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.