Multinational Financial Management

International business activity is not new. The transfer of goods and services across national borders has been taking place for thousands of years, antedating even Joseph's advice to the rulers of Egypt to establish that nation as the granary of the Middle East. Since the end of World War II, however, international business has undergone a revolution out of which has emerged what is probably the most important economic phenomenon of the latter half of the 20th century: the multinational corporation. The sixth edition of Multinational Financial Management provides the conceptual framework within which key financial decisions of the multinational firm can be analyzed. The emphasis throughout the book is on taking advantage of being a multinational corporation. Using real-world examples and illustrations of corporate practices, the text demonstrates to students the value of making judgments with a solid theoretical foundation. Beyond the traditional coverage of corporate finance, key elements including multiple currency, exchange rates, differing tax systems, and political risks such as nationalization and expropriation are explored. New to This Edition*Extensive discussion of the Asian currency crisis*Examination of international differences in corporate governance*Exploration of the eurocurrency*Additional coverage of the European Monetary Union*Completely updated real-world examples that provide actual applications of financial concepts and theories*New cases and end-of-chapter problemsSupplements Instructor's Manual with Solutions and Test Bank This all-inclusive ancillary contains lecture outlines and objectives, key points, suggested answers to discussion questionsand solutions to all end-of-chapter problems. This manual also includes a test bank completely revised and updated for the sixth edition by Joseph Greco of California State University—Fullerton.

• Pt. I Environment of International Financial Management
• 1 Introduction: Multinational Enterprise and Multinational Financial Management
• 2 The Determination of Exchange Rates
• 3 The International Monetary System
• 4 Parity Conditions in International Finance and Currency Forecasting
• 5 The Balance of Payments and International Economic Linkages
• 6 Country Risk Analysis
• Pt. I Case Studies

  Pt. II Foreign Exchange and Derivatives Markets

• 7 The Foreign Exchange Market
• 8 Currency Futures and Options Markets
• 9 Swaps and Interest Rate Derivatives
• Pt. III Foreign Exchange Risk Management
• 10 Measuring and Managing Translation and Transaction Exposure
• 11 Measuring and Managing Economic Exposure
• Pt. III Case Studies

  Pt. IV Financing the Multinational Corporation

• 12 International Financing and National Capital Markets
• 13 The Euromarkets
• 14 The Cost of Capital for Foreign Investments
• Pt. IV Case Studies

  Pt. V Foreign Investment Analysis

• 15 International Portfolio Investment
• 16 Corporate Strategy and Foreign Direct Investment
• 17 Capital Budgeting for the Multinational Corporation
• Pt. V Case Studies

  Pt. VI Multinational Working Capital Management

• 18 Financing Foreign Trade
• 19 Current Asset Management and Short-Term Financing
• 20 Managing the Multinational Financing System
• Pt. VI Case Study
• Glossary of Key Words and Terms in International Finance