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PREFACE xvii SELECTED CURRENCIES AND SYMBOLS xix SYMBOLS AND ACRONYMS xxi PART 1 THE GLOBAL FINANCIAL MANAGEMENT ENVIRONMENT 1 INTRODUCTION TO INTERNATIONAL FINANCIAL MANAGEMENT 3 1.1 The Rise of the International Company 5 1.2 The Internationalization of Business and Finance 24 1.3 International Financial Management: Theory and Practice 36 1.4 Outline of the Text 42 APPENDIX 1A The Origins and Consequences of International Trade 45 2 EXCHANGE RATE DETERMINATION 51 2.1 Setting the Equilibrium Spot Exchange Rate 52 2.2 Expectations and the Asset Market Model of Exchange Rates 58 2.3 The Fundamentals of Central Bank Intervention 73 2.4 The Equilibrium Approach to Exchange Rates 80 2.5 Summary and Conclusions 83 3 THE INTERNATIONAL MONETARY SYSTEM 87 3.1 Alternative Exchange Rate Systems 88 3.2 A Brief History of the International Monetary System 97 3.3 The European Monetary System and Monetary Union 109 3.4 Emerging Market Currency Crises 129 3.5 Summary and Conclusions 132 4 CURRENCIES: EXPECTATIONS, PARITIES, AND FORECASTING 135 4.1 Arbitrage and the Law of One Price 135 4.2 Purchasing Power Parity 138 4.3 The Fisher Effect 147 4.4 The International Fisher Effect 153 4.5 Interest Rate Parity Theory 157 4.6 The Relationship Between the Forward Rate and the Future Spot Rate 162 4.7 Currency Forecasting 165 4.8 Summary and Conclusions 171 5 THE INTERNATIONAL MONETARY SYSTEM AND THE BALANCE OF PAYMENTS 178 5.1 Balance–of–Payments Categories 179 5.2 The International Flow of Goods, Services, and Capital 184 5.3 Coping with the Current–Account Deficit 193 5.4 Summary and Conclusions 203 6 COUNTRY RISK 208 6.1 Measuring Political Risk 209 6.2 Economic and Political Factors Underlying Country Risk 218 6.3 Country Risk Analysis in International Lending 236 6.4 Summary and Conclusions 243 PART 2 CURRENCY AND DERIVATIVES MARKETS 7 CURRENCY MARKETS 249 7.1 Organization of the Foreign Exchange Market 250 7.2 The Spot Market 257 7.3 The Forward Market 265 7.4 Summary and Conclusions 269 8 CURRENCY DERIVATIVES 272 8.1 Futures Contracts 272 8.2 Currency Options 279 8.3 Reading Currency Futures and Options Prices 295 8.4 Summary and Conclusions 297 APPENDIX 8A Option Pricing Using Black–Scholes 299 APPENDIX 8B Put–Call Option Interest Rate Parity 302 9 INTEREST RATE DERIVATIVES 306 9.1 Interest Rate and Currency Swaps 306 9.2 Interest Rate Forwards and Futures 318 9.3 Structured Notes 322 9.4 Credit Default Swaps 324 9.5 Summary and Conclusions 326 PART 3 MANAGING CURRENCY RISKS 10 TRANSLATION AND TRANSACTION EXPOSURE 331 10.1 Alternative Measures of Foreign Exchange Exposure 332 10.2 Alternative Currency Translation Methods 334 10.3 Transaction Exposure 335 10.4 Designing a Hedging Strategy 337 10.5 Managing Translation Exposure 347 10.6 Managing Transaction Exposure 349 10.7 Summary and Conclusions 364 APPENDIX 10A Currency Translation in Practice 369 11 ECONOMIC EXPOSURE 373 11.1 Foreign Exchange Risk and Economic Exposure 374 11.2 The Economic Consequences of Exchange Rate Changes 379 11.3 Identifying Economic Exposure 383 11.4 Calculating Economic Exposure 386 11.5 An Operational Measure of Exchange Risk 391 11.6 Managing Operating Exposure 393 11.7 Summary and Conclusions 404 PART 4 FINANCING INTERNATIONAL OPERATIONS 12 INTERNATIONAL AND DOMESTIC CAPITAL MARKETS 411 12.1 Corporate Sources and Uses of Funds 412 12.2 Domestic Capital Markets as International Financial Centers 419 12.3 Development Banks 429 12.4 Project Finance 433 12.5 Summary and Conclusions 435 13 INTERNATIONAL FINANCIAL MARKETS 438 13.1 The Eurocurrency Market 438 13.2 Eurobonds 445 13.3 Note Issuance Facilities and Euronotes 451 13.4 Euro–Commercial Paper 455 13.5 The Asia currency Market 456 13.6 Summary and Conclusions 457 14 THE INTERNATIONAL COST OF CAPITAL 459 14.1 The Cost of Equity Capital 460 14.2 The Weighted Average Cost of Capital for Foreign Projects 461 14.3 Discount Rates for Foreign Investments 462 14.4 The Cost of Debt Capital 471 14.5 Establishing a Worldwide Capital Structure 473 14.6 Valuing Low–Cost Financing Opportunities 479 14.7 Summary and Conclusions 484 PART 5 INTERNATIONAL CAPITAL BUDGETING 15 INTERNATIONAL PORTFOLIO INVESTMENT 491 15.1 The Risks and Benefits of International Equity Investing 491 15.2 International Bond Investing 509 15.3 Optimal International Asset Allocation 509 15.4 Measuring the Total Return from Foreign Portfolio Investing 510 15.5 Measuring Exchange Risk on Foreign Securities 512 15.6 Summary and Conclusions 513 16 STRATEGIES FOR FOREIGN DIRECT INVESTMENT 517 16.1 Theory of the Multinational Corporation 518 16.2 The Strategy of Multinational Enterprise 520 16.3 Designing a Global Expansion Strategy 527 16.4 Summary and Conclusions 530 17 INTERNATIONAL CAPITAL BUDGETING 534 17.1 Basics of Capital Budgeting 535 17.2 Issues in Foreign Investment Analysis 540 17.3 Foreign Project Appraisal: The Case of International Machine Tools 544 17.4 Political Risk Analysis 552 17.5 Growth Options and Project Evaluation 554 17.6 Summary and Conclusions 556 APPENDIX 17A Managing Political Risk 559 PART 6 INTERNATIONAL MANAGEMENT OF WORKING CAPITAL 18 INTERNATIONAL TRADE MANAGEMENT 567 18.1 Payment Terms in International Trade 568 18.2 Documents in International Trade 577 18.3 Financing Techniques in International Trade 579 18.4 Government Sources of Export Financing and Credit Insurance 582 18.5 Countertrade 586 18.6 Summary and Conclusions 589 19 MANAGING WORKING CAPITAL 592 19.1 International Cash Management 593 19.2 Accounts Receivable Management 606 19.3 Inventory Management 607 19.4 Short–Term Financing 608 19.5 Summary and Conclusions 616 20 FINANCIAL MANAGEMENT FOR THE GLOBAL ENTERPRISE 620 20.1 The Value of the Multinational Financial System 621 20.2 Intercompany Fund–Flow Mechanisms: Costs and Benefits 624 20.3 Designing a Global Remittance Policy 640 20.4 Summary and Conclusions 642 GLOSSARY 645 INDEX 679