Renowned for its authoritative, comprehensive coverage of contemporary international finance, this market-leading text 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 thirteenth edition attempts to capture the rapid evolution of our global marketplace through a number of principles, practices, and features.
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 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 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 coauthored 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.
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 University of California, Berkeley
(1956); and a Ph.D. (Finance) from Northwestern University (1959).
He has authored or coauthored 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.
Michael H. Moffett is Continental Grain Professor in Finance at the Thunderbird School
of Global Management. he was formerly Associate Professor of Finance at Oregon State
University (1985–1993). He has also held teaching or research appointments at 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, coauthored, or contributed to six books and 15 other publications.
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 coauthor of two
books in multinational business with Michael Czinkota and Ilkka Ronkainen, International
Business (7th Edition) and Global Business.
Part I Global Financial Environment
Chapter 1 Current Multinational Challenges and the Global Economy
Chapter 2 Corporate Ownership, Goals, and Governance
Chapter 3 The International Monetary System
Chapter 4 The Balance of Payments
Chapter 5 The Continuing Global Financial Crisis
Part II Foreign Exchange Theory and Markets
Chapter 6 The Foreign Exchange Market
Chapter 7 International Parity Conditions
Chapter 8 Foreign Currency Derivatives and Swaps
Part III Foreign Exchange Exposure
Chapter 9 Foreign Exchange Rate Determination and Forecasting
Chapter 10 Transaction Exposure
Chapter 11 Translation Exposure
Chapter 12 Operating Exposure
Part IV Financing the Global Firm
Chapter 13 The Global Cost and Availability of Capital
Chapter 14 Raising Equity and Debt Globally
Chapter 15 Multinational Tax Management
Part V Foreign Investment Decisions
Chapter 16 International Portfolio Theory and Diversification
Chapter 17 Foreign Direct Investment and Political Risk
Chapter 18 Multinational Capital Budgeting and Cross-Border Acquisitions
Part VI Managing Multinational Operations
Chapter 19 Working Capital Management
Chapter 20 International Trade Finance