Multinational Business Finance

The Ninth Edition of this market leader communicates the complexities of international finance clearly and authoritatively. Maintaining its hallmark managerial focus, the new edition features a streamlined presentation, expanded attention to emerging markets, several new chapters, and four new decision cases with an emerging-markets focus.

Arthur I. Stonehill is a Professor of Finance and International Business, Emeritus, at Oregon State University.

PART 1 The International Financial Environment

International Financial Management and the Multinational Firm

The International Monetary Environment

Foreign Exchange Rate Determination

Appendix: Algebraic Parity Conditions

The Foreign Exchange Market

Foreign Currency Options

PART 2 Measuring and Managing Foreign Exchange Exposure

Transaction Exposure

Decision Case: Lufthansa

Decision Case: Zapa Chemical and Bu Ba

Operating Exposure

Accounting Exposure

Decision Case: Tektronix (C)

Interest Rate Exposure and Swaps

Decision Case: British Columbia Hydro

PART 3 Financing the Global Firm

Global Cost of Capital and Financial Structure

Sourcing Equity Globally

Sourcing Debt Globally

PART 4 Foreign Investment Decisions

Corporate Strategy and Foreign Direct Investment

Multinational Capital Budgeting

Decision Case: P.T. Semen Gresik

International Acquisitions and Valuation

Adjusting for Risk in Foreign Investments

PART 5 Managing Multinational Operations

Multinational Taxation

Respositioning Funds

Decision Case: Northwestern Paper Company

Working Capital Management

Decision Case: The Far East Trading Company

Export and Import Financing

Evaluation of Performance

PART 6 Advanced Topics in Multinational Finance

International Portfolio Theory and the MNE

Advanced Topics in Currency Risk Management

Appendix A: Currency Option Pricing Theory

Appendix B: Cumulative Normal Probability Tables

Advanced Topics in Interest Rate Risk Management

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Multinational Business Finance

Summary

Author Biography

Table of Contents

Supplemental Materials