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Fundamentals of Multinational Finance, 6th edition

Published by Pearson (May 15, 2017) © 2018

  • David K. Eiteman Retired; UCLA Anderson
  • Arthur I. Stonehill University of Hawaii at Manoa
  • Michael H. Moffett Thunderbird School of Global Management at Arizona State University

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For international finance courses.

Real-world examples introduce students to global financial management strategy

Fundamentals of Multinational Finance helps prepare tomorrow's business leaders to comprehend global markets and lead organizations through a constantly changing global environment. Via illuminating case studies and real-world examples, students are introduced to the fundamental concepts and tools necessary to implement an effective global financial management strategy.

The 6th Edition reflects the juxtaposed forces of an increasingly digital global marketplace and a resurgence of nationalist culture and identity.

Hallmark features of this title

  • A running case on hypothetical US firm, Trident Corporation, provides a cohesive framework for the multifaceted globalization process.
  • End-of-chapter Mini-Cases illustrate the chapter content and extend it to the multinational financial business environment.
  • Global Finance in Practice boxes provide accounts of real-world business practices and give insight in the subtle nuances of the conduct of financial management.
  • End-of-chapter questions and problems assess students' understanding of the material. All problems are solved using spreadsheet solutions.
  • A wealth of illustrations and exhibits provide a visual parallel to the concepts and content presented.
  • A student-friendly writing style is combined with a structured presentation of material.

New and updated features of this title

  • NEW: Content helps students navigate major emerging markets, new market currencies, government intervention and more.
    • NEW: Interest Rate Risk and Swaps. A new chapter details the various interest rate risks of the MNE and the practical use of interest rate and cross currency swaps.
    • NEW: The Foreign Exchange Market and Digital Trade. New material explores how the changing structure of the global foreign exchange market (trading, communication, and settlement) is posing challenges for private players and public regulators and overseers.
    • NEW: International Taxation. Integrally linked to a world of digital commerce, multinational tax management continues to rise in its significance in multinational financial management.
    • NEW: Political Risk and Financial Losses. The chapter on foreign direct investment and political risk has been revised to reflect the growing use of restrictions on convertibility, transferability, and the possibility of repudiation or expropriation.
  • 11 NEW: Mini-Cases explore many of the edgier debates rising between global business, social policy, and corporate social responsibility. Topics include Argentine debt and vulture investors, Apple's global profit positioning and tax structure, and Brexit and its potential impact on Rolls Royce.

Features of MyLab Finance for the 6th Edition

  • Homework and practice exercises in MyLab are correlated to the exercises in the text, reflecting each author’s approach and learning style. They regenerate algorithmically to give students unlimited opportunity for practice and mastery.
  • Students can access a fully functional Financial Calculator inside MyLab and a financial calculator app that they can download to their iPhone®, iPad®, or Android device, so they can perform financial calculations and complete assignments, all in the same place.
  • The Video Series is comprised of conceptual videos on several topics that can be challenging for students to grasp, including Default Risk, Market Efficiency, Diversification, Mutual Fund Performance, and more. They're available for instructors to assign in the assignment manager or for student self-study in the multimedia library.
  • With Learning Catalyticsâ„¢, you’ll hear from every student when it matters most. You pose a variety of questions that help students recall ideas, apply concepts and develop critical-thinking skills. Your students respond using their own devices.
  • The Study Plan gives students personalized recommendations, practice opportunities and learning aids to help them stay on track.
  • Worked Out Solutions for submitted and graded homework provide students with step-by-step explanations on how to solve problems using the exact numbers and data presented in the original problem.

PART 1: GLOBAL FINANCIAL ENVIRONMENT

  1. Multinational Fin Mgmt: Challenges & Opportunities
  2. The International Monetary System
  3. The Balance of Payments
  4. Financial Goals and Corporate Governance

PART 2: FOREIGN EXCHANGE THEORY & MARKETS

  1. The Foreign Exchange Market
  2. International Parity Conditions

Appendix: An Algebraic Primer to Parity Conditions

  1. Foreign Currency Futures & Options
  2. Interest Rate Derivatives & Swaps
  3. Exchange Rate Determination & Forecasting

PART 3: FOREIGN EXCHANGE EXPOSURE

  1. Transaction Exposure
  2. Translation Exposure
  3. Operating Exposure

PART 4: FINANCING THE GLOBAL FIRM

  1. The Global Cost and Availability of Capital
  2. Funding the Multinational Firm
  3. Multinational Tax Management
  4. International Trade Finance

