正版 国际金融(第6版英文版新形态国际优秀教材)

Contents
PART 1 Global Financial Environment 1
Chapter 1 Multinational Financial Management: Opportunities and Challenges 2
Financial Globalization and Risk 3
The Global Financial Marketplace 4
GLOBAL FINANCE IN PRACTICE 1.1 The Rocketing Swiss Franc 8
The Theory of Comparative Advantage 11
What Is Different About International Financial Management? 12
GLOBAL FINANCE IN PRACTICE 1.2 The Peso, Dollar, Yen—and Pokémon Go 13
The Globalization Process 15
GLOBAL FINANCE IN PRACTICE 1.3 Corporate Responsibility and Corporate Sustainability 19
Summary Points 19
MINI-CASE: Crowdfunding Kenya 20
Questions 23
Problems 23
Internet Exercises 27

Chapter 2 The International Monetary System 28
History of the International Monetary System 28
GLOBAL FINANCE IN PRACTICE 2.1 Hammering Out an Agreement at Bretton Woods 31
GLOBAL FINANCE IN PRACTICE 2.2 SDR Expanded to Include Chinese Renminbi 32
Fixed Versus Flexible Exchange Rates 38
The Impossible Trinity 38
A Single Currency for Europe: The Euro 40
Emerging Markets and Regime Choices 42
GLOBAL FINANCE IN PRACTICE 2.3 Nigeria Undermines Currency Exchange Innovation 46
Summary Points 50
MINI-CASE: Iceland—A Small Country in a Global Crisis 51
Questions 56
Problems 56
Internet Exercises 58

Chapter 3 The Balance of Payments 60
Fundamentals of BOP Accounting 61
The Accounts of the Balance of Payments 63
GLOBAL FINANCE IN PRACTICE 3.1 The Global Current Account Surplus 65
GLOBAL FINANCE IN PRACTICE 3.2 A Countrys Net International Investment Position (NIIP) 68
BOP Impacts on Key Macroeconomic Rates 71
Trade Balances and Exchange Rates 72
Capital Mobility 75 Summary Points 80
MINI-CASE: Global Remittances 81
Questions 85
Problems 86
Internet Exercises 89

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Chapter 4 Financial Goals and Corporate Governance 90
Ownership 90
GLOBAL FINANCE IN PRACTICE 4.1 Why Did Apple Start Paying a Dividend and Raising Debt? 97
Publicly Traded Versus Privately Held: The Global Shift 99
Corporate Governance 102
GLOBAL FINANCE IN PRACTICE 4.2 Why Did Dell Go Private? 102
GLOBAL FINANCE IN PRACTICE 4.3 Italian Cross-Shareholding and the End of the Salatto Buono 107
GLOBAL FINANCE IN PRACTICE 4.4 Is Good Governance Good Business Globally? 109
Summary Points 110
MINI-CASE: Volkswagens Defeat Devices and Stakeholder Control 111
Questions 115
Problems 116
Internet Exercises 119



PART 2 Foreign Exchange Theory and Markets 121
Chapter 5 The Foreign Exchange Market 122
Functions of the Foreign Exchange Market 122
Structure of the Foreign Exchange Market 123
GLOBAL FINANCE IN PRACTICE 5.1 Bankhaus Herstatt and Herstatt Risk 124
GLOBAL FINANCE IN PRACTICE 5.2 Malware, Bangladesh Bank, and Bankers Hours—2016 130
Transactions in the Foreign Exchange Market 131
GLOBAL FINANCE IN PRACTICE 5.3 The FX Global Code of Conduct 2016 131
Foreign Exchange Rates and Quotations 136 Summary Points 144
MINI-CASE: The Venezuelan Bolivar Black Market 144
Questions 147
Problems 148
Internet Exercises 151

