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Test bank for Multinational Business Finance 15th by Eiteman

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Renowned for its authoritative, comprehensive coverage of contemporary international finance, Multinational Business Finance trains the leaders of tomorrow’s multinational enterprises to recognize and capitalize on the unique characteristics of global markets. Because the job of a manager is to make financial decisions that increase a firm’s value, the authors have embedded real-world mini-cases throughout to apply chapter concepts to the types of situations managers of multinational firms face. The 15th Edition attempts to capture the rapid evolution of our global marketplace, taking a closer look at the types of organizations that permeate the widespread arena, competition and opportunities in emerging markets, and how financial leadership can integrate the strategic and financial challenges that global businesses face today.

 

Table of Content:

  1. PART ONE Global Financial Environment
  2. Chapter 1 Multinational Financial Management: Opportunities and Challenges
  3. LEARNING OBJECTIVES
  4. 1.1 The Global Financial Marketplace
  5. Assets, Institutions, and Linkages
  6. Securities
  7. Institutions
  8. Linkages
  9. The Market for Currencies
  10. Currency Symbols
  11. Exchange Rate Quotations and Terminology
  12. Quotation Conventions
  13. Financial Globalization and Risk
  14. Eurocurrencies and Eurocurrency Interest Rates
  15. Eurocurrencies
  16. Eurocurrency Interest Rates
  17. 1.2 The Theory of Comparative Advantage
  18. 1.3 What Is Different about International Financial Management?