PART 5: FOREIGN INVESTMENTS & OPERATIONS

  1. Foreign Direct Investment & Political Risk
  2. Multinational Capital Budgeting & Cross-Border Acquisitions

Answers to selected end-of-chapter problems

About our authors

Michael H. Moffett is Continental Grain Professor in Finance at the Thunderbird School of Global Management, where he has been since 1994. He has also held teaching or research appointments at Oregon State University (1985 to 1993), the University of Michigan, Ann Arbor (1991 to 1993), the Brookings Institution, Washington, DC, the University of Hawaii at Manoa, the Aarhus School of Business (Denmark), the Helsinki School of Economics and Business Administration (Finland), the International Centre for Public Enterprises (Yugoslavia), and the University of Colorado, Boulder. Moffett received a BA (Economics) from the University of Texas at Austin (1977), an MS (Resource Economics) from Colorado State University (1979), an MA (Economics) from the University of Colorado, Boulder (1983), and a PhD (Economics) from the University of Colorado, Boulder (1985). He has authored, co-authored, or contributed to a number of books, articles and other publications. He has coauthored 2 books with Art Stonehill and David Eiteman, Multinational Business Finance, and this book, Fundamentals of Multinational Finance. His articles have appeared in the Journal of Financial and Quantitative Analysis, Journal of Applied Corporate Finance, Journal of International Money and Finance, Journal of International Financial Management and Accounting, Contemporary Policy Issues, Brookings Discussion Papers in International Economics, and others. He has contributed to a number of collected works including the Handbook of Modern Finance, the International Accounting and Finance Handbook, and the Encyclopedia of International Business. He is also co-author of a number of books in multinational business with Michael Czinkota and Ilkka Ronkainen, International Business (7th edition) and Global Business (4th edition). Professor Moffett has also published extensively in the oil and gas industry including The Global Oil and Gas Industry: Strategy, Finance, and Management, with Andrew Inkpen, Managing Human Resources in the Oil & Gas Industry, with Steve Werner and Andrew Inkpen, and The Global Oil and Gas Industry: Case Studies From The Field, with Andrew Inkpen and Kannan Ramaswamy.

Arthur I. Stonehill is a Professor of Finance and International Business, Emeritus, at Oregon State University, where he taught for 24 years (1966 to 1990). During 1991 to 1997 he held a split appointment at the University of Hawaii at Manoa and Copenhagen Business School. From 1997 to 2001 he continued as a Visiting Professor at the University of Hawaii at Manoa He has also held teaching or research appointments at the University of California, Berkeley, Cranfield School of Management (UK), and the North European Management Institute (Norway). He was a former president of the Academy of International Business, and was a western director of the Financial Management Association. Stonehill received a BA (History) from Yale University (1953), an MBA from Harvard Business School (1957), and a PhD in Business Administration from the University of California, Berkeley (1965). He was awarded honorary doctorates from the Aarhus School of Business (Denmark, 1989), the Copenhagen Business School (Denmark, 1992), and Lund University (Sweden, 1998). He has authored or co-authored 9 books and 25 other publications. His articles have appeared in Financial Management, Journal of International Business Studies, California Management Review, Journal of Financial and Quantitative Analysis, Journal of International Financial Management and Accounting, International Business Review, European Management Journal, The Investment Analyst (UK), Nationaløkonomisk Tidskrift (Denmark), Sosialøkonomen (Norway), Journal of Financial Education, and others.

David K. Eiteman is Professor Emeritus of Finance at the John E. Anderson Graduate School of Management at UCLA. He has also held teaching or research appointments at the Hong Kong University of Science & Technology, Showa Academy of Music (Japan), the National University of Singapore, Dalian University (China), the Helsinki School of Economics and Business Administration (Finland), University of Hawaii at Manoa, University of Bradford (UK), Cranfield School of Management (UK), and IDEA (Argentina). He is a former president of the International Trade and Finance Association, Society for Economics and Management in China, and Western Finance Association. Eiteman received a BBA (Business Administration) from the University of Michigan, Ann Arbor (1952), an MA (Economics) from the University of California, Berkeley (1956), and a PhD (Finance) from Northwestern University (1959). He has authored or co-authored 4 books and 29 other publications. His articles have appeared in The Journal of Finance, The International Trade Journal, Financial Analysts Journal, Journal of World Business, Management International, Business Horizons, MSU Business Topics, Public Utilities Fortnightly, and others.

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