基本信息,圖書簡介,目錄,
基本信息
ISBN：978-7-111-62825-5
裝訂：
編輯：施紅
開本：16開
出版日期： 2019-06-21
字數：675 千字
定價：89.0
圖書簡介
全書從跨國公司的角度系統闡述了國際財務管理的巨觀經濟環境以及財務經理所面對的世界金融市場和金融機構，深入而全面地討論了跨國公司的外匯交易管理、外匯風險管理、投融資管理、現金管理實務、進出口貿易、國際稅收環境等。
目錄
導讀
作者簡介
前言
術語表
致謝
第一篇 國際財務管理的基礎
第1章 全球化與跨國企業4
1.1 國際財務的特點5
1.1.1 外匯風險與政治風險5
1.1.2 市場的不完全性6
1.1.3 市場機會的增加7
1.2 國際財務管理的目標8
1.3 世界經濟全球化的主要趨勢與進展10
1.3.1 金融市場全球化的興起10
1.3.2 作為全球貨幣的歐元的誕生11
1.3.3 2010年歐洲的主權債務危機12
1.3.4 貿易自由化與經濟一體化13
1.3.5 私有化浪潮16
1.3.6 2008～2009年全球金融危機17
1.4 跨國公司19
本章小結21
附錄1A 貿易利益：比較優勢理論24
第2章 國際貨幣體系26
2.1 國際貨幣體系的演變26
2.2 金銀複本位制時期：1875年之前27
2.3 古典金本位制時期：1875～1914年27
2.4 兩次世界大戰間時期：1915～1944年29
2.5 布雷頓森林體系時期：1945～1972年30
2.6 浮動匯率制時期：1973年至今33
2.7 現行的匯率制度安排35
2.8 歐洲貨幣體系40
2.9 歐元和歐洲貨幣聯盟42
2.9.1 歐元簡史42
2.9.2 加入貨幣聯盟的利益43
2.9.3 加入貨幣聯盟的代價45
2.9.4 歐元的前景：一些關鍵問題46
2.10 墨西哥比索危機47
2.11 亞洲金融危機50
2.11.1 亞洲金融危機的根源51
2.11.2 亞洲金融危機的啟示53
2.12 阿根廷比索危機54
2.13 固定匯率制與浮動匯率制的比較55
本章小結57
第3章 國際收支60
3.1 國際收支核算60
3.2 國際收支賬戶62
3.2.1 經常賬戶62
3.2.2 資本賬戶64
3.2.3 統計誤差66
3.2.4 官方儲備賬戶67
3.3 國際收支恆等式70
3.4 主要國家的國際收支趨勢70
本章小結75
附錄3A 國際收支賬戶與國民收入賬戶的關係77
第4章 全球各地的公司治理78
4.1 公眾公司的治理：關鍵問題79
4.2 代理問題80
4.3 處理代理問題的對策82
4.3.1 董事會83
4.3.2 激勵契約83
4.3.3 所有權集中84
4.3.4 會計透明度86
4.3.5 債務86
4.3.6 海外股票上市86
4.3.7 公司控制權市場87
4.4 法律與公司治理88
4.5 法律的影響91
4.5.1 所有權與控制權模式91
4.5.2 控制權的私人利益95
4.5.3 資本市場與估值95
4.6 公司治理改革96
4.6.1 改革目標96
4.6.2 政治動因97
4.6.3 《薩班斯—奧克斯利法案》97
4.6.4 《坎德伯里最佳行為準則》98
4.6.5 《多德—弗蘭克法案》99
本章小結100
第二篇 外匯市場、匯率的決定和貨幣衍生工具
第5章 外匯市場106
5.1 外匯市場的功能和結構107
5.1.1 外匯市場的參與者108
5.1.2 通匯關係110
5.2 即期外匯市場111
5.2.1 即期匯率標價111
5.2.2 套算匯率標價116
5.2.3 套算匯率的其他表達方式117
5.2.4 匯率買賣價差117
5.2.5 即期外匯交易118
5.2.6 套算匯率的櫃檯交易119
5.2.7 三角套利121
5.2.8 即期外匯市場的微觀機構121
5.3 遠期外匯市場123
5.3.1 遠期匯率標價123
5.3.2 遠期多頭與空頭124
5.3.3 無本金交割遠期契約124
5.3.4 遠期套算匯率124
5.3.5 遠期升水126
5.3.6 互換交易126
5.4 交易所交易貨幣基金129
本章小結129
第6章 國際平價關係與匯率預測131
6.1 利率平價131
6.1.1 抵補套利133
6.1.2 利率平價與匯率決定136
6.1.3 貨幣利差交易137
6.1.4 利率平價發生偏離的原因138
6.2 購買力平價140
6.2.1 購買力平價的偏離和實際匯率142
6.2.2 購買力平價的實證研究144
6.3 費雪效應147
6.4 匯率預測149
6.4.1 有效市場理論150
6.4.2 基本分析法151
6.4.3 技術分析法152
6.4.4 匯率預測的績效153
本章小結157
附錄6A 購買力平價與匯率決定158
第7章 外匯期貨與外匯期權159
7.1 期貨契約的預備知識160
7.2 貨幣期貨市場162
7.3 貨幣期貨的基本關係164
7.4 期權契約的預備知識167
7.5 貨幣期權市場167
7.6 貨幣期貨期權168
7.7 期權到期時的基本定價關係168
7.8 美式期權定價關係171
7.9 歐式期權定價關係173
7.10 二項式期權定價模型175
7.11 歐式期權定價公式177
7.12 貨幣期權的實證檢驗178
本章小結179
第三篇 外匯風險敞口及其管理
第8章 交易風險敞口的管理182
8.1 風險敞口的三種類型182
8.2 遠期市場套期保值184
8.3 貨幣市場套期保值186
8.4 期權市場套期保值187
8.5 應付外幣的套期保值189
8.5.1 遠期契約190
8.5.2 貨幣市場工具190
8.5.3 貨幣期權契約191
8.6 對次要貨幣之風險敞口的交叉套期保值192
8.7 或有風險敞口的套期保值192
8.8 通過互換契約對周期性風險敞口的套期保值193
8.9 通過發票貨幣的套期保值194
8.10 通過超前/延後支付的套期保值194
8.11 風險敞口的淨額結算195
8.12 公司應實施套期保值嗎195
8.13 公司該使用什麼樣的風險管理產品197
本章小結198
第9章 經濟風險敞口的管理205
9.1 經濟風險敞口的測量206
9.2 經營風險敞口的界定210
9.3 經營風險敞口的實例211
9.4 經營風險敞口的決定因素213
9.5 經營風險敞口的管理215
9.5.1 低成本產地的選擇216
9.5.2 彈性採購政策216
9.5.3 市場分散化217
9.5.4 產品差異與研發投入217
9.5.5 金融性套期保值218
本章小結220
第10章 換算風險敞口的管理222
10.1 換算方法222