  19. Market Imperfections: A Rationale for the Existence of the Multinational Firm
  20. Why Do Firms Go Global?
  21. You the Professional and Multinational Financial Management
  22. 1.4 The Globalization Process
  23. Global Transition I: Domestic Phase to the International Trade Phase
  24. Global Transition II: The International Trade Phase to the Multinational Phase
  25. The Multinational Enterprise’s Consolidated Financial Results
  26. The Limits to Financial Globalization
  27. Summary Points
  28. Questions
  29. Problems
  30. Internet Exercises
  31. Chapter 2 The International Monetary System
  32. LEARNING OBJECTIVES
  33. 2.1 History of the International Monetary System
  34. The Gold Standard (1876–1913)
  35. The Interwar Years and World War II (1914–1944)
  36. Bretton Woods and the International Monetary Fund (1944)
  37. Fixed Exchange Rates (1945–1973)
  38. The Floating Exchange Rates, 1973–1997
  39. The Emerging Era, 1997–Present
  40. IMF Classification of Currency Regimes
  41. Brief Classification History
  42. The IMF’s de facto System
  43. Category 1: Hard Pegs
  44. Category 2: Soft Pegs
  45. Category 3: Floating Arrangements
  46. Category 4: Residual
  47. A Global Eclectic
  48. 2.2 Fixed Versus Flexible Exchange Rates
  49. 2.3 The Impossible Trinity
  50. 2.4 A Single Currency for Europe: The Euro
  51. The Maastricht Treaty and Monetary Union
  52. The European Central Bank (ECB)
  53. The Launch of the Euro
  54. 2.5 Emerging Markets and Regime Choices
  55. Currency Boards
  56. Argentina
  57. Dollarization
  58. Ecuador
  59. Currency Regime Choices for Emerging Markets
  60. Exchange Rate Regimes: What Lies Ahead?
  61. Summary Points
  62. Questions
  63. Problems
  64. Internet Exercises
  65. Chapter 3 The Balance of Payments
  66. LEARNING OBJECTIVES
  67. 3.1 Fundamentals of BOP Accounting
  68. Defining International Economic Transactions
  69. The BOP as a Flow Statement
  70. BOP Accounting
  71. 3.2 The Accounts of the Balance of Payments
  72. The Current Account
  73. The Capital and Financial Accounts
  74. Financial Account
  75. Direct Investment
  76. Portfolio Investment
  77. Other Asset Investment
  78. Net Errors and Omissions and Official Reserves Accounts
  79. Net Errors and Omissions Account
  80. Official Reserves Account
  81. Breaking the Rules: China’s Twin Surpluses
  82. 3.3 BOP Impacts on Key Macroeconomic Rates
  83. The BOP and Exchange Rates
  84. Fixed Exchange Rate Countries
  85. Floating Exchange Rate Countries
  86. Managed Floats
  87. The BOP and Interest Rates
  88. The BOP and Inflation Rates
  89. 3.4 Trade Balances and Exchange Rates
  90. Trade and Devaluation
  91. The J-Curve Adjustment Path
  92. Trade Balance Adjustment Path: The Equation
  93. 3.5 Capital Mobility
  94. Current Account Versus Financial Account Capital Flows
  95. Historical Patterns of Capital Mobility
  96. Classical Gold Standard (1870–1914)
  97. Interwar Years (1923–1938)
  98. Fixed Exchange Rates (1944–1973)
  99. Floating Exchange Rates (1973–1997)
  100. The Emerging Era (1997–Present)
  101. Capital Controls
  102. Globalization of Capital Flows
  103. Summary Points
  104. Questions
  105. Problems
  106. Internet Exercises
  107. Chapter 4 Financial Goals and Corporate Governance
  108. LEARNING OBJECTIVES
  109. 4.1 Business Ownership
  110. Types of Ownership
  111. Business Ownership
  112. Separation of Ownership from Management
  113. The Goal of Management
  114. Shareholder Capitalism
  115. Agency Theory
  116. Long-Term Versus Short-Term Value Maximization
  117. Stakeholder Capitalism
  118. Market Efficiency
  119. Risk
  120. Single Versus Multiple Goals
  121. The Scorecard
  122. Operational Goals
  123. Returns to Investors in Publicly Traded Firms
  124. Returns to Owners of Privately Held Firms
