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International Financial Management 14th edition [Hardback]

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(Florida Atlantic University)
  • Formāts: Hardback, 736 pages
  • Izdošanas datums: 17-Feb-2020
  • Izdevniecība: CENGAGE Learning Custom Publishing
  • ISBN-10: 0357130545
  • ISBN-13: 9780357130544
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International Financial Management 14th editionPalielināt
  • Formāts: Hardback, 736 pages
  • Izdošanas datums: 17-Feb-2020
  • Izdevniecība: CENGAGE Learning Custom Publishing
  • ISBN-10: 0357130545
  • ISBN-13: 9780357130544
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9780357130544.html
Keywords:
Gain the solid understanding of theory and practical insights you need for success in international finance today with Madura's best-selling INTERNATIONAL FINANCIAL MANAGEMENT, 14E. This reader-friendly approach builds on the fundamental principles of corporate finance to provide timely information and an understanding of managerial topics in a global environment necessary to prosper in international business. Clear explanations help you fully understand the important role of multinational corporations in global commerce. New content explores tradeoffs in international trade policies, the realities behind popular theories, multinational capital budgeting, barriers to entry in international markets, and the most recent changes internationally. Numerous examples, self-tests, and hands-on exercises work with new MindTap online learning resources, including Excel Online practice and Aplia homework tools, to help you develop the skills and understanding necessary in international finance.
Preface xvii
About the Author xxiii
PART 1 The International Financial Environment
1(184)
1 Multinational Financial Management: An Overview
3(28)
1-1 Managing the MNC
4(4)
1-1a How Business Disciplines Are Used to Manage the MNC
4(1)
1-1b Agency Problems
4(2)
1-1c Management Structure of an MNC
6(2)
1-2 Why MNCs Pursue International Business
8(2)
1-2a Theory of Comparative Advantage
8(1)
1-2b Imperfect Markets Theory
8(1)
1-2c Product Cycle Theory
9(1)
1-3 Methods to Conduct International Business
10(3)
1-3a International Trade
10(1)
1-3b Licensing
10(1)
1-3c Franchising
10(1)
1-3d Joint Ventures
10(1)
1-3e Acquisitions of Existing Operations
11(1)
1-3f Establishment of New Foreign Subsidiaries
11(1)
1-3g Summary of Methods
12(1)
1-4 Valuation Model for an MNC
13(7)
1-4a Domestic Valuation Model
13(1)
1-4b Multinational Valuation Model
14(3)
1-4c Uncertainty Surrounding an MNCs Cash Flows
17(3)
1-4d How Uncertainty Affects the MNCs Cost of Capital
20(1)
1-5 Organization of the Text
20(11)
2 International Flow Of Funds
31(30)
2-1 Balance of Payments
31(3)
2-1a Current Account
31(1)
2-1b Financial Account
32(1)
2-1c Capital Account
33(1)
2-2 Growth in International Trade
34(5)
2-2a Events That Increased Trade Volume
34(2)
2-2b Impact of Outsourcing on Trade
36(1)
2-2c Trade Volume among Countries
37(1)
2-2d Trend in U.S. Balance of Trade
37(2)
2-3 Factors Affecting International Trade Flows
