...FIN 535 – International Finance COURSE DESCRIPTION Presents international financial tools, applications, and concepts used in formulating effective financial management strategies. Examines fundamental international financial relationships and transactions among firms, foreign exchange rate determination and forecasting, foreign exchange risk and exposure, balance of payment accounting, and evolution of the international monetary system. Analyzes special topics such as working capital management strategies, capital budgeting, cost of capital, and optimal capital structure in the context of international operations. INSTRUCTIONAL MATERIALS Required Resources Madura, J. (2012). International financial management (11th ed.). Mason, OH: South-Western, Cengage Learning. Supplemental Resources Al Nasser, O.M. (2010). How does foreign direct investment affect economic growth? The role of local conditions. Latin American Business Review 11, 111-139. Kornecki, L. & E. M. Ekanayake. (2011). Inward FDI stock in the U.S. economy and state based determinants. Advances in Management, 4(6), 13-24. Ranjan, V. & Agrawal, G. (2011). FDI inflow determinants in BRIC countries: A panel data analysis. International Business Research, 4(4), 255-263. United Nations. (2011). Foreign Direct Investments in LDCs: Lessons learned from the decade 20012010 and the way forward. United National Conference on Trade and Development. COURSE LEARNING OUTCOMES 1. Compare multinational financial management...
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...University of Notre Dame Mendoza College of Business Department of Finance FIN 70500 – Multinational Financial Management Module 1, Fall, 2006 |Instructor: |Jerry G. Langley |Phone: |Office - (574) 631-6078 | | Office: |262 MCOB | |Home - (574) 234-1191 (before10PM) | |E-mail: |Jerry.Langley.3@nd.edu | | | | Office hours: I’m in my office most of the week, so stop by or call and set up a time to see me. | COURSE OBJECTIVES This course covers various aspects of the international side of finance, including organizational issues that impact the financial decision-making process. After an overview of the international financial environment companies operate in, we will learn how they organize themselves to do business internationally, the impact of volatile exchange rates and how they can be measured and managed to minimize effects on economic and reported results. In addition to looking at the theoretical underpinnings of international finance, we will also cover the practical side of financing decisions – how corporations actually use these tools to manage the potential impacts on their business that come from operating around the world. We’ll also...
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...Introduction to International Finance Case Study Assignment credit 30% of the marks for the module are awarded for this case study. Date handed out: 21 March 2014 Maximum word length for reports: 1,500 (not including appendices) Report submission: 23 April 2014 You should produce a consultancy report rather than answer questions by questions. Blades, Inc. Case A. Decisions to Expand Internationally Blades, Inc, is a U.S.-based company that has been incorporated in the United States for three years. Blades is a relatively small company, with total assets of only $200 million. The company produces a single type of product, roller blades. Due to the booming roller blade market in the United States at the time of the company’s establishment, Blades has been quite successful. For example, in its first year of operation, it reported net income of $3.5 million. Recently, however, the demand for Blades’ “Speedo”, the company’s primary product in the United States, has not been performing well. Last year, it reported a return on assets of only 7 percent. In response to the company’s annual report for its most recent year of operations, Blades’ shareholders have been pressuring the company to improve its performance; its stock price has fallen from a high of $20 per share three years ago to $12 last year. Blades produces high-quality roller blades and employs a unique production process, but the price it charges is among the top five percent in the industry. In light...
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...Homework Chapter 3 Questions 1. Utah Bank’s bid price for Canadian dollars is $.7938 and its ask price is $.81. What is the bid/ask percentage spread? 2. Of what use is a forward contract to an MNC? 3. If a euro is worth $.80, what is the value of a dollar in euros? 4. What is the function of the Eurocurrency market? 5. Why do interest rates vary among countries? Why are interest rates similar for those European countries that use the euro as their currency? Small Business Dilemma Use of the Foreign Exchange Markets by the Sports Exports Company (see textbook, 8th edition) Chapter 4 Questions 1. Assume that the U.S. inflation rate becomes high relative to Canadian inflation. Other things being equal, how should this affect the (a) U.S. demand for Canadian dollars, (b) supply of Canadian dollars for sale, and (c) equilibrium value of the Canadian dollar? 2. Assume that the U.S. income level rises at a much higher degree than does the Canadian income level. Other things being equal, how should this affect the (a) U.S. demand for Canadian dollars, (b) supply of Canadian dollars for sale, and (c) equilibrium value of the Canadian dollar? 3. What is the expected relationship between the relative real interest rates of two countries and the exchange rate of their currencies? 4. Explain why a public forecast by a respected economist about future interest rates could affect the value of the dollar today. Why do some forecasts by well respected economists have no...