  125. Operational Goals for MNEs
  126. Consolidated Profits
  127. Public/Private Hybrids
  128. 4.2 Publicly Traded Versus Privately Held: The Global Shift
  129. Listings Measurement
  130. Listing Additions
  131. Delistings
  132. Possible Causes in the Decline of Publicly Traded Shares
  133. 4.3 Corporate Governance
  134. The Goal of Corporate Governance
  135. The Structure of Corporate Governance
  136. Board of Directors
  137. Management
  138. Equity Markets
  139. Debt Markets
  140. Auditors and Legal Advisers
  141. Regulators
  142. Comparative Corporate Governance
  143. Financial Market Development
  144. Separation of Management and Ownership
  145. Disclosure and Transparency
  146. Historical Development of the Legal System
  147. Family Ownership and Corporate Governance
  148. Failures in Corporate Governance
  149. Good Governance and Corporate Reputation
  150. Corporate Governance Reform
  151. Sarbanes-Oxley Act
  152. Corporate Responsibility and Sustainability
  153. Summary Points
  154. Questions
  155. Problems
  156. Internet Exercises
  157. PART TWO Foreign Exchange Theory and Markets
  158. Chapter 5 The Foreign Exchange Market
  159. LEARNING OBJECTIVES
  160. 5.1 Functions of the Foreign Exchange Market
  161. 5.2 Structure of the Foreign Exchange Market
  162. The Global Trading Day
  163. Market Participants—The Players
  164. Bank and Nonbank Dealers
  165. Commercial and Investment Transactors
  166. Speculators and Arbitragers
  167. Central Banks and Treasuries
  168. Foreign Exchange Brokers
  169. Evolution of the Market
  170. The Evolution of FX Trading
  171. 1985
  172. 1990s
  173. 2010
  174. The Three Components of FX Trades
  175. FX Market Manipulation: Fixing the Fix
  176. 5.3 Transactions in the Foreign Exchange Market
  177. Spot Transactions
  178. Forward Transactions
  179. Swap Transactions
  180. Spot Against Forward
  181. Forward-Forward Swaps
  182. Nondeliverable Forwards (NDFs)
  183. Size of the Foreign Exchange Market
  184. Geographical Distribution
  185. Currency Composition
  186. 5.4 Foreign Exchange Rates and Quotations
  187. Currency Symbols
  188. Exchange Rate Quotes
  189. Market Conventions
  190. European Terms
  191. American Terms
  192. Currency Nicknames
  193. Direct and Indirect Quotations
  194. Bid and Ask Rates
  195. Cross Rates
  196. Intermarket Arbitrage
  197. Forward Quotations
  198. Summary Points
  199. Questions
  200. Problems
  201. Internet Exercises
  202. Chapter 6 International Parity Conditions
  203. LEARNING OBJECTIVES
  204. 6.1 Prices and Exchange Rates
  205. Purchasing Power Parity and the Law of One Price
  206. Relative Purchasing Power Parity
  207. Empirical Tests of Purchasing Power Parity
  208. Exchange Rate Indices: Real and Nominal
  209. Exchange Rate Pass-Through
  210. Complete Versus Partial Pass-Through
  211. Price Elasticity of Demand
  212. Pass-Through and Emerging Market Currencies
  213. 6.2 Interest Rates and Exchange Rates
  214. The Fisher Effect
  215. The International Fisher Effect
  216. The Forward Rate
  217. Calculation of Forward Premiums
  218. Foreign Currency Terms
  219. Interest Rate Parity (IRP)
  220. Covered Interest Arbitrage (CIA)
  221. Rule of Thumb
  222. Arbitrage Rule of Thumb:
  223. Uncovered Interest Arbitrage (UIA)
  224. Equilibrium Between Interest Rates and Exchange Rates
  225. 6.3 Forward Rate as an Unbiased Predictor of the Future Spot Rate
  226. 6.4 Prices, Interest Rates, and Exchange Rates in Equilibrium
  227. Summary Points
  228. Questions
  229. Problems
  230. Internet Exercises
  231. Chapter 6 Appendix An Algebraic Primer to ­International Parity Conditions
  232. The Law of One Price
  233. Purchasing Power Parity
  234. Forward Rates
  235. Covered Interest Arbitrage (CIA) and Interest Rate Parity (IRP)