39(10)
2-3a Cost of Labor
40(1)
2-3b Inflation
40(1)
2-3c National Income
40(1)
2-3d Credit Conditions
41(1)
2-3e Government Policies
41(5)
2-3f Exchange Rates
46(3)
2-4 International Capital Flows
49(2)
2-4a Factors Affecting Direct Foreign Investment
49(1)
2-4h Factors Affecting International Portfolio Investment
50(1)
2-4c Impact of International Capital Flows
50(1)
2-5 Agencies that Facilitate International Flows
51(10)
2-5a International Monetary Fund
52(1)
2-5b World Bank
53(1)
2-5c World Trade Organization
53(1)
2-5d International Finance Corporation
54(1)
2-5e International Development Association
54(1)
2-5f Bank for International Settlements
54(1)
2-5g OECD
54(1)
2-5h Regional Development Agencies
54(7)
3 International Financial Markets
61(40)
3-1 Foreign Exchange Market
61(12)
3-1a History of Foreign Exchange
62(1)
3-1b Foreign Exchange Transactions
63(5)
3-1c Foreign Exchange Quotations
68(4)
3.1d Derivative Contracts in the Foreign Exchange Market
72(1)
3-2 International Money Market
73(3)
3-2a Dollar-Denominated Bank Accounts in Europe and Asia
74(1)
3-2b Money Market Interest Rates among Currencies
74(1)
3-2c Risk of International Money Market Securities
75(1)
3-3 International Credit Market
76(1)
3-3a Syndicated Loans in the Credit Market
76(1)
3-4 International Bond Market
76(3)
3-4a Eurobond Market
77(1)
3-4b Development of Other Bond Markets
78(1)
3-4c Risk of International Bonds
78(1)
3-5 International Stock Markets
79(3)
3-5a Issuance of Stock in Foreign Markets
79(1)
3-5b Issuance of Foreign Stock in the United States
79(2)
3-5c How Governance Varies among Stock Markets
81(1)
3-5d Integration of International Stock Markets and Credit Markets
82(1)
3-6 International Financial Market Crises
82(3)
3-6a Contagion Effects
83(2)
3-7 How Financial Markets Serve MNCs
85(8)
Appendix 3 Investing in International Financial Markets
93(8)
4 Exchange Rate Determination
101(30)
4-1 Measuring Exchange Rate Movements
101(1)
4-2 Exchange Rate Equilibrium
102(6)
4-2a Demand for a Currency
103(1)
4-2b Supply of a Currency for Sale
104(1)
4-2c Equilibrium Exchange Rate
105(1)
4-2d Change in the Equilibrium Exchange Rate
106(2)
4-3 Factors That Influence Exchange Rates
108(8)
4-3a Relative Inflation Rates
108(2)
4-3b Relative Interest Rates
110(1)
4-3c Relative Income Levels
111(1)
4-3d Government Controls
112(1)
4-3e Expectations
112(1)
4-3f Interaction of Factors
113(2)
4-3g Influence of Factors across Multiple Currency Markets
115(1)
4-3h Impact of Liquidity on Exchange Rate Adjustments
115(1)
4-4 Movements in Cross Exchange Rates
116(2)
4-5 Capitalizing on Expected Exchange Rate Movements
118(13)
4-5a Institutional Speculation Based on Expected Appreciation
118(1)
4-5b Institutional Speculation Based on Expected Depreciation
119(1)
4-5c Speculation by Individuals
119(1)
4-5d Carry Trades
120(11)
5 Currency Derivatives
131(54)
5-1 Forward Market
131(5)
5-1a How MNCs Use Forward Contracts
131(1)
5-1b Bank Quotations on Forward Rates
132(1)
5-1c Premium or Discount on the Forward Rate
133(1)
5-1d Movements in the Forward Rate over Time
134(1)
5-1e Offsetting a Forward Contract
134(1)