10.1.1 流動/非流動項目法222
10.1.2 貨幣/非貨幣項目法223
10.1.3 時態法223
10.1.4 現行匯率法223
10.2 《第8號財務會計準則公告》224
10.3 《第52號財務會計準則公告》224
10.3.1 《第52號財務會計準則公告》的換算過程227
10.3.2 發生高通貨膨脹的經濟體228
10.4 國際會計準則228
10.5 換算風險敞口的管理232
10.5.1 換算風險敞口與交易風險敞口的比較232
10.5.2 換算風險敞口的套期保值233
10.5.3 資產負債表套期保值233
10.5.4 衍生工具套期保值234
10.5.5 換算風險敞口與經營風險敞口的比較235
10.6 關於《第8號財務會計準則公告》向《第52號財務會計準則公告》轉變的實證分析235
本章小結236
第四篇 國際金融市場和國際金融機構
第11章 國際銀行與貨幣市場240
11.1 國際銀行服務240
11.2 國際銀行產生的原因242
11.3 國際銀行分支機構的類型242
11.3.1 代理行243
11.3.2 代表處243
11.3.3 國外分行243
11.3.4 子銀行與聯營銀行244
11.3.5 埃奇法案銀行244
11.3.6 離岸金融中心244
11.3.7 國際銀行設施245
11.4 資本充足率標準245
11.5 國際貨幣市場248
11.5.1 歐洲貨幣市場248
11.5.2 洲際交易所與LIBOR250
11.5.3 歐洲信貸250
11.5.4 遠期利率協定252
11.5.5 歐洲票據255
11.5.6 歐洲商業票據255
11.5.7 歐洲美元利率期貨契約255
11.6 國際債務危機257
11.6.1 歷史257
11.6.2 債權轉股權258
11.6.3 解決方案：布雷迪債券260
11.7 亞洲金融危機260
11.8 全球金融危機261
11.8.1 信貸緊縮261
11.8.2 金融危機的影響265
11.8.3 經濟刺激措施267
11.8.4 金融危機的後果269
本章小結270
附錄11A 歐洲貨幣的創造273
第12章 國際債券市場276
12.1 世界債券市場統計276
12.2 外國債券與歐洲債券277
12.2.1 無記名債券與記名債券277
12.2.2 美國證券法規278
12.2.3 預提稅278
12.2.4 便利債券發行的證券法規278
12.2.5 全球債券279
12.3 債券工具的種類279
12.3.1 固定利率債券280
12.3.2 歐洲中期票據280
12.3.3 浮動利率票據281
12.3.4 與權益相關的債券281
12.3.5 雙重貨幣債券281
12.4 國際債券的幣種、發行者及發行者所在國的分布282
12.5 國際債券市場的信用評級283
12.6 歐洲債券市場的結構與實務286
12.6.1 一級市場286
12.6.2 二級市場286
12.6.3 清算程式288
12.7 國際債券市場指數290
本章小結292
第13章 國際股票市場294
13.1 世界股票市場統計294
13.1.1 股票市場總值294
13.1.2 股票市場流動性指標297
13.2 市場結構、交易慣例與費用297
13.3 國際股票交易301
13.3.1 股票的交叉上市302
13.3.2 揚基股票發行304
13.3.3 美國存托憑證305
13.3.4 全球記名股票308
13.3.5 關於交叉上市與美國存托憑證市場的實證研究309
13.4 國際股票市場指數310
13.5 埃雪MSCI基金311
13.6 國際股票收益率的影響因素311
13.6.1 巨觀經濟因素311
13.6.2 匯率313
13.6.3 產業結構313
本章小結314
第14章 利率互換與貨幣互換316
14.1 互換的種類316
14.2 互換市場的規模317
14.3 互換銀行318
14.4 互換市場的報價318
14.5 利率互換320
14.5.1 基本利率互換320
14.5.2 基本利率互換的定價322
14.6 貨幣互換323
14.6.1 基本貨幣互換323
14.6.2 還本付息貨幣互換的等價性324
14.6.3 基本貨幣互換的定價325
14.6.4 對基本貨幣互換的反思326
14.7 基本利率互換與基本貨幣互換的各種變體327
14.8 利率互換與貨幣互換的風險328
14.9 互換市場的有效性328
本章小結329
第15章 國際證券組合投資331
15.1 國際投資的相關性結構與風險分散332
15.2 最優國際證券組合的選擇334
15.3 匯率變化的影響341
15.4 國際債券投資343
15.5 國際共同基金的績效評價344
15.6 基於國家基金的國際分散投資346
15.7 基於美國存托憑證的國際分散投資349
15.8 基於交易所交易基金的國際分散投資350
15.9 基於對沖基金的國際分散投資351
15.10 證券組合持有中的存在本國偏好的原因352
15.11 基於小市值股票的國際分散投資353
本章小結355
附錄15A 存在外匯風險套期保值時的國際證券投資357
附錄15B 最優證券組合的求解359
第五篇 跨國企業的財務管理
第16章 對外直接投資和跨國併購364
16.1 對外直接投資的全球化趨勢365
16.2 公司對外投資的原因368
16.2.1 貿易壁壘369
16.2.2 不完全的勞動力市場369
16.2.3 無形資產370
16.2.4 縱向一體化371
16.2.5 產品生命周期372
16.2.6 為股東提供投資分散化服務373
16.3 跨國併購373
16.4 政治風險與對外直接投資378
本章小結385
第17章 國際資本結構與資本成本388
17.1 資本成本388
17.2 分割市場與一體化市場中的資本成本391
17.3 資本成本的國別差異392
17.4 股票的境外上市396
17.5 交叉上市情況下的資本資產定價401
17.6 外國股許可權制的影響403
17.6.1 市場定價現象403
17.6.2 外國股許可權制下的資產定價405
17.7 子公司的財務結構408
本章小結409
附錄17A 不可交易資產的定價：數字模擬411
第18章 國際資本預算412
18.1 國內資本預算的回顧413
18.2 調整後現值模型414
18.3 基於母公司視角的資本預算416
18.3.1 調整後現值模型概述418
18.3.2 未來預期匯率的估計419
18.4 資本預算分析中的風險調整423
18.5 敏感性分析424
18.6 購買力平價假設424
