As globalization is redefining the field of corporate finance, international finance is now part and parcel of the basic literacy of any financial executive. This is why International Corporate Finance is a "must" text for upper-undergraduates, MBAs aspiring to careers in global financial services and budding finance professionals.
International Corporate Finance offers thorough coverage of the international monetary system, international financing, foreign exchange risk management and cross-border valuation. Additionally, the book offers keen insight on how disintermediation, deregulation and securitization are re-shaping global capital markets.
What is different about International Corporate Finance?
* Each chapter opens with a real-life mini-case to anchor theoretical concepts to managerial situations.
* Provides simple decision rules and "how to do" answers to key managerial issues.
* Cross-border Mergers & Acquisitions, Project Finance, Islamic Finance, Asian Banking & Finance are completely new chapters that no other textbooks currently cover.
* Accompanied with a comprehensive instructor support package which includes case studies, an Instructor's Manual, PowerPoint slides, Multiple Choice Questions and more.
Autorentext
Laurent L. Jacque (Boston, MA) is the Walter B. Wriston Professor of International Finance & Banking at the Fletcher School of Law and Diplomacy (Tufts University) and Director of its International Business Studies Program. From 2004 to 2007 he was Fletcher's Academic Dean and as such responsible for the design and the establishment of the new Master of International Business degree and the Center for Emerging Market Enterprises. Since 1990 he has also held a joint appointment at the HEC School of Management (France) as a Professor of Economics, Finance, and International Business.
Klappentext
Praise for International Corporate Finance
"Professor Jacque's textbook allies conceptual rigor with practical relevance drawn from multiple case studies. A highly recommended textbook to those who teach international finance at both the undergraduate and graduate levels." GABRIEL HAWAWINI, the Henry Grunfeld Chaired Professor of Investment Banking and former Dean, INSEAD
"Professor Jacque's new text book serves as a right-sized, real-life manual of the complexity and adventure of international finance. Most importantly, it accomplishes this goal without short-cutting the relevant theoretical concepts underpinning the instruments of global finance. This book is compass, interactive study manual, theoretical reference guide, and last but not least, case-based financial adventure novel, all in one." OLIVER S KRATZ, PhD, CEO of Global Thematic Partners
"In this book, Laurent Jacque does a superb job of combining modern concepts of international finance with a keen eye for their application in the context of the business firm and exceptional exposition that places a premium on capturing, simplifying and retaining what are sometimes complex relationships. It is a book that deserves to quickly become one of the leaders in its field." INGO WALTER, Seymour Milstein Professor of Finance, Corporate Governance and Ethics, Stern School of Business, New York University
A geocentric perspective on finance for a globalizing world
As globalization is redefining the field of corporate finance, international finance is now part and parcel of the basic literacy of any financial executive. This is why International Corporate Finance is a "must" text for upper-undergraduates, MBAs and young professionals aspiring to careers in global financial services. It offers comprehensive coverage of:
- International monetary system and currency markets
- Global financial markets including Asian banking and Islamic Finance
- Geocentric debt and equity multi-currency financing strategies
- Currency derivatives and foreign exchange risk management
- Cross-border valuation, mergers & acquisitions and project finance
Unique to the book is that each chapter opens with a real-life mini-case to anchor theoretical concepts to managerial situations and also provides simple decision rules and "how to do" answers to key managerial finance issues. Cross-border Mergers & Acquisitions, Project Finance, Islamic Finance, Asian Banking & Finance and International Control Conundrum are completely new chapters that no other textbooks currently cover. The book also includes twenty concise and original case studies for class discussion and is accompanied with a comprehensive instructor support package which includes case studies, an Instructor's Manual, PowerPoint slides, and more.
Inhalt
Preface xvii
Acknowledgments xxv
About the Author xxvii
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 19
Questions for Discussion 19
References 20
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 39
Controlled Exchange Rates 46
To Float or to Fix: The Trilemma of International Finance 49
Summary 50
Questions for Discussion 51
Problems 52
Internet Exercises 54
References 54
Chapter 3 Yesterday and Yesteryear 57
Chronology of the International Monetary System 58
The Gold Standard (18781914, 19251931) 61
The Bretton Woods System (19441971) 63
Managed Floating Exchange Rates (1973Present) 67
European Monetary System and the European Currency Unit (19791999) 68
Emerging Markets Currency Regimes and Crises 72
European Monetary Union and the Birth of the Euro (1999Present) 76
Today and Tomorrow: The Current Map of Exchange Rates 84
Summary 86
Questions for Discussion 87
Problems 88
Internet Exercises 90
References 90
Case Study 3.1: Will the Eurozone Shutter? Plant Location and Exchange Rates for Hyundai 91
Chapter 4 The Balance of Payments 99
Fundamentals of Balance of International Payments Accounting 100
Current Account 105
Financial Account 107
Official Reserve Account 109
Statistical Discrepancies: Errors and Omissions 111
Balance of Payments and the Foreign Exchange Market 111
Debtor Versus Creditor Nations 115
Linking the Balance of Payments to National Income 118
Summary 119
Questions for Discussion 120
Problems 121
Internet Exercises 122
References 124
Case Study 4.1: When One of the BRIC(k)s Falls: Trials and Tribulations of the Indian Rupee 124
Part Two The Foreign Exchange Market and Currency Derivatives 129
Chapter 5 The Foreign Exchange Market 131
How Forex is Traded: The Institutional Framework 132
Foreign Exchange Products 140
Exchange Rate Quotations 142
Summary 155
Questions for Discussion 156
Problems 157
Internet Exercises 160
References 160
Case Study 5.1: Banco Mercantil Internaciona…