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Fundamentals of Multinational Finance, Global Edition, 6th edition

Published by Pearson (August 7, 2020) © 2021

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

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Enable your students to begin to understand global markets professionally with this text.

Fundamentals of Multinational Finance, 6th Edition, Global Edition, helps your students to comprehend constantly changing global markets. With case studies and real-world examples, the text introduces students to the fundamental concepts and tools needed for effective global financial management. This Edition explores the increasingly digital global marketplace amid a resurgence of nationalist culture and identity.

With a host of new content, this text serves well for undergraduate courses in International Financial Management, International Business Finance, or International Finance.

Hallmark features of this title.

Focus on management challenges faced today in three themes:

  • Multinational enterprises (MNEs) apply to organizations of all kinds that permeate business today.
  • Country markets like China and India are economic drivers and primary challenges for global finance and management.
  • Financial leadership. Leaders of MNEs face foreign exchange and political risks, but these present opportunities if properly understood.

Get students to the point with streamlined content.

  • Creation and use of currency and interest rate derivatives for hedging and speculation is covered in selectively reorganized chapters.
  • Raising equity capital and international portfolio theory complete a unified exploration of the global cost and availability of capital.

New to this edition.

A Range of updated information.

  • Increased detail is given on changing currency regimes, theory, and practice, as emerging market currencies become ever-greater contributors to global cash flow.
  • Sections introduce readers to the challenges faced by governments and central banks as cryptocurrencies like Bitcoin have shaken traditional definitions of "currency."
  • Content helps students discover the growing complexity of major emerging markets, which are more open to capital movements, but also subject to sudden government or central bank intervention.

New content in the 6th edition includes:

  • Interest Rate Risk and Swaps. A new chapter has been introduced that details the various interest rate risks of the MNE and the practical use of interest rate and cross-currency swaps.
  • The Foreign Exchange Market and Digital Trade. New material explores how the changing structure of the global foreign exchange market is posing challenges for private players and public regulators and overseers.
  • 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.

Features of MyLab® Finance for the 9th Edition

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Features of Pearson eText for the 6th Edition

Enable your students to begin to understand global markets professionally with this text.

Fundamentals of Multinational Finance helps prepare your students to comprehend global markets and lead organizations through a constantly changing global environment with real-life examples to help them apply their learning.

Extend learning beyond the classroom with Pearson eText – an easy-to-use digital textbook.

Optimise study time

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  • Get organised and get results. Students can customise how they study and add their own notes, bookmarks, and highlights directly in their eText.
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PART I: 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 II: 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 III: FOREIGN EXCHANGE EXPOSURE

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

PART IV: 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 V: FOREIGN INVESTMENTS OPERATIONS

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

Michael H. Moffett is Continental Grain Professor in Finance at the Thunderbird School of Global Management, where he has been since 1994. He has authored, co-authored, or contributed to a number of books, articles, and other publications. He has co-authored two books with Art Stonehill and David Eiteman: Multinational Business Finance, and this book, Fundamentals of Multinational Finance.

Arthur I. Stonehill is a Professor of Finance and International Business, Emeritus, at Oregon State University, where he taught for 24 years (1966-1990). Professor Stonehill received a B.A. (History) from Yale University (1953) an M.B.A. from Harvard Business School (1957), and a Ph.D. in Business Administration from the University of California, Berkeley (1965). He has authored or co-authored nine books and twenty-five other publications.

David K. Eiteman is Professor Emeritus of Finance at the John E. Anderson Graduate School of Management at UCLA. Professor Eiteman received a B.BA. (Business Administration) from the University of Michigan, Ann Arbor (1952); M.A. (Economics) from the University of California, Berkeley (1956); and a Ph.D. (Finance) from Northwestern University (1959). He has authored or co-authored four books and twenty-nine other publications.

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