(Ebook PDF) International corporate finance value creation with currency derivatives in global capital markets Second Edition by Laurent Jacque -Ebook PDF Instant Download/Delivery:9781119550433, 1119550432
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ISBN 10:1119550432
ISBN 13:9781119550433
Author: Laurent L. Jacque
As globalization is redefining the field of corporate finance, international finance is now part and parcel of the basic literacy of any financial executive. This is why International Corporate Finance is a “must” text for upper-undergraduates, MBAs aspiring to careers in global financial services and budding finance professionals.
International Corporate Finance offers thorough coverage of the international monetary system, international financing, foreign exchange risk management and cross-border valuation. Additionally, the book offers keen insight on how disintermediation, deregulation and securitization are re-shaping global capital markets.
What is different about International Corporate Finance?
Table of Contents:
- CHAPTER 1: What Is International Corporate Finance?
- THE UNEVEN REACH OF GLOBALIZATION
- THE RISE OF THE MULTINATIONAL CORPORATION
- WHAT IS DIFFERENT ABOUT INTERNATIONAL CORPORATE FINANCE?
- RISKS IN THE WONDERLAND OF INTERNATIONAL FINANCE
- INTERNATIONALIZATION AND THE LOCUS OF THE FINANCE FUNCTION
- THE INTERNATIONAL CONTROL CONUNDRUM
- EXPLOITING THE MULTINATIONAL ENTERPRISE SYSTEM
- SUMMARY
- QUESTIONS FOR DISCUSSION
- REFERENCES
- PART One: The International Monetary Environment
- CHAPTER 2: Exchange Rates Regimes
- SOME FIRST PRINCIPLES ABOUT EXCHANGE RATE DETERMINATION
- WORLD MAP OF EXCHANGE RATE REGIMES: THE FLEXIBILITY × CONVERTIBILITY SPACE
- FLOATING EXCHANGE RATES
- STABILIZED OR PEGGED EXCHANGE RATES
- CONTROLLED EXCHANGE RATES
- TO FLOAT OR TO FIX: THE TRILEMMA OF INTERNATIONAL FINANCE
- SUMMARY
- REFERENCES
- CHAPTER 3: Yesterday and Yesteryear
- CHRONOLOGY OF THE INTERNATIONAL MONETARY SYSTEM
- THE GOLD STANDARD (1878–1914, 1925–1931)
- THE BRETTON WOODS SYSTEM (1944–1971)
- MANAGED FLOATING EXCHANGE RATES (1973–PRESENT)
- EUROPEAN MONETARY SYSTEM AND THE EUROPEAN CURRENCY UNIT (1979–1999)
- EMERGING MARKETS CURRENCY REGIMES AND CRISES
- EUROPEAN MONETARY UNION AND THE BIRTH OF THE EURO (1999–PRESENT)
- TODAY AND TOMORROW: THE CURRENT MAP OF EXCHANGE RATES
- SUMMARY
- REFERENCES
- CASE STUDY 3.1: WILL THE EUROZONE SHUTTER? PLANT LOCATION AND EXCHANGE RATES FOR HYUNDAI
- CHAPTER 4: The Balance of Payments
- FUNDAMENTALS OF BALANCE OF INTERNATIONAL PAYMENTS ACCOUNTING
- CURRENT ACCOUNT