  236. Fisher Effect
  237. International Fisher Effect
  238. Chapter 7 Foreign Currency Derivatives: Futures and Options
  239. LEARNING OBJECTIVES
  240. 7.1 Foreign Currency Futures
  241. Contract Specifications
  242. Using Foreign Currency Futures
  243. Short Positions
  244. Long Positions
  245. Foreign Currency Futures Versus Forward Contracts
  246. 7.2 Foreign Currency Options
  247. Option Fundamentals
  248. Foreign Currency Options Markets
  249. Options on the Over-the-Counter Market
  250. Options on Organized Exchanges
  251. Currency Option Quotations and Prices
  252. Buyer of a Call
  253. Writer of a Call
  254. Buyer of a Put
  255. Writer of a Put
  256. 7.3 Option Pricing and Valuation
  257. 7.4 Currency Option Pricing Sensitivity
  258. Forward Rate Sensitivity
  259. Spot Rate Sensitivity (delta)
  260. Time to Maturity: Value and Deterioration (theta)
  261. Sensitivity to Volatility (lambda)
  262. Historic Volatility
  263. Forward-Looking Volatility
  264. Implied Volatility
  265. Sensitivity to Changing Interest Rate Differentials (rho and phi)
  266. Alternative Strike Prices and Option Premiums
  267. Prudence in Practice
  268. Summary Points
  269. Questions
  270. Problems
  271. Pricing Your Own Options
  272. Internet Exercises
  273. Chapter 7 Appendix Currency Option Pricing Theory
  274. The European Call Option: Numerical Example
  275. Chapter 8 Interest Rate Risk and Swaps
  276. LEARNING OBJECTIVES
  277. 8.1 Interest Rate Foundations
  278. Interest Rate Calculations
  279. The Reference Rate: LIBOR
  280. 8.2 The Cost of Debt
  281. Credit Ratings and Cost of Funds
  282. Credit Risk and Repricing Risk
  283. Sovereign Debt
  284. Sovereign Spreads
  285. European Sovereign Debt
  286. 8.3 Interest Rate Risk
  287. Debt Structures and Strategies
  288. An Illustration: MedStat’s Floating-Rate Loans
  289. 8.4 Interest Rate Futures and FRAs
  290. Interest Rate Futures
  291. Forward Rate Agreements
  292. 8.5 Interest Rate Swaps
  293. Swap Structures
  294. Illustrative Case: MedStat’s Floating-Rate Debt
  295. Plain-Vanilla Swap Strategies
  296. Debt Structure
  297. Debt Cost
  298. Cross-Currency Swaps
  299. Illustrative Case: MedStat Uses a Cross-Currency Swap
  300. Illustrative Case: MedStat Unwinds a Currency Swap
  301. Counterparty Risk
  302. Summary Points
  303. Questions
  304. Problems
  305. Internet Exercises
  306. Chapter 9 Foreign Exchange Rate Determination and Intervention
  307. LEARNING OBJECTIVES
  308. 9.1 Exchange Rate Determination: The Theoretical Thread
  309. Parity Conditions Approach
  310. Balance of Payments Approach
  311. Monetary Approach and Asset Market Approach
  312. Monetary Approach
  313. Asset Market Approach
  314. The Asset Market Approach to Forecasting
  315. 9.2 Currency Market Intervention
  316. Motivations for Currency Market Intervention
  317. Intervention Methods
  318. Direct Intervention
  319. Indirect Intervention
  320. Capital Controls
  321. When Foreign Currency Intervention Fails
  322. Turkey 2014
  323. Japan 2010
  324. 9.3 Disequilibrium: Exchange Rates in Emerging Markets
  325. The Asian Financial Crisis of 1997
  326. Crisis
  327. Causal Complexities
  328. The Argentine Crisis of 2002
  329. Economic Crisis
  330. Devaluation
  331. 9.4 Currency Forecasting in Practice
  332. Technical Analysis
  333. Cross-Rate Consistency in Forecasting
  334. Forecasting: What to Think?
  335. Exchange Rate Dynamics: Making Sense of Market Movements
  336. Summary Points
  337. Questions
  338. Problems
  339. Russo-Swiss Cross—2015
  340. Internet Exercises
  341. PART THREE Foreign Exchange Exposure
  342. Chapter 10 Transaction Exposure
  343. LEARNING OBJECTIVES
  344. 10.1 Types of Foreign Exchange Exposure
  345. 10.2 Why Hedge?