5-1f Using Forward Contracts for Swap Transactions
135(1)
5-1g Non-deliverable Forward Contracts
135(1)
5-2 Currency Futures Market
136(6)
5-2a Contract Specifications
136(1)
5-2b Trading Currency Futures
137(1)
5-2c Credit Risk of Currency Futures Contracts
138(1)
5-2d Comparing Currency Futures and Forward Contracts
138(1)
5-2e How MNCs Use Currency Futures
139(1)
5-2f Speculation with Currency Futures
140(2)
5-3 Currency Options Market
142(1)
5-3a Currency Options Exchanges
142(1)
5-3b Over-the-Counter Currency Options Market
142(1)
5-4 Currency Call Options
142(6)
5-4a Factors Affecting Currency Call Option Premiums
143(1)
5-4b How MNCs Use Currency Call Options
144(1)
5-4c Speculating with Currency Call Options
145(3)
5-5 Currency Put Options
148(4)
5-5a Factors Affecting Currency Put Option Premiums
149(1)
5-5b How MNCs Use Currency Put Options
149(1)
5-5c Speculating with Currency Put Options
150(2)
5-6 Other Forms of Currency Options
152(13)
5-6a Conditional Currency Options
152(2)
5-6b European Currency Options
154(11)
Appendix 5A Currency Option Pricing
165(4)
Appendix 5B Currency Option Combinations
169(14)
Part 1 Integrative Problem: The International Financial Environment
183(2)
PART 2 Exchange Rate Behavior
185(112)
6 Government Influence On Exchange Rates
187(40)
6-1 Exchange Rate Systems
187(10)
6-1a Fixed Exchange Rate System
187(2)
6-1b Freely Floating Exchange Rate System
189(1)
6-1c Managed Float Exchange Rate System
190(1)
6-1d Pegged Exchange Rate System
191(6)
6-1e Dollarization
197(1)
6-1f Black Markets for Currencies
197(1)
6-2 A Single European Currency
197(5)
6-2a Monetary Policy in the Eurozone
198(1)
6-2b Impact on Firms in the Eurozone
198(1)
6-2c Impact on Financial Flows in the Eurozone
199(1)
6-2d Impact of a Eurozone Country Crisis on Other Eurozone Countries
199(2)
6-2e Impact of a Country Abandoning the Euro
201(1)
6-3 Direct Intervention
202(6)
6-3a Reasons for Direct Intervention
202(1)
6-3b The Direct Intervention Process
203(2)
6-3c Direct Intervention as a Policy Tool
205(1)
6-3d Speculating on Direct Intervention
206(2)
6-4 Indirect Intervention
208(9)
6-4a Government Control of Interest Rates
208(1)
6-4b Government Use of Foreign Exchange Controls
209(8)
Appendix 6 Government Intervention during the Asian Crisis
217(10)
7 International Arbitrage And Interest Rate Parity
227(32)
7-1 Locational Arbitrage
227(2)
7-1a Gains from Locational Arbitrage
228(1)
7-1b Realignment Due to Locational Arbitrage
228(1)
7-2 Triangular Arbitrage
229(4)
7-2a Gains from Triangular Arbitrage
230(2)
7-2b Realignment Due to Triangular Arbitrage
232(1)
7-3 Covered Interest Arbitrage
233(5)
7-3a Covered Interest Arbitrage Process
233(1)
7-3b Realignment Due to Covered Interest Arbitrage
234(2)
7-3c Arbitrage Example When Accounting for Spreads
236(1)
7-3d Covered Interest Arbitrage by Non-US. Investors
236(1)
7-3e Comparing Different Types of Arbitrage
237(1)
7-4 Interest Rate Parity (IRP)
238(7)
7-4a Derivation of Interest Rate Parity
238(1)
7-4b Determining the Forward Premium
239(2)
7-4c Graphic Analysis of Interest Rate Parity
241(3)
7-4d Does Interest Rate Parity Hold?
