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International Finance

In: Business and Management

Submitted By qian1206
Words 7748
Pages 31
1130016 7.32238 . = = 4.8665 23.22 150463 . ∉™∪≈≤← 1 ©′°∝⊗…⇔√∝⊇∩ 1 ℘ℵ™♠…⇔√∝∝⊗ ±∂≤←…× ©′° =4.8665 ℘ℵ™♠≤← 4.8665 1 ∏®⊆⊇∩©′°©℘ℵ™♠∝⊗≈⋅…≈©ℜ⊇ϒ≤ (2) ⊆®≈©≠♥∩⌠≠¬∉∝ϒ≤√±®∅…⇔⊇∩ℑ≠≈⌡±®∝⊗≈⋅…≈©ℜ⊇≤←∂⊆®≈©⊇∠≥ϒ⊃∉∠ ⊆®≈©ℜ∫ℜ∝⊗⊇∝…⊇≈©ℜ⊇≤←⊇⇐⊆®≈©≠♥∩⌠≠¬∉∝∝⊗©°∉≤←∈♣∪∅√⊇∠∅…⇔⊃∉∉ℜ ⊇±±∪≈⋅…≈©ℜ⊇÷⇓≤←©∠⊇±±∪≈⋅…≈©ℜ⊇∝⊆ϒ≤∝±®≈÷≠…®∝⊗≠…⊇⊇∏√♣∈♠⊄≥″⊇±≤← ≠∂™÷℘≠≈⌡±®∝⊗∠∩⌠™…©≤←⊆®≈©≈©ℜ⊇⊆∩©∨∉ℜ∝≤≈•×√→≤←⊆®≈©≈©ℜ⊇⊆∩ ∏∩ϒ≤⊆←⊇±≤←⊇⇐⊆®≈©⊆∂≈®∫⊄¬≈∫∅™⊄⊂¬⊇®™↑®∫∝⊗©°∉≤←©∠⊇±⊆®≈©≠♥∩⌠∝⊗″≈ ↵⊃⊗⇐≈〈ℵ♥×⌠≤←ש∂…©⊆®≈©≈©ℜ⊇″♦∂↓∝⊗•∂∪ϒ≤ (3) ≈∅ ⊇™⊄⊆∝© Ποιντσ) ϒ≤™∨ ±∈≈√∅∂∪∉ℜ≤←⊆®≈©⊇∠≥ϒ⊇∝…⊇≈©⋅™∝⊗ (Γολδ ″♦∂↓″≈⊇∩∈⇒∉⇒∝⊗≤←∂⊇∩⊇⇐⊆®≈©⊇∠≥ϒ⋅™∂↓∝∨≈√∅∝⊗√∅™…≤←″♦∂↓∝⊗∉⇒⊆  ⊇™⊄⊆∝©ϒ≤⊄∈≈∅ ⊇™⊄⊆∝©⊇∩√÷®∅ ≈∅ ⊇™≥∪∝⊗≈©ℜ⊇⊄→∅ϒ≤°ℵ♦≈∅ ⊇ ∝©≡⊆≈∅ ⊇™≥∝©≤←∩°∏⇓⊇∩≈©ℜ⊇″♦∂↓∝⊗∉ℜ∉⇒≤←≡⌠∏⇓⊇∩≈©ℜ⊇″♦∂↓∝⊗⊃∉∉⇒ϒ≤≈ ∪∝© =√±®∅…⇔®≈™⊄•∇≤≈≈∅ =√±®∅…⇔⊇→™⊄•∇ϒ≤∏®ℵ∝⊗™⊄•∇⊇∩√÷™∨ℑ ⊇™≥∝© ≠√→…™⊇™≥∪≈∅ ⊄®♠√♣÷∂∝⊗°⋅°•∇ϒ′™⊄•∇ϒ′±≤∉∏•∇≡⊆…∇•∇∝∪•∇©℘≡⊆ℵ∉′ϒ≤ ⊄®™≤←™∨ ±∈≈√∅∂∪∉ℜ≤←ℑ≠≈⌡±®∝⊗≈©ℜ⊇®™√±®∅…⇔∈♠√∠∠⊗≤←∈♣∪ ∅…⇔⊃∉∉ℜ″♦∂↓≤←″♦∂↓∝⊗⊃∉∉⇒⊇∩≈∅ ⊇™≥∝©≤←″♦∂↓∝⊗∉ℜ∉⇒⊇∩≈∅ ⊇™∪∝© ®∫⊇∩≤≡ ±∈≈√∅∉ℜ≤←≈∅ ↵⊃®™⋅™©⊃⊇™≥∪≤←®∫×⊄≤←®≈≠∝⊗∂™⊆®∏→∈〉≤←…∪ ©℘⊆®≈©ℵ×〈⊄©≤←®″↵⊃®™©℘≈∅ ℵ×〈⊄©≤←∝±⊇∠≥ϒ≈©ℜ⊇∂™⊄©∠ℵ⊇±≤←⊆©℘ ⊄©≤≈∝±⊇∠≥ϒ≈©ℜ⊇∂™⊄″≈ℵ⊇±≤←⊆÷⊗©℘™⊄⊄⊆≈∅ ℵ×〈⊄©ϒ≤ ℵ∪≤←℘ℵ™♠∂™©′°∝⊗≈©ℜ⊇″⊃©℘√±©±…⇔•♦≤← ±∈≈√∅∉ℜ≤←℘ℵ™♠∂™© √±®∅…⇔⊇∩≤≡ =4.8665 ℘ℵ™♠≤←™∨©′≠≡⊆℘ℵ≠√→…™™⊄⊄⊆≈∅ ∝⊗•∇©℘ 1 ©′° 1 ©′° ≈∅ ™…∈♠ ℘ℵ™♠ϒ≤⊗∩℘×≤← ⊇↵0.03 ℘ℵ™♠⊆⊇∩≈∅ ⊇™⊄⊆∝©≤←∝±℘ℵ≠∂™ 0.03 4.8665 ©′≠≠…⊇⊇∏√♣∈♠⊄≥″⊇±≤←©′°≈©ℜ⊇≈〈∉ℜ∝≤←∪≠∉ℜ∝∝ 4.8365 ℘ℵ™♠≤←⊇≠©℘℘ℵ ™♠©⊇≠©℘≈∅ 〈⊄©⊇∩®≈∇∝⊗ϒ≤∪≠⊆®≈©⊇∠≥ϒ≈©ℜ⊇∉ℜ∝≥←≠ 4.8365 ℘ℵ™♠≤← 1 ©′ °∝⊗≈∅ ↵⊃®™∩∑≥∞ ℘ℵ™♠∝⊗∏→∈〉≤←∂ 4.8365 1 ©′°™∨⊆®≈©⊇∠≥ϒ⊃∉∪×∂®≈≈″≈∝ 4.8365 ℘ℵ™♠ϒ≤∉™∪≈≤←×⊄⊇±©′≠∏→∈〉∪⊄⊗™÷©℘©′°∂®≈≈≈∅ ™⊄⊆℘ℵ≠∩∑≥∞ ∈〉≤←ש∂∝…√ℜ≈∅ ⊇™∪℘ℵ≠ϒ≤∏®∇≤←⊆®≈©⊇∠≥ϒ℘ℵ™♠∠∩⌠…⌡⊃∧≤←≠♥∩⌠≠¬∉ ±™≈↓≤←©′°≈©ℜ⊇≈〈≈¬⊃≤←√±∝×⌠©∨≈∫∝∪©∨ 4.8365 ℘ℵ™♠∈♠√≠ϒ≤∝±℘ℵ≠∂™©′≠≠ …⊇⊇∏√♣⊗″⊇±≤←©′°≈©ℜ⊇≈〈⊃∉∏∩ϒ≤℘ℵ≠∏→∈〉∪⊄∩∑≥∞∂™©′≠∝⊗∏→∈〉…∪↵⊃®™© °≤←®″↵⊃®™©℘≈∅ ϒ≤∪≠⊆®≈©⊇∠≥ϒ⊃∉∝⊗≈©ℜ⊇⊃∉∏∩∝ 4.8965 ℘ℵ™♠≤←⊇≠©℘©′°© ⊇≠©℘≈∅ 〈⊄©⊇∩®≈∇∝⊗ϒ≤∪≠⊆®≈©⊇∠≥ϒ⊃∉∝⊗≈©ℜ⊇⊃∉∏∩≥←≠ 4.8965 ℘ℵ™♠≤←©℘≈∅  〈⊄©≤←∩∑≥∞ 1 ©′°∝⊗∏→∈〉≤←√≈∠≈♦•∇ 4.8965 ℘ℵ™♠≤≈©℘⊆®≈©〈⊄©≤←∩∑≥∞ 1 ©′°∝⊗∏→∈〉≤←∠®♠≥←≠ ℘ℵ™♠ϒ≤∉™∪≈≤←℘ℵ≠∏→∈〉∪⊄⊗™÷®™℘ℵ™♠∂®≈≈≈∅ 4.8965 ™⊄⊆©′≠〈⊄©≤←ש∂∝…√ℜ℘ℵ≠≈∅ ∝⊗⊇™≥ϒ≤∏®∇≤←⊆®≈©⊇∠≥ϒ©′°∝⊗∠∩⌠≈〈… ⊃∧≤←©′°≈©ℜ⊇≈〈√ ∞∉ℜ∝≤←√±∝∝⊆©∨≈∫∝∪©∨ 4.8965 ℘ℵ™♠∈♠√≠ϒ≤ 2.  ±∈≈√∅∂∪∉ℜ≠⊂∂♦≈©ℜ⊇⊂∑∉∝∝⊗⊂¬∝©ϒ≤  ±∈≈≈⌡±®⊂∑∉∝∉ℜ∝⊗≈©ℜ⊇√∅∂∪⊇∩∝™∠⊆∝⊗≠⊂∂♦≈©ℜ⊇⊂∑∉∝≤←⊄⇓©∠ ∏≤≡

