...Department of Finance Course Syllabus (FIN 460) - International Finance – M.W. Fall 2014-2015 Course Description The subject matter of international finance is concerned with the monetary and macro-economic relations between countries. International finance is a constantly evolving subject that deals very much with real world issues such as balance of payments problems and policy, the causes of exchange-rate movements and the implications of macro-economic linkages between countries. Credit : 3 hours Prerequisites By course :Fin 350- Financial Markets & Institutions Eco 202- Macroeconomics Textbook : Fundamentals of Multinational Finance, 4th edition, 2012. Moffet/Stonehill/Eitman, Pearson, Prentice Hall. Supportive text : International Financial Management, Bekaert,Hodrick International Money and Finance: 7th edition by Michael Melvin Instructor : George El Kazzi, MMB Office Hours : M.W.F. from 6-7 pm E-mail : gkazzy@aust.edu.lb kazzifinance@yahoo.com Business Division e-mail: business.div@aust.edu.lb ________________________________________________________________________ Course Objectives To study the role that international trade and investment, currency movements, derivative Instruments, hedging strategies, international financial markets...
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... | | | |Bachelor of International Business (Hons) | | | | | |Unit Code & |UKFF4024 | | |Unit Title: |MULTINATIONAL FINANCE | | |Course of Study: |Bachelor of International Business (Hons) | | |Year of Study: |Year Three, Trimester Two | | |Trimester Year |Jan 2016 | | |Credit Hour: |4 credit hours | | |Lecturing hours and |3 hours lecture per week for the duration of 14 weeks | | |Tutoring hours |1.5 hours tutorial per week for the...
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...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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...: FINANCIAL MANAGEMENT II COURSE CODE : MGMT 3048 LEVEL : 3 SEMESTER : 1 NO. OF CREDITS : 3 PRE-REQUISITE(S) : MGMT 2023, MGMT 2032 COURSE DESCRIPTION/RATIONALE The course is a continuation of Financial Management I (MGMT 2023) and therefore starts off from where Financial Management I ended. It is intended to complete the work initiated in the predecessor course and is for the consumption of Management / Finance students at the undergraduate level. This course is concerned with the major skills needed for a senior financial officer with respect to short-term financial operations (working capital management and financing) and long-term financial operations (capital structure, financing options) and introduces some international finance issues. Students will learn how to apply their learning in real-world examples. LEARNING OUTCOMES Since the course picks up the thread from its pre-requisite course MGMT 2023, the students already know that the finance function in an organization comprises of taking decisions regarding long term investments, financing (long term and short term) and distribution of profits. We touched upon some of these in the course before. Here, we specifically focus on the mechanism of raising capital, Capital Structure and Dividend policies and Short term Financial Decisions. We move towards consummation by taking up some issues in International Finance, Risk Management, Mergers and Leasing as well. The learning outcomes...
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...CORPORATE FINANCE Winter 2013 Lee McClain Parks Hall 39 (360) 650-3973 Lee.McClain@wwu.edu OFFICE HOURS: TR 10:00-11:50 and by appointment PREREQUISITES: FIN 341 REQUIRED MATERIALS: Moffett, Stonehill, Eiteman; Fundamentals of Multinational Finance, 4th ed. (Prentice Hall, 2012) ISBN: 0132138077. Access to The Wall Street Journal. COURSE OBJECTIVES/LEARNING OUTCOMES: 1. To expand a student’s knowledge beyond domestic financial management. 2. Understand the international financial environment. 3. Examine exchange rate risk management. 4. Examine foreign investment analysis. 5. Understand options for financing foreign operations. 6. To introduce students to the ethical, global, political, social, legal and regulatory, demographic diversity, environmental, and technological issues as related to an introductory study of multinational corporate finance. ASSESSMENT OF OBJECTIVES: Accomplishment of objectives/learning outcomes will be assessed on the papers, problem sets, participation, article reviews, and summaries. FINAL GRADE: BASED UPON A PERCENTAGE OF THE POINTS YOU EARN FROM THE TOTAL POINTS POSSIBLE IN THIS COURSE. TOTAL POINTS POSSIBLE: ARTICLE REVIEWS (30 pts each) 120 CASE STUDIES 150 PARTICIPATION 40 PROBLEM SETS 50 FOREIGN EXCHANGE SUMMARY 40 400 PROBLEM SETS: Students may work in groups of three or four. The problems will come from questions at the end of the chapter. Randomly...
