{"product_id":"multinational-finance-isbn-9781119219682","title":"Multinational Finance","description":"\u003cb\u003eDeep coverage and rigorous examination of international corporate finance\u003c\/b\u003e \u003cp\u003e\u003ci\u003eMultinational Finance\u003c\/i\u003e offers an advanced exploration of international corporate finance concepts and operations. Despite its status as one of the most rigorous texts on the topic, this book remains accessible and readable without sacrificing depth of coverage. Sidebars, key terms, essays, conceptual questions, and problems with solutions help aid in the learning process, while suggested readings and PowerPoint handouts reinforce the material and offer avenues for further exploration. This new sixth edition includes Excel templates that allow students to use real-world tools in a learning environment, and the modular structure facilitates course customization to individual objectives, interests, and preparatory level. The emphasis is on the basics of financial management, but coverage includes unique chapters on treasury management, asset pricing, hedging, options, and portfolio management in addition to traditional finance topics. \u003c\/p\u003e\u003cp\u003eInternational finance is a diverse field with myriad specialties and a vast array of possible interests. This book allows students to view the field through the lens of a financial manager with investment or financial options in more than one country to give them a practical feel for real-world application. \u003c\/p\u003e\u003cul\u003e \u003cli\u003eUnderstand the nature and operations of international corporate finance\u003c\/li\u003e \u003cli\u003eEvaluate opportunities, costs, and risks of multinational operations\u003c\/li\u003e \u003cli\u003eSee beyond the numbers and terminology to the general principles at work\u003c\/li\u003e \u003cli\u003eLearn the markets, currencies, taxation, capital structure, governance, and more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eComprehensive, adaptable, and rigorously focused, this book gives students a solid foundation in international corporate finance, as well as a sound understanding of the tools and mechanics of the field. Designed for MBA and advanced undergraduate courses, \u003ci\u003eMultinational Finance\u003c\/i\u003e provides the deep coverage so essential to a solid education in finance. \u003c\/p\u003e\u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003eAbout the Author xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One The International Financial Environment 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 An Introduction to Multinational Finance 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 The Goals of the Multinational Corporation 3\u003c\/p\u003e \u003cp\u003e1.2 The Challenges of Multinational Operations 5\u003c\/p\u003e \u003cp\u003e1.3 The Opportunities of Multinational Operations 6\u003c\/p\u003e \u003cp\u003e1.4 Financial Management of the Multinational Corporation 11\u003c\/p\u003e \u003cp\u003e1.5 Summary 12\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 World Trade and the International Monetary System 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Integration of the World’s Markets 15\u003c\/p\u003e \u003cp\u003e2.2 Balance-of-Payments Statistics 16\u003c\/p\u003e \u003cp\u003e2.3 Exchange Rate Systems 18\u003c\/p\u003e \u003cp\u003e2.4 A Brief History of the International Monetary System 22\u003c\/p\u003e \u003cp\u003e2.5 Summary 31\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Foreign Exchange and Eurocurrency Markets 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Characteristics of Financial Markets 35\u003c\/p\u003e \u003cp\u003e3.2 The Eurocurrency Market 36\u003c\/p\u003e \u003cp\u003e3.3 The Foreign Exchange Market 41\u003c\/p\u003e \u003cp\u003e3.4 Foreign Exchange Rates and Quotations 44\u003c\/p\u003e \u003cp\u003e3.5 Hedging with Currency Forwards 51\u003c\/p\u003e \u003cp\u003e3.6 The Empirical Behavior of Exchange Rates 54\u003c\/p\u003e \u003cp\u003e3.7 Summary 56\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 The International Parity Conditions and Their Consequences 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 The Law of One Price 61\u003c\/p\u003e \u003cp\u003e4.2 Exchange Rate Equilibrium 63\u003c\/p\u003e \u003cp\u003e4.3 Covered Interest Arbitrage and Interest Rate Parity 66\u003c\/p\u003e \u003cp\u003e4.4 Less Reliable International Parity Conditions 69\u003c\/p\u003e \u003cp\u003e4.5 The Real Exchange Rate 74\u003c\/p\u003e \u003cp\u003e4.6 Exchange Rate Forecasting 78\u003c\/p\u003e \u003cp\u003e4.7 Summary 81\u003c\/p\u003e \u003cp\u003eAppendix 4A: Continuous Compounding 88\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Derivative Securities for Financial Risk Management 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Currency Futures and Futures Markets 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 The Evolution of Futures Markets 95\u003c\/p\u003e \u003cp\u003e5.2 Futures Contracts 97\u003c\/p\u003e \u003cp\u003e5.3 Forward versus Futures Market Hedges 100\u003c\/p\u003e \u003cp\u003e5.4 Hedging with Currency Futures 104\u003c\/p\u003e \u003cp\u003e5.5 Summary 113\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Currency Options and Options Markets 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 What Is an Option? 