18.7 實物期權424
本章小結426
第19章 跨國公司的現金管理429
19.1 國際現金收支的管理429
19.2 內外部淨現金流的雙邊淨額結算434
19.3 預防性現金儲備的降低435
19.4 現金管理系統實務437
本章小結438
第20章 國際貿易融資440
20.1 典型的外貿交易440
20.2 福費廷443
20.3 政府的出口支持443
20.4 對等貿易445
20.4.1 對等貿易的形式445
20.4.2 關於對等貿易的一些結論447
本章小結448
第21章 國際稅收環境與轉移定價450
21.1 稅收的目的450
21.1.1 稅收中性450
21.1.2 稅收公平451
21.2 稅收的種類451
21.2.1 所得稅451
21.2.2 預提稅453
21.2.3 增值稅453
21.3 國別稅收環境455
21.3.1 全球性稅制455
21.3.2 地區性稅制455
21.3.3 外國稅收抵扣456
21.4 組織結構456
21.4.1 分公司及子公司的收入456
21.4.2 避稅港457
21.4.3 本國居民控股的國外公司458
21.4.4 稅收倒置458
21.5 轉移定價及相關問題460
21.5.1 其他各種因素465
21.5.2 預約定價協定467
21.6 凍結資金467
本章小結468
Contents
Foreword
About the Authors
Preface
Glossary
Acknowledgements
PART ONE
Foundations of International Financial Management
CHAPTER 1
Globalization and the Multinational Firm, 4
Whats Special about International Finance?,5
Foreign Exchange and Political Risks,5
Market Imperfections,6
Expanded Opportunity Set,7
Goals for International Financial Management,8
Globalization of the World Economy:
Major Trends and Developments,10
Emergence of Globalized Financial Markets,10
Emergence of the Euro as a Global Currency,11
Europes Sovereign Debt Crisis of 2010,12
Trade Liberalization and Economic Integration,13
Privatization,16
Global Financial Crisis of 2008?009,17
Multinational Corporations,19
Summary,21
APPENDIX 1A: Gain from Trade: The Theory
of Comparative Advantage,24
CHAPTER 2
International
Monetary System,26
Evolution of the International Monetary System,26
Bimetallism: Before 1875,27
Classical Gold Standard: 1875?914,27
Interwar Period: 1915?944,29
Bretton Woods System: 1945?972,30
The Flexible Exchange Rate
Regime: 1973朠resent,33
The Current Exchange Rate Arrangements,35
European Monetary System,40
The Euro and the European Monetary Union,42
A Brief History of the Euro,42
What Are the Benefits of Monetary Union?,43
Costs of Monetary Union,45
Prospects of the Euro: Some Critical Questions,46
The Mexican Peso Crisis,47
The Asian Currency Crisis,50
Origins of the Asian Currency Crisis,51
Lessons from the Asian Currency Crisis,53
The Argentine Peso Crisis,54
Fixed versus Flexible Exchange Rate Regimes,55
Summary,57
CHAPTER 3
Balance of Payments,60
Balance-of-Payments Accounting,60
Balance-of-Payments Accounts,62
The Current Account,62
The Capital Account,64
Statistical Discrepancy,66
Official Reserve Account,67
The Balance-of-Payments Identity,70
Balance-of-Payments Trends in Major Countries,70
Summary,75
APPENDIX 3A: The Relationship Between
Balance of Payments and National Income
Accounting,77
CHAPTER 4
Corporate Governance
Around the World,78
Governance of the Public Corporation:
Key Issues,79
The Agency Problem,80
Remedies for the Agency Problem,82
Board of Directors,83
Incentive Contracts,83
Concentrated Ownership,84
Accounting Transparency,86
Debt,86
Overseas Stock Listings,86
Market for Corporate Control,87
