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KIRT C. BUTLER is an associate professor in the Department of Finance and Director of Study Abroad for the Eli Broad College of Business at Michigan State University, where he teaches multinational finance and global strategy.
Preface Acknowledgments About the Author Part One: The International Financial Environment Chapter 1: An Introduction to Multinational Finance 1.1 The Goals of the Multinational Corporation 1.2 The Challenges of Multinational Operations 1.3 The Opportunities of Multinational Operations 1.4 Financial Management of the Multinational CorporationCORPORATION 1.5 Summary Chapter 2: World Trade and the International Monetary System 2.1 Integration of the World s Markets 2.2 Balance-of-Payments Statistics 2.3 Exchange Rate Systems 2.4 A Brief History of the International Monetary System 2.5 Summary Chapter 3: Foreign Exchange and Eurocurrency Markets 3.1 Characteristics of Financial Markets 3.2 The Eurocurrency Market 3.3 The Foreign Exchange Market 3.4 Foreign Exchange Rates and Quotations 3.5 Hedging with Currency Forwards 3.6 The Empirical Behavior of Exchange Rates 3.7 Summary Chapter 4: The International Parity Conditions and Their Consequences 4.1 The Law of One Price 4.2 Exchange Rate Equilibrium 4.3 Covered Interest Arbitrage and Interest Rate Parity 4.4 Less Reliable International Parity Conditions 4.5 The Real Exchange Rate 4.6 Exchange Rate Forecasting 4.7 Summary Appendix 4A: Continuous Compounding Part Two: Derivative Securities for Financial Risk Management Chapter 5: Currency Futures and Futures Markets 5.1 The Evolution of Futures Markets 5.2 Futures Contracts 5.3 Forward Versus Futures Market Hedges 5.4 Hedging with Currency Futures 5.5 Summary Chapter 6: Currency Options and Options Markets 6.1 What Is an Option? 6.2 Option Payoff Profiles 6.3 Currency Option Values Prior to Expiration 6.4 Hedging with Currency Options 6.5 Exchange Rate Volatility Revisited 6.6 Summary Appendix 6A: Currency Option Valuation Chapter 7: Currency Swaps and Swaps Markets 7.1 The Growth of the Swaps Market 7.2 Swaps as Portfolios of Forward Contracts 7.3 Currency Swaps 7.4 Interest Rate Swaps 7.5 Other Types of Swaps 7.6 Hedging the Swap Bank s Exposure to Financial Price Risk 7.7 Summary Part Three: Managing the Risks of Multinational Operations Chapter 8: Multinational Treasury Management 8.1 Determining Financial Goals and Strategies 8.2 Managing International Trade 8.3 Payment Methods and Financing for International Trade 8.4 Managing Cash Flows 8.5 Managing Exposures to Currency Risk 8.6 Summary Appendix 8A: The Rationale for Hedging Currency Risk Chapter 9: Managing Transaction Exposure to Currency Risk 9.1 Transaction Exposure to Currency Risk 9.2 Managing Transaction Exposures Internally 9.3 Managing Transaction Exposures in the Financial Markets 9.4 Treasury Management in Practice 9.5 Summary Chapter 10: Managing Operating Exposure to Currency Risk 10.1 Operating Exposures to Currency Risk 10.2 The Exposure of Shareholders Equity 10.3 Managing Operating Exposures in the Financial Markets 10.4 Managing Operating Exposures Through Operations 10.5 Pricing Strategy and the Competitive Environment 10.6 Summary Chapter 11: Managing Translation Exposure and Accounting for Financial Transactions 11.1 Financial Accounting and Reporting Standards 11.2 The Current Rate Method of IAS 21 and ASC 830 30 11.3 Corporate Hedging of Translation Exposure 11.4 Accounting for Financial Market Instruments 11.5 Accounting, Disclosure, and Corporate Hedging Activities 11.6 Summary Part Four: Valuation and the Structure of Multinational Operations Chapter 12: Foreign Market Entry and Country Risk Management 12.1 Strategic Entry into International Markets 12.2 Country Risk Assessment 12.3 Strategies for Managing Country Risk 12.4 Protecting the Multinational s Competitive Advantages 12.5 Summary Chapter 13: Multinational Capital Budgeting 13.1 The Algebra of Multinationa