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Preface xvii
Acknowledgments xxiii
About the Author xxv
Chapter 1 What Is International Corporate Finance? 1
The Uneven Reach of Globalization 2
The Rise of the Multinational Corporation 3
What Is Different about International Corporate Finance? 6
Risks in the Wonderland of International Finance 8
Internationalization and the Locus of the Finance Function 12
The International Control Conundrum 15
Exploiting the Multinational Enterprise System 16
Summary 18
Questions for Discussion 19
References 19
PART one The International Monetary Environment 21
Chapter 2 Exchange Rates Regimes 23
Some First Principles about Exchange Rate Determination 24
World Map of Exchange Rate Regimes: The Flexibility × Convertibility Space 29
Floating Exchange Rates 31
Stabilized or Pegged Exchange Rates 38
Controlled Exchange Rates 44
Summary 49
Appendix 2A: The Purchasing Power Parity Hypothesis 49
Questions for Discussion 58
Problems 58
References 61
Chapter 3 Yesterday and Yesteryear: A Brief History of the International Monetary System 63
Chronology of the International Monetary System 64
The Gold Standard (1878−1914, 1925−1931) 67
The Bretton Woods System (1944−1971) 69
Managed Floating Exchange Rates (1973−) 73
European Monetary System and the European Currency Unit (1979−1999) 74
Emerging Markets Currency Regimes and Crises 78
European Monetary Union and the Birth of the Euro (1999−Present) 81
Today and Tomorrow: The Current Map of Exchange Rates 85
Summary 88
Questions for Discussion 89
Problems 90
References 92
Chapter 4 The Balance of Payments 93
Fundamentals of Balance of International Payments Accounting 94
Current Account 99
Capital Account 101
Official Reserve Account 102
Statistical Discrepancies: Errors and Omissions 103
Balance of Payments and the Foreign Exchange Market 103
Debtor versus Creditor Nations 107
Linking the Balance of Payments to National Income 109
Summary 111
Questions for Discussion 112
Problems 113
References 115
PART TWO The Foreign Exchange Market and Currency Derivatives 117
Chapter 5 The Foreign Exchange Market 119
How Forex Is Traded: The Institutional Framework 120
Foreign Exchange Products 128
Exchange Rate Quotations 131
Summary 143
Questions for Discussion 144
Problems 144
References 147
Chapter 6 Interest Rate Arbitrage and Parity 149
Interest Rate Arbitrage Theorem 150
Interest Rate Parity 158
Uncovered Interest Rate Arbitrage and the Carry Trade 166
Summary 169
Appendix 6A: Interest Rate Parity and Asymmetric Taxation 170
Appendix 6B: The Linkages between Interest, Inflation, and Exchange Rates 171
Questions for Discussion 177
Problems 177
References 183
Chapter 7 Currency Futures, Options, and Swaps 185
A Brief History of Derivatives 186
Currency Futures 190
Currency Options 195
Risk Profile of Currency Options 198
Option Strategies 200
Put-Call Parity Theorem 206
The Valuation of Currency Options 209
Derivatives and Zero-Premium Options 215
Currency Swaps 218
Interest Rate Swaps 224
Summary 226
Questions for Discussion 227
Problems 228
References 231
PART Three International Financing 233
Chapter 8 The International Financial Sector and the Dynamics of Global Capital Markets 235
Financing as a Global Procurement Decision 236
The Financial System and Financial (Dis)Intermediation 238
Securitization and the (Lower) Cost of Consumer Financing 241
Deregulation 249
Mapping the Financial System/Capital Market Emergence Process 252
Summary 259
Questions for Discussion 260
Problems 260
References 263
Chapter 9 Sourcing Equity Globally 265
A Grand Tour of Equity Markets 266
Global Equity Financing as a Procurement Decision 273
Internationalizing the Cost of Capital: The Landmark Case of Novo Industri 274
Why Do Firms Cross-List? 279
How to Source Equity Globally 281
Summary 286
Questions for Discussion 288
Problems 288
References 290
Chapter 10 Sourcing Debt from Global Bond Markets 291
The International Debt Procurement Decision 292
Grand Tour of the Global Debt Market 293
Cost of Foreign Currency Debt Financing 299
Debt Refinancing 304
The International Debt Financing Conundrum 307
Summary 309
Questions for Discussion 310
Problems 311
References 315
Chapter 11 International Trade Financing 317
A Brief History of International Trade 317
The Trilogy of Risks in Exporting 318
Managing Credit Risk 321
Managing Currency Risk 322
Managing Country Risk 323
The Mechanics of Trade Financing with a Letter of Credit 324
Financing Exports 327
Pre-Export Financing 330
Government-Sponsored Export Credit Agencies 332
Summary 333
Questions for Discussion 333
Problems 334
Chapter 12 Asian Finance and Banking 337
Asian Finance: Common Historical Roots, Diverse Paths 338
Adaptive Responses: Crises and Institutional Change in Asian Finance 342
Business Organization, Corporate Ownership, and Governance 346
Capital Market Development 356
Capital Structure and the Cost of Capital 364
Performance, Value, and the Practice of Corporate Finance 366
Summary 368
