Gain the solid understanding of theory and practical insights you need for success in international finance today with Madura's best-selling INTERNATIONAL FINANCIAL MANAGEMENT, 14E. This reader-friendly approach builds on the fundamental principles of corporate finance to provide timely information and an understanding of managerial topics in a global environment necessary to prosper in international business. Clear explanations help you fully understand the important role of multinational corporations in global commerce. New content explores tradeoffs in international trade policies, the realities behind popular theories, multinational capital budgeting, barriers to entry in international markets, and the most recent changes internationally. Numerous examples, self-tests, and hands-on exercises work with new MindTap online learning resources, including Excel Online practice and Aplia homework tools, to help you develop the skills and understanding necessary in international finance.
Part I: THE INTERNATIONAL FINANCIAL ENVIRONMENT.
1. Multinational Financial Management: An Overview.
2. International Flow of Funds.
3. International Financial Markets.
4. Exchange Rate Determination.
5. Currency Derivatives.
Part II: EXCHANGE RATE BEHAVIOR.
6. Government Influence on Exchange Rates.
7. International Arbitrage and Interest Rate Parity.
8. Relationships among Inflation, Interest Rates, and Exchange Rates.
Part III: EXCHANGE RATE RISK MANAGEMENT.
9. Forecasting Exchange Rates.
10. Measuring Exposure to Exchange Rate Fluctuations.
11. Managing Transaction Exposure.
12. Managing Economic Exposure and Translation Exposure.
Part IV: LONG-TERM ASSET AND LIABILITY MANAGEMENT.
13. Direct Foreign Investment.
14. Multinational Capital Budgeting.
15. International Corporate Governance and Control.
16. Country Risk Analysis.
17. Multinational Capital Structure and Cost of Capital.
18. Long-Term Debt Financing.
Part V: SHORT-TERM ASSET AND LIABILITY MANAGEMENT.
19. Financing International Trade.
20. Short-Term Financing.
21. International Cash Management.
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Jeff Madura
Dr. Jeff Madura is Emeritus Professor of Finance at Florida Atlantic University. The recipient of multiple awards for excellence in teaching and research, Dr. Madura has written several successful finance textbooks. His research on financial markets and institutions has been published in numerous journals, including Journal of Financial and Quantitative Analysis; Journal of Money, Credit and Banking; Financial Management; Journal of Financial Research; and Financial Review. Dr. Madura has served as a consultant for commercial banks, securities firms, and numerous other financial institutions. In addition, he is a former director of the Eastern Finance Association and a former director and president of the Southern Finance Association.
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NEW DISCUSSION EXPLORES TRADEOFFS IN ANY INTERNATIONAL TRADE POLICY. Most students have an opinion about the ideal trade policy that their home countries should implement. However, most students are not familiar with the many tradeoffs that need to be considered. This edition examines these tradeoffs in detail, which prompts engaging dialogue among students about the impact of international trade barriers.
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NEW COVERAGE EXAMINES THEORY VERSUS REALITY FOR RELATIONSHIPS BETWEEN THE FISHER EFFECT, PURCHASING POWER PARITY (PPP), AND THE INTERNATIONAL FISHER EFFECT (IFE). Many theories of international finance, such as purchasing power parity and the international Fisher effect, are not consistent with reality, especially in short-run periods. This edition examines the reality of these theories and how multinational corporations (MNCs) must prepare to handle these discrepancies.
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NEW DISCUSSION REVIEWS HOW TO MOST EFFECTIVELY MANAGE EXCHANGE RATE RISK. Students study how today's multinational corporations (MNCs) must properly measure their exposure to exchange rate risk before the organizations can decide whether and how to hedge. This edition provides a seamless flow from measurement to management of exchange rate risk.
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NEW COVERAGE EXAMINES IMPLICIT BARRIERS TO ENTRY IN SOME INTERNATIONAL MARKETS. Students explore how many multinational corporations (MNCs) that wish to expand internationally are prevented from penetrating foreign markets because of implicit barriers to entry. Students also learn how these MNCs can adapt in order to circumvent implicit barriers.
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NEW DISCUSSION DEMONSTRATES HOW TO ACCOUNT FOR UNCERTAINTY WHEN APPLYING MULTINATIONAL CAPITAL BUDGETING. Students examine the challenges and complexities of capital budgeting for a multinational corporation (MNC). Readers learn how to consider anticipated exchange rate effects, possible differences in the cost of funds at the subsidiary versus the parent company and country risk scenarios in foreign markets. Students learn how proper multinational capital budgeting accounts for a variety of possible outcomes that enable the MNC can make rational decisions in its use of capital.
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CURRENT, PRACTICAL EXAMPLES REFLECT THE LATEST IN FINANCIAL PRACTICE WORLDWIDE. This best-selling resource is recognized for its use of practical examples in every chapter. Meaningful examples, drawn from today's real international organizations, demonstrate the latest financial practices that multinational corporations rely upon every day. These examples further clarify concepts within each chapter and demonstrate the importance of what students are learning.
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HANDS-ON EXPERIENTIAL EXERCISES PROVIDE ADDITIONAL ACTUAL PRACTICE. Engaging exercises place students in key international positions. "Discussion In The Boardroom" features place students in the position of board members for a multinational corporation. "Running Your Own MNC" requires students to use entrepreneurial skills to create their own small multinational corporation. "The International Investing Project" enables students to make international portfolio decisions.
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TIMELY UPDATES THROUGHOUT THIS EDITION REFLECT THE MOST CURRENT RESEARCH AND TRENDS FROM THE FIELD. Up-to-date content prepares your students to deal with the most recent financial changes, developments, and emerging issues in international finance.
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SELF-TESTING QUESTIONS AND TOOLS HELP READERS CHECK AND REINFORCE COMPREHENSION. Your students can check their understanding of important concepts and skills using the large variety of self-test questions at the end of each chapter. In addition, students can use self-testing midterm and final exams to ensure they understand concepts for the best possible success in your course.
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VARIETY OF CHAPTER APPLICATIONS PROVIDE VALUABLE HANDS-ON PRACTICE. Robust applications throughout this edition offer an extensive selection of practice opportunities. "Point/Counter-Point" exercises challenge students to evaluate alternative points of view, while Critical-Thinking Questions prompt short essays. In addition, Continuing Cases, Small Business Dilemmas, Internet/Excel Exercises, and Supplemental Cases offer hands-on challenges.
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INTEGRATIVE PROBLEMS DEMONSTRATE HOW FINANCIAL CONCEPTS FROM EACH CHAPTER WORK TOGETHER. An integrative problem at the end of each part clearly illustrates how concepts from each of the chapters in every part are integrated and rely upon or impact one another.
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