Foundations of Multinational Financial Management
Focused on real-life decision making in an international context, this text demystifies and simplifies multinational financial management by showing that it is a natural and logical extension of the principles and valuation framework provided by domestic corporate financial management-but with dimensions unique to international finance.
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abroad affiliate American arbitrage assets balance borrowing call option Canadian dollar capital markets cash flows central bank Chapter competitive cost countries currency changes currency options currency risk current-account deficit debt demand depreciation Deutsche mark devaluation domestic economic exposure equity Eurobond Eurocurrency European example exchange rate changes exchange risk Exhibit expected exports factors ﬁnancial financial markets firm’s firms ﬂoat forecast foreign currency foreign exchange market forward contracts forward rate French franc funds futures contract gain German global govemment hedge home currency imports increase inflation inﬂation rate intemational interest differential interest rate parity investors Japanese liabilities loan loss million MNCs monetary multinational corporation nations operations overseas parity payment peso pound premium production profit purchasing put option reduce relative rency sell spot rate sterling strategy subsidiary Suppose swap Swiss franc tion transaction exposure translation U.S. dollar United