Description
This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content which is especially relevant to students outside the United States.
For courses in international finance.
Authoritative, comprehensive coverage of contemporary international finance
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.
Reach every student by pairing this text with MyLab Finance
MyLab™ is the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student.
Features
Clarify tough topics
· Expanded – The Impossible Trinity’s use as a unifying theoretical link across multiple subjects and chapters.
· New – How the changing structure of the global foreign exchange market is posing challenges for private players and public regulators and overseers.
· Expanded – Translation Exposure, a cross-section of international finance, economics, and accounting, now more effectively covers its wider theoretical and practical applications in industry.
· Expanded – Discussion of subsidiary foreign funding sources and practices includes recent developments and changing access to capital.
· New – The seismic changes introduced by the US effective on January 1, 2018, have been highlighted in exploration of how taxation alters the fundamental financial management activities of global companies.
· Revised – The chapter on foreign direct investment and political risk now reflects the growing use of restrictions on convertibility, transferability, and the possibility of repudiation or expropriation.
Boost critical-thinking skills
· Learning Objectives are included in each chapter and are aligned with MyLab Finance.
· Global Finance in Practice highlights how real firms and real managers deal with the never-ending complexity of executing global business deals in a changing marketplace.
· Expanded – 250 End-of-Chapter Questions and Problems assess students’ understanding of the material.
· Numerous mathematical derivations are placed in appendices for selective use as students/instructors see fit.
Proven pedagogical tools
· A student-friendly writing style, combined with a structured presentation of material — beginning with learning objectives for each chapter and ending with a summarization of how those learning objectives were realized, is used. Critical elements are also delivered in a shorter framework.
· A wealth of illustrations and exhibits provide a visual parallel to the concepts and content presented.
· A running case on a hypothetical Ireland-based firm, Aidan Corporation, provides a cohesive framework for the multifaceted globalization process, and is reinforced in several end-of-chapter problems.
· New – Seven of the 18 Mini-Cases are completely new to the 15th Edition and explore many of the edgier debates rising between global business, social policy, and corporate social responsibility.
Pearson MyLab™ Finance is not included. Students, if Pearson MyLab Finance is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN. Pearson MyLab Finance should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.
· Teach your course your way: Your course is unique. So whether you’d like to build your own assignments, teach multiple sections, or set prerequisites, MyLab gives you the flexibility to easily create your course to fit your needs.
o A powerful homework and test manager lets you create, import, and manage online homework assignments, quizzes, and tests.
o Easily scalable and shareable content. MyLab enables you to manage multiple class sections, and lets other instructors copy your settings so a standardized syllabus can be maintained across your department. Should you want to use the same MyLab course next semester, with the same customized settings, you can copy your existing course exactly — and even share it with other faculty members.
· Empower each learner: Each student learns at a different pace. Personalized learning pinpoints the precise areas where each student needs practice, giving all students the support they need — when and where they need it — to be successful.
o Learning aids, such as Help Me Solve This, provide extra help for students at the point-of-use.
o The Study Plan gives students personalized recommendations, practice opportunities, and learning aids to help them stay on track.
· Deliver trusted content: You deserve teaching materials that meet your own high standards for your course. That’s why we partner with highly respected authors to develop interactive content and course-specific resources that you can trust — and that keep your students engaged.
o Filled with a wealth of content that is tightly integrated with your textbook, MyLab lets you easily add, remove, or modify existing instructional material to suit the needs of your students or department.
· Improve student results: When you teach with MyLab, student performance improves. That’s why instructors have chosen MyLab for over 15 years, touching the lives of over 50 million students.
New to this Edition
Clarify tough topics
· The Impossible Trinity’s use as a unifying theoretical link across multiple subjects and chapters.
· How the changing structure of the global foreign exchange market is posing challenges for private players and public regulators and overseers.
· Translation Exposure, a cross-section of international finance, economics, and accounting, now more effectively covers its wider theoretical and practical applications in industry.
· Discussion of subsidiary foreign funding sources and practices includes recent developments and changing access to capital.
· The seismic changes introduced by the US effective on January 1, 2018, have been highlighted in exploration of how taxation alters the fundamental financial management activities of global companies.
· The chapter on foreign direct investment and political risk now reflects the growing use of restrictions on convertibility, transferability, and the possibility of repudiation or expropriation.
Boost critical-thinking skills
· 250 End-of-Chapter Questions and Problems assess students’ understanding of the material.
Proven pedagogical tools
· Seven of the 18 Mini-Cases are completely new to the 15th Edition and explore many of the edgier debates rising between global business, social policy, and corporate social responsibility.
Pearson MyLab™ Finance is not included. Students, if Pearson MyLab Finance is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN. Pearson MyLab Finance should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.
Table of Contents
PART I: 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 II: FOREIGN EXCHANGE THEORY & MARKETS
5. The Foreign Exchange Market
6. International Parity Conditions
Appendix: An Algebraic Primer to International Parity Conditions
7. Foreign Currency Derivatives: Futures and Options
Appendix: Foreign Currency Options Pricing Theory
8. Interest Rate Risk and Swaps
9. Foreign Exchange Rate Determination and Intervention
PART III: FOREIGN EXCHANGE EXPOSURE
10. Transaction Exposure
Appendix: Complex Option Hedges
11. Translation Exposure
Mini case: Electrolux of Sweden Currency Management New #2
12. Operating Exposure
Mini-Case: Rolls Royce & Brexit New #2
PART IV: FINANCING THE GLOBAL FIRM
13. The Global Cost and Availability of Capital
14. Funding the Multinational Firm
15. Multinational Tax Management
16. International Trade Finance
PART V: FOREIGN INVESTMENTS & INVESTMENT ANALYSIS
17. Foreign Direct Investment & Political Risk
18. Multinational Capital Budgeting & Cross-Border Acquisitions
Answers to selected end-of-chapter problems
Glossary
Index
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