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...The Chinese University of Hong Kong CUHK Business School FINA3020 International Finance First Term 2015 – 2016 A. Staff Information Instructor: Office: Phone: Email: Office Hours: Dr. Anson C. K. AU YEUNG Room 1245, Department of Finance, CYT 3943 3780 ansonauyeung@baf.cuhk.edu.hk By Appointment TA: Office: Phone: Email: Office Hours: Miss. Karen LEE Room 1155, Department of Finance, CYT 3943 7840 karenlee@baf.cuhk.edu.hk By Appointment B. Class Schedule Session FINA3020A FINA3020B Day Thursday Monday Time 14:30 – 17:15 14:30 – 17:15 Venue CKB UG04 WMY 406 C. Course Overview Businesses are operating in an increasingly competitive environment. Managing businesses either directly or indirectly exposed to international competition requires an understanding of currency markets, foreign exchange derivatives, exchange risk, exposure and risk management. This course assumes the viewpoint of the financial manager of a multinational corporation (MNC) with investment or financial operations in more than one country. Managers encounter new opportunities as they extend their operations into international markets, as well as new costs and risks. The challenge facing the multinational financial manager is to successfully develop and execute business and financial strategies in more than one national business environment. The aim of this course is to provide you a framework for analyzing financial decisions relating to risk management...
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...Lecture Notes for 15.436 International Financial Markets Chapter 6 Why hedge exposure to exchange rates Fall 1999 Raman Uppal 6-2 International Finance: Chapter 6 – Why hedge Fall 1999 Road Map 1 Part A Part B 6 7 8 9 Part C Part D Part E Preliminaries: Conventions, notation, and basic concepts Currency markets and the behavior of the exchange rate Markets for exchange-rate derivatives and the hedging decision Why hedge exposure to exchange rates Measuring and managing exposure to exchange rates The market for currency futures The market for currency options Markets for fixed income securities and the financing decision Markets for equities and the portfolio investment decision Foreign direct investment Fall 1999 International Finance: Chapter 6 – Why hedge 6-3 Contents 6.1 Main issues . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2 Motivating problems . . . . . . . . . . . . . . . . . . . . . . 6.3 Implications of empirical evidence on exchange rate behavior . 6.4 When is value of a firm independent of its hedging policy 6.5.1 6.5.2 6.5.3 6.5.4 6.5.5 4 5 6 7 9 10 15 17 22 23 . . 6.5 How can hedging increase the value of a firm . . . . . . . . . Corporate hedging reduces costs of financial distress . . . . . . . . “Home-made” hedging is not an efficient substitute for corporate hedging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hedging reduces agency costs . . . . . . . . . . . . . . . . . . . Hedging...
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...SEMESTER : BBM COURSE SEM NO. PAPER NO. 1.1 TITLE OF THE PAPER LECTURE HOURS 04 MARKS UE 90 RM 10 TOTAL MARKS 100 I 1.2 1.3 1.4 1.5 1.6 2.1 II 2.2 2.3 2.4 2.5 2.6 3.1 3.2 3.3 3.4 3.5 3.6 3.7 4.1 4.2 4.3 4.4 4.5 4.6 4.7 5.1 5.2 5.3 5.4 5.5 5.6 III IV V LANGUAGE: KANNADA/SANSKRIT/URDU/TAMIL/ TELUGU/ADDITIONAL ENGLISH/ MARATHI/HINDI ENGLISH BUSINESS ECONOMICS FUNDAMENTALS OF ACCOUNTING BUSINESS MANAGEMENT BUSINESS MATHEMATICS TOTAL LANGUAGE: KANNADA/SANSKRIT/URDU/TAMIL/ TELUGU/ADDITIONAL ENGLISH/ MARATHI/HINDI ENGLISH BUSINESS STATISTICS FINANCIAL ACCOUNTING ORGANISATIONAL BEHAVIOUR BUSINESS ENVIRONMENT TOTAL BUSINESS COMMUNICATION HUMAN RESOURCE MANAGEMENT MARKETING MANAGEMENT CORPORATE ACCOUNTING SERVICES MANAGEMENT INTERNATIONAL BUSINESS INDIAN CONSTITUTION TOTAL BUSINESS RESEARCH METHODS BUSINESS LAW COST ACCOUNTING FINANCIAL MANAGEMENT PRODUCTION & OPERATIONS MANAGEMENT LAW AND PRACTICE OF BANKING COMPUTER FUNDAMENTALS TOTAL INCOME TAX STRATEGIC MANAGEMENT MANAGEMENT ACCOUNTING COMPUTER APPLICATION IN BUSINESS PROJECT MANAGEMENT ENTREPRENEURIAL DEVELOPMENT TOTAL 04 04 04 04 04 24 04 90 90 90 90 90 540 90 10 10 10 10 10 60 10 100 100 100 100 100 600 100 04 04 04 04 04 24 04 04 04 04 04 04 04 28 04 04 04 04 04 04 04 28 04 04 04 04 04 04 24 90 90 90 90 90 540 90 90 90 90 90 90 90 630 90 90 90 90 90 90 90 630 90 90 90 90 90 90 540 10 10 10 10 10 60 10 10 10 10 10 10 10 70 10 10 10 10 10 10 10 70 10 10 10 10 10 10 60 100 100 100 100 100 600...