  346. Hedging Defined
  347. The Pros and Cons of Hedging
  348. Pros
  349. Cons
  350. 10.3 Transaction Exposure
  351. Purchasing and Selling
  352. Borrowing and Lending
  353. Other Causes of Transaction Exposure
  354. 10.4 Transaction Exposure Management
  355. Ganado’s Transaction Exposure
  356. Unhedged Position
  357. Forward Hedge
  358. Money Market Hedge (Balance Sheet Hedge)
  359. Forward and Money Market Hedges Compared
  360. Options Market Hedge
  361. Hedging Alternatives Compared
  362. Hedging an Account Payable
  363. Remain Unhedged
  364. Forward Market Hedge
  365. Money Market Hedge
  366. Option Hedge
  367. Strategy Choice
  368. 10.5 Transaction Exposure Management in Practice
  369. Which Goals
  370. Which Transaction Exposures
  371. What Levels of Exposure Cover
  372. Which Hedging Instruments and Structures
  373. Summary Points
  374. Questions
  375. Problems
  376. Internet Exercises
  377. Chapter 10 Appendix A Complex Option Hedges
  378. The Synthetic Forward
  379. Second-Generation Currency Risk Management Products
  380. Zero-Premium Option Products
  381. The Range Forward or Collar
  382. The Participating Forward
  383. Ratio Spreads
  384. The Average Rate Option
  385. Chapter 10 Appendix B The Optimal Hedge Ratio and Hedge Effectiveness
  386. Hedge Ratio
  387. Hedge Symmetry.
  388. Hedge Effectiveness.
  389. Hedge Timing.
  390. Chapter 11 Translation Exposure
  391. LEARNING OBJECTIVES
  392. 11.1 Overview of Translation
  393. Concepts and Definitions
  394. Reporting Currency
  395. Foreign Entity
  396. Distinct and Separable Operation
  397. Functional Currency
  398. Foreign Currency Financial Statements
  399. Remeasurement and Translation
  400. Foreign Currency Measurement (Remeasurement)
  401. Foreign Currency Translation
  402. 11.2 Translation Methods
  403. Current Rate Method
  404. Temporal Method
  405. U.S. Translation Procedures
  406. International Translation Practices
  407. 11.3 Ganado Corporation’s Translation Exposure
  408. Translation Exposure: Income
  409. Consolidated Sales
  410. Consolidated Earnings
  411. Translation Exposure: Balance Sheet
  412. Current Rate Method
  413. Temporal Method
  414. 11.4 Managing Translation Exposure
  415. Subsidiary Earnings
  416. Net Equity Investment
  417. Current Rate Method
  418. Temporal Method
  419. When Is a Balance Sheet Hedge Justified?
  420. An Illustration of Using Swaps to Hedge Translation: McDonald’s
  421. Hoover Hedges
  422. McDonald’s Business Forms
  423. The British Subsidiary and Currency Exposure
  424. Cross-Currency Swap Hedging
  425. Summary Points
  426. Questions
  427. Problems
  428. Internet Exercises
  429. Chapter 12 Operating Exposure
  430. LEARNING OBJECTIVES
  431. 12.1 A Multinational’s Operating Exposure
  432. Static Versus Dynamic Operating Exposure
  433. Ganado China
  434. Ganado Germany
  435. Ganado U.S
  436. Operating and Financing Cash Flows
  437. Expected Versus Unexpected Changes in Cash Flow
  438. Measuring Operating Exposure
  439. Short Run
  440. Medium Run: Equilibrium
  441. Medium Run: Disequilibrium
  442. Long Run
  443. 12.2 Measuring Operating Exposure: Ganado Germany
  444. The Base Case
  445. Case 1: Depreciation—All Variables Remain Constant
  446. Case 2: Volume Increases—Other Variables Remain Constant
  447. Case 3: Sales Price Increases—Other Variables Remain Constant
  448. Case 4: Price, Cost, and Volume Increases
  449. Other Possibilities
  450. Measurement of Loss
  451. 12.3 Strategic Management of Operating Exposure
  452. Diversifying Operations
  453. Diversifying Financing
  454. 12.4 Proactive Management of Operating Exposure
  455. Matching Currency Cash Flows
  456. Risk-Sharing Agreements
  457. Back-to-Back or Parallel Loans
  458. Cross-Currency Swaps
  459. Contractual Approaches: Hedging the Unhedgeable
  460. Summary Points
  461. Questions
  462. Problems
  463. Internet Exercises
  464. PART FOUR Financing the Global Firm
  465. Chapter 13 Global Cost and Availability of Capital
  466. LEARNING OBJECTIVES
  467. 13.1 Financial Globalization and Strategy
  468. Cost of Capital
  469. Cost of Equity
  470. Cost of Debt
  471. 13.2 International Portfolio Theory and Diversification
  472. Portfolio Risk Reduction
  473. Foreign Exchange Risk
  474. International CAPM (ICAPM)
  475. Sample Calculation: Ganado’s Cost of Capital
  476. ICAPM Considerations
  477. Global Betas
  478. Equity Risk Premiums
  479. 13.3 The Role of International Portfolio Investors
