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Fundamentals of Multinational Finance, Global Edition, 6th Edition

Michael H. Moffett
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Fundamentals of Multinational Finance, Global Edition, 6th Edition

By Michael H. Moffett, Arthur I. Stonehill, David K. Eiteman
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Overview
Author
Michael H. Moffett
...show all
Edition
6th
ISBN
9781292215211
Published Date
29/09/2020
Pages
545

For undergraduate courses in International Financial Management, International Business Finance, or International Finance.

 

Fundamentals of Multinational Finance helps prepare tomorrow’s business leaders to comprehend global markets and lead organisations through a constantly changing global environment. Via illuminating case studies and real­-world examples, students are introduced to the fundamental concepts and tools necessary to implement an effective global financial management strategy. The 6th Edition reflects the juxtaposed forces of an increasingly digital global marketplace and a resurgence of nationalist culture and identity. Financial forces, markets, and management are in many ways at the crux of this challenge. This edition reflects a business world trying to find a new balance between business startups like the micro-multinational, a maturing China, a separatist Britain (Brexit), and an attempt by governments globally to channel, regulate (and tax) multinational firms that continue to grow in stature and strength.

 

Features

This edition explores the management challenges faced by today’s business leaders by focusing on the following three themes:

  • Organisations. Multinational enterprises (MNEs) apply to organisations of all kinds--the publicly traded, the privately held, the state-­run, the state-­owned organisations--all forms that permeate global business today.
  • Markets. Country markets like that of China and India are no longer the sources of low­-cost labor for global manufacturers. They are increasingly the focus for sales and growth of all firms, manufacturing and services, for earnings and growth. Although they may still be categorised as “emerging,” they are the economic drivers and primary challenges for global finance and global financial management.
  • Financial leadership. The leaders of MNEs face numerous foreign exchange and political risks. These risks can be daunting, but they also present opportunities for creating value if properly understood. These opportunities and risks are most effectively understood in the context of the global business itself, and the ability of management to integrate the strategic and financial challenges that business faces.

 

Provide students with updated information

  • UPDATED! Increased detail is given on changing currency regimes, theory, and practice, as emerging market currencies become ever-greater contributors to global cash flow.
  • EXPANDED! Sections introduce readers to the challenges faced by governments and central banks as cryptocurrencies like Bitcoin have shaken the very foundations of traditional definitions of “currency.”
  • NEW! Content helps students discover the growing complexity of major emerging markets, which are more open to capital movements, but also subject to sudden government or central bank intervention in pursuit of sovereign goals and objectives.
  • UPDATED! Increased coverage of the multitude of different currency regimes and devices used by sovereigns over their currencies and markets--currencies like the Chinese yuan, the Russian ruble, the Indian rupee, the Turkish lira, and the South African rand, have been added.
  • A mix of currency notations and symbols are used--both the common three-letter currency codes and the traditional currency symbols (which are seeing a resurgence as countries like Russia and Turkey have introduced new “currency identities” of their own).

 

Get students straight to the point with streamlined content

Concise text quickly provides students with all of the information they need to know. A more intense exploration of global finance without sacrificing depth or detail was achieved through the integration of a number of concepts and topics.

  • International monetary system chapters cover both the fundamental principles of defining a currency with the complexities of macroeconomic policy and digital exchange.
  • Creation and use of currency and interest rate derivatives for hedging and speculation is covered in selectively reorganised chapters.
  • Raising equity capital and international portfolio theory complete a unified exploration of the global cost and availability of capital.
  • Sources of capital and changing financial structures used by multinational firms provide a more integrated presentation, combining theory and current practice.

 

New to this edition
New content in the 6th Edition
  • Interest Rate Risk and Swaps. A new chapter has been introduced that details the various interest rate risks of the MNE and the practical use of interest rate and cross-currency swaps.
  • The Impossible Trinity. A core international financial principle, the Impossible Trinity’s use as a unifying theoretical link across multiple subjects and chapters, has been expanded.
  • The Foreign Exchange Market and Digital Trade. New material in this edition explores in depth how the changing structure of the global foreign exchange market--trading, communication, and settlement--is posing challenges for private players and public regulators and overseers.
  • International Taxation. Integrally linked to a world of digital commerce, multinational tax management continues to rise in its significance in multinational financial management. We have greatly expanded our coverage of this truly critical financial management topic.
  • Political Risk and Financial Losses. The chapter on foreign direct investment and political risk has been revised to reflect the growing use of restrictions on convertibility, transferability, and the possibility of repudiation or expropriation.
  • Edgier Mini-Cases. Eleven of the eighteen mini-cases are completely new to the 6th edition, and explore many of the edgier debates rising between global business, social policy, and corporate social responsibility. Topics include Argentine debt and vulture investors, Apple’s global profit positioning and tax structure, Brexit and its potential impact on Rolls Royce, Volkswagen’s governance structure and its defeat device ‘strategy,’ political risk in Kazakhstan’s oil and gas industry, and crowdfunding startups in Kenya, to name but a few.
  • Expanded Quantitative Applications. We have worked diligently to increase the quantitative elements across subjects and chapters to push students to explore the depth of analysis and comprehension.
Table of contents
  • PART I: GLOBAL FINANCIAL ENVIRONMENT  
  • 1. Multinational Fin Mgmt: Challenges & Opportunities
  • 2. The International Monetary System
  • 3. The Balance of Payments
  • 4. Financial Goals and Corporate Governance
  •  
  • PART II: FOREIGN EXCHANGE THEORY & MARKETS  
  • 5. The Foreign Exchange Market
  • 6. International Parity Conditions
  •  Appendix: An Algebraic Primer to Parity Conditions
  • 7. Foreign Currency Futures & Options  
  • 8. Interest Rate Derivatives & Swaps
  • 9. Exchange Rate Determination & Forecasting
  •  
  • PART III: FOREIGN EXCHANGE EXPOSURE
  • 10. Transaction Exposure  
  • 11. Translation Exposure
  • 12. Operating Exposure
  •  
  • PART IV: FINANCING THE GLOBAL FIRM
  • 13. The Global Cost and Availability of Capital
  • 14. Funding the Multinational Firm   
  • 15. Multinational Tax Management
  • 16. International Trade Finance
  •  
  • PART V: FOREIGN INVESTMENTS & OPERATIONS   
  • 17. Foreign Direct Investment & Political Risk
  • 18. Multinational Capital Budgeting & Cross-Border Acquisitions
  •  
  • Answers to selected end-of-chapter problems

Download the detailed table of contents