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Multinational Financial Management

by
Edition:
10th
ISBN13:

9781118572382

ISBN10:
1118572386
Format:
Paperback
Pub. Date:
11/11/2013
Publisher(s):
John Wiley & Sons Inc
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Summary

Multinational Financial Management, 10th Edition provides corporate managers with a conceptual framework within which the key financial decisions of the multinational firm can be analyzed. It contains charts and illustrations of corporate practice that are designed to highlight specific techniques. Numerous real-world examples and vignettes provide actual applications of financial concepts and theories. Seven longer illustrations of actual company practices appear at the end of key chapters to demonstrate different aspects of international financial management. Corporate managers will also benefit from the mini cases in each chapter that illustrate important concepts.

Table of Contents

Part I Environment of International Financial Management

CHAPTER 1 INTRODUCTION: MULTINATIONAL ENTERPRISE AND MULTINATIONAL FINANCIAL MANAGEMENT

Chapter Learning Objectives

Key Terms

1.1 The Rise of the Multinational Corporation

Evolution of the Multinational Corporation

Search for Raw-Materials

Market Seeking

Cost Minimization

Knowledge Seeking

Keeping Domestic Customers

Exploiting Financial Market Imperfections

The Process of Overseas Expansion

Exporting

Overseas Production

Licensing

Trade-offs Between Alternative Modes of Overseas Expansion

A Behavioral Definition of the Multinational Corporation

The Global Manager

1.2 The Internationalization of Business and Finance

Political and Labor Union Concerns about Global Competition

Consequences of Global Competition

1.3 Multinational Financial Management: Theory and Practice

Criticisms of the Multinational Corporation

Functions of Financial Management

Theme

Relationship to Domestic Financial Management

Arbitrage

Market Efficiency

Capital Asset Pricing

The Importance of Total Risk

The Global Financial Marketplace

The Role of the Financial Executive in an Efficient Market

1.4 Outline of the Book

Environment of International Financial Management

Foreign Exchange and Derivatives Markets

Foreign Exchange Risk Management

Financing the Multinational Corporation

Foreign Investment Analysis

Multinational Working Capital Management

Questions

Internet Resources

Internet Exercises

APPENDIX 1A

THE ORIGINS AND CONSEQUENCES OF INTERNATIONAL TRADE

The Gains from Trade

Specialized Factors of Production

Monetary Prices and Exchange Rates

Tariffs

Questions

CHAPTER 2 THE DETERMINATION OF EXCHANGE RATES

Chapter Learning Objectives

Key Terms

2.1 Setting the Equilibrium Spot Exchange Rate

Demand for a Currency

Supply of a Currency

Factors that Affect the Equilibrium Exchange Rate

Relative Inflation Rates

Relative Interest Rates

Relative Economic Growth Rates

Political and Economic Risk

Calculating Exchange Rate Changes

2.2 Expectations and the Asset Market Model of Exchange Rates

The Nature of Money and Currency Values

Central Bank Reputations and Currency Values

Price Stability and Central Bank Independence

Currency Boards

Dollarization

Expectations and Currency Values

2.3 The Fundamentals of Central Bank Intervention

How Real Exchange Rates Affect Relative Competitiveness

Foreign Exchange Market Intervention

Mechanics of Intervention

Sterilized versus Unsterilized Intervention

The Effects of Foreign Exchange Market Intervention

2.4 The Equilibrium Approach to Exchange Rates

Disequilibrium Theory and Exchange Rate Overshooting

The Equilibrium Theory of Exchange Rates and Its Implications

2.5 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

CHAPTER 3 THE INTERNATIONAL MONETARY SYSTEM

Chapter Learning Objectives

Key Terms

3.1 Alternative Exchange Rate Systems

Free Float

Managed Float

Target-Zone Arrangement

Fixed-Rate System

The Current System of Exchange Rate Determination

3.2 A Brief History of the International Monetary System

The Classical Gold Standard

How the Classical Gold Standard Worked in Practice: 1821-1914

The Gold Exchange Standard and Its Aftermath: 1925-1944

Competitive Devaluations

Bretton Woods Conference and the Postwar Monetary System

Role of the IMF

Role of the World Bank