  480. The Link Between Cost and Availability of Capital
  481. Improving Market Liquidity
  482. Market Segmentation
  483. The Effect of Market Liquidity and Segmentation
  484. Globalization of Securities Markets
  485. 13.4 The Cost of Capital for MNEs Compared to Domestic Firms
  486. Availability of Capital
  487. Financial Structure, Systematic Risk, and the Cost of Capital for MNEs
  488. The Paradox: Is the Cost of Capital Higher for MNEs?
  489. 13.5 Illustrative Case: Novo Industri A/S (Novo)8
  490. Asymmetric Information
  491. Taxation
  492. Feasible Portfolios
  493. Financial, Foreign Exchange, and Political Risks
  494. The Road to Globalization
  495. Closing the Information Gap
  496. The Biotechnology Boom
  497. Directed Share Issue in the United States
  498. Stock Market Reactions
  499. Effect on Novo’s Weighted Average Cost of Capital
  500. Globalization of Securities Markets
  501. Summary Points
  502. Questions
  503. Problems
  504. Internet Exercises
  505. Chapter 14 Funding the Multinational Firm
  506. LEARNING OBJECTIVES
  507. 14.1 Designing a Strategy to Source Capital Globally
  508. Alternative Paths to Globalize the Cost and Availability of Capital
  509. 14.2 Optimal Financial Structure
  510. Optimal Financial Structure and the Multinational
  511. Availability of Capital
  512. Diversification of Cash Flows
  513. Foreign Exchange Risk and the Cost of Debt
  514. Expectations of International Portfolio Investors
  515. 14.3 Raising Equity Globally
  516. Initial Public Offering (IPO)
  517. Euroequity Issue
  518. Directed Public/Private Issue
  519. 14.4 Depositary Receipts
  520. ADR Mechanics
  521. ADR Program Structures
  522. DR Markets Today: Who, What, and Where
  523. The Who
  524. The What
  525. The Where
  526. Global Registered Shares (GRSs)
  527. 14.5 Private Placement
  528. SEC Rule 144A
  529. Private Equity Funds
  530. Foreign Equity Listing and Issuance
  531. 14.6 Raising Debt Globally
  532. International Debt Instruments
  533. Unique Characteristics of Eurobond Markets
  534. Absence of Regulatory Interference
  535. Less Stringent Disclosure
  536. Favorable Tax Treatment
  537. Ratings
  538. 14.7 Financing Foreign Subsidiaries
  539. Internal and External Subsidiary Financing
  540. Host Country Norms and Debt
  541. Foreign Exchange Concerns
  542. Tax Concerns
  543. Subsidiary Financing Over Time
  544. Startup Stage
  545. Growth Stage
  546. Maturing Stage
  547. Summary Points
  548. Questions
  549. Problems
  550. Internet Exercises
  551. Chapter 15 Multinational Tax Management
  552. LEARNING OBJECTIVES
  553. 15.1 Tax Principles and Practices
  554. Tax Morality
  555. Tax Neutrality
  556. National Tax Environments
  557. Worldwide Approach
  558. Territorial Approach
  559. Tax Deferral
  560. Tax Treaties
  561. Controlled Foreign Corporations
  562. Tax Types
  563. Direct Taxes
  564. Indirect Taxes
  565. 15.2 Multinational Tax Management
  566. Allocation of Debt and Earnings Stripping
  567. Foreign Tax Credits and Deferral
  568. Transfer Pricing
  569. Fund Positioning Effect
  570. Income Tax Effect
  571. Managerial Incentives and Evaluation
  572. Effect on Joint-Venture Partners
  573. Cross-Crediting
  574. Check-the-Box and Hybrid Entities
  575. Tax Havens and International Offshore Financial Centers
  576. Basis Erosion and Profit Shifting (BEPS)
  577. Corporate Inversion
  578. Substantial Business Presence
  579. Merger with a Larger Foreign Firm
  580. Merger with a Smaller Foreign Firm
  581. 15.3 Google: An Illustrative Case of Profit Repositioning
  582. 15.4 Global Tax Competitiveness
  583. The Digital Economy
  584. Country Tax Competitiveness
  585. Governments and Tax Sources
  586. 15.5 U.S. Tax Law Change in 2017
  587. Summary Points
  588. Questions
  589. Problems
  590. Internet Exercises
  591. Chapter 16 International Trade Finance
  592. LEARNING OBJECTIVES
  593. 16.1 The Trade Relationship
  594. Benefits of the System
  595. Protection Against Risk of Noncompletion
  596. Protection Against Foreign Exchange Risk
  597. Financing the Trade
  598. Noncompletion Risks
  599. 16.2 Key Documents
  600. Letter of Credit (L/C)
  601. Parties to a Letter of Credit (L/C)
  602. Irrevocable Versus Revocable L/C
  603. Confirmed Versus Unconfirmed L/C
  604. Advantages and Disadvantages of L/Cs
  605. Draft
  606. Negotiable Instruments
  607. Types of Drafts
  608. Bankers’ Acceptances
  609. Bill of Lading (B/L)
