Fundamentals of Multinational Finance, Global Edition

Series
Pearson
Author
Michael H. Moffett / Arthur I. Stonehill / David K. Eiteman  
Publisher
Pearson
Cover
Softcover
Edition
5
Language
English
Total pages
576
Pub.-date
October 2015
ISBN13
9781292076539
ISBN
1292076534
Related Titles


Product detail

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9781292076539
Fundamentals of Multinational Finance, Global Edition
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Description

Fundamentals of Multinational Finance is intended for use in undergraduate International Financial Management, International Business Finance, or International Finance courses

 

A focused, streamlined approach to creating a global financial management strategy

 

Tomorrow’s business leaders will be expected to comprehend global markets and lead their organizations through a constantly changing global environment. By grounding concepts in the context of illuminating case studies and real-world examples, Fundamentals of Multinational Finance familiarizes students with the fundamental concepts and tools necessary to implement an effective global financial management strategy.

 

This edition includes the many new financial management challenges faced by today’s business leaders–while still providing students with a streamlined text that gets straight to the important concepts.

Features

Focus on today’s challenges

This edition highlights the management challenges faced by today’s business leaders by emphasizing the following three points:

  • Organizations. Multinational enterprises (MNEs) apply to organizations of all kinds—the publicly traded, the privately held, the state-run, the state-owned organizations—all forms that permeate global business today.
  • Markets. Country markets like that of China and India are no longer the sources of low-cost labor for global manufacturers. They are increasingly the focus for sales and growth of all firms, manufacturing and services, for earnings and growth. Although they may still be categorized as “emerging,” they are the economic drivers and primary challenges for global finance and global financial management.
  • Financial leadership. The leaders of MNEs face numerous foreign exchange and political risks. These risks can be daunting, but they also present opportunities for creating value if properly understood. These opportunities and risks are most effectively understood in the context of the global business itself, and the ability of management to integrate the strategic and financial challenges that business faces. 

Provide students with updated information

  • NEW: Increased detail is given on changing currency regimes, theory, and practice, as emerging market currencies become ever-greater contributors to global cash flow.
  • NEW: Readers are introduced to the challenges faced by governments and central banks as cryptocurrencies like Bitcoin have shaken the very foundations of traditional definitions of “currency.”
  • NEW: New content is included throughout the book on the growing complexity of major emerging markets which are more open to capital movements, but also subject to sudden government or central bank intervention in pursuit of sovereign goals and objectives.
  • NEW: The authors increased coverage of the multitude of different currency regimes and devices used by sovereigns over their currencies and markets, currencies like the Chinese yuan, the Russian ruble, the Indian rupee, the Turkish lira, and the South African rand.
  • NEW: Throughout the book, a mix of currency notations and symbols are used—the authors use both the common three-letter currency codes and the traditional currency symbols (which are seeing a resurgence as countries like Russia and Turkey have introduced new “currency identities” of their own).

Get students straight to the point with streamlined content

This edition provides students with a shorter text that gets them straight to the information they need to know. The creation of a more intense exploration of global finance without sacrificing depth or detail was achieved through the integration of a number of concepts and topics.

  • NEW: Chapters on the international monetary system cover both the fundamental principles of defining a currency with the complexities of macroeconomic policy and digital exchange.
  • NEW: Chapters covering the creation and use of currency and interest rate derivatives for hedging and speculation have been selectively reorganized.
  • NEW: Chapters on raising equity capital and international portfolio theory have been integrated into one unified exploration of the global cost and availability of capital.
  • NEW: Chapters on the sources of capital and changing financial structures utilized by multinational firms have been reorganized for a more integrated presentation, combining theory and current practice.