ϒ⁄ ∆Ξ)™↑ℵ≤←®≈≠≥ ∆S ∆M + ∆Y ∆Y ↵∨∝⊗™≥⁄≈〈®∅ ≥↵∨∅⌠®∝⊇∏∪™…©≡⊆∉•∇∝⊗™…©≤←∏®↔×∂↓∉∫≥↵∨″↵℘⊕⊂〈≠ ⊃″⋅⊇ℑ∉≡⊆⊃≈⋅⊇ℑ∉∝⊗©∠≠¬″®∝″↵℘⊕⊃″∝⊗™…©≤←⊇∏∪≡⊆∉•∇∝⊗™…©ϒ≤∪×⊄ ∆S ∆M ∇↑≈•⊆÷×≤←≠℘〉⊇∏∪⋅⇐ℑ↵™≥⁄±¬↔⊇∩≥↵∨™ℑ↵∝⊗∪÷⊃±∂ ( K = 1/ + ≤← ∆Y ∆Y ש∂×∧ℑ⊄≠℘〉↑…℘∝⊗™≥⁄ϒ≤ ( ∂) ≠…⊇ ∪∨⊇∠≥ϒ⊄⇐™ℑ⊄÷≠ℵ©℘⊆®⋅⊇℘√″≠≠⊗∨×′∠∪±↵∨∝⊗©∠ℵ≈•≥ ®ℵ⇑↑…℘™≥⁄™↑ℵ≤←≠℘〉↑…℘⊇∝∉√≥√∠∈∪∂♦™≥⁄∝⊗∩°⊂〈⊂⌡…⊇∩ Γ=Σ/ςϒ≤ ≠⊗∨×′∠ℜ⊇ Σ(≠℘〉⊇∏∪©∉•∇∝⊗″∂∏…≠℘〉⊇∏∪∝⊗±∪ℜ⊇ ) ™÷⇓≤←⋅⊇±″≥±∪ ℜ⊇ς( ®≈∝∞∈≈″≥™ℑ↵⊄∠⋅⊇±™ℑ↵ ) ™∝⊆≤←↑…℘™≥⁄ℜ⊇ Γ ⊆™×⌠≤≈•×√→≤← Γ ⊆™∠ϒϒ≤™∨⋅⊇±″≥±∪ℜ⊇∉◊∂™∈∪∂♦∝⊗⊂⌡…∉ℜ≤←®♠±≤≥√®≈∂♦∝⊗↑…℘™≥⁄ℜ⊇ ±¬∠©∝©∠∉÷⇓∝⊗≠⊗∨×′∠⊄→∅ϒ≤∪≠≠℘〉⊇∏∪™≥⁄ℜ⊇…∅≈→⊗↵±∈♠ 7≤∞≤←⋅⊇± ″≥±∪ℜ⊇∈♠ 3≤←⊗∩℘×⊗×′∠ℜ⊇±¬∠∈♠ 21≤∞ϒ≤∪≠≠⊗∨↵⊃∂↓©℘∝⊗×′∠√≈⊗⇐×∝ ≠℘〉⊇∏∪∝⊗ 16≤∞≤←⊗∩℘×⊆⊇∩⊄∝×™∨ 5≤∞∝⊗×′∠∪±↵∨ϒ≤ ℵ©℘⊆®⋅⊇∂™↑…℘™≥⁄∝⊗⊆∅∂↓↵⊃®™≠〈∈♠≤≡ℵ©℘⊆®⋅⊇℘√″≠≠⊗∨♦⊃⋅⊇ ∝⊗ ″≈⋅©≤←™…©⊆∂⋅⊇⊗⇐ℑƒ≤≈ℵ©℘⊆®⋅⊇®∉∪……⊇⌡≡⊆⊃±÷≤←⊂〈÷⇓±≠∝⊗⊃″……⊇ ⊄→∅≡⊆⊃≈〈ℵ⊆∂↓⊃″ℜ⊇≤≈ℵ©℘⊆®⋅⊇↵♠±∧∠ℜ∝⊗⊃″ℑ©∫≤←™…©⊆®∝≤≈ℵ©℘⊆® …©∩↵⊆←×↵≠√→…™∝⊗ ∪∨≡∉⋅≡⊆℘≥®⋅≡∉⋅≤←↵♠⊆¬≠…⊇⊇∠≥ϒ≤≈ℵ©℘⊆®⋅⊇×∧± ≠↑…℘〈≠≠≡⊆≥↵∨⊃⊂∅•〈≠≠∝⊗©⊕≈↓ϒ≤ ⊆®⋅⊇ℑ∪∂™≠⊗∨×′∠©∠∪√√©°∉≤≡∝∨®≈≤←…∫∝∞⋅•…©∠♣©ƒϒ≤∏®√√∠♣©ƒ⊇∩√÷ ⊆®⋅⊇ℑ∪⊇±≤←≠⊗∨×′∠″′∈×®∫×⊄…⌡⊃∧≤←®∫×⊄≤←®≈∂♦ℑ↵∝⊗⊆®⋅⊇ℑ∪⊇≠≠⊗∨↵⊃≠♥ ⊆∂⋅⊇∝⊗⋅⊇±∝℘∝ℑ⊄∝∪ℑ↵∝⊗™…©≤←™∨∅™⊄⊂⌡……∪∂♦∝⊗∩↵∉ℜ≤←∏®√√⋅•…©≈ ℘〉⊇∏∪∝℘∝∉◊©ƒ∝⊗™≥⁄ϒ≤∝∨∂≤← …∫∝∞⊂×∠♣©ƒϒ≤…×∝±⊆®⋅⊇ℑ∪⊇±≤←≠⊗∨×′∠ ®∫∉•∇™…©≈∫⋅⊇±ℑ≥∝⊗™…©≥∉√ℑ⊄∝∪ℑ↵∝⊗…⌡⊃∧≤←®∫∂″′∈×⊇≠∝℘≠⊗∨↵⊃≠♥⊆∂ ⋅⊇∝⊗⋅⊇±™…©≤←∝±∪≈®″⊆″≈≈〈⊂〈÷⇓≠℘〉⊇∏∪∝⊗™≥⁄ℜ⊇≤←∝∨∪≤←©∠∠♣⊂×∠♣©ƒ≤ ∏®√√∠♣©ƒ⊇∩√÷⊆®⋅⊇∝⊗ℑ∪≤←⊇≠≠⊗∨×′∠⊄→∅⊂〈÷⇓≤←∏®√√⊂〈÷⇓″≈×ℵ×↵⊃≠♥⊆∂ ⋅⊇⋅⊇±ℑ↵∝⊗™…©≤←∂∩®≈≠®∫⊆®⋅⊇ℑ∪∝⊗……⊇⌡≡←ℑ↵∝∪®∫⊄¬×ℵ×⋅⊇±″≥±∪ℜ⊇∝ ∝∝⊆≤←®∫∂∏®√√∠♣©ƒ≈〈∝…√ℜ≠℘〉⊇∏∪™≥⁄ℜ⊇∝⊗∉™√⊂〈÷⇓ϒ≤