  610. Documentation in a Typical Trade Transaction
  611. 16.3 Government Programs to Help Finance Exports
  612. Export Credit Insurance
  613. Export-Import Bank and Export Financing
  614. 16.4 Trade Financing Alternatives
  615. Bankers’ Acceptances
  616. Trade Acceptances
  617. Factoring
  618. Securitization
  619. Bank Credit Lines
  620. Commercial Paper
  621. 16.5 Forfaiting
  622. Role of the Forfaiter
  623. A Typical Forfaiting Transaction
  624. Summary Points
  625. Questions
  626. Problems
  627. Internet Exercises
  628. PART FIVE Foreign Investments and Investment Analysis
  629. Chapter 17 Foreign Direct Investment and Political Risk
  630. LEARNING OBJECTIVES
  631. 17.1 The Foreign Direct Investment Decision
  632. 17.2 Structural Choices for Foreign Market Entry
  633. Selecting Target Markets
  634. The Behavioral Approach to FDI
  635. MNEs in a Network Perspective
  636. Choosing Entry Structures
  637. Exporting Versus Production Abroad
  638. Licensing and Management Contracts
  639. Joint Venture Versus Wholly Owned Subsidiary
  640. Greenfield Investments and Foreign Acquisitions
  641. Strategic Alliances
  642. 17.3 Political Risk: Definition and Classification
  643. 17.4 Financial Impacts of Political Risk
  644. Category 1: Losses in Operating Profitability
  645. Adverse Regulatory Change
  646. Breach of Contract
  647. Local Content Requirements
  648. Category 2: Transfer and Convertibility Risk
  649. Category 3: Expropriation and Nationalization
  650. Direct Versus Indirect
  651. Compensation
  652. 17.5 Political Risk Mitigation
  653. Stakeholder Engagement
  654. Use of Domestic Partners
  655. International Investment Agreements
  656. Gradual Investing
  657. Blocked Funds Management
  658. Dispute Resolution
  659. Political Risk Insurance
  660. Providers
  661. Multinational Use
  662. Summary Points
  663. Questions
  664. Internet Exercises
  665. Chapter 18 Multinational Capital Budgeting and Cross-Border Acquisitions
  666. LEARNING OBJECTIVES
  667. 18.1 Complexities of Budgeting for a Foreign Project
  668. Cash Flows
  669. Management Expectations
  670. Project Versus Parent Valuation
  671. 18.2 Illustrative Case: Cemex Enters Indonesia2
  672. Overview
  673. Capital Investment
  674. Financing
  675. Revenues
  676. Costs
  677. Project Viewpoint Capital Budget
  678. Parent Viewpoint Capital Budget
  679. Sensitivity Analysis: Project Viewpoint
  680. Political Risk
  681. Foreign Exchange Risk
  682. Other Sensitivity Variables
  683. Sensitivity Analysis: Parent Viewpoint
  684. Adjusting Discount Rates
  685. Adjusting Cash Flows
  686. Shortcomings of Each Method
  687. Repercussions to the Investor
  688. MNE Practices
  689. Portfolio Risk Measurement
  690. 18.3 Real Option Analysis
  691. 18.4 Project Financing
  692. Separability of the Project from Its Investors
  693. Long-Lived and Capital-Intensive Singular Projects
  694. Cash Flow Predictability from Third-Party Commitments
  695. Finite Projects with Finite Lives
  696. 18.5 Cross-Border Mergers and Acquisitions
  697. The Cross-Border Acquisition Process
  698. Stage 1: Identification and Valuation
  699. Stage 2: Completion of the Ownership Change
  700. Stage 3: Post-Acquisition Transition Management
  701. Currency Risks in Cross-Border Acquisitions
  702. Summary Points
  703. Questions
  704. Problems
  705. Internet Exercises
  706. Answers to Selected End-of-Chapter Problems
  707. Chapter 1: Multinational Financial Management: Opportunities and Challenges
  708. Chapter 2: International Monetary System
  709. Chapter 3: The Balance of Payments
  710. Chapter 4: Financial Goals and Corporate Governance
  711. Chapter 5: The Foreign Exchange Market
  712. Chapter 6: International Parity Conditions
  713. Chapter 7: Foreign Currency Derivatives: Futures and Options
  714. Chapter 8: Interest Rate Risk and Swaps
  715. Chapter 9: Foreign Exchange Rate Determination and Intervention
  716. Chapter 10: Transaction Exposure
  717. Chapter 11: Translation Exposure
  718. Chapter 12: Operating Exposure
  719. Chapter 13: Global Cost and Availability of Capital
  720. Chapter 14: Funding the Multinational Firm
  721. Chapter 15: Multinational Tax Management
  722. Chapter 16: International Trade Finance
  723. Chapter 17: Foreign Direct Investment and Political Risk
  724. Chapter 18: Multinational Capital Budgeting and Cross-Border Acquisitions
  725. Glossary
  726. Index

 

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