Questions for Discussion 369
References 369
Chapter 13 Islamic Banking and Finance 371
The Underlying Principles of Islamic Finance 372
The Evolution of Islamic Finance 376
Islamic Financing Products 380
Shariah-Compliant Asset Management 386
Islamic Banking 388
Islamic Finance and the Global Financial Meltdown 392
Summary 394
Questions for Discussion 395
References 395
PART FOUR Managing Foreign Exchange Risk 397
Chapter 14 The Case for Foreign Exchange Risk Management 399
Defining Foreign Exchange Risk Management and Its Objectives 400
Can Hedging Currency Risk Increase the Value of the Firm? 403
When Is Hedging Currency Risk Irrelevant? 406
From Hedging to Managing Currency Risk 407
The Building Blocks of Foreign Exchange Risk Management 409
Summary 410
Appendix 14A: Foreign Exchange Risk Management: What Do Firms Do? 411
Questions for Discussion 412
References 412
Chapter 15 Forecasting Exchange Rates 413
Market-Based Forecasts 414
Model-Based Forecasts: Technical versus Econometric Modeling Approaches 419
Composite Forecasts 426
How to Use Currency Forecasts 427
Summary 427
Appendix 15A: Forecasting Pegged Yet Adjustable Exchange Rates 428
Questions for Discussion 434
Problems 434
References 437
Chapter 16 Managing Transaction Exposure 439
Measuring Transaction Exposure 440
The Mechanics of Hedging Transaction Exposure 444
Hedging and Financing International Trade 456
Eliminating Foreign Exchange Rate Risk in Long-Term Contracts 457
Exchange Rate Risk in International Bidding 463
How Much to Hedge Transaction Exposure 467
Summary 468
Questions for Discussion 468
Problems 469
References 475
Chapter 17 Managing Translation Exposure 477
What Is Translation Exposure? 477
Should Translation Exposure Be Hedged? 478
Alternative Translation Methods 479
The Mechanics of Contractual Hedging 485
The Mechanics of Financial Hedging 492
Summary 496
Appendix 17A: Accounting Valuation and the Concept of Translation Exposure 497
Questions for Discussion 501
Problems 502
References 506
Chapter 18 Managing Economic Exposure 507
A Taxonomy of Economic Exposures 508
Toward an Operational Measure of Economic Exposure 514
Managing Operating Exposure 518
Summary 523
Questions for Discussion 524
Problems 524
References 527
PART FIVE Cross-Border Valuation and Foreign Investment Analysis 529
Chapter 19 Foreign Market Entry Strategies and Country Risk Management 531
Contractual Modes of Foreign Market Entry 532
Foreign Market Entry through Foreign Direct Investments 537
Country Risk 539
Costs/Benefits of Foreign Direct Investment to Host Countries 544
Summary 548
Questions for Discussion 549
References 549
Chapter 20 International Capital Budgeting 551
The Foreign Direct Investment Decision-Making Process 551
A Primer on Evaluating Investment Opportunities 554
What Is Different about Evaluating Foreign Investment Proposals? 556
Case Study: Renault Invests in India 560
Global Cost of Equity Capital 571
Summary 575
Appendix 20A: Adjusted Present Value 576
Appendix 20B: Real Options 579
Questions for Discussion 587
Problems 587
References 591
Chapter 21 Cross-Border Mergers and Acquisitions 593
A Brief History of Mergers and Acquisitions 594
The Industrial Logic of Mergers and Acquisitions 594
Are Cross-Border Acquisitions Different? 596
Valuation of Foreign Acquisitions 600
Ciments Lafarge Enters Vietnam 602
Summary 610
Questions for Discussion 610
Problems 610
Chapter 22 Project Finance 613
What Is Project Finance? 614
On Allocating Risks 617
Anatomy of Project Finance: The Case of the Ras Laffan Liquefied Natural Gas Company 619
Valuing Project Finance: The Esty Model 621
Summary 628
Questions for Discussion 629
References 630
Chapter 23 Global Investing 631
The Basics of International Portfolio Management 632
The Gains from International Diversification 640
Trials and Tribulations in Foreign Equity Investing 647
Currency Risk in Global Investing 649
Alternative Modes of Investing in Foreign Equity 651
The New Landscape of Global Investing 652
Summary 657
Appendix 23A: In Search of Alpha at Global Thematic Partners (GTP) 657
Questions for Discussion 662
Problems 662
References 664
PART SIX Managing the Multinational Financial System 665
Chapter 24 International Control Conundrum 667
A Primer on Managerial Control 668
The International Control Conundrum 672
Currency Space Mapping 674
EVA-Based Contingent Budgeting and Performance Assessment 677
Summary 683
Appendix 24A: Applying the EVA-Based Control System 684
Questions for Discussion 689
References 689
Chapter 25 Managing the Multinational Financial System 691
A Primer on International Taxation 691
The Multinational Financial System 695
Exploiting the System’s Potential to Minimize Global Tax Liabilities 697
Designing a Global Dividends Remittance Strategy 702
Centralizing Cash Management 705
Summary 714
Questions for Discussion 715
Problems 716
References 717
Appendix: Answers to Selected Problems 719
About the Companion Website 727
Index 729
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