Offer in-text learning support

The following features help draw students into the material and aid them as they study and learn:

  • A student-friendly writing style is combined with a structured presentation of material.
  • A wealth of illustrations and exhibits provide a visual parallel to the concepts and content presented. The entire book uses a multi-color, attention-grabbing presentation of the material to keep students engaged.
  • Real-world examples illustrate the theory with accounts of actual business practices.
  • A running case on a hypothetical U.S.-based firm, Trident Corporation, provides a cohesive framework for the multifaceted globalization process, and is reinforced in several end-of-chapter problems.
  • A Mini-Case at the end of each chapter illustrates the chapter content and extends it to the multinational financial business environment.
    • NEW: A number of new Mini-Cases introduce currency complexity themes.
  • Global Finance in Practice boxes in every chapter illuminate the theory with accounts of actual business practices. These applications extend the concepts without adding to the length of the text itself.
    • NEW: New Global Finance in Practice boxes supplement each chapter with a number of insights into the subtle nuances of the conduct of financial management.
  • The power and resources of the Internet are leveraged throughout the text in a variety of applications. Every chapter has a number of end-of-chapter exercises requiring the use of the Internet, while a variety of Internet references are dispersed throughout each chapter.
  • A multitude of end-of-chapter questions and problems assess the students’ understanding of the course material. All end-of-chapter problems are solved using spreadsheet solutions. Selected end-of-chapter problem answers, indicated by an asterisk (*), are now included at the back of the book.

New to this Edition

Provide students with updated information

  •  Increased detail is given on changing currency regimes, theory, and practice, as emerging market currencies become ever-greater contributors to global cash flow.
  • Readers are introduced to the challenges faced by governments and central banks as cryptocurrencies like Bitcoin have shaken the very foundations of traditional definitions of “currency.”
  • New content is included throughout the book on the growing complexity of major emerging markets which are more open to capital movements, but also subject to sudden government or central bank intervention in pursuit of sovereign goals and objectives.
  • The authors increased coverage of the multitude of different currency regimes and devices used by sovereigns over their currencies and markets, currencies like the Chinese yuan, the Russian ruble, the Indian rupee, the Turkish lira, and the South African rand.
  • Throughout the book, a mix of currency notations and symbols are used–the authors use both the common three-letter currency codes and the traditional currency symbols (which are seeing a resurgence as countries like Russia and Turkey have introduced new “currency identities” of their own).

Get students straight to the point with streamlined content

This edition provides students with a shorter text that gets them straight to the information they need to know. The creation of a more intense exploration of global finance without sacrificing depth or detail was achieved through the integration of a number of concepts and topics.

  • Chapters on the international monetary system cover both the fundamental principles of defining a currency with the complexities of macroeconomic policy and digital exchange.
  • Chapters covering the creation and use of currency and interest rate derivatives for hedging and speculation have been selectively reorganized.
  • Chapters on raising equity capital and international portfolio theory have been integrated into one unified exploration of the global cost and availability of capital.
  • Chapters on the sources of capital and changing financial structures utilized by multinational firms have been reorganized for a more integrated presentation, combining theory and current practice.

Offer in-text learning support

The following features help draw students into the material and aid them as they study and learn:


  •  A number of new Mini-Cases introduce currency complexity themes.
  •  New Global Finance in Practice boxes supplement each chapter with a number of insights into the subtle nuances of the conduct of financial management.

Table of Contents

Part 1. Global Financial Environment

1. Multinational Financial Management: Opportunities and Challenges

2. The International Monetary System
3. The Balance of Payments
4. Financial Goals and Corporate Governance

 

Part 2. Foreign Exchange Theory and Markets
5. The Foreign Exchange Market
6. International Parity Conditions
7. Foreign Currency Derivatives and Swaps
8. Foreign Exchange Rate Determination

 

Part 3. Foreign Exchange Exposure
9. Transaction Exposure
10. Translation Exposure
11. Operating Exposure

 

Part 4. Financing the Global Firm
12. The Global Cost and Availability of Capital
13. Raising Equity and Debt Globally
14. Multinational Tax Management
15. International Trade Finance


Part 5. Foreign Investment Decisions
16. Foreign Direct Investment and Political Risk
17. Multinational Capital Budgeting and Cross-Border Acquisitions