Role of the Bank for International Settlements

The Bretton Woods System: 1946-1971

Lessons and Red Flags from Bretton Woods

The Post-Bretton Woods System: 1971 to the Present

Assessment of the Floating Rate System

Currency Volatility Has Increased

Requirements for Currency Stability

3.3 The European Monetary System and Monetary Union

The Exchange Rate Mechanism

Lessons from the European Monetary System

The Currency Crisis of September 1992

The Catalyst

The High Cost of Intervention

The Exchange Rate Mechanism Is Abandoned in August 1993

The Catalyst

Governments Surrender to the Market

A Postmortem on the EMS

European Monetary Union

Maastricht Convergence Criteria

Launch of the Euro

EMU and the European Welfare State

Consequences of EMU

Performance of the Euro

Optimum Currency Area

Cracks in the Eurozone the Periphery States Fracture

The Catalyst Divergences in Prices

Euro Structural Flaws

Disparate Growth Rates Heightened Tensions

Lessons from EMU and the Euro

Exchange Rate Regimes Today

3.4 Emerging Market Currency Crises

Transmission Mechanisms

Trade Links

Financial System

Debt Policy

Origins of Emerging Market Crises

Moral Hazard

Fundamental Policy Conflict

Policy Proposals for Dealing with Emerging Market Crises

Currency Controls

Freely Floating Currency

Permanently Fixed Exchange Rate

Better Information

3.5 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

CHAPTER 4 PARITY CONDITIONS IN INTERNATIONAL FINANCE AND CURRENCY FORECASTING

Chapter Learning Objectives

Key Terms

4.1 Arbitrage and the Law of One Price

4.2 Purchasing Power Parity

The Lesson of Purchasing Power Parity

Expected Inflation and Exchange Rate Changes

The Monetary Approach

Empirical Evidence

4.3 The Fisher Effect

Empirical Evidence

Adding Up Capital Markets Internationally

4.4 The International Fisher Effect

Empirical Evidence

4.5 Interest Rate Parity Theory

Empirical Evidence

4.6 The Relationship Between the Forward Rate and the Future Spot Rate

Empirical Evidence

4.7 Currency Forecasting                

Requirements for Successful Currency Forecasting

Market-Based Forecasts

Forward Rates

Interest Rates

Model-Based Forecasts

Fundamental Analysis

Technical Analysis

Model Evaluation

Forecasting Controlled Exchange Rates

4.8 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

CHAPTER 5 THE BALANCE OF PAYMENTS AND INTERNATIONAL ECONOMIC LINKAGES

Chapter Learning Objectives

Key Terms

5.1 Balance-of-Payments Categories

Current Account

Capital Account

Financial Account

Balance-of-Payments Measures

The Missing Numbers

5.2 The International Flow of Goods, Services, and Capital

Domestic Saving and Investment and the Financial Account

The Link Between the Current and Financial Accounts

Government Budget Deficits and Current-Account Deficits

The Current Situation

5.3 Coping with the Current-Account Deficit

Currency Depreciation

Lagged Effects

J-Curve Theory

Devaluation and Inflation

U.S. Deficits and the Demand for U.S. Assets

Protectionism

Ending Foreign Ownership of Domestic Assets

Boosting the Saving Rate

External Policies

Current-Account Deficits and Unemployment

The Bottom Line on Current-Account Deficits and Surpluses

5.4 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

CHAPTER 6 COUNTRY RISK ANALYSIS

Chapter Learning Objectives

Key Terms

6.1 Measuring Political Risk

Political Stability

Economic Factors

Subjective Factors

Political Risk and Uncertain Property Rights

Capital Flight

6.2 Economic and Political Factors Underlying Country Risk

Fiscal Irresponsibility

Monetary Instability

Controlled Exchange Rate System

Wasteful Government Spending

Resource Base

Country Risk and Adjustment to External Shocks

Market-Oriented versus Statist Policies

Why Capitalism Works

Statist Policies Constrain Growth

Why Statist Policies Persist

Key Indicators of Country Risk and Economic Health

Market-Oriented Policies Work

Market-Oriented Reform in Latin America

Obstacles to Economic Reform

6.3 Country Risk Analysis in International Banking

The Mathematics of Sovereign Debt Analysis

Country Risk and the Terms of Trade

The Government's Cost/Benefit Calculus

Lessons from the International Debt Crisis

Onset of the Crisis

Reform Takes Hold

Debt Relief

The Crisis Ends

Lessons from Successful Economic Reform