Law and Corporate Governance,88
Consequences of Law,91
Ownership and Control Pattern,91
Private Benefits of Control,95
Capital Markets and Valuation,95
Corporate Governance Reform,96
Objectives of Reform,96
Political Dynamics,97
The Sarbanes-Oxley Act,97
The Cadbury Code of Best Practice,98
The Dodd-Frank Act,99
Summary,100
PART TWO
The Foreign Exchange Market, Exchange Rate Determination, and Currency Derivatives
CHAPTER 5
The Market for Foreign
Exchange,106
Function and Structure of the FX Market,107
FX Market Participants,108
Correspondent Banking Relationships,110
The Spot Market,111
Spot Rate Quotations,111
Cross-Exchange Rate Quotations,116
Alternative Expressions for the
Cross-Exchange Rate,117
The Bid-Ask Spread,117
Spot FX Trading,118
The Cross-Rate Trading Desk,119
Triangular Arbitrage,121
Spot Foreign Exchange Market
Microstructure,121
The Forward Market,123
Forward Rate Quotations,123
Long and Short Forward Positions,124
Non-Deliverable Forward Contracts,124
Forward Cross-Exchange Rates,124
Forward Premium,126
Swap Transactions,126
Exchange-Traded Currency Funds,129
Summary,129
CHAPTER 6
International Parity
Relationships and
Forecasting Foreign
Exchange Rates,131
Interest Rate Parity,131
Covered Interest Arbitrage,133
Interest Rate Parity and Exchange Rate
Determination,136
Currency Carry Trade,137
Reasons for Deviations from Interest
Rate Parity,138
Purchasing Power Parity,140
PPP Deviations and the Real Exchange Rate,142
Evidence on Purchasing Power Parity,144
Fisher Effects,147
Forecasting Exchange Rates,149
Efficient Market Approach,150
Fundamental Approach,151
Technical Approach,152
Performance of the Forecasters,153
Summary,157
APPENDIX 6A: Purchasing Power Parity and
Exchange Rate Determination,158
CHAPTER 7
Futures and Options on Foreign Exchange,159
Futures Contracts: Some Preliminaries,160
Currency Futures Markets,162
Basic Currency Futures Relationships,164
Options Contracts: Some Preliminaries,167
Currency Options Markets,167
Currency Futures Options,168
Basic Option-Pricing Relationships at Expiration,168
American Option-Pricing Relationships,171
European Option-Pricing Relationships,173
Binomial Option-Pricing Model,175
European Option-Pricing Formula,177
Empirical Tests of Currency Options,178
Summary,179
PART THREE
Foreign Exchange Exposure and Management
CHAPTER 8
Management of Transaction Exposure,182
Three Types of Exposure,182
Forward Market Hedge,184
Money Market Hedge,186
Options Market Hedge,187
Hedging Foreign Currency Payables,189
Forward Contracts,190
Money Market Instruments,190
Currency Options Contracts,191
Cross-Hedging Minor Currency
Exposure,192
Hedging Contingent Exposure,192
Hedging Recurrent Exposure with Swap Contracts,193
Hedging through Invoice Currency,194
Hedging via Lead and Lag,194
Exposure Netting,195