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...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 see how making international financing decisions...
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...WIDERhelsinki Chapters 1, 2 and 12 of August 2003 New Sources for Development Finance edited by A B Atkinson, Nuffield College, OXFORD Contents Chapter 1 Innovative Sources for Development Finance by A B Atkinson Over-Arching Issues By A B Atkinson Global Public Economics by J A Mirrlees National Taxation, Fiscal Federalism and Global Taxation by R Boadway* Environmental Taxation and Revenue for Development by A Sandmo* Revenue Potential of the Tobin Tax for Development Finance: A Critical Appraisal by M Nissanke* A Development-Focused Allocation of the Special Drawing Rights by E Aryeetey* The International Finance Facility Proposal by G Mavrotas* Private Donations for International Development by J Micklewright and A Wright* A Global Lottery and a Global Premium Bond by T Addison and A Chowdhury* Remittances by Emigrants: Issues and Evidence by A Solimano* The Way Forward by A B Atkinson Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 * These chapters are available on the WIDER website. Chapter 1 Innovative Sources for Development Finance 1 A B Atkinson, Nuffield College, Oxford Introduction 1 Innovative Sources to Meet a Global Challenge 2 New Development Finance: Innovative Sources 3 Origins of the Proposals 4 Political Economy 5 Criteria for Evaluation 6 Guide to the Contents of the Book Box 1 The Millennium Development Goals Box 2 Innovative Sources of Development Funding Considered Here...
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...C H A P T E R 19 International Trade Finance Financial statements are like fine perfume: to be sniffed but not swallowed. —Abraham Brilloff. LEARNING OBJECTIVES ◆ Learn how international trade alters both the supply chain and general value chain of the domestic firm, thereby beginning the globalization process in the trade phase. ◆ Consider what the key elements of an import or export transaction are in business. ◆ Discover how the three key documents in import/export, the letter of credit, the draft, and the bill of lading, combine to both finance the transaction and to manage its risks. ◆ Identify what the documentation sequence is for a typical international trade transaction. ◆ Learn how the various stages and their costs impact the ability of an exporter to enter a foreign market and potentially compete in both credit terms and pricing. ◆ See what organizations and resources are available for exporters to aid in managing trade risk and financing. ◆ Examine the various trade financing alternatives. The purpose of this chapter is to explain how international trade, exports and imports, is financed. The contents are of direct practical relevance to both domestic firms that just import and export and to multinational firms that trade with related and unrelated entities. The chapter begins by explaining the types of trade relationships that exist. Next, we explain the trade dilemma: exporters want to be paid before they export and importers do not want to pay until...
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...Eiteman-2 US CHAPTERS 31/7/07 4:01 PM Page 39 International Trade Finance The purpose of this chapter is to explain how international trade—exports and imports—is financed. The contents are of direct practical relevance to both domestic firms that merely import and export and to multinational firms that trade with related and unrelated entities. The chapter begins by explaining the types of trade relationships that exist. Next we explain the trade dilemma: exporters want to be paid before they export and importers do not want to pay until they receive the goods. The next section explains the benefits of the current international trade protocols. This discussion is followed by a section describing the elements of a trade transaction and the various documents that are used to facilitate the trade’s completion and financing. The next section identifies international trade risks; namely, currency risk and noncompletion risk. The following sections describe the key trade documents, including letters of credit, drafts, and bills of lading. The next section summarizes the documentation of a typical trade transaction. This section is followed by a description of government programs to help finance exports, including export credit insurance and specialized banks such as the Export-Import Bank of the United States. Next, we compare the various types of short-term receivables financing and then the use of forfaiting and countertrade for longer term transactions. The mini-case...