∆Ψ=

1

=

+

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E + E ≤ 1≤←™∫±±®±〈√∝©∠ℵ©∨÷⊗⊃∅⊆®℘≥⊇∏√♣≤←⊄⌡∠ϒ≠…⊇⊇∏√♣⊗″≤← ≈∫ℵ♥×⌠⊄≥″ϒ≤ (2) E d + E d ≤0≤←™∫±±®±〈√∝∂™⊆®℘≥⊇∏√♣″≈∅ ⋅©℘≤←ש∂∂™≠…⊇⊇∏√♣®″ x m ″≈∅ ∝∨⋅©℘ϒ≤ (3) E d + E d ≤… 0≤←™∫±±®±〈√∝↔⊇≠⊆®℘≥⊇∏√♣⋅×↵∂〉≈↓≤←ℵ♥×⌠≠…⊇⊇∏√♣⊗ x m ″ϒ≤ ↵⊃…≤←√≈©∠™∨∝∨®≈√√∩↵≤←®◊…× 1 ⊇±≤←⊇∝⊇♥±⊇∠±〈√∝″⊕⊗⇐÷⊗⊃∅ E d + E d ≤ x m ®≈≠∝⊗≠…⊇⊇∏√♣⋅×↵ϒ≤∏®®≈⊂⌡…±≈≥∅∈♠ ℵ∏⊗⊃ϒ±⊂⌡…ϒ≤ ϒ°ℜ∠♠∂®≈ ( ∪ ″∅•∝⊗≠♥÷∝↓∠™∂™∂™⊆®℘≥®⋅∝⊗©°∉ ) ÷⇑∩ϒ⁄ℜ⇒±∇•∝⊗•√∈ϒ≤″∅•≠♥÷∝↓∠™ Ε 〈≡∉∅ ℵ×≤←©°∉®≈≠ Ε ©∝↓∠™ ∝⊗℘≥®⋅⊂⌡…ϒ≤ (1) ∪≠ E s • E sm = E d • E d ≤←™∫⊇∝⊇♥±±®±〈√∝©∠ℵ©∨÷⊗⊃∅℘≥®⋅⊂⌡…≤≡ x x m (2) ∪≠ E s • E sm = E d • E d ≤←™∫⊇∝⊇♥±±®±〈√∝•×∂×⌠⊇≠℘≥®⋅⊂⌡…∂〉≈↓ ϒ≤ x x m (3) ∪≠ E s • E sm = E d • E d ≤←™∫⊇∝⊇♥±±®±〈√∝″≈≈〈∂™℘≥®⋅⊂⌡…″⊃∪∈≡∈©° x x m ∉ϒ≤ ( ⊄⊗∝↓∠™•√∈ℵℜ⇔∝⊗∪±∉⇑ ) ∝↓…•√∈ℵℜ⇔ℵ∏ℑ⊄≈⌡±®±〈√∝®≈∂♦≈〈÷⊗⊃∅≠…⊇⊇∏√♣∝⊗∅←℘≠⇔∝©≤←∪∉ ©∠™∨®≈∂♦∝⊗≥↵∨≠♥∩⌠∝↓∠™⊂⌡…∉ℜ≤←≈⌡±®±〈√∝″⊕⊗⇐∅ ∝÷⊗⊃∅≠…⊇⊇∏√♣∅ ⋅®ϒ≤∝↔⊇∩≤←÷℘ℵℜ⇔®◊©∠∠∂◊″≈⋅©√→׃≤≡ (1) ∏®®≈ℵℜ⇔°∇≠…⊇⊇∏√♣√∉⇒©∨℘≥®⋅⊇∏√♣≤∂∈×↵…ℜ∩•∩℘≥®⋅∝⊗⊇∏√ ←