Should the Firm Hedge?,195
What Risk Management Products Do
Firms Use?,197
Summary,198
CHAPTER 9
Management of Economic Exposure,205
How to Measure Economic Exposure,206
Operating Exposure: Definition,210
Illustration of Operating Exposure,211
Determinants of Operating Exposure,213
Managing Operating Exposure,215
Selecting Low-Cost Production Sites,216
Flexible Sourcing Policy,216
Diversification of the Market,217
R&D Efforts and Product Differentiation,217
Financial Hedging,218
Summary,220
CHAPTER 10
Management of Translation Exposure,222
Translation Methods,222
Current/Noncurrent Method,222
Monetary/Nonmonetary Method,223
Temporal Method,223
Current Rate Method,223
Financial Accounting Standards Board
Statement 8,224
Financial Accounting Standards Board
Statement 52,224
The Mechanics of the FASB 52 Translation
Process,227
Highly Inflationary Economies,228
International Accounting Standards,228
Management of Translation Exposure,232
Translation Exposure versus Transaction
Exposure,232
Hedging Translation Exposure,233
Balance Sheet Hedge,233
Derivatives Hedge,234
Translation Exposure versus Operating
Exposure,235
Empirical Analysis of the Change from
FASB 8 to FASB 52,235
Summary,236
PART FOUR
World Financial Markets and Institutions
CHAPTER 11
International Banking and Money Market,240
International Banking Services,240
Reasons for International Banking,242
Types of International Banking Offices,242
Correspondent Bank,243
Representative Offices,243
Foreign Branches,243
Subsidiary and Affiliate Banks,244
Edge Act Banks,244
Offshore Banking Centers,244
International Banking Facilities,245
Capital Adequacy Standards,245
International Money Market,248
Eurocurrency Market,248
ICE LIBOR,250
Eurocredits,250
Forward Rate Agreements,252
Euronotes,255
Eurocommercial Paper,255
Eurodollar Interest Rate Futures Contracts,255
International Debt Crisis,257
History,257
Debt-for-Equity Swaps,258
The Solution: Brady Bonds,260
The Asian Crisis,260
Global Financial Crisis,261
The Credit Crunch,261
Impact of the Financial Crisis,265
Economic Stimulus,267
The Aftermath,269
Summary,270
APPENDIX 11A: Eurocurrency Creation,273
CHAPTER 12
International Bond Market,276
The Worlds Bond Markets: A Statistical
Perspective,276
Foreign Bonds and Eurobonds,277
Bearer Bonds and Registered Bonds,277
National Security Regulations,278
Withholding Taxes,278
Security Regulations that Ease Bond Issuance,278
Global Bonds,279
Types of Instruments,279
Straight Fixed-Rate Issues,280
Euro-Medium-Term Notes,280
Floating-Rate Notes,281
Equity-Related Bonds,281
Dual-Currency Bonds,281
Currency Distribution, Nationality, and
Type of Issuer,282
International Bond Market Credit Ratings,283
Eurobond Market Structure and Practices,286
Primary Market,286
Secondary Market,286
Clearing Procedures,288
International Bond Market Indexes,290