244(1)
7-4e Considerations When Assessing Interest Rate Parity
244(1)
7-5 Variation in Forward Premiums
245(14)
7-5a Forward Premiums across Maturities
245(1)
7-5b Changes in Forward Premiums over Time
246(13)
8 Relationships Among Inflation, Interest Rates, And Exchange Rates
259(38)
8-1 Purchasing Power Parity (PPP)
259(9)
8-1a Interpretations of Purchasing Power Parity
259(2)
8-1b Derivation of Purchasing Power Parity
261(1)
8-1c Using PPP to Estimate Exchange Rate Effects
262(1)
8-1d Graphic Analysis of Purchasing Power Parity
263(3)
8-1e Testing the Purchasing Power Parity Theory
266(1)
8-1f Why Deviations from PPP Exist
267(1)
8-2 International Fisher Effect
268(20)
8-2a Deriving a Country's Expected Inflation Rate
268(2)
8-2b Estimating the Expected Exchange Rate Movement
270(1)
8-2c Implications of the International Fisher Effect
270(2)
8-2d Derivation of the International Fisher Effect
272(3)
8-2e Graphic Analysis of the International Fisher Effect
275(1)
8-2f Testing the International Fisher Effect
276(1)
8-2g Limitations of IFE Theory
277(1)
8-2h Comparison of IRP, PPP, and IFE Theories
277(11)
Part 2 Problem: Exchange Rate Behavior
288(9)
Midterm Self-Exam
289(8)
PART 3 Exchange Rate Risk Management
297(116)
9 Forecasting Exchange Rates
299(26)
9-1 Why Firms Forecast Exchange Rates
299(2)
9-2 Forecasting Techniques
301(8)
9-2a Technical Forecasting
301(1)
9-2b Fundamental Forecasting
301(4)
9-2c Market-Based Forecasting
305(2)
9-2d Mixed Forecasting
307(2)
9-3 Assessment of Forecast Performance
309(4)
9-3a Measurement of Forecast Error
309(1)
9-3b Forecast Errors among Time Horizons
309(1)
9-3c Forecast Errors among Currencies
310(1)
9-3d Comparing Forecast Errors among Forecast Techniques
310(1)
9-3e Graphic Evaluation of Forecast Bias
311(2)
9-3f Statistical Test of Forecast Bias
313(1)
9-3g Shifts in Forecast Bias over Time
313(1)
9-4 Accounting for Uncertainty Surrounding Forecasts
313(12)
9-4a Sensitivity Analysis Applied to Fundamental Forecasting
314(1)
9-4b Interval Forecasts
314(11)
10 Measuring Exposure To Exchange Rate Fluctuations
325(30)
10-1 Relevance of Exchange Rate Risk
325(1)
10-2 Transaction Exposure
326(8)
10-2a Estimating "Net" Cash Flows in Each Currency
328(1)
10-2b Transaction Exposure of an MNCs Portfolio
329(2)
10-2c Transaction Exposure Based on Value at Risk
331(3)
10-3 Economic Exposure
334(5)
10-3a Exposure to Foreign Currency Depreciation
335(1)
10-3b Exposure to Foreign Currency Appreciation
336(1)
10-3c Measuring Economic Exposure
336(3)
10-4 Translation Exposure
339(16)
10-4a Determinants of Translation Exposure
339(2)
10-4b Exposure of an MNCs Stock Price to Translation Effects
341(14)
11 Managing Transaction Exposure
355(38)
11-1 Policies for Hedging Transaction Exposure
355(1)
11-1a Hedging Most of the Exposure
355(1)
11-1b Selective Hedging
355(1)
11-2 Hedging Exposure to Payables
356(7)
11-2a Forward or Futures Hedge on Payables
356(1)
11-2b Money Market Hedge on Payables
357(1)
11-2c Call Option Hedge on Payables
358(2)
11-2d Comparison of Techniques for Hedging Payables
360(3)
11-2e Evaluating Past Decisions on Hedging Payables
363(1)
11-3 Hedging Exposure to Receivables
363(8)
11-3a Forward or Futures Hedge on Receivables
364(1)
11-3b Money Market Hedge on Receivables
364(1)
11-3c Put Option Hedge on Receivables
364(3)
11-3d Comparison of Techniques for Hedging Receivables
367(3)
11-3e Evaluating Past Decisions on Hedging Receivables
370(1)
11-3f Summary of Hedging Techniques
370(1)
11-4 Limitations of Hedging
371(2)
11-4a Limitation of Hedging an Uncertain Payment
371(1)
