Test bank for Multinational Finance Evaluating Opportunities Costs and Risks of Operations 5th edition Kirt Butler
Test bank for Multinational Finance Evaluating Opportunities Costs and Risks of Operations 5th edition Kirt Butler
Multinational Finance, Fifth Edition assumes the viewpoint of the financial manager of a multinational corporation with investment or financial operations in more than one country. This book provides a framework for evaluating the many opportunities, costs, and risks of multinational operations in a manner that allows readers to see beyond the math and terminology surrounding this field to realize the general principles of multinational financial management.
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PART ONE The International Financial Environment
CHAPTER 1 An Introduction to Multinational Finance
Executive Summary
1.1 The Goals of the Multinational Corporation
1.2 The Challenges of Multinational Operations
1.3 The Opportunities of Multinational Operations
1.4 Financial Management of the Multinational Corporation
1.5 Summary
Key Terms
Conceptual Questions
CHAPTER 2 World Trade and the International Monetary System
Executive Summary
2.1 Integration of the World’s Markets
2.2 Balance-of-Payments Statistics
2.3 Exchange Rate Systems
2.4 A Brief History of the International Monetary System
2.5 The Global Financial Crisis of 2008
2.6 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 3 Foreign Exchange and Eurocurrency Markets
Executive Summary
3.1 Characteristics of Financial Markets
3.2 The Eurocurrency Market
3.3 The Foreign Exchange Market
3.4 Foreign Exchange Rates and Quotations
3.5 The Empirical Behavior of Exchange Rates
3.6 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 4 The International Parity Conditions and Their Consequences
Executive Summary
4.1 The Law of One Price
4.2 Exchange Rate Equilibrium
4.3 Interest Rate Parity and Covered Interest Arbitrage
4.4 Less Reliable International Parity Conditions
4.5 The Real Exchange Rate
4.6 Exchange Rate Forecasting
4.7 Summary
Key Terms
Conceptual Questions
Problems
Readings
Appendix 4A: Continuous Compounding
Problems
PART TWO Derivative Securities for Financial Risk Management
CHAPTER 5 Currency Futures and Futures Markets
Executive Summary
5.1 Financial Futures Exchanges
5.2 The Operation of Futures Markets
5.3 Futures Contracts
5.4 Forward versus Futures Market Hedges
5.5 Futures Hedges Using Cross-Exchange Rates
5.6 Hedging with Currency Futures
5.7 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 6 Currency Options and Options Markets
Executive Summary
6.1 What Is an Option?
6.2 Option Payoff Profiles
6.3 Currency Option Values Prior to Expiration
6.4 Hedging with Currency Options
6.5 Exchange Rate Volatility Revisited (Advanced)
6.6 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
Appendix 6A: Currency Option Valuation
Key Terms
Problems
Suggested Readings
CHAPTER 7 Currency Swaps and Swaps Markets
Executive Summary
7.1 The Growth of the Swaps Market
7.2 Swaps as Portfolios of Forward Contracts
7.3 Currency Swaps
7.4 Interest Rate Swaps
7.5 Other Types of Swaps
7.6 Hedging the Swap Bank’s Exposure to Financial Price Risk
7.7 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
PART THREE Managing the Risks of Multinational Operations
CHAPTER 8 Multinational Treasury Management
Executive Summary
8.1 Determining Financial Goals and Strategies
8.2 Managing the Corporation’s International Trade
8.3 Financing the Corporation’s International Trade
8.4 Managing the Multinational Corporation’s Cash Flows
8.5 Currency Risk Management in the Multinational Corporation
8.6 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
Appendix 8A: The Rationale for Hedging Currency Risk
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 9 Managing Transaction Exposure to Currency Risk
Executive Summary
9.1 An Example of Transaction Exposure to Currency Risk
9.2 Managing Transaction Exposures Internally
9.3 Managing Transaction Exposure in Financial Markets
9.4 Treasury Management in Practice
9.5 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 10 Managing Operating Exposure to Currency Risk
Executive Summary
10.1 Operating Exposures to Currency Risk
10.2 The Exposure of Shareholders’ Equity
10.3 Managing Operating Exposure in the Financial Markets
10.4 Managing Operating Exposure through Operations
10.5 Pricing Strategy and the Firm’s Competitive Environment
10.6 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 11 Managing Translation Exposure and Accounting for Financial Transactions
Executive Summary
11.1 The Current Rate Method of Financial Accounting Standard No. 52
11.2 Corporate Hedging of Translation Exposure
11.3 Accounting for Financial Market Transactions
11.4 Accounting, Disclosure, and Corporate Hedging Activities
11.5 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
PART FOUR Valuation and the Structure of Multinational Operations
CHAPTER 12 Foreign Market Entry and Country Risk Management
Executive Summary
12.1 Strategic Entry into International Markets
12.2 Country Risk Assessment
12.3 Strategies for Managing Country Risk
12.4 Protecting the Multinational’s Competitive Advantages
12.5 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 13 Multinational Capital Budgeting
Executive Summary
13.1 The Algebra of Multinational Capital Budgeting
13.2 An Example: Wendy’s Restaurant in Neverland
13.3 International Parity Disequilibria
13.4 Special Circumstances in Cross-Border Investments
13.5 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 14 Multinational Capital Structure and Cost of Capital
Executive Summary
14.1 Capital Structure and the Cost of Capital
14.2 Project Valuation and the Cost of Capital
14.3 The Cost of Capital on Multinational Operations
14.4 Sources of Funds for Multinational Operations
14.5 The International Evidence on Capital Structure
14.6 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 15 Taxes and Multinational Corporate Strategy
Executive Summary
15.1 The Objectives of National Tax Policy
15.2 Types of Taxation
15.3 U.S. Taxation of Foreign-Source Income
15.4 Taxes and Organizational Form
15.5 Transfer Pricing and Tax Planning
15.6 Taxes and the Location of Foreign Assets and Liabilities
15.7 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 16 Real Options and Cross-Border Investment Strategy
Executive Summary
16.1 Real Options and the Theory and Practice of Investment
16.2 Market Entry as a Simple Real Option
16.3 Uncertainty and the Value of the Option to Invest
16.4 Market Entry as a Compound Real Option
16.5 The Real Option Approach as a Complement to Net Present Value
16.6 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 17 Corporate Governance and the International Market for Corporate Control
Executive Summary
17.1 Corporate Governance
17.2 The International Market for Corporate Control
17.3 The International Evidence on Mergers and Acquisitions
17.4 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
PART FIVE International Portfolio Investment and Asset Pricing
CHAPTER 18 International Capital Markets
Executive Summary
18.1 Domestic and International Bond Markets
18.2 Domestic and International Stock Markets
18.3 International Investment Vehicles
18.4 Share Prices in International Markets
18.5 Asset Allocation Policy and Investment Style
18.6 Cross-Border Financial Statement Analysis
18.7 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 19 International Portfolio Diversification
Executive Summary
19.1 The Algebra of Portfolio Diversification
19.2 Returns on Foreign Investments
19.3 The Benefits of International Portfolio Diversification
19.4 Home Bias
19.5 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
CHAPTER 20 International Asset Pricing
Executive Summary
20.1 The International Capital Asset Pricing Model
20.2 Factor Models and Arbitrage Pricing Theory
20.3 Factor Models for International Assets
20.4 Momentum Strategies
20.5 Contemporary Asset Pricing Models
20.6 Summary
Key Terms
Conceptual Questions
Problems
Suggested Readings
Notes
Solutions to Even-Numbered Problems
Symbols and Acronyms
Useful Rules and Formulas
Useful Websites
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