- FINANCIAL ACCOUNT
- OFFICIAL RESERVE ACCOUNT
- STATISTICAL DISCREPANCIES: ERRORS AND OMISSIONS
- BALANCE OF PAYMENTS AND THE FOREIGN EXCHANGE MARKET
- DEBTOR VERSUS CREDITOR NATIONS
- LINKING THE BALANCE OF PAYMENTS TO NATIONAL INCOME
- SUMMARY
- QUESTIONS FOR DISCUSSION
- PROBLEMS
- INTERNET EXERCISES
- REFERENCES
- CASE STUDY 4.1: WHEN ONE OF THE BRIC(K)S FALLS: TRIALS AND TRIBULATIONS OF THE INDIAN RUPEE
- PART Two: The Foreign Exchange Market and Currency Derivatives
- CHAPTER 5: The Foreign Exchange Market
- HOW FOREX IS TRADED: THE INSTITUTIONAL FRAMEWORK
- FOREIGN EXCHANGE PRODUCTS
- EXCHANGE RATE QUOTATIONS
- SUMMARY
- QUESTIONS FOR DISCUSSION
- PROBLEMS
- INTERNET EXERCISES
- REFERENCES
- CASE STUDY 5.1: BANCO MERCANTIL INTERNACIONAL’S FOREX LOSSES
- CHAPTER 6: Interest Rate Arbitrage and Parity
- INTEREST RATE ARBITRAGE THEOREM
- INTEREST RATE PARITY
- UNCOVERED INTEREST RATE ARBITRAGE AND THE CARRY TRADE
- SUMMARY
- APPENDIX 6A: TRANSACTION COSTS: INTEREST RATE ARBITARGE WITH BID-ASK SPREADS (ADVANCED)
- APPENDIX 6B: INTEREST RATE PARITY AND ASYMMETRIC TAXATION
- QUESTIONS FOR DISCUSSION
- PROBLEMS
- INTERNET EXERCISES
- REFERENCES
- CASE STUDY 6.1: BRAZIL REDE GLOBO’S SHORT-TERM FUNDING
- CHAPTER 7: Purchasing Power Parity and the International Parities Framework
- PURCHASING POWER PARITY
- THE LINKAGES BETWEEN INTEREST, INFLATION, AND EXCHANGE RATES
- QUESTIONS FOR DISCUSSION
- PROBLEMS
- INTERNET EXERCISES
- REFERENCES
- CHAPTER 8: Currency Futures and Options
- A BRIEF HISTORY OF DERIVATIVES
- CURRENCY FUTURES
- CURRENCY OPTIONS
- RISK PROFILE OF CURRENCY OPTIONS
- OPTION STRATEGIES
- PUT-CALL PARITY THEOREM
- THE VALUATION OF CURRENCY OPTIONS
- DERIVATIVES AND ZERO-PREMIUM OPTIONS
- SUMMARY
- APPENDIX 8A: PRICING CURRENCY OPTIONS
- QUESTIONS FOR DISCUSSION
- PROBLEMS
- INTERNET EXERCISES
- REFERENCES
- CASE STUDY 8.1: DAEWOO’S UNORTHODOX FUNDING STRATEGY
- PART Three: International Financing
- CHAPTER 9: The International Financial Sector and the Dynamics of Global Capital Markets
- FINANCING AS A GLOBAL PROCUREMENT DECISION
- THE FINANCIAL SYSTEM AND FINANCIAL (DIS)INTERMEDIATION
- SECURITIZATION AND THE (LOWER) COST OF CONSUMER FINANCING
- DEREGULATION
- MAPPING THE FINANCIAL SYSTEM/CAPITAL MARKET EMERGENCE PROCESS
- SUMMARY
- REFERENCES
- CASE STUDY 9.1: HOW THAI AIRWAYS FOILS JET FUEL PRICE RISK
- CHAPTER 10: Sourcing Equity Globally
- A GRAND TOUR OF EQUITY MARKETS
- GLOBAL EQUITY FINANCING AS A PROCUREMENT DECISION
- INTERNATIONALIZING THE COST OF CAPITAL: THE LANDMARK CASE OF NOVO INDUSTRI
- WHY DO FIRMS CROSS-LIST?