11-4b Limitation of Repeated Short-Term Hedging
371(2)
11-5 Alternative Methods to Reduce Exchange Rate Risk
373(15)
11-5a Leading and Lagging
373(1)
11-5b Cross-Hedging
374(1)
11-5c Currency Diversification
374(14)
Appendix 11 Nontraditional Hedging Techniques
388(5)
12 Managing Economic Exposure And Translation Exposure
393(20)
12-1 Managing Economic Exposure
393(5)
12-1a Assessing Economic Exposure
393(1)
12-1b Restructuring to Reduce Economic Exposure
394(4)
12-1c Limitations of Restructuring Intended to Reduce Economic Exposure
398(1)
12-2 A Case Study on Hedging Economic Exposure
398(2)
12-2a Savor Co.'s Assessment of Economic Exposure
398(2)
12-2b Using a Financing Strategy to Hedge Economic Exposure
400(1)
12-3 Managing Exposure to Fixed Assets
400(1)
12-4 Managing Translation Exposure
401(10)
12-4a Hedging Translation Exposure with Forward Contracts
401(1)
12-4b Limitations of Hedging Translation Exposure
402(9)
Part 3 Integrative Problem: Exchange Risk Management
411(2)
PART 4 Long-Term Asset and Liability Management
413(162)
13 Direct Foreign Investment
415(20)
13-1 Motives for Direct Foreign Investment
415(3)
13-1a Revenue-Related Motives
415(1)
13-1b Cost-Related Motives
416(2)
13-1c Comparing Benefits of DFI among Countries
418(1)
13-2 Benefits of International Diversification
418(4)
13-2a Diversification Analysis of International Projects
420(2)
13-3 Host Government Impact on DFI
422(2)
13-3a Incentives to Encourage DFI
422(1)
13-3b Barriers to DFI
422(2)
13-4 Assessing the Feasibility of Potential DFI
424(11)
13-4a A Case Study of Assessing Potential DFI
424(2)
13-4b Evaluating DFI Opportunities That Pass the First Screen
426(9)
14 Multinational Capital Budgeting
435(40)
14-1 Subsidiary versus Parent Perspective
435(2)
14-1a Tax Differentials
435(1)
14-1b Restrictions on Remitted Earnings
436(1)
14-1c Exchange Rate Movements
436(1)
14-1d Summary of Factors That Distinguish the Parent Perspective
436(1)
14-2 Input for Multinational Capital Budgeting
437(2)
14-3 Multinational Capital Budgeting Example
439(3)
14-3a Background
439(1)
14-3b Analysis
440(2)
14-4 Other Factors to Consider
442(10)
14-4a Exchange Rate Fluctuations
442(3)
14-4b Inflation
445(1)
14-4c Financing Arrangement
446(2)
14-4d Blocked Funds
448(2)
14-4e Uncertain Salvage Value
450(1)
14-4f Impact of Project on Prevailing Cash Flows
451(1)
14-4g Host Government Incentives
451(1)
14-4h Real Options
452(1)
14-5 Adjusting Project Assessment for Risk
452(16)
14-5a Risk-Adjusted Discount Rate
452(1)
14-5b Sensitivity Analysis
453(3)
14-5c Simulation
456(12)
Appendix 14 Incorporating International Tax Law in Multinational Capital Budgeting
468(7)
15 International Corporate Governance And Control
475(26)
15-1 International Corporate Governance
475(2)
15-1a Governance by Board Members
475(1)
15-1b Governance by Institutional Investors
476(1)
15-1c Governance by Shareholder Activists
476(1)
15-2 International Corporate Control
477(3)
15-2a Motives for International Acquisitions
477(1)
15-2b International Acquisition Process
477(1)
15-2c Barriers to International Corporate Control
478(1)
15-2d Model for Valuing a Foreign Target
478(2)
15-3 Factors Affecting Target Valuation
480(2)
15-3a Target-Specific Factors
480(1)
15-3b Country-Specific Factors
481(1)
15-4 A Case Study of Valuing a Foreign Target
482(4)
15-4a International Screening Process
482(1)
15-4b Estimating the Target's Value
483(1)
15-4c Uncertainty Surrounding the Target's Valuation
484(1)
15-4d Changes in Market Valuation of the Target over Time
485(1)
15-5 Disparity in Foreign Target Valuations