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...Chapter 2 International Flow of Funds Lecture Outline Balance of Payments Current Account Capital and Financial Accounts International Trade Flows Distribution of U.S. Exports and Imports U.S. Balance of Trade Trend International Trade Issues Events That Increase International Trade Trade Friction Factors Affecting International Trade Flows Impact of Inflation Impact of National Income Impact of Government Policies Impact of Exchange Rates Interaction of Factors Correcting a Balance of Trade Deficit Limitations of a Weak Home Currency Solution International Capital Flows Distribution of DFI by U.S. Firms Distribution of DFI in the U.S. Factors Affecting Direct Foreign Investment Factors Affecting International Portfolio Investment Agencies that Facilitate International Flows How Trade Affects an MNC’s Value Chapter Theme This chapter provides an overview of the international environment surrounding MNCs. The chapter is macro-oriented in that it discusses international payments on a country-by-country basis. This macro discussion is useful information for an MNC since the MNC can be affected by changes in a country’s current account and capital account positions. Topics to Stimulate Class Discussion 1. Is a current account deficit something to worry about? 2. If a government...
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...Unit Title: Descriptive Analytics Unit Code: BSS0014-2 Assessment 1: Part (a) Group presentation (20%) in week 7 – you are required to work effectively as a small team and attempt all the tasks. You will then present your results and I will ask from each group member a number of questions and provide feedback. Part (b) Individual report (30%) in week 9 - You will then need to use the feedback provided accordingly to improve your work and present it individually. It is expected that each student work independently on all the tasks set out in this assignment, applying problem solving strategies and selecting appropriate techniques in data analysis in order to produce an individual report according to the guidelines provided. This individual work must be your own work only with no consultation with others. The individual report must not exceed 2,000 words. Those reports that exceed the similarity index of 25% produced by Turnitin, can only achieve a maximum grade of E. Assignment Title: “Performance Lawn Equipment” Issue date: Week One: Monday 19/10/2015 Submission due date: Week 7: 07/12/2015 Week 9: Friday 08/01/2016: A single report per student should be submitted via the TURNITIN link in the Assessment folder. Assignment must not be e-mailed under any circumstances. Unit co-ordinator’s name: C F Shooshtarian Core learning outcomes | | On completion of this unit you should be able to: | Assessment number | 1 | Investigate and analyse a variety of problems...
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...liquidation procedure of organizations will never again be bifurcated between the BIFR & High Courts yet rather will be under one umbrella of NCLT. All purviews practiced by the high courts as for organizations would be exchanged to NCLT and NCLAT. However the legal survey controls under Article 226 and 227 of the constitution will stay with the high courts. All petitions pending before CLB and BIFR will likewise be exchanged to NCLT and NCLAT. In spite of the fact that the Amendment Act is passed, just the segment of Amendment Act that set up NCLT is as of now operational in light of the fact that whole Amendment Act has not been informed till date. So NCLT has not yet been built up. The forces & laws representing NCLT have been said in Chapter XXVII of CA 2013 (which is not yet...
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...Hostess Bankruptcy Case What happened? Almost three years ago, Hostess Brands Inc., creator of iconic American products including Ding Dongs, Ho Hos, Suzy Q’s, Dolly Madison Zingers, Drake’s Ring Dings, Wonder Bread and Twinkies, decided it could no longer survive in the new Atkins-crazed marketplace with its bloated pension funds and financial issues.1 In November 2012, the company filed Chapter 11 bankruptcy to receive permission from the government to close its business and sell off its assets.2 The deal was accepted by the bankruptcy courts and a judge then agreed to hand over all the Hostess Brands foods to different buyers.3 This was not the snack food company’s first bankruptcy. During the 2004–2009 bankruptcy period, Hostess closed nine of its 54 bakeries and more than 300 outlet stores. In addition, Hostess’ work force declined from 32,000 to 22,000 employees. The company also dropped some regional brands and operating agreements, such as the agreement to produce Sunbeam Bread for the northeastern U.S.4 Why did it happen? A major reason behind the bankruptcy was Hostess’ failure to adapt its product lines to changing consumer tastes when their market shares started decreasing a decade ago.5 Company owners should have adapted more to consumer taste shifts and added new products. It also could have kept its high-performing products, such as the popular Twinkie, but reinvented other products, such as Wonder Bread, to be more natural with added nutritional...
