Multinational Financial Management
Kaup valmöguleikar
Setur fram hugtakaramma til greiningar á helstu fjárhagsákvörðunum fjölþjóðlegra fyrirtækja.
Í þessari tólftu útgáfu veitir Multinational Financial Management yfirgripsmikið og uppfært yfirlit yfir öll helstu svið alþjóðlegs fjármálaumhverfis, þar á meðal ákvörðun fjármagnskostnaðar alþjóðlegra verkefna, mat á fjárfestingarkostum, fjármagnsskipan, milliverðlagningu, áhættustýringu og verðbréfafjárfestingar.
Þessi leiðandi kennslubók er skrifuð með stór fjölþjóðleg fyrirtæki í huga og hefur að geyma fjölmörg töluleg dæmi og raunhæf tilvik sem sýna hvernig beita má fjármálagreiningu og röksemdafærslu til að leysa flókin alþjóðleg fjármálaviðfangsefni. Multinational Financial Management fjallar heildstætt um fjármálastjórnun fjölþjóðlegra fyrirtækja, skýrir flókin hugtök, veitir þann fræðilega grunn sem þarf til að greina ákvarðanatöku og kynnir hagnýtar greiningaraðferðir sem varpa ljósi á þær óljósu viðmiðunarreglur sem stjórnendur alþjóðlegra fjármála þurfa oft að styðjast við.
Höfundarnir sýna hvernig alþjóðleg vídd fjármála skapar áskoranir sem ekki koma upp í innlendum fjármálum, svo sem vegna margra gjaldmiðla, aðgreindra fjármagnsmarkaða, pólitískrar áhættu og alþjóðlegra skattamála. Tólfta útgáfa Multinational Financial Management hentar vel sem kennslubók í framhaldsnámskeiðum í grunnnámi og meistaranámi á sviði alþjóðlegra fjármála og alþjóðlegrar fjármálastjórnunar, auk námskeiða í bankastjórnun, fjármálastjórnun og stjórnendaþjálfun.
Provides a conceptual framework for analyzing key financial decisions of multinational firms Now in its twelfth edition, Multinational Financial Management provides a comprehensive and up-to-date survey of all essential areas of the international financial market environment, including the determination of the cost of capital for international projects, capital budgeting, financial structure, transfer pricing, risk management, and portfolio investment.
Written with the large multinational corporation in mind, this leading textbook offers a wealth of numerical and institutional examples that demonstrate the use of financial analysis and reasoning to solve complex international financial problems. Multinational Financial Management is a self-encompassing treatment of multinational financial management that simplifies complex concepts, provides the theoretical knowledge required to examine decision problems, and supplies the practical analytical techniques needed to clarify the ambiguous guidelines commonly used by international financial executives.
Throughout the text, the authors show how the international dimension of finance creates difficulties that are not encountered in domestic finance, such as multiple currencies, segmented capital markets, political risks, and international taxation issues. Multinational Financial Management, Twelfth Edition, remains the ideal textbook for upper-level undergraduate and master's degree courses in International Finance and International Financial Management, as well as bank management, financial management, and other executive development programs.
Nánar um bókina
- Wiley Global Education US
- 9781394187782
- 9781394187836
- ePub
- 12
- Alan C. Shapiro; Paul Hanouna; Atulya Sarin
- English
- 2024-02-22
- 100
- 10
- 2
Kaflar
- 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