Efnisyfirlit

• Title Page
• Copyright Page
• For Art
• Pearson’s Commitment to Diversity, Equity, and Inclusion
• Preface
• Brief Contents
• Contents
• Part 1: Global Financial Environment
  • Chapter 1. Multinational Financial Management: Opportunities and Challenges
    • 1.1 The Global Financial Marketplace
    • Global Finance in Practice 1.1: Exchange Rate Quotations
    • Global Finance in Practice 1.2: Why Don’t African Countries Undervalue Their Currencies?
    • 1.2 The Theory of Comparative Advantage
    • 1.3 What Is Different About International Financial Management?
    • Global Finance in Practice 1.3: Corporate Responsibility and Corporate Sustainability
    • 1.4 The Globalization Process
    • Summary Points
    • Mini-case: Global Fintech
    • Questions
    • Problems
  • Chapter 2. International Monetary System
    • 2.1 History of the International Monetary System
    • Global Finance in Practice 2.1: The “Gold Bloc”—The Last Stand of Gold Standard
    • Global Finance in Practice 2.2: Britain Leaves the Gold Standard: Press Notice (Excerpts of Septembe
    • Global Finance in Practice 2.3: Hammering out an Agreement at Bretton Woods
    • 2.2 Fixed versus Flexible Exchange Rates
    • 2.3 The Impossible Trinity
    • 2.4 A Single Currency for Europe: The Euro
    • 2.5 Internationalization of the Chinese RMB
    • 2.6 Emerging Markets and Regime Choices
    • Global Finance in Practice 2.4: Nigeria Fights Currency Exchange Innovation
    • Summary Points
    • Mini-case: The Promise of the Digital Yuan
    • Questions
    • Problems
  • Chapter 3. The Balance of Payments
    • 3.1 Fundamentals of BOP Accounting
    • 3.2 The Accounts of the Balance of Payments
    • Global Finance in Practice 3.1: Inward Foreign Direct Investment in the Year of COVID
    • Global Finance in Practice 3.2: A Country’s Net International Investment Position (NIIP)
    • 3.3 BOP Impacts on Key Macroeconomic Rates
    • 3.4 Trade Balances and Exchange Rates
    • Global Finance in Practice 3.3: Do Trade Flows No Longer Follow the Theory?
    • 3.5 Capital Mobility
    • Global Finance in Practice 3.4: Chinese Regulatory Bureaucracy as a Capital Control
    • Summary Points
    • Mini-case: Global Remittances—Contributions of the Invisible
    • Questions
    • Problems
  • Chapter 4. Financial Goals, Corporate Governance, and the Market for Corporate Control
    • 4.1 Business Ownership
    • Global Finance in Practice 4.1: Historical Origins of the Modern Corporation
    • Global Finance in Practice 4.2: Structural Ownership Differences Across the World
    • 4.2 The Corporate Objective?
    • Global Finance in Practice 4.3: Stakeholder Capitalism Metrics: The Four Ps
    • 4.3 Corporate Governance
    • Global Finance in Practice 4.4: Italian Cross-Shareholding and the End of the Salatto Buono
    • Global Finance in Practice 4.5: Volkswagen’s Governance and Diesel Gate
    • 4.4 The Market for Corporate Control
    • Summary Points
    • Mini-case: Toshiba’s Failing Corporate Governance
    • Questions
    • Problems
• Part 2: Foreign Exchange Theory and Markets
  • Chapter 5. The Foreign Exchange Market
    • 5.1 Functions of the Foreign Exchange Market
    • 5.2 Structure of the Foreign Exchange Market
    • Global Finance in Practice 5.1: The Twilight Hour in Global FX Trading
    • Global Finance in Practice 5.2: Bankhaus Herstatt and Herstatt Risk
    • Global Finance in Practice 5.3: Black Wednesday: The 1992 Sterling Crisis
    • 5.3 Transactions in the Foreign Exchange Market
    • 5.4 Foreign Exchange Rates and Quotations
    • Global Finance in Practice 5.4: The Rocketing Swiss Franc
    • Summary Points
    • Mini-case: Iceland: A Small Country in a Global Crisis
    • Questions
    • Problems
  • Chapter 6. International Parity Conditions
    • 6.1 Prices and Exchange Rates
    • Global Finance in Practice 6.1: Lies, Damn Lies, and Statistics: Uber Fare as the Basis for Exchange
    • 6.2 Interest Rates and Exchange Rates
    • Global Finance in Practice 6.2: Are Foreign Capital Inflow and Interest Rate Directly Related?
