_international_financial_management_by_choel_resnick_6 edition

Cheol S. Eun (Ph.D., NYU, 1981) is the Thomas R. Williams Chair and Professor of Finance at the College of Management, Georgia Institute of Technology. Before joining Georgia Tech, he taught at the University of Minnesota and the University of Maryland. He also taught at the Wharton School of the University of Pennsylvania, Korea Advanced Institute of Science and Technology (KAIST), Singapolie Management University, and the Esslingen University of Technology (Germany) as a visiting professor. He has published extensively on international finance issues in such major journals as the Journal of Finance, JFQA, Journal of Banking and Finance, Journal of International Money and Finance, Management Science, and Oxford Economic Papers. Also, he has served on the editorial boards of the Journal of Banking and Finance, Journal of Financial Research, Journal of International Business Studies, and European Financial Management. His research is widely quoted and referenced in various scholarly articles and textbooks in the United States as well as abroad. Dr. Eun is the founding chair of the Fortis/Georgia Tech Conference on International Finance. The key objectives of the conference are to promote research on international finance and provide a forum for interactions among academics, practitioners, and regulators who are interested in vital current issues of international finance. Dr. Eun has taught a variety of courses at the undergraduate, graduate, and executive levels, and was the winner of the Krowe Teaching Excellence Award at the University of Maryland. He also has served as a consultant to many national and international organizations, including the World Bank, Apex Capital, and the Korean Development Institute, advising on issues relating to capital market liberalization, global capital raising, international investment, and exchange risk management. In addition, he has been a frequent speaker at academic and professional meetings held throughout the world. vi :About the Authors 6r1l!;eJJ._B_~~ojGl~ Wake Forest University Bruce G. Resnick is the Joseph M. Bryan Jr. Professor of Banking and Finance at the Schools of Business of Wake Forest University in Winston-Salem, North Carolina. He has a D.B.A. (1979) in finance from Indiana University. Additionally, he has an M.B.A. from the University of Colorado and a B.B.A. from the University of Wisconsin at Oshkosh. Prior to coming to Wake Forest, he taught at Indiana University for ten years, the University of Minnesota for five years, and California State University for two years. He has also taught as a visiting professor at Bond University, Gold Coast, Queensland, Australia, and at the Helsinki School of Economics and Business Administration in Finland. Additionally, he served as the Indiana University resident director at the Center for European Studies at the University of Limburg, Maastricht, the Netherlands. He also served as an external examiner to the Business Administration Department of Singapore Polytechnic and as the faculty advisor on a Wake Forest University study trip to China and Hong Kong. Dr. Resnick teaches M.B.A. courses at Wake Forest University. He specializes in the areas of investments, portfolio management, and international financial management. Dr. Resnick's research interests include market efficiency studies of options and financial futures markets and empirical tests of asset pricing models. A major interest has been the optimal design of internationally diversified portfolios constructed to control for parameter uncertainty and exchange rate risk. In recent years, he has focused on information transmission in the world money markets and yield spread comparisons of domestic and international bonds. His research articles have been published in most of the major academic journals in finance. His research is widely referenced by other researchers and textbook authors. He is an associate editor for the Emerging Markets Review, Journal of Economics and Business, and the Journal of Multinational Financial Management. Preface . Our ReasQnfQrWritlngthis .. TextbQQK i Both of us have been teaching international financial management to undergraduates and M.B.A. students at Georgia Institute of Technology, Wake Forest University, and at other universities we have visited for three decades. During this time period, we conducted many research studies, published in major finance and statistics journals, concerning the operation of international financial markets. As one might imagine, in doing this we put together an extensive set of teaching materials which we used successfully in the classroom. As the years went by, we individually relied more on our own teaching materials and notes and less on anyone of the major existing textbooks in international finance (most of which we tried at some point). As you may be aware, the scope and content of international finance have been fast evolving due to deregulation of financial markets, product innovations, and technological advancements. As capital markets of the world are becoming more integrated, a solid understanding of international finance has become essential for astute corporate decision making. Reflecting the growing importance of international finance as a discipline, we have seen a sharp increase in the demand for experts in the area in both the corporate and academic worlds. In writing International Financial Management, Sixth Edition, our goal was to provide well-organized, comprehensive, and up-to-date coverage of the topics that take advantage of our many years of teaching and research in this area. We hope the text is challenging to students. This does not mean that it lacks readability. The text discussion is written so that a self-contained treatment of each subject is presented in a user-friendly fashion. The text is intended for use at both the advanced undergraduate and M.B.A. levels. The Underlying Pbilosophy Emphasis on