117\u003c\/p\u003e \u003cp\u003e6.2 Option Payoff Profiles 119\u003c\/p\u003e \u003cp\u003e6.3 Currency Option Values Prior to Expiration 126\u003c\/p\u003e \u003cp\u003e6.4 Hedging with Currency Options 129\u003c\/p\u003e \u003cp\u003e6.5 Exchange Rate Volatility Revisited 134\u003c\/p\u003e \u003cp\u003e6.6 Summary 139\u003c\/p\u003e \u003cp\u003eAppendix 6A: Currency Option Valuation 143\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Currency Swaps and Swaps Markets 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 The Growth of the Swaps Market 149\u003c\/p\u003e \u003cp\u003e7.2 Swaps as Portfolios of Forward Contracts 151\u003c\/p\u003e \u003cp\u003e7.3 Currency Swaps 153\u003c\/p\u003e \u003cp\u003e7.4 Interest Rate Swaps 161\u003c\/p\u003e \u003cp\u003e7.5 Other Types of Swaps 163\u003c\/p\u003e \u003cp\u003e7.6 Hedging the Swap Bank’s Exposure to Financial Price Risk 165\u003c\/p\u003e \u003cp\u003e7.7 Summary 166\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Managing the Risks of Multinational Operations 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Multinational Treasury Management 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Determining Financial Goals and Strategies 173\u003c\/p\u003e \u003cp\u003e8.2 Managing International Trade 174\u003c\/p\u003e \u003cp\u003e8.4 Managing Cash Flows 181\u003c\/p\u003e \u003cp\u003e8.5 Managing Exposures to Currency Risk 183\u003c\/p\u003e \u003cp\u003e8.6 Summary 190\u003c\/p\u003e \u003cp\u003eAppendix 8A: The Rationale for Hedging Currency Risk 194\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Managing Transaction Exposure to Currency Risk 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Transaction Exposure to Currency Risk 207\u003c\/p\u003e \u003cp\u003e9.2 Managing Transaction Exposures Internally 208\u003c\/p\u003e \u003cp\u003e9.3 Managing Transaction Exposures in the Financial Markets 214\u003c\/p\u003e \u003cp\u003e9.4 Treasury Management in Practice 221\u003c\/p\u003e \u003cp\u003e9.5 Summary 227\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Managing Operating Exposure to Currency Risk 231\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Operating Exposures to Currency Risk 231\u003c\/p\u003e \u003cp\u003e10.2 The Exposure of Shareholders’ Equity 234\u003c\/p\u003e \u003cp\u003e10.3 Managing Operating Exposures in the Financial Markets 239\u003c\/p\u003e \u003cp\u003e10.4 Managing Operating Exposures Through Operations 243\u003c\/p\u003e \u003cp\u003e10.5 Pricing Strategy and the Competitive Environment 245\u003c\/p\u003e \u003cp\u003e10.6 Summary 247\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Managing Translation Exposure and Accounting for Financial Transactions 253\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Financial Accounting and Reporting Standards 253\u003c\/p\u003e \u003cp\u003e11.2 The Current Rate Method of IAS 21 and ASC 830–30 255\u003c\/p\u003e \u003cp\u003e11.3 Corporate Hedging of Translation Exposure 257\u003c\/p\u003e \u003cp\u003e11.4 Accounting for Financial Market Instruments 260\u003c\/p\u003e \u003cp\u003e11.5 Accounting, Disclosure, and Corporate Hedging Activities 265\u003c\/p\u003e \u003cp\u003e11.6 Summary 266\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four Valuation and the Structure of Multinational Operations 273\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Foreign Market Entry and Country Risk Management 275\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Strategic Entry into International Markets 276\u003c\/p\u003e \u003cp\u003e12.2 Country Risk Assessment 281\u003c\/p\u003e \u003cp\u003e12.3 Strategies for Managing Country Risk 287\u003c\/p\u003e \u003cp\u003e12.4 Protecting the Multinational’s Competitive Advantages 293\u003c\/p\u003e \u003cp\u003e12.5 Summary 296\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Multinational Capital Budgeting 299\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 The Algebra of Multinational Capital Budgeting 300\u003c\/p\u003e \u003cp\u003e13.2 An Example: Wendy’s Restaurant in Neverland 303\u003c\/p\u003e \u003cp\u003e13.3 International Parity Disequilibria 307\u003c\/p\u003e \u003cp\u003e13.4 Special Circumstances in Cross-Border Investments 313\u003c\/p\u003e \u003cp\u003e13.5 Summary 320\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Multinational Capital Structure and Cost of Capital 327\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 Capital Structure and the Cost of Capital 328\u003c\/p\u003e \u003cp\u003e14.2 Valuation of a Foreign Project with the WACC 332\u003c\/p\u003e \u003cp\u003e14.3 The Cost of Capital on Multinational Operations 337\u003c\/p\u003e \u003cp\u003e14.4 Sources of Funds for Multinational Operations 341\u003c\/p\u003e \u003cp\u003e14.5 The International Evidence of Capital Structure 346\u003c\/p\u003e \u003cp\u003e14.6 Summary 348\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Taxes