Multinational Finance: Evaluating Opportunities, Costs, and Risks of Operations - Softcover

Butler, Kirt Charles

Softcover

ISBN 10: 1118270126 ISBN 13: 9781118270127

Publisher: John Wiley & Sons Inc, 2012

Synopsis

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 this title

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.

From the Back Cover

A solid understanding of multinational finance is crucial to success in today's, and ultimately tomorrow's, marketplace. This is as true for firms competing directly with foreign companies as it is for domestic firms whose suppliers, customers, and competitors are increasingly likely to be from foreign countries.

The Fifth Edition of Multinational Finance presents a difficult subject in an accessible way. It provides a clear framework for evaluating the many opportunities, costs, and risks of multinational operations in a manner that allows readers to see beyond the algebra and terminology to the general principles of multinational financial management. And while this book assumes the viewpoint of the financial manager of a large multinational enterprise—with investment or financial operations in more than one country—the insights outlined here can work just as well for government entities, small businesses, and even individuals that operate in the global marketplace.

Divided into five comprehensive parts, this new edition of Multinational Finance retains the classic features that have made previous editions so popular, as well as a wealth of new material on current topics of interest to practitioners and students of multinational finance.

• Part I presents an in-depth treatment of the international financial environment, including international trade and the balance of payments, currency and Eurocurrency markets, and international parity conditions
• Part II contains detailed discussions of currency futures, options, and swaps, and examines the importance of these derivative instruments in financial risk management
• Part III explores the operation of the multinational treasury, the rationale for hedging currency risks, and the multinational corporation's management of transaction, operating, and translation exposures to currency risk
• Part IV develops the intricacies of valuing and structuring the corporation's international assets and liabilities
• Part V takes a market-oriented view of the multinational corporation, with separate chapters on international capital markets, portfolio diversification, and asset pricing

Designed to aid in the learning process, this reliable resource includes highlighted callouts of key terms and concepts, conceptual questions and numerical problems, suggested readings, and website recommendations that link chapter topics to the real world. And for instructors thinking about adopting the text for classroom use, it includes more than 600 PowerPoint slides that review the key elements of each chapter, a Solutions Manual with answers to the end-of-chapter questions and problems, and a comprehensive Test Bank with more than 1,000 test questions and solutions.

Dealing with financial operations or investments in more than one country can be difficult. To excel at this endeavor, it's essential to follow a simple and intuitive approach. The Fifth Edition of Multinational Finance will help you achieve this elusive goal and show you how to make the most of the opportunities available in today's international market.

Edition details

• Publisher: John Wiley & Sons Inc
• Publication date: 2012
• Language: English
• ISBN 10: 1118270126
• ISBN 13: 9781118270127
• Binding: Paperback
• Edition number: 5
• Number of pages: 681