Multinational Financial Management, 11/e (AE-Paperback)

本書序言

CHANGES IN THE ELEVENTH EDITION
The eleventh edition of Multinational Financial Management has been extensively updated to incorporate the evolving technological, economic, and political landscape of the world's financial system. For instance, technological advances in communication have greatly changed how forex trading and payment systems are conducted; the development and growth in Exchange-Traded Funds (ETFs) makes it possible, with unprecedented ease, for investors to gain international equity and bond exposures; the advent of Credit Default Swaps (CDSs) now allow businesses to hedge sovereign debt risk. All these technological and financial innovations are occurring with the continuing development of China and India as a major economic and political backdrop. China is now the world's second largest economy in nominal terms and the first on a purchasing power parity basis. India is now the world's seventh largest economy in nominal terms-on the verge of displacing both the United Kingdom and France within a couple years-and the third on a purchasing power parity basis. The rise of China in particular has given wind to the sails of those that believe protectionism is the answer to maintaining America's relative position. It remains to be seen what will result of the additional tariffs the US and China (and the European ) have been imposing on each other: negotiations that will lead to more trade, or permanently impairing global trade. However, while it still to early to properly assess their full significance, they are too important to ignore. Likewise, the United Kingdom's plans to leave the European -the so-called Brexit-if it finally occurs, will undoubtedly have far reaching consequences in reshaping Europe-an economic area on par with the United States. Meanwhile, in the United States, the Tax Cuts and Job Act by slashing the corporate tax rate to 21 % and moving the country to a territorial taxation system will significantly affect how multinational corporations decide to invest and distribute their profits around the globe.
To reflect these changes, we have considerably reworked our examples and illustrations. We have also reshuffled the content, added new sections, new applications, and whenever possible updated every chart and every table with the latest data. Sadly, to stay focused and make room for the new, we have chosen to remove numerous older applications and two chapters-Financing Foreign Trade, and Current Asset Management and Short Term Financing. However, we will continue to make these available on the instructor's online resources.
Some of the new material that has been added is highlighted below:
• Discussion of the 2009-2010 currency interventions by the Swiss National Bank (Chapter 2)
• Discussion of the European and Brexit (Chapter 3)
• Discussion on the deviations of covered interest rate parity after the financial crisis (Chapter 4)
• Updates to the Balance-of-Payment categories to reflect new practices (Chapter 5)
• Discussion on electronic trading and Payment-versus-Payment (PvP) settlement (Chapter 6)
• Discussion of new institutional changes for currency options and futures on the CME and ICE exchanges(Chapter 7)
• Section on Credit Default Swap Indexes (Chapter 8)
• Discussion of the governance implications of different legal regimes (Chapter 11)
• Section on Exchange-Traded Funds (Chapter 13)
• Discussion of Corporate Inversions (Chapter 18)
• Section on the Tax Cuts and Jobs Act of 2017 (Chapter 15 and 18)

本書特色

●Provides numerous real-world examples of applications of financial concepts and theories
●Focuses on corporate practice and the issues, tools, and techniques used in day-to-day financial decision making
●Features action-oriented learning objectives, mini-cases, key term definitions, end-of-chapter questions and problems related to actual companies and situations, and links to online resources that address chapter content