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...International Financial Management BUS ADM 456-002 (finance majors only) Spring 2015 Dr. Yong-Cheol Kim ________________________________________________________________________________ Office: S430D, Phone: 414-229-4997, e-mail: ykim@uwm.edu, mailbox is in the fourth floor of the Lubar School of Business. Office Hours: Monday and Wednesday, 9:50-10:50 AM, or by appointment. Class: Monday and Wednesday, 2:00PM - 3:15PM, Lubar Hall N126 COURSE OVERVIEW The course consists of mostly lectures, quizzes and discussion of current materials. The international financial management extends the principles of corporate finance to the international and global context. Main objectives are: 1) to broaden our view and perspective on global businesses; 2) to understand the mechanics of foreign currencies; and 3) to study the implications of the existence of multiple currencies and the operations across borders of sovereign nation-states for multinational corporations. Main topics are exchange rates and parity conditions, measurement and management of foreign currency exposures. The most important materials for a good grade are class discussions and notes. Course Learning Objectives and Course Learning Outcomes Upon successful completion of the course, the student will: 1. Be familiar with current global finance and exchange rates 2. Understand the implications of the change in the exchange rates for multinational corporations 3. Develop critical and...
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...Principles of Managerial Finance The Prentice Hall Series in Finance Adelman/Marks Entrepreneurial Finance Andersen Global Derivatives: A Strategic Risk Management Perspective Bekaert/Hodrick International Financial Management Berk/DeMarzo Corporate Finance* Berk/DeMarzo Corporate Finance: The Core* Berk/DeMarzo/Harford Fundamentals of Corporate Finance* Boakes Reading and Understanding the Financial Times Brooks Financial Management: Core Concepts* Copeland/Weston/Shastri Financial Theory and Corporate Policy Dorfman/Cather Introduction to Risk Management and Insurance Eiteman/Stonehill/Moffett Multinational Business Finance Fabozzi Bond Markets: Analysis and Strategies Fabozzi/Modigliani Capital Markets: Institutions and Instruments Fabozzi/Modigliani/Jones/Ferri Foundations of Financial Markets and Institutions Finkler Financial Management for Public, Health, and Not-for-Profit Organizations Frasca Personal Finance Gitman/Joehnk/Smart Fundamentals of Investing* Gitman/Zutter Principles of Managerial Finance* * denotes Gitman/Zutter Principles of Managerial Finance— Brief Edition* Goldsmith Consumer Economics: Issues and Behaviors Haugen The Inefficient Stock Market: What Pays Off and Why Haugen The New Finance: Overreaction, Complexity, and Uniqueness Holden Excel Modeling and Estimation in Corporate Finance Holden Excel Modeling and Estimation in Investments Hughes/MacDonald International Banking: Text and...
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...text Ch. 3 (pp. 60-84) c. Week 5a: - Core Text Ch. 13 pages 402-405 d. Week 7ab: - Core text Ch.14 (pp.433-438) - Core text (2008) pp. 13-15 and 60-61 e. Week 9ab: - Core text Ch. 14 & 15 - Core text Ch 16 pp.482-504 f. Week 11: - Core Text, Chapter 19, Pages 592-606 II. Other Book: a. Week 3a3b: - Read Moffet, M., Stonehill, A. & Eiteman, D. (2006) Fundamentals of Multinational Finance, Chapter 11, 12 & 13. - Deutsche Banks Global Registered Shares (pp.332-333). - Tirstup Biomechanics (Denmark): Raising Dollar Debt (pp.357-359) b. Week 5b - Sanyal (2001). International Management: A Strategic Perspective (Prentice Hall), Ch.2, pp.66-77 c. Week 6ab: - Read Moffet, M., Stonehill, A. & Eiteman, D. (2006) Fundamentals of Multinational Finance, Chapter 20 & Read Stanley Works & Corporate Inversion (pages 541-545) d. Week 7a 7b: - Moffat, Stonehill & Eiteman (2006). Fundamentals of Multinational Finance, Ch.19 - Gardner & Weirich (1992). Business Investigations: How CFOs can manage risk through information, Journal of Corporate Accounting & Finance, Vol.10, Issue 1, (pp.129-139). - Madura & Fox (2007). International Financial Management, Ch. 19, pp.652, 659-661 e. Week 8a : - Chetty, S. & Campbell-Hunt, C. (2004) ‘A Strategic Approach to Internationalization: A Traditional Versus a “Born-Global” Approach’, Journal of International Marketing, 12 (1), pp. 57-81. - Knight, G. A. (2001) ‘Entrepreneurship and strategy in the international SME’, Journal...
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