Multinational Finance: Evaluating Opportunities, Costs, and Risks of Operations, Fifth Edition

  • 15h 49m
  • Kirt C. Butler
  • John Wiley & Sons (US)
  • 2012

An in-depth treatment of the international financial arena

Multinational Finance, Fifth Edition assumes the viewpoint of the financial manager of a multinational corporation with investment or financial operations in more than one country. This book provides a framework for evaluating the many opportunities, costs, and risks of multinational operations in a manner that allows readers to see beyond the math and terminology surrounding this field to realize the general principles of multinational financial management.

Logically organized and written in a clear, non-technical style, this book includes information on international finance topics such as foreign exchange, currency and derivatives markets, currency risk (transaction, operating, and translation) management, country risk, international taxation, capital structure, cost of capital, and international portfolio diversification. It also offers unique chapters on multinational treasury management, the rationale for hedging currency risks, options on real assets, international corporate governance, asset pricing, and portfolio management.

  • Emphasizes the managerial aspects of multinational finance with graphs, figures, and the use of numerous real-world examples
  • Expands on the treatment of parity disequilibria to include exchange rate expectations that differ from parity and a project's operating exposure to currency risk
  • Provides an overview and comparison of the various derivative instruments and their use in risk hedging
  • Contains valuable insights on valuation and management of a multinational corporation's investments

If you're looking for the best way to gain a firm understanding of multinational finance, look no further than the fifth edition of this classic text.

About the Author

KIRT C. BUTLER is an Associate Professor in the Department of Finance and Director of Study Abroad for the Eli Broad College of Business at Michigan State University, where he teaches multinational finance and global strategy. His research has appeared in a variety of academic and practitioner journals, including the Journal of Finance, Journal of Accounting Research, Financial Analysts Journal, Journal of Portfolio Management, Journal of International Money and Finance, and the Journal of International Business Studies, among others. Professor Butler's academic research has been profiled in the New York Times, Time, and Money magazines, and on the CNN and CNBC websites. He has a PhD in finance and also holds an MBA in finance from the College of Business, an MS in computer science from the College of Engineering, and a BA in psychology from the Honors College, all from Michigan State University.

In this Book

  • An Introduction to Multinational Finance
  • World Trade and the International Monetary System
  • Foreign Exchange and Eurocurrency Markets
  • The International Parity Conditions and Their Consequences
  • Currency Futures and Futures Markets
  • Currency Options and Options Markets
  • Currency Swaps and Swaps Markets
  • Multinational Treasury Management
  • Managing Transaction Exposure to Currency Risk
  • Managing Operating Exposure to Currency Risk
  • Managing Translation Exposure and Accounting for Financial Transactions
  • Foreign Market Entry and Country Risk Management
  • Multinational Capital Budgeting
  • Multinational Capital Structure and Cost of Capital
  • Taxes and Multinational Corporate Strategy
  • Real Options and Cross-Border Investment Strategy
  • Corporate Governance and the International Market for Corporate Control
  • International Capital Markets
  • International Portfolio Diversification
  • International Asset Pricing
  • Notes
  • Solutions to Even-Numbered Problems
  • Symbols and Acronyms
  • Useful Rules and Formulas
  • Useful Websites
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