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"Shapiro, Alan C"
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Multinational financial management
\"Multinational Financial Management, 10th Edition provides corporate managers with a conceptual framework within which the key financial decisions of the multinational firm can be analyzed. It contains charts and illustrations of corporate practice that are designed to highlight specific techniques. Numerous real-world examples and vignettes provide actual applications of financial concepts and theories. Seven longer illustrations of actual company practices appear at the end of key chapters to demonstrate different aspects of international financial management. Corporate managers will also benefit from the mini cases in each chapter that illustrate important concepts\"-- Provided by publisher.
Book
Corporate Stakeholders and Corporate Finance
This paper suggests some of the ways in which corporate financial policy depends on the role of non-investor stakeholders. The key to our analysis is recognizing that the firm sells its stakeholders both explicit and implicit claims. Unlike the explicit claims of stakeholders, implicit claims have no legal standing, but rather arise out of the tacit promises to stakeholders that every firm must make as part of its ongoing operations. Since the firm can default on its unwritten promises without going bankrupt, prices of these claims are sensitive to stakeholder beliefs about the firm, including its financial condition. The stakeholder approach provides a new way of understanding the links between corporate finance and corporate strategy.
Journal Article
EXCHANGE RATE CHANGES, INFLATION, AND THE VALUE OF THE MULTINATIONAL CORPORATION
AN ECONOMIC DEFINITION OF EXPOSURE TO EXCHANGE RATE GAINS OR LOSSES IS PRESENTED. IT IS SHOWN THAT THE SECTOR OF THE ECONOMY IN WHICH THE SUBSIDIARY OF A MULTINATIONAL CORPORATION OPERATES HAS FAR GREATER CONSEQUENCES FOR THE IMPACT OF INFLATION OR DEVALUATION ON THE FIRM'S DOLLAR VALUE THAN THE ACCOUNTING DEFINITION OF NET CURRENT ASSETS. THE IMPORTANCE OF DISTINGUISHING BETWEEN INCREASING AND DECREASING COST TECHNOLOGIES IN INVESTIGATING THE IMPACT OF INFLATION OR EXCHANGE-RATE CHANGES ON THE DIRECTION AND VOLUME OF TRADE IS UNDERLINED. THE EXISTENCE OF SIGNIFICANT ECONOMIES OF SCALE COULD LEAD TO UNANTICIPATED BALANCE-OF-PAYMENTS CONSEQUENCES. IT WILL BE INCREASINGLY IMPORTANT TO HOST GOVERNMENTS TO RECOGNIZE THE PRODUCTION AND THE INVESTMENT DECISIONS WHICH ARE LIKE CONSEQUENCES OF THEIR DOMESTIC ECONOMIC POLICIES. REFERENCES.
Journal Article
Financial Structure and Cost of Capital in the Multinational Corporation
As the multinational corporation (MNC) becomes the norm rather than the exception, the need to internationalize the tools of domestic financial analysis is apparent. A key question is: What cost-of-capital figure should be used in appraising the profitability of foreign investments? This paper seeks to provide a comprehensive approach to analyze the cost-of-capital question. It begins by extending the weighted cost-of-capital concept to the multinational firm. It then builds on previous research to address the following related topics: national or multinational financial structure norms; the role of parent company guarantees; the costing of various fund sources particularly when exchange risk is present; the impact of tax and regulatory factors; risk and diversification; and joint ventures.
Journal Article
The Mispricing of U.S. Treasury Bonds: A Case Study
This article documents an apparent pricing anomaly involving 91/4 percent, 30-year Treasury bonds during the months of May and June 1986. During this period, the price of the 91/4s rose sharply relative to the prices of other long-term Treasury bonds and created a potential arbitrage opportunity. In addition, owners of the 91/4 bonds were able to borrow at a zero interest rate by pledging their bonds. Detailed examination reveals that this relative pricing anomaly cannot be attributed to changes in the level or term structure of interest rates or to differences between the bonds with respect to liquidity, taxation, or duration.
Journal Article
Currency Risk and Country Risk in International Banking
This paper focuses on the conditions under which banks are subject to currency and country risks on their dollar-denominated loans to foreign firms and governments. We conclude that currency risk is a function of the rates of domestic and foreign inflation, deviations from purchasing power parity, and the effect of these deviations on the firm's and the nation's dollar-equivalent cash flows. Country risk is largely determined by the variability of the nation's terms of trade and the government's willingness to allow the national economy to adjust rapidly to changing economic fortunes.
Journal Article
The Impact of Taxation on the Currency-of-Denomination Decision for Long-Term Foreign Borrowing and Lending
This paper shows the distorting effects of different tax regulations on the effective absolute and relative costs of long-term borrowing in different currencies. In particular, if expected borrowing costs are equal before tax, then the process of minimizing expected after-tax borrowing costs generally involves borrowing the weakest currency.
Journal Article