    • Global Finance in Practice 6.3: Global Money Market Interest Rates, 1986–2021
    • 6.3 Forward Rate as an Unbiased Predictor of the Future Spot Rate
    • Global Finance in Practice 6.4: Hungarian Mortgage
    • 6.4 Prices, Interest Rates, and Exchange Rates in Equilibrium
    • Summary Points
    • Mini-case: Mrs. Watanabe and the Japanese Yen Carry Trade
    • Questions
    • Problems
    • Appendix: An Algebraic Primer to International Parity Conditions
  • Chapter 7. Foreign Currency Derivatives: Futures and Options
    • 7.1 Foreign Currency Futures
    • 7.2 Foreign Currency Options
    • Global Finance in Practice 7.1: Currency Options and Lufthansa
    • Global Finance in Practice 7.2: Exotic Options: Caveat Emptor
    • 7.3 Option Pricing and Valuation
    • Global Finance in Practice 7.3: The New Zealand Kiwi and Andrew Krieger
    • 7.4 Currency Option Pricing Sensitivity
    • Global Finance in Practice 7.4: GM and Fiat’s Put Option
    • Summary Points
    • Mini-case: The Ups and Downs of Volatility
    • Questions
    • Problems
    • Appendix: Currency Option Pricing Theory
  • Chapter 8. Interest Rate Risk and Swaps
    • 8.1 Interest Rate Foundations
    • 8.2 The Cost of Debt
    • Global Finance in Practice 8.1: You Will Be a Millionaire in Indonesia: The Impact of South Asian Cu
    • 8.3 Interest Rate Risk
    • 8.4 Interest Rate Futures and Forward Rate Agreements
    • 8.5 Interest Rate Swaps
    • Global Finance in Practice 8.2: Procter & Gamble and Bankers Trust
    • Summary Points
    • Mini-case: Replacing LIBOR
    • Questions
    • Problems
  • Chapter 9. Foreign Exchange Rate Determination and Intervention
    • 9.1 Exchange Rate Determination: The Theoretical Thread
    • Global Finance in Practice 9.1: Technical Analysis of the Japanese Yen-U.S. Dollar Exchange Rate (Ja
    • 9.2 Currency Market Intervention
    • Global Finance in Practice 9.2: Coordinated Intervention: The Lost Decade of Japan
    • Global Finance in Practice 9.3: Rules of Thumb for Effective Intervention
    • Global Finance in Practice 9.4: The European Monetary System’s “Snake in a Tunnel”
    • 9.3 Disequilibrium: Exchange Rates in Emerging Markets
    • 9.4 Currency Forecasting in Practice
    • Summary Points
    • Mini-case: Is China a Currency Manipulator?
    • Questions
    • Problems
• Part 3: Foreign Exchange Exposure
  • Chapter 10. Transaction Exposure
    • 10.1 Types of Foreign Exchange Exposure
    • 10.2 Why Hedge?
    • Global Finance in Practice 10.1: Hedging and the Samsung Group
    • 10.3 Transaction Exposure
    • 10.4 Transaction Exposure Management
    • Global Finance in Practice 10.2: Forward Rates and the Cost of Hedging
    • 10.5 Transaction Exposure Management in Practice
    • Global Finance in Practice 10.3: Why Intra-Company Hedging Makes Sense
    • Summary Points
    • Mini-case: GraysonChung’s FX Exposure
    • Questions
    • Problems
    • Appendix A: Complex Option Hedges
    • Appendix B: The Optimal Hedge Ratio and Hedge Effectiveness
  • Chapter 11. Translation Exposure
    • 11.1 Overview of Translation
    • Global Finance in Practice 11.1: Functional Currency and Management Performance
    • 11.2 Translation Methods
    • 11.3 Aidan Corporation’s Translation Exposure
    • Global Finance in Practice 11.2: Value of a Foreign Subsidiary: Tata Motors and Jaguar Land Rover
    • 11.4 Managing Translation Exposure
    • Global Finance in Practice 11.3: Foreign Currency Hedge Accounting
    • Summary Points
    • Mini-case: Electrolux of Sweden’s Currency Management
    • Questions
    • Problems
  • Chapter 12. Operating Exposure
    • 12.1 A Multinational’s Operating Exposure
    • Global Finance in Practice 12.1: Operating Exposure: Jet2.com
    • 12.2 Measuring Operating Exposure
    • Global Finance in Practice 12.2: The Misunderstood Equation
    • 12.3 Strategic Management of Operating Exposure
    • Global Finance in Practice 12.3: The United Kingdom and Europe: Trans-Channel Currency Shifts
    • 12.4 Proactive Management of Operating Exposure
    • Global Finance in Practice 12.4: Hedging Hogs: Risk Sharing at Harley-Davidson
    • Global Finance in Practice 12.5: Do Fixed Exchange Rates Increase Corporate Currency Risk in Emergin
    • Summary Points
    • Mini-case: Brexit and Rolls-Royce
