, International Financial Management
ninth edition
Jeff Madura
Florida Atlantic University
, International Financial Management, Ninth Edition
Jeff Madura
VP/Editorial Director: Manager, Editorial Media: Printer:
Jack W. Calhoun John Barans RR Donnelley
Willard, OH
Editor-in-Chief: Managing Technology Project
Alex von Rosenberg Manager: Art Director:
Matt McKinney Bethany Casey
Executive Editor:
Michael R. Reynolds Manufacturing Coordinator: Internal Designer:
Kevin Kluck Craig Ramsdell, Ramsdell Design
Developmental Editor:
Michael Guendelsberger Senior Marketing Coordinator: Cover Designer:
Angela Glassmeyer Craig Ramsdell, Ramsdell Design
Marketing Manager:
Jason Krall Senior Editorial Assistant: Cover Image:
Adele Scholtz © Getty Images, Inc./Digital
Senior Marketing Communi-
Vision Collection/Photographer:
cations Manager: Production House:
Jeremy Woodhouse
Jim Overly Newgen–Austin
Associate Content Project
Manager:
Scott Dillon
COPYRIGHT © 2008, 2006 ALL RIGHTS RESERVED. Library of Congress Control
Thomson South-Western, a part No part of this work covered by Number:
of The Thomson Corporation. the copyright hereon may be repro- 2007926100
Thomson, the Star logo, and duced or used in any form or by any
South-Western are trademarks means—graphic, electronic, or me- For more information about our
used herein under license. chanical, including photocopying, products, contact us at:
recording, taping, Web distribution
Printed in the United States or information storage and retrieval Thomson Learning Academic
of America systems, or in any other manner— Resource Center
1 2 3 4 5 10 09 08 07 without the written permission of 1-800-423-0563
the publisher.
Student Edition:
Thomson Higher Education
ISBN 13: 978-0-324-56820-2 For permission to use material
5191 Natorp Boulevard
ISBN 10: 0-324-56820-7 from this text or product, submit
Mason, OH 45040
Student Edition PKG: a request online at
USA
ISBN 13: 978-0-324-56819-6 http://www.thomsonrights.com.
ISBN 10: 0-324-56819-3
Instructor’s Edition:
ISBN 13: 978-0-324-65474-5
ISBN 10: 0-324-65474-X
Instructor’s Edition PKG:
ISBN 13: 9978-0-324-65473-8
ISBN 10: 0-324-65473-1
, Dedicated to my parents
ninth edition
Jeff Madura
Florida Atlantic University
, International Financial Management, Ninth Edition
Jeff Madura
VP/Editorial Director: Manager, Editorial Media: Printer:
Jack W. Calhoun John Barans RR Donnelley
Willard, OH
Editor-in-Chief: Managing Technology Project
Alex von Rosenberg Manager: Art Director:
Matt McKinney Bethany Casey
Executive Editor:
Michael R. Reynolds Manufacturing Coordinator: Internal Designer:
Kevin Kluck Craig Ramsdell, Ramsdell Design
Developmental Editor:
Michael Guendelsberger Senior Marketing Coordinator: Cover Designer:
Angela Glassmeyer Craig Ramsdell, Ramsdell Design
Marketing Manager:
Jason Krall Senior Editorial Assistant: Cover Image:
Adele Scholtz © Getty Images, Inc./Digital
Senior Marketing Communi-
Vision Collection/Photographer:
cations Manager: Production House:
Jeremy Woodhouse
Jim Overly Newgen–Austin
Associate Content Project
Manager:
Scott Dillon
COPYRIGHT © 2008, 2006 ALL RIGHTS RESERVED. Library of Congress Control
Thomson South-Western, a part No part of this work covered by Number:
of The Thomson Corporation. the copyright hereon may be repro- 2007926100
Thomson, the Star logo, and duced or used in any form or by any
South-Western are trademarks means—graphic, electronic, or me- For more information about our
used herein under license. chanical, including photocopying, products, contact us at:
recording, taping, Web distribution
Printed in the United States or information storage and retrieval Thomson Learning Academic
of America systems, or in any other manner— Resource Center
1 2 3 4 5 10 09 08 07 without the written permission of 1-800-423-0563
the publisher.
Student Edition:
Thomson Higher Education
ISBN 13: 978-0-324-56820-2 For permission to use material
5191 Natorp Boulevard
ISBN 10: 0-324-56820-7 from this text or product, submit
Mason, OH 45040
Student Edition PKG: a request online at
USA
ISBN 13: 978-0-324-56819-6 http://www.thomsonrights.com.
ISBN 10: 0-324-56819-3
Instructor’s Edition:
ISBN 13: 978-0-324-65474-5
ISBN 10: 0-324-65474-X
Instructor’s Edition PKG:
ISBN 13: 9978-0-324-65473-8
ISBN 10: 0-324-65473-1
, Dedicated to my parents
