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Multinational Financial Management, 9th Edition,9780470415016
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Multinational Financial Management, 9th Edition



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This is the 9th edition with a publication date of 3/1/2009.

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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 9 th 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.

Author Biography

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.

Table of Contents

Environment of International Financial Management
Introduction: Multinational Enterprise and Multinational Financial Management
The Rise of the Multinational Corporation
The Internationalization of Business and Finance
Multinational Financial Management: Theory and Practice
Outline of the Book
The Origins and Consequences of International Trade
The Determination Of Exchange Rates
Setting the Equilibrium Spot Exchange Rate
Expectations and the Asset Market Model of Exchange Rates
The Fundamentals of Central Bank Intervention
The Equilibrium Approach to Exchange Rates
Summary and Conclusions
The International Monetary System
Alternative Exchange Rate Systems
A Brief History of the International Monetary System
The European Monetary System and Monetary Union
Emerging Market Currency Crises
Summary and Conclusions
Parity Conditions in International Finance and Currency Forecasting
Arbitrage and the Law of One Price
Purchasing Power Parity
The Fisher Effect
The International Fisher Effect
Empirical Evidence
Interest Rate Parity Theory
The Relationship Between the Forward Rate and the Future Spot Rate
Currency Forecasting
Summary and Conclusions
The Balance of Payments and International Economic Linkages
Balance-of-Payments Categories
The International Flow of Goods, Services, and Capital
Coping with the Current-Account Deficit
Summary and Conclusions
Country Risk Analysis
Measuring Political Risk
Economic and Political Factors Underlying Country Risk
Country Risk Analysis in International Banking
Summary and Conclusions
Foreign Exchange and Derivatives Markets
The Foreign Exchange Market
Organization of the Foreign Exchange Market
The Spot Market
The Forward Market
Summary and Conclusions
Currency Futures and Options Markets
Futures Contracts
Currency Options
Reading Currency Futures and Options Prices
Summary and Conclusions
Option Pricing Using Black-Scholes
Put-Call Option Interest Rate Parity
Swaps and Interest Rate Derivatives
Interest Rate and Currency Swaps
Interest Rate Forwards and Futures
Structured Notes
Summary and Conclusions
Foreign Exchange Risk Management
Measuring and Managing Translation and Transaction Exposure
Alternative Measures of Foreign Exchange Exposure
Alternative Currency Translation Methods
Transaction Exposure
Designing a Hedging Strategy
Managing Translation Exposure
Managing Transaction Exposure
Summary and Conclusions
Measuring and Managing Economic Exposure
Foreign Exchange Risk and Economic Exposure
The Economic Consequences of Exchange Rate Changes
Identifying Economic Exposure
Calculating Economic Exposure
An Operational Measure of Exchange Risk
Managing Operating Exposure
Summary and Conclusions
Financing the Multinational Corporation
Table of Contents provided by Publisher. All Rights Reserved.

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