⇒Σ≤Ι ®″⊆⊇∩⊄∝≤←√≈©∠∝±×′∠∪↔″↵⋅♠≈↓∈♠⊆∂⋅⊇∠∩⌠⊇±≤←≠℘〉⊇∏∪∝⊗•√⊕™″⊕⊗⇐⊇∝∉

⇒Χ Σ≤↔≤Χ Ι ≤↔ ≤↔ Μ ≤↔ Ξ ⇒Ξ≤↑Μ ≤(Χ ⊇→ Σ)≤↑(Χ ⊇→ Ι) ∈⊇∏•√∈ℵℜ⇔∝⊗××⊇…∏⇓∇∩ℵ⊃×⌠°∇ Χ Σ ≥∅⋅⋅⇐⊇∏∪≤←°∇ +Ι ≥∅∈♠⋅⇐∈⊇∏≤←©⊃ ≤↔ Χ ×⊄⊆∅≥∈⊇∏ℵℜ⇔∝⊗≈±≠↔⊇≤≡ ≠…⊇⊇∏√♣″∂≤⊆®℘≥⊇∏√♣″∂≤⋅⇐⊇∏∪≤↑⋅⇐∈⊇∏ ©⊃×⊄↵⊃®™∝℘≥®™∉ℜ〈ℜ⇔≤≡ (1) ∝±⋅⇐⊇∏∪×⌠©∨⋅⇐∈⊇∏⊇±≤←⊆®℘≥⊇∏√♣≥∉√⊄≥″≤←ש∂≠…⊇⊇∏√♣•′⊃⊄≥ ″≤≈ (2) ∝±⋅⇐⊇∏∪∠ϒ©∨⋅⇐∈⊇∏⊇±≤←⊆®℘≥⊇∏√♣⊗″≤←ש∂≠…⊇⊇∏√♣•′⊃⊗″≤≈ (3) ∝±⋅⇐⊇∏∪∝∪©∨⋅⇐∈⊇∏⊇±≤←⊆®℘≥⊇∏√♣∅≡®≤←ש∂≠…⊇⊇∏√♣∅≡®ϒ≤ ©⊃×⊄↵⊃…≤←∝∨≠…⊇⊇∏√♣⊗″∝⊗••♦⊇∩≤≡…⌡⊃∧⋅⇐∈⊇∏≤←≈∫ℵ♥×⌠⋅⇐⊇∏∪≤ ≈∫ℑ∏⇓…©℘ϒ≤∂…⌡⊃∧⋅⇐∈⊇∏©ℵ♥×⌠⋅⇐⊇∏∪≤←↵⊃®™⊆♦≠″⊃∪ϒ®≈∉∝ℑ∠≡≠⇔↑ ″⇓ℵ×⊇∝∉√ϒ≤ ( ∪ ∈⊇∏•√∈ℵℜ⇔∝⊗∪±∉⇑ ) ∈⊇∏•√∈ℵℜ⇔∝⊗≠±∉⋅™∨©∨°∇≠…⊇⊇∏√♣∝±⋅≡≠⇔±™ℑ↵≤←°∇≠…⊇⊇∏√♣©∏÷ ≠℘〉↑…℘ℑ♠∉∝∅ ℵ×∠∠•√∈ . ש∂±∪∉∩∑≥∝¬√÷℘ℑ⊄≠…⊇⊇∏√♣∝∏∏″⇓∝⊗⊂⌡ …ϒ≤÷℘ℵℜ⇔∝⊗∪±∉⇑⊇∩⊄°∇≠…⊇⊇∏√♣″∂↵×≥⊃⊇∩℘≥®⋅″∂≤←ש∂≡⊇©ℑ⊄•∩ ℘≥®⋅⊃⋅⋅⊇±®∅∂↓×≠…⊇⊇∏√♣√∠∝⊗⋅©℘ϒ≤ ⊄⊗ϒ′≈⌡±®•√∈ℵℜ⇔ ( ®≈ ≠…⊇⊇∏√♣≈⌡±®•√∈ℵℜ⇔∝⊗″⊃ ) ≠…⊇⊇∏√♣≈⌡±®•√∈ℵℜ⇔⊇∩∝±×∈•≠…⊇⊇∏√♣ℵℜ⇔√∠⋅∈♠ℑ∠∠∝⊗®≈√√∇♣⊄ . ⊄″⊃©∨±⊇ℵ…⊆70 ⊗×≤←√®♠×±∪⊄∈©∠℘ℵ≠↑…℘∇♣…®™…≡″∇•ϒ′÷∞ℵ…↵⊄ 60ϒ♠ ∂≡⊆℘⊕∝ℜ∂∝∪ϒ≤ ∏®√√ℵℜ⇔″◊√¬©∨≥⁄∅∨≠…⊇≡®•√∈≤←⊄°∇≠…⊇⊇∏√♣⋅∈♠®≈÷ ∏⊂∑ℵ×↵× ×≤←°∇≠…⊇⊇∏√♣″≈∅≡®↵×≥⊃⊇∩≈⌡±®≠♥∩⌠″≈∅≡®∝⊗〈≠ϒ≤∪∉∈♠≠…⊇⊇∏√♣±√⊇ ⊇∩®≈√√≈⌡±®∉√∉⌠≤←∩↵∝≈⌡±®≠♥∩⌠≡®∂™≠…⊇⊇∏√♣∅≡®∝⊗∂♦⋅©℘≤←ש≈⌡ ∩⌠≠¬∉∝≥•′≤←®⊇⊆÷≠≠…⊇⊇∏√♣√→…™∝⊗ℑ♠∉∝®™…°≠…⊇⊇∏√♣∝⊗⋅™∂↓∝∨≠≥⊂ ( ∂) ≈⌡±®•√∈ℵℜ⇔∝⊗≈±⊗∨∪⇑ ≈⌡±®•√∈ℵℜ⇔∪∉∈♠≤←≠…⊇⊇∏√♣±√⊇⊃∉⊇∩®≈√√≈⌡±®∉√∉⌠≤←≠…⊇⊇∏√♣∝⊗ ≡®≤←±√⊇⊃∉⊇∩≈⌡±®≠♥∩⌠∝⊗″≈∅≡®≤≡®≈≠∂™≈⌡±®∝⊗∠∩⌠×⌠©∨≠♥÷≤←∅™〈≠ ∝…√ℜ÷℘≠≠…⊇⊇∏√♣≥∉√⊄≥″≤≈∂™≈⌡±®∝⊗∠∩⌠∠ϒ©∨≈⌡±®∝⊗≠♥÷≤←〈≠⊆≈〈∝…√ ≠…⊇⊇∏√♣⊗″≤≈∂™≈⌡±®∝⊗∠∩⌠©≈⌡±®≠♥÷׃©∨∅≡®⋅×⊂←≤←⊆≈〈⊇≠≠…⊇⊇∏√♣∅ ≡®≤←≈⌡±®•√∈ℵℜ⇔∪∉∈♠≤←®≈≠∂™≈⌡±®∝⊗∠∩⌠⊇©∨×ℑ↵∠∩⌠≤←≠…⊇⊇∏√♣∝⊗ ≡®®®∈∂ ⋅⊕≈⌡±®≠♥∩⌠⊄↔•×ℑ↵∝⊗⊇♣≡®≤←∝↔↑…℘±⊃⇓©∠⋅√∏⋅™∂↓ℵ∏∏®√√ ≡®∝⊗⋅©℘≤←∂×↔⊆≥∝⊗∝∨⊇√∂∈≤←√≈©∠∝±⊄℘∩∉≥ℑ⊄≈⌡±®≠♥∩⌠×ℑ↵″≈≡®⊇±″ ⊗⇐≥⊃≠ƒϒ≤⊄℘∩∪∉∈♠®≈≠∝⊗≈⌡±®≠♥÷©∠ℑ÷ℵ×™×≤≡∝∨®≈÷ℵ×™×⊇∩≠⊗∨®∠∠⊂∑

