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CONTENTS

PART Ⅰ OVERVIEW AND BACKGROUND = 1

 1 An Introduction to Multionational Finance = 1

 2 World Trade and the International Monetary System = 19

PART Ⅱ FOREIGN EXCHANGE AND EXCHANGE RATE DETERMINTION = 49

 3 The Foreign Exchange and Eurocurrency Makes = 49

 4 The International Parity Conditions = 81

 5 The Nature of Currency Risk = 109

PART Ⅲ THE MULTIONATIONAL CORPORATION'S INVESTMENT DECISIONS = 135

 6 Multionational Corporate Strategy = 135

 7 Cross­Border Capital Budgeting = 165

 8 Taxes and Multionational Corporate Strategy = 193

 9 Country Risk = 217

 10 Real Options and Cross­Border Investment = 241

 11 Corporate Governance and the International Market for Corporate Control = 271

PART Ⅳ THE MULTINATIONAL CORPORATION'S FINANCIAL DECISIONS = 303

 12 Multionational Treasury Management = 303

 13 The Rationale for Hedging Currency Risk = 327

 14 Transaction Exposure to Currency Risk = 351

 15 Operating Exposure to Currency Risk = 369

 16 Translation Exposure to Currency Risk = 391

 17 Multionational Capital Structure and Cost of Capital = 413

PART Ⅴ DERIVATIVE SECURITES FOR CURRENCY RISK MANAGEMENT = 445

 18 Currency Futures and Futures Markets = 445

 19 Currency Options and Options Markets = 471

 20 Currency Swaps and Swaps Markets = 509

PART Ⅵ INTERNATIONAL CAPITAL MARKETS AND PORTFOLIO INVESTMENT = 531

 21 A Tour of the Worlds Capital Makes = 531

 22 International Portfolio Diversification = 559

 23 International Asset Pricing = 591

 24 Managing an International Investment Portfolio = 623