and Multinational Corporate Strategy 355\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 The Objectives of National Tax Policy 355\u003c\/p\u003e \u003cp\u003e15.2 Types of Taxation 357\u003c\/p\u003e \u003cp\u003e15.3 Taxes and Organization Form 360\u003c\/p\u003e \u003cp\u003e15.4 U.S. Taxation of Foreign-Source Income 362\u003c\/p\u003e \u003cp\u003e15.5 Transfer Pricing and Tax Planning 367\u003c\/p\u003e \u003cp\u003e15.6 Taxes and the Location of Foreign Assets and Liabilities 370\u003c\/p\u003e \u003cp\u003e15.7 Summary 374\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Real Options and Cross-Border Investment Strategy 379\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 Real Options and the Theory and Practice of Investment 379\u003c\/p\u003e \u003cp\u003e16.2 Market Entry as a Simple Real Option 381\u003c\/p\u003e \u003cp\u003e16.3 Uncertainty and the Value of the Option to Invest 389\u003c\/p\u003e \u003cp\u003e16.4 Market Entry as a Compound Real Option 392\u003c\/p\u003e \u003cp\u003e16.5 The Real Option Approach as Complement to NPV 395\u003c\/p\u003e \u003cp\u003e16.6 Summary 398\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Corporate Governance and the International Market for Corporate Control 405\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1 Corporate Governance 406\u003c\/p\u003e \u003cp\u003e17.2 The International Market for Corporate Control 418\u003c\/p\u003e \u003cp\u003e17.3 The International Evidence on Mergers and Acquisitions 424\u003c\/p\u003e \u003cp\u003e17.4 Summary 428\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five International Portfolio Investment and Asset Pricing 433\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 International Capital Markets 435\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e18.1 Domestic and International Capital Markets 435\u003c\/p\u003e \u003cp\u003e18.2 International Investment Vehicles 444\u003c\/p\u003e \u003cp\u003e18.3 Cross-Border Financial Statement Analysis 449\u003c\/p\u003e \u003cp\u003e18.4 Summary 452\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 International Portfolio Diversification 457\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e19.1 The Algebra of Portfolio Diversification 457\u003c\/p\u003e \u003cp\u003e19.2 Returns on Foreign Investments 466\u003c\/p\u003e \u003cp\u003e19.3 The Benefits of International Portfolio Diversification 473\u003c\/p\u003e \u003cp\u003e19.4 Home Bias 475\u003c\/p\u003e \u003cp\u003e19.5 Summary 480\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20 International Asset Pricing 485\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e20.1 The International Capital Asset Pricing Model (IAPM) 485\u003c\/p\u003e \u003cp\u003e20.2 Factor Models of Expected and Required Return 490\u003c\/p\u003e \u003cp\u003e20.3 Contemporary Asset Pricing Models 499\u003c\/p\u003e \u003cp\u003e20.4 Summary 501\u003c\/p\u003e \u003cp\u003eAppendix: Useful Rules and Formulas 509\u003c\/p\u003e \u003cp\u003eGlossary 515\u003c\/p\u003e \u003cp\u003eIndex 533\u003c\/p\u003e   \u003cp\u003e\u003cb\u003eKIRT C. BUTLER\u003c\/b\u003e is an associate professor in the Department of Finance and Director of Study Abroad for the Eli Broad College of Business at Michigan State University, where he teaches multinational finance and global strategy.    \u003c\/p\u003e\u003cp\u003e\u003cb\u003eAdvanced Exploration of International Corporate Finance Concepts and Operations\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003ci\u003eMultinational Finance\u003c\/i\u003e offers a rigorous examination and profound depth of coverage on international corporate finance—one that is easily within reach for students with a first course in finance. It fully prepares you to use a widely proven framework for evaluating all of the opportunities, costs, and risks in multinational operations. This \u003ci\u003eSixth Edition\u003c\/i\u003e now features a suite of practical tools and know-how for operating in the real world. Up-to-date coverage on traditional topics, information especially useful to practitioners, best practices and theory, and more empower you to: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eBuild a solid foundation in international corporate finance and sound expertise in the tools and techniques of the field\u003c\/li\u003e \u003cli\u003eGain a competitive edge with peerless insight into treasury management, asset pricing, hedging, options, and portfolio management\u003c\/li\u003e \u003cli\u003eFully develop your potential with easy customization to fit personal objectives, interests, and level of experience\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003ci\u003eMultinational Finance, Sixth Edition\u003c\/i\u003e is your turnkey entry into the everyday world of international financial management.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989661728997,"sku":"NP9781119219682","price":78.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119219682.jpg?v=1761785005","url":"https:\/\/k12savings.com\/es\/products\/multinational-finance-isbn-9781119219682","provider":"K12savings","version":"1.0","type":"link"}