486(1)
15-5a Expected Cash Flows of the Foreign Target
486(1)
15-5b Exchange Rate Effects on Remitted Earnings
486(1)
15-5c Required Return of Acquirer
487(1)
15-6 Other Corporate Control Decisions
487(3)
15-6a International Partial Acquisitions
487(1)
15-6b International Acquisitions of Privatized Businesses
488(1)
15-6c International Divestitures
488(2)
15-7 Corporate Control Decisions as Real Options
490(11)
15-7a Call Option on Real Assets
490(1)
15-7b Put Option on Real Assets
491(10)
16 Country Risk Analysis
501(24)
16-1 Country Risk Characteristics
501(4)
16-1a Political Risk Characteristics
501(3)
16-1b Financial Risk Characteristics
504(1)
16-2 Measuring Country Risk
505(5)
16-2a Techniques for Assessing Country Risk
506(1)
16-2b Deriving a Country Risk Rating
507(2)
16-2c Comparing Risk Ratings among Countries
509(1)
16-3 Incorporating Risk in Capital Budgeting
510(4)
16-3a Adjustment of the Discount Rate
510(1)
16-3b Adjustment of the Estimated Cash Flows
510(3)
16-3c Analysis of Existing Projects
513(1)
16-4 Preventing Host Government Takeovers
514(11)
16-4a Use a Short-Term Horizon
514(1)
16-4b Rely on Unique Supplies or Technology
514(1)
16-4c Hire Local Labor
514(1)
16-4d Borrow Local Funds
514(1)
16-4e Purchase Insurance
515(1)
16-4f Use Project Finance
515(10)
17 Multinational Capital Structure And Cost Of Capital
525(26)
17-1 Components of Capital
525(3)
17-1a Retained Earnings
525(1)
17-1b Sources of Debt
526(1)
17-1c External Sources of Equity
527(1)
17-2 The MNCs Capital Structure Decision
528(3)
17-2a Influence of Corporate Characteristics
529(1)
17-2b Influence of Host Country Characteristics
529(1)
17-2c Response to Changing Country Characteristics
530(1)
17-3 Subsidiary versus Parent Capital Structure Decisions
531(1)
17-3a Impact of Increased Subsidiary Debt Financing
531(1)
17-3b Impact of Reduced Subsidiary Debt Financing
531(1)
17-3c Limitations in Offsetting a Subsidiary's Leverage
532(1)
17-4 Multinational Cost of Capital
532(5)
17-4a MNCs Cost of Debt
532(1)
17-4b MNCs Cost of Equity
532(1)
17-4c Estimating an MNCs Cost of Capital
533(1)
17-4d Comparing Costs of Debt and Equity
533(1)
17-4e Cost of Capital for MNCs versus Domestic Firms
534(2)
17-4f Cost-of-Equity Comparison Using the CAPM
536(1)
17-5 Cost of Capital Across Countries
537(14)
17-5a Country Differences in the Cost of Debt
538(2)
17-5b Country Differences in the Cost of Equity
540(11)
18 Long-Term Debt Financing
551(24)
18-1 Debt Denomination Decisions of Foreign Subsidiaries
551(2)
18-1a Foreign Subsidiary Borrows Its Local Currency
551(2)
18-1b Foreign Subsidiary Borrows Dollars
553(1)
18-2 Debt Denomination Analysis: A Case Study
553(2)
18-2a Analyzing Debt Denomination Alternatives
554(1)
18-3 Strategies to Hedge Foreign Financing
555(4)
18-3a Using Currency Swaps
555(1)
18-3b Using Parallel Loans
556(3)
18-4 Debt Maturity Decision
559(2)
18-4a Assessment of the Yield Curve
559(1)
18-4b Financing Costs of Loans with Different Maturities
560(1)
18-5 Fixed-Rate versus Floating-Rate Debt Decision
561(12)
18-5a Financing Costs of Fixed-Rate versus Floating-Rate Loans
561(1)
18-5b Hedging Interest Payments with Interest Rate Swaps
562(11)
Part 4 Integrative Problem: Long-Term Asset and Liability Management
573(2)
PART 5 Short-Term Asset and Liability Management
575(68)
19 Financing International Trade
577(18)
19-1 Payment Methods for International Trade
577(4)
19-1a Prepayment
577(1)
19-1b Letters of Credit
578(2)
19-1c Drafts
580(1)
19-1d Consignment
581(1)
19-1e Open Account
581(1)
19-1f Impact of the Credit Crisis on Payment Methods