Summary,292
CHAPTER 13
International Equity Markets,294
A Statistical Perspective,294
Market Capitalization,294
Measure of Liquidity,297
Market Structure, Trading Practices, and Costs,297
Trading in International Equities,301
Cross-Listing of Shares,302
Yankee Stock Offerings,304
American Depository Receipts,305
Global Registered Shares,308
Empirical Findings on Cross-Listing and ADRs,309
International Equity Market Benchmarks,310
iShares MSCI,311
Factors Affecting International Equity
Returns,311
Macroeconomic Factors,311
Exchange Rates,313
Industrial Structure,313
Summary,314
CHAPTER 14
Interest Rate and Currency Swaps,316
Types of Swaps,316
Size of the Swap Market,317
The Swap Bank,318
Swap Market Quotations,318
Interest Rate Swaps,320
Basic Interest Rate Swap,320
Pricing the Basic Interest Rate Swap,322
Currency Swaps,323
Basic Currency Swap,323
Equivalency of Currency Swap Debt Service
Obligations,324
Pricing the Basic Currency Swap,325
A Basic Currency Swap Reconsidered,326
Variations of Basic Interest Rate and
Currency Swaps,327
Risks of Interest Rate and Currency Swaps,328
Is the Swap Market Efficient?,328
Summary,329
CHAPTER 15
International Portfolio Investment,331
International Correlation Structure and Risk Diversification,332
Optimal International Portfolio Selection,334
Effects of Changes in the Exchange Rate,341
International Bond Investment,343
International Mutual Funds: A Performance Evaluation,344
International Diversification through Country Funds,346
International Diversification with ADRs,349
International Diversification with Exchange-Traded Funds,350
International Diversification with Hedge Funds,351
Why Home Bias in Portfolio Holdings?,352
International Diversification with Small-Cap Stocks,353
Summary,355
APPENDIX 15A: International Investment with Exchange Risk Hedging,357
APPENDIX 15B: Solving for the Optimal Portfolio,359
PART FIVE
Financial Management of the Multinational Firm
CHAPTER 16
Foreign Direct Global Trends in FDI,365
Why Do Firms Invest Overseas?,368
Trade Barriers,369
Imperfect Labor Market,369
Intangible Assets,370
Vertical Integration,371
Product Life Cycle,372
Shareholder Diversification Services,373
Cross-Border Mergers and Acquisitions,373
Political Risk and FDI,378
Summary,385
CHAPTER 17
International Capital Structure and the Cost of Capital,388
Cost of Capital,388
Cost of Capital in Segmented versus Integrated Markets,391
Does the Cost of Capital Differ among Countries?,392
Cross-Border Listings of Stocks,396
Capital Asset Pricing under Cross-Listings,401
The Effect of Foreign Equity Ownership Restrictions,403
Pricing-to-Market Phenomenon,403
Asset Pricing under Foreign Ownership Restrictions,405
The Financial Structure of Subsidiaries,408
Summary,409
APPENDIX 17A: Pricing of Nontradable Assets: Numerical Simulations,411