Chapter 6 International Parity Conditions 152
Prices and Exchange Rates 153
GLOBAL FINANCE IN PRACTICE 6.1 The Immiseration of the North Korean People—The “Revaluation” of the North Korean Won 155
Interest Rates and Exchange Rates 159
GLOBAL FINANCE IN PRACTICE 6.2 Was 2016 the Year of Textbook Failure? 161
Forward Rate as an Unbiased Predictor of the Future Spot Rate 169
GLOBAL FINANCE IN PRACTICE 6.3 Hungarian Mortgages 170
Prices, Interest Rates, and Exchange Rates in Equilibrium 171 Summary Points 173
MINI-CASE: Mrs. Watanabe and the Japanese Yen Carry Trade 173
Questions 176
Problems 177
Internet Exercises 181
Appendix: An Algebraic Primer to International Parity Conditions 183

Chapter 7 Foreign Currency Derivatives: Futures and Options 186
Foreign Currency Futures 187
Currency Options 189
GLOBAL FINANCE IN PRACTICE 7.1 Euro-Renminbi (EUR-RMB) Options Growth 191
GLOBAL FINANCE IN PRACTICE 7.2 The New Zealand Kiwi, Key, and Krieger 197
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Option Pricing and Valuation 197 Summary Points 202
MINI-CASE: KiKos and the South Korean Won 203
Questions 205
Problems 206
Internet Exercises 208

Chapter 8 Interest Rate Risk and Swaps 210
Interest Rate Foundations 210
GLOBAL FINANCE IN PRACTICE 8.1 The Trouble with LIBOR 211
GLOBAL FINANCE IN PRACTICE 8.2 European Sovereign Debt 216
Interest Rate Risk 217
Interest Rate Futures and FRAs 220
Interest Rate Swaps 222
GLOBAL FINANCE IN PRACTICE 8.3 Procter & Gamble and Bankers Trust 230
Summary Points 231
MINI-CASE: Argentina and the Vulture Funds 231
Questions 236
Problems 236
Internet Exercises 240

Chapter 9 Foreign Exchange Rate Determination and Intervention 241
Exchange Rate Determination: The Theoretical Thread 242
GLOBAL FINANCE IN PRACTICE 9.1 Technical Analysis of the JPY/USD Rate (Jan 2011–Feb 2014) 245
Currency Market Intervention 246
GLOBAL FINANCE IN PRACTICE 9.2 Rules of Thumb for Effective Intervention 249
Disequilibrium: Exchange Rates in Emerging Markets 251
GLOBAL FINANCE IN PRACTICE 9.3 The European Monetary Systems “Snake in a Tunnel” 252
GLOBAL FINANCE IN PRACTICE 9.4 Was George Soros to Blame for the Asian Crisis? 255
Forecasting in Practice 257 Summary Points 261
MINI-CASE: Russian Ruble Roulette 262
Questions 264
Problems 265
Internet Exercises 269

PART 3 Foreign Exchange Exposure 271
Chapter 10 Transaction Exposure 272
Types of Foreign Exchange Exposure 272
Why Hedge? 273
GLOBAL FINANCE IN PRACTICE 10.1 Hedging and the German Automobile Industry 276
Transaction Exposure 276
Transaction Exposure Management: The Case of Ganado 278 GLOBAL FINANCE IN PRACTICE 10.2 Currency Losses at Greenpeace 281 GLOBAL FINANCE IN PRACTICE 10.3 Forward Rates and the Cost of Hedging 286
Risk Management in Practice 287
GLOBAL FINANCE IN PRACTICE 10.4 The Credit Crisis and Option Volatilities in 2009 288
Summary Points 289
MINI-CASE: China Noah Corporation 289
Questions 295
Problems 295
Internet Exercises 300
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Chapter 11 Translation Exposure 301
Overview of Translation 301
Translation Methods 304
Ganado Corporations Translation Exposure 308
GLOBAL FINANCE IN PRACTICE 11.1 When the Hedge Becomes the Problem 309
GLOBAL FINANCE IN PRACTICE 11.2 Foreign Subsidiary Valuation 312
Managing Translation Exposure 312
GLOBAL FINANCE IN PRACTICE 11.3 Foreign Currency Hedge Accounting 314
Summary Points 314
MINI-CASE: McDonalds, Hoover Hedges, and Cross-Currency Swaps 315
Questions 317
Problems 318
Internet Exercises 319