- HOW TO SOURCE EQUITY GLOBALLY
- SUMMARY
- QUESTIONS FOR DISCUSSION
- PROBLEMS
- INTERNET EXERCISES
- REFERENCES
- CASE STUDY 10.1: JAZZTEL’S FOREIGN IPO
- CHAPTER 11: Sourcing Debt from Global Bond Markets
- THE INTERNATIONAL DEBT PROCUREMENT DECISION
- GRAND TOUR OF THE GLOBAL DEBT MARKET
- COST OF FOREIGN CURRENCY DEBT FINANCING
- DEBT REFINANCING
- THE INTERNATIONAL DEBT FINANCING CONUNDRUM
- SUMMARY
- REFERENCES
- CASE STUDY 11.1: MCDONALD’S DIM SUM BONDS: “LOVIN’ IT”
- QUESTIONS FOR DISCUSSION
- CHAPTER 12: Currency, Interest Rate, and Credit Default Swaps
- CURRENCY SWAPS
- INTEREST RATE SWAPS
- CREDIT DEFAULT SWAPS
- SUMMARY
- QUESTIONS FOR DISCUSSION
- PROBLEMS
- INTERNET EXERCISES
- REFERENCES
- CASE STUDY 12.1: THE DEMISE OF AIG
- QUESTIONS FOR DISCUSSION
- CHAPTER 13: International Trade Financing
- A BRIEF HISTORY OF INTERNATIONAL TRADE
- THE TRILOGY OF RISKS IN EXPORTING
- MANAGING CREDIT RISK
- MANAGING CURRENCY RISK
- MANAGING COUNTRY RISK
- THE MECHANICS OF TRADE FINANCING WITH A LETTER OF CREDIT
- FINANCING EXPORTS
- PRE-EXPORT FINANCING
- GOVERNMENT-SPONSORED EXPORT CREDIT AGENCIES
- SUMMARY
- CASE STUDY 13.1: WARRICK PHARMACEUTICALS INC.
- PART Four: Managing Foreign Exchange Risk
- CHAPTER 14: The Case for Foreign Exchange Risk Management
- DEFINING FOREIGN EXCHANGE RISK MANAGEMENT AND ITS OBJECTIVES
- CAN HEDGING CURRENCY RISK INCREASE THE VALUE OF THE FIRM?
- WHEN IS HEDGING CURRENCY RISK IRRELEVANT?
- FROM HEDGING TO MANAGING CURRENCY RISK
- THE BUILDING BLOCKS OF FOREIGN EXCHANGE RISK MANAGEMENT
- SUMMARY
- APPENDIX 14A: FOREIGN EXCHANGE RISK MANAGEMENT: WHAT DO FIRMS DO?
- QUESTIONS FOR DISCUSSION
- REFERENCES
- CASE STUDY 14.1: BIO-OILS ENERGY S.L.
- CHAPTER 15: Forecasting Exchange Rates
- MARKET-BASEDFORECASTS
- MODEL-BASED FORECASTS: TECHNICAL VERSUS ECONOMETRIC MODELING APPROACHES
- COMPOSITE FORECASTS
- HOW TO USE CURRENCY FORECASTS
- SUMMARY
- APPENDIX 15A: FORECASTING PEGGED YET ADJUSTABLE EXCHANGE RATES
- REFERENCES
- CASE STUDY 15.1: EUCLIDES ENGINEERING, LTD.
- QUESTIONS FOR DISCUSSION
- CHAPTER 16: Managing Transaction Exposure
- MEASURING TRANSACTION EXPOSURE
- THE MECHANICS OF HEDGING TRANSACTION EXPOSURE
- HEDGING AND FINANCING INTERNATIONAL TRADE
- ELIMINATING FOREIGN EXCHANGE RATE RISK IN LONG-TERM CONTRACTS
- EXCHANGE RATE RISK IN INTERNATIONAL BIDDING
- HOW MUCH TO HEDGE TRANSACTION EXPOSURE
- SUMMARY
- QUESTIONS FOR DISCUSSION
- PROBLEMS
- REFERENCES
- CASE STUDY 16.1: HEDGING CURRENCY RISK AT TT TEXTILES
- QUESTIONS FOR DISCUSSION
- CHAPTER 17: Managing Translation Exposure
- WHAT IS TRANSLATION EXPOSURE?
- SHOULD TRANSLATION EXPOSURE BE HEDGED?
- ALTERNATIVE TRANSLATION METHODS
- THE MECHANICS OF CONTRACTUAL HEDGING
- THE MECHANICS OF FINANCIAL HEDGING
- SUMMARY
- APPENDIX 17A: ACCOUNTING VALUATION AND THE CONCEPT OF TRANSLATION EXPOSURE
- QUESTIONS FOR DISCUSSION
- PROBLEMS
- INTERNET EXERCISES
- REFERENCES
- CASE STUDY 17.1: WILKINSON SWORD’S TRIALS AND TRIBULATIONS IN TURKEY
- QUESTIONS FOR DISCUSSION
- CHAPTER 18: Managing Economic Exposure
- A TAXONOMY OF ECONOMIC EXPOSURES
- TOWARD AN OPERATIONAL MEASURE OF ECONOMIC EXPOSURE
- MANAGING OPERATING EXPOSURE
- SUMMARY
- REFERENCES
- CASE STUDY 18.1: PEUGEOT CITROËN SA’S ECONOMIC EXPOSURE TO THE SOUTH KOREAN WON
- PART Five: Cross-Border Valuation and Foreign Investment Analysis
- CHAPTER 19: Foreign Market Entry Strategies and Country Risk Management
- CONTRACTUAL MODES OF FOREIGN MARKET ENTRY
- FOREIGN MARKET ENTRY THROUGH FOREIGN DIRECT INVESTMENTS
- COUNTRY RISK
- COSTS/BENEFITS OF FOREIGN DIRECT INVESTMENT TO HOST COUNTRIES
- SUMMARY
- REFERENCES
- CASE STUDY 19.1: Carrefour’s Indian Entry Strategy
- CASE STUDY QUESTIONS
- CHAPTER 20: International Capital Budgeting
- THE FOREIGN DIRECT INVESTMENT DECISION-MAKING PROCESS
- A PRIMER ON EVALUATING INVESTMENT OPPORTUNITIES
- WHAT IS DIFFERENT ABOUT EVALUATING FOREIGN INVESTMENT PROPOSALS?
- CASE STUDY: RENAULT INVESTS IN INDIA
- APPENDIX 20A: ADJUSTED PRESENT VALUE
- APPENDIX 20B: REAL OPTIONS
- REFERENCES
- CHAPTER 21: Cross-Border Mergers and Acquisitions
- A BRIEF HISTORY OF MERGERS AND ACQUISITIONS
- THE INDUSTRIAL LOGIC OF MERGERS AND ACQUISITIONS
- ARE CROSS-BORDER ACQUISITIONS DIFFERENT?
- VALUATION OF FOREIGN ACQUISITIONS
- CIMENTS LAFARGE ENTERS VIETNAM
- SUMMARY
- CASE STUDY 21.1: ETIHAD’S PROPOSED ACQUISITION OF MALAYSIA AIRLINES
- QUESTIONS FOR DISCUSSION
- CHAPTER 22: Project Finance
- WHAT IS PROJECT FINANCE?
- ANATOMY OF PROJECT FINANCE: THE CASE OF THE RAS LAFFAN LIQUEFIED NATURAL GAS COMPANY
- VALUING PROJECT FINANCE: THE ESTY MODEL
- SUMMARY
- REFERENCES
- CASE STUDY 22.1: CLEAN INFRA LTD PROJECT FINANCE
- CHAPTER 23: Global Investing
- THE BASICS OF INTERNATIONAL PORTFOLIO MANAGEMENT
- THE GAINS FROM INTERNATIONAL DIVERSIFICATION
- TRIALS AND TRIBULATIONS IN FOREIGN EQUITY INVESTING
- CURRENCY RISK IN GLOBAL INVESTING
- ALTERNATIVE MODES OF INVESTING IN FOREIGN EQUITY
- THE NEW LANDSCAPE OF GLOBAL INVESTING
- SUMMARY
- APPENDIX 23A: IN SEARCH OF ALPHA AT GLOBAL THEMATIC PARTNER” IS FOUND ON THE BOOK WEBSITE AT WWW.WILEY.COM/GO/INTLCORPFINANCE2E
- QUESTIONS FOR DISCUSSION
- INTERNET EXERCISES
- REFERENCES
- PART Six: Managing the Multinational Financial System
- CHAPTER 24: Managing the Multinational Financial System
- A PRIMER ON INTERNATIONAL TAXATION
- THE MULTINATIONAL FINANCIAL SYSTEM
- EXPLOITING THE SYSTEM’S POTENTIAL TO MINIMIZE GLOBAL TAX LIABILITIES
- DESIGNING A GLOBAL DIVIDENDS REMITTANCE STRATEGY
- CENTRALIZING CASH MANAGEMENT
- SUMMARY
- REFERENCES
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Laurent Jacque,International Corporate Finance,Value,Creation Currency Derivatives,Global Capital Markets