    • Questions
    • Problems
    • Appendix: Measuring Operating Exposure: Aidan Turkey
• Part 4: Financing the Global Firm
  • Chapter 13. Global Cost and Availability of Capital
    • 13.1 Financial Globalization and Strategy
    • Global Finance in Practice 13.1: Brexit and the Cost of Capital
    • 13.2 International Portfolio Theory and Diversification
    • 13.3 The Role of International Portfolio Investors
    • Global Finance in Practice 13.2: Emerging Market Growth Companies—IPOs and Corporate Governance
    • Global Finance in Practice 13.3: Culture, Religion, Law, and Financial Behavior
    • 13.4 The Cost of Capital for MNEs Compared to Domestic Firms
    • 13.5 Illustrative Case: Novo Industri A/S (Novo)
    • Summary Points
    • Mini-case: The Recapitalization of Saudi Aramco
    • Questions
    • Problems
  • Chapter 14. Funding the Multinational Firm
    • 14.1 Designing a Strategy to Source Capital Globally
    • 14.2 Optimal Financial Structure
    • 14.3 Raising Equity Globally
    • Global Finance in Practice 14.1: Saudi Aramco’s IPO Valuation
    • Global Finance in Practice 14.2: Global Equity Listings
    • 14.4 Depositary Receipts
    • 14.5 Private Placement
    • 14.6 Raising Debt Globally
    • Global Finance in Practice 14.3: Islamic Finance
    • 14.7 Financing Foreign Subsidiaries
    • Summary Points
    • Mini-case: Cemex’s Debt Dilemma
    • Questions
    • Problems
  • Chapter 15. Multinational Tax Management
    • 15.1 Tax Principles and Practices
    • 15.2 Multinational Tax Management
    • Global Finance in Practice 15.1: Profit Repatriation and Policies
    • Global Finance in Practice 15.2: HP’s Offshore Cash and Staggered Loan Program
    • 15.3 Global Tax Competitiveness
    • 15.4 U.S. Tax Law Change in 2017–2018
    • Summary Points
    • Mini-case: The Google Tax
    • Questions
    • Problems
  • Chapter 16. International Trade Finance
    • 16.1 The Trade Relationship
    • Global Finance in Practice 16.1: Trade Finance Gains and Losses from the Global Pandemic
    • 16.2 Key Documents
    • Global Finance in Practice 16.2: Florence—The Birthplace of Trade Financing
    • 16.3 Government Programs to Help Finance Exports
    • 16.4 Trade Financing Alternatives
    • Global Finance in Practice 16.3: Factoring in Practice
    • 16.5 Forfaiting
    • Summary Points
    • Mini-case: Crosswell International and Brazil
    • Questions
    • Problems
• Part 5: Foreign Investments and Investment Analysis
  • Chapter 17. Foreign Direct Investment and Political Risk
    • 17.1 The Foreign Direct Investment Decision
    • 17.2 Structural Choices for Foreign Market Entry
    • Global Finance in Practice 17.1: Joint Venture to Wholly Owned Subsidiary
    • 17.3 Political Risk: Definition and Classification
    • Global Finance in Practice 17.2: The Chinese Belt and Road Initiative (BRI) and Debt-Trap Diplomacy
    • 17.4 Financial Impacts of Political Risk
    • 17.5 Political Risk Mitigation
    • Global Finance in Practice 17.3: Selective Examples of Expropriation and Nationalization across the
    • Global Finance in Practice 17.4: U.S. Financial Sanctions on Iran
    • Global Finance in Practice 17.5: Structuring Incentives in Foreign Direct Investments
    • Summary Points
    • Mini-case: Argentina and the Vulture Funds
    • Questions
  • Chapter 18. Multinational Capital Budgeting and Cross-Border Acquisitions
    • 18.1 Complexities of Budgeting for a Foreign Project
    • 18.2 Illustrative Case: Cemex Enters Indonesia
    • Global Finance in Practice 18.1: Regulatory Strategy Towards Capital Controls
    • 18.3 Real Option Analysis
    • 18.4 Project Financing
    • 18.5 Cross-Border Mergers and Acquisitions
    • Global Finance in Practice 18.2: Values Change: GE Appliances and Electrolux
    • Global Finance in Practice 18.3: Statoil of Norway’s Acquisition of Esso of Sweden
    • Summary Points
    • Mini-case: Mittal’s Hostile Acquisition of Arcelor
    • Questions
    • Problems
• Answers to Selected End-of-Chapter Problems
• Glossary
• Index
  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • J
  • K
  • L
  • M
  • N
  • O
  • P
  • Q
  • R
  • S
  • T
  • U
  • V
  • W
  • X
  • Z
• Appendix: Currencies of the World

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