Laurent L. Jacque

International Corporate Finance

Value Creation with Currency Derivatives in Global Capital Markets

• Gebundenes Buch

Produktbeschreibung

As globalization is redefining the field of corporate finance, international finance is now part and parcel of the basic literacy of any financial executive. This is why International Corporate Finance is a "must" text for upper-undergraduates, MBAs aspiring to careers in global financial services and budding finance professionals.

International Corporate Finance offers thorough coverage of the international monetary system, international financing, foreign exchange risk management and cross-border valuation. Additionally, the book offers keen insight on how disintermediation, deregulation and securitization are re-shaping global capital markets.

What is different about International Corporate Finance?
_ Each chapter opens with a real-life mini-case to anchor theoretical concepts to managerial situations.
_ Provides simple decision rules and "how to do" answers to key managerial issues.
_ Cross-border Mergers & Acquisitions, Project Finance, Islamic Finance, Asian Banking & Finance are completely new chapters that no other textbooks currently cover.
_ Accompanied with a comprehensive instructor support package which includes case studies, an Instructor's Manual, PowerPoint slides, Multiple Choice Questions and more.

Produktdetails

• Wiley Finance Editions
• Verlag: Wiley / Wiley & Sons
• Artikelnr. des Verlages: 1W119550460
• 2. Aufl.
• Seitenzahl: 832
• Erscheinungstermin: 5. Dezember 2019
• Englisch
• Abmessung: 186mm x 261mm x 48mm
• Gewicht: 1869g
• ISBN-13: 9781119550464
• ISBN-10: 1119550467
• Artikelnr.: 56001795

Autorenporträt

Laurent L. Jacque (Boston, MA) is the Walter B. Wriston Professor of International Finance & Banking at the Fletcher School of Law and Diplomacy (Tufts University) and Director of its International Business Studies Program. From 2004 to 2007 he was Fletcher's Academic Dean and as such responsible for the design and the establishment of the new Master of International Business degree and the Center for Emerging Market Enterprises. Since 1990 he has also held a joint appointment at the HEC School of Management (France) as a Professor of Economics, Finance, and International Business.

Inhaltsangabe

Preface xvii

Acknowledgments xxv

About the Author xxvii

Chapter 1 What is International Corporate Finance? 1

The Uneven Reach of Globalization 2

The Rise of the Multinational Corporation 3

What is Different about International Corporate Finance? 6

Risks in the Wonderland of International Finance 8

Internationalization and the Locus of the Finance Function 12

The International Control Conundrum 15

Exploiting The Multinational Enterprise System 16

Summary 19

Questions for Discussion 19

References 20

Part One The International Monetary Environment 21

Chapter 2 Exchange Rates Regimes 23

Some First Principles about Exchange Rate Determination 24

World Map of Exchange Rate Regimes: The Flexibility × Convertibility Space 29

Floating Exchange Rates 31

Stabilized or Pegged Exchange Rates 39

Controlled Exchange Rates 46

To Float or to Fix: The Trilemma of International Finance 49

Summary 50

Questions for Discussion 51

Problems 52

Internet Exercises 54

References 54

Chapter 3 Yesterday and Yesteryear 57

Chronology of the International Monetary System 58

The Gold Standard (1878-1914, 1925-1931) 61

The Bretton Woods System (1944-1971) 63

Managed Floating Exchange Rates (1973-Present) 67

European Monetary System and the European Currency Unit (1979-1999) 68

Emerging Markets Currency Regimes and Crises 72

European Monetary Union and the Birth of the Euro (1999-Present) 76

Today and Tomorrow: The Current Map of Exchange Rates 84

Summary 86

Questions for Discussion 87

Problems 88

Internet Exercises 90

References 90

Case Study 3.1: Will the Eurozone Shutter? Plant Location and Exchange Rates for Hyundai 91

Chapter 4 The Balance of Payments 99

Fundamentals of Balance of International Payments Accounting 100

Current Account 105

Financial Account 107

Official Reserve Account 109

Statistical Discrepancies: Errors and Omissions 111

Balance of Payments and the Foreign Exchange Market 111

Debtor Versus Creditor Nations 115

Linking the Balance of Payments to National Income 118

Summary 119

Questions for Discussion 120

Problems 121

Internet Exercises 122

References 124

Case Study 4.1: When One of the BRIC(k)s Falls: Trials and Tribulations of the Indian Rupee 124

Part Two The Foreign Exchange Market and Currency Derivatives 129

Chapter 5 The Foreign Exchange Market 131

How Forex is Traded: The Institutional Framework 132

Foreign Exchange Products 140

Exchange Rate Quotations 142

Summary 155

Questions for Discussion 156

Problems 157

Internet Exercises 160

References 160

Case Study 5.1: Banco Mercantil Internacional's Forex Losses 160

Chapter 6 Interest Rate Arbitrage and Parity 165

Interest Rate Arbitrage Theorem 166

Interest Rate Parity 174

Uncovered Interest Rate Arbitrage and the Carry Trade 181

Summary 184

Appendix 6A: Transaction Costs: Interest Rate Arbitarge with Bid-Ask Spreads (Advanced) 185

Appendix 6B: Interest Rate Parity and Asymmetric Taxation 187

Questions for Discussion 188

Problems 188

Internet Exercises 195

References 195

Case St