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Multinational Business Finance, 12/E
ISBN-10: 0136096689
ISBN-13: 9780136096689
Publisher: Prentice Hall
Copyright: 2010
Format: Cloth; 784 pp
Published: 07/31/2009
Status: Instock
Customers outside the U.S., click here.
Description
For courses on International Finance.
Authoritative, comprehensive coverage of contemporary international finance.
Renowned for its authoritative, comprehensive coverage of contemporary international finance, this market-leading text trains the leaders of tomorrow’s multinational enterprises to recognize and capitalize on the unique characteristics of global markets. Because the job of a manager is to make financial decisions that increase firm value, the authors have embedded real-world mini-cases throughout to apply chapter concepts to the types of situations managers of multinational firms face.
In the twelfth edition, Chapter 1 now includes a new mini-case “Porsche Changes Track”, while the new Chapter 5 addresses the recent financial crises, providing an overview of the origins, dissemination, and repercussions of this credit crisis on the conduct of global business.
Features
For courses on International Finance.
Authoritative, comprehensive coverage of contemporary international finance.
Renowned for its authoritative, comprehensive coverage of contemporary international finance, this market-leading text trains the leaders of tomorrow’s multinational enterprises to recognize and capitalize on the unique characteristics of global markets. Because the job of a manager is to make financial decisions that increase firm value, the authors have embedded real-world mini-cases throughout to apply chapter concepts to the types of situations managers of multinational firms face.
In the twelfth edition, Chapter 1 now includes a new mini-case “Porsche Changes Track”, while the new Chapter 5 addresses the recent financial crises, providing an overview of the origins, dissemination, and repercussions of this credit crisis on the conduct of global business.
- The unique managerial emphasis employs numerous embedded mini-cases to push students beyond a superficial understanding of abstract concepts. Students learn that a successful manager in a multinational enterprise not only needs to be able to recognize imperfections in national markets for products, factors of production and financial assets, but also to be able to make decisions about how to benefit from those imperfections.
- Exceptional currency of coverage keeps students abreast of contemporary issues and events, including financial management issues in emerging markets.
- An entire chapter is devoted to the political risk challenges faced by multinational enterprises across three corridors of exposure: firm-specific risk, country-specific risk, and global-specific risk.
- Spreadsheet examples, along with online templates, give students hands on practice with a key tool of the financial manager. Multinational Business Finance also offers the most end-of-chapter problems of any text on the market. Spreadsheet solutions are available for instructors.
- A complete supplements package, including PowerPoint® lecture notes, instructor’s manual and a comprehensive test bank is available.
NEW! Chapter 1: Globalization and the Multinational Enterprise traces the logical development of globalization forces, comparative advantage, foreign direct investment by multinational enterprises, and financial globalization principles to multinational financial management.
NEW! Chapter 2: Financial Goals and Corporate Governance is largely new and expands on the discussion of corporate governance in the original Chapter 1 to now include private ownership of business—the still dominant form of ownership globally—and differing perspectives on the value of good governance globally.
NEW! Chapter 5: Current Multinational Financial Management Challenges: The Global Credit Crisis contains the most up-to-date and detailed coverage on the recent financial crises. This coverage provides an overview of the origins, dissemination, and repercussions of the current credit crisis on global business. The chapter begins with the seeds of the crisis—the rapid lending and expansion of real estate markets in the post 2000 marketplace—followed by a detailed description of how securitization contributed to the growth of mortgage-backed and other asset-backed securities, the derivative instruments created for their marketing and sales, and the sequence of market failures causing financial crisis. The chapter concludes with a detailed analysis of the international interbank markets and how they have "frozen" and behaved during the crisis.
NEW! Chapter 5 mini-case—This new chapter concludes with a mini-case debating whether the U.S. government should or should not have allowed one of the largest investment banks, Lehman Brothers, to fail.
NEW! Chapter 18: Foreign Direct Investment Theory and Strategy has a new section on emerging market MNEs.
More Global Finance in Practice boxes have been added throughout the text, highlighting the importance of current events tied to chapter material.
New To This Edition
NEW! Chapter 1: Globalization and the Multinational Enterprise traces the logical development of globalization forces, comparative advantage, foreign direct investment by multinational enterprises, and financial globalization principles to multinational financial management.NEW! Chapter 2: Financial Goals and Corporate Governance is largely new and expands on the discussion of corporate governance in the original Chapter 1 to now include private ownership of business—the still dominant form of ownership globally—and differing perspectives on the value of good governance globally.
NEW! Chapter 5: Current Multinational Financial Management Challenges: The Global Credit Crisis contains the most up-to-date and detailed coverage on the recent financial crises. This coverage provides an overview of the origins, dissemination, and repercussions of the current credit crisis on global business. The chapter begins with the seeds of the crisis—the rapid lending and expansion of real estate markets in the post 2000 marketplace—followed by a detailed description of how securitization contributed to the growth of mortgage-backed and other asset-backed securities, the derivative instruments created for their marketing and sales, and the sequence of market failures causing financial crisis. The chapter concludes with a detailed analysis of the international interbank markets and how they have "frozen" and behaved during the crisis.
NEW! Chapter 5 mini-case—This new chapter concludes with a mini-case debating whether the U.S. government should or should not have allowed one of the largest investment banks, Lehman Brothers, to fail.
NEW! Chapter 18: Foreign Direct Investment Theory and Strategy has a new section on emerging market MNEs.
More Global Finance in Practice boxes have been added throughout the text, highlighting the importance of current events tied to chapter material.
Table of Contents
Part I: Global Environment
Chapter 1: Globalization and the Multinational Enterprise
Chapter 2: Financial Goals & Governance
Chapter 3: The International Monetary System
Chapter 4: The Balance of Payments
Chapter 5: Current Multinational Financial Challenges: Crisis
Part II: Foreign Exchange Theory and Markets
Chapter 6: The Foreign Exchange Market
Chapter 7: International Parity Conditions
Appendix: Algebraic Primer to International Parity Conditions
Chapter 8: Foreign Currency Derivatives
Appendix: Currency Option Pricing Theory
Chapter 9: Interest Rate and Cross Currency Swaps
Chapter 10: Foreign Exchange Rate Determination & Forecasting
Part III: Foreign Exchange Exposure
Chapter 11: Transaction Exposure
Appendix: Complex Options
Chapter 12: Operating Exposure
Chapter 13: Translation Exposure
Part IV: Financing the Global Firm
Chapter 14: The Global Cost and Availability of Capital
Chapter 15: Sourcing Equity Globally
Chapter 16: Sourcing Debt Globally
Part V: Foreign Investment Decisions
Chapter 17: International Portfolio Theory & Investment
Chapter 18: Foreign Direct Investment Theory & Strategy
Chapter 19: Multinational Capital Budgeting
Part VI: Managing Multinational Operations
Chapter 20: Multinational Tax Management
Chapter 21: Working Capital Management
Chapter 22: International Trade Finance
Previous Edition(s)
Eiteman, Stonehill & Moffett
©2007 | Prentice Hall | Paper; 848 pp | Out of Print
ISBN-10: 0321357965 | ISBN-13: 9780321357960
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Author Bios
Arthur I. Stonehill Arthur I. Stonehill is a Professor of Finance and International Business, Emeritus, at Oregon State University, where he taught for 24 years (1966-1990). During 1991-1997 he held a split appointment at the University of Hawaii at Manoa and Copenhagen Business School. From 1997 to 2001 he continued as a Visiting Professor at the University of Hawaii at Manoa He has also held teaching or research appointments at the University of California, Berkeley, Cranfield School of Management (U.K.), and the North European Management Institute (Norway). He was a former president of the Academy of International Business, and was a western director of the Financial Management Association. Professor Stonehill received a B.A. (History) from Yale University (1953), an M.B.A. from Harvard Business School (1957), and a Ph.D. in Business Administration from the University of California, Berkeley (1965). He was awarded honorary doctorates from the Aarhus School of Business (Denmark, 1989), the Copenhagen Business School (Denmark, 1992), and Lund University (Sweden, 1998). He has authored or co-authored nine books and twenty-five other publications. His articles have appeared in Financial Management, Journal of International Business Studies, California Management Review, Journal of Financial and Quantitative Analysis, Journal of International Financial Management and Accounting, International Business Review, European Management Journal, The Investment Analyst (U.K.), Nationaløkonomisk Tidskrift (Denmark), Sosialøkonomen (Norway), Journal of Financial Education, and others.
David K. Eiteman David K. Eiteman is Professor Emeritus of Finance at the John E. Anderson Graduate School of Management at UCLA. He has also held teaching or research appointments at the Hong Kong University of Science & Technology, Showa Academy of Music (Japan), the National University of Singapore, Dalian University (China), the Helsinki School of Economics and Business Administration (Finland), University of Hawaii at Manoa, University of Bradford (U.K.), Cranfield School of Management (U.K.), and IDEA (Argentina). He is a former president of the International Trade and Finance Association, Society for Economics and Management in China, and Western Finance Association. Professor Eiteman received a B.B.A. (Business Administration) from the University of Michigan, Ann Arbor (1952), M.A. (Economics) from the University of California, Berkeley (1956), and a Ph.D. (Finance) from Northwestern University (1959). He has authored or co-authored four books and twenty-nine other publications. His articles have appeared in The Journal of Finance, The International Trade Journal, Financial Analysts Journal, Journal of World Business, Management International, Business Horizons, MSU Business Topics, Public Utilities Fortnightly, and others.
Michael H. Moffett Michael H. Moffett is Continental Grain Professor of Finance at Thunderbird School of Global Management. He was formerly Associate Professor of Finance at Oregon State University (1985-1993). He has also held teaching or research appointments at the University of Michigan, Ann Arbor (1991-1993), the Brookings Institution, Washington, D.C., the University of Hawaii at Manoa, the Aarhus School of Business (Denmark), the Helsinki School of Economics and Business Administration (Finland), the International Centre for Public Enterprises (Yugoslavia), and the University of Colorado, Boulder.
Professor Moffett received a B.A. (Economics) from the University of Texas at Austin (1977), an M.S. (Resource Economics) from Colorado State University (1979), an M.A. (Economics) from the University of Colorado, Boulder (1983), and Ph.D. (Economics) from the University of Colorado, Boulder (1985). He has authored, co-authored, or contributed to six books and 15 other publications. His articles have appeared in the Journal of Financial and Quantitative Analysis, Journal of Applied Corporate Finance, Journal of International Money and Finance, Journal of International Financial Management and Accounting, Contemporary Policy Issues, Brookings Discussion Papers in International Economics, and others. He has contributed to a number of collected works including the Handbook of Modern Finance, the International Accounting and Finance Handbook, and the Encyclopedia of International Business. He is also co-author of two books in multinational business with Michael Czinkota and Ilkka Ronkainen, International Business (7th edition) and Global Business.
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FinCoach 2.0: CD-ROM Edition
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