Chapter 12 Operating Exposure 321
A Multinationals Operating Exposure 321
GLOBAL FINANCE IN PRACTICE 12.1 Expecting the Devaluation—Ford and Venezuela 324
Measuring Operating Exposure: Ganado Germany 326
Strategic Management of Operating Exposure 330
GLOBAL FINANCE IN PRACTICE 12.2 Do Fixed Exchange Rates Increase Corporate Currency Risk in Emerging Markets? 331
GLOBAL FINANCE IN PRACTICE 12.3 The United Kingdom and Europe: Trans-Channel Currency Shifts 332
Proactive Management of Operating Exposure 333
GLOBAL FINANCE IN PRACTICE 12.4 Hedging Hogs: Risk Sharing at Harley-Davidson 336
Summary Points 339
MINI-CASE: Brexit and Rolls-Royce 339
Questions 343
Problems 344
Internet Exercises 347


PART 4 Financing the Global Firm 349
Chapter 13 Global Cost and Availability of Capital 350
Financial Globalization and Strategy 350
GLOBAL FINANCE IN PRACTICE 13.1 Ferraris IPO—The Potential of the Prancing Horse 352
International Portfolio Theory and Diversification 354
The Role of International Portfolio Investors 360
GLOBAL FINANCE IN PRACTICE 13.2 Emerging Market Growth Companies—IPOs and Corporate Governance 361
GLOBAL FINANCE IN PRACTICE 13.3 Culture and Investment Behavior 364
The Cost of Capital for MNEs Compared to Domestic Firms 364 Summary Points 368
MINI-CASE: Novo Industri A/S (Novo) 368
Questions 372
Problems 372
Internet Exercises 376

Chapter 14 Funding the Multinational Firm 377
Designing a Strategy to Source Capital Globally 378
Optimal Financial Structure 379
Raising Equity Globally 382
Depositary Receipts 385
GLOBAL FINANCE IN PRACTICE 14.1 The Planned Directed Equity Issue of PA Resources of Sweden 385
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Private Placement 390
Raising Debt Globally 392
Financing Foreign Subsidiaries 393
GLOBAL FINANCE IN PRACTICE 14.2 Financial Structure of a Russian Joint Venture 398
Summary Points 399
MINI-CASE: Petrobrás of Brazil and the Cost of Capital 399
Questions 402
Problems 403
Internet Exercises 406

Chapter 15 Multinational Tax Management 407
GLOBAL FINANCE IN PRACTICE 15.1 The Impact of Tax on Business Decisions 408
15.1 Tax Principles and Practices 408
GLOBAL FINANCE IN PRACTICE 15.2 The Panama Papers 415
GLOBAL FINANCE IN PRACTICE 15.3 Offshore Profits and Dividend Repatriation 417
Google: An Illustrative Case of Profit Repositioning 425
GLOBAL FINANCE I

【美】迈克尔·莫菲特( Michael H. Moffett)，是雷鸟国际管理商学院的金融学副教授。他先前是俄勒冈州立大学的金融学副教授(1985～1993年)。他在密歇根大学、华盛顿布鲁克林学院、夏威夷大学马诺阿分校、丹麦奥尔胡斯商学院、芬兰赫尔辛基大学商学院和科罗拉多大学也有教授和研究的职位。

国际金融经典教科书,畅销多年。

这是一部深入剖析靠前金融管理的很好专著。以其在金融研究领域的性、突出反映当代靠前新兴市场环境的现实性、对错综复杂的靠前金融管理所做阐释的明晰性而著称，通过对靠前金融环境、外汇风险度量、金融公司融资、国外投资决策、跨国经营管理、跨国金融管理前瞻等的线性描述，立体而鲜明地阐明了这样一个基本观点：跨国公司的成功始终依赖于其对投资所在国国内产品市场、生产要素市场和金融资产市场缺陷的确认能力及从中获利的能力。

靠前金融经典教科书,畅销多年。