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...Course Materials Text: Madura, International Financial Management, Abridged 10th Edition, South-Western, 2011 Book: Lewis Michael, Boomerang: Travels in the New Third World, Norton, 2011 Calculator: A calculator is required. A financial calculator would be preferable, as it would have functions for bond valuation, net present valuation (NPV), internal rate of return (IRR), present value (PV), and future value (FV). A suitable calculator, the HP10-B, is available in the bookstore for about $30. Harvard Business School Cases https://cb.hbsp.harvard.edu/cbmp/access/17920074 The above is the URL for Harvard Business School so that you can obtain discounted student pricing for the cases: Group Ariel S.S.: Parity Conditions and Cross-Border Valuation (Note that there is no need to purchase the audio version of this case.) Pixonix Inc. Addressing Currency Exposure Recommended: 1. Subscription to the Wall Street Journal. Several class sessions will utilize information from the Wall Street Journal. See syllabus for the dates. 2. Subscription to or regular reading of the Financial Times....
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...Chapter 3 International Financial Markets Lecture Outline Foreign Exchange Market History of Foreign Exchange Foreign Exchange Transactions Foreign Exchange Quotations Interpreting Foreign Exchange Quotations Forward, Futures, and Options Markets International Money Market Origins and Development Money Market Interest Rates Among Countries Standardizing Global Bank Regulations International Credit Market Syndicated Loans Impact of the Credit Crisis on the Credit Market International Bond Market Eurobond Market Development of Other Bond Markets International Stock Markets Issuance of Stock in Foreign Markets Issuance of Foreign Stock in the U.S. Chapter Theme This chapter identifies and discusses the various international financial markets used by MNCs. These markets facilitate day-to-day operations of MNCs, including foreign exchange transactions, investing in foreign markets, and borrowing in foreign markets. Topics to Stimulate Class Discussion 1. Why do international financial markets exist? 2. How do banks serve international financial markets? 3. Which international financial markets are most important to a firm that consistently needs short-term funds? What about a firm that needs long-term funds? POINT/COUNTER-POINT: Should Firms That Go Public Engage in International Offerings? POINT: Yes. When a U.S. firm issues stock to the public for the first time in an initial public offering (IPO), it is naturally concerned about whether...
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...Information Technology Infrastructure P A R T II 4 IT Infrastructure: Hardware and Software 5 Foundations of Business Intelligence: Databases and Information Management 6 Telecommunications, the Internet, and Wireless Technology 7 Securing Information Systems Part II provides the technical foundation for understanding information systems by examining hardware, software, databases, networking technologies, and tools and techniques for security and control. This part answers questions such as these: What technologies and tools do businesses today need to accomplish their work? What do I need to know about these technologies to make sure they enhance the performance of my firm? How are ISBN 1-269-41688-X these technologies likely to change in the future? 107 Essentials of Management Information Systems, Tenth Edition, by Kenneth C. Laudon and Jane P. Laudon. Published by Prentice Hall. Copyright © 2013 by Pearson Education, Inc. IT Infrastructure: Hardware and Software LEARNING OBJECTIVES C H A P T E R 4 STUDENT LEARNING OBJECTIVES After completing this chapter, you will be able to answer the following questions: 1. 2. What are the components of IT infrastructure? What are the major computer hardware, data storage, input, and output technologies used in business? What are the major types of computer software used in business? What are the most important contemporary hardware and software trends? What are the principal issues in...
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...developed training material for ICND, BSCI, BCMSN, BCRAN, and CIT. Brent lives in Hickory, NC, with his wife, Karen and children, Benjamin, Kaitlyn, Madelyn, and William. Denise Donohue, CCIE No. 9566, is a Design Engineer with AT&T. She is responsible for designing and implementing data and VoIP networks for SBC and AT&T customers. Prior to that, she was a Cisco instructor and course director for Global Knowledge. Her CCIE is in Routing and Switching. © 2007 Cisco Systems Inc. All rights reserved. This publication is protected by copyright. Please see page 73 for more details. [3] ICONS USED IN THIS BOOK CCNP BSCI Quick Reference Sheets Icons Used in This Book Si Router 7507 Router Multilayer Switch with Text Multilayer Switch Communication Server Switch I DC Internal Firewall IDS Web Browser Database App Server © 2007 Cisco Systems Inc. All rights reserved. This publication is protected by copyright. Please see page 73 for more details. [4] CHAPTER 1 CCNP BSCI Quick Reference Sheets The Evolving Network Model The Hierarchical Design Model Cisco used the three-level Hierarchical Design Model for years. This older model provided a high-level idea of how a reliable network might be conceived, but it was largely conceptual because it didn’t provide specific guidance. Figure 1-1 shows the Hierarchical Design Model. FIGURE 1-1 Core Si This...