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...MFI 442 International Finance-Individual Assignments II Name Institution MFI 442 International Finance-Individual Assignments II Over the years, global businesses are increasing rapidly because most countries are attractive and have lucrative policies that attract foreign direct investments (FDIs). Foreign direct investments are simply business entities operated by a corporation in one country (the home country) but with subsidiaries in the foreign markets (the host countries) (Agarwal, 2009).A perfect example for FDIs is Multinational Corporations (MNCs) which have their parent company located in their home country but with subsidiaries in foreign markets. In most cases, FDIs are operated through joint ventures, franchises or mergers where the parent company of the MNC acquires other businesses in overseas markets (Chaurasia, 2008). The objective of this assignment, therefore, is to discuss and explain further the operations of MNCs and issues surrounding these corporations. Hedging Transaction Exposure Four of the Hedging Techniques Available To MNCs Hedging simply means minimizing or mitigating the effect of the exchange rate exposure. This risk is of three types namely, translation exposure, economic exposure and transaction exposure (Luo, 2001). A transaction exposure is a form of foreign exchange risk which results to loss or gains when operations are carried out or denominated in foreign currency (Hill, 2005). It is a short-term exposure that......

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...MFI 442 International Finance-Individual Assignments I Name Institution MFI 442 International Finance-Individual Assignments I Most corporations expand beyond their local boundaries to become multinationals. There are myriad reasons behind this (Wells & Wint, 2000). The biggest of all these reasons is to gain access to international markets and perhaps invest in economic zones that have high investment returns as compared to home countries (Fu, 2000). The trend of globalization has made most firms become multinational corporations. The most common method for MNCs is through franchises (Jones, 2005). In line with this, economists have put up theories explaining why businesses expand beyond their national boundaries (Hicks, 2000). My primary objective in this paper, therefore, is to discuss international finance and other macroeconomics policies. To foresee this goal, I will delve into foreign exchange market and operations of multinational corporations (MNCs). Theories Explaining Why Corporations Expand to become Multinationals a). Financial economists have brought forward three key arguments that enumerate why companies expand their operations to global markets. These theories are; the imperfect markets theory, the comparative advantage theory and the product cycle theory (Levi, 2004). i).The Comparative Advantage Theory This theory is among the most important concepts in international trade. It states that economic welfare increases when countries specialize...

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... Introduction As the progress of worldwide economy, international transactions are widely utilised in modern countries. In turn exchange rate is playing an increasing significant role in current economy activities. As far as we know exchange rate is very variable and volatile therefore if we cannot have knowledge of the effects of exchange rate on international transactions, it would potentially result in huge lost because of the fluctuations in exchange rate. In this report we are going to discuss 4 basic theories affecting exchange rate that includes: international monetary systems, the balance of payments, exchange rate determinations and international arbitrage. And we will concentrate on the underlying concept and characteristics of each theory and apply them in real world by comparing currency pair actual historical movements, in this report, we specific focus on USD/JPY. The objective of this report is to learn and apply those 4 basic theories and get a clear understanding of how exactly they would affect exchange rate. Finally we will draw conclusions based upon our researches, historical data, and some specific articles in real world. 2. Discussions 2.1 International Monetary System The International Monetary System is the framework of rules, regulations and conventions that govern the financial relations among countries. Such a system is necessary to define a common standard of value for the international currencies. In here, we will mainly discuss the......

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...International Finance: A Course Overview Mihir A. Desai* Harvard University and NBER ABSTRACT This paper describes the International Finance course at Harvard Business School for instructors considering adopting the associated material. The paper begins by arguing that the forces of globalization have fundamentally changed the scope and activities of firms thereby altering the practice of finance within these firms. As a consequence of an increasing reliance on tightly-integrated foreign operations, a parallel world of finance has been opened within every multinational firm and this world has, heretofore, been overlooked. The course materials are designed to address the many aspects of financial decision making within global firms prompted by these changes that are not addressed in traditional materials. The paper provides an overview of the structure of the course and its seven modules with particular emphasis on the three modules that constitute the core of the course. The paper also describes an analytical framework that has been developed through the creation of the course materials to guide critical financial decisions on financing, investment, risk management and incentive management within a multinational firm. This framework emphasizes the need to reconcile conflicting forces in order for multinational firms to gain competitive advantage from their internal capital markets. The paper concludes with a discussion of the course's pedagogical approach and detailed......

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...This project is based on international Trade finance The Indian Textile Industry is one of the largest segments of Indian economy accounting for over 20% of the industrial production as well as providing employment to around 65 million persons. It enjoys the distinction of being the highest foreign exchange earner for the country, accounting for nearly one third of the country’s total exports. Therefore, the sector shoulders a major responsibility in enhancing the foreign exchange reserves. Despite strong domestic demand-pull, textile exports have witnessed steady growth over the years. The share of India's textile exports in the world has grown from 1.8% in the beginning of 80's to around 3% at present. The advantages arising from a strong raw material base, a well established yarn and fabric industry and relatively low labor cost has led to quick growth in textile exports, from an insignificant base of less than US $3 million in the beginning of 70's to nearly US $ 12-13 billion. However, with the lowering of tariff barriers, removal of quantitative restrictions and the phase out of MFA regime, the textile industry is poised to enter an era of fierce competition, not only in exports but in the domestic market as well. All these developments are bound to have some effects on Indian textile trade and industry. To meet the emerging competition, the Government is continuously providing an enabling environment for the industry to be globally competitive. Realizing......