581(1)
19-2 Trade Finance Methods
581(6)
19-2a Accounts Receivable Financing
582(1)
19-2b Factoring
582(1)
19-2c Letters of Credit
583(1)
19-2d Banker's Acceptances
583(3)
19-2e Medium-Term Capital Goods Financing (Forfaiting)
586(1)
19-2f Countertrade
586(1)
19-3 Agencies that Facilitate International Trade
587(8)
19-3a Export-Import Bank of the United States
587(2)
19-3b Private Export Funding Corporation
589(1)
19-3c Overseas Private Investment Corporation
589(6)
20 Short-Term Financing
595(16)
20-1 Sources of Foreign Financing
595(1)
20-1a Internal Short-Term Financing
595(1)
20-1b External Short-Term Financing
596(1)
20-2 Financing with a Foreign Currency
596(6)
20-2a Motive for Financing with a Foreign Currency
597(1)
20-2b Potential Cost Savings from Financing with a Foreign Currency
597(1)
20-2c Risk of Financing with a Foreign Currency
598(1)
20-2d Hedging the Foreign Currency Borrowed
599(1)
20-2e Reliance on the Forward Rate for Forecasting
600(1)
20-2f Use of Probability Distributions to Enhance the Financing Decision
601(1)
20-3 Financing with a Portfolio of Currencies
602(9)
21 International Cash Management
611(32)
21-1 Multinational Working Capital Management
611(1)
21-1a Subsidiary Expenses
611(1)
21-1b Subsidiary Revenue
612(1)
21-1c Subsidiary Dividend Payments
612(1)
21-1d Subsidiary Liquidity Management
612(1)
21-2 Centralized Cash Management
612(2)
21-2a Accommodating Cash Shortages
613(1)
21-3 Optimizing Cash Flows
614(3)
21-3a Accelerating Cash Inflows
614(1)
21-3b Minimizing Currency Conversion Costs
614(2)
21-3c Managing Blocked Funds
616(1)
21-3d Managing Intersubsidiary Cash Transfers
617(1)
21-4 Investing Excess Cash
617(14)
21-4a Benefits of Investing in a Foreign Currency
617(1)
21-4b Risk of Investing in a Foreign Currency
618(1)
21-4c Hedging the Investment in a Foreign Currency
619(1)
21-4d Break-Even Point from Investing in a Foreign Currency
620(1)
21-4e Using a Probability Distribution to Enhance the Investment Decision
621(1)
21-4f Investing in a Portfolio of Currencies
622(2)
21-4g Dynamic Hedging
624(7)
Part 5 Integrative Problem: Short-Term Asset and Liability Management
631(12)
Final Self-Exam
633(10)
Appendix A Answers to Self-Test Questions 643(13)
Appendix B Supplemental Cases 656(20)
Appendix C Using Excel to Conduct Analysis 676(8)
Appendix D International Investing Project 684(3)
Appendix E Discussion in the Boardroom 687(8)
Appendix F Use of Bitcoin to Conduct International Transactions 695(3)
Glossary 698(7)
Index 705
Dr Jeff Madura is Emeritus Professor of Finance at Florida Atlantic University. He has written several successful finance texts, including Financial Markets and Institutions (now in its 12th edition). His research on international finance has been published in numerous journals, including Journal of Financial and Quantitative Analysis; Journal of Banking and Finance; Journal of Money, Credit and Banking; Journal of International Money and Finance; Financial Management; Journal of Financial Research; Financial Review; Journal of International Financial Markets, Institutions and Money; Global Finance Journal; International Review of Financial Analysis and Journal of Multinational Financial Management. Dr Madura has received multiple awards for excellence in teaching and research, and he has served as a consultant for international banks, securities firms and other multinational corporations. He served as a director for the Southern Finance Association and the Eastern Finance Association, and he is also former president of the Southern Finance Association.