency crisis*Examination of international differences in corporate governance*Exploration of the eurocurrency*Additional coverage of the European Monetary Union*Completely updated real-world examples that provide actual applications of financial concepts and theories*New cases and end-of-chapter problemsSupplements Instructor's Manual with Solutions and Test Bank This all-inclusive ancillary contains lecture outlines and objectives, key points, suggested answers to discussion questionsand solutions to all end-of-chapter problems. This manual also includes a test bank completely revised and updated for the sixth edition by Joseph Greco of California State University—Fullerton.

Product Details

ISBN-13:	9780470415016
Publisher:	Wiley
Publication date:	03/11/2009
Edition description:	Older Edition
Pages:	784
Product dimensions:	7.80(w) x 9.20(h) x 1.30(d)

About the Author

Alan C. Shapiro the Ivadelle and Theodore Johnson Professor of Banking and Finance Emeritus and past chairman of the Department of Finance and Business Economics at the Marshall School of Business, University of Southern California. Dr. Shapiro has served on the board of directors of numerous corporations such as the Pacific Corporate Group, Remington Oil and Gas Corporation, OKC Corporation, and was a government-appointed director for the Lincoln Federal Savings Bank. He has published scholarly articles in the Journal of Finance, Review of Financial Studies, Harvard Business Review, and Management Science. He has won several teaching awards and has held visiting positions at Yale University, UCLA, the US Naval Academy, the Stockholm School of Economics, and the University of British Columbia. Dr. Shapiro has been a pioneer in the field of international finance where his textbooks have helped define the field. His dedication in educating several generations of corporate executives was recognized by BusinessWeek which ranked him as one of the top ten business school professors in the U.S.

Paul Hanouna is an Associate Professor of Finance at Villanova University. He has held visiting positions at Santa Clara University, the Indian School of Business in Hyderabad, Copenhagen Business School, and HEC Paris. He has been a resident fellow at the Federal Deposit Insurance Corporation, a financial economist at the Securities and Exchange Commission, and a consultant for the International Monetary Fund. Dr. Hanouna specializes in corporate and international finance and his research has been published in journals such as the Journal of Banking and Finance, Journal of Corporate Finance, Journal of Economic Dynamics and Control, and Journal of Financial Intermediation, and presented at leading international conferences.

Atulya Sarin is a Professor of Finance at the Leavey School of Business at Santa Clara University. He has taught numerous graduate and undergraduate courses, including International Finance, and has won numerous academic honors and awards, including the Dean's Award for Research and Extraordinary Performance. Dr. Sarin has published over 25 articles in leading finance, economics, and management journals such as the Journal of Finance, Journal of Financial Economics, Journal of Applied Corporate Finance, Academy of Management Journal, and Journal of Financial and Quantitative Analysis. Dr. Sarin specializes in economic analyses of global transfer pricing issues and has served as an expert witness and consulted for firms ranging in size from small, closely held companies to international conglomerates, and representing many different industries, as well for government agencies and departments.

Table of Contents

Introduction: Multinational Enterprise and Multinational Financial Management.
PART ONE: ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT.
The Determination of Exchange Rates.
The International Monetary System.
The Balance of Payments and International Economic Linkages.
The Foreign Exchange Market.
Currency Futures and Options Markets.
Parity Conditions in International Finance and Currency Forecasting.
PART TWO: FOREIGN EXCHANGE RISK MANAGEMENT.
Measuring Accounting Exposure.
Managing Accounting Exposure.
Measuring Economic Exposure.
Managing Economic Exposure.
PART THREE: MULTINATIONAL WORKING CAPITAL MANAGEMENT.
Financing Foreign Trade.
Current Asset Management.
Managing the Multinational Financial System.
PART FOUR: FINANCING FOREIGN OPERATIONS.
International Financing and International Financial Markets.
Special Financing Vehicles.
International Banking Trends and Strategies.
The Cost of Capital for Foreign Investments.
PART FIVE: FOREIGN INVESTMENT ANALYSIS.
International Portfolio Investment.
Corporate Strategy and Foreign Direct Investment.
Capital Budgeting for the Multinational Corporation.
The Measurement and Management of Political Risk.
Glossary of Key Words and Terms in International Finance.

Editorial Reviews

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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