CHAPTER 18
International Capital Budgeting,412
Review of Domestic Capital Budgeting,413
The Adjusted Present Value Model,414
Capital Budgeting from the Parent Firms Perspective,416
Generality of the APV Model,418
Estimating the Future Expected Exchange Rate,419
Risk Adjustment in the Capital Budgeting Analysis,423
Sensitivity Analysis,424
Purchasing Power Parity Assumption,424
Real Options,424
Summary,426
CHAPTER 19
Multinational Cash Management,429
The Management of International Cash Balances,429
Bilateral Netting of Internal and External Net Cash Flows,434
Reduction in Precautionary Cash Balances,435
Cash Management Systems in Practice,437
Summary,438
CHAPTER 20
International Trade Finance,440
A Typical Foreign Trade Transaction,440
Forfaiting,443
Government Assistance in Exporting,443
Countertrade,445
Forms of Countertrade,445
Some Generalizations about Countertrade,447
Summary,448
CHAPTER 21
International Tax Environment and Transfer Pricing,450
The Objectives of Taxation,450
Tax Neutrality,450
Tax Equity,451
Types of Taxation,451
Income Tax,451
Withholding Tax,453
Value-Added Tax,453
National Tax Environments,455
Worldwide Taxation,455
Territorial Taxation,455
Foreign Tax Credits,456
Organizational Structures,456
Branch and Subsidiary Income,456
Tax Havens,457
Controlled Foreign Corporation,458
Tax Inversion,458
Transfer Pricing and Related Issues,460
Miscellaneous Factors,465
Advance Pricing Agreement,467
Blocked Funds,467
Summary,468
Measure of Liquidity,297
Market Structure, Trading Practices, and Costs,297
Trading in International Equities,301
Cross-Listing of Shares,302
Yankee Stock Offerings,304
American Depository Receipts,305
Global Registered Shares,308
Empirical Findings on Cross-Listing and ADRs,309
International Equity Market Benchmarks,310
iShares MSCI,311
Factors Affecting International Equity
Returns,311
Macroeconomic Factors,311
Exchange Rates,313
Industrial Structure,313
Summary,314
CHAPTER 14
Interest Rate and Currency Swaps,316
Types of Swaps,316
Size of the Swap Market,317
The Swap Bank,318
Swap Market Quotations,318
Interest Rate Swaps,320
Basic Interest Rate Swap,320
Pricing the Basic Interest Rate Swap,322
Currency Swaps,323
Basic Currency Swap,323
Equivalency of Currency Swap Debt Service
Obligations,324
Pricing the Basic Currency Swap,325
A Basic Currency Swap Reconsidered,326
Variations of Basic Interest Rate and
Currency Swaps,327
Risks of Interest Rate and Currency Swaps,328
Is the Swap Market Efficient?,328
Summary,329
CHAPTER 15
International Portfolio Investment,331
International Correlation Structure and Risk Diversification,332
Optimal International Portfolio Selection,334
Effects of Changes in the Exchange Rate,341
International Bond Investment,343
International Mutual Funds: A Performance Evaluation,344