6.4 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

Part II Foreign Exchange and Derivatives Markets

CHAPTER 7 THE FOREIGN EXCHANGE MARKET

Chapter Learning Objectives

Key Terms

7.1 Organization of the Foreign Exchange Market

The Participants

The Clearing System

Electronic Trading

Size

7.2 The Spot Market

Spot Quotations

Transaction Costs

Cross Rates

Currency Arbitrage

Settlement Date

Exchange Risk

The Mechanics of Spot Transactions

7.3 The Forward Market

Forward Quotations

Exchange Risk

Cross Rates

Forward Contract Maturities

7.4 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

CHAPTER 8 CURRENCY FUTURES AND OPTIONS MARKETS

Chapter Learning Objectives

Key Terms

8.1 Futures Contracts

Forward Contract versus Futures Contract

Advantages and Disadvantages of Futures Contracts

Arbitrage Between the Futures and Forward Markets

8.2 Currency Options

Market Structure

Using Currency Options

Currency Spread

Knockout Options

Option Pricing and Valuation

Using Forward or Futures Contracts versus Options Contracts

Futures Options

8.3 Reading Currency Futures and Options Prices

8.4 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

APPENDIX 8A: Option Pricing Using Black-Scholes

APPENDIX 8B: Put-Call Option Interest Rate Parity

CHAPTER 9 SWAPS AND INTEREST RATE DERIVATIVES

Chapter Learning Objectives

Key Terms

9.1 Interest Rate and Currency Swaps

Interest Rate Swaps

The Classic Swap Transaction

Cost Savings Associated with Swaps

Currency Swaps

Interest Rate/Currency Swaps

Dual Currency Bond Swaps

Economic Advantages of Swaps

9.2 Interest Rate Forwards and Futures

Forward Forwards

Forward Rate Agreement

Eurodollar Futures

9.3 Structured Notes

Inverse Floaters

Callable Step-Up Note

Step-Down Coupon Note

9.4 Credit Default Swaps

9.5 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

Part III Foreign Exchange Risk Management

CHAPTER 10 MEASURING AND MANAGING TRANSLATION AND TRANSACTION EXPOSURE

Chapter Learning Objectives

Key Terms

10.1 Alternative Measures of Foreign Exchange Exposure

Translation Exposure

Transaction Exposure

Operating Exposure

10.2 Alternative Currency Translation Methods

Current/Noncurrent Method

Monetary/Nonmonetary Method

Temporal Method

Current Rate Method

10.3 Transaction Exposure

10.4 Designing a Hedging Strategy

Objectives

Costs and Benefits of Standard Hedging Techniques

Costs of Hedging

Benefits of Hedging

Exposure Netting

Centralization versus Decentralization

Managing Risk Management

Accounting for Hedging and FASB 133

10.5 Managing Translation Exposure

Funds Adjustment

Evaluating Alternative Hedging Mechanisms

10.6 Managing Transaction Exposure

Forward Market Hedge

The True Cost of Hedging

Money-Market Hedge

Risk Shifting

Pricing Decisions

Exposure Netting

Currency Risk Sharing

Currency Collars

Cross-Hedging

Foreign Currency Options

Using Options to Hedge Bids

Using Options to Hedge Other Currency Risks

Options versus Forward Contracts

10.7 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

APPENDIX 10A Statement of Financial Accounting Standards No. 52

Application of FASB No. 52

CHAPTER 11 MEASURING AND MANAGING ECONOMIC EXPOSURE

Chapter Learning Objectives

Key Terms

11.1 Foreign Exchange Risk and Economic Exposure

Real Exchange Rate Changes and Exchange Risk

Importance of the Real Exchange Rate

Inflation and Exchange Risk

Competitive Effects of Real Exchange Rate Changes

11.2 The Economic Consequences of Exchange Rate Changes

Transaction Exposure

Operating Exposure

11.3 Identifying Economic Exposure

Aspen Skiing Company

Petróleos Mexicanos

Toyota Motor Company

11.4 Calculating Economic Exposure

Spectrum's Accounting Exposure

Spectrum's Economic Exposure

Case Analysis

11.5 An Operational Measure of Exchange Risk

Limitations

11.6 Managing Operating Exposure

Marketing Management of Exchange Risk

Market Selection

Pricing Strategy

Product Strategy

Production Management of Exchange Risk

Input Mix

Shifting Production Among Plants

Plant Location

Raising Productivity

Planning for Exchange Rate Changes

Financial Management of Exchange Risk

11.7 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

Part IV Financing the Multinational Corporation

CHAPTER 12 INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS

Chapter Learning Objectives

Key Terms