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...Ismail Mehmet Uluer 4/11/2011 INTERNATIONAL FINANCE AND CAPITAL MARKETS RANGER SUPPLY COMPANY A) First of all the aim of all companies is profit. To decide which factors are important we always need to think about profit. Cost factor is so important to decide which country is more feasible because cost is directly related with distance. To send all products to Europe is different from to send all of these to Canada. Logistic methods, time and cost all these factors are different and they should think about all these factors to determine the cost. In addition to that, profit margin and the size of market is important. They need to go a big market with big opportunities. To make a decision they need to do market analysis. The case does not mention that but I believe there are different growths and different opportunities. Cost-profit calculation must be calculated carefully and they should figure out their supply chain and inventory management. B) This is not a reasonable strategy and the obvious reason of that is high cost. Establishing a subsidiary, hiring or sending employees, training them and because of the similar points it is a long and high cost project and we do not even sure about that. To start to think about a subsidiary first we should be sure about to continue to make business in this market. At that point, subsidiary gives us a chance to solve problems faster, to know market deeper and to reach the customers directly. MAPLELEAF PAPER......

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...Chapter 01 Globalization and the Multinational Firm  End of chapter question 1,2,4,5,6   Multiple Choice Questions   1. What major dimension sets apart international finance from domestic finance?  A. Foreign exchange and political risks B. Market imperfections C. Expanded opportunity set D. All of the above 2. An example of a political risk is  A. expropriation of assets. B. adverse change in tax rules. C. the opposition party being elected. D. both answers a) and b) are correct. 3. Production of goods and services has become globalized to a large extent as a result of  A. natural resources being depleted in one country after another. B. skilled labor being highly mobile. C. multinational corporations' efforts to source inputs and locate production anywhere where costs are lower and profits higher. D. common tastes worldwide for the same goods and services.  4. Recently, financial markets have become highly integrated. This development  A. allows investors to diversify their portfolios internationally. B. allows minority investors to buy and sell stocks. C. has increased the cost of capital for firms. D. answers a) and c) are both correct 5. Suppose your firm invests $100,000 in a project in Italy. At the time the exchange rate is $1.25 = €1.00. One year later the exchange rate is the same, but the Italian government has expropriated your firm's assets paying only €80,000 in compensation. This is an example of  A. exchange rate......

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...Journal of Finance and Economics, 2014, Vol. 2, No. 3, 58-59 Available online at http://pubs.sciepub.com/jfe/2/3 © Science and Education Publishing DOI:10.12691/jfe-2-3 Rethinking Multinational Enterprises’ Capital Budgeting in the Globalized New Millennium Fabio Pizzutilo* Department of Business and law studies, University of Bari *Corresponding author: fabio.pizzutilo@uniba.it A strict interpretation of the Ricardian assumptions on international trade leads to a conclusion in favour of the impossibility of a firm investing abroad. Even extending the Ricardian model by including capital among the factors of production, it has to be supposed that, from a purely economic and financial perspective, the choice between directly investing abroad and not doing so is totally indifferent. It is the existence of imperfections in the real and/or financial markets that give rise to the convenience for a firm to exploit its competitive advantages through foreign direct investment (FDI). In a broad sense, a multinational enterprise (MNE) can be intended as a company that holds controlled firms, producing branches, divisions, establishments, subsidiaries, etc., in a foreign country. The reasons that can persuade a firm to become multinational are manifold. First of all, it can be the sole action in order to conduct a specific business. Think about the activity of the extraction of raw materials: it cannot be conducted anywhere other than the mine’s location. Many firms are seeking......

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...Chapter 1 – Globalization and the Multinational Enterprise Eiteman, Stonehill & Moffett Multinational Business Finance, 12th Ed A Multinational Enterprise (MNE) is one that has operating subsidiaries, branches, or affiliates located in foreign countries. a. MNEs may be headquartered anywhere in the world. b. MNEs are often owned by a mixture of domestic and foreign stockholders. c. Ownership in a MNE may be so dispersed internationally that they may be known as transnational corporations. d. MNEs are often managed from a global perspective rather than from the perspective of any single country. e. The term enterprise is used rather than corporation because as business move into many emerging markets, they will enter into business arrangements with various types of enterprises that are not corporations such as joint ventures, strategic alliances, or simply operating agreements with enterprises that may not be publicly traded or even privately owned, but are actually extensions of the government. Domestic firms may export their products or not. Domestic firms may license foreign firms to conduct the domestic firm’s foreign business. Domestic firms are not protected from international competition. Purely domestic firms must understand the multinational nature of business today. Globalization and Creating Value in the Multinational Enterprise To become a successful multinational enterprise requires......

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