International Diversification through Country Funds,346
International Diversification with ADRs,349
International Diversification with Exchange-Traded Funds,350
International Diversification with Hedge Funds,351
Why Home Bias in Portfolio Holdings?,352
International Diversification with Small-Cap Stocks,353
Summary,355
APPENDIX 15A: International Investment with Exchange Risk Hedging,357
APPENDIX 15B: Solving for the Optimal Portfolio,359
PART FIVE
Financial Management of the Multinational Firm
CHAPTER 16
Foreign Direct Global Trends in FDI,365
Why Do Firms Invest Overseas?,368
Trade Barriers,369
Imperfect Labor Market,369
Intangible Assets,370
Vertical Integration,371
Product Life Cycle,372
Shareholder Diversification Services,373
Cross-Border Mergers and Acquisitions,373
Political Risk and FDI,378
Summary,385
CHAPTER 17
International Capital Structure and the Cost of Capital,388
Cost of Capital,388
Cost of Capital in Segmented versus Integrated Markets,391
Does the Cost of Capital Differ among Countries?,392
Cross-Border Listings of Stocks,396
Capital Asset Pricing under Cross-Listings,401
The Effect of Foreign Equity Ownership Restrictions,403
Pricing-to-Market Phenomenon,403
Asset Pricing under Foreign Ownership Restrictions,405
The Financial Structure of Subsidiaries,408
Summary,409
APPENDIX 17A: Pricing of Nontradable Assets: Numerical Simulations,411
CHAPTER 18
International Capital Budgeting,412
Review of Domestic Capital Budgeting,413
The Adjusted Present Value Model,414
Capital Budgeting from the Parent Firms Perspective,416
Generality of the APV Model,418
Estimating the Future Expected Exchange Rate,419
Risk Adjustment in the Capital Budgeting Analysis,423
Sensitivity Analysis,424
Purchasing Power Parity Assumption,424
Real Options,424
Summary,426
CHAPTER 19
Multinational Cash Management,429
The Management of International Cash Balances,429
Bilateral Netting of Internal and External Net Cash Flows,434
Reduction in Precautionary Cash Balances,435
Cash Management Systems in Practice,437
Summary,438
CHAPTER 20
International Trade Finance,440
A Typical Foreign Trade Transaction,440
Forfaiting,443
Government Assistance in Exporting,443
Countertrade,445
Forms of Countertrade,445
Some Generalizations about Countertrade,447
Summary,448
CHAPTER 21
International Tax Environment and Transfer Pricing,450
The Objectives of Taxation,450
Tax Neutrality,450
Tax Equity,451
Types of Taxation,451
Income Tax,451
Withholding Tax,453
Value-Added Tax,453
National Tax Environments,455
Worldwide Taxation,455
Territorial Taxation,455
Foreign Tax Credits,456
Organizational Structures,456
Branch and Subsidiary Income,456
Tax Havens,457
Controlled Foreign Corporation,458
Tax Inversion,458
Transfer Pricing and Related Issues,460
Miscellaneous Factors,465
Advance Pricing Agreement,467
Blocked Funds,467
Summary,468