12.1 Corporate Sources and Uses of Funds

Financial Markets versus Financial Intermediaries

Financial Systems and Corporate Governance

Globalization of Financial Markets

12.2 National Capital Markets as International Financial Centers

International Financial Markets

Foreign Access to Domestic Markets

The Foreign Bond Market

The Foreign Bank Market

The Foreign Equity Market

Globalization of Financial Markets Has Its Downside

12.3 Development Banks

The World Bank Group

IBRD

IFC

IDA

Regional and National Development Banks

Regional Development Banks

National Development Banks

Private-Sector Alternatives

12.4 Project Finance

12.5 Summary and Conclusions

Questions

Problem

Internet Resources

Internet Exercises

Bibliography

CHAPTER 13 THE EUROMARKETS

Chapter Learning Objectives

Key Terms

13.1 The Eurocurrency Market

Modern Origins

Eurodollar Creation

Eurocurrency Loans

Terms

Multicurrency Clauses

Relationship Between Domestic and Eurocurrency Money Markets

Interest Differentials

Eurocurrency Spreads

Euromarket Trends

13.2 Eurobonds

Swaps

Links Between the Domestic and Eurobond Markets

Placement

Currency Denomination

Interest Rates on Fixed-Rate Eurobonds

Interest Rates on Floating-Rate Eurobonds

Eurobond Retirement

Ratings

Rationale for Existence of Eurobond Market

Eurobonds versus Eurocurrency Loans

13.3 Note Issuance Facilities and Euronotes

Note Issuance Facilities versus Eurobonds

Euro-Medium-Term Notes

Reasons for Success

Costs of a Euro-MTN Program

Characteristics

Risks

13.4 Euro-Commercial Paper

13.5 The Asiacurrency Market

13.6 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

CHAPTER 14 THE COST OF CAPITAL FOR FOREIGN INVESTMENTS

Chapter Learning Objectives

Key Terms

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

Evidence from the Stock Market

Key Issues in Estimating Foreign Project Discount Rates

Proxy Companies

Local Companies

Proxy Industry

Adjusted U.S. Industry Beta

The Relevant Base Portfolio

The Impact of Globalization on the Cost of Capital

Empirical Evidence

A Recommendation

The Relevant Market Risk Premium

Recommendations

14.4 The Cost of Debt Capital

Annual Exchange Rate Change

Using Sovereign Risk Spreads

14.5 Establishing a Worldwide Capital Structure

Foreign Subsidiary Capital Structure

Political Risk Management

Currency Risk Management

Leverage and Foreign Tax Credits

Leasing and Taxes

Cost-Minimizing Approach to Global Capital Structure

Joint Ventures

14.6 Valuing Low-Cost Financing Opportunities

Taxes

Zero-Coupon Bonds

Debt versus Equity Financing

Government Credit and Capital Controls

Government Subsidies and Incentives

14.7 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

Part V Foreign Investment Analysis

CHAPTER 15 INTERNATIONAL PORTFOLIO INVESTMENT

Chapter Learning Objectives

Key Terms

15.1 The Risks and Benefits of International Equity Investing

International Diversification

Correlations and the Gains from Diversification

Recent Correlations

Investing in Emerging Markets

Barriers to International Diversification

15.2 International Bond Investing

15.3 Optimal International Asset Allocation

15.4 Measuring the Total Return from Foreign Portfolio Investing

Bonds

Stocks

15.5 Measuring Exchange Risk on Foreign Securities

Hedging Currency Risk

15.6 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

CHAPTER 16 CORPORATE STRATEGY AND FOREIGN DIRECT INVESTMENT

Chapter Learning Objectives

Key Terms

16.1 Theory of the Multinational Corporation

Product and Factor Market Imperfections

Financial Market Imperfections

16.2 The Strategy of Multinational Enterprise

Innovation-Based Multinationals

The Mature Multinationals

The Senescent Multinationals

Foreign Direct Investment and Survival

Cost Reduction

Economies of Scale

Multiple Sourcing

Knowledge Seeking

Keeping Domestic Customers

16.3 Designing a Global Expansion Strategy

1. Awareness of Profitable Investments

2. Selecting a Mode of Entry

3. Auditing the Effectiveness of Entry Modes

4. Using Appropriate Evaluation Criteria

5. Estimating the Longevity of a Competitive Advantage

16.4 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

CHAPTER 17 CAPITAL BUDGETING FOR THE MULTINATIONAL CORPORATION

Chapter Learning Objectives

Key Terms

17.1 Basics of Capital Budgeting

Net Present Value

Incremental Cash Flows

Cannibalization

Sales Creation

Opportunity Cost

Transfer Pricing

Fees and Royalties

Getting the Base Case Right

Accounting for Intangible Benefits

Alternative Capital-Budgeting Frameworks

An Adjusted Present Value Approach

17.2 Issues in Foreign Investment Analysis

Parent versus Project Cash Flows

A Three-Stage Approach

Estimating Incremental Project Cash Flows

Tax Factors

Political and Economic Risk Analysis

Adjusting the Discount Rate or Payback Period

Adjusting Expected Values

Exchange Rate Changes and Inflation

17.3 Foreign Project Appraisal: The Case of International Diesel Corporation

Estimation of Project Cash Flows

Initial Investment Outlay

Financing IDC-U.K.

Interest Subsidies

Sales and Revenue Forecasts

Production Cost Estimates

Projected Net Income

Additions to Working Capital

Terminal Value

Estimated Project Present Value

Estimation of Parent Cash Flows

Loan Payments

Remittances to IDC-U.S.

Earnings on Exports to IDC-U.K.

Estimated Present Value of Project to IDC-U.S.

Lost Sales

17.4 Political Risk Analysis

Expropriation

Blocked Funds

17.5 Growth Options and Project Evaluation

17.6 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

APPENDIX 17A: MANAGING POLITICAL RISK

Part VI Multinational Working Capital Management

CHAPTER 18 FINANCING FOREIGN TRADE

Chapter Learning Objectives

Key Terms

18.1 Payment Terms in International Trade

Cash in Advance

Letter of Credit

Online Alternatives

Draft

Consignment

Open Account

Banks and Trade Financing

Collecting Overdue Accounts

18.2 Documents in International Trade

Bill of Lading

Commercial Invoice

Insurance Certificate

Consular Invoice

18.3 Financing Techniques in International Trade

Bankers' Acceptances

Creating an Acceptance

Terms of Acceptance Financing

Evaluating the Cost of Acceptance Financing

Discounting

Factoring

Evaluating the Cost of Factoring

Forfaiting

18.4 Government Sources of Export Financing and Credit Insurance

Export Financing

Export-Import Bank

Private Export Funding Corporation

Trends

Export-Credit Insurance

Foreign Credit Insurance Association

Taking Advantage of Government-Subsidized Export Financing

Export Financing Strategy

Import Financing Strategy

18.5 Countertrade

18.6 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

CHAPTER 19 CURRENT ASSET MANAGEMENT AND SHORT-TERM FINANCING

Chapter Learning Objectives

Key Terms

19.1 International Cash Management

Organization

Collection and Disbursement of Funds

Payments Netting in International Cash Management

Bilateral and Multilateral Netting

Information Requirements

Foreign Exchange Controls

Analysis

Management of the Short-Term Investment Portfolio

Portfolio Guidelines

Optimal Worldwide Cash Levels

Evaluation and Control

Cash Planning and Budgeting

Multinational Cash Mobilization

Bank Relations

19.2 Accounts Receivable Management

Credit Extension

19.3 Inventory Management

Production Location and Inventory Control

Advance Inventory Purchases

Inventory Stockpiling

19.4 Short-Term Financing

Key Factors in Short-Term Financing Strategy

Short-Term Financing Objectives

Short-Term Financing Options

Intercompany Financing

Local Currency Financing

Bank Loans

Commercial Paper

Calculating the Dollar Costs of Alternative Financing Options

Case 1: No Taxes

Case 2: Taxes

19.5 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography

CHAPTER 20 MANAGING THE MULTINATIONAL FINANCIAL SYSTEM

Chapter Learning Objectives

Key Terms

20.1 The Value of the Multinational Financial System

Mode of Transfer

Timing Flexibility

Value

20.2 Intercompany Fund-Flow Mechanisms: Costs and Benefits

Tax Factors

Transfer Pricing

Tax Effects

Tariffs

Exchange Controls

Joint Ventures

Disguising Profitability

Evaluation and Control

Reinvoicing Centers

Fees and Royalties

Leading and Lagging

Shifting Liquidity

Advantages

Government Restrictions

Intercompany Loans

Back-to-Back Loans

Parallel Loans

Dividends

Tax Effects

Financing Requirements

Exchange Controls

Joint Ventures

Equity versus Debt

20.3 Designing a Global Remittance Policy

Prerequisites

Information Requirements

Behavioral Consequences

20.4 Summary and Conclusions

Questions

Problems

Internet Resources

Internet Exercises

Bibliography



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