Multinational Business Finance 13th Edition by Arthur I Stonehill, David K Eiteman, Michael Moffett ISBN 0132743469 9780132743464

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ISBN 10: 0132743469 
ISBN 13: 9780132743464
Author: Arthur I Stonehill, David K Eiteman, Michael Moffett

Renowned for its authoritative, comprehensive coverage of contemporary international finance, this market-leading text 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 firm 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 thirteenth edition attempts to capture the rapid evolution of our global marketplace through a number of principles, practices, and features.

Multinational Business Finance 13th Table of contents:

Part I: Global Financial Environment

1. Multinational Financial Management: Challenges and Opportunities
   • What is multinational financial management?
   • The rise of the multinational enterprise (MNE).
   • Globalization and its drivers.
   • Key challenges and opportunities in international finance.
2. The International Monetary System
   • Historical evolution of the international monetary system (gold standard, Bretton Woods, floating exchange rates).
   • Current exchange rate regimes (fixed, floating, managed floats).
   • The role of international institutions (IMF, World Bank).
3. The Balance of Payments
   • Components of the balance of payments (current account, capital account, financial account).
   • Balance of payments accounting and its implications.
   • Current account imbalances and their significance.
4. Financial Goals and Corporate Governance
   • Maximizing shareholder wealth in a global context.
   • Corporate governance structures in different countries.
   • Agency problems and their resolution in MNEs.

Part II: Foreign Exchange Theory and Markets

5. The Foreign Exchange Market
   • Structure and participants of the FX market.
   • Spot and forward exchange rates.
   • Exchange rate quotations (direct, indirect, cross rates).
   • Arbitrage opportunities.
6. International Parity Conditions
   • Purchasing Power Parity (PPP).
   • Interest Rate Parity (IRP).
   • Fisher Effect (FE) and International Fisher Effect (IFE).
   • Relationship between parity conditions and their implications for exchange rates.
7. Foreign Currency Futures and Options
   • Introduction to financial derivatives (futures, forwards, options, swaps).
   • Pricing and trading of foreign currency futures and options.
   • Uses for hedging and speculation.
8. Interest Rate Derivatives and Swaps
   • Interest rate futures and options.
   • Interest rate swaps, currency swaps.
   • Applications in managing interest rate and currency risk.
9. Exchange Rate Determination and Forecasting
   • Factors influencing exchange rates (economic fundamentals, government intervention, expectations).
   • Theories of exchange rate determination.
   • Techniques for forecasting exchange rates (fundamental, technical, market-based).

Part III: Foreign Exchange Exposure

10. Transaction Exposure
    • Defining and measuring transaction exposure.
    • Hedging techniques for transaction exposure (forward contracts, options, money market hedges).
    • Managing accounts receivable and payable.
11. Translation Exposure
    • Defining and measuring translation (accounting) exposure.
    • Different accounting methods for consolidating foreign subsidiary financial statements.
    • Hedging translation exposure.
12. Operating Exposure
    • Defining and measuring operating (economic) exposure.
    • Strategic management of operating exposure.
    • Diversification of operations and financing.

Part IV: Financing the Global Firm

13. The Global Cost and Availability of Capital
    • Cost of capital in a multinational setting.
    • Sources of capital in global markets.
    • International portfolio theory and diversification.
14. Raising Equity and Debt Globally
    • Cross-listing of shares.
    • Issuing Eurobonds, foreign bonds, and syndicated loans.
    • Equity and debt instruments in emerging markets.
15. Multinational Tax Management
    • International tax environment.
    • Taxation of foreign source income.
    • Tax planning strategies for MNEs.
16. International Trade Finance
    • Methods of payment in international trade.
    • Trade finance instruments and institutions (letters of credit, forfaiting, factoring).
    • Government programs to support exports.

Part V: Foreign Investments and Operations

17. Foreign Direct Investment and Political Risk
    • Theories of Foreign Direct Investment (FDI).
    • Forms of FDI.
    • Political risk assessment and management.
    • Negotiating with host governments.
18. Multinational Capital Budgeting and Cross-Border Acquisitions
    • Capital budgeting for international projects.
    • Adjusting for foreign exchange risk and political risk.
    • Valuation of cross-border acquisitions.
19. International Working Capital Management
    • Managing cash flows, accounts receivable, and inventory globally.
    • Intracompany fund flows.
    • Centralized vs. decentralized cash management.

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Tags: Arthur I Stonehill, David K Eiteman, Michael Moffett, Multinational