V V
Multinational Business V
Finance
Fifteenth Edition
V
David K. Eiteman
V V
UniversityVofVCalifornia,VLosVAngeles
Arthur I. Stonehill
V V
OregonVStateVUniversityVandVUniversityVofVHawaiiVatVManoa
, Michael H. MoffettV V
ThunderbirdVSchoolVofVGlobalVManagementV
atVArizonaVStateVUniversity
NewVYork,VNY
ThisVworkVisVprotectedVbyVUnitedVStatesVcopyrightVlawsVandVisVprovidedVsolely
VforVtheVuseVofVinstructorsVinVteachingVtheirVcoursesVandVassessingVstudentVle
arning.VDisseminationVorVsaleVofVanyVpartVofVthisVworkV(includingVonVtheVWorld
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workVand
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sVworkVareVexpectedVtoVabideVbyVtheseVrestrictionsVandVtoVhonorVtheVintended
VpedagogicalVpurposesVandVtheVneedsVofVotherVinstructorsVwhoVrelyVonVtheseV
materials.
ViceVPresident,VBusiness,VEconomics,VandVUKVCourseware:VDonnaVBattista
SeniorVSponsoringVEditor:VNeerajVBhalla
,ManagingVProducer,VBusiness:VAlisonVKalil
ContentVProducer:VSugandhVJuneja
ProjectVManager:VDineshVDeivendiran
CopyrightV©V2019,V2016,V2013VbyVPearsonVEducation,VInc.VorVitsVaffiliates.VAllVRightsVReserved.
ManufacturedVinVtheVUnitedVStatesVofVAmerica.VThisVpublicationVisVprotectedVbyVcopyright,VandVp
ermissionVshouldVbeVobtainedVfromVtheVpublisherVpriorVtoVanyVprohibitedVreproduction,VstorageVin
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intendedVtoVimplyVanyVsponsorship,Vendorsement,Vauthorization,VorVpromotionVofVPearson’sVproduct
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nc.,VorVitsVaffiliates,Vauthors,Vlicensees,VorVdistributors.
ISBN-13:V 978-0-13-479657-4
ISBN-10:V 0-13-479657-8
, Contents
ChapterV1VMultinationalVFinancialVManagement:VOpportunitiesVandVChallenges ...................... 1
ChapterV2VTheVInternationalVMonetaryVSystem............................................................................ 8
ChapterV3VTheVBalanceVofVPayments .......................................................................................... 13
ChapterV4VFinancialVGoalsVandVCorporateVGovernance............................................................. 22
ChapterV5VTheVForeignVExchangeVMarket .................................................................................. 28
ChapterV6VInternationalVParityVConditions .................................................................................. 34
ChapterV7VForeignVCurrencyVDerivatives:VFuturesVandVOptions............................................... 41
ChapterV8VInterestVRateVRiskVandVSwaps ................................................................................... 46
ChapterV9VForeignVExchangeVRateVDeterminationVandVIntervention ........................................ 52
ChapterV10VTransactionVExposure................................................................................................ 60
ChapterV11VTranslationVExposure ................................................................................................ 66
ChapterV12VOperatingVExposure .................................................................................................. 71
ChapterV13VGlobalVCostVandVAvailabilityVofVCapital ................................................................ 76
ChapterV14VFundingVtheVMultinationalVFirm .............................................................................. 81
ChapterV15VMultinationalVTaxVManagement ............................................................................... 89
ChapterV16VInternationalVTradeVFinance ..................................................................................... 97
ChapterV17VForeignVDirectVInvestmentVandVPoliticalVRisk ..................................................... 101
ChapterV18VMultinationalVCapitalVBudgetingVandVCross-BorderVAcquisitions ....................... 115