Multinational Business Finance

Arthur I. Stonehill   Arthur I. Stonehill is a Professor of Finance and International Business, Emeritus, at Oregon State University, where he taught for 24 years (1966-1990). During 1991-1997 he held a split appointment at the University of Hawaii at Manoa and Copenhagen Business School. From 1997 to 2001 he continued as a Visiting Professor at the University of Hawaii at Manoa He has also held teaching or research appointments at the University of California, Berkeley, Cranfield School of Management (U.K.), and the North European Management Institute (Norway). He was a former president of the Academy of International Business, and was a western director of the Financial Management Association.  Professor Stonehill received a B.A. (History) from Yale University (1953), an M.B.A. from Harvard Business School (1957), and a Ph.D. in Business Administration from the University of California, Berkeley (1965). He was awarded honorary doctorates from the Aarhus School of Business (Denmark, 1989), the Copenhagen Business School (Denmark, 1992), and Lund University (Sweden, 1998). He has authored or co-authored nine books and twenty-five other publications. His articles have appeared in Financial Management, Journal of International Business Studies, California Management Review, Journal of Financial and Quantitative Analysis, Journal of International Financial Management and Accounting, International Business Review, European Management Journal, The Investment Analyst (U.K.), Nationaløkonomisk Tidskrift (Denmark), Sosialøkonomen (Norway), Journal of Financial Education, and others.     David K. Eiteman   David K. Eiteman is Professor Emeritus of Finance at the John E. Anderson Graduate School of Management at UCLA. He has also held teaching or research appointments at the Hong Kong University of Science & Technology, Showa Academy of Music (Japan), the National University of Singapore, Dalian University (China), the Helsinki School of Economics and Business Administration (Finland), University of Hawaii at Manoa, University of Bradford (U.K.), Cranfield School of Management (U.K.), and IDEA (Argentina). He is a former president of the International Trade and Finance Association, Society for Economics and Management in China, and Western Finance Association.  Professor Eiteman received a B.B.A. (Business Administration) from the University of Michigan, Ann Arbor (1952), M.A. (Economics) from the University of California, Berkeley (1956), and a Ph.D. (Finance) from Northwestern University (1959).  He has authored or co-authored four books and twenty-nine other publications. His articles have appeared in The Journal of Finance, The International Trade Journal, Financial Analysts Journal, Journal of World Business, Management International, Business Horizons, MSU Business Topics, Public Utilities Fortnightly, and others.     Michael H. Moffett   Michael H. Moffett is Continental Grain Professor of Finance at Thunderbird School of Global Management. He was formerly Associate Professor of Finance at Oregon State University (1985-1993). He has also held teaching or research appointments at the University of Michigan, Ann Arbor (1991-1993), the Brookings Institution, Washington, D.C., the University of Hawaii at Manoa, the Aarhus School of Business (Denmark), the Helsinki School of Economics and Business Administration (Finland), the International Centre for Public Enterprises (Yugoslavia), and the University of Colorado, Boulder. Professor Moffett received a B.A. (Economics) from the University of Texas at Austin (1977), an M.S. (Resource Economics) from Colorado State University (1979), an M.A. (Economics) from the University of Colorado, Boulder (1983), and Ph.D. (Economics) from the University of Colorado, Boulder (1985).  He has authored, co-authored, or contributed to six books and 15 other publications. His articles have appeared in the Journal of Financial and Quantitative Analysis, Journal of Applied Corporate Finance, Journal of International Money and Finance, Journal of International Financial Management and Accounting, Contemporary Policy Issues, Brookings Discussion Papers in International Economics, and others. He has contributed to a number of collected works including the Handbook of Modern Finance, the International Accounting and Finance Handbook, and the Encyclopedia of International Business. He is also co-author of two books in multinational business with Michael Czinkota and Ilkka Ronkainen,International Business (7th edition) and Global Business.

Part I: Global Environment

 

Chapter 1: Globalization and the Multinational Enterprise

Chapter 2: Financial Goals & Governance

Chapter 3: The International Monetary System

Chapter 4: The Balance of Payments

Chapter 5: Current Multinational Financial Challenges: Crisis

 

Part II: Foreign Exchange Theory and Markets

 

Chapter 6: The Foreign Exchange Market

Chapter 7: International Parity Conditions

            Appendix: Algebraic Primer to International Parity Conditions

Chapter 8: Foreign Currency Derivatives

            Appendix: Currency Option Pricing Theory

Chapter 9: Interest Rate and Cross Currency Swaps

Chapter 10: Foreign Exchange Rate Determination & Forecasting

 

Part III: Foreign Exchange Exposure

 

Chapter 11: Transaction Exposure

            Appendix: Complex Options

Chapter 12: Operating Exposure

Chapter 13: Translation Exposure

 

Part IV: Financing the Global Firm

 

Chapter 14: The Global Cost and Availability of Capital

Chapter 15: Sourcing Equity Globally

Chapter 16: Sourcing Debt Globally

 

Part V: Foreign Investment Decisions

 

Chapter 17: International Portfolio Theory & Investment

Chapter 18: Foreign Direct Investment Theory & Strategy

Chapter 19: Multinational Capital Budgeting

 

Part VI: Managing Multinational Operations

 

Chapter 20: Multinational Tax Management

Chapter 21: Working Capital Management

Chapter 22: International Trade Finance