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国际财务管理-International Financial Management

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上传于 2020-03-06 21次下载 758次围观
文件编号:6695
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标题(title):International Financial Management
国际财务管理
作者(author):Peter Moles, Alan C. Shapiro
出版社(publisher):Wiley
大小(size):8 MB (8135477 bytes)
格式(extension):pdf
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Table of contents :
Cover
Title Page
Copyright
Contents
Preface
Selected Currencies and Symbols
Part 1 The Global Financial Management Environment
Chapter 1 Introduction to International Financial Management
1.1 The Rise of the International Company
Evolution of the Multinational Corporation
The Process of Overseas Expansion by Multinationals
A Behavioral Definition of the Multinational Corporation
The Global Manager
1.2 The Internationalization of Business and Finance
Political and Labor Union Concerns about Global Competition
Consequences of Global Competition
1.3 International Financial Management: Theory and Practice
Criticisms of the International Corporation
Functions of Financial Management
Theme of This Text
Relationship to Domestic Financial Management
The Importance of Total Risk
The Global Financial Marketplace
The Role of the Financial Executive in an Efficient Market
1.4 Outline of the Text
The Global Financial Management Environment
Currency and Derivatives Markets
Managing Currency Risks
Financing International Operations
International Capital Budgeting
International Management of Working Capital
APPENDIX 1A The Origins and Consequences of International Trade
The Gains from Trade
Specialized Factors of Production
Monetary Prices and Exchange Rates
Tariffs
Chapter 2 Exchange Rate Determination
2.1 Setting the Equilibrium Spot Exchange Rate
Demand for a Currency
Supply of a Currency
Factors that Affect the Equilibrium Exchange Rate
Calculating Exchange Rate Changes
2.2 Expectations and the Asset Market Model of Exchange Rates
The Nature of Money and Currency Values
Central Bank Reputations and Currency Values
2.3 The Fundamentals of Central Bank Intervention
How Real Exchange Rates Affect Relative Competitiveness
Foreign Exchange Market Intervention
The Effects of Foreign Exchange Market Intervention
2.4 The Equilibrium Approach to Exchange Rates
Disequilibrium Theory and Exchange Rate Overshooting
The Equilibrium Theory of Exchange Rates and Its Implications
2.5 Summary and Conclusions
Chapter 3 The International Monetary System
3.1 Alternative Exchange Rate Systems
The Trilemma and Exchange Rate Regime Choice
Free Float
Managed Float
Target-Zone Arrangement
Fixed-Rate System
3.2 A Brief History of the International Monetary System
The Classical Gold Standard
How the Classical Gold Standard Worked in Practice: 1821-1914
The Gold Exchange Standard and Its Aftermath: 1925-1944
The Bretton Woods System: 1946-1971
The Post-Bretton Woods System: 1971 to the Present
Assessment of the Floating-Rate System
3.3 The European Monetary System and Monetary Union
The Exchange-Rate Mechanism
Lessons from the European Monetary System
The Currency Crisis of September 1992
The Exchange Rate Mechanism is Abandoned in August 1993
European Monetary Union
Optimum Currency Area
Lessons from EMU and the Euro
Exchange Rate Regimes Today
3.4 Emerging Market Currency Crises
Transmission Mechanisms
Origins of Emerging Market Crises
Policy Proposals for Dealing with Emerging Market Crises
3.5 Summary and Conclusions
Chapter 4 Currencies: Expectations, Parities, and Forecasting
4.1 Arbitrage and the Law of One Price
4.2 Purchasing Power Parity
The Lesson of Purchasing Power Parity
Expected Inflation and Exchange Rate Changes
The Monetary Approach
Empirical Evidence
4.3 The Fisher Effect
Empirical Evidence
4.4 The International Fisher Effect
Empirical Evidence
4.5 Interest Rate Parity Theory
Empirical Evidence
4.6 The Relationship Between the Forward Rate and the Future Spot Rate
Empirical Evidence
4.7 Currency Forecasting
Requirements for Successful Currency Forecasting
Market-Based Forecasts
Model-Based Forecasts
Model Evaluation
Forecasting Controlled Exchange Rates
4.8 Summary and Conclusions
Chapter 5 The International Monetary System and the Balance of Payments
5.1 Balance-of-Payments Categories
Current Account
Capital Account
Financial Account
Balance-of-Payments Measures
The Missing Numbers
5.2 The International Flow of Goods, Services, and Capital
Domestic Saving and Investment and the Financial Account
The Link between the Current and Financial Accounts
Government Budget Deficits and Current-Account Deficits
The Current Situation
5.3 Coping with the Current-Account Deficit
Currency Depreciation
Protectionism
Ending Foreign Ownership of Domestic Assets
Boosting the Saving Rate
Adjusting Global Economic Policies
Current-Account Deficits and Unemployment
The Bottom Line on Current-Account Deficits and Surpluses
5.4 Summary and Conclusions
Chapter 6 Country Risk
6.1 Measuring Political Risk
Political Stability
Economic Factors
Subjective Factors
6.2 Economic and Political Factors Underlying Country Risk
Fiscal Irresponsibility
Monetary Instability
Controlled Exchange Rate System
Wasteful Government Spending
Resource Base
Country Risk and Adjustment to External Shocks
Market-Oriented Versus Statist Policies
Key Indicators of Country Risk and Economic Health
6.3 Country Risk Analysis in International Lending
The Mathematics of Sovereign Debt Analysis
Country Risk and the Terms of Trade
The Government's Cost/Benefit Calculus
Lessons from the International Debt Crisis
6.4 Summary and Conclusions
Part 2 Currency and Derivatives Markets
Chapter 7 Currency Markets
7.1 Organization of the Foreign Exchange Market
The Participants
Size
7.2 The Spot Market
Spot Quotations
The Mechanics of Spot Transactions
7.3 The Forward Market
Forward Quotations
Forward Contract Maturities
7.4 Summary and Conclusions
Chapter 8 Currency Derivatives
8.1 Futures Contracts
Forward Contract versus Futures Contract
8.2 Currency Options
Market Structure
Using Currency Options
Option Pricing and Valuation
Using Forward or Futures Contracts Versus Options Contracts
Futures Options
8.3 Reading Currency Futures and Options Prices
8.4 Summary and Conclusions
APPENDIX 8A Option Pricing Using Black-Scholes
Implied Volatilities
Shortcomings of the Black-Scholes Option Pricing Model
APPENDIX 8B Put-Call Option Interest Rate Parity
Chapter 9 Interest Rate Derivatives
9.1 Interest Rate and Currency Swaps
Interest Rate Swaps
Currency Swaps
Economic Advantages of Swaps
9.2 Interest Rate Forwards and Futures
Forward Forwards
Forward Rate Agreement
Short-Term Interest Rate Futures
9.3 Structured Notes
Inverse Floaters
Callable Step-Up Note
Step-Down Coupon Note
9.4 Credit Default Swaps
9.5 Summary and Conclusions
Part 3 Managing Currency Risks
10.1 Alternative Measures of Foreign Exchange Exposure
Translation Exposure
Transaction Exposure
Operating Exposure
10.2 Alternative Currency Translation Methods
Current/Noncurrent Method
Monetary/Nonmonetary Method
Temporal Method
Current Rate Method
10.3 Transaction Exposure
10.4 Designing a Hedging Strategy
Objectives
Costs and Benefits of Standard Hedging Techniques
Centralization versus Decentralization
Managing Risk Management
Accounting for Hedging under IFRS
Empirical Evidence on Hedging
10.5 Managing Translation Exposure
Funds Adjustment
Evaluating Alternative Hedging Mechanisms
10.6 Managing Transaction Exposure
Forward Market Hedge
Money Market Hedge
Risk Shifting
Pricing Decisions
Exposure Netting
Currency Risk Sharing
Currency Collars
Cross-Hedging
Foreign Currency Options
10.7 Summary and Conclusions
APPENDIX 10A Currency Translation in Practice
Chapter 11 Economic Exposure
11.1 Foreign Exchange Risk and Economic Exposure
Real Exchange Rate Changes and Exchange Risk
Importance of the Real Exchange Rate
Inflation and Exchange Risk
Competitive Effects of Real Exchange Rate Changes
11.2 The Economic Consequences of Exchange Rate Changes
Transaction Exposure
Operating Exposure
11.3 Identifying Economic Exposure
Pla Seau Beach Resort
Petróleos Mexicanos
Toyota Motor Company
11.4 Calculating Economic Exposure
Spectrum's Accounting Exposure
Spectrum's Economic Exposure
11.5 An Operational Measure of Exchange Risk
Limitations
11.6 Managing Operating Exposure
Marketing Management of Exchange Risk
Production Management of Exchange Risk
Planning for Exchange Rate Changes
Financial Management of Exchange Risk
11.7 Summary and Conclusions
Part 4 Financing International Operations
12.1 Corporate Sources and Uses of Funds
Financial Markets versus Financial Intermediaries
Financial Systems and Corporate Governance
Globalization of Financial Markets
12.2 Domestic Capital Markets as International Financial Centers
International Financial Markets
Foreign Access to Domestic Markets
Globalization of Financial Markets Has Its Downside
12.3 Development Banks
The World Bank Group
Regional and National Development Banks
Regional Development Banks
Private Sector Alternatives
12.4 Project Finance
12.5 Summary and Conclusions
Chapter 13 International Financial Markets
13.1 The Eurocurrency Market
Modern Origins
Eurodollar Creation
Eurocurrency Loans
Relationship Between Domestic and Eurocurrency Money Markets
Euromarket Trends
13.2 Eurobonds
To be confirmed Swaps
Links Between the Domestic and Eurobond Markets
Rationale for Existence of Eurobond Market
Eurobonds versus Eurocurrency Loans
13.3 Note Issuance Facilities and Euronotes
Note Issuance Facilities versus Eurobonds
Euro-Medium-Term Note
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