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...BATMAN AND PHILOSOPHY THE DARK KNIGHT OF THE SOUL Edited by Mark D. White and Robert Arp @ WILEY John Wiley & Sons, Inc. To the memory of Heath Ledger (1979-2008) Copyright © 2008 by john Wiley & Sons, Inc. All rights reserved Published by john Wiley & Sons, Inc., Hoboken, New jerney Published simultaneously in Canada No part of this publication may be reproduced, stored in a reaieval system, or transmit ted in any fonn or by any means. electronic, mechanical, photocopying, recording, scan ning, or otherwise, except as pennitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written pennission of the Publisher, Clearance Center, 222 Rosewood Drive, Danvern, MA 01923, (978) 750-8400, fax (978) sion should be addressed to the Pennissions Department,john Wiley & Sons,Inc., III or authorization through payment of the appropriate per-copy fee to the Copyright 646-8600, or on the web at www.copyright.com. Requests to the Publisher for pennis River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.comlgo/pennissions. Limit ofLiabilirylDisclaimer ofWarranry:While the publisher and the author have used their best efforts in preparing this book., they make no representations or warranties with respect to the accuracy or completeness of the contents of this hook and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty...
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...TB 11-5800-229-10 TECHNICAL BULLETIN SYSTEM OVERVIEW GUIDE WARFIGHTER INFORMATION NETWORK - TACTICAL (WIN-T) INCREMENT 2 FInal Draft DISTRIBUTION STATEMENT C: Distribution authorized to U.S. Government Agencies and their contractors. This publication is required for administrative and operational purposes. This determination was made on 15 March 2011. Other requests for this document must be referred to Commander, U.S. Army CECOM Life Cycle Management Command (LCMC), ATTN: AMSEL-LCL-ECM, Aberdeen Proving Ground, MD 21005-1846. WARNING: This document contains technical data whose export is restricted by the Arms Export Control Act (Title 22, U.S.C., Sec 2751, et. seq.) or the Export Administration Act of 1979, as amended, Title 50A, U.S.C., App. Violations of these export laws are subject to severe criminal penalties. Disseminate in accordance with provisions of DoD Directive 5230.25.. DESTRUCTION NOTICE - Destroy by any method that will prevent disclosure of contents or reconstruction of the document. HEADQUARTERS, DEPARTMENT OF THE ARMY 15 JUNE 2012 TB 11-5800-229-10 LIST OF EFFECTIVE PAGES/WORK PACKAGES NOTE: The portion of text affected by the change is indicated by a vertical bar in the outer margins of the page. Changes to illustrations are indicated by a vertical bar adjacent to the title. Zero (0) in the “Change No.” column indicates an original page or work package. Date of issue for the original manual is: Original: 15 June 2012 TOTAL...
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...7 7.1 Introduction to Rational Expressions 7.2 Multiplication and Division of Rational Expressions 7.3 Addition and Subtraction with Like Denominators 7.4 Addition and Subtraction with Unlike Denominators 7.5 Complex Fractions 7.6 Rational Equations and Formulas 7.7 Proportions and Variation Rational Expressions There is nothing wrong with making mistakes. Just don't respond with encores. —ANONYMOUS ne of the most significant problems facing the U.S. transportation system is chronic highway congestion. According to a newly released “Highway Statistics,” Americans drove about 3 trillion miles in 2009. Our ability to keep traffic moving smoothly and safely is key to keeping our economy strong, and traffic congestion costs motorists more than $87 billion annually in wasted time and fuel. A 2007 study found that, collectively, Americans spend as many as 4.2 billion hours stuck in traffic each year. If the amount of traffic doubles on a highway, the time spent waiting in traffic may more than double. At times, only a slight increase in the traffic rate can result in a dramatic increase in the time spent waiting. (See Example 6 in Section 7.1.) Mathematics can describe this effect by using rational expressions. In this chapter we introduce rational expressions and some of their applications. O ISBN 1-256-49082-2 Source: Randy James, “America: Still Stuck in Traffic.” Time.com, July 9, 2009; U.S. Department of Transportation, 2011. 419 Beginning and Intermediate...
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