Multinational Business Finance

David K. Eiteman David K. Eiteman is Professor Emeritus of Finance at the John E. Anderson Graduate School of Management at UCLA. He has also held teaching or research appointments at the Hong Kong University of Science & Technology, Showa Academy of Music (Japan), the National University of Singapore, Dalian University (China), the Helsinki School of Economics and Business Administration (Finland), University of Hawaii at Manoa, University of Bradford (U.K.), Cranfield School of Management (U.K.), and IDEA (Argentina). He is a former president of the International Trade and Finance Association, Society for Economics and Management in China, and Western Finance Association. Professor Eiteman received a B.B.A. (Business Administration) from the University of Michigan, Ann Arbor (1952); M.A. (Economics) from the University of California, Berkeley (1956); and a Ph.D. (Finance) from Northwestern University (1959). He has authored or co-authored four books and twenty-nine other publications. His articles have appeared in The Journal of Finance, The International Trade Journal, Financial Analysts Journal, Journal of World Business, Management International, Business Horizons, MSU Business Topics, Public Utilities Fortnightly, and others. Arthur I. Stonehill Arthur I. Stonehill is a Professor of Finance and International Business, Emeritus, at Oregon State University, where he taught for 24 years (1966-1990). During 1991-1997 he held a split appointment at the University of Hawaii at Manoa and Copenhagen Business School. From 1997 to 2001, he continued as a Visiting Professor at the University of Hawaii at Manoa. He has also held teaching or research appointments at the University of California, Berkeley; Cranfield School of Management (U.K.); and the North European Management Institute (Norway). He was a former president of the Academy of International Business, and was a western director of the Financial Management Association. Professor Stonehill received a B.A. (History) from Yale University (1953); an M.B.A. from Harvard Business School (1957); and a Ph.D. in Business Administration from the University of California, Berkeley (1965). He was awarded honorary doctorates from the Aarhus School of Business (Denmark, 1989), the Copenhagen Business School (Denmark, 1992), and Lund University (Sweden, 1998). He has authored or co-authored nine books and twenty-five other publications. His articles have appeared in Financial Management, Journal of International Business Studies, California Management Review, Journal of Financial and Quantitative Analysis, Journal of International Financial Management and Accounting, International Business Review, European Management Journal, The Investment Analyst (U.K.), Nationalokonomisk Tidskrift (Denmark), Sosialokonomen (Norway), Journal of Financial Education, and others. Michael H. Moffett Michael H. Moffett is Continental Grain Professor in Finance at the Thunderbird School of Global Management at Arizona State University, where he has been since 1994. He also has held teaching or research appointments at Oregon State University (1985-1993); the University of Michigan, Ann Arbor (1991-1993); the Brookings Institution, Washington, D.C.; the University of Hawaii at Manoa; the Aarhus School of Business (Denmark); the Helsinki School of Economics and Business Administration (Finland), the International Centre for Public Enterprises (Yugoslavia); and the University of Colorado, Boulder. Professor Moffett received a B.A. (Economics) from the University of Texas at Austin (1977), an M.S. (Resource Economics) from Colorado State University (1979), an M.A. (Economics) from the University of Colorado, Boulder (1983), and Ph.D. (Economics) from the University of Colorado, Boulder (1985). He has authored, co-authored, or contributed to a number of books, articles, case studies, and other publications. He has co-authored two books with Art Stonehill a

Part I: Global Financial Environment
1. Multinational Financial Management: Challenges and Opportunities
2. The International Monetary System
3. The Balance of Payments
4. Financial Goals and Corporate Governance

Part II: Foreign Exchange Theory and Markets
5. The Foreign Exchange Market
6. International Parity Conditions
Appendix: An Algebraic Primer to Parity Conditions
7. Foreign Currency Futures and Options
Appendix: Foreign Currency Options Pricing Theory
8: Interest Rate Derivatives and Swaps
9. Exchange Rate Determination and Forecasting

Part III: Foreign Exchange Exposure
10. Transaction Exposure
Appendix: Complex Option Hedges
11. Translation Exposure
12. Operating Exposure

Part IV: Financing the Global Firm
13. The Global Cost and Availability of Capital
14. Raising Equity and Debt Globally
Appendix: Financial Structure of Foreign Subsidiaries
15. Multinational Tax Management
16. International Trade Finance

Part V: Foreign Investment Decisions
17. Foreign Direct Investment and Political Risk
18. Multinational Capital Budgeting and Cross-Border Acquisitions

Answers to